Hey #FreewayFam,
Freeway Token redeployment: complete
If the last week has proved anything to me, it’s that Freeway probably has the best team anywhere in crypto.
After learning about the third-party Coffe exploit on Wednesday, we decided the fairest solution for our community was a full Freeway Token redeploy with new smart contracts, and our team acted fast to restore the circulating supply to its pre-exploit level.
Knowing some of our loyal users may be affected, we quickly provided expert support and updated the relevant accounts with Freeway Superchargers. I’m happy to say almost all requests for help have now been processed by our team and normal service has resumed on the Freeway platform.
But we didn’t stop there, because if we learned anything from the Coffe exploit, it’s that we can do things better.
We’re constantly looking for ways to improve the Freeway platform and make it the best it can be for our community. And we’ve already taken steps to strengthen our native utility token and our platform security, which you can read more about below.
With the new token redeployment now complete, we’ve had time to catch our breath. And, as always, we’re happy to answer any questions or concerns from the FreewayFam on our socials or in our live AMAs.
My co-CEO Graham Doggart held a live Twitter Spaces AMA on Tuesday, where he discussed the FWT redeployment in detail. It’s well worth a listen if you couldn’t make it, especially as Graham also revealed the results of our annual performance audit.
When you hear those results, I think you’ll agree that Freeway probably has one of the best projects anywhere in crypto too.
Our team has been working round the clock on improvements to the Freeway platform.
In the last week, we upgraded our BEP20 contract on Binance Smart Chain to match our ERC20 contract on the Ethereum network. Now, both contracts can be paused with immediate effect, should any future need arise.
We also switched the liquidity pools on both contracts to stablecoins, to help shield FWT from volatility in crypto markets.
We changed our blockchain bridging solution for FWT to remove the need for a third-party provider. We’re working on an in-house custody wallet solution from an industry-leading network who is responsible for 15% of all crypto traffic, and provides multi-layer security that eliminates a single point of failure.
Finally, a company is only as strong as its weakest link, so we are conducting a full review of our due diligence procedures for Freeway’s third-party service providers, as part of our compliance management system.
This week started with a welcome pump for crypto, which lifted our Supercharger simulation to an all-time high on Tuesday, of well over 160 million USD.
While that total obviously fluctuates with the market, one thing that continues to rise is the amount of FWT held on the Freeway platform, which now stands at an incredible 90.59%.
Here are the latest figures in full…
- US Freeway users = 5,795
- US total Supercharger simulations = $32,718,281
- US closed-loop FWT staked = 621,382,439
As if our tech wizards weren’t busy enough this week, they also found time to make a number of upgrades to the Freeway web app.
New messaging makes it clearer for users who change their Notice Period, so they can see how long any new sell orders may take to complete.
The screen below is an example of a user who has increased their Notice Period to 30 days for Supercharger sell orders.
Telegram: @NumBrrrGoUp Twitter: @CDiakonos
Eryck has been in the FreewayFam since 2020, so this recognition of being a valued member of the community is well overdue!
In the early days, Eryck was quite trigger happy on socials in spreading Freeway’s news and continues to be both entertaining and super helpful to other members of the community.
Your banter with Olivia and Rylan constantly keeps everyone entertained, we appreciate your light-hearted approach to life and we’re lucky to have someone so engaged with the community for such a long time as you.
Thank you for being you! And congratulations on this week’s GOTW!
Agent Alpha’s statements are solely his own opinions and market commentary, are for entertainment, and are neither endorsed by, nor represent the views of Freeway. You should always do your own research and seek independent expert financial advice.
This is my last ‘Alpha’ before I head off on a two-week summer break, so here’s a broad outline of how I see these markets in the current setup. The ‘noise’ out there is exponentially cacophonous with the geopolitical, macro, and micro colliding like never before. And let me tell you, it is confusing the hell out of all the pros, from the feedback that I am getting.
So I am going to cut through to what really matters, and to do that I must go back to the obvious point on central banks and liquidity.
The BULL argument is shifting incrementally toward what I have been saying since November ’21, when Fed Chair Powell converted from uber dove to an uber hawk and kicked off this painful 9-month market dynamic. He forced investors to shift portfolios to an inflationary backdrop, thereby setting off a rate global sell-off, mass market rotation moves, Emerging Market FX crises, and all the rest of it.
Now that BULL argument is premised off the growing realisation that the FED will NOT see through the magnitude of hikes and liquidity withdrawal that it has been consistently signalling, and that further rate CUTS will likely materialise after the shortest and shallowest hiking cycle in the FED’s history.
That’s it. That is the argument and the no.1 narrative that truly matters.
Just to give the latest update on market hiking pricing expectations from the FED below.
For this BULL argument to win out?
We must see consistent US macro calamity readings that will tell the FED it has already gone too far with its rhetoric alone, let alone ‘actual hiking action’. And evidence of that calamity is building with each passing data release.
To the latest US macro: we saw a Philadelphia Fed outlook for July plummet to -12.3 vs +0.8 expectations yesterday.
We are also seeing ongoing evidence of the US employment picture crumbling, with the latest stat being initial jobless claims hitting 251k vs 240k expected, and continuing claims now turning also more than expected. You can see from the chart below the delayed nature of continuing claims to initial jobless, which is the structural metric to unemployment claims aka ‘sticky’. So what I am saying here is that the structural unemployment picture is very soon going to be showing notable deterioration in the US.
The US job listings chart for three months has been rolling & remember the FED has explicitly noted the JOLTs job openings survey as a metric it is watching intently, and my bet is the JOLTs will be revised sharply lower in the coming prints and will be falling at ‘pace’.
I do find it amazing how so many strategists and investors are still not of the view that the US economy (and therefore the world), is not yet already deeply in recession?
This suggests to me that positioning is therefore still largely en-masse wrong out there. I alluded to this in the last ‘Alpha’ piece midweek with the latest Bank of America FMS (Fund Manager Survey) that pointed to the crowds being basically IN CASH and LONG commodities? SHORT interest rates? Defensively positioned? Or in other words, biased towards VALUE stocks over growth.
We must consider that IF the US is already in recession (and the Atlanta FED GDP tracker index that contracted in Q1, coupled now with the running Q2 GDP tracker at -1.6%, and HARDLY GETTING ANY BETTER with the latest macro calamitous stats coming out in real-time, confirms that the US economy is already in recession), then why would you hold cash?
Why would you be short rates and long commodities as demand destruction is underway and so forth? It doesn’t make sense, but the market is positioned precisely that way.
Demand destruction is going on in real-time (NB: Commodity broad index -20%+ in the last month or so), and this demand destruction is gathering downside momentum in terms of pace. So, we must logically be of the view (I am anyway) that the outlook is for LOWER rates (aka those cuts I have outlined beginning in early ‘23), which means cash destruction in real-terms, and would be premised off continuing commodity demand waning?
In plain English?!
There is a clear BIAS towards lower rate investment strategies. This is exemplified, incrementally (but is arguably gathering steam), in the second chart below showing GROWTH performing > VALUE. Growth stocks outperform (relatively) when rates fall and when fixed income curves FLATTEN.
I am going to go slightly left-field here, in the context of the DEFLATION NOT INFLATION environment ahead argument, that means LOWER rates in ’23, aka those CUTS and BULL arguments I keep on referencing.
Regular Alpha readers will recall I made a big deal of SNAKE ISLAND a few weeks back. This is the island retaken from the Russians by Ukrainian forces in the Black Sea, and the point I made was how important it was strategically, in terms of soft commodity export potential aka grains, considering the importance of Ukrainian wheat to global food markets.
Well……….
War and MI6 comments
Yesterday the UK Head of MI6 ‘Moore’ said this.
“PUTIN’S STRATEGY IN UKRAINE HAS BROADLY FAILED. *RUSSIA’S `BLUE COLLAR’ TROOPS USED AS `CANNON FODDER’. *RUSSIA CONTINUES TO `SUFFER BADLY’ ON THE BATTLEFIELD. RUSSIA `RUNNING OUT OF STEAM’ IN UKRAINE. NEEDS TO PAUSE”.
These comments confirm my view that this summer will prove to be the broad turning point in the war. Russia has reached peak invasion in territorial gains (which are actually quite paltry), and all aggressive talk about nukes is now fundamentally bluster in an effort to try and scare European leaders even further than they already are, so as to force some sort of settlement at the ‘zenith’ from Putin’s perspective of what he is ever going to achieve.
Back to Snake Island then, and it’s a clear sign of Putin’s weakness that a deal is just about to be signed between Ukraine and Russia, regarding grain export resumption from the Southern port of Odessa in Ukraine, through the Black Sea along the coast of Bulgaria and Romania, and through the Turkish controlled Bosphorus Strait. That recapture of Snake Island by Ukrainian forces was — as I said at the time — a VERY significant strategic win, and soft grain prices have been falling ever since. INFLATION PRESSURE in ‘FOOD’ continues to abate.
Do we really think Putin had any choice, BUT to agree? His navy doesn’t have the strategic power in the Black Sea to prevent it basically.
I flag this in the broad context of inflationary pressures turning into DEFLATIONARY and how such developments will help feed into the U-TURN coming from the FED in early ‘23.
Hope that makes some sort of sense? It all fits in together……..
My conclusion
The ‘noise’ is insane and the confusion exponential for the pros out there let alone retail investors, BUT the crux of it is SIMPLE. Think of these markets as DEFLATIONARY and NOT INFLATIONARY and I believe you’ll ‘win’.
The positioning is all wrong and the FMS shows us that. The policymakers are all wrong, they’re going to U-turn and as for the politicians, well they’re sheep falling apart at the seams EVERYWHERE. How will this all ultimately end? I have no idea, but it is not going to end (from a market perspective anyway), in the classic textbook economic outcomes that markets have seemingly fallen into the trap of believing, over the last 9 months.
Inflation = interest rate hikes and we’re only in the beginning phase of it etc…….quite the opposite in fact.
What I am trying to say is that I think, as we head into the latter end of ’22, investors are going to realise that the new paradigm MMT (disastrous) economics is structural and global (think Japan). And when they do, there will be an explosion skywards in racier areas of these markets.
That of course lends itself to crypto and Bitcoin, because why did it exist in the first place? Because of new paradigm economics, of course, that’s why.
Back in a couple of weeks,
Alpha
Once a week on a Tuesday at 6pm UTC, Freeway holds an internal AMA in the Freeway Telegram channel that gives the community a chance to ask direct questions with core team members.
You can listen to a recording from last Tuesday’s live Twitter Spaces AMA now.
Click below to join the official Freeway Telegram group.
If you’d like to participate in the next AMA on Tuesday at 6pm UTC, where you can ask Graham anything, join the Freeway Official Telegram group here.
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Until next week,
Sadie Hutton
Co-Founder and CEO
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