The sudden uptick in outflows may have been caused by market makers leaving the exchange.
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'You can commit fraud in shorts and T-shirts in the sun,' says SDNY attorney on SBF indictment
Damian Williams called on individuals who may have been involved in alleged illegal actions at FTX and Alameda to “come see us before we come see you,” hinting at future arrests.
Is DeFi back? GMX rallies toward all-time high and LOOKS price gains 30%
In a recent blog post, cryptocurrency legend and former BitMEX CEO Arthur Hayes mentioned he holds sizable bags of GMX and LOOKS tokens. According to Hayes, his main reasoning for investing in both tokens was their platform revenue and the potential of both assets to outperform standard treasury bills.
Let’s take a brief look at on-chain data and compare GMX and LOOKS to competitors to determine whether Arthur’s assumption will work out.
GMX usage cooling after a strong November
The week prior to Nov. 16 provided decentralized Finance (DeFi) with a significant influx in fees after the centralized exchange (CEX) exodus triggered by FTX’s bankruptcy. The temporary high inflows to DeFi propelled GMX to outperform Uniswap in protocol fees.
On Nov. 28, GMX earned about $1.15 million in daily trading fees, which surpassed Uniswap’s $1.06 million in trading fees on the same day.
GMX fees and daily active users. Source: Token TerminalWhile usage of GMX may be decreasing, the token is outperforming the industry. The GMX token is only 8% away from an all-time high after gaining 59% in the past 30-days.
Is DeFi back? GMX rallies toward all-time high and LOOKS price gains 30%
In a recent blog post, cryptocurrency legend and former BitMEX CEO Arthur Hayes mentioned he holds sizable bags of GMX and LOOKS tokens. According to Hayes, his main reasoning for investing in both tokens was their platform revenue and the potential of both assets to outperform standard treasury bills.
Let’s take a brief look at on-chain data and compare GMX and LOOKS to competitors to determine whether Arthur’s assumption will work out.
GMX usage cooling after a strong November
The week prior to Nov. 16 provided decentralized Finance (DeFi) with a significant influx in fees after the centralized exchange (CEX) exodus triggered by FTX’s bankruptcy. The temporary high inflows to DeFi propelled GMX to outperform Uniswap in protocol fees.
On Nov. 28, GMX earned about $1.15 million in daily trading fees, which surpassed Uniswap’s $1.06 million in trading fees on the same day.
GMX fees and daily active users. Source: Token TerminalWhile usage of GMX may be decreasing, the token is outperforming the industry. The GMX token is only 8% away from an all-time high after gaining 59% in the past 30-days.
Breaking: SBF's lawyers request bail in Bahamas magistrate court pending extradition
The move comes just a day after the crypto executive's arrest on Dec. 12.
Indictment against SBF unsealed, contains 8 counts of financial and elections fraud
The indictment from the Southern District of New York names only Sam Bankman-Fried, but contains allegations of illegal activities by “individuals known and unknown” as well.
FTX hearing: US lawmakers criticize use of Quickbooks, creepy dough, and 'conscientious stupidity'
Some members of the U.S. House of Representatives questioned whether Sam Bankman-Fried’s actions at FTX and Alameda may have been willful or due to gross incompetence.
ConsenSys launches zkEVM private beta testnet
The software has received over 150,000 signups so far.
'Old money has all but fled,' Huobi co-founder discusses challenges of running $400M VC fund
Jun launched the fund amidst the bear market this year and continues to invest in Web 3.0 companies.
Web3 game DOGAMÍ secures $14M total funding
DOGAMÍ's team says it hopes to develop the first Web3 mobile game for mainstream audiences.
Crypto hotspots continue to thrive despite FTX collapse
Crypto-friendly cities throughout the world report growth and innovation despite recent events.
Crypto hotspots continue to thrive despite FTX collapse
Crypto-friendly cities throughout the world report growth and innovation despite recent events.
CFTC files lawsuit against Sam Bankman-Fried, FTX, and Alameda for fraud
According to the federal regulator, SBF and FTX companies "used FTX customer funds for a variety of personal expenditures" including real estate and private jets.
Can Bitcoin survive a Carrington Event knocking out the grid?
“In a massive solar storm, which would be hugely damaging to a modern economy’s infrastructure, the blockchain parts might well be the only parts that survive.” — Jason Potts
What was the Carrington Event?
In a November 1859 meeting of the Royal Astronomical Society, British astronomer Richard Christopher Carrington reported to the esteemed scientific body that “in the forenoon of Thursday, Sept. 1, in taking my customary observation of the forms and positions of the solar spots, an appearance was witnessed which I believe to be exceedingly rare.”
The phenomenon caused brilliant auroras across the globe, some as far south as Cuba, that were so bright observers were able to read newspapers by their light at night.
Carrington Event model. Source: NASAIt was the most intense geomagnetic storm in recorded history, likely the result of a coronal mass ejection from the sun colliding with the Earth’s magnetosphere — and one with worrying implications for the cryptocurrency industry were it to happen again today. A storm of such intensity would have the potential to affect the majority of electrical systems in use today: satellites, internet service providers, power supplies and all forms of communication.
The geomagnetic disturbances were so strong that telegraph operators in the United States reported sparks leaping from their equipment, which in some cases even caught fire. Telegraph systems across Europe and North America failed.
Can Bitcoin survive a Carrington Event knocking out the grid?
“In a massive solar storm, which would be hugely damaging to a modern economy’s infrastructure, the blockchain parts might well be the only parts that survive.” — Jason Potts
What was the Carrington Event?
In a November 1859 meeting of the Royal Astronomical Society, British astronomer Richard Christopher Carrington reported to the esteemed scientific body that “in the forenoon of Thursday, Sept. 1, in taking my customary observation of the forms and positions of the solar spots, an appearance was witnessed which I believe to be exceedingly rare.”
The phenomenon caused brilliant auroras across the globe, some as far south as Cuba, that were so bright observers were able to read newspapers by their light at night.
Carrington Event model. Source: NASAIt was the most intense geomagnetic storm in recorded history, likely the result of a coronal mass ejection from the sun colliding with the Earth’s magnetosphere — and one with worrying implications for the cryptocurrency industry were it to happen again today. A storm of such intensity would have the potential to affect the majority of electrical systems in use today: satellites, internet service providers, power supplies and all forms of communication.
The geomagnetic disturbances were so strong that telegraph operators in the United States reported sparks leaping from their equipment, which in some cases even caught fire. Telegraph systems across Europe and North America failed.
Can Bitcoin survive a Carrington Event knocking out the grid?
“In a massive solar storm, which would be hugely damaging to a modern economy’s infrastructure, the blockchain parts might well be the only parts that survive.” — Jason Potts
What was the Carrington Event?
In a November 1859 meeting of the Royal Astronomical Society, British astronomer Richard Christopher Carrington reported to the esteemed scientific body that “in the forenoon of Thursday, Sept. 1, in taking my customary observation of the forms and positions of the solar spots, an appearance was witnessed which I believe to be exceedingly rare.”
The phenomenon caused brilliant auroras across the globe, some as far south as Cuba, that were so bright observers were able to read newspapers by their light at night.
Carrington Event model. Source: NASAIt was the most intense geomagnetic storm in recorded history, likely the result of a coronal mass ejection from the sun colliding with the Earth’s magnetosphere — and one with worrying implications for the cryptocurrency industry were it to happen again today. A storm of such intensity would have the potential to affect the majority of electrical systems in use today: satellites, internet service providers, power supplies and all forms of communication.
The geomagnetic disturbances were so strong that telegraph operators in the United States reported sparks leaping from their equipment, which in some cases even caught fire. Telegraph systems across Europe and North America failed.
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