1/ Six Fundamental Metrics to Evaluate DeFi Assets
1. Revenue
2. Profit
3. Users
4. Transaction Activity
5. Committed Capital
6. Security
bitwiseinvestments.com/crypto-market-
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Ryan Rasmussen
@RasterlyRock
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EducationLos Angeles, CAJoined September 2019
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I had a feeling that NFTs on bitcoin would ignite the next bull run.
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1/14 Do you find it hard to navigate through Arbitrum's DeFi ecosystem? Me too.
Let's take a look together ⬇️
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6) Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.
According to the WH, it would be a grave mistake to enact legislation that deepens the ties between cryptocurrencies and the broader financial system.
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5b) Congress needs to do better by:
- Strengthening penalties for violating illicit-finance rules
- Funding greater law-enforcement capacity building, including w/ intl partners
- Limiting crypto's risks to the financial system
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5a) Congress needs to do better by:
- Expanding regulators’ powers to prevent misuses of customers’ assets & mitigate conflicts of interest
- Strengthening transparency & disclosure requirements for crypto companies so that investors can make more informed decisions about risks
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4) The Administration will unveil priorities for digital assets R&D, which will help the technologies powering crypto protect consumers by default.
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3) Agencies have redoubled their efforts to fight fraud and illicit activities involving digital assets, including the proliferation of false or misleading claims about crypto assets being insured by the FDIC.
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2) Agencies are ramping up enforcement where appropriate and issuing new guidance where needed.
Agencies across the government have launched—or are now developing—public-awareness programs to help consumers understand the risks of buying crypto.
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1) Risks that crypto poses today:
- Some entities ignore financial regulations & basic risk controls
- Some platforms/promoters mislead consumers, have conflicts of interest, fail to make adequate disclosures or commit outright fraud
- Poor cybersecurity across the industry
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TLDR…
The Administration supports responsible tech innovations that make financial services cheaper, faster, safer, & more accessible.
To realize these benefits, new tech needs commensurate safeguards to ensure that new technologies are secure and beneficial to all
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The White House has released The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks.
Full report here:
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Source: The 2023 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets by &
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For the fifth consecutive year, we partnered with VettaFi to survey advisors about their attitudes toward crypto assets. Despite the sharp market correction of 2022, advisor interest in crypto remained strong. Read the full results. bit.ly/3D9zFJl
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Financial professionals who own crypto assets in their personal portfolio: 37%
Financial professionals who are allocating to crypto in client accounts: 15%
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1/ How Ethereum’s Scaling Solutions performed in Q4 2022 + a Glance at What’s to Come 🧵👇
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Activity on Uniswap has fallen significantly since the bull market. Still, from a fundamentals perspective, the leading DEX put up impressive numbers in 2022.
Uniswap 2022 Quick Facts:
· Trading Fees: $842m
· Trading Volume: $584b
· TVL: $3.3b
Source:
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Activity on Uniswap has fallen significantly since the bull market. Still, from a fundamentals perspective, the leading DEX put up impressive numbers in 2022.
Uniswap 2022 Quick Facts:
· Trading Fees: $842m
· Trading Volume: $584b
· TVL: $3.3b
Source:
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“Congress may decide that the SEC is not the right regulator for some or all of crypto,” Commissioner says.
She addresses the handling of and future U.S. regulations around crypto. Watch more from #policyweek: coindesk.com/video/sec-comm
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1/6 The Q4 2022 Crypto Report from our research team just went live, and it covers...
• Bitcoin
• Ethereum & Emerging L1s
• DeFi
• NFTs
• Crypto Equities
Here’s a 🧵 on the DeFi takeaways in Q4 2022.
(Full report: bitwiseinvestments.com/crypto-market-)
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. analysts say the historical price patterns around #bitcoin halvings indicate $BTC may break out this year.
Chart of the Day explains the data, presented by : coindesk.com/videos/recent-
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4/ Takeaway #2: Silvergate's $SI balance sheet is more liquid and conservative than the avg bank, featuring:
• Loan-to-deposit ratio of 11% (typical ratio is 70-80%)
• Only 9% of total assets lent
• $1.9B in cash
This provided it resilience during a recent “run on the bank.”
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2/7 Q4 2022 Review: Amid the continued bear market, NFTs held up better than crypto assets in Q4.
NFT royalty wars, new primitives gaining traction, and major brand activations dominated the quarter.
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6/6 Check out the full Q4 2022 Crypto Market Review for takeaways on other sectors, including:
- Bitcoin
- Ethereum & L1s/L2s
- NFTs
- Crypto Equities
- And more
Full report: bitwiseinvestments.com/crypto-market-
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5/6 Takeaway #3: JPMorgan, the world’s largest bank, executed its first DeFi trade using Polygon and Aave.
The transaction settled in two seconds with a fee of just $0.02.
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4/6 Takeaway #2: Uniswap grew its market share and shipped new products while centralized competitors held on for dear life.
It wasn't just Uniswap—most DeFi protocols worked exceptionally well during the 2022 "stress test" ... leaving them well-positioned for growth in 2023.
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3/6 Takeaway #1: Blue-chip DeFi protocols worked flawlessly through another major sell-off, while CeFi firms lost billions in customer funds.
❌ CeFi: Customer assets lost. Exploring (or filing for) bankruptcy.
✅ DeFi: Customer assets secured. Functioning normally.
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2/6 In summary, DeFi's key performance indicators fell across the board in Q4'22:
Market Cap: -24.5%
TVL: -24.9%
Revenue: -27.9%
DEX Trading Volume: -10.1%
Stablecoin Supply: -2.3%
Yet, while centralized lenders & exchanges went bankrupt, DeFi blue chips stood strong.
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1/6 The Q4 2022 Crypto Report from our research team just went live, and it covers...
• Bitcoin
• Ethereum & Emerging L1s
• DeFi
• NFTs
• Crypto Equities
Here’s a 🧵 on the DeFi takeaways in Q4 2022.
(Full report: bitwiseinvestments.com/crypto-market-)
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1/ ’s Q4 2022 recap of Ethereum and Emerging L1s covers:
- Ethereum’s performance during its 1st full quarter as a PoS network
- Why alt L1s aren’t competing against Ethereum, but its L2s
- Whether Solana is in a position to recover 🧵👇
bitwiseinvestments.com/crypto-market-
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Ethereum’s Q4 Results:
A 🧵based on my latest article from 👇
newsletter.banklesshq.com/p/state-of-eth
(1/12)
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However, just like with , SEC is arguing that Gemini Earn was a security both as a note-like instrument under Reves AND that the Earn Agreements were investment contracts under Howey. Essentially Earn is being treated as a debt security arrangement and equity instrument.
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Public Blockchains > Permissioned Markets
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is it easier to become an LP on a DEX vs. NYSE? 
is it easier to become a trader on a DEX vs. NYSE?
is it easier to become an owner of a DEX vs. NYSE?
why?
because a DEX runs on a blockchain 
is it easier to become a trader on a DEX vs. NYSE?
is it easier to become an owner of a DEX vs. NYSE?
why?
because a DEX runs on a blockchain 
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1/ Silvergate $SI hosted a business update conf call this morning and provided worrisome preliminary 4Q22 metrics ahead of earnings.
The stock is down 47% on the news.
Here’s the TL./DR.🧵…
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Lido now has the most TVL in DeFi:
1. Lido ($6.2b)
2. Maker ($6.1b)
3. Aave ($3.8b)
4. Curve ($3.7b)
5. Uniswap ($3.4b)
6. Convex ($3.1b)
7. JustLend ($2.6b)
8. PancakeSwap ($2.2b)
9. Compound ($1.7b)
10. Instadapp ($1.6b)
Via
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Lido, the leading staking service provider, now has the most TVL of any DeFi application.
1. Lido ($6.2b)
2. Maker ($6.1b)
3. Aave ($3.8b)
4. Curve ($3.7b)
5. Uniswap ($3.4b)
6. Convex ($3.1b)
7. JustLend ($2.6b)
8. PancakeSwap ($2.2b)
9. Compound ($1.7b)
10. Instadapp ($1.6b)
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Sent an ACH transfer to an account on Monday. I still can’t access the funds. I own both accounts.
TradFi is crushing it, per usual.
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For some reason, this title hits different after the FTX/SBF saga. Idealism, Greed, Lies…
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Interest rates might be going up. But at least SBF is going down.
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Just checked Aave and Compound again… Still solvent… Still processing withdrawals…
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I just checked… Aave and Compound haven’t halted withdrawals. Weird.
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Last week & I joined & at Research to discuss:
- How institutional investors are thinking about crypto
- What we are excited about for 2023
- Uniswap vs Coinbase
- Crypto’s regulatory woes
- FTX contagion
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