In today’s briefing:
- FTT/FTX- Another Inflection Point in the Crypto Market Waiting to Happen?
- GMX – A DeFi Real Yield Protocol
- FTT Liquidity Faces Key Test
FTT/FTX- Another Inflection Point in the Crypto Market Waiting to Happen?
- On Nov 3, it was leaked that Alameda seemed to have a weaker than expected balance sheet with $7.6 bn of loans and a relatively illiquid portfolio of assets.
- Alameda, a large proprietary crypto trading firm, did not officially comment but its CEO Caroline stated on Twitter that most of the loans were repaid.
- The potential linkages between Alameda and FTX, a large crytpo exchange, both controlled by Sam Bankman-Fried, are of utmost concern and has riled the crytpo market.
GMX – A DeFi Real Yield Protocol
- GMX is a decentralized spot and perpetual exchange on the Ethereum Layer 2 scaling solution Arbitrum.
- This protocol is absolutely a shining star in today’s market. Token price, TVL, and transaction volume are all in an upward trend.
- It is also labeled as one of the best “Real Yield” opportunities for Liquidity Providers.
FTT Liquidity Faces Key Test
- Price Movements: For the first time since April, Lido staked ether (stETH) now trades at parity with ETH.
- Market Liquidity: Coinbase reported lower than expected earnings due to a continued rout in trade volume.
- Derivatives: ETH perpetual futures volume is now higher than BTC volumes as traders pounce at renewed volatility.
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