The Last 168 Hours in DeFi
Flat Markets, Memecoins, and Congress Making Progress on Regulatory Framework
ACE’S TRADES:
Currently I’m doing a lot of farming on Linea and Mantle, the newest Ethereum Layer 2s. Am long ETH and PEPE. ETH is low leverage longing my longs after a favorable FOMC meeting yesterday, but PEPE is more of a long term bet as newer meme coins will rotate back to DOGE, PEPE, and SHIB.
The current metas are onchain trading bots and meme coins. It looks like animal racing coins are just a flash in the pan after the Hamster Racing devs were dumping tokens. Still some hope for Rats, Marbles, Sonic Hedgehogs, and Vroooom toy cars.
Upcoming metas are revolving around real world assets. Maker has been a popular trade even though a16z and Paradigm are selling their tokens en masse.
MARKET:
The FOMC raised interest rates by 25 basis points yesterday, and Chairman Jerome Powell sounded satisfied with the progress rate hikes have had on reigning in inflation. Jobs are still quite hot but are slowing slightly, which is another sign we may avoid a hard landing/recession. The Fed has not committed to any more hikes, but are taking it one meeting at a time. The markets are up since yesterday, but $btc is still stuck in the $29-$31k range.
The Q2 GDP grew faster than expected, too!
NEWS:
A thread about EthCC in Paris last week:
Congress begins markup phase of digital asset market structure bill:
Flashbots, a major Ethereum MEV player and infrastructure provider, is now worth $1b:
Congress speaking out against SEC Chairman Gary Gensler’s approach to regulation:
NFTs:
Huge Pudgy Penguin giveaway:
REGULATORY:
The House is now firmly making progress on digital asset regulatory framework:
RUGS:
Conic Finance loses 1,700 ETH and $25m crvUSD:
Zksync lending market exploited:
POD O’ THE WEEK:
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None of this is financial advice