September Blues, Arbitrum Goes Off, NFTs Aren't Dead
SEP 13, 2021 • 4 Min Read
Key Takeaways
The Fear & Greed index moved into a state of “extreme greed” in August as prices rose across the board. More recently, the market moved sharply into “fear” as major coins sold off last week.
On Friday, Arbitrum had a TVL of around $170M. That changed over the weekend though, as yield farms for speculative tokens like ArbiNyan and Carbon.fi (which is already down 99%) managed to spur FOMO and cause bridge volume to spike. Arbinyan’s ETH pool currently has over $1.45B of ETH. Meanwhile, Arbitrum’s ETH bridge custodies over ~$2b worth of ETH. It’s worth noting that a single whale wallet was responsible for ~168K ETH bridged.
Over the weekend we saw a massive uptick in Optimism bridge activity with over 9,000 unique depositors. Notably, the Optimism Twitter handle teased a ‘big news’.
Several NFT projects have been doing well on the back of utility token implementations. Cool Cats and CyberKongz NFTs have performed well recently despite cold feet in the NFT market.
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