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Mapping Crypto with Nat — August 2021 Part 1

The latest in developments in crypto.

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Press release:

BREAKING: US lawmakers behind crypto amendments to infrastructure bill introduce compromise 

The compromise amendment from several U.S. senators would exempt software developers, transaction validators and node operators from the definition of "broker" in the infrastructure bill, while tax reporting requirements "should only apply to the intermediaries."

https://cointelegraph.com/news/breaking-us-lawmakers-behind-crypto-amendments-to-infrastructure-bill-introduce-compromise
By Nathan Gurr

What is the hottest crypto now?

Our major assets price changes in the last seven days.

Bitcoin at $46,000 up 15%

Etherium $3,100 up 23% 

Uniswap at $28 up 30%

Chainlink at $25 up 10%

Solana at $40 up 15%

Major categories:

Music, options, and fan tokens are all above 40%.

Automated market makers and Eth 2.0 staking above 30%.

Over the last seven days, there are no categories within Crypto that are negative.

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What are the greatest themes in DeFI right now?

In terms of the greatest themes right now for DeFi in my opinion it is concentrated liquidity and Uniswap. Uniswap still seems to dominate the AMM (automated market making) and DEX thought leadership. And what I mean by that is if I wanted to create a new position, I am able to create concentrated liquidity for my liquidity position. So if I wanted to go to USD ETH for their pool, I could actually set price ranges at which I would provide the capital. 

You can see where a lot of the volume is happening right now and if I thought ETH was very bullish, I would probably skew to the higher size and provide liquidity all the way from $3000 up to $3700. Rather if I was bearish, I may drop it down to $1900 or to $3200 and expect some trading in the high $2,000s.

,

What's the update on the infrastructure bill in congress regarding crypto?

In terms of mainstream news in DeFi a lot of talk of the last couple of weeks about the US infrastructure bill and how broad or narrow the regulation is on crypto operators and it's really around this sentence here. The Pennsylvania lawmakers said the new amendments, which actually came out today I believe, were slowly reaching a compromise that Bitcoin and the Ethereum community can get behind. 

The new amendments launched today would exempt software developers, transaction validators, and node operators. Tax reporting requirements should only apply to intermediaries.

So I believe the big theme here is that we want non-custodial people within crypto not to be under these tax regulation laws.

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What's happening with NFTs?

Now outside of DeFi, it has been an NFT summer for 2021 and it's been wild. We can go over to cryptoslam.io for wonderful rankings and analytics on our top NFT collectibles sales over the last 24 hours or 30 days. 

We've got Axie Infinity #1, crypto punk's #2, and art blocks #3. With Axie Infinity pumping out about $31 over $30 million in sales in the last 24 hours—crypto punk $6.6 million and art blocks $6.3 million. 

To put that in context, we've been tracking 24-hour sales on cryptoslam for a couple of months now, and certainly, about three or four months ago it was rare to get over $3 million in 24-hour sales volume and now today we've got over five projects with greater than $3 million in 24-hour sales volume. For the last three months, Axie Infinity has absolutely skyrocketed and maintained sales above $20, above $30 million every day.

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What is Axie Infinity?

Axie Infinity, the play-to-earn NFT game has taken off in the Philippines with even scholarship programs now over there for players to play Axie Infinity full time in the Philippines and earn greater than minimum wage.

And I think people are expecting the play to earn theme to continue in crypto with Axie Infinity certainly having the lead there.

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What is the profile picture revolution?

Cryptopunks is leading the way for what has been dubbed the profile picture revolution.

PFPs have been on fire. There's a lot of different collections that have based themselves off of cryptopunks. Cryptopunks hass 10,000 pixelated punks and they're generative—they were given some baseline attributes and then software was actually able to generate the 10,000 cryptopunks at random. And then because we have a finite collection of 10,000 items with a finite amount of attributes, we can therefore create rarity scores.

I say it's a profile picture revolution in that a lot of people are now using

their punks as their profile picture on social media and it has spurned a lot of other

copies with the most notable being the board ape yacht club. For the last couple of for the last two months, there's been probably one to five new profile picture projects every single day in crypto so it's getting very saturated but you know the whole world needs profile pictures.

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What is the current breakdown in popularity between Bitcoin, Ethereum, and DeFi?

Taking a look at total market cap dominance by single asset, Bitcoins is at 47% Ethereum is at 20% and DeFi is typically around 5%.

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Is Crypto still in a bull market?

We're on trading view looking at the total crypto market cap at $1.84 trillion. This is down from an all-time high of around $2.4 trillion in early May. We had a deep deep drop off in late May and it's been kind of slow-rolling the last couple of weeks months until late July. Since then, from July 20th to August 9th crypto's been up only and it's been a nice ride back in the bull market this is in the greater context of the four-year halving that some people expect to culminate in December 2021 based on Bitcoin's four-year halving schedule.

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