OpenSea Valuation Plummets 90%

OpenSea Valuation Down Amid NFT Market Downturn

OpenSea's valuation has plummeted by 90% per Coatue Management, dropping from a high of $13.3 billion after a $300 million funding round in 2022. The NFT marketplace also cut its workforce by half earlier this month.

The NFT sector remains sluggish despite a recovering crypto market, with weekly sales falling from 176,000 to 23,000, and sales value decreasing from $118 million to $62 million. Read more.

Bears can swim too...

☕️ On today's Top Picks:

  1. Kraken aiming to build layer 2 network similar to Coinbase with Base.
  2. Bitcoin temporarily stopped producing blocks for ~1 hour.
  3. Circle rumored to go public next year with an IPO.
  4. Polygon Founder teases announcements set for Nov 9th and Nov 14th.

Read time: 7 minutes

📰 Crypto News

Kraken seeking partner to build layer 2 network similar to Coinbase with Base.

Bitcoin temporarily stopped producing blocks for ~1 hour on Nov 7th

Near Foundation refusing to redeem Wintermute's Near stablecoin $USN worth $11.2M because of its suspicious origin and that it may be related to illegal activities. Wintermute has stated it was assisting the FTX liquidator in selling the asset.

Circle rumored to go public next year with an IPO. Circle was previously valued at $9B when it attempted to go public in 2022.

Michael Barr, vice chair of the Federal Reserve for supervision calls for strong federal framework for stablecoins, attributing the call to concerns that private entities are creating private money.

SEC struggling to hire cryptocurrency experts as it prohibits employees from holding crypto assets.

Coinbase adds four national security experts to its Global Advisory Council in an effort to, "...examine what consequences will result from regulatory uncertainty for crypto in the United States..."

AVA Labs lays off 12% of its staff to, "Reallocate resources to double down on growth."

Gemini CTO Pravjit Tiwana leaving the company according to anonymous sources.

Binance launches self-custody crypto wallet within the Binance app.

Nil Foundation announces Ethereum ZK-Rollup with sharding support.

Optimism Canyon upgrade set to go live on Superchain testnets on Nov 14th. Optimism Canyon includes Shanghai and Capella hardfork support and several minor bug fixes.

Evmos to end Cosmos support to focus exclusively on Ethereum in a strategic move to simplify Evmos.

Gitcoin Grants 19, final day to apply.

Alpha

Sandeep Nailwal (Polygon Founder) teases announcements set for Nov 9th and Nov 14th.

Arbitrum Odyssey Reignited Week 5 quests are live.

Linea DeFi Voyage launches on Intract.

Polygon zkEVM Saga Campaign Week 3 quests expiring in less than 24 hours.

zkLink launches campaign on Intract.

Gitcoin releases Web3 Grants Report NFT on Public Goods Network for 0.0025 ETH (~$4.69) until Nov 15th. Proceeds of the mint go towards Turkish charities.

Frame testnet is live for everyone. Bridge at least 0.001 SETH via Sepolia to claim a badge.

🪂 Airdrops

Alpha Insiders posts thread about Ambient Finance airdrop strategy on X.

DeFi Airdrop posts thread about Aevo airdrop rumors on X.

📰 Finance News

HSBC to launch storage services for tokenized securities that will complement its HSBC Orion platform.

Citigroup to pay $25.9M for discriminating against Armenian-American card applicants.

Take-Two Interactive stock surges ~6% amid Grand Theft Auto 6 announcement.

🛡 Security and Exploits

MEV bot exploited for ~1K ETH as permission limits were not set on its functions.

SlowMist issues security alert regarding Apocalypse Cool game because it is a trojan virus.

Token Unlocks

• Euler / 140.74K $EUL / ~$493K / NOV 08

• Moonbeam / 9.68M $GLMR / ~$2.53M / NOV 10

• Aptos / 24.84M $APT / ~179.36M / NOV 11

💰 Funding

Pimlico, an account abstraction infrastructure company; raises $4.2M in seed funding round led by a16z crypto.

StablR, a stablecoin startup; raises $3.5M in seed funding round.

Due, a global payments platform; raises $3.3M in seed funding round led by Semantic and Fabric Ventures.

Citadel, a web3 game/studio; raises $3.3M in seed funding round led by 1kx.

Kresko, a synthetic asset protocol; raises $1.8M in strategic funding round led by Electric Capital and Zero Age Ventures.

🌾 The Degen Farmer

Top stablecoin yield farms of the day, more than $1,000,000 in TVL. DYOR and beat the fed!

ProtocolPoolChainTVLAPY
Opyn Squeeth logoOpyn SqueethUSDCEthereum$1.52M141.81%
Velodrome V2 logoVelodrome V2USDC-MAIOptimism$3.82M41.38%
Merkl logoMerklSTEUR-USDCArbitrum$3.38M34.49%
Liqwid logoLiqwidDJEDCardano$1.51M32.22%
DefiChain DEX logoDefiChain DEXUSDT-DUSDDefichain$1.54M27.00%
NAVI Protocol logoNAVI ProtocolUSDCSui$19.64M26.27%
Idle logoIdleUSDTEthereum$1.49M25.35%
PancakeSwap AMM V3 logoPancakeSwap AMM V3AXLUSDC-USDTBSC$1.18M24.54%
• • •

That's it for today's dose! See you soon.

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