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OpenSea Revival, PhantaBear Surges, Convex Accumulates FXS

Jan 10, 2022 · 3 min read

By Joo Kian, and Genevieve Yeoh

Is Another NFT Season Upon Us?

  • OpenSea started off the year with an explosion in trading volume and active traders. Over the past few days, daily volume has averaged around $200M – $250M.
  • This level of trading volume was last seen during the Aug. to Sep. 2021 NFT bull market. Compared to the previous volume spike, current volume seems to be driven by projects like BAYC and MAYC instead of new NFT mints.
  • Yesterday was also OpenSea’s most active day, which totaled 80K daily active traders. (Note: Active traders are classified as users that transacted at least once.)
BAYC Dethrones Punks, PhantaBear Soars
  • The BAYC floor has decisively flipped CryptoPunks and is now 27% higher at 77.99 ETH. Meanwhile, Punks have dipped to a 60.95 ETH floor. This comes as BAYC continues to garner attention with more celebrity purchases and partnerships.
  • Pranksy, a popular NFT collector, recently acquired a ‘Gold Ape’ Doodles for a record $1.1M, the highest sale of a Doodles NFT.
  • Mega Mutant Serums gained traction today as it received a new record bid of 1750 ETH ($5.5M). This comes after the 1542.069 ETH purchase last week by Deepak Thapliyal, CEO of Chain.
  • PhantaBear is the talk of the town this week, with its floor price growing from 0.34 ETH on Jan. 1 to 6.17 ETH today—a whopping 1800% growth in just 10 days. PhantaBear was launched by the popular Mandopop artist Jay Chou on Ezek, an NFT platform. Holding one PhantaBear acts as a membership card to the Ezek Club and enables access to future virtual concerts. PhantaBear sales are mostly during Asia hours, which makes sense given Jay Chou’s fanbase.
Implied Volatility Continues to Trend Down
  • Implied Volatility has compressed over the last couple of months, and it’s continuing to do so going into 2022. As the market seems to be sustaining its trend lower, this is not all that surprising.
  • The one-month ATM implied volatility of both BTC and ETH shows a spike on Jan. 6 after the sharp sell-off. However, IV continued to trend down in the days after as nothing had meaningfully changed. Price continues to move gradually in the direction of the current trend.
Convex Accumulating FXS
  • Since Convex launched its cvxFXS platform, deposits of FXS have grown to over 2.5M (or ~$94M) over a span of 2.5 weeks. FXS has doubled in price over the same time horizon.
  • Users deposit FXS in exchange for cvxFXS (to be received at a later date), and the protocol then locks it as veFXS for 4 years.
  • The much-anticipated FPI airdrop is likely a key driver of FXS deposits. It has been publicly announced that users depositing FXS into Convex will be eligible for Frax Finance’s FPI (Frax’s Price Index) airdrop at the “maximum possible multiplier.”
Notable Tweets

LooksRare Airdrop for OpenSea Users

ImmutableX listing on Binance

Andre Cronje on ve(3,3)

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