📈 Doodles NFTs Soar in Value Thanks to Community Input and Astute Management
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FLOOR PRICE It’s a mysterious mix of factors that push an NFT project toward a double digit ETH floor price. Doodles is the latest NFT project to do so, crossing the mark on Jan. 8, according to a Dune Analytics dashboard. The project’s floor now sits at 11 ETH, over $35,000, as of Jan. 11.
BUYING SPREE Doodles also had its first seven-figure sale last week — Pranksy, an NFT investor and influencer, bought Doodle 6914 for 296.69 ETH on Jan. 4. Pranksy has generally been on a Doodle-buying spree with his wallet showing over 70 Doodles as of Jan. 11.
RANKS THIRD At 13,739 ETH, the project ranks third in terms of weekly volume on OpenSea, behind only Bored Apes Yacht Club (BAYC) and Phantabear, NFTs which double as membership to a blockchain-enabled club with close ties to Phantaci, a fashion brand.
Web3 tokens are beating ETH driven by the lending and infrastructure sectors, recovering after metaverse-related tokens led the industry’s slide in early December.
The Arch Ethereum Web3 Index is up 22% in ETH terms in the last 30 days. The index, which tracks Ethereum governance tokens, has declined 7% in that time, while ETH has plunged 13%.
This outperformance is led by the Infrastructure and the Lending sectors, which are up 48% and 34% in the past month against ETH, respectively. LINK and AAVE are leading in their respective sectors and are up 74% and 48% during the last 30 days against ETH.
The recovery comes after the Arch Ethereum Web3 Index was down 21% against ETH in the previous month, as all sectors tracked by Arch tumbled.
The Arch Ethereum Web3 index, considered a gauge for the overall web3 ecosystem, is tracked by the Arch $WEB3 token, which provides reliable, market-neutral exposure to roughly 70% of the market capitalization of the Ethereum Web3 Index.
Go to Arch (www.archfinance.io) to learn more about the Arch Ethereum Web3 Index, its underlying sectors and gain financial exposure to the Ethereum Web3 universe, with the Arch $WEB3 token.
MOVIE DAO The Infinite Machine Collection, the NFT project funding the movie based on Camila Russo’s best-selling book on Ethereum, announced its plans for NFT holders to form a decentralized organization which will have a seat at the film’s producers’ table.
UPCOMING SALE The announcement comes ahead of the second of three NFT sales, scheduled for this Sunday, Jan. 16, at 22:00 UTC TIME, when 3,000of the 10,499 NFTs in the collection will be sold at a flat price to be announced on Saturday. More information can be found on the minting site.
Whitelisted addresses, which will be mostly sourced from the project’s open Discord server, will have a chance to mint before the general public.
COMMUNITY TREASURY Proceeds from The Infinite Machine NFT mints are distributed so that 10% of funds go to a community treasury, meant to seed the future DAO. 22.5% of proceeds go to the 36 intervening artists, and the rest goes towards the movie production budget, up to $16M. After the movie budget is covered, 50% goes to fund the DAO.
EXECUTIVE PRODUCER The Infinite Machine DAO will be managed by its three founders and a number of delegates to be chosen by the community. Delegates will become credited Associate Producers of the movie, and the DAO itself will become an Executive Producer, with direct influence in the making of the film.
DAILY BURN Severe volatility has driven Ethereum’s daily burn to an all-time high, with roughly 18,070 ETH, or $57.8M, destroyed in 24 hours on Jan. 11. The move comes amid a strong bounce for Ethereum and decentralized finance assets, with ETH trading at $3,250 after jumping 11.3% from its local low are down for the day. NFTs are also climbing, with daily volume on leading marketplace OpenSea posting new highs this month.
RECORD According to the Ultrasound Money, Ethereum’s burn rate beat out its previous record by more than 1,000 Ether, with 16,910 ETH having been destroyed within 24 hours on Oct. 28 at a rate of 12 ETH every minute.
AIRDROP OpenSea was the single-largest source of burnt Ether, with 2,755 ETH destroyed within 24 hours. ETH transfers ranked second with 1,592 ETH, followed by Uniswap v3 with 1,213 ETH, Tether with 623 ETH, and the LOOKSRARE airdrop with 573 ETH.
DeFi Meets TradFi
NEWS Paradigm, the DeFi venture capital powerhouse that backed Uniswap and MakerDAO, has broadened its portfolio by taking part in a $1.5B investment in Citadel Securities, a global market maker estimated to handle 27% of U.S. securities volume.
SO WHAT The TradFi deal, which was led by Sequoia Capital, signals that Citadel Securities will explore the digital asset sector. Paradigm co-founder Matt Huang stated that Citadel intends to extend its reach into “more markets and asset classes, including crypto.” Likewise, he said the deal will “broaden” Paradigm’s own investment approach in the traditional securities markets.
HEDGING Some crypto analysts say it looks like Paradigm is hedging against potentially bearish headwinds in the crypto markets. The combined capitalization of DeFi assets is down nearly 20% in two months, according to CoinGecko.
A big rally in stocks over the course of 2021 did not translate into outsized returns at some of the world's largest hedge funds.
🔗 State of research: increasing censorship resistance of transactions under proposer/builder separation (PBS): Ethereum.org
In the current transaction market, the block proposer (today: a miner, post-merge: a validator) directly chooses which transactions to include in the next block by looking at which transactions in the mempool pay the highest priority fee.
The idea of a digital U.S. dollar had an early behind-the-scenes advocate inside the Trump administration in the president’s son-in-law, newly unearthed documents show.
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LOOKSRARE Airdrops Token and Entices NFT Fans to Try Out New Marketplace A new NFT marketplace has launched on Ethereum, and its revenues are open to anyone who is willing to put some skin in the game.
New OlympusDAO Fork Aims to Defy Protocol’s Reputation as a ‘Useless Asset’ Forks of OlympusDAO have struggled to gain traction and attracted a lot of criticism. But that hasn’t stopped a new contender from coming down from the mountaintop with another proposition.
Vitalik Sounds Alarm on Security of Cross-chain Bridges Vitalik Buterin, the co-founder and chief scientist of Ethereum, has sounded the alarm over the security of cross-chain bridges, warning of their vulnerability in the event of 51% attacks.
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
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