Dinner Table Convos, Backdoor Metaverse Plays, & Bitcoin Cities

November 24, 2021 | Issue #196

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Editor's Note: Tomorrow is Thanksgiving. Which means, for some of you, a full belly of good home-cooked meals, football, quality family time... and that one nutty uncle who will inevitably bring up crypto.

You'll be enticed to explain the real concept of Bitcoin, the faults of fiat, DeFi's potential to change our financial infrastructure, why they should probably stop day trading coins you've never heard of, how not all NFTs are scams, or how a DAO can almost buy the U.S. Constitution. If you want to save your breath, however, just do what we do: Tell em' to subscribe and share the link.

Happy Turkey Break. Relax, embrace those around you, show your thanks, and enjoy the days off!

-CoinSnacks
 MUST READS 

Backdoors To The Metaverse

The Metaverse. The future? Or just another crypto fad?

Probably both... which means it is worth paying attention to as investors. So how do you play it? Well, you could go out and buy individual tokens such as MANA, AXS, or SAND. But here at CoinSnacks, we always like to give a few backdoor plays into the trends worth looking into.

1. The Iffy Option
Yesterday, a Canadian investment company, Tokens (NEO:COIN) purchased 116 parcels of virtual land in Decentraland for a total of 618,000 MANA (worth about $2.5 million). The company also recently bought 833 million SHIB tokens, so interpret that as you will.

2. The Crowdfunding Play
Realm Metaverse Real Estate is currently raising money on Republic to acquire, manage, develop, and sell digital parcels in metaverses in the form of NFTs

3. The Diversified Public Company
Galaxy Interactive, which is owned by publicly traded Galaxy Digital (GLXY), has dedicated $650m to invest in the metaverse.

4. The Old School Players
Don't ignore the legacy companies as they may be best poised to pivot into the metaverse. Start your research by checking out the companies contained in the Roundhill META ETF.
 

The Emergence of Bitcoin Native Bonds... And A "Bitcoin City"

Ambitious El Salvador president, Nayib Bukele, is planning to use a $1 billion Bitcoin bond to fund a new municipality called “Bitcoin City.”

Bukele envisions the municipality being circle-shaped, boasting a Bitcoin symbol in the middle that's visible from aircraft... having various amenities including residential and commercial zones, bars and restaurants, an airport, a port, entertainment... being free of income, property, and capital gains taxes... and mining operations powered by geothermal energy from a... volcano. Got it?

Well, we're right there with you. The project sounds a bit far-fetched. The idea of this kind of bond, however, is intriguing for many reasons...(more highlighted here).

How It Works:
  • The bond will be split into two $500M tranches, one of which will go towards buying Bitcoin with a five-year lockup (Bukele will essentially market-buy $500 million in Bitcoin) and the other will go toward funding energy infrastructure and Bitcoin mining.
  • The bond will mature in 2032 and will boast a 6.5% coupon. Additionally, the bond has a dividend designed to give back half of the proceeds to investors after recovering the first $500 million in Bitcoin.
  • The Republic of El Salvador is the issuer of the bond, with Bitfinex Securities listed as the bookrunner. It will issue the bond on the Liquid Network, a Bitcoin sidechain. The presentation also lists USD, BTC, and USDT as currencies that can be used to purchase the bond.
Why This Is Actually Pretty Cool:
  • If Bitcoin keeps going up, as it has since its existence, bondholders are in for a sweet return, or at least much better than the returns they’d receive from other types of bonds.
  • Taking it even further, the bond will be accessible to many more individuals as they will be able to buy partial shares with a minimum purchase of $100.
  • If this bond offering succeeds, we should expect to see many more bond offerings that use a proceed of the funds raised to purchase Bitcoin to create added yield for bondholders.
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 DEEP DIVES 

Scaling Ethereum & Crypto For A Billion Users

Ethereum has grown to support thousands of applications from DeFi, NFTs, gaming, and more. The entire network settles trillions of dollars in transactions annually, with over $170 billion locked on the platform.

But there's a problem. Its design ends up limiting the number of transactions it can process to just 15 per second. And since Ethereum’s popularity far exceeds 15 transactions per second, the result is long waits and fees as high as $200 per transaction.

The solution? Scaling. Here's a guide to the multi-chain future, sidechains, and layer-2 solutions.
 

Overview Of The DAO Ecosystem

On the heels of a landmark attempt of ConstitutionDAO to buy the U.S. constitution – a headline that spread all across mainstream media – DAOs are taking the market by storm.

But what exactly are DAOs and why do they matter?

Enter, The State of the DAOs from Bankless. Here's everything you need to know.
 
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 REGULATORY FRONT 

Senate Banking Committee Chair Seeks Answers on Stablecoins

Yesterday, a letter began circulating on Twitter showing the chairs of the Senate Banking Committee calling on stablecoin operators to open up about their processes (see an example sent to Tether here).

The letter which was sent to Circle, Coinbase, Gemini, Paxos, TrustToken, BinanceUS, Centre, and Tether asked the stablecoin issuers to explain in "clear, straightforward terms" their processes for minting and redemption, as well as special arrangements that the issuers have with specific trading platforms.
 

DeFi: Risk, Regulation, and the Rise of DeCrime

Sound the alarms, Gensler! According to a new report from risk management firm Elliptic, DeFi users have lost $10.5 billion so far in 2021. That's up from $1.5 billion last year.

Not quite. Although seemingly a big jump, it's worth noting that the total capital locked in DeFi services has grown by over 1,700% in the past year alone.

It's also worth noting that of the $12 billion lost in DeFi all time, only $2 billion has been directly stolen, with an additional $10 billion in losses due to declining token value as a result of fraud or theft.
 
 TWEET OF THE WEEK 

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