TLDR Crypto Daily Update 2022-11-23

Inside Genesis' balance sheet ๐Ÿฆ, Curve stablecoin ๐Ÿช™, Magic Eden supports Polygon ๐Ÿ–ผ๏ธ

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Markets & Business

Genesis, the Troubled Crypto Lender, Hires a Restructuring Adviser (2 minute read)

Genesis has hired investment bank Moelis & Company to explore options, including a potential bankruptcy. No final decision has been made yet and it is still possible for the company to avert a bankruptcy filing. There is an issue of liquidity and duration mismatch in the Genesis loan book. The issue doesn't impact Genesis' spot and derivatives trading or custody businesses.

Genesis Balance Sheet Reveals Web of Loans Across Silbert Empire (2 minute read)

Genesis Global has $2.8 billion in outstanding loans on its balance sheet. Around 30% of its lending was made to related parties, including its parent company, Digital Currency Group. DCG's only debt, besides the intercompany loans and a $1.1 billion promissory note, is a $350 million credit facility from a small group of lenders. The company is on track to see $800 million in revenue this year.
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Innovation & Launches

Curve Releases Whitepaper for crvUSD Stablecoin (2 minute read)

Curve has released a whitepaper detailing its forthcoming stablecoin, crvUSD. The release of the whitepaper saw Curve's CRV token jump by 15% over the next 24 hours. crvUSD will use a novel lending-liquidating AMM algorithm to protect borrowers whose collateral drop below the liquidation price. It will convert tokens to USD as the price of the collateral drops and convert dollars to tokens if it rises.

NFT Marketplace Magic Eden Expands Support for Polygon-Based NFTs (2 minute read)

Magic Eden now supports Polygon-based NFTs. It has rolled out a launchpad and marketplace to support publishers building on Polygon. The integration will usher new gaming communities through collectibles minted on the layer 2 blockchain network. Polygon recently forged relationships with Stripe, Robinhood, and Adobe.
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Guides & Resources

Curve launched their stablecoin whitepaper today (3 minute read)

A problem with current lending markets is that people can pump the spot price of an illiquid collateral, borrow against these manipulated prices, and then let their positions be liquidated, leaving the protocol with bad, illiquid debt. Curve's lending-liquidating AMM algorithm, or LLAMMA, automatically sells collateral and buys USD as the collateral token price goes down, and it sells USD to buy back the token when the token price rises. This results in a smooth transition and leaves the liquidity pool with enough USD to pay back the debt.

THE STATE OF CRYPTO (4 minute read)

This Twitter thread looks at the state of crypto after the events of this year. These events have caused many major players to die out. The thread looks at how progress with bitcoin, stablecoins, distributed computing, scalability, onchain financial primitives, and governance will make crypto inevitable. Tens of billions in cash is still being deployed into crypto's development.
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Miscellaneous

Bankman-Fried Apologizes to FTX Employees, Details Amount of Leverage in Internal Letter (5 minute read)

Sam Bankman-Fried has shared a letter to FTX employees where he apologizes for what happened. In the letter, Bankman-Fried detailed how FTX's collateral dwindled and why he did not realize the full extent of the margin position. He did not address the allegations made against the company. Bankman-Fried believes that he should not have filed for bankruptcy and that he only did so due to an extreme amount of coordinated pressure.

More Than 50% of Bitcoin Addresses Are Now in Loss (2 minute read)

Most addresses holding bitcoin are now in the red. This is the first time this has happened since the start of the crash in March 2020. Previous bear markets have ended with a majority of addresses being in loss. Despite this being a good indicator of the bear market turning around over the last few cycles, past data is not a guarantee of future results.

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Quick Links

Apple nearing deal to turn Michael Lewis book on FTX and Sam Bankman-Fried into feature film (2 minute read)

Apple is in the lead for a deal to turn an upcoming book about Sam Bankman-Fried and the collapse of FTX into a film.

Uniswap V3 โ€“ Interesting Facts (23 minute read)

This article takes a close look at how Uniswap V3 works and strategies for using the platform.

A short ๐Ÿงต on MEV history and it's current state in #DeFi (6 minute read)

The MEV problem was first identified in 2014, a year before Ethereum first launched.

Could the FTX Accounts Drainer be @SBF_FTX? (4 minute read)

An account involved in FTX's misappropriation of customer funds has activity very similar to that of the FTX Accounts Drainer.

Mango Exploiter's Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens (3 minute read)

Avraham Eisenberg's position was liquidated following a series of wild swings in the CRV's price.

Tornado Cash Developer Alexey Pertsev to Remain in Jail Until at Least Late February (5 minute read)

Alexey Pertsev has been deemed a flight risk and ordered to stay in jail until February 20.

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