Crypto's Political Pressure Cooker ($)
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- 🤔 Market Overly Bearish on ETH ETF Odds: Coinbase Institutional. Denial is still likely, but there are reasons to expect a surprise.
Read more on Bankless. - 🇳🇬 Binance Exec Denied Bail in Nigerian Court. Tigran Gambaryan has been detained for nearly 3 months.
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📊 Building Strength. While broader crypto alts have struggled to catch a bid since mid-April, many are lighting up the charts with green today! Can this rally persist?
| Prices as of 5pm ET | 24hr | 7d |
|
Crypto $2.42T | ↗ 2.9% | ↗ 8.0% |
|
BTC $66,918 | ↗ 2.6% | ↗ 10.4% |
|
ETH $3,090 | ↗ 5.1% | ↗ 6.8% |
America is about to pick its next president, and this time, crypto is part of the conversation!
It's shaping up to almost certainly be a race pitting Joe Biden versus Donald Trump (with long-shot contender Robert F. Kennedy, Jr. waiting in the wings).
In this article, let's dig deeper into this pressure cooker of political process and turmoil and see where the major parties have stood and currently stand 👇
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🧑🌾 Farming Alpha: Onchain yields continue on the march downward; those worried that yields will continue to compress can opt into fixed returns on LRTs and Ethena assets with Pendle. Ethena’s decision to reduce the take rate on its insurance fund supercharged implied yields on sUSDe this week, but given the shift into a more depressed rate environment, the benefit is likely fleeting, increasing the attractiveness of locking in the boost with a PT on this asset.
Synthetix is offering massive amounts of SNX and USDC rewards to incentivize deposits to its Base V3 liquidity pool, meanwhile Aerodrome is leveraging token incentives to reward deposits into its stablecoin swap pools. Fraxlend remains the premier venue to generate variable rate bluechip returns on BTC.
Top Opps:
- 🟠 BTC: 11% APY with Fraxlend’s WBTC pool on Ethereum
- 🔵 ETH: 26% APY with Pendle’s rswETH (Swell L2) PT on Ethereum
- 🔵 ETH: 22% APY with Pendle’s ezETH PT on Arbitrum
- 🟢 USD: 53% APR with Synthetix’s USDC vault on Base
- 🟢 USD: 45% APR with Aerodrome’s DOLA-USDC vault on Base
- 🟢 USD: 44% APY with Pendle’s sUSDe PT on Ethereum
- 🟢 USD: 44% APR with Aerodrome’s crvUSD-USDC vault on Base
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.