27th November 2023 > > LINK & USTC.

tl;dr

LINK staking and the return of USTC.

Market Snap

Market Wrap

After all the recent bonhomie some commentators are warning that the approval of a spot BTC ETF may in fact be negative for the price of BTC. Peter Schiff is of course in that camp, but he can be safely ignored. Analysts at J.P. Morgan are sceptical too, but they do generally have a downbeat outlook.

Steno Research analyst Mads Eberhardt believes the story is overdone:

“However, in contrast to another prevailing market consensus, our expectation diverges; we anticipate that the introduction of the ETFs will exert more selling pressure than buying in the short term…”

Brian Dixon, president of Off the Chain Capital, concurs:

“You’ll probably see a short-term increase and then a drawdown. But then, when they become operational, that’s when we’ll see the much larger increase.”

Occasional Series – WFH

Now that the definition of working has expanded from WFH to WFHoliday (a recent innovation to ensure that our public services become even less efficient than before) this is my latest spot in my ongoing search for the location for our second overseas office:

Curious Cryptos’ Commentary – LINK (Chainlink) staking

After our discussion about GLNK (Grayscale Chainlink trust) trading at a whopping premium to asset value, today is the day that LINK v0.2 staking starts, or at least it starts for those who participated in v0.1 staking:

https://blog.chain.link/chainlink-staking-v0-2-early-access-eligibility/#:~:text=The%20launch%20of%20Chainlink%20Staking,have%20guaranteed%20access%20to%20v0

On December 7th, 2023, “Early Access-eligible addresses” can join the party and then on December 11th,2023 anyone can join “provided the pool is not yet full”.

The pool is limited to 40,875,000 LINK for community members capped at 15,000 per member. That equates to over $220k market value at the maximum cap so I suspect there will be space for more than just the 2,725 individuals if each one contributed up to the cap.

Staking v0.1 gave rewards of a touch over 4%. This is not a reason to become a LINK holder, but if you are already a hodlr, and intend to remain so, I see no reason – unless you are very squeamish about code and contract risk – to remain on the sidelines.

You can check your availability for Early Access here:

https://staking.chain.link/eligibility

Curious Cryptos’ Commentary – USTC (TerraClassic stablecoin)

Does the return from the dead of USTC (the TerraClassic stablecoin that proved to somewhat less than stable) mean we are at the start of the bull run, or the end: