JUN 01, 2021 • 4 Min Read
After yet another weekend of indecisive price action, crypto markets enjoyed a bounce across the board yesterday. Today, the market was finding its footing before Coinbase’s announced its 4% rewards card can be spent through Apple Pay and Google Pay, causing another mini pump. While the next few weeks of price action are likely to be choppy and range bound, early data suggests volatility may be culled for now.
Valuing Bitcoin against on-chain volume.
A thread about NVT, one of the first on-chain signals first published in Feb 2017.
This is a 2021 re-hash of my NVT learnings since then.
“How to use on-chain volume to establish a fundamental valuation for Bitcoin.” pic.twitter.com/m3BHsFx70o
— Willy Woo (@woonomic) June 1, 2021
Curve is the ultimate winner of the Convex vs Yearn situation.
No doubt yearn will need to incentivise back. Hopefully before I convert all my $yvBOOST over to $cvxCRV.
Either way $CRV up, all yields up, all of defi up.
— Cryptoyieldinfo (@Cryptoyieldinfo) June 1, 2021
As mentioned above, valuation in DeFi is a murky subject, precisely for the reasons outlined this tweet.
tradfi valuation metrics may map poorly to defi tokens
– presence of continued issuance
– absence of profits to distribute
– unclear tokenholders rights to profits (if any)
– no clear process to trigger dissolutions
– unclear if tokenholders have any rights to treasury / assets
— 찌 G 跻 じ MBA, CFA, FRM, CFP, NGMI, HFSP, HENTAI (@DegenSpartan) June 1, 2021
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