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The Market Roundup: Week of June 26

  • This week’s market snapshot
  • Lido rejects proposal to limit growth
  • Circle’s Euro Stablecoin, EUROC, has launched
  • CoinFLEX plans to raise missing funds with new token
  • Grayscale initiates lawsuit against SEC
  • Voyager Digital issues 3AC notice of default on $655M loan
  • FTX reaches deal to acquire BlockFi for up to $240M
  • Nic Carter shuts down bitcoin maximalists
  • MicroStrategy Buys the Dip

ETH and BTC ticked up a bit this week, in line with Nasdaq. Correlations remain sky-high. There has been so much of a negative narrative over the last few months that simply the lack of bad news is causing a bit of a rebound. It also seems like lots of the shills and pumpers are gone. I’m seeing a lot more of a call to arms to build the real-world bridge to DeFi. Very encouraging (early) signs.

Long term, there are two key things that need to happen:

  1. Getting more tokenized real-world assets so that DeFi can connect to the real-economy
  2. Proper banking infrastructure in place to create deep liquidity and stability

As I mentioned above, the article from Sébastien Derivaux lays out the clearest roadmap I’ve see of what DeFi needs to look like to have a real foundation for the long term: https://cryptobanking.network/the-crypto-banking-system/

The promise of DeFi is a censorship resistant global capital market without endless layers of intermediaries. So that a person with $1 in a developing economy has as much access as a hedge fund in New York. That will bring online a lot of capital, and initially will help dollarize parts of the world where people are stuck with hyper-inflationary local currencies. Long term we will hopefully see a migration to a true stateless (or at least decentralized) currency…

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