Daily Digest 9/2

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

The IRS goes undercover on the dark web taking down an alleged drug dealer by tricking him into sending $180,000.
The IRS took advantage of the pseudo-anonymous nature of crypto using the name “Mr Coins” on LocalCryptos.com.
A warrant was issued for Chase Hite of Evansville, Indiana who sent the transactions to the IRS multiple time.

Braintrust wants to decentralize the freelance market to fix the poor user experience on traditional websites that allow anyone to join.
Users that want to join have to be vetted and approved by the other users.
The users that do the vetting are incentivized to add quality members because they will receive token rewards with each invoice those members receive.
According to numbers shared with Decrypt, the network is on track to do $31 million in invoice volume this year.

UXD is an algorithmic stable coin like DAI or Tether; however, it automatically generates interest and is built on Solana.
UXD claims to be the first to be backed by delta-neutral positions, a hedging strategy from portfolio management that uses multiple positions with balancing positive and negative deltas.
The yield on UXD will depend on market conditions but it should be around 10% APY.

Open interest on Solana, DOT, and ETH over the last 7 days could be an indicator of the current level of greed in the market right now. High open interest and high price might indicate that a project is currently being over-leveraged. When the market crashed in May one of the biggest factors was the large amounts of money that was liquidated by traders using leverage to try and increase their profits.

ETH To BTC Ratio 9/2/21