OpenSea Valuation Plummets 90%

OpenSea Valuation Down Amid NFT Market Downturn

OpenSea's valuation has plummeted by 90% per Coatue Management, dropping from a high of $13.3 billion after a $300 million funding round in 2022. The NFT marketplace also cut its workforce by half earlier this month.

The NFT sector remains sluggish despite a recovering crypto market, with weekly sales falling from 176,000 to 23,000, and sales value decreasing from $118 million to $62 million. Read more.

Bears can swim too...

☕️ On today's Top Picks:

📰 Crypto News

• Kraken seeking partner to build layer 2 network similar to Coinbase with Base.

• Bitcoin temporarily stopped producing blocks for ~1 hour on Nov 7th

• Near Foundation refusing to redeem Wintermute's Near stablecoin $USN worth $11.2M because of its suspicious origin and that it may be related to illegal activities. Wintermute has stated it was assisting the FTX liquidator in selling the asset.

• Circle rumored to go public next year with an IPO. Circle was previously valued at $9B when it attempted to go public in 2022.

• Michael Barr, vice chair of the Federal Reserve for supervision calls for strong federal framework for stablecoins, attributing the call to concerns that private entities are creating private money.

• SEC struggling to hire cryptocurrency experts as it prohibits employees from holding crypto assets.

• Coinbase adds four national security experts to its Global Advisory Council in an effort to, "...examine what consequences will result from regulatory uncertainty for crypto in the United States..."

• AVA Labs lays off 12% of its staff to, "Reallocate resources to double down on growth."

• Gemini CTO Pravjit Tiwana leaving the company according to anonymous sources.

• Binance launches self-custody crypto wallet within the Binance app.

• Nil Foundation announces Ethereum ZK-Rollup with sharding support.

• Optimism Canyon upgrade set to go live on Superchain testnets on Nov 14th. Optimism Canyon includes Shanghai and Capella hardfork support and several minor bug fixes.

• Evmos to end Cosmos support to focus exclusively on Ethereum in a strategic move to simplify Evmos.

• Gitcoin Grants 19, final day to apply.

⚡ Alpha

• Sandeep Nailwal (Polygon Founder) teases announcements set for Nov 9th and Nov 14th.

• Arbitrum Odyssey Reignited Week 5 quests are live.

• Linea DeFi Voyage launches on Intract.

• Polygon zkEVM Saga Campaign Week 3 quests expiring in less than 24 hours.

• zkLink launches campaign on Intract.

• Gitcoin releases Web3 Grants Report NFT on Public Goods Network for 0.0025 ETH (~$4.69) until Nov 15th. Proceeds of the mint go towards Turkish charities.

• Frame testnet is live for everyone. Bridge at least 0.001 SETH via Sepolia to claim a badge.

🪂 Airdrops

• Alpha Insiders posts thread about Ambient Finance airdrop strategy on X.

• DeFi Airdrop posts thread about Aevo airdrop rumors on X.

📰 Finance News

• HSBC to launch storage services for tokenized securities that will complement its HSBC Orion platform.

• Citigroup to pay $25.9M for discriminating against Armenian-American card applicants.

• Take-Two Interactive stock surges ~6% amid Grand Theft Auto 6 announcement.

🛡 Security and Exploits

• MEV bot exploited for ~1K ETH as permission limits were not set on its functions.

• SlowMist issues security alert regarding Apocalypse Cool game because it is a trojan virus.

Token Unlocks

• Euler / 140.74K $EUL / ~$493K / NOV 08

• Moonbeam / 9.68M $GLMR / ~$2.53M / NOV 10

• Aptos / 24.84M $APT / ~179.36M / NOV 11

💰 Funding

• Pimlico, an account abstraction infrastructure company; raises $4.2M in seed funding round led by a16z crypto.

• StablR, a stablecoin startup; raises $3.5M in seed funding round.

• Due, a global payments platform; raises $3.3M in seed funding round led by Semantic and Fabric Ventures.

• Citadel, a web3 game/studio; raises $3.3M in seed funding round led by 1kx.

• Kresko, a synthetic asset protocol; raises $1.8M in strategic funding round led by Electric Capital and Zero Age Ventures.

🌾 The Degen Farmer

Top stablecoin yield farms of the day, more than $1,000,000 in TVL. DYOR and beat the fed!

That's it for today's dose! See you soon.