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The decentralized finance (DeFi) ecosystem has rapidly grown in popularity in recent years, offering a range of investment opportunities and financial services to anyone with an internet connection. One of the most popular activities in DeFi is yield farming, where investors can earn high returns on their crypto assets by participating in various protocols and liquidity pools. In this article, we'll dive deep into the mechanics of yield farming and provide a few tips on maximizing returns. Disclaimer: The author works at Sturdy Finance (mentioned below). Please DYOR before making any financial decisions.. What is Yield Farming? Yield farming is a process in DeFi that allows individuals to deposit their cryptocurrency into DeFi protocols and liquidity pools to earn returns in the form of interest, rewards, and governance tokens. You can compare it to a savings account at a bank, except instead of depositing money into an account, individuals deposit their crypto into a liquidity pool. By depositing into these pools, they are effectively providing funding to DeFi projects, and in exchange, they receive a portion of the fees generated by the project as the yield on their investment. The Mechanics of Yield Farming Let’s dive deeper. The process of yield farming is facilitated by smart contracts, self-executing agreements written in code and stored on the blockchain network. These smart contracts automate the marketplace where users can lend, borrow, and exchange tokens. When an investor deposits their assets into a liquidity pool, it becomes available for other users to borrow and trade on automated market maker (AMM) platforms. The borrowed liquidity can potentially generate profits for the borrower if the value of the coin they trade with it changes. The interest charged on the borrowed liquidity is split between the depositors as interest and the protocol, which keeps a portion as trading fees. The returns an individual earns depend on the amount invested and the specific protocol rules. Apart from paying interest, protocols also incentivize deposits by offering governance tokens that give depositors a say in the protocol's decision-making process. Experienced DeFi users often deposit the rewards they receive from various protocols into yield farming pools in pursuit of higher yields. By continually depositing rewards into these pools, users can earn even higher yields on their investments over time. The Benefits of Yield Farming The most obvious benefit of yield farming is high returns. With compound interest, bonuses, dynamic interest rates, growth of the DeFi ecosystem, and lower barriers to entry, it is more profitable than traditional investment. Other benefits include: Investors have flexibility in terms of the type of assets that can be deposited, as well as the duration of the investment. Users can choose the investment strategy that best suits their needs and risk tolerance. Flexibility: Yield farming provides liquidity to the cryptocurrency market, as assets deposited in the liquidity pool can be traded on decentralized exchanges. This helps to increase the liquidity and stability of the market as a whole. Liquidity: The smart contract technology used in yield farming automates many of the processes involved, such as depositing and withdrawing assets, earning rewards, and calculating interest. This reduces the risk of errors and makes the process more efficient. Automation: Farming often involves the use of governance tokens, which give investors a say in the decision-making process of the yield farm. This allows for a more democratic and transparent investment process. Governance: What Are the Risks? One of the main risks is the high volatility of the cryptocurrency market. When the price of an asset in the pool changes, the value of the liquidity provider's investment can also change, even if the overall value of the pool remains the same. This can lead to a situation where the liquidity provider experiences a loss, even though they have not sold their investment. This loss is referred to as impermanent loss. For example, consider a liquidity pool that holds equal amounts of Asset A and Asset B. If the price of Asset A increases relative to Asset B, the value of the pool may increase, but the value of the liquidity provider's investment in Asset B may decrease. In this case, the liquidity provider experiences an impermanent loss, even though the overall value of the pool has increased. Additionally, there is a risk of smart contract failure, where bugs or vulnerabilities in the code can result in the loss of funds. Plus, the decentralized nature of yield farming also means that there is no central authority to turn to in case of disputes. Finally, yield farming requires a strong understanding of the underlying protocols, their functioning, and the associated risks, which can be challenging for novice investors. Maximizing Your Returns Diversifying your investments across a range of protocols and liquidity pools can help reduce your risk and increase your potential returns. To do so, you’ll need to stay up-to-date on the latest developments in DeFi and carefully research the protocols and liquidity pools you're considering; this will help you identify potential risks and participate in projects that’ll maximize your returns. For example, is a positive-sum protocol that converts borrower's deposited collateral into an interest-bearing version (ibToken) through staking in a separate protocol. The ibToken generates yield, which is harvested daily and distributed to both borrowers and lenders. Lenders receive yield in-kind and borrowers in the yield token. For those new to farming, the protocol is a great starting point– users benefit from high, stable yields with low risks. Discovering projects like this requires deep participation in the community and venturing beyond those bigger names like . Sturdy Finance Aave Lastly, regular monitoring of your investments is crucial. This includes checking for changes in interest rates, rewards, and governance tokens, as well as monitoring the overall performance of the protocols and pools you're invested in. Yield farming presents an exciting opportunity for investors to earn high returns on their crypto assets. By taking a mindful approach, including thorough research, diversification, and consistent portfolio monitoring, the inherent risks can be effectively managed. With that said, I’m not an expert/professional and highly recommend you do your own research before making any financial decisions. Keep these insights in mind for a rewarding and lucrative farming experience. 🧑‍🌾

An Intro to Yield Farming: Understanding the Mechanics and Maximizing ROI in the DeFi Ecosystem

Una introducción a la agricultura de rendimiento: comprensión de la mecánica y maximización del retorno de la inversión en el ecosistema DeFi

Une introduction à l'agriculture de rendement : comprendre les mécanismes et maximiser le retour sur investissement dans l'écosystème DeFi

यील्ड फार्मिंग का परिचय: यांत्रिकी को समझना और डेफी इकोसिस्टम में आरओआई को अधिकतम करना

イールドファーミングの紹介: DeFi エコシステムにおけるメカニズムの理解と ROI の最大化

Uma introdução à agricultura produtiva: entendendo a mecânica e maximizando o ROI no ecossistema DeFi

Giới thiệu về Yield Farming: Hiểu cơ chế và tối đa hóa ROI trong Hệ sinh thái DeFi

增产农业简介：了解 DeFi 生态系统中的机制并最大化投资回报率

make investing easy, even automatic. If you’re a set-it-and-forget-it type person, you’ll love how robo-advisors make investing simplified. You don’t need to understand the market or even choose your investments. Robo-advisors The platform does everything for you. After you answer questions about your goals and time and link your bank account, the platform handles the rest. But you have many options, hundreds of robo-advisors to choose from. Which platform is best for you? We’ve provided our top picks for the best robo-advisors of 2021 below. Why Should You Use a Robo-Advisor? The great thing about robo-advisors is that practically anyone can use them. You can have a quality investment portfolio created for you based on your goals and timeline for a relatively small cost. In the past, most people used to have to be either rich or knowledgable to gain access to the top investments, thankfully today, that is no longer the case. Robo-advisors have so many great benefits compared to , with the most notable one being that your emotions are left out of decisions. When you invest yourself, it can be hard to avoid emotional decision making. If the market crashes, it can cause sheer panic among most investors, leading to irrational decisions. DIY investing Robo-advisors can help avoid those irrational decisions through automatically reallocating your portfolio. Although a crash may feel daunting at first, you should feel safe knowing that the algorithms and computer programmes know the best course of action. If you're new to investing, then a robo-advisor is an excellent way to dip your toes in the stock market. They're low-cost, automated and don't require in-depth knowledge of the markets. Many great robo advisors are out there so don't get too caught up on which one is the best. If you don't like how your account performs or how the platform allocated your funds, then it's very straightforward to change advisors. How to Choose the Right Robo Advisor Before you look at your options, knowing how to pick the right robo advisor is still an important task. Ask yourself: How much do I have to invest? Each platform has a minimum investment requirement. Some are $0, which is great for beginners, but others are as high as $50,000. What is my risk tolerance? Ask yourself what would happen if you lost 10 per cent or more of your portfolio? Could you stomach it? What are your goals? Your timeline plays an important role in what you invest in. The longer your timeline, the more risk you can take and vice versa. Betterment Pricing: 0.25 percent of assets under management annually This is one of the original robo-advisors. Betterment lead the pack with its robo advisor platform and it’s still popular today. We love its options – taxable and retirement accounts, not all platforms offer both. Betterment invests in ETFs after you answer the basic questions about your risk tolerance and goal timeline. You can even open ‘sub-accounts’ if you have multiple goals which makes goal tracking simple. Pros Access to advisors via mobile message even with its ‘basic plan’ You can open a free checking and savings account with your brokerage account (includes a debit card) Automatically rebalances your portfolio Uses tax loss harvesting to minimise tax liabilities SIPC insured 5 portfolio options (including a ‘flexible portfolio’ that allows you to choose your investments Cons Limited investment options You must sign up for the premium account if you want full-service advisor support (0.4 per cent annual fee versus 0.25 per cent for the digital plan) 8topuz Wealth Fintech Pricing: (free) Perfomance Based 8topuz offer are a leading , robo-advisor style software, for trading the FX market. AI-Based trading The 8topuz software is delivering an average yearly ROI of 21% over the last 3 years. They have a range of products to suit retail investors, institutions and traders who wish to diversify risk. Pros Solid Audited ROI of 21% per year for the last 3 years (up to 2021). Easily apply the software to any MT4 platform (MT5 coming) with guidance for those new to trading on how to do this. Trade the FX market using AI-Software. Totally hands-off and where needed, risk-managed (by humans, not Octopuses). Start with as little as $500. Cons You need an existing or new FX trading account with MT4 (MT5 coming) access to benefit from the system. Medium-long term investment outlook. Highest performing product (Dynamic) starts at $10,000. Wealthfront Pricing: 0.25 per cent of assets under management annually Wealthfront is another leader of the pack and was one of Betterment’s toughest competitors when robo advisors first came around. Wealthfront offers a feature Betterment doesn’t – financial planning. Wealthfront’s ‘Path’ programme is free. It helps you get control of your personal finances and carve a ‘path’ to retirement. Anyone can use Path but you’ll get better results if you also use Wealthfront for investing to reach your goals. Wealthfront automatically creates and maintains your portfolio, and provides plenty of advice to help you along the way. Pros Only a $500 minimum opening balance requirement Wealthfront diversifies across eight asset classes Automatically rebalances portfolios according to your goals and timeline Uses daily tax-loss harvesting Taxable and retirement accounts available Cons You can’t pick your own investments No access to human advisors Wealthsimple Pricing: 0.5 per cent of assets under management annually Wealthsimple started in Canada but is now available in multiple countries including the US. Like other robo-advisors, Wealthsimple invests your funds in low-cost ETFs to diversify your risk and meet your financial goals. They offer 3 portfolio types, which is somewhat limited compared to other options but they’re straightforward – Conservative, Balance, and Growth. It’s easy to see where you’d fit in the portfolios, but Wealthsimple still walks you through the process to make sure. Like most robo advisors, they use the to minimise risk and maximise reward. Modern Portfolio Theory Pros No minimum balance requirement Offers social responsibility investment options Automatically rebalances your portfolio if/when needed Automatically reinvests dividends to compound your earnings faster Access to human advisors when you need it Cons Higher pricing structure than most robo advisors No clear goal setting feature to help you stay on track to meet your goals Vanguard Personal Advisor Services Pricing: 0.3 per cent of assets under management annually You probably know Vanguard for its low-cost mutual funds, but today they are so much more. Vanguard has a great robo advisor, which is a cross between a traditional robo advisor and human financial services. If you’re a somewhat passive investor who wants more involvement in your portfolio, Vanguard Personal Advisor Services may provide it.  Unlike a traditional robo advisor, the sign up process with Vanguard starts with an interview with a human advisor. They work as fiduciaries (in your best interest) and help set up a portfolio that meets your risk tolerance and goal timeline. Pros 24/7 access to your account and an advisor is just a phone call or email away Customised portfolio based on your individual needs/wants, rather than fitting you into one of a few pre-made portfolios Invests in both stocks and bonds Have multiple accounts for different goals Cons You need at least $50,000 to use Vanguard Personal Services Commission fees are often higher since they invest in more than ETFs What Is the Right Robo Advisor for You? Think about the big picture. How much involvement do you want? Are you comfortable with a robo-advisor picking everything for you or do you want some say? Watch the fees closely and see how they’d affect your bottom line. Fees are inevitable on any platform, it’s how they stay in business, but the complexity of the platform and their investment options determine how much you pay. Determine your in making decisions and/or letting a platform do everything for you and choose with these situations in mind. If tax loss harvesting is a key factor for you, inquire about it before signing up with a robo-advisor as not all platforms offer it. investment risk level There aren’t any set contracts for any of the above robo-advisors so you could try a few, but it’s nice when you find one you’re comfortable with and can use for the foreseeable future.

The Best Robo Advisors for 2021

Not Financial Advice.  Just the opinion of a couple of Apes. https://twitter.com/MBApesNFT Section 1: Summary $JOE is the token of the Trader Joe decentralized finance platform on the Avalanche blockchain. The platform offers decentralized trading, borrowing / lending, staking, yield farming and soon an NFT marketplace. I believe $JOE is undervalued as the market Executive Summary: 1.) does not fully recognize the potential of the Avalanche blockchain; 2.) underappreciates the project’s strong moat and innovative team; 3.) overestimates the risk of customer departure as reward emissions decline. Through my analysis, I arrive at a market cap of $422.5 million utilizing the average of a DCF and market approach, representing 124.3% upside from the current price. Section 2: Overview Trader Joe is a one-stop-shop defi platform on the Avalanche blockchain. The company earns protocol revenue through three distinct revenue streams — 1.) Swap Fees — 0.05% of every swap is converted to USDC and distributed to staked holders; 2.) Lending through Banker Joe platform; 3.) Protocol Owned Liquidity — Trader Joe owns 27.5% of its JOE-AVAX Liquidity Pool and receives 0.25% of swap fees on its holdings. Furthermore, the protocol plans to launch an NFT marketplace in Q1 2022 and will earn an estimated 3.0% of all sales on the platform. The project was founded by Cryptofish and 0xMurloc, both full-stack and smart contract engineers that have experience working in big tech and running startups in the crypto space. Company Overview: Trader Joe incentivizes users to hold its token $JOE by offering Modular Staking (multiple staking options). This means that you can stake $JOE in any of the three pools outlined below to earn rewards: Tokenomics: 1. Rocket Joe — Innovative launchpad that facilitates fair market price discovery. Holders can stake $JOE to earn rJoe. Users require rJOE to participate in the launch event and rJoe is non-transferable. In short, if you want to invest in new, exciting projects on the platform (I hear $YETI is launching soon…) then you need to buy and stake $JOE. 2. sJOE — All swap fee revenue is converted into stablecoins and then distributed to sJOE holders. 3. veJOE — Users stake $JOE to accrue veJOE overtime. The more veJOE you accrue, the higher your $JOE yield in selected farms. veJOE will also provide future governance power. Check out Trader Joe’s Website to learn more — https://docs.traderjoexyz.com/main/trader-joe/staking Trader Joe’s Modular Staking structure provides incredible long-term value and utility for its holders. Analysis: First, Rocket Joe is a unique launchpad that decreases initial volatility by its fair market price discovery mechanism. Every new project launching on Avalanche will want to partner with Trader Joe, cementing Trader Joe as the center of the Avalanche universe. Furthermore, you need to own and stake $JOE to accrue rJOE. Therefore, to participate in new launches users must acquire and hold $JOE. Second, sJOE allows users to take advantage of the platform’s revenues. Every dollar of the protocol’s swap fees is paid out directly to sJOE holders in the form of stablecoins — users can now receive a daily dividend in USD! This will remove downward sell pressure from $JOE rewards and encourage users to reinvest in the Avalanche ecosystem (promoting more swaps, activity, etc.). In fact, ~50% of users that harvest their $USDC rewards daily are compounding it back into sJOE by buying more $JOE. Finally, veJOE (which will be launched this week) rewards the most bullish $JOE advocates to hold for the long-term. The staking option allows users to boost their yield on selected farms and will offer voting rights on future governance proposals. Furthermore, it offers unique economics that will benefit the entire community — veJOE is accrued over-time, is non-transferrable and is lost when the underlying $JOE is unstaked. Therefore, veJOE incentivizes users to hold long-term (diamond hands) and may lead to an accumulation war (i.e. the $JOE Wars) between large bag holders. Similar locking structures including Curve / veCurve and more recently PTP / vePTP (Platypus Finance) have resulted in massive price appreciation for the underlying token as users compete for more rewards and voting rights. In fact, new businesses have launched to capitalize on the innovative tokenomic design. Echidna and Vector are two such examples (both launched via Rocket Joe), the two protocols are solely focused on acquiring and locking PTP / vePTP to create lucrative stablecoin yield farms. In the first week of launch, Echidna and Vector have combined to acquire and stake (forever!) over 15% of the circulating PTP supply. Trader Joe has a larger community than Platypus, is a cornerstone of the Avalanche community and is perfectly positioned to capitalize off the new tokenomics design of veJOE. There are already several businesses that profit off Trader Joe yield farming that are primed to compete in the future $JOE Wars including Avalanche staples such as Yield Yak and Penguin Finance. Others like Echidna and Vector will also most likely compete for $JOE and build profitable businesses on top of Trader Joe’s platform. The business model is simple, 1. Accumulate veJOE to boost your yields, 2. Offer users higher yields than they currently earn, and 3. Take a percentage of each reward. Users will receive the benefit of higher yield (even net of fees) and the protocols will earn steady revenue. Win-Win-Win! The new staking option will benefit the entire community and launch a new wave of growth for $JOE. Overall, Trader Joe’s innovative Modular Staking approach provides utility through Rocket Joe launchpad and voting rights, offers direct revenue participation with sJOE and incentives long-term holders with veJOE. Section 3: Investment Research Potential of Avalanche Blockchain Avalanche is a decentralized, scalable blockchain solution that focuses on low costs, fast transactions, and eco-friendliness. The efficient blockchain currently ranks 4th in Total Value Locked (TVL) and is only 1 of 2 blockchains in the top 8 to grow over the past month, driven by the introduction of liquid staking on Benqi and Platypus Finance’s innovative stablecoin yield farm. In the next few weeks, Yeti Finance will also launch its platform. Yeti will allow users to leverage up to 11x against their entire portfolio and will unlock billions of additional capital on the blockchain. Furthermore, Avalanche is achieving record user growth as well, from 20,194 monthly active users in July 2021 to 800,614 in January 2022. As the blockchain continues to add functionality, users will continue to flock to Avalanche for lower fees and faster transactions. Finally, the next stage of growth is here, and subnet season has finally arrived! With the integration of subnets, Avalanche can scale horizontally and allow protocols to create application-specific blockchains (customized gas fees, decentralization, time to finality, etc.). In March 2022, the Avalanche Foundation announced a $290 million incentive program to accelerate the growth of subnets. Several exciting projects including DeFi Kingdoms (play-to-earn world to explore) and Shrapnel (AAA First-Person shooter) have signed on, as well as established institutional capital including Golden Tree Assets, Jump Capital and Valkyrie Funds that will build the future of Institutional DeFi with native KYC functionality. This will usher in the next wave of growth as users flock to play the most exciting games and institutions begin to move finance onto the blockchain. Ultimately, as Avalanche continues to add users and institutional capital, Trader Joe will benefit as the prominent defi platform on the chain. Learn more about the subnet initiative here Trader Joe’s Dominance Trader Joe is the leading decentralized exchange (DEX) in terms of trading volume and total value locked on a fast-growing blockchain (Avalanche). The protocol currently averages 8 times more daily trading volume than closet competitor Pangolin with 5 times more users over the last 30 days. After launching in August, Trader Joe has already surpassed $1B trading volume in a single day and temporarily reached over $2.0B in TVL on the protocol. The project is embraced by the Avalanche community and its brand serves as a strong barrier to entry for future competitors. Furthermore, Trader Joe’s forward-thinking team will continue to adapt to the changing environment and implement new projects that add utility to its token, bring in new revenue streams and engage its community. The Trader Joe team has a track record of success. In just six months since launch, the team has already added a suite of products including Banker Joe (a borrowing / lending protocol), created lucrative partnerships with other key players on the blockchain and started using revenues to acquire Protocol Owned Liquidity to improve price stability and open an additional revenue stream. Furthermore, the team has revamped its tokenomics with modular staking (get ready for the $JOE Wars) and will launch an NFT marketplace by the end of Q1 2022. The leadership and engineering team have a great understanding of the market and constantly look to innovate, which is essential in an industry that is changing at exponential rates. Overall, between the growth of the blockchain, Trader Joe’s dominate position, the potential of institutional capital and the launch of new revenue streams, Trader Joe has multiple avenues to maintain its high growth into the future. The Market Overestimates Departure Risk In the defi community there is a current narrative (given the rapid decline of Sushiswap) that users are agnostic to exchanges and will simply follow the highest rewards; therefore, as reward emissions decline then projects like Trader Joe will lose its customer base. However, it’s unfair to compare Sushiswap to other exchanges due to several project specific problems within the protocol. First, Sushiswap lost key members of its leadership and engineering team that chose to pursue other interests. Trader Joe’s team is eager and hungry to innovate, the founders are dedicated to the community and take a long-term view. Secondly, Sushiswap is behind Uniswap in terms of trading volume and TVL on its native blockchain and could not offer a best-in-class product. On the other hand, Trader Joe dominates Avalanche in both categories and therefore, can offer a superior service and better prices than its competitors. As more resources, including institutional money, enter Avalanche they will flock to Trader Joe as the safest, most reliable DEX on the chain. Finally, Trader Joe understands the limitations of operating solely as a DEX and has started to add additional revenue streams. By acquiring Protocol Owned Liquidity (POL), Trader Joe is in control of its own destiny. The protocol can become self-sustaining and allocate valuable resources to other areas. Furthermore, Banker Joe and the NFT Marketplace will provide supplementary income to sustain operations and fund further growth projects. Overall, Cryptofish and 0xMurloc are taking a long-term approach, adding functionality, revenue, and liquidity and ultimately, building a company that will last. Section 4: Key Risks and Assessments Competitive Landscape The Trader Joe platform is a fork of Sushiswap and therefore, easy to replicate for competitors. Furthermore, decentralized finance encourages openness and interoperability between dapps, making switching costs negligible. Therefore, competitors (i.e. Pangolin and Hurricane Swap) can emerge offering better reward incentives and taking Trader Joe’s market share on the Avalanche blockchain. Long-term Underperformance of Digital Asset Industry Overall, Trader Joe and any DeFi platform relies on the growth of the cryptocurrency industry. Fees are determined as a percentage of total use and therefore, its growth will directly correlate with the health of the entire ecosystem and Avalanche blockchain moving forward. Cryptocurrency Regulation There’s a lot of uncertainty moving forward about the regulation of the cryptocurrency industry. Changes in rules related to taxation and the structure of decentralized autonomous organizations (DAOs) will have a major impact on profitable in the future. Section 5: Valuation Discounted Cash Flow I derived my base case valuation by forecasting the next 7 years. I utilized a step down from 4.0% monthly growth for total trading volume on Avalanche in 2022 to 0.25% in 2027 (3.0% annual growth rate), which also served as the perpetual growth rate (in line with inflation expectations — insert inflation joke here). Furthermore, I haircut Trader Joe’s market share of total trading volume from 85% in 2022 to 70% in 2027 to consider the potential of new competition. I maintained Banker Joe Revenue flat throughout the forecast, given the limited growth over the past month. Banker Joe Revenue calculated by (Borrowed Total x Borrowing APY) — (Deposited Total x Deposit APY) for each digital asset. Rewards are not included given they are released as part of the emissions schedule. Protocol Owned Liquidity considers the current 30-day average trading volume of the liquidity pool as a percent of total trading volumes (7.5%), in addition to the protocol’s ownership percentage (27.5%) and swap fees (0.25%). Protocol’s ownership of pool increased from 27.5% in 2022 to 50.0% by the end of the forecast given the project’s commitment to building own liquidity pools. Finally, the NFT Marketplace utilizes total NFT sales on Avalanche and a market share of 50.0% given Trader Joe’s dominant brand and strong user experience and an industry standard 3.0% transaction fee on sales. (Note: NFTs are still early on Avalanche blockchain and have significant potential to outperform this forecast moving forward) …. Plus, I hear there’s a pretty cool NFT launching soon, learn more at http://mbapesacademy.com/ Discount Rate: The Beta of 3.0x considers the inherent volatility in the cryptocurrency markets at this time. The Market Rate estimate for a small tech company considers that Trader Joe is already profitable and growing month over month. Note: Token inflation related to emissions won’t impact market cap, just price per coin. 1. Most costs are considered in token emission schedule (i.e. pay engineers, incentivize leadership); utilized $5.0m to consider additional costs that might arise related to hiring / marketing. 2. No information available; Protocol currently has at least $5.0 million in assets based on normal course of business Note: DCF for early-stage businesses (especially in crypto) are very difficult. A Sensitivity Analysis provides more insight into the wide range of potential outcomes. The concluded market cap of $410.6 million represents a 117.9% increase from the current market cap of $188.4 million. Market Analysis For this section I utilized a sum of parts analysis to consider Trader Joe’s multiple revenue streams — Decentralized Exchange (Swap Fees), Banker Joe (Borrowing / Lending), Protocol Owned Liquidity and an NFT Marketplace. Decentralized Exchange Note: Trader Joe Protocol Revenue above does not include Banker Joe, NFT Marketplace or POL revenue streams. Data via Token Terminal as of March 8, 2022. Annualized Protocol Revenue based on most recent 30-day period. Prior period reflects valuation as of December 7, 2021. Since the Q4 2021 valuation, the total cryptocurrency market cap has declined by 18.7%, leading to lower annualized protocol revenue across the board. Avalanche, specifically, has experienced a further decline in trading volume as evidenced by a 61.1% decline in Protocol Revenue for Trader Joe and a 66.9% decline for Pangolin. SpookySwap is the one exception as it increased its Protocol Revenue by 208.5% since the prior valuation, driven by an 86.8% increase in total value locked on its native blockchain (Fantom). Trader Joe is trading at a noticeable discount to its peers (including Pangolin) in terms of MC / TVL and MC / Revenue, despite offering a superior product and having a stronger brand. Trader Joe should trade at a premium to other players in the space given its rapid growth and domination of a promising blockchain. Trader Joe utilizing a MC / Protocol Revenue equal to the mean of the comparable company set would imply a market cap of $328.1 million. Banker Joe To keep this section simple, I utilized the closest comparable company — Benqi — as the focal point of my analysis. Benqi is a liquidity market on the Avalanche blockchain that offers a similar product to Banker Joe. Users can utilize the platform to supply, borrow and earn interest on their digital assets. According to Token Terminal, Benqi currently trades at a multiple of 18.21x Annualized Protocol Revenue (excluding revenue from liquid staking). Banker Joe utilizing a MC / Protocol Revenue equal to the closest comparable company would imply a market cap of $61.4 million. Note: Banker Joe Revenue calculated (Borrowed Total x Borrowing APY) — (Deposited Total x Deposit APY) for each digital asset. Rewards are not included given they are released as part of the emissions schedule. Protocol Owned Liquidity There are no projects that solely offer POL. The most similar concept would be a decentralized exchange given that the revenue is still generated from swap fees. The main difference here is that POL earns 0.25% of each swap fee versus a DEX that earns 0.05%. Therefore, I will simply utilize the same MC / Protocol Revenue multiple that I used to value the decentralized exchange revenue steam. Trader Joe’s POL Revenue as a standalone entity, utilizing a MC / Protocol Revenue equal to the mean of the comparable company set would imply a market cap of $42.4 million. NFT Marketplace Finally, the NFT Marketplace is set to launch by the end of Q1 2022 and therefore, should be included in the analysis. There is no data available for Kalao or NFT Trade (the two current NFT Marketplaces on Avalanche) and therefore, I utilized LooksRare for my analysis. It’s also worth noting that Opensea does not have a token or Protocol Revenue. LooksRare operates on the Ethereum blockchain and offers a similar service. According to Token Terminal, LOOKS currently trades at 1.0x MC / Protocol Revenue. The NFT Marketplace utilizing a MC / Protocol Revenue equal to the closest comparable company would imply a market cap of $2.6 million. Sum of Parts Analysis The sum of parts analysis outlined above concludes a market cap of $434.5 million, which represents a 130.6% increase from the current market cap of $188.4 million. Section 6: Conclusion Overall, through the analysis present above, I have concluded a market capitalization of $422.5 million for Trader Joe ($JOE), representing 124.3% upside from the current price. Trader Joe’s new tokenomics will serve as a catalyst to unlock the next stage of value for the underlying token and propel $JOE to trade more in line with its peers. Given Trader Joe’s robust suite of products, strong brand and innovative team, Trader Joe is poised for a bright future. Section 7: Sources https://stats.avax.network/dashboard/c-chain-activity/ www.dappradar.com/rankings/protocol/avalanche www.defillama.com www.tokenterminal.com www.coinmarketcap.com/ https://medium.com/@traderjoe-xyz https://docs.traderjoexyz.com/main/welcome/master I/we own $JOE. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company that is mentioned in this article. Disclosure: First Published here

A Research Report on the Trader $JOE DeFi Platform

I am a Co-Founder of “CBD Company,” a licensed and certified medical marijuana grower. After much hard work in the field, I knew I needed one excellent website for our business. The best decision in my life was to make it from scratch. Advised by a friend, I met Javascript and started educating myself and gaining knowledge about programming. I suddenly felt lost when I dedicated years to my CBD 'idea' to help people worldwide with one of the best medicine out there given by nature. That happened because the more I invested money, energy, and time, the more the price of CBD dropped. The world is created that way, and we must adapt to it. Meanwhile, that made me more familiar with the programming world and primarily Javascript because I decided to chill out from the CBD industry for a little and give my energy to educating myself in another area. Managing hard working in the field every day and learning Javascript was not easy, but I must confess I loved it from the first day. One year ago, I couldn't install Node JS on Visual Studio Code for about literally 5 hours. After I had my first "console.log" after so much suffering for such an easy task, I knew it would be a long journey. The 'magic' happened after my first exam. Frankly, I have never been a good student for the simple reason I got distracted or bored too quickly. This time things were different. For the first time in my life, I had excellent results on an exam. Shocked by what happened, I gave all my energy and free time to programming. Month after month, I became more obsessed with becoming a developer. Around November, I finished the harvest and could dedicate every second of my day to practicing what I had learned till the moment and creating personal projects. Meanwhile, the only problem was that the programming world was vast, and I knew I needed to choose one exact path and stay strict in expanding my knowledge to the maximum. I started looking for something new, something too cool but impossible to happen. I am saying impossible because I wanted to create a unique long-term goal. Thank god I met the blockchain world. Tell me something cooler than Web 3.0. Shocking or not, for me, it was something new. Yes, I had cursory knowledge about crypto, bitcoin, and Ethereum. But the real meaning of Blockchain - PoS, PoC, L1, L2, etc - was completely unknown to me. I divided my day into two parts - one for working on personal projects and the other for gaining knowledge about the blockchain world. Exactly at this moment, I felt lucky! How can I predict that Javascript has a connection with Blockchain? This connection was 'Solidity,’ better said - smart contracts. With JavaScript, we can actually use and control these smart contracts, acting like a bridge between our familiar web environment and the blockchain universe. It was like everything happened for a reason. Inspired by that, I became crazy about it. Start participating in communities, achieving certifications, and interacting with each other was the most exciting part so far. I forgot to mention that I was already working as a React developer, which helped me expand my algorithms skills and dig into a large codebase. Month after month, grinding more than 14 hours almost every single day, I gave all of myself to become a better developer and learn more and more. After I did a lot of web3 projects practicing my developed skills from learning the EVM, Solidity, and DeFi combined with already gained skills from the 'MERN' stack, I was wondering: NOW WHAT? Web 3.0 is not from this world. It's another planet. On that planet, everything works differently. However, I'm grateful that Twitter exists, where I can absorb a lot of quality information about this different planet by following the right people. That way, they help me to make the right decision. I don't know precisely why I connect the word 'man' with 'security.’ Definitely, it has a reason. Exactly this reason helped me find myself and understand what I truly want from this field - to become a blockchain security expert. With months I can't explain to myself how all the information blockchain-related or programming at all may be out there, open-source and completely free. Show me a better world. Sadly like every beautiful creation of the world, it has next to it the opposite side - evil power/people who wanna destroy it. It's shocking how much funds are drained daily from such awesome Web 3.0-related projects, killing the hope in people that Web 3.0 will be forever. I said it already. That is the world we need to adapt it. For that, I will dedicate my life to the defense of Web 3.0. Do you even know how exciting it is to search for bugs inside a smart contract? My hands are shaking when I am writing this. This much exciting. Or probably I just found my drug. Try it it's from the healthy one. Let me retake a look at myself: It has been a year since I wrote my first 'console.log.' Nowadays, I am writing a blog, participating in audit contests, finding bugs, and even judging the findings of other wardens. Oh, I forgot again. I am also working as React developer. To understand how hard it was for me, consider that my English was in terrible shape initially. Normally, I don't like social media, mainly to express myself on it. The biggest reason I am sharing all this with you is to show everyone out there what is capable of one person only with one desire! Don't look down when things don't go well. Make the opposite and use these feelings and energy as inspiration in some other area. I recently found out people call it 'anti-vision.' Create your 'anti-vision' and show the world your superpowers. All the credit is to my friend, who advised me to start learning Javascript. Thank you! Feel free to dm me on @0xMilenov

From Harvesting to Programming: My Web3 Journey One Year After My First "console.log"

An module is a low-cost device based on ESP32-S module, an image sensor and Micro SD slot. The module is not designed for low energy consumption; however, after some tweaks, the power consumption can be lowered to a level that is usable for short periods of time, powered by solar energy. The project presented here is a reasonably robust, dust-resistant and waterproof experimentation platform using commercial off-the-shelf components. Ideal for outdoor usage. ESP32-CAM OV2640 Key component: ESP 32 CAM Lowering power consumption ESP32-CAM wasn’t designed to be a low-power device. Without modifications, deep sleep current measured was 2.8 mA, it leaves much to be desired. Some already ventured in the following modifications: people on the internet Removed 5 V to 3 V voltage regulator, the camera will be powered directly from a 3.2 V LiFePO4 battery. Break trace that powers the camera from 3.3 V and wire to that switches on 2.8 V and 1.2 V voltage regulators. MOSFET Q2 Remove onboard led and wire GPIO33 to 5 V pin (this pin is already isolated after regulator removal) to use it externally. These modifications lowered deep sleep current to 0.8 mA, which is scandalous for a low-power device, however, is a substantial advance from the 2.8 mA without modifications. Bill of materials Component Datasheet ESP32-CAM esp-32-cam.pdf Waterproof case for SJ4000 sport cam sj-4000-sport-cam-waterproof-case.pdf BQ25504 energy harvesting module bq25504-energy-harvesting-module.pdf 39.5x39.5 mm solar panel solar-panel-39-5x39-5.pdf 30x25 mm solar panel solar-panel-30x25.pdf 53x18 mm solar panel solar-panel-53x18.pdf 3.2V AAA 10440 LiFePO4 Battery lifepo4-3-2v-10440-rechargeable-battery-aaa.pdf Micro SD Card micro-sd-card.pdf 1N5817 Diode Schottky 1n5817.pdf Single AAA battery clip for PCB bh-411.pdf SMD 0603 resistor kit 4250-pcs-0603-smd-resistor-kit.pdf 2.54 mm female header FHA3-S1XX.pdf 2.54 mm male header PHA1-S3XX.pdf 2 pin jumper pin-header-jumper-block.pdf High temperature 30 AWG UL1423 PVDF wire UL1423.pdf Enamelled copper wire repair-copper-enamelled-wire.pdf High temperature Polyimide insulation tape high-temperature-polyimide-insulation-tape.pdf Printed Circuit Board Buy link Source files repository ESP32-CAM prototyping board for sport cam enclosure buy it esp32cam-proto-sportcam Software repository Sample Firmware takes photos and send them to a server using HTTP POST download it Sample Golang server for image upload via HTTP POST download it Optional component Datasheet USB to TTL 3.3 V 5 V interface usb-ttl-converter-3-3v-5v.pdf Digital LCD Lux meter digital-lcd-lux-meter.pdf Assembly The basic platform consists of a waterproof enclosure for sport cam and a printed circuit board with the appropriate size to fit inside. The proposed enclosure is pretty common, easy to find and inexpensive. Opens and closes without screws and has a mounting point where different mounting accessories can be installed. The printed circuit board was designed to place ESP32-CAM near the window where the camera lens was to be located. The module can be positioned in two different orientations to maximize area, depending on the selected components. AAA battery clip added, female connectors to plug/unplug module easily and header pins for programming because the board does not have such circuitry. Also, a red LED for debugging purposes was added. Energy harvester The camera gets its energy from solar panels installed inside the enclosure, which means that the area available is small, so a way to maximize its efficiency is needed. A harvesting module based on chip was used. This device boosts solar panel voltage and is able to do that with voltages down to 130 mV!, is therefore able to supply current for storage in the battery, even without direct light hitting the panel. BQ25504 The module also works as a battery charger with over voltage and under voltage protection. In order to , some resistors must be modified. The module’s manufacturer provides a to make the process easier. set voltage values spreadsheet Because the enclosure is transparent, it is possible to put a few solar panels in various places inside, and wire them in parallel or series. Maybe some will be required to not lose a lot of efficiency when some panels are shaded. diodes Another important function of the energy harvesting module is the ability to output a VOLTAGE OK SIGNAL, so the MCU could be kept in reset state when the battery voltage is too low to operate. Energy budget Warning: Some data and procedures will be simplified to yield simpler and faster results! ESP32 draws about 200 mA at 3.3 V to send data over Wi-Fi, which is equivalent to 0.66 W. A 40x40 mm solar panel that fits inside the aforementioned enclosure yields around 65 mA at 2 V at full sun, which is equivalent to 0.13 W. With this data, it is clear that it is not possible to use ESP32 sending data over Wi-Fi continuously with that panel, even in full sunlight. To deal with this problem, two things are needed: a storage element, and the use of the ESP32 module in non-continuous (duty cycled) mode. The module in deep sleep mode draws about 0.88 mA at 3.3 V, which is equivalent to 0.003 W. Assuming 12 hours of daylight, it will take an average of 0.006 W average per day, just to keep the module energized up in sleep mode. If the pair panel/harvester can yield an average of 4.6% of the maximum power of the solar panel at full sun, it is enough to keep energized the ESP32 in deep sleep mode for a very long time (until battery degradation!). Assuming 100.000 Lux as a full sun and 100% of the 40x40 mm solar panel power as 0.13 W, it is estimated that the average irradiance required per day to keep the ESP32 energized in deep sleep is around 4600 Lux. How much energy is required to take a picture and upload it over the internet? After waking up from a deep sleep, it takes about 4 seconds for the ESP32 to take a picture, store it in the SD card, and bring it online. The average power consumption of these 4 seconds is 200 mA at 3.3 V. The current to be accumulated for 12 hours to is: ESP 32 Cycle: 200 mA x 4 S It is needed: ? mA x 12 H ? ma x 12 (3600) S ? ma x 43200 S (Approximating to 40000 to make calculations easier) factor = 4 S / 40000 S = 0.0001 200 mA * 0.0001 = 10 uA It is required an average of 10 uA for 12 hours to take a picture and send it to a server, which is perfectly feasible in the outdoors, even on cloudy days. Finding the relation between Lux and output power of the 40x40 mm and 0.13 W solar panel. 100.000 Lux => 0.13 W 0.77 Lux => 1 uW 10uA * 3.3V = 33 uW (0.77 Lux /uW ) 33 uW = 25.4 Lux (Approximating to 26 Lux) It will take an average of 26 Lux per day to take a photo and send it over Wi-Fi. In short, to take at least one photo a day and send it over Wi-Fi, it will take a daily average of 4600 Lux + 26 Lux = 4626 Lux. For two pictures a day it will take a daily average of 4652 Lux, and so on. If a smaller panel is used, such as the 30x25 mm in the front of the camera, whose power is about a quarter of that installed on the back, the irradiance should be 4 times stronger. To use the camera with such a small panel, a lot of light is required, especially direct light. Firmware and Software Permalink The firmware released here does the following things: take a picture and store in the Micro SD card, then send it over Wi-Fi to a server doing a multipart HTTP POST request and then, enters deep sleep for X amount of seconds before starting the cycle again. The code could serve as a starting point in the creation of a more robust application adapted to individual needs. On the server side, there is a small app written in Golang, which listens HTTP POST requests and receives the images sent by the ESP32-CAM and stores them in a local folder. This app should run on a PC, or a Raspberry Pi in the same LAN of the ESP32-CAM. Due to being a basic starter example, there is no authentication method developed, so it is not recommended for deploying in a public server in the internet. To program the module, a USB to TTL serial converter is needed, because the module hasn’t an onboard chip for that task. In addition, GPIO0 should be tied to GND during programming. GPIO33 was freed from the onboard LED and wired externally. The supplied firmware uses it for debugging, but it may be used for other purposes like: ADC for battery voltage measurement Set up as an RTC pin to wake up the MCU from deep sleep, i.e., PIR sensor Wire to a pushbutton to make local changes without a computer or Wi-Fi connectivity Results Image quality isn’t great, which was expected due to the cost of the module. Quality could be improved, modifying several parameters of the chip depending on the specific lighting conditions. The image shown below was uploaded automatically by the module through Wi-Fi to a Raspberry Pi where the was running. Golang upload server Possible improvements Since firmware and upload server are very basic examples, there are some tasks proposed to the reader like: Wi-Fi manager to set up credentials without reprogramming. Implement some form of authentication when communicating with the server. A mechanism to change the deep sleep time, image settings, etc. from the server on every picture exchange. Develop an RTC-based scheduler to take pictures on specific dates. Use of a better Wi-Fi antenna (external to the module, but placed inside the enclosure), and place it in a place with less obstructions. Certain changes are needed in the components near the U.FL connector.

Building a Solar Harvesting Wi-Fi Camera

Professionals outside the managed IT and trades tend to think about losses in terms of the cryptocurrency demands made by hackers. While extortion drives the criminal scheme, the total cost of a ransomware attack can be more crippling than the payoff alone. Once officials in local municipalities and state agencies understand the full impact of having their sensitive data and networks held hostage. As such, the need for proactive measures becomes a matter of urgency. cybersecurity ransomware attack Facts About Ransomware Attacks Government Officials Need to Know Ransomware attacks only garner news headlines when the wings of the government or high-profile corporations get ensnared. For example, when MGM Grand and Caesars by the Scattered Spiders hacker gang, news of the $15 million payoff went viral. And when DarkSide hackers put the Colonial Pipeline under siege, upwards of 5,500 miles of fuel distribution lines were crippled. The company’s inability to deliver gasoline caused massive fuel shortages across multiple states. Only after paying thieves did gasoline and diesel start flowing again. casinos were stung $5 million These highlight the fact hackers are willing to attack any network with impunity, even those of local and state governments: ransomware statistics The average cost of a 2023 ransomware attack has nearly doubled from 2022 to $1.54 million. Companies grind to a standstill for 22 days, on average, during a ransomware attack. Nearly a half-billion ransomware attacks were launched in 2022. U.S. organizations are the most heavily targeted, accounting for 47 percent of global attacks. But what did not necessarily make the splashiest of headlines was the long-term fallout from the digital hostage situations reported by the media. It’s not uncommon for organizations to experience a second attack after paying a crypto demand. Approximately 30 percent of private-sector companies that were overrun by cybercriminals suffered in the brand — some ended up filing for bankruptcy. diminished confidence The private sector, of course, is not the only target of ransomware attacks. Governments, too, make tempting targets, given that public IT infrastructure can be infamously behind the times. With citizens already critical of local, state, and federal government decisions and the use of taxpayer dollars, lost confidence is the last thing elected and non-elected officials need. Ransomware Attack Threats to Local & State Governments Decision-makers need to understand that hackers continue to target weak, almost defenseless networks and employees who lack cybersecurity awareness training. That’s largely why — the use of malware-laced electronic messages — remains hackers’ delivery method of choice. Whether a new hire in training clicks on the wrong link or an elected official gets conned into downloading a malicious file, the consequences are the same. These are ways one mistake can send a municipality into a tailspin. phishing Financial Impact on Taxpayers States such as Florida passed laws banning the practice of paying hacker ransom demands, and many others are mulling over whether to follow suit. With the average cost hovering around $1.54 million, not ponying up seems like the right decision in terms of protecting taxpayer money. That may not necessarily hold. For example, Costa Rican officials reportedly refused to pay Russian hackers $20 million last year. In a fit of retribution, the cybercriminals brought down wide-reaching agencies for months to the tune of . By contrast, the relatively small city of Lafayette, Colorado, doled out a $45,000 ransom payment to avoid government entities shutting down and potentially greater losses. $30 million in losses Impact of Data Security Loss on Citizens A breach of government data is tantamount to citizens being exposed. The information held by tax collectors, permitting departments, and local canvassing boards can be leveraged against residents. Names, birthdates, addresses, and Social Security numbers are routinely stolen from devices and sold on the dark web. This and other sensitive information have also been used to dox political opponents in recent years. Municipal Services Disruptions The greatest threat for politicians and term-appointed officials may be getting ousted by voters. But for residents, critical services can be shut down for significant amounts of time. For example, a recent cyberattack impacted multiple water utility operations in Pennsylvania that used Israeli-made computer systems, according to reports. The FBI and Cybersecurity and Infrastructure Security Agency are investigating the attack that reportedly included anti-Israel messaging. “Our adversaries don’t care who runs critical infrastructure,” U.S. Rep. Christopher Deluzio . “If they can get in through the weakest link — and [if] that’s a small municipal authority or a private vendor — that’s what they’re going to target.” reportedly said These cyberattacks have also impacted other U.S. water authorities across the country. Although the nation-state hackers who orchestrated the infiltrations were not looking for a payoff, the recent incident highlights the vulnerability of essential services. Sophisticated cybercriminals can deploy similar tactics to shut down healthcare operations, voting systems, school computer networks, sewage treatment plants, and even the power grid. How to Fight Ransomware Attacks The importance of taking proactive measures to prevent ransomware attacks cannot be understated. The cost and upheaval for residents of local and state governments can have a devastating short-term and lasting effect. If there’s a silver lining to the fact hackers from halfway around the globe persistently try to harvest poorly defensed networks like low-hanging fruit, it’s that determined cybersecurity remains far less expensive than ransomware demands and losses. Governmental leaders have an opportunity to enlist the support of managed IT firms with cybersecurity expertise to implement best practices, consistent with recent mandates. federal data protection Cybersecurity Awareness Training An increased number of operations have begun offering cybersecurity awareness training to their entire staff in recent years. That effort has reduced the number of data breaches caused by to only a troubling 88 percent. That being said, cybersecurity awareness training gives frontline workers the skills and knowledge needed to identify phishing schemes, social engineering attacks, and other nefarious hacking methods. Not only does investing in awareness training help prevent ransomware attacks, but it also creates a cybersecurity culture. human error Multi-Factor Authentication Ranked among the most effective and simple security measures, multi-factor authentication requires network users to enter a code after inputting their username and password. By sending the code to a secondary resource, it prevents hackers from infiltrating governmental systems after learning someone’s login credentials. Zero Trust User Profiles The number of cyberattacks has increased almost exponentially in recent years because hackers are making bank. Decision-makers must proceed with the expectation that any system can be penetrated if a hacker has the time, tools, and skills. Zero trust policies reduce a hacker’s impact on services. These security measures can also prevent cybercriminals from reaching valuable and sensitive data. With zero trust, each legitimate user’s profile comes with data restrictions. Even if a hacker manages to gain access through an employee or official’s network credentials, the criminal also faces data access restrictions. Back Up Data Daily State legislatures appear to be moving forward with laws that ban local governments from paying ransom demands. Such laws make it imperative that every system’s data is backed up daily and taken offline. Without these sensitive and valuable digital assets, lengthy shutdowns and information recreation would result in massive losses. In cybersecurity circles, a successful ransomware attack is the sum of all fears. Once hackers seize control over municipal systems, they can put people in harm’s way by shutting down wide-reaching services. It’s mission-critical to have a risk assessment performed and use that information to harden governmental networks.

How Can State & Local Governments Fight Ransomware? 

কিভাবে রাজ্য এবং স্থানীয় সরকার Ransomware যুদ্ধ করতে পারে?

Wie können staatliche und lokale Regierungen Ransomware bekämpfen?

¿Cómo pueden los gobiernos estatales y locales luchar contra el ransomware?

Comment les États et les gouvernements locaux peuvent-ils lutter contre les ransomwares ?

राज्य और स्थानीय सरकारें रैनसमवेयर से कैसे लड़ सकती हैं?

州および地方自治体はランサムウェアとどのように戦うことができますか?

주 및 지방 정부는 어떻게 랜섬웨어에 맞서 싸울 수 있습니까?

Como os governos estaduais e locais podem combater o ransomware?

Как органы власти штата и местные органы власти могут бороться с программами-вымогателями?

Eyalet ve Yerel Yönetimler Fidye Yazılımlarıyla Nasıl Mücadele Edebilir?

Chính quyền tiểu bang và địa phương có thể chống lại ransomware như thế nào?

州和地方政府如何打击勒索软件？

The U.S. Federal Reserve maintained interest rates between 5.25% and 5.5% yesterday, aligning with the widespread market predictions. During his , Fed Chair, Jerome Powell, also managed to reduce market expectations of any rate cuts to happen in March. Markets now estimate the probability of rate cuts to be communicated at the Fed’s meeting in March at just 35.5%, down from 48% just a week ago. speech All Eyes on Inflation In the Q&A session that followed the press release, Jerome Powell substantiated the need to gain 'greater confidence' that inflation continues to trend downwards toward the desired 2% before any rate cuts can be entertained. It’s obvious that the Fed is in a really difficult spot here. Apart from battling inflation, the evidence that the economic system is in distress is clear—especially in the banking sector. The prospects of that changing under the current rate environment are low. Noteworthy, the New York Community Bank, the bank that acquired the now-defunct Signature Bank, just saw its stock more than 40%. tumble Bitcoin Spot ETFs Net Inflows Turning Positive Although Grayscale continues to experience outflows, the rate of outflow is diminishing as the days pass, and the net inflow into the other vehicles has been picking up. Over the last three days, the total net inflows have consistently ranged between $200 million and $250 million. I anticipate this influx of capital into to be persistent, which has the potential to push the price of BTC higher despite the policy uncertainty. BTC Whales are Accumulating - Are you? It is also worth observing that while BTC's price seems to have entered a consolidation range, whales have been aggressively accumulating. Data from IntoTheBlock that Bitcoin whales increased their holdings by over $3 billion in January alone. reveals This happens at a time when the general sentiment has fallen into neutral territory and at a time when miners have been actively reducing their . BTC inventory With those factors in mind, it is difficult to stay entirely bearish on the outlook for BTC even though the uncertainty around economic policy remains a threat to a continued rally. Bitcoin Ordinals - Not a Passing Fad In the past year, Bitcoin ordinals have emerged as one of the leading NFT trends. Despite initial skepticism from some enthusiasts claiming their lack of utility, the count of ordinals on the Bitcoin blockchain has to over 56 million, a remarkable increase from less than 1 million a year ago. surged Even more intriguing is the remarkable value some ordinal collections have achieved. In December, the BitcoinShrooms collection, among the earliest ordinal projects, fetched an astonishing USD$450,850, setting a record at Sotheby's Auction. At this pace, Bitcoin's blockchain has the potential to evolve into a foundational element for various crypto facets. While this could increase on-chain fees, it might also signify the emergence of a new ecosystem thriving on the Bitcoin blockchain, beyond BTC itself. Noteworthy Mentions BTC Price prediction model I toyed around with a price prediction model for BTC simulating what an inflow of $100B would mean to price using the depth of the order book. Here is the if you wanna explore the model. link Industry Shakers FTX Expects to Repay Customers in Full FTX has committed to reimbursing investors following the cryptocurrency exchange's collapse, resulting in substantial financial losses. In a court hearing, FTX's attorney, Andrew Dietderich, expressed confidence that the company will possess adequate funds to satisfy all valid customer and creditor claims entirely. The reimbursement to customers will be determined by the cryptocurrency's price as of November 2022, the period when the exchange filed for bankruptcy. Harvest Global Files for the First Bitcoin Spot ETF in Hong Kong Harvest Global has applied to a Bitcoin exchange-traded fund (ETF) spot with the Hong Kong Securities and Futures Commission (SFC). If granted approval, this ETF would enable investors to engage in share trading on a conventional stock exchange, directly correlated with Bitcoin's price. Hong Kong is actively establishing itself as a crypto-friendly jurisdiction, and this initiative may draw in new participants to the market. Celsius Emerges from Chapter 11, Initiates $3B Crypto Distribution Celsius Network LLC has successfully emerged from bankruptcy, concluding an eighteen-month process with the completion of transactions under its approved plan of reorganization. The plan, supported by approximately 98% of account holders and confirmed by the Bankruptcy Court for the Southern District of New York on November 9, 2023, involves the distribution of over $3 billion in cryptocurrency and fiat to Celsius' creditors. Enjoyed these insights? There's more where that came from. Follow me on for daily tidbits and updates. Twitter/X Also published . here

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