Crypto Execs Testify, End of Year Reports, and Trusting Cartoon Cats

December 8, 2021 | Issue #198

Sponsored By:
 MUST READS 

Coinbase Cloud Prints Cash

Coinbase’s (COIN) early commitment to provide staking as a service looks like it’s paid off tremendously...

Last Thursday, Coinbase stated that it holds over $30B in staked crypto assets across its 25 Proof-of-Stake (PoS) token offerings. The announcement comes nearly a year after Coinbase acquired staking infrastructure firm Bison Trails for $80M.

What's Staking, Again?
Staking is a way of earning passive income by locking up PoS coins. Rewards are provided because these coins are effectively used as collateral by validators or nodes when validating a block of transactions.

How Does Coinbase Make Money From This?
Coinbase takes a 25% commission on staking rewards. Prior to acquisition, Bison Trails was earning only 8%. Just goes to show how much pricing power Coinbase has in the market currently.

Using Ethereum 2.0 staking at 5% APR as an example, Coinbase could be passively earning around $375M per year in staking commission.
 

IPO Bound? Former Lyft CFO Joins OpenSea

This week, the largest NFT marketplace, OpenSea, announced the hiring of Brian Roberts as its CFO. Brian was previously the CFO of Lyft and helped them go public. And according to Bloomberg, Brian is already considering an OpenSea IPO, saying that with the NFT platform’s growth, “you’d be foolish not to think about it going public.”

Just like the public outcry when Coinbase (COIN) chose a traditional IPO route, users are already upset that OpenSea might not choose a crypto-native way to give the community ownership and governance like how SuperRare and Rarible did.

Color us as... not surprised. Despite the recent rebuttals from Brian himself, the company raised hundreds of millions of dollars through traditional vehicles up until this point... why would that change now?
 

The Tides Have Turned

Introducing eGirl Capital, a VC firm run by 12 anonymous cartoon characters and two "doxxed" individuals, that has so far invested up to $10M in crypto projects.

The fact that people are trusting faceless, completely anonymous fund managers just goes to show how far we have come. Will there be others just like it? Probably. Will some become scams? You betcha. Are these unusually structured VCs actually successful? Well, it's too early to tell.

For example, most of eGirl’s investments are still in their early stages, but they continue to invest in projects supported by other legendary investors. Simply put, people are taking eGirl Capital seriously.

And it's not only fund managers as people every day are buying tokens, NFTs, and other projects from anonymous teams. 

Crypto and the emergence of Web 3.0 continues to slowly change the zeitgeist, forcing people to look past the individuals and focus on what they have to offer.
 

 SPONSORED 

Save Yourself From Liquidation With DeFi Saver’s Automation

Borrow, leverage, and manage your loans with automatic liquidation protection from DeFi Saver.

Their flagship feature, Automation, can be used for either (1) automatic liquidation protection in market drops or (2) for automatic leveraging during market moves in either direction, allowing you to run a constant leverage position based on your own configuration.

Once enabled, Automation constantly monitors your positions and automatically makes readjustments as soon as needed, trustlessly and non-custodially, allowing you peace of mind while being away from your keyboard and keys.

If you haven't already, now's the perfect time to head on over to DeFi Saver and check out their suite of power tools for Ethereum DeFi users.
 
 DEEP DIVES 

Incoming EOY Reports

As we approach the end of the year, it's time to reflect. Research teams across the industry have already started to compile all their core data, insights, and best-of posts to help consumers get a better grip on all the chaos. More often than not, the end result is a few monster Deep Dives for us to share at CoinSnacks.

Here's the first batch of reports, with many more to come:

MetaMask: The Hero Crypto Deserves

Three years ago, there were 31 million crypto wallet users; today, there are close to 80 million. And Metamask alone has 20 million, generating more than $200M in revenue. 

In Mario's latest piece at The Generalist, he analyzes the company's place and importance in the crypto landscape, its obvious flaws, next moves, and potential future competitors.

Related: Podcast Conversation: Origins of Metamask's 20 million Web3 users, with co-founder Dan Finlay. 
 

 SPONSORED 

ETFs... but for Crypto

It’s common knowledge that investing in a basket of stocks is a smarter bet than individual ones.

So that begs the question: why can’t you do the same with cryptocurrencies?

With Mudrex, you can: you can now invest in baskets of tokens handpicked by experts and centered around a single theme – known as Coin Sets.

So say you want to invest in the biggest cryptocurrencies out there, or in a handful of the industry’s up-and-comers, or in the top smart contract platforms. There’s a Coin Set for that.

And since Mudrex automatically handles all the rebalancing for you, you’ll always be invested in the best crypto your theme has to offer.

Invest tody without paying any fees for a limited time: pick your first set here and claim a $25 signup bonus.
 

 REGULATORY FRONT 

Crypto Executives Testify Before Lawmakers Mulling Greater Regulation of Market Today

The House Financial Services Committee, led by Rep. Maxine Waters has called a hearing in hopes of improving lawmakers’ understanding of crypto assets and how the sector fits into existing regulations.

Today, the CEOs of Circle, Coinbase, FTX, Bitfury, Stellar, and Paxos testified. You can read the company's prepared remarks here... watch the recording of the event here... and read a deep dive into the key members to watch here. We also had some pretty laughable moments such as this one

Today, the government heard six sophisticated, serious executives discuss the industry's maturity. This is impossible to dismiss.
 

The Free Ross Movement Is Taking A Leaf Out Of ConstitutionDAO’s Book

Last month, more than $47M was pledged in order to buy an early, rare copy of the U.S. Constitution. And if it wasn’t for Citadel CEO Ken Griffin, the plan — which was brought together and executed in only a week — likely would have worked.

Now, the same strategy is being applied to raise funds to help free the imprisoned founder behind the Silk Road marketplace, a place where users could buy drugs online and one of the first major use-cases of cryptocurrencies. In 2015 Ross Ulbricht was sentenced to a double life sentence plus forty years, without any chance of parole.
 

 TWEET OF THE WEEK 

Other Content You Might Enjoy

  • Badger DAO hacked for more than $120 million
     
  • The market won't go up forever. Be ready before it falls. Check out Alternative Assets **
     
  • Blockchain.com launches beta version of its own NFT marketplace
     
  • Bitcoin Full Node Guide: Securing Self-Sovereignty
     
  • FTX to Seek $1.5B in New Funding Round at $32B Valuation
     
  • Ubisoft Becomes First Major Gaming Company to Launch In-Game NFTs
     
  • Dan Tapiero’s 10T is raising $500M for a third digital assets fund
     
** Sponsored
Copyright © 2021 CoinSnacks, All Rights Reserved.

Our mailing address is:
CoinSnacks
5500 Military Trail Suite 22-250
Jupiter, Florida 33458

Add us to your address book

Sponsor | Unsubscribe | View in Browser

Key phrases

Older messages

Dorsey Goes All In, Fidelity's BTC ETF, & The New LLC

Thursday, December 2, 2021

Issue #197 December 1, 2021 | Issue #197 Sponsored By: MUST READS Jack Dorsey-led Square Changes Company Name After Twitter CEO Jack Dorsey resigned this week to focus on his other company – financial

Dinner Table Convos, Backdoor Metaverse Plays, & Bitcoin Cities

Thursday, November 25, 2021

Issue #196 November 24, 2021 | Issue #196 Sponsored By: Editor's Note: Tomorrow is Thanksgiving. Which means, for some of you, a full belly of good home-cooked meals, football, quality family time.

Get Your Paycheck in Crypto 🚀

Wednesday, November 24, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, OnJuno. If you'd put $1000 of your paycheck in BTC monthly since 2019, it'd now be worth $236750! Why you

Want to earn interest on your digital assets?

Thursday, November 18, 2021

Editor's Note: Please take a moment to read this special message from our sponsor, DeversiFi. Announcing our very first... REWARDS PROGRAM Earn APY and DVF rewards across DeversiFi from December 1!

Why The Dip, Popular Fund Holdings, & BTC Upgrades

Wednesday, November 17, 2021

Issue #195 November 17, 2021 | Issue #195 Sponsored By: MUST READS Nothin' But A Dip Over the past week, we saw what felt like a month's worth of headlines. Less than a week after BTC hit an

LeXpunK Army Deploys | Decentralized Law #3

Thursday, January 20, 2022

BanklessDAO Legal Newsletter ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Solo Home Miner Earns 6.25 BTC Reward – Should You Try Your Luck by Mining Bitcoin From Home?

Wednesday, January 19, 2022

Complete analysis of costs and chances for a solo miner to mine the next block. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

TRUE PROVENANCE

Wednesday, January 19, 2022

TRUE PROVENANCE Wanda Oliver — January 19, 2022 View original post Artwork by the author found on Async.art. JANUARY 18TH, 2021 I recently published an article in which I pointed out immutable provena

Crypto.com NFT Weekly Update (Week 2, 12/1/2022 - 18/1/2022)

Wednesday, January 19, 2022

OpenSea breaks daily sales volume record at $261M. Lega Serie A - first football league to enter NFT world. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Zoom Out - The Daily Gwei #419

Wednesday, January 19, 2022

Don't call it a comeback, Ethereum's been here for years. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Coin Metrics' State of the Network: Issue 138

Wednesday, January 19, 2022

Wednesday, January 19th, 2022 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Why can't POS reduce Gasfee and how much do Shard&L2 reduce

Wednesday, January 19, 2022

There were great expectations for ETH 2.0, but widespread misconceptions. There are two corrections to the statement "ETH 2.0 gas fee will be lower". First, the 2.0 upgrade is a long process,

CryptoPage Newsletter - Issue 221

Wednesday, January 19, 2022

Crypto Daily News - Jan 19, 2022 View on the Web Archives ISSUE 221 January 19th 2022 Crypto News Bitcoin Mining Energy Use 'Inconsequential,' 'Rapidly Becoming More Efficient' - Saylor

Stop Dollar-Cost Averaging Into Bitcoin

Wednesday, January 19, 2022

It might be doing you more harm than good ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Marty's Ƀent - January 18th, 2022 - Issue #1147

Tuesday, January 18, 2022

Tuesday, January 18th 2022 - Issue #1147 Apparently Intel is getting into the Bitcoin ASIC game Here's a pleasant surprise that was brought to the world's attention this morning; it seems like