???? a16z's UK move sparks... TeaFi?!

GM Legends,

A glorious morning after the weekend’s capitulation by Scimitar Capital as the markets have turned green AND the #FireGaryGensler Twitter campaign begins led by Congressman Warren Davidson.

In true crypto lingo… SEND EVERYTHING WITH HASTE!

Today we take a look at 3 things to get excited about.

This is the TLDR version of The Ape Enclosure Newsletter. For more top-notch DeFi insights, news and Twitter reads hit that?Subscribe?button with haste!

Need to know.

The big story.

?? Capitulation, Armstrong vs Gensler & WDF is TeaFI?!

DeFi insights.

?? GMX V2 rumours… end of June?

?? Polygon 2.0’s new token launch

?? GM degen: A look at the BTC chart

In the news.

?? #FireGaryGensler Twitter campaign begins

?? Sturdy Finance off $100,000 bounty reward

???? ?? What the FED?! Mark these dates off!

Plus Twitter reads from @TaschaLabs, @CRInvestor and @defi_mochi!

?? The big story.

?? Capitulation, #FireGaryGensler & WDF is TeaFI?!

Ok, so in logging on this morning the market decided to turn green. But altcoins are still bloody.

Can dev please stop the bleeding on the altcoin markets?!

Seriously, idc if it’s a buyback and burn, the biggest buy competition or wen marketing campaign?!

That being said we’ve been digging into the latest developments across DeFi to find 3 things that are worth getting excited over.

Number 1 - TeaFi

We’re calling this one TeaFi… yes, TeaFi.

At the stroke of midnight Chris Dixon, a16z General Partner, made the official announcement that the investment giant will be setting up shop in the UK this year along with their first UK-based Crypto Startup School event coming in 2024.

?This is a huge win for the UK crypto scene as it highlights that innovation is here and regulation is a high 5 and fist bump away from being globally welcoming for developers, VCs and retail investors.?

It also helps that a16z has just led the series A round of investment for AI computing protocol marketplace gensyn.

Why get excited?

Numero go up! We hope…

A16z is a whale in the crypto space which may be the “safu” signal that smaller VC firms need to ape into the UK crypto markets.

Number 2 - The expansion of DeFi

Scimitar Capital capitulated their books at the weekend which led to on-chain dexes and derivatives platforms PUMPING with the highest daily volume in the past 30 days.

Volatility seekers headed on-chain to cash in on the discounts presented by the market, however…

… some volatility seekers got caught up and rekt as the market makers liquidated over $423m.?

Aside from the capitulation, this brings to the forefront that on-chain trading is still alive and well. Even if it is currently in its “loading… please wait” phase of the market cycle as builders continue to build, beta test and prepare themselves for launch.

Vertex Protocol continues to build, beta test and prepare themselves ready to duke it out in the “battle of the perps” I’m anticipating we see.?

Hyperliquid is a perp dex that’s currently going through its alpha-testing phase and peeking behind the scenes… it looks like it could be one of the main features in the battle of the perps.

Mux Protocol was another BIG winner over the weekend and a platform that silently delivers.?

So yes, the expansion of on-chain trading and defi, in general, is another area we are excited to see thrive toward the back end of 2023.

Why get excited?

Numero go up up up and fingers crossed we don’t all get liquidated in the process!

Higher volume + higher usage = a wonderful world.

We are a long way off that equation becoming true BUT given time, a burst of innovation and much-needed liquidity and I think we’ve got a recipe for a beautiful world of defi degeneracy ahead of us.

Number 3 - Armstrong vs Gensler

In trying to protect the people Gensler has financially rekt a nation, capitulated retail and made himself look like a complete dumba**.

Crypto is now putting its final bag of hopium into Coinbase CEO Brian Armstrong as he is set to take on Gensler in a Battle Royale the likes the internet has never seen before.

Player statistics:

This will not be a simple case as it brings into question the classification of cryptocurrencies as a collective bag of assets. What we all hope this case does do is provide key regulatory guidance as to what exchanges can and can’t do while giving market speculators, that’s you and I, a safer place to get liquidated… I mean… a responsibility trade.

Why get excited?

Numero… probably going to go wild in both directions as we saw at the weekend.

What would be great, right now, is to see first draft of the “Crypto Regulation for Dummies” book being published.

BONUS: blocmates Larp ??

Why get excited?

I don’t know but there aren’t 13 months in a year… ??

Must be larp.

Our Take

Dev DEFINITELY needs to do something otherwise it looks like the charts are all going to goblin town. Bitcoin could slam dunk down to the $20,000 marker whilst Eth sees a $1400… let’s hope the LSDFi narrative can keep it propped up!

In the meantime, there’s still a lot of cool innovation happening in crypto…

This is the TLDR version of The Ape Enclosure Newsletter. For more top-notch DeFi insights, news and Twitter reads hit that?Subscribe?button with haste!

Disclaimer: None of what has been stated in past, present or future newsletters should NEVER be considered financial advice. This is just for entertainment purposes only and always do your own research.?