📉$850M Market Cap USDN Loses Peg - TWJ #119
Turns out algorithmic stablecoin is not a simple product.
In today’s issue:
The crypto market is flat with the total market cap sitting at $2.1-2.2 trillion. Frax Share (FXS) continues to soar after the curve Curve 4pool stablecoin collaboration with UST. Global markets are still on the edge and the US is poised for recession according to Markets Live's weekly survey.
In other news, Waves’ USDN stablecoin loses peg, SEC-CFTC explores joint regulations over crypto, and Coinbase seeks to hire 1,000 people in India.
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
⎆Waves’ USDN Stablecoin Loses Peg
Neutrino dollar (USDN), an algorithmic stablecoin on the Waves blockchain with a $850M+ market cap has recently lost its 1:1 peg, trading as low as $0.7 and causing WAVES, the token backing USDN, to experience double-digit retracement.
⎆SEC-CFTC Explores Joint Regulations Over Crypto
Amidst the rising competition between the SEC & CFTC to regulate the US crypto market, SEC Chair Gary Gensler has extended the agency’s arm to the CFTC, with the intention to develop a joint regulation framework for the US crypto market.
“I’ve asked staff to work with the Commodity Futures Trading Commission (CFTC) on how we jointly might address such platforms that might trade both crypto-based security tokens and some commodity tokens,”
⎆Coinbase Seeks to Hire 1,000 People in India
Despite regulatory uncertainty over crypto assets in India, Coinbase has announced its intention to add 1,000 new employees to the existing 300 staff in the country. Large crypto firms have been targeting emerging markets and it makes perfect sense to target India given its friendlier stance towards the asset class and towards foreign entities in comparison to China.
👨🏻💻Decentralized Finance (DeFi)
MetaMask Update Allows Apple Pay Users to Buy Crypto
Celo Plans Mezcal Testnet
Ronin Stolen Funds is on the Move
Celo Launches Plumo Protocol
Bastion Protocol Introduces Bastion Stableswap
KYVENetwork has launched a Cosmos SDK-based chain
cCRV (Tri-CRV Pool Gauge) Voting is now Live
Dopex Launches the Next Single Staking Options Vault - $METIS
🏛Governance - Active Proposals
Babylon Finance - BIP-15: Referral Program
Compound - Reduce MKR Borrow Limit
Dope Wars - DIP-39 Community Team
Stability - ReactSwap
Uniswap - Polygon 1bp Fee Tier
Unlock - Changes to Governance
🦮NFT & Metaverse
HyperLoot Presale Minting is Live
Ledger Partners with The Sandbox to Promote Crypto Education
Magic Eden to Accept Tokens From Top Solana NFT Projects
Justin Aversano Announces Plan for Physical NFT Gallery in Santa Monica
Ice Cube’s BIG3 Basketball League to Offer Team Ownership Stakes as NFTs
UK Government Plans to Create an NFT
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
AFKDAO - Undisclosed $ Unknown Round
Waterfall DAO - $2M Unknown Round
One Planet - $3.35M Unknown Round
Trisolaris - $4.5M Unknown Round
Kikitrade - $6M Unknown Round
Kwota - $1.65M Pre-Seed Round
Polemos - $14M Seed Round
Lemon.markets - $17M Seed Round
Moneybox - $40M Series D
Chorus One - $30M Proof-of-Stake Investment Fund
SeaX - $60M Tech Fund
Coins.ph - Undisclosed $ of Purchasement by Wei Zhou from Gojek
⚖️Regulatory Update
SEC-CFTC Explore Shared Role Over Crypto Platforms
Digital Euro Will Have Privacy Safeguards
UK Aims to Become Global Crypto Hub
US State Department Calls for Reporting on Crypto in Russia and Ukraine
UK Regulator Calls for 'Visionaries' to Help Determine Crypto Policy
German Authorities Seize $25M in Bitcoin
US Authorities Seize $34M in Crypto
Singapore New Crypto Law Requires Overseas-Only Operators to Be Licensed
📚Noteworthy Reads
QCP Capital’s Thread on Quarterly Report
Joey Santoro’s Thread on Fei Painful Lessons
G_vol’s Read on Crypto Options Analytics
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.