Figma's IPO - Figma is planning to go public on the New York Stock Exchange under the symbol FIG [1] - Figma reported $821 million in revenue over the past year, with a 46% year-over-year growth rate [2] - CEO Dylan Field highlights liquidity and community ownership as reasons for going public [3] - Figma expects to invest in its platform or pursue M&A at scale [4] Market Dynamics - Adobe previously attempted to acquire Figma for $20 billion but abandoned the plan [3] - The discussion revolves around companies staying private longer and the implications for public markets and liquidity [4] - There's a conversation about tokenizing the private market and its potential impact [5] - Concerns are raised about allowing non-accredited investors to buy into private companies due to disclosure requirements [6] - There's a move on the SEC to potentially widen the definition of accredited investors [7]

Market Analysis & Investment Thesis - The market sentiment suggests altcoins are currently undervalued and potentially poised for a rally, despite prevailing skepticism [46][49] - Bitcoin's price is range-bound due to existing holders selling, necessitating new money inflow for a breakout [22][23] - Long-term Bitcoin holder supply is at all-time highs, indicating a strong base for potential future price appreciation [34][36] - Illiquid Bitcoin supply is also at an all-time high, suggesting strong holder conviction and a solid foundation [37][38] On-Chain Metrics & Valuation - ETH and Solana are trading near their cost basis, suggesting fair value and potential buying opportunities [64][66] - ETH's market cap has historically bottomed when touching the ecosystem's Total Value Locked (TVL), indicating a potential floor [74][75] - ETH is currently trading just below its 4-year moving average, historically a good buying zone [80][81] - Pepe, as a high-beta asset, may outperform ETH, with its Market Value to Realized Value (MVRV) ratio indicating a potential buying opportunity [88][90] Altcoin & DeFi Projects - Athena (ENA) is a yield-bearing stablecoin with a reflexive mechanism tied to ETH's funding rates, presenting a bull market play [104][105] - Athena's stablecoin supply could potentially reach $20 billion, contingent on open interest in Ethereum, which may drive token rally [120] Macroeconomic Factors & Liquidity - Global liquidity is a key driver for crypto markets, with potential rate cuts from the Federal Reserve and fiscal spending being key factors to watch [139][150] - Historical data shows an inverse correlation between the Fed funds rate and ETH price, suggesting potential upside for ETH when rates decrease [153][154]

THE M2 GLOBAL LIQUIDITY HITS ANOTHER NEW ALL-TIME HIGHBITCOIN TARGET IS NOW SITTING AT $175K FOLLOWING THE GLOBAL MONEY FLOW https://t.co/VJ0KOAwPg3 ...

xStocks on solana: $1.5M vol across 61 assets, no kyc, 10% premiums, limited liquidity per @BasedMoneyLichrobinhood x arbitrum: 200+ stocks, bitstamp integration, sequencer revenue sharinginfrastructure gap getting real. sol = degen access. arb = trad fi rails. ...

Singapore government bonds are trouncing developed-market peers, and the rally may have legs as ample liquidity and limited supply continue to weigh on yields https://t.co/XwInIVVmd5 ...

RT Redwan (@RedoudouM)Ethereum is the ecosystem with-The Tech > EVM is the standard for enterprise-The Distribution-The Liquidity135B of stablecoins live on Ethereum. ...

Get more in the banks with Chris Marinac. He's director of research at Janney Montgomery. Scott, Chris, great to have you back. Nice to see you.Any surprises to the upside or the down. I guess there really were no downside surprises, but any surprises there. I think you're going to see more buybacks and I think on Tuesday when the banks were free to discuss their share and and capital returns, it'll be positive.The average bank in the stress test this year had a 3% decline in shares outstanding from the end ...

India’s central bank drained $10 billion of liquidity from the banking system, slightly less than its targeted amount https://t.co/sptWJTSbfV ...

Core Viewpoint - The bond market showed slight recovery with government bond futures mostly flat, while interbank bond yields fell by approximately 1 basis point, indicating a cautious trading environment as the end of the quarter approaches [1][5]. Market Performance - Government bond futures closed mostly flat, with the 30-year main contract up by 0.10% at 120.720, while the 10-year main contract fell by 0.02% to 108.950 [2]. - Major interbank bond yields declined, with the 30-year government bond yield down by 1.5 basis points to 1.849%, and the 10-year government bond yield down by 1 basis point to 1.7175% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down by 4.02 basis points to 3.7786% [3]. - In the Eurozone, 10-year French, German, Italian, and Spanish bond yields increased slightly, indicating mixed trends in the European bond market [3]. Primary Market Activity - Heilongjiang Province's local bonds saw high bid-to-cover ratios, with the 3-year bond receiving a bid multiple of 19.51 and the 5-year bond at 22.85, reflecting strong demand [4]. Liquidity and Monetary Policy - The central bank conducted a reverse repurchase operation of 5,093 billion yuan with a fixed rate of 1.40%, resulting in a net injection of 3,058 billion yuan for the day [5]. - The overall liquidity in the market remains stable, with slight declines in overnight and seven-day repo rates, indicating a controlled liquidity environment [5]. Institutional Insights - Zhongyou Fixed Income noted a surprising increase in demand for ultra-long credit bonds, driven by public offerings and insurance funds, suggesting a positive short-term outlook for this segment [6]. - CITIC Securities highlighted that the current bond market may continue to experience a range-bound pattern due to the absence of key variables, with potential for both upward and downward breaks depending on fundamental and policy adjustments [6].

Wait, so Katana launching because a proposal to use assets idly sitting on the Polygon bridge failed due to backlash?Instead, Polygon incubates Katana as an L2 on Polygon (making Katana an L3?).The proposal to use bridge funds caused Aave to abandon Polygon altogether as it would:1) deposit assets to a competitor Morpho2) pose significant risks to bridgoooorsKatana is a compromise or a second-best option.But it makes sense as Polygon's bridge funds won't be touched. And $POL stakers will get 15% of the KAT ...