Last weekend, we released an update to FlipFOMO so you can now search by a specific token, and it will backfill transactions based on your criteria (slippage, min price, token name). This should make it more interesting as you can get specific trades for specific coins rather than a live-only feed.
This was handy already for finding some Coinbase-related shenanigans with KEEP. Today, we're seeing it again with BOND and a few other tokens. I'm hearing that Coinbase's API was teasing out new tokens for a while, and is now fixed. I don't know if it's just been that, or if leaks are occurring otherwise, but it's showing up on-chain pre-listing as these tokens move prior to announcements.
We hope you enjoy the new filter! If you want to sit at your desk all day with FlipMetrics open, watching your favorite token's trades stream in, we won't mind :)
We have a lot more updates both for FlipFOMO and broader transaction views on the way.
Enjoy the rest of the newsletter, and we hope you have a great day!
Remember the TITAN
A bunch of people asked us if we could explain what happened with Iron Finance. The short version is that the governance token went to 0 as the under-collateralized “stablecoin” lost its peg:
The idea behind the IRON stablecoin is one of “efficiency”. Other on-chain stablecoins like DAI are over-collateralized. For every $1 of DAI, there’s ~$1.75 worth of crypto assets in the DAI system. In the case of USDC (and supposedly USDT), there’s $1 sitting in a bank account somewhere for every $1 on-chain. Couldn’t we do better than that?
The whole story is wild, including how $270m got locked in the contract because the code didn’t include “greater than or equal to” rather than just “greater than” 0 to redeem collateral.
IMO, Jon Wu has the best overall piece on what happened, and how it was inevitable.
It’s never good when “what we never expected to happen” ends up exactly what happens. When the stability of the network is contingent on the price of the token, it’s doomed from the start; it just matters who triggers the domino effect. Looks like it was Loops and co.
The outskirts of Goblintown
For active traders and long term investors alike, the markets have been in a tumult this week. At this moment, ETH sits just above its 200 day moving average. Bitcoin lost its 200 day a while back.
By almost any measure, we began a bear market weeks ago. Now that we're down over 50% from the highs, most of us are feeling it. The question is whether it’s cyclical or secular.
I was a big believer that we’d have a mini bear market this year. I didn’t expect it this soon, but I also didn’t expect us to go up so quickly. Even if we do recover from here, I expect it’ll take some time to “repair” the chart, and a period of no-new-highs consolidation is in order.
Best case scenario, my personal take is that we have a chance to make new highs toward the end of the year. That’s unfortunately my best case scenario.
The information in this newsletter should not be construed as investment advice, it is purely educational and entertainment material and you should always do your own research before buying.