Overview
- Uniswap Labs to take 10% LP fee cut?
- FTC suing Meta.
- Solana opens a store.
- The Sandbox partners with Gravity.
- Damien Hirst to burn 4,851 paintings.
Good morning Banter Fam,
For two consecutive quarters the US economy has contracted. The Gross Domestic Product (GDP), a measure of the market value of all goods and services produced, fell 0.9% on an annualized basis.
The White House did a great job in preparing the markets for the negative news.
Market reaction: Pump!!
However, no need to beat a dead horse, Ran did an amazing job covering the situation in detail.
Uniswap Considers turning on “Fee Switch.”
The team behind Uniswap is in discussion with its community to initiate a “Fee Switch” testrun on a few of its liquidity pools (LP). The fees generated by the protocol currently go 100% to the liquidity providers, the proposal is to send 10% of generated fees from the USDC/ETH and USDC/USDT pools to the treasury to invest in future growth.
Based on recent data, the protocol would hypothetically generate 950k per week from the two pools!
If Uniswap follows through and other protocols take notice, the move could have major implications for the future of DeFi and fee structures.
Unfortunately, it doesn’t appear the team wants to kick back fees for holding UNI. Hopefully they change their mind in the future.
Market update 🌍
“What recession?”
– Crypto Market, July 27, 2022
BTC/USDT
Crypto continued its nonchalant upward march despite the GDP evidence of a deteriorating economy. Bitcoin rebounded off the retest of the downtrend line and jumped 12.69% in a span of 48 hours, taking minimal notice of the $22k resistance.
Digressing, the setup looks vaguely familiar to a similar BTC pattern that began in Nov 2021 and ended with a -58% drop on Mar 29, 2022 (Rectangle). Many believed the bear market was over then too.
I try not to make predictions on this newsletter, but considering the state macro, this could very well be another temporary relief rally. It never hurts to explore all the possibilities to better protect your investments. Either way, keep a watchful eye on the uptrend line (green line).
High-resolution chart
ETC/USDT
With the Ethereum Merge likely around the corner, Ethereum miners are beginning the search for another home. Many are migrating to the Ethereum Classic network, a fork of Ethereum that plans to continue Proof-of-Work (PoW) consensus.
The development has translated into price performance via ETC, climbing 54% in a seven day span. Considering the spike in volume and price, ETC still looks promising with the Merge a few months away. Watch for the continuation of the upward trend (green).
High-resolution chart
| US markets close | Gain |
| S&P 500 | +1.21% |
| Nasdaq | +3.12% |
| Dow | +0.33% |
| VIX | -3.92% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Ethereum Classic (ETC) | 40.08 | +23 |
| Curve DAIO (CRV) | 1.55 | +19 |
| Convex Finance (CVX) | 8.17 | +18 |
| Uniswap (UNI) | 9.25 | +15 |
| Bitcoin Cash (BCH) | 152.59 | +15 |
| Bitcoin Gold (BTG) | 31.02 | +15 |
| Frax Share (FXS) | 7.14 | +14 |
| Lido DAO (LDO) | 2.24 | +13 |
| Optimism (OP) | 1.61 | +52 |
| Livepeer (LPT) | 12.22 | +40 |
| Synapse (SYN) | 1.55 | +32 |
| Oasis Network (ROSE) | 0.06 | +32 |
| Bitcoin Fear and Greed Index | 39 Fear |
| “Crypto” Google Trends 90d | 16 |
| “Bitcoin” Google Trends 90d | 32 |
Newswatch 📰
FTC suing Meta. The Federal Trades Commission (FTC) alleges Meta is attempting to monopolize the Metaverse. In accordance, the FTC filed a lawsuit to halt Meta’s attempt to acquire Unlimited, the market of virtual reality fitness app, Supernatural.
Solana opens a store. Solana looks to further step into the real world after opening a Solana Spaces store in Manhattan. The store features NFT galleries, interactive Solana Blockchain installations and provides visitors with educational resources.
News tidbits:
- Crypto venture firm Variant raises $300m for venture funds.
At the protocol level ⛓
Protocol Level Tidbits:
- Ethereum Mainnet Shadow Fork 10 was successful.
- GMX: The On-Chain FTX.
- Introducing Synapse Chain.
- Sushiswap nominate Jonathen Howard as Head Chef.
NFT & metaverse update 🐵
- The Sandbox partners with Gravity to introduce Ragnarok to the metaverse.
- Damien Hirst to burn 4,851 paintings for the NFT project. NFT holders had the option of trading their NFT for an authentic Hirst canvas painting or keep their NFT. Nearly half the community committed to keeping the NFT.
Banter’s take
Since it’s Friday, let’s end the week with a laugh!
I’ve included a little piece of comedy that “accurately” depicts the reactions by markets after the slightest hint of pullback from the Fed. Enjoy!
Enjoy your weekend. Thanks for reading!
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning Crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice, and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
