I am due to speak at the SaaStr conference next week: Wednesday, March 11th at 10:45 AM. I had originally signed up to talk about the “VC Market Trends” overall but it seemed inauthentic to speak about VC funding without addressing the virus in the room. So I wrote a brand new deck outlining some Upfront views on what we may see in the funding markets ahead.
This is a message we have been delivering to our portfolio privately so we figured it made sense to make it more public broadly in case its of any help to others.
No doubt it’s a richer presentation with audio and voiceover so I hope that SaaStr is recording and releasing presentations. But for now you can have view the deck I plan to use below (or click to go to SlideShare if you’d like to download it).
I welcome any feedback. Feel free to open source and use any information you find useful.
Introducing OneSwap: On-Chain One-Stop Trading Platform
Decentralized Finance (DeFi) took the crypto field by a storm in 2020. The total value locked in various DeFi protocols is just under $10 billion, at the time of this writing.
If this doesn’t sound impressive, consider the fact that this number was just about $570 million in March. In other words, the market grew by an astounding 1607%.
Much of it was led by Uniswap, being the leading automated market maker and decentralized exchange. However, as the market matures, new solutions are coming to light and some of them aim to bring more than what Uniswap’s currently offering.
One protocol of the kind is OneSwap.
What is OneSwap and How is it Different?
OneSwap is a trading service platform based on the permissionless listing of decentralized exchanges (DEX). It also provides the good practices of automated market maker (AMM) projects, while also introducing an on-chain order book on the basis of the CFMM model to further improve the experience for AMM traders.
This particular combination provides users with the convenience of limit trading orders – something that Uniswap lacks and it also enhances the overall liquidity of digital assets.
The platform features an interactive and intuitive trading interface as well as a one-click currency issuance tool in the OneSwap Wallet which comes along with it.
Apart from the built-in wallet, the platform also comes with token repurchase and burn functionalities, on-chain governance, mining incentives, candlestick charts, and a depth map.
The public beta started on September 8th, featuring yield farming and transaction mining, while the official launch was on September 19th.
At the time of this writing, Oneswap boasts a total trading volume of more than $7.4 million since launch, where the total liquidity is around $36million.
Another important thing to discuss is the architecture of the protocol. OneSwap, deployed on each blockchain, comes with a series of capital pools. They are referred to with the transaction pair contract.
Each contract consists of three parts. Namely, these are the on-chain order book, the CPMM model which is the constant product market maker providing liquidity for that contract, and the equity tokens that record the privileges of the liquidity providers.
As soon as the liquidity provider injects digital assets in the capital pool of the given Pair contract, the latter will mint new equity tokens for the liquidity providers. The number of these tokens is based on the current size of the pool, as well as on the total amount of equity tokens that have been issued, as well as the current injections.
On the other hand, when the liquidity provider wants to retrieve their funds, the Pair contract is going to return the funds according to the corresponding proportion of the equity tokens and burn those equity tokens.
The ONES Token
OneSwap also has its ERC20-based governance token issued on Ethereum’s network and it’s called ONES.
It’s a deflationary token and according to the whitepaper, 40% of the transaction fees that are generated on the platform will be used to repurchase and burn ONES. This happens automatically and the burn goes through the BuyBack.
In addition, the on-chain governance of OneSwap happens through proposals and community voting where users who have enough ONES tokens (more than 1% of the total supply) can bring proposals up for discussion and votes. Any user who holds the token can vote against or for the proposal.
ONES now has been listed on CoinEx, Lbank, and MXC.
In general, OneSwap looks like an interesting project to consider in the current DeFi landscape. It does bring a few new exciting features, while also coming with the expected stack of technology that users are already accustomed to.
After Losing 7%, Ripple Struggles To Maintain Previous Support From September (XRP Price Analysis)
- XRP dropped by 4.5% over the past week as it trades at $0.232 today.
- The coin returned to the support at the .618 Fib Retracement, which supported the market in early September.
- Against Bitcoin, XRP is attempting to keep itself above the 2200 SAT level.
XRP/USD – Market Returns To Early September Support
Key Support Levels: $0.228, $0.22, $0.215.
Key Resistance Levels: $0.235, $244, $0.257.
XRP fell beneath a rising trend line on Monday as it collapsed below the 100-days and 200-days EMA to return to the .618 Fib Retracement support at $0.228. This level had prevented the market from slipping further during the early September decline, and a break beneath here is likely to cause XRP to unwind toward $0.2. It’s currently down about 7% in the past two days.
Before breaking beneath the rising trend line, XRP was slowly grinding higher but was unable to overcome resistance at $0.257 (bearish .3282 Fib Retracement). This will now be the level to break if XRP would like to begin any sort of bullish momentum.
XRP-USD Short Term Price Prediction
If the sellers break the $0.228 level (.618 Fib Retracement), the first level of support beneath lies at $0.22. This is followed by support at $0.215 (downside 1.272 Fib Extension), $0.21, $0.206 (downside 1.414 Fib Extension), and $0.2.
On the other side, the first level of resistance lies at $0.235 (200-days EMA). This is followed by resistance at $0.244 (100-days EMA), $0.257 (bearish .382 Fib), and $0.266 (bearish .5 Fib).
XRP/BTC – Buyers Attempting To Defend 2200 SAT
Key Support Levels: 2200 SAT, 2170 SAT, 2111 SAT.
Key Resistance Levels: 2250 SAT, 2300 SAT, 2333 SAT.
The situation is quite troublesome against Bitcoin. In early September, the market found support at the 2275 SAT level. However, last week XRP penetrated beneath this support and fell further below the 2250 SAT.
Over the past couple of days, XRP continued to fall until support was found at the 2200 SAT level yesterday.
XRP-BTC Short Term Price Prediction
If the sellers break beneath 2200 SAT, the first level of support lies at 2170 SAT (downside 1.414 Fib Extension). This is followed by support at 2111 SAT (downside 1.618 Fib Extension), 2070 SAT, and 2000 SAT.
On the other side, the first level of resistance lies at 2250 SAT. Above this resistance lies at 2300 SAT, 2333 SAT, and 2400 SAT.
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Venezuela Creates a “Digital Mining Pool” to Control All of the Country’s Hash Power
The Mining industry in Venezuela now has its own regulatory framework. The National Superintendence of Cryptoactives and other Related Activities published on Monday the “Providence that regulates the activities related to the use, import, commercialization of Digital Mining equipment.”
The legal instrument appeared in Official Gazette No. 41,969 and is already in effect. It would be the first law specifically created to regulate the cryptocurrency mining sector in a country… But not everything is as good as it looks.
One Point for Extreme Centralization of a Decentralized Project
The legal instrument mandates all miners, assemblers, or providers of mining services to join a Special Registry of Miners. This is a fundamental requirement for obtaining the necessary licenses to carry out the activity legally.
Also, a “National Digital Mining Pool” is created by law to bring together all the independent miners who live in the country. Venezuela is currently the Latin American country with the most hash power, the most adoption, and the most trading activity. The law also says that the Venezuelan government may grant benefits, incentives, and propose exemptions to encourage digital miners to join the national pool.
However, the coin has an ugly side —a very ugly one. Every Venezuelan who engages in the activity is unable to choose which pool to join since from today onwards, they must mine for the government’s pool unless they are willing to pay hefty fines:
Article 19. Users who engage in digital mining without being connected to the National Digital Mining Pool will be subject to the measures, infractions, and sanctions set by the Constituent Decree on the Integral Cryptoactive System.
Similarly, the document now establishes that the creation of mining farms will be done “under the technical and professional supervision of its personnel.” In this way, Sunacrip officials could have greater personal control over new mining ventures.
Venezuela Always Sparks Debate with its Decisions
The news sparked controversial reactions from experts in the field. Venezuela is one of the most corrupt countries in the world, and giving the state control over mining activity and “profit distribution ” generated by it could potentially harm all Venezuelan miners whose earnings would now be controlled by a government entity.
However, there is a positive side: Although crypto mining was never illegal – as some media say – the truth is that it has been persecuted for a long time. Perhaps this new legal order will put an end to this period of uncertainty for the industry… That is, assuming that the miners feel comfortable with giving control of their business to the Venezuelan government.
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