Weekly Wrap: 11th September - 18th September

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I've mentioned Nouns DAO a few times in this newsletter because I think it is an interesting experiment. Once per day, a new NFT is auctioned at nouns.wtf with the funds going to a treasury. Every Noun owned is membership within the Nouns DAO and equal to one vote. Anyone can submit proposals to the DAO to request funding for projects that spread the Nouns meme.

With the sheen of the bull market fully worn off, Nouns NFTs were trading below their proportional weight of the treasury funds. A proposal was put forward to allow Nouns owners to fork away from the DAO with a proportional share of the treasury. A key component of this new DAO is that it would allow people to quit and remove their share of the funds.

The vote passed and this meant that Nouns holders could essentially fork and withdraw their share. However with some Nouns being sold at less than their proportional share it left an opportunity for people to snap up underpriced nouns, opt-in for the fork and then withdraw the proportional share, profiting through the process.

Over 50% of Nouns holders opted to fork, however, many of them are holding on to their forked Nouns. This leads to the possibility of parallel Nouns communities, the original, and one with the ability to rage quit with your funds at a moments notice.

It will be interesting to see how this evolves over time, but for now there is a great write up on why this could be a good thing here. Personally, I'm hoping both Nouns DAOs thrive.

Onwards...

- @nuconomist

Crypto Market Cap: $1.12 Trillion Dollars 🔼 +5.4% (Was 1.06 T)

Bitcoin: $26,539 🔼 2.74%

Ethereum: $1,623 🔼 0.43%

Bitcoin Dominance: 47.20% 🔼 +0.81% (Was 46.82%)

Ethereum Dominance: 17.81% 🔽 -1.60% (Was 18.1%)

Other Crypto (excl. BTC & ETH): 34.99% 🔽 -0.26% (Was 35.08%)

A year after Ethereum Merge, Net Supply down nearly 300k Ether - CoinDesk

Canto, Astar blockchains plan migration to Ethereum ecosystem as layer 2s - Coin Telegraph

Elizabeth Warren's Digital Asset Anti-Money Laundering Act Gets Nine New Sponsors - Decrypt

Total Value Locked (USD): $38.762 Billion

Stablecoin Market Cap: $124.36 Billion

I'm starting to take a deeper look at DeFi on an ongoing basis. To get started, I've taken the two headline metrics from DeFiLlama. This section is likely to evolve considerably as I establish which metrics to track more closely.

Offhand, I expect Stablecoin flows to be important, protocol and liquid staked ETH, DEX stats and lending platform usage. I may also start keeping track of L2s.

Any suggestions or requests are welcome.

Coinbase earned $1M amid hack, but hasn't reimbursed victims - CoinDesk

Coinbase CEO: DeFi Projects Should Take Regulators to Court to "Establish Precedent" - Decrypt

NFT Market Cap (ETH): Ξ 7.9 Million 🔽 | $12.84 Billion (-5.70%)

Weekly NFT Volume (ETH): 43,723 🔼 +7.71%

Weekly NFT Traders: 47,795 🔼 +2.16%

Weekly NFT Loan Volume (USD): $69.4 Million (-12.34%)

Weekly NFT Loan Borrowers: 1307 (+4.90%)

1. OpenSea: 32,842 🔽

2. Blur: 16,455 🔼

3. OpenSea Pro: 5633 🔽

Sugartown Oras: 4525 Sellers profited a combined 219 ETH 📈

Mutant Ape Yacht Club: 210 Sellers lost a combined 609 ETH 😬

OnChainMonkey Sells for $100k in one of the biggest ordinal sales - Bitcoin Magazine

The Inanity of the SEC 'Stoner Cat' Action - CoinDesk

Bitcoin Metaverse Token coming from Animoca Game Studio - Decrypt

Nouns Fork: Disgruntled NFT Holders Exit With $27 Million From Treasury - Decrypt

Magic Eden Introduces "Compressed NFTs" to Slash Minting Fees - NFT Now

Friend Tech is the trend that just won't go away. While I've mostly been watching from the outside so far, I may have to jump in to see what it is all about. No doubt, that exact moment will mark the top of the hype.

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