🕵️Citadel-BlackRock-Gemini Denies Allegations About UST - TWJ #142
Sometimes it's just the market doing its thing.
In today’s issue:
The crypto market is down with the total market cap sitting at ~$1.2-1.3 trillion. Fantom (FTM) is the worst performer in the top 100 in the past 7-d (excluding LUNA). Global markets are down after the inflation data persist at ~8%.
In other news, Citadel-BlackRock-Gemini denies accusations, LUNA slips to under 10 cents, and Tether experiences volatility.
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
⎆Citadel-BlackRock-Gemini Denies Accusations
A rumor was circulating that Citadel-BlackRock-Gemini caused the UST collapse. Frankly, one of the stupidest conspiracy theories I’ve ever seen in the past few years. The theory was so wild that the respective firms stated above actually took to their social media to clarify that they were not involved in any event that caused the collapse of the LUNA ecosystem. If you want to read the rumor:
⎆LUNA Slips to Under 10 Cents
Terraform Labs published more announcements and extra measures to help restore the dollar peg of UST. This means that selling pressure on LUNA would continue (and even increase), as a new proposal 1164 altered the amount of UST that can be swapped for LUNA by 4x.
⎆Tether Experiences Volatility
The largest stablecoin fell under $0.96 in one of the most volatile periods ever in the history of the crypto market. Market participants think that this is caused by the panic and mass exodus of UST, eating up USDT liquidity on centralized exchanges. But unlike UST, USDT is backed (almost entirely) by real assets.
Seems like Alameda ate the spread.
👨🏻💻Decentralized Finance (DeFi)
Drift Operations have been Temporarily Paused because of LUNA Market
Bancor v3 is Live
USDD Live on Multichain
Lido Update on bETH/Terra
Do Kwon Was Behind Earlier Failed Stablecoin, Ex-Terra Colleagues Say
Secret Network Shockwave Alpha Mainnet Upgrade is Complete
BLITZ is Live
Nervos Layer 1 - Major Protocol Upgrade "Mirana" has Arrived
Arrington Capital Scrubs $100M Anchor Yield Fund
Arca Doubled Down on UST Amid Stablecoin’s Collapse
🏛Governance - Active Proposals
Compound - Risk Parameter Updates for 7 Collateral Assets
Compound - Grant request for launching Compound with Aztec Connect
Yam Finance - Contributors comps for April
🦮NFT & Metaverse
Madonna x Beeple Collab
Instagram will Support NFTs from Flow Blockchain
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Chainflip - $10M Unknown Round
Mara - $23M Unknown Round
Lighthouse - $7M Seed Round
Paper - $9.3M Seed Round
Branch - $12.5M Seed Round
Moralis - $40M Series A
BVNK - $40M Series A
⚖️Regulatory Update
US Sen. Pat Toomey Says 'Failure Should Be an Option,' of UST Turmoil
South Korea to Establish Crypto Framework by 2024
Coinbase Halted Trades In India Because Of RBI’s “Informal Pressure”
Grayscale Had ‘Productive’ Meeting With SEC on Bitcoin ETF Conversion
EU Commission Favors Ban on Large-Scale Stablecoins
FASB to Review Accounting Rules for Digital Assets
5 US States Issue Emergency Orders to Shut Down Metaverse Casino
FTX US Reveals New York Trust Charter Application
Germany Publishes First Nationwide Tax Guide for Crypto
📚Noteworthy Reads
Rekt’s Thread on LUNA - REKT
WuBlockchain’s Read on UST is in a Death Spiral, will Other Stablecoins（USDT DAI FRAX?
Do Kwon’s Thread on Message to Terra Community
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.