February 8, 2023: Dump Laundering 🚚🧺
How to Take An Industrial-Sized Dump on the P00rs
Reddy for passive inc0000m?
Ackshually, we’re up more than 1% — total birbs have more than dubbled since the lowest birb round this cycle, up to a total of $3.12MM. This plus an additional $1MM on the StakeDAO Vote Market, and Curve has developed a nice tidy slush fund. Most importantly, birb revenues have survived both the bear, and now whatever hideous bearish-bullish hybrid monstrosity of a market we’re currently experiencing.
For the full breakdown of the market fun, we recommend Llanero as always.
Among the highlights is that the birb activity is diversifying lately, although the epicenter remains Frax Finance, as it is with all things DeFi.
If the past year of market activity has demonstrated nothing, we’d hope it’s crystal clear to everybody that the story of the flywheel is a fairly doctrinaire correlation with the price of $ETH. $ETH prices up, TVLs up, prices up, etc. $ETH prices down, reverse. Joined at the hip.
In a just world this fact would silence the lukewarm death spiral000r takes, but pure logic is always the first thing to spaghettify once the fudder enters the death spiral event horizon.
Amidst it all, an interesting new use case emerged for those playing on advanced mode.