#48 - LNM Fam, Blocktank, Volatility, and much more!
⚔️ LNM Fam
Our very own first metaverse is now live! It is called the “trollbox”. Land is not scarce there. And you can join it clicking on Trollbox on the lower right hand side of LN Markets.
We launched the first LNM meme contest and oh boy what a nice surprise to receive so many good submissions! We laughed, we were amazed by your skills, and we thank you all for your amazing submissions 🧡
The 3 winners are:
🏆 @StephaneBres on the magic of instant trading
🏆 @creativowinder with a nice margin collage
🏆 and @AndrejCibik with a much honest proof of work 🧑🌾
🏆 We have been so amazed by your arts & crafts skills that we have decided to create a special jury prize to reward an additional winner: @_Asheeqa, with a stunning piece which completely blew our minds 🤯
🎁 All winners received a free option (call or put, their choice) on LN Markets for a quantity of $10,000 🔥
🌱 Ecosystem
Synonym has announced the launch of Blocktank LSP, a new set of open-source tools and services that enables business, apps or online platforms to monetize and automate Lightning node services.
As we’re quite excited by what Synonym is building, we asked its CEO John Carvalho to share his vision 🙏🏻
Hi John, your company Synonym has big goals. The first one is to obsolete the banking system and replace it with the Lightning Network with better products - a mobile wallet (Synonym), a Lightning Service Provider (Blocktank), and tokens on Lightning, starting with instant Tether. Can you walk us through each of these products and how they will enable you to realize your vision?
John Carvalho: Our goal is to build a post-hyperbitcoinization ecosystem, which we will bootstrap by creating and serving all of the minimum apps, protocols, and services required for an alternative economy that does not rely on Big Banks, Big Tech, or Big State.
The first set of products includes, Blocktank, Slashtags, a wallet, a content publishing & monetization platform, and a social media platform. The first three products will definitely launch this year in a cohesive way, and maaaaybe one of the platforms.
The problem is that we have invented a lot of cool things this year with the tech we already have, and this is changing some of our priorities. This means we will announce some other surprises 🙂.
Blocktank, as an LSP, or Lightning Service Provider, helps glue together Lightning connectivity for businesses and apps in various ways.
Slashtags is set of methods for rebuilding the web using offchain keypairs. We will provide tools to anchor metadata to keys to allow for webs of trust and truly decentralized applications.
Our wallet will be the latest advancement in Bitcoin, Lightning, tokens, and web user experience and features. It'll be like nothing you have experienced before.
After that we will resume work on the publishing and social media platforms that demonstrate the power of Slashtags by combining it with Hypercore tech. Hypercore is like a much cooler version of Bittorrent, that allows encrypted storage, swarming, holepunching, and more.
I could go on and on about our vision and how all these things interact to empower Bitcoiners, but this is probably enough to think about for now!
👉 See Blocktank LSP full presentation here
📊 Intraday volatility reached May 2021 highs on Thursday last week
By @VetleLundeThursday last week was far more volatile than what we express using day-to-day daily price changes.
To compare this Thursday to previous erratic days in the market, we’ve examined the average hourly high low difference in BTC both in the spot market and in perps.
On Thursday, May 12th, each hour on average saw 3.68% deviations between the high and low prices in the spot market. The intraday volatility has not been this high since May 20th, 2021.
Only seven days since January 1st, 2020, have seen larger average intraday movements in price.
March 13th is by far the most extreme day in terms of intraday volatility. Also, the extremely brutal markets last May are noteworthy, seeing three consecutive days of intraday volatility higher than what we saw on Thursday.
In general, days of high intraday volatility tend to occur during steep sell-offs.
The short squeeze on July 26th is one of few up-days in the markets with extremely elevated intraday volatility. The key contributor to surging intraday volatility tends to be massive destabilizing effects in derivatives with leveraged positions unwinding, causing knock-off effects in all associated markets.
Surprisingly, the spot market tends to see more extreme differences in times of stress compared to perps. We are surprised by these results, as we expected liquidations to generate more extreme deviations in perps. Nevertheless, the available liquidity in perps might lead active market participants to react more efficiently during growing volatility, while spot markets react less swiftly to sudden shocks.
👉 Check out the new Arcane Research’s platform
⚡ Bonus
⚡ All roads lead to Lightning! (1/2)
⚡ All roads lead to Lightning! (2/2)
🎟️ Big FOMO incoming for these three 100% Bitcoin conferences!
👉 Surfin’Bitcoin in Biarritz, France on August 25-27
👉 Baltic Honeybadger in Riga, Latvia on September 3-4
👉 Adopting Bitcoin in San Salvador, El Salvador, on November 15-17
🤝 Reach out on Twitter, Telegram and Discord to build together the future of finance on Bitcoin!