Metaverse Land Attracts, Keeping Wallets $SAFE, & Rust's TVL Rises

Metaverse Land Gains Traction

• Land prices in both Sandbox and Decentraland have risen considerably since Facebook’s Meta rebrand announcement on Oct 28th, which sparked a buying frenzy into metaverse-related assets, including SAND and MANA.
• Sandbox land prices increased ~445% between October 2021 and January 2022. A significant part of this is related to SAND token price appreciation (SAND surged 320% over the same period) since new public land sales are denominated in a fixed amount of SAND (1,011 SAND for a regular 1×1 land plot).
• Interestingly, land price lags behind token price appreciation (Decentraland land prices increased ~36%, while MANA is +175% over the same period). All land has been minted and can only be purchased via secondary sales.
• Sandbox is currently the most popular virtual land metaverse, which is reflected in its consistently higher trading volumes. Sandbox has seen roughly 3X the volume of Decentraland in the past three months.
• For more detail on the latest metaverse and NFT trends, don’t miss our weekly NFT Insights.

STH MVRV Ratio Shows Opportunity

• MVRV, or the ratio of Market Value to Realized Value, is an on-chain metric that serves as a rough proxy of average profit and loss of BTC holders in aggregate. Short Term Holder MVRV (STH-MVRV) attempts to make the traditional metric more representative of shorter-term time frames and speculators and where their behaviors may be overly aggressive or not. Breaching through the “1 line” has historically been a good indication for market reversals.
• STH-MVRV often suggests BTC is approaching an “opportunity zone.”
• This data was first featured in our latest Monthly Chartbook. Check it out here!

Gnosis Keeping Us $SAFE

• Gnosis Safe is a smart contract multi-sig wallet that allows users to increase wallet management security. Users can add modules to that smart contract wallets (e.g. implementing spending limits and automating transactions). Gnosis Safe is currently securing over $100B worth of assets.
• With the increase in crypto adoption last year, safe creation has been on a consistent uptrend. Daily active safes have increased tenfold from 60 to 600 today. Total Safes created also increased from 12k to 45k today. However, compared to MetaMask’s 21 million users, it seems like not many users are actively using this multi-sig function to increase their wallet security.
• Gnosis proposed to create a SAFE Token to govern the Gnosis Safe ecosystem and infrastructure through the establishment of an independent SafeDAO. This is a spinoff from GnosisDAO, similar to what happened with CowSwap.

Rust Adoption Rises

• EVM-compatible programming languages like Solidity and Vyper have dominated DeFi space as it is what most applications are built on.
• However, as other L1s grow, they’ve created another standard for DeFi. Cosmos-ecosystem chains like (Terra, Secret, Juno) and Solana were all built using Rust. This has led to Rust increasing their TVL dominance to 11% from basically nothing the past year.
• This can also be an indicator of what programming language coders should learn to be exposed to the most money.

Notable Tweets

LFG Voted to Capitalize Anchor Yield Reserve

1/ The http://LFG.org board has voted to capitalize the
@anchor_protocol yield reserve by 450M UST.

Details here: https://t.co/Q3CWk2IGoX

—Do Kwon (@stablekwon) February 10, 2022

Andre’s Solidly Exchange Goes Live

solidly.exchange is live

Addresses: http://github.com/andrecronje/solidly#mainnet

SkullExperimental software
SkullHigh risk of loss of funds
SkullToken is not trading, any $SOLID is a scam
Skull0 financial incentive to participate

h/t @0xAlphaInsider for animation

— Solidly (@solidlyexchange) February 10, 2022

Explaining the 2016 Bitfinex Hack

What do:

• $4 billion in missing $BTC
• Female rapper RAZZLEKHAN
• Forbes magazine
• the US Department of Justice

Have in common?

A thread on the 2016 Bitfinex hack, its resolution, and the implications.

The strangest crypto story of the year (so far, at least):

🧵👇

pic.twitter.com/MzQ3UxzMpc

— Jack Niewold (@JackNiewold) February 9, 2022