Solana DEX Volume Surpasses Ethereum

FTX Claims Valuation Update | Real Estate DeFi Perp

Marco Manoppo & Karon Pangestu
December 18, 2023

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Good Morning. The crypto markets are finally retracing after the dog coins (and cats) mania over the weekend. The total crypto market cap is moving below $1.6T as 24-hour liquidation soars to over $240M.

In Today's Email:

What Matters: FTX’s claims valuation 💵
Products: Real estate synthetics perp 🏘️
Charts: Solana’s DEX volume, 1.3M gaming wallets 📈

For faster daily news and recap, follow our telegram.

Narratives: DePIN and Solana tokens continue to be where speculations happen because tx fees are extremely cheap. Can’t degen on EVM when a failed transaction costs 30% of your trade size.

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WHAT MATTERS

FTX Amends Chapter 11 Plan

Kroll - FTX’s Chapter 11 Plan of Reorganization

State of play: Several crypto media outlets reported that FTX revised Chapter 11 Reorganization Plan values crypto claims based on their value as of the bankruptcy filing on November 11, 2022. However, this might not be true.

Almost every media outlet defines the “Petition Date” as the bankruptcy filing date.
However, the amended FTX’s Chapter 11 plan defines the “Petition Date” as November 11, 2023 or November 14, 2023.
Full read: Kroll - FTX’s Chapter 11 Plan of Reorganization

What’s next: The Digital Assets Conversion Table is not yet included in the amended reorganization plan.

Once the table is published it will clarify the calculation of the value of the claim.

Our take: It remains to be seen how things will play out, but if the current FTX bankruptcy estate insists on capturing the profit on the price difference of tokens between the bankruptcy date and current prices, you best believe this will be a multi-year legal battle.

For builders and investors: It is important to read a legal document from top to bottom and carefully read the “definitions and rules of interpretation” part to avoid misinterpretation.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCTS OF THE WEEK

Parcl, a Real Estate Synthetics Perp Exchange

Solana - Parcl

Parcl is a perpetual exchange for real estate synthetics on Solana, offering cross-margined trading on diverse real estate markets. LPs contribute to a unified LP pool per exchange, assuming trader PnL and earning trading fees.

Parcl is a Perp DEX that offers real estate index markets for speculating or hedging
Parcl’s design is heavily influenced by Synthetix perps.
The market index prices are price feeds created by Parcl Labs, the Parcl dev team operates Pyth oracles to stream the Parcl Labs price feeds on-chain.

Other cool products:

Rudy, a crypto robo advisor.
Dredid, a decentralized social hub.
Phorevr, a blockchain-based photo storage.
Turf, a modular, permissionless eSports platform.
Envio, a multi-chain EVM blockchain indexing framework.

CHARTS OF THE WEEK

Solana Passed Ethereum in 24-hour DEX Volume

State of play: @mhonkasalo reported on December 16 that Solana passed Ethereum in 24-hour DEX volume:

On December 16th, Solana's 24-hour DEX volume was at $1.475B while Ethereum’s was at $1.164B.
Solana’s DEX weekly volume increased by 52.75% while Ethereum’s DEX weekly volume decreased by 8.60%.
Almost all other blockchain DEX volumes increased significantly (i.e., Avalanche with a 98.86% increase) except for Ethereum and Thorchain.

Our take: Solana’s extremely cheap transaction fees and numerous upcoming airdrops are the two primary catalysts for the growth.

1.3M Active Gaming Wallets in November 2023

OurNetwork - Footprint Analytics

State of play: OurNetwork reported that in November there was a 19% increase in active gaming wallets to 1.3M.

BNB Chain, Ethereum, and Polygon are the top three most active blockchain platforms for game development.
The most popular web3 game by DAU according to the onchain data from Footprint is Sweat Economy, which is a “walk-to-earn” application built on NEAR Protocol.
Sweat Economy boasts 142,700+ daily active users.

Our take: Gamification continues to be an integral part of the crypto consumer application ecosystem — this is not a downside, but a feature that needs to be approach carefully with the right balance.

QUICK BITES

Hackers steal NFTs worth millions.
Arbitrum experienced a partial outage.
Tether onboarded FBI and Secret Service.
Jupiter will airdrop 1B JUP tokens in January.
FTX to value crypto claims at the time of bankruptcy.
SEC denies Coinbase’s request for new crypto regulation.
Solana Saga Phones sold out in the US thanks to BONK airdrop.

NOTEWORTHY READS & MEME

Decentralised’s read on Jito’s joyride.
Luca Prosperi’s read on death to stablecoins.
Renzo Protocol’s read on restaking portfolio 101.

— Gwart (@GwartyGwart)
11:03 PM • Dec 17, 2023

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.