💵$18 Billion UST to Defend Its Peg - TWJ #139
Can algo stablecoin withstand significant market downturn?
In today’s issue:
The crypto market is down with the total market cap sitting at $1.5-1.6 trillion. ApeCoin (APE) is the worst performer in the top 100 in the past 7-d. The Dollar Index hit its strongest level in 20 years, instigated by the surging Treasury yields.
In other news, Luna Foundation Guard to lend out $1.5B in BTC, Google is building a Web 3.0 team, and Instagram will support NFTs from ETH, MATIC, SOL, and FLOW.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Luna Foundation Guard to Lend Out $1.5B in BTC
The LFG tweeted that it will lend out $1.5 billion in BTC to defend the UST stablecoin peg.
UST’s ability to withstand this market downturn will be one of the most significant tests to see whether an algorithmic stablecoin can work at scale, and under significant stress.
⎆Google Is Building a Web 3.0 Team
The tech giant is reportedly building a web 3.0 team that will be building services for developers running blockchain applications. The initiative seems to be coming from the Google Cloud division, stating that the market “is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto-related technologies,”.
Crypto infrastructure startups such as Alchemy, Infura, and others have had an early start in dominating the blockchain infrastructure space but the tech giants have now begun to move.
⎆Instagram Will Support NFTs From ETH, MATIC, SOL, and FLOW
As previously reported, Instagram is working on its plan to integrate NFTs with the platform, following suit other social media platforms such as Twitter. Now, more details emerge as it is reported that Instagram will support NFTs from multiple blockchains, specifically Ethereum, Polygon, Solana, and Flow to start.
Coinbase’s attempt to make its NFT feature akin to an NFT for Instagram hasn’t worked thus far. If Instagram executes this correctly, it will be able to properly benefit from NFTs as a “picture and video-first” platform, unlike Twitter and Coinbase.
👨🏻💻Decentralized Finance (DeFi)
UST Stablecoin Briefly Loses Peg, Luna Drops 10%
Curve Finance Integrates the Aurora Network
Anchor Accepts bSOL as a New Collateral
JonesDAO v2 Farm is Live
Bifrost Staking Liquidity Protocol Goes Live
Ondo Introduces Multi-Chain UST-as-a-Service
veMULTI NFT Deployed on Ethereum
Votium is Expanding t Support $veCRV Incentives
Bistroo Exploit
MahaDAO Exploit
Bancor V3 Launch Party
dYdx V4 in 2 Days
Railgun v1.0 Contract Live ON Ethereum
Beethoven X x Balancer to Launch on Optimism
🏛Governance - Active Proposals
🦮NFT & Metaverse
Instagram to Support NFTs from Ethereum, Polygon, Solana, Flow
Snoop Dogg, Gary Vee to Buy NFTs in Ice Cube’s BIG3 Hoops League
Doodles Names Billboard Executive as New CEO
NFT Markets Slump as Weekly Sales Volume Dives 30%
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Ready Games - $3M Unknown Round
Irreverent Labs - $40M Unknown Round
WindHQ - $46.9M Loan From BlockFI
⚖️Regulatory Update
NY Mining Moratorium’s Odds Just Got a Lot Worse
US Officials Add North Korea-linked Bitcoin Mixer to Sanctions List
South Korea Prepares To Overturn ICO Ban
Utah Governor Approves of Blockchain and Digital Innovation Task Force
📚Noteworthy Reads
Jason Choi’s Thread on Shower Thoughts on Crypto Cycle
Richard Galvin’s Read on 1Q22 VC Funding Market
Yaron Velner’s Read on On Liquidation Incentive and LTV Trade-offs
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.