Onchain data shows
@CelsiusNetwork
has sold $243M of ETH in the past 30 days:
It seems this is why ETH has struggled to catch a bid in the recent run up.
But why is Celsius doing this? I looked into the recent bankruptcy saga to find out why...
A 🧵
We have found that Celsius has sold $243M worth of $ETH over the past 30 days.
This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash.
They still have $3.94B in digital assets remaining,
Just went down a quick rabbit hole on
@compoundfinance
's $COMP token distribution and I think it will be fascinating to watch what happens. My thoughts...(1/9)
As we're revamping
@Poloniex
's past reputation as listing the most cutting edge projects, we're excited to welcome
@foamspace
to our exchange!
@circlepay
4/5 On the positive side, since Celsius has already cleared the amount needed for MiningCo ($250m Eth sold) the selling pressure may be complete and ETH could rip up over the coming months with the spot ETH ETF narrative on the horizon.
Full legal motion here here for those
As we continue to revamp
@Poloniex
and support projects that bring the crypto industry forward, I'm very excited to announce that we're now listing GRIN and giving back 25% to 50% of our fees back to the Grin General Fund!!
@grinMW
@circlepay
$GRIN
5/5 While this ETH selling seems unfortunate, it may be over.
The ultimate goal is to return to Celsius customers as much funds as possible and I hope whatever direction this bankruptcy goes that happens.
No one wants the only winners in this case to just be the bankruptcy
With such a high percentage of tokens being allocated to investors and team members is governance of the protocol really decentralized? I think not... and is detrimental to having a truly open platform. But those who built/invested in this need & should to be rewarded.
(5/9)
Excited to back
@nomadxyz_
!! The team is world class and has been working on bridging for 4+ years. A security first bridge is a big need in this industry. Check it out here:
gm! We’re excited to announce that we’ve closed our $22M seed round led by
@polychain
, and with participation from
@1kxnetwork
,
@etherealvc
,
@hack_vc
, and many other amazing funds and angels!
First of, huge congrats on running this experiment. Giving away control of one of the most active protocols in
#defi
that has raised a total of $33.2M really follows the ethos of the crypto space.
(2/9)
Users are simply lending and borrowing, collecting yield on both sides until their leverage is maxed out. This IS NOT sustainable, WHEN the token price decreases the effective yield decreases, causing less users to "liquidity mine", causing further $COMP price decline.
(7/9)
My thoughts on dYdX valuation: In early Sept $dYdX did ~$1b/day in volume. $1.5m/week in transaction fee revenue went to their team of 17 people. Let's say they continue and do double that, $2b/day volume. $3m/week in transaction revenue. $156m/yr in revenue. (1/5)
When this will happen? No one knows. Owners of tokens that are tradeable should liquidate while prices are high and users are speculating/maxing out their yield. Governance will never be decentralized so I'm not sure on the value of the token because of this.
(8/9)
🎉 Milestone unlocked: Usual has generated $2M in revenue over 90 days, fueling our treasury and directly boosting the value of $USUAL.
🏦 Unlike other models, Usual redistributes ownership of the growing treasury to the community through $USUAL. Aligned for shared success.
Ion Protocol recently reached $10M in total deposits!
And today, Ion is open on mainnet!
Read more below for Ion’s official referral program.
Let’s scale together ⬇️