Daily Digest 10/4

Insight on the biggest news and charts that provide context for whats going on in the market today.

The founders of NFT sensation, NBA Top Shots, is having a big month in terms of their partnerships.
Last week Dapper Labs announced that they were going to be releasing an NFT project partnered with the NFL and today they have acquired Brud. Brud is the company behind Lil Miquela.
Dapper Labs has also revealed exclusively to Decrypt that the company is starting another branch called Dapper Collectives that will be focusing on DAOs.
A DAO is a decentralized autonomous organization which allows people to create their own communities and corporate structures without one centralized hub.
They will be taking two different approaches to enabling DAOs. The first will be releasing tools that will give creators the ability to start their own DAOs and the second is that the team will consult and collaborate with existing companies and help them transition to a DAO.

The report from Nikkei is showing that at least 1.4 billion yen in underreported taxes and that a large part of those unaccounted gains was from Cardano.
Japanese traders have been taking advantage of the crypto and tax grey area which has seen an increasing amount of crypto investments to pay less in taxes.
Nikkei is also estimating that of the $12.6 million in unreported taxes at least $6 million can be attributed to Cardano transactions. The person close to the audit said investors were not declaring profits or intentionally evading paying taxes.

Cream Finance was hacked in August getting drained for millions of dollars from the protocol as they were yet another on a long list of defi exploits this past year.
With the help of Lossless, a DeFi security company, has helped Cream recover 5,152 ETH of the over $19 million dollars that was lost to the hack.
Lossless was able to retrieve the funds by taking advantage of their “extensive connections within the world of hackers”
“We managed to track down the hacker manually and retrieve the stolen funds for CREAM Finance. You could say it was sort of cyber detective work, not an easy task. Thanks to Pascal Caversaccio, one of our white hat hackers, who helped us to track down the hacker."
Lossless also wants to start a “hack mitigation” tool that exchanges can use that will have features such as freezing accounts with suspicious activity to allow for time to investigate.

The amount of unique tokens moving on the Bitcoin network has hit its highest week since the crash in May.
Token circulation only shows the number of unique bitcoins that have been transacted. If the same token is transacted 5 times in a day, it will only be counted once by token circulation.
An uptick in unique tokens changing hands is bullish for price movement this week because it would mean that there are more BTC being moved off exchange or being hodled. This can give the price a boost as it is essentially a fight for that same singular token.

10/4 DeFi Analysis: AAVE VS COMP