Last week was a success! We have educated community members, and it shows. But what good is information if you’ve got no one to share it with?

This is why this next part of our quest month will be focused on spreading the word!

Let everyone know what we’re about, and gather your people to hear about it too. This way you’re not only immersing yourself on what Kassandra does and what it is about, you’re also showing it to the world.

So, as promised, here comes the next installment of our (arguably) famous Kassandra Quest Week!

Goal: Promote KassandraDAO

Due date: 10th of March

Reward: $500 in the market value of $KACY at the due date (00:00 UTC)

Winner selection: 3 winners will be selected by the Kassandra team and ShineDAO guild members. Split in the following manner:

1st: $300

2nd: $150

3rd: $50

Guide:

Invite members to our discord community. (Minimum of 20.)

Resources

For all questions, please use Kassandra’s Discord server.

Without Qs, just Fs (lol):

1. Right click the Kassandra icon.

2. Click “invite people” and get your invite link/invite people directly.

3. Kassandra is an audacious project to delegate money management in a decentralized, efficient, and customizable way, working as a marketplace for tokenized and data-driven investment strategies.

4. Website | Twitter | Github | Discord | Telegram

5. 
   

The accelerated adoption of digital technologies, rapid resignation of the global labour force, permanency of remote workplaces, commodity shortages, damaged supply chains and the introduction of 20% of US Dollars in circulation are few among the many dynamics at play.

It’s truly impressive in this context that NFTs, a niche technology associated with establishing veracity for digital assets through the use of blockchain networks, is a notable highlight of discussion in the early months of 2022.

What are NFTs?

NFT is an abbreviation which represents “non-fungible tokens,” a form of cryptographic tokenization which allows digital assets such as images, video, music and animations to be coded onto a blockchain through a process known as “minting.”

Arguably, the most notable feature of an NFT which distinguishes it from a standard digital asset is the meta information which may include ownership, available supply, details of past transfer and details of creation being encoded to a decentralized public ledger, which is practically exempt from being altered. Simply put, an NFT maintains a record of ownership and authenticity that practically cannot be edited without complete transparency and consensus of the blockchain network.

Another interesting aspect of NFTs is their ability to accommodate smart contracts which are sets of instructions programmed to execute automatically when defined parameters are fulfilled. Smart contracts are a notable feature of many popular blockchains which NFTs inherit by virtue of their nativity to the technology.

Finally, NFTs are also synonymous with the concepts of “Web 3.0” and the “Metaverse” which are futuristic visions of technology underpinned by the idea that life in the coming future will steadily flow into digital realms where individuals will vicariously live through avatar representations of themselves and others. To the limited imagination, the Metaverse is a digital life which will be lived through immersive virtual reality equipment and experiences.

To illustrate the promise of an NFT; an artist is now able to create digital works of art which will primarily be authentic and void of unauthorized replication, will be governed by smart contractual clauses such as automatic collection of royalties, and finally, may or may not have functional utility in a Metaverse.

The Billion Dollar Art Industry of the Future

If the initial premise of an NFT itself is beginning to seem like something out of science fiction, the complexity is the perfect starting point to delve into the confusion that has resulted from the emergence of NFTs as an asset class.

At the time of writing, the total market capitalization of NFTs as a class of assets is over USD 32 Billion. It is also reported that over 4 Million Americans have bought, owned or sold an NFT. Considering the rapid growth numbers of recent weeks, the global NFT market is poised to grow to a serious class of asset holding.

On the 2nd of December in 2021, an NFT collection titled “The Merge” recorded its place as the most expensive NFT sold to-date, raking in a cool $91.8 Million. 29,983 collectors picked up 312,686 works from the collection to make up the total.

Another artwork titled “The First 5000 Days” sold for $69.3 Million and was purchased by a Singaporean programmer and cryptocurrency investor.

The Greater Fool Theory

While it isn’t atypical for art to be sold at enviable price points, it is disruptive to imagine that digital art with no pedigree are fetching prices traditionally allocated to masterpieces. And, with many NFT collectors employing an immediate re-sale strategy, questions are being raised whether NFTs are a modern-day embodiment of the Greater Fool Theory reminiscent of Tulip Mania of the 1630s.

The Greater Fool Theory is an argument raised in the study of economics which maintains that overvalued asset classes and asset classes with questionable intrinsic value will continue to appreciate beyond fair price by assuming value on the basis that the asset can be resold at a higher price to a “greater fool.”

In the early 1630s the Dutch economy which at the time recorded the highest per capita income in the world, introduced futures market functions to their economy, notably characterized by the rapid ascension of value of Tulip buds. Commonly known as “Tulip Mania,” the socio-economic phenomena of Tulips gaining large increments of value and then dramatically losing much of its valuation is one of the first recorded demonstrations of a speculative asset bubble.

In more recent history, the trade of subprime mortgage loans brough the global economy to its knees with large global corporations crippling under the weight of the high-risk investments collateralized by less than ideal mortgages.

From the perspective of value investment, the idea that digital art is capitalizing the market through capital raised from retail investors with limited financial understanding is convincing confirmation that we are in fact witnessing the early stages of a speculative bubble achieving inflation.

But, the traditional counter to this line of argument is that many things intrinsically don’t hold value. While stocks are underpinned by the earning potential of the companies whose ownership they democratize, precious metals such as Gold are stores of value purely on the basis of social consensus, liquidity and scarcity.

Even better examples are fine art, Swiss watches and luxury fashion. Many of these commodities hold value on brand sentiment and scarcity. In this way, an NFT too is able to meet the criteria as a store of value. NFTs are limited in supply, deflationary and may hold intangible qualities such as brand sentiment.

A great example is the recent unveiling of an NFT collection minted in collaboration with the luxury fashion house — Gucci. The Italian icon of luxury is in great company with many other popular brands finding their feet in the NFT industry and continuing to do so.

The New Subprime or the Next Internet?

From an objective point of view that isn’t skewed towards speculation or value-basing, the idea of investing in NFT assets is far more complex than maximalists and minimalists will have one believe.

On one hand, NFTs and the cryptocurrency ecosystem at large are showing signs of being the next iteration of the tech boom that birthed some of the most successful corporations of our generation including Google, Amazon and Facebook (now Meta).

On the other hand, NFTs can easily be touted as the new subprime. The hype surrounding NFTs and the unfailing speculation fits the bill easily in establishing similarities between NFTs and the subprime mortgage securities of 2008.

Being closely involved in the technology industry, my position on the future applications of NFT and blockchain technologies at large are optimistic to say the least. However, from the point of view of an investor, I see NFT art being a short-lived, speculation-driven asset class.

NFTs as a class of assets gain value from a few key attributes. Sentiment towards the founding team, and associated brands is primary among these attributes. Aesthetic value and the utility of the asset itself in the Web 3.0 and Metaverse environments are other important attributes. The final critical attribute is the chain that the asset is minted on, whether it be Ethereum, Polygon, Solana or Terra. The interoperability of these chains with other chains using layer-2 scaling solutions and bridge protocols will also play a primary role in the value of NFT assets minted on these chains.

The Next Generation of NFTs

In my estimation, NFTs will progress beyond qualitative markers of value such as brand and aesthetics, as well as evolve beyond the novelty of the underlying technology. At such a stage, the value of an NFT will fall squarely on the utility value of the use cases assigned to NFT technology.

The immutable, decentralized and transparent nature of blockchain and NFT technology will create overwhelming value in contexts where proof of authenticity is of importance. Exemplary would be the usage of NFT technology in land registries. Given its immutable nature, land deeds will be easy to authenticate with no need for centralized institutional involvement from governments. Furthermore, the pedigree of plots of land can be maintained and updated accurately to depict past ownership.

Furthermore, NFTs will provide land registries the ability to embed smart contracts which reliably expedites the purchase and sale of plots of land. The same smart contracts can be written to include royalties for original owners in cases of subletting and also effectively avoid disputes related to leases and forgery. NFT smart contracts can plainly play the role of executing a last will.

Another instance for NFT usage will be as a proof of authenticity for luxury watches and other commodities. The applications of NFTs in the real world of the future are limitless. However, NFTs will natively play a critical role in the Metaverse of the future. From digital fashion to games, art, virtual concert tickets, crowdsourcing and philanthropy, NFTs will serve as tokens which will unlock a future brimming with potential.

All things considered, the question of whether NFTs are the Tulips of our day, or truly an opportunity to place our bets on the future is more complex than it would seem at the outset.

For investors looking out for an opportunity to enter the NFT market, the best approach is to place bets on NFT art projects with established utility statements and solid name-brand partnerships in the short term.

In the long term, the investor outlook for NFTs is clear; the technology is truly a view of things to come and utility is king. The more significant the use case, the more likely that the project will play a role in Web 3.0 and the Metaverse and in turn; the future.

Derivatives markets are huge. In fact, the notional value of all contracts traded for traditional equities can amount to 1 quadrillion dollars.¹ Although futures and forward contracts are the most commonly traded, options can be more lucrative, making them the most interesting financial instruments available to investors.

The cryptocurrency derivatives market, while still in its nascency, has shown to be no different. A recent study by Carnegie Mellon found that daily volume for crypto derivatives can exceed $100 billion, which beats the spot market by a factor of five.

Taking time to understand the intricacies of derivatives, specifically options, will allow investors to hedge their downside risk and speculate on future price expectations to amplify returns.

One of the main uses for options is to hedge downside risk. This can be done by buying a put, which has an increasing payoff as the price of the underlying decreases, or through more complex strategies that incorporate multiple option contracts.

Another benefit to hedging downside risk through options is to defer capital gains. Rather than selling the underlying, thus creating a taxable event, investors can maintain possession of their assets and nullify their position.

Investors can also sell, or write, options. When purchasing an option, there is a premium paid based on a variety of factors known as “the Greeks”. As a seller of the contracts, you collect this premium in exchange for taking the other side of the contract.

Everything can go well with this strategy, but a quick shift in market sentiment can detonate your portfolio.

Speculation dominated trading activity in 2020 and 2021. This is simply betting a stock will go up or down. Because payoffs can be unlimited, there is a high amount of upside with a fixed downside (the premium).

Ribbon Finance offers a suite of vaults to store assets. Using either a covered call or put strategy, the vaults generate a yield from the premiums. Users can deposit their tokens as collateral which secure the contracts traded in the underlying. Due to this staking incentive, Ribbon has held the #1 options platform in TVL on DefiLlama for quite some time.

They also recently launched a vault for covered calls on Avalanche, which means there could be future development across other chains.

The option contracts generating yield are created and sold using Opyn, one of the largest options exchanges on the Ethereum network. All else being equal, this creates a positive feedback loop for available liquidity and TVL.

Opyn offers greater flexibility compared to other protocols by allowing the creation of new options contracts. Users will lock collateral, mint oTokens, and the option value is linked to those newly minted tokens.

The developer docs will give the full insight into the project, but these are ERC-20 tokens and can be traded on decentralized exchanges with sufficient liquidity.

Despite this, Opyn seems to be severely thin on available options. Of those that do exist, market depth is lacking. The recent sharp decline in price could be a contributing factor to low option volume.

Another red flag is that the options are European, which means they can only be exercised on the specified expiration. Regardless, Opyn has been developing its options products for quite some time now, and could continue to gain market share.

Lyra takes a gamified approach to the decentralized option markets. Along with the clean UI, the options priced using the Black-Scholes model, one of the most widely utilized pricing strategies for traditional equity options. With a centric focus on an AMM for implied volatility (IV), the options are generally priced more accurately.

Liquidity providers of the protocol are offered upwards of 30% for providing $ETH and $BTC. These funds are used to buy, sell, and collateralize the options traded. With this, comes the potential of gains and losses from the options traded on the platform.

Protocols that simplify options strategies for users (Ribbon), or focus on features of other DeFi exchanges (Lyra) will likely be at the forefront of new user adoption. But, platforms that offer deep liquidity and small bid-ask spreads will be able to serve more sophisticated options traders.

Below are a couple popular options strategies that go beyond single contract buying and selling. As market depth improves, look to these as possible opportunities to generate returns and protect losses.

A straddle is the simultaneous purchase of a call and put option, which creates the following payoff:

This strategy can be utilized any time the markets are extremely volatile, but the investor is unsure of the direction of movement. In traditional equities, popular times to create a straddle would be prior to quarterly earnings, unemployment statistics, shortly after a merger announcement, etc.

However, stock volatility is negligible compared to crypto. With sufficient market depth for options, and prices accurately reflecting trading activity, the premiums for this type of strategy will be significantly higher compared to stocks. The payoff chart will have a wider shaped “v”, requiring larger price movement to turn a profit.

Still, DEXes currently lack market depth, which could lead to inefficiencies and mispricing of options when trading volume increases. Those who capitalize these inefficiencies as they appear will be rewarded.

A protective collar will limit the severity of both gains and losses. Here is the a look at the payoff:

The positions for a collar are:

Theoretically, the premium earned from selling the call should cover the premium required to sell the put. In practice, however, prices can vary. Especially for the younger market of crypto options, always be aware of premiums.

This strategy will be beneficial to those who have caught a project early and earned multiples on their original investment. While locking in a floor price, investors can still utilize the project and benefit from further upside.

Using derivatives in crypto markets can amplify risk tenfold. But understanding payoffs associated with different option contracts will allow users to create effective strategies based on current market or asset conditions.

When writing calls and puts, there is no maximum loss. Theoretically, the price could continue indefinitely in either direction. Taking a position in the underlying asset or using a combination of derivatives can offset this potential for infinite loss.

Premiums are expensive. A “cheap”, or mispriced option, increases buyer demand and tightens supply, which brings us to a fairly priced option at market equilibrium.

Understand the difference between hedging and speculating. Futures contracts were first created for farmers to hedge potential losses due to a decrease in their crop price. There was no potential for gain, just the eradication of price risk.

Speculation on the other hand, will reward investors for being correct, and punish them for being incorrect. If an increase or decrease in price will severely alter your payoff, it is probably a speculative position.

Continuously mentioned above, market depth for options is lacking on decentralized exchanges, and centralized exchanges offer a limited suite of derivatives for crypto with the least availability to US investors.

We are optimistic that there will soon be fast growth in the crypto options space. Whether it is through options specific protocol such as those listed above, or a major exchange like Uniswap, deep liquidity will allow investors to use various options strategies to improve portfolio returns.

Thanks for reading as always! I hope that this was a useful primer on options in the crypto markets. Have a great week!

Dopex

Opium has options on Ethereum gas prices, which allows users to hedge against a congested network and rising gas. It also introduced the first credit default swap in 2020, giving the ability to large institutions to hedge different kinds of interest rate and credit risks.

Hegic offers the premium for options to be given to the liquidity providers.

Auctus

Let’s say you made a wonderful dapp which can be used by anyone. The problem that most of the dapp users face is account setup. In order to interact with a dapp, they need to go through tedious a process.

This process we mentioned previously involves two aspects:

Now you might wonder why a person needs funds in his wallet — the answer is transaction fees. Whenever you are calling any function(setter) on a smart contract, you need to pay transaction fees.

Funding the wallet is not an easy step. It involves following things:

In order to simplify the whole ordeal of creating and funding a wallet, meta transactions were developed.

A meta transaction primarily separates the signer and gas fees payer of the transaction.

There are 3 main actors in meta transactions: User, relayer, and the contract.

After earning this crypto you can exchange it for cash, or in my opinion the best thing to do hold onto it, because you can easily double your earnings every few months with how well the crypto market is doing!---- Faucet Sites to Earn Free Cash/Crypto1) ES Faucet:

https://es.btcnewz.com/auth/register?ref=c1ac5c694db0baf9c7b8

This link is for ES Faucet, it has multiple different crypto faucets & you can claim from each every hr. The site also allows you to complete surveys or do other tasks on their offer wall to earn additional crypto.

2. RandomSatoshi:

https://randomsatoshi.win/autofaucet/?r=58275

This link is for RandomSatoshi, it has multiple different crypto you can claim. Once a day you can claim credits from their faucet for a specific coin to then use to open up a claim for that crypto that runs on a timer to claim coins every 40secs. The site also offers other ways to earn additional credits, such as completing surveys, viewing PTC ads, watching videos, and other tasks listed on their offer wall.

3. Xcolander:

https://xcolander.com/faucets?ref=59528

This link is for Xcolander, you can claim multiple different crypto every 16mins. using this faucet.

4. BTC Clicks:

https://btcclicks.com/?r=0b768812

This link is for BTC Clicks, where you can watch 10-60sec. ads to earn Bitcoin.

5. Free-Litecoin:

https://free-litecoin.com/login?referer=790907

This link is for Free-Litecoin, you can claim LTC here every hr. by rolling the faucet, and can earn even more by completing other tasks.

6. AllCoins:

https://allcoins.pw/?ref=351380

This link is for AllCoins, a faucet site with multiple cryptocurrencies to choose from that you can claim every 6mins. You can also complete offers/surveys, mine coins, and gamble to earn even more coins.

7. Cointiply:

http://cointiply.com/r/vjXB6

This link is for Cointiply, you can roll the faucet every hr. to earn bitcoin, along with the option to complete other offers like surveys, PTC ads, watch videos, & etc. to earn even more.

8. FireFaucet:

https://firefaucet.win/ref/TayTay1001This link is for FireFaucet, which you can claim a few different kinds of crypto from by claiming Auto Claim Ponts by daily claim, faucet, PTC ads, surveys, & other offers.

Here is a summary of the performance update from Haru Earn Explore.

Haru Invest is a trusted digital asset management platform. We provide up to 15% earn rates for monthly deposits of BTC, ETH, and USDT.

We aim to shift a paradigm of investment — investing in crypto can be stable and comfortable, too.

Official Website: www.haruinvest.com

Got Questions? Visit our Haru Guidebook

Stay Connected! : | Twitter | Facebook | Instagram |Youtube |

BTC产生共识的主要原因就是在于不可增发不可篡改，而2,100万枚就是硬顶，通过有史以来的BTC长期持有数据，可以直观的发现，长期持有的BTC是越来越多的，所谓的减持后的低点在历史上看也是很长一段时间的高点，所以BTC后期的走势必然是低流通，高价格的收藏品走势。谁拥有更多的筹码，谁就有定价权。

— — — — — — — — — 结论 — — — — — — — — — — —

看了BTC的四个主力持仓数据，这四个主力占了大概80%以上的BTC存量，平时基本都是有增有减的，但是在今天晚上的动作突然都统一了，不论是幼鲸还是超级巨鲸都在增持，而且看增持的幅度还不小，尤其是巨鲸账户，已经可以用大量增持来形容了，但不建议现在就跟，还是先观望两天，如果继续增持就可以跟了

ETH的四个主力持仓虽然没有 #BTC 那么勇往无前，但是可以发现基本都有跃跃欲试的势头，只有巨鲸账户是实打实的真正在增持，而且看数据来说从ETH跌破3,200美金开始就一直在增持，这也是ETH比较硬的原因，鲍威尔的最新消息出来后ETH跟着BTC上涨汇率也突破了0.075，希望接下来能继续走高。

— — — — — — — — — 正文 — — — — — — — — — — — -

BTC今天的走势从价格上是不温不火的，还是在筑底位置上下震荡，看到交易所净流量的时候才发现不对，因为今天的成交量很高，但是净流量几乎看不出大的浮动，特意看了单纯的转入转出才发现，今天的购买力其实还是不错的，相对转入来说大量的BTC从交易所转出。看了下今天的资金，增量也确实是不错的。

凌晨受到鲍威尔讲话的利好，在BTC的带领下整个大盘都在全线上涨，而在鲍威尔的发言前明显可以看到BTC的主力仓位处于增持状态，所以对币圈来说，最重要的还是信息差。虽然我们没办法第一时间知道各种内幕，但是如果能够第一时间跟着大资金的流通，就一定有更好的机会。这也是数据分析的魅力所在。

晚间ETH的走势并不好，尤其是和ETH相比就差了很多，不论是成交量还是存量消耗都不是一个等级的。尤其是在价格震荡的时候 ETH 的交易所存量不但没有消耗，反而还大量的增加。在抛压方面也是全天多次大额筹码转入交易所，但转出量就少了很多，晚上的一笔大额转出还不能确定是购买还是单纯转移。

随着大盘的上涨，ETH和BTC的汇率也在开始增加，目前已经回升到0.075的上方，说明ETH的购买力也在增大，但目前的形式下还有反复的可能，并不建议​马上就追高，多观察一下没有坏处。

近一周BTC未平合约

近一周BTC的合约成交量

近一周BTC合约预估杠杆率

近一周BTC资金费率

BTC现货成交量确实很不错，而且价格相对来说挺稳定的，单纯看未平合约觉得还是挺好的，稳定价格的时候很多小伙伴主动减持，但是看完成交量就觉得不好了，相对来说成交量还是蛮高的，对应的两个成交的峰值都是未平合约的高峰，而周内的第三成交高峰带来的是BTC未平合约的周内低点。降点杠杆吧。

近一周ETH未平合约

近一周ETH的合约成交

近一周ETH合约预估杠杆率

近一周ETH资金费率

最近ETH的合约走势基本都和BTC差不多，今天又都走出了周内走低的未平合约以及周内第三高的合约成交量，但是预估杠杆率和资金费率上相差还是蛮多的，这里不的不说ETH的合约小伙伴杠杆相对还是健康一些，资金费率上来看又到了空投支付的时候，最近的ETH资金费率上都是和BTC反指。