bookmark_borderBuyer of Beeple’s $69M NFT on Christie’s discloses identity

MetaKovan, the pseudonymous founder of NFT fund Metapurse and buyer of Beeple’s $69 million NFT, has revealed himself.

The mysterious buyer of the world’s most expensive non-fungible token “Everydays: The First 5000 Days” by Beeple, has revealed their identity.

Metapurse, a global NFT fund whose founder successfully bid and acquired the piece in a Christie’s auction for $69.3 million in early March, penned a blog post Thursday, disclosing the real names and stories of key figures behind the project.

According to the announcement, Vignesh Sundaresan is the real name of MetaKovan, the pseudonymous founder of Metapurse and the buyer of the Beeple’s $69 million NFT. Before founding Metapurse, Sundaresan had been actively involved in the crypto industry since 2013, creating crypto exchange Coins-e and co-founding crypto ATM project BitAccess.

Sundaresan is operating the Metapurse fund with Anand Venkateswaran, who is also known by his pseudonym Twobadour. As announced, both Sundaresan and Venkateswaran are immigrants from the South Indian state of Tamil Nadu.

“We could have remained pseudonymous, but we decided to drop a few hints in our joint press release with Christie’s […] The point was to show Indians and people of color that they too could be patrons, that crypto was an equalizing power between the West and the Rest, and that the global south was rising,” Sundaresan and Venkateswaran wrote. They also stated that their pseudonyms “were never meant to be masks” but rather “exosuits.”

In conjunction with the identity disclosure, Metapurse has announced the Metapurse Fellowship, a grant including five fellowships to writers about the convergence of NFT tech, art and finance. “In this first edition, we offer $100,000 to five storytellers — writers, producers, content makers — spread across 12 monthly stipends.” 

bookmark_borderEthereum fails to break out vs. Bitcoin as Treasury yields soar — Will ETH relief rally?

The ETH/BTC pair remains pinned below a key resistance level as the macro landscape worsens.

Ether (ETH), the native cryptocurrency of Ethereum, has failed to break out once more against Bitcoin (BTC) with BTC/USD rallying by more than 8% on March 18.

There are two likely reasons why the ETH/BTC pair is failing to break through an important resistance level.

First, BTC rallied strongly in a short squeeze after the majority of the market was short throughout the past few days, outperforming most alternative cryptocurrencies.

Second, the overall macro landscape for the risk-on market is degrading due to the surging 10-year U.S. Treasury yield, which has just hit a 14-month high of 1.75%. This could place more selling pressure on altcoins that have overall lower volume and liquidity than BTC.

ETH rejected at key level despite bullish on-chain metrics

According to the pseudonymous trader known as “Trader XO,” ETH rejected at a key level on the ETH/BTC chart.

The trader emphasized that ETH has to remain above the low support area at 0.029 BTC for the bullish short-term market structure to remain intact.

ETH/BTC pair with key levels. Source: TraderXO, TradingView.com

If ETH recovers from the range lows at around $1,720 on the ETH/USD pair, then it would have a higher probability of seeing a continuation of the rally. He said:

“$ETH – Rejected off the mid as anticipated. Ideally want to see the lows hold here. Wouldn’t mind a deviation of the lows either tbh – would give me more conviction to jump in on #Ethereum Waiting patiently for the structure to shape up before jumping in. More sideways first.”

Despite the stagnation of ETH/BTC, analysts say that the fundamentals and on-chain data points of Ethereum remain highly optimistic.

A pseudonymous Ethereum analyst and investor known as “DCinvestor” noted that the upcoming EIP-1559 proposal and the Proof-of-Staking (PoS) on Ethereum would make ETH more scarce.

These two factors combined with the decreasing ETH reserves across exchanges, as Cointelegraph previously reported, generally paint an optimistic outlook for ETH in the medium term. The analyst noted:

“With EIP-1559 and Proof of Stake coming, it’s possible $ETH supply doesn’t ever exceed 120M tokens that’s extremely scarce, considering how absurdly useful it is sure, it’s ~5.7x more than 21M $BTC, but it’s sustainable & about 20x more useful as programmable money & collateral.”

Macro landscape, Treasury yields are still concerning

The 10-year U.S. Treasury yield’s momentum is likely the main catalyst behind Bitcoin and ETH’s weakening momentum in the past 12 hours, as the inverse correlation shows in the chart below.

BTC/USD (blue) vs. ETH/USD (orange) vs. TY10 (light blue). Source: Tradingview.

Portfolio managers and strategists have expressed concerns about the overheating bond market and its potentially negative effect on the risk-on market.

Hinesh Patel, a portfolio manager at Quilter Investors, said:

“While no response right now is arguably the only move on offer, whatever Powell does at this juncture, the Fed are taking bond markets to the danger zone. If they don’t do anything the bond market will continue pushing yields higher looking for the Fed to increase or adjust bond-buying while if he does act now then he will be accused of overstimulating and running too hot.”

Bitcoin, Ethereum, and the rest of the crypto market could decouple from the risk-on market and equities. But, ideally, the U.S. Treasury yield should stabilize for the crypto market to see a sustainable uptrend in the near term.

bookmark_border数字资产银行 Anchorage 新增支持 Hegic、Rally 和 Radicle 代币托管

链闻消息,数字资产银行 Anchorage 为其机构客户新增支持三类代币托管服务,分别是 Hegic (HEGIC)、Rally (RLY)和 Radicle (RAD)。另外,去中心化代码协作平台 Radicle 是 Anchorage 的客户,其基金会的资产是通过 Anchorage 进行托管的。

原文链接:数字资产银行 Anchorage 新增支持 Hegic、Rally 和 Radicle 代币托管

bookmark_borderFinance Redefined: The crypto renaissance is finally here, March 3–17

DeFi and crypto have weathered the storm, looking poised for a fiery 2021.

Editor’s note

After taking a bit of a break and skipping a week for the newsletter, I’ve returned with the feeling that something big is brewing for the crypto space.

To people who follow me on Twitter or here, it is probably no secret that I believe the fate of the crypto market is strongly tied to that of the tech sector and stock market as a whole. After showing really strong signs of a pending crash, it seems that markets are well on their way to a recovery. If you look at the S&P 500, it’s actually been making new highs last week. The actual source of the uncertainty was the Nasdaq 100, the tech-heavy index, which is now making a solid recovery as well.

A favorable stock market environment is key to maintaining the crypto bull run. We obviously don’t know how long all this will last, but it seems that the initial panic subsided and likely won’t return for at least a month or two. As always, not financial advice and I may very well be wrong.

The stock market recovery has of course been reflected in the crypto markets as well. Over these past few weeks, I’ve realized just how far crypto has come in popular perception. NFTs have a lot to do with that reputation improvement, although I can’t imagine it being the only demand driver like with 2017 ICOs.

Technology advances are setting us up nicely for an explosive rest of the year. Between Ethereum layer-two, Polkadot’s parachains and Cosmos’s Stargate all coming online now or in the near future, we should have plenty of bandwidth to let developers build exciting new crypto primitives.

We’re still in very, very early stages of DeFi and crypto adoption. All we’ve seen so far is a lot of Ponzi games with maybe a few small nuggets of something real. The Ponzi games have definitely served well to develop the infrastructure and attract a lot of money, but I’m mostly excited about what’s to come. My hope is that we’re not far off from that promise.

New DeFi building blocks keep coming

I wanted to highlight a couple of really interesting new projects in DeFi these past two weeks. The first is WETH10, a new wrapper for Ether. As you may know, all DeFi projects use a tokenized form of Ethereum in the backend. WETH assimilates Ethereum itself, which is not a token, to the ERC-20 standard. This lets smart contracts perform actions on it.

The new WETH10 iteration upgrades ETH with all the bells and whistles of more recent token standards, allowing things like gasless transactions and the transferAndCall function, a way to get rid of the cumbersome and unsafe token approval mechanic.

The most important feature, however, is the Flash Mint. It’s exactly like a flash loan, only it creates new tokens out of thin air instead of drawing them from a liquidity pool. There are practically no limits to how much you can create, making arbitrage strategies even more effective and cheaper. Of course, this also means simplifying hacks and exploits, but here we come back to the age old argument of “flash loans good” vs. “flash loans bad.” I’m firmly of the former stance, since a protocol would’ve still been weak to exploits even without help from flash loans.

Another exciting new primitive is Alchemix, a protocol that lets you draw a loan backed by your future yield. You can basically speed up your yield income and get most of it right away, which could be incredibly useful if you have a large expense coming up.

To be fair, Alchemix’s concept could have already been reproduced with a platform like Cream Finance. It supports yCRV or yETH, interest-bearing tokens by Curve and Yearn.finance, respectively. Just deposit those tokens, draw Dai or another stablecoin, and repay the loan over time from your yield. But Alchemix does expand this concept and, most importantly, automates it. From a niche and little-known trick, this “instant gratification loan” becomes an easily accessible DeFi tool.

In other news

bookmark_border区块链媒体 Decrypt 推出代币 DCPT,可通过阅读文章获得

链闻消息,区块链媒体 Decrypt 宣布推出读者代币(Reader Token),代码为 DCPT,用户可以通过阅读和学习加密货币技术赚取代币。Decrypt 表示,DCPT 目前的形式是一个实验,是一个将读者放在第一位的科技项目,而且 DCPT 不能兑换成金钱或者其他加密货币,用户可以通过阅读 Decrypt 文章赚取 DCPT。

原文链接:区块链媒体 Decrypt 推出代币 DCPT,可通过阅读文章获得

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