Crypto Daily Digest - November 8th

DeFi

Compound Educational Campaign Will End in November 2021

Compound Labs announced an educational campaign in June 2020 to distribute 500,000 $COMP through Coinbase Earn. Now the campaign will be completed in November of this year, and all undistributed $COMP are being returned to the compound community. Source

Serum Community Launches an Informal Discussion to Burn Over 9 Billion Locked $SRM

the DEX Serum forum on the Solana chain is initiating an informal discussion on a proposal to destroy the more than 9 billion $SRM in lockup, with community members arguing that the nearly 99% of uncirculated $SRM in lockup is meaningless and will simply increase the FDV significantly rather than having a positive impact on the $SRM itself. Instead of contributing to a positive impact on the $SRM itself, it would encourage some investors to shy away from investing due to the extremely high FDV. A formal governance proposal requires more than 100,000 $SRM to be created, and a threshold of 1.5 million $SRM must be voted in favor of the governance proposal to proceed. Source

Ribbon Announces Significant Increase in ETH Strategy Pool Capacity

Ribbon Finance, an options-based structured product, announced on its official Twitter account that it is nearing product launch and will first raise the capacity cap on two of its most popular structured products, with the ETH Covered Call V2 pool going from 10,000 to 25,000 $ETH and the ETH Put Selling V1 pool will be raised from $60 million to $100 million. Source

Pickle Finance Uses Maple as Trusted Treasury Solution

Pickle Finance, a DeFi yield protocol, chooses Maple as it treasury solution for stablecoins. Maple Finance is an lending protocol that provides users with undercollateral debt. By lending on Maple, Pickle DAO earns a sustainable yield for their treasury’s balance sheet. Source

Opyn Hinted in a Tweet That the Squeeth Contract Will Be Audited This Week

In a tweet this Friday, Opyn hinted that its power perpetual contract "Squeeth" will be audited this week. In Opyn's design, the power perpetual contract combines the advantages of options and perpetual contracts. The contract has no expiration date, long users will not be liquidated, and short users can get a stable daily funding fee income. Source

Oddz Presented Q4 2021 Roadmap

The cross-chain options protocol Oddz announced its Q4 roadmap on Nov 6, including the testing and launch time of its V2 version on different chains, the launch time of the perpetual contract testnet, the completion of DEX integration work, Oddz financial metaverse "Oddzverse" and so on. Source

Raze Network Will Launch Its Mainnet on November 18th

Raze Network Mainnet will go live to the public on November 18th, 2021 on BSC. Raze Network is a decentralized privacy protocol that is designed to offer users end-to-end anonymity when using decentralized applications running on Binance Smart Chain, Ethereum and other EVM compatible networks. Source

NFT/GAMING

Ember Sword decided to move to Immutable X

Ember Sword, the GameFi project on Polygon famous for its $203 million land sale application in July, has just announced the decision of moving to Immutable X. Immutable X is a layer-2 scaling solution for Ethereum designed for NFT ecosystem. Players who purchased in-game NFTs on Polygon will have to migrate them to Immutable X for future use. Source

Skyweaver Soft Launch and Final Stat Reset

Skyweaver will begin its soft launch on November 25th to prepare for open beta on Polygon. The soft launch will move Skyweaver out of a testing environment and players will now be able to earn and trade NFTs, finally unlocking the play-to-earn elements of the game. All stats from private beta will be reset for the soft launch, it will be the last reset. Source

Others

JPMorgan: Bitcoin Expected to Rise to $146,000

JPMorgan analyst Panigirtzoglou has predicted that the price of bitcoin could reach $146K in the long term, with a short-term price target of $73,000 for 2022. “Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” he detailed. For the $146,000 price prediction to come true, bitcoin’s volatility would have to fall significantly, so that rules-bound investors feel comfortable adding the cryptocurrency to their portfolios. Source