What is Optimism?

Optimism is a Layer 2 Optimistic Rollup network designed to utilize the strong security guarantees of Ethereum while reducing its cost and latency.

is a low-cost and lightning-fast Ethereum L2 blockchain.

That’s what a blockchain needs to survive. Very few of them check all these boxes. Ethereum is one of them.

A strong foundation determines the long-term success of any endeavor.
Join a thriving digital metropolis of decentralized applications that’s here to stay…

Optimism was stolen from Optimism

Before the airdrop, Optimism developers transferred 20M $OP to the multisig wallet of Wintermute market maker. However, due to some internal error, the team never got access to the wallet. The hacker did it instead of them

He spent about a million from those tokens, sent another million to supposedly Vitalik Buterin’s wallet, and returned 17 million. Poly Network’s hacker certainly did it better when he returned all $611 stolen millions.

If the funds got stolen from a crypto company, they could easily be stolen from you.

That’s why you should use only trusted platforms and avoid depositing all of your money in any of them. Today, crypto lender Celsius stopped withdrawals, swaps, and transfers on its platform due to “extreme market conditions.” We don’t get to trust any platform too much these days.

Optimism addresses the practical needs of developers and users. It works great now, and it’s only getting better.

A community of builders

Hop in the Discord and get all the technical support you need from the Optimism Support Nerds or find teammates for your next big project.

Not a Financial Advice

The information provided on this post does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. Fxkinfin does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

US bill on digital assets

There’s a document shared around on the internet, which looks like a leaked US bill on crypto. It seems to be a draft of an upcoming U.S. bill on digital assets, but this info is unofficial, and the document may not even be real.

However, there are some key statements I’d like to point out:

• It requires DAOs to be registered entities in the US

• Anon projects would be almost impossible to run due to new disclosure requirements

• Exchanges will face a huge increase in compliance costs, which may lead to fees going up

• Bankruptcy definition changes, making it clear assets deposited would get returned to users and not liquidated

• Gives depository institutions the right to issue stablecoins which is good.

US Bill

This “document” definitely needs to be ironed out, but it’s a nice start if we’re looking at a long-term perspective. But again, it may not even be real

US Treasury Bill Rates

3 Month Treasury Bill Rate is at 1.54%, compared to 1.69% the previous market day and 0.04% last year. This is lower than the long term average of 4.18%.

Average Growth Rate: 116.6%

Arbitrum Odyssey

Finally the Arbitrum team has posted an official announcement

DETAILS

The event will be up for 2 months, its main goal is to encourage users to engage with Arbitrum and various dApps supported by this network. For interacting with chosen dApps, you’ll be eligible to claim NFTs every week. The claim will be happening on the Project Galaxy platform.

17 NFTs will be up for grabs

• 1 for bridgeweek (week 1)
• 1 bonus one from bridgeweek if you use the bridge everyone else uses
• 14 for weeks 2-8
• 1 final one for getting 13/16 NFTs (there are rumours that owning this particular NFT may make you eligible for the future Arbitrum airdrop, but it’s just rumours)

WHAT YOU’LL NEED TO JOIN THE ODYSSEY

• A decentralized wallet (MetaMask will do just fine)

• Some ETH to interact with dApps and pay for gas

Event details & why you should participate ( CLICK HERE )

Advice on how to prepare for the event ( CLICK HERE )

Join the Arbitrum Odyssey discussion on discord. I’ll keep you updated on this event

THE ODYSSEY

Arthur Hayes statements

If you haven’t yet read through the latest essay from the former BitMEX CEO, here are the most important ideas he’s trying to convey:

• The bull market can only begin once the Fed and other central bankers reverse course, which at the very least requires pausing rate hikes and keeping the size of their balance sheets constant.

• The Fed treats people like idiots trying to convince them that fuel and food prices are not important yardsticks of inflation. If fuel and food inflation do not correct meaningfully, then it will be over to the politicians to print more cash and offer subsidies to calm down agitated voters.

• Crypto is the last free market globally.

• When the market is topping out, everyone is praising crypto. When the market is bottoming, the stories are all about scams and bankruptcy.

• Right now, many traders are sitting on positions that are down 50% to 90%. They aren’t mentally prepared to put more capital in at these “bargain” prices, they just want to exit at a less bad price. They’ll be selling, and selling a lot.

At the bottom, even strong hands can be forced to sell. The Luna Foundation Guard (LFG) is such a seller, considering they sold 80,000 BTC to try and save their UST-asses.

Arthur Hayes

Other than that, the local bottom in this cycle could be anywhere from $25,000 to $27,000 for Bitcoin and from $1,700 to $1,800 for Ether. On that note, please make sure you don’t become “weak hands” aggressively selling out.

Arthur Hayes statements

Patience is key 🗝 to life-changing wealth.

Long Term Holders

On the chart, you can see an indicator called SOPR (Spent Output Profit Ratio), which evaluates the profit ratio of the whole market participants by comparing the value of outputs at the spent time to created time. In simple words, SOPR provides insight into the buy price/sell price ratio.

The periods marked in red show investor capitulation, meaning that the bear market has undermined their trust in Bitcoin growth to the level they expected.

Currently, the long-term holders are entering the capitulation phase and are selling at a loss, indicating that the smart money accumulation phase has begun. Smart money is happy to buy an undervalued asset in huge chunks and hold for extraordinary returns in the future bull market

The possibilities are, we may be on the verge of a fake rally.

In this case, many will get an opportunity to sell a part of their holdings for a profit. Better save that money for bread when the bear market continues

Long Term Holders