⚓Anchor Protocol Hits $14 Billion in TVL - TWJ #96
Turns out giving a 20% yield on cash is the key to having a killer product.
In today’s issue:
The crypto market is flat with the global market cap sitting at ~$1.9-2 trillion. Anchor Protocol ($ANC), Terra blockchain’s most popular dApp that offers 20% yield on the stablecoin $UST, led the top 100 assets past 24-h performance.
In other news, ConsenSys AG shareholders file for an independent audit, DCG authorizes a $250M buyback for Grayscale Trusts, and the SEC scrutinizes the NFT market.
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
⎆ConsenSys AG Shareholders File for Independent Audit
Approximately a group of 35 ex-employees of ConsenSys AG that represent more than 50% of all known ConsenSys AG shareholders have requested for an independent special audit to investigate the transfer of assets ConSensys AG and ConSensys Software Inc. in August 2020.
According to valuation documents prepared by global accounting firm PwC and viewed by CoinDesk, key assets such as MetaMask were valued as low as $4.4 million for the purposes of the transaction. Banking giant JPMorgan also took a 10% stake in ConsenSys Software as part of the deal. Additionally, the transaction transferred a $39 million personal debt burden owed to ConsenSys founder Joe Lubin from ConsenSys AG to ConsenSys Software.
⎆DCG Authorizes $250M Buyback for Grayscale Trusts
Digital Currency Group, the parent company of Grayscale, has authorized a share repurchase program up to $250M across 9 publicly traded crypto trusts. The repurchase will be conducted in the open market.
The plan includes up to $30 million worth of shares in the Grayscale Litecoin Trust (LTCN), $10 million of the Grayscale Horizen Trust (HZEN), $10 million of the Grayscale Zcash Trust (ZCSH), and up to $200 million in any of its other six publicly traded products, including the Grayscale Bitcoin Trust (GBTC).
⎆SEC Scrutinizes NFT Market
The US SEC is actively scrutinizing NFT related projects for illegal token offerings. The focus of the probe will be on whether NFTs are being used to raise money similar to traditional securities instead of being used to purchase or denote ownership of goods such as digital arts.
As part of its review, the SEC is seeking information on so-called fractional NFTs, which involve breaking down the assets into units that can be easily bought and sold, said the people, who asked not to be named as the probe hasn’t been disclosed publicly.
👨🏻💻Decentralized Finance (DeFi)
Metamask Enhances the Gas UI
Arbitrum Launches AnyTrust Chain
Drift's Hybrid Decentralised Limit Orderbook (DLOB) is Live!
Bastion Protocol Introduces BSTN
Aurigami is now Live
Algorand Protocol Upgrade
Redacted Merger with Lobis
0xDAO v2: Final Preparations
Anchor’s TVL Surges to All Time High of $11.7B
Dragonfly Research Claims Ethereum is the 'MS-DOS' of Blockchains
Evmos to Jump-Start Ethereum–Cosmos Interoperability With Airdrop, Mainnet Launch
🏛Governance - Active Proposals
Dope Wars - Feb-26 Payments & Governance Updates
Indexed - Early Termination of NDX Liquidity Program
Uniswap - Should Uniswap Provide Voltz with v3 Additional Use Grant?
🦮NFT & Metaverse
Nomura to Explore Crypto and NFTs With New Unit
Tencent Files for Patent Related to Virtual Concerts in Metaverse
Square Enix Enters The Sandbox Ethereum Metaverse With Dungeon Siege
Stolen ‘Smol Brains’ NFTs Returned to Users Hours After Treasure Exploit
Ukrainian Flag NFT Raises $6.75M for Country’s War Efforts
CryptoPunk NFT Is Latest Donation to Ukraine’s $33M Campaign
Billboard and Universal Music Group Partner to Launch NFT Project
Bob Dylan and Miles Davis NFTs Planned as Sony and Universal Join Solana Marketplace Snowcrash
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Dialect - $4.1M Unknown Round
Polymer - $3.6M Seed Round
Pianity - $6.5M Seed Round
Nested - $7.5M Series A
Rarify - $10M Series A
Tenderly - $40M Series B
⚖️Regulatory Update
UK Regulator Bans Floki Inu Ads as 'Irresponsible'
UK FCA Opened Over 300 Crypto-Related Cases in 6 Months of 2021
Ukraine Government Cancels Airdrop Ahead of Scheduled Snapshot
SEC Investigating NFT Market Over Potential Securities Violations
US Tax Agency Moves to Dismiss Lawsuit by Tezos Stakers
Lawmakers Raise Alarm on Crypto for Sanctions Evasion
Fed Chair Powell: 'War Underscores Need' for Crypto Regulation
Schwab Files with SEC to Create 'Crypto Economy ETF'
📚Noteworthy Reads
Lawson’s Thread on Web3 Curation
Casey’s Thread on Due Diligence Process for Early-Stage Crypto Investments
C3’s Read on Crypto Pay Guide – Compensation Model
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.