🙏Ethereum 2.0 Merge Coming in August - TWJ #148
"If everything goes to plan".
In today’s issue:
The crypto market is down with the total market cap at ~$1.2-1.3 trillion. Decentraland (MANA) is the best performer in the top 100 in the past 7-d. Private market activities are slowing significantly according to CBInsights.
In other news, the Ethereum merge might come in August, Revolut plans to launch its native token, and Tether reduces commercial paper holdings.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆The Ethereum Merge Might Come in August
In the midst of the current crypto market downturn on top of the negative global macroeconomic environment, perhaps Ethereum 2.0 merge is the only catalyst left that might save all of us. Jokes aside, Ethereum core developer Preston Van Loon stated that if everything goes to plan, the merge will happen in August.
Ethereum holds $50 billion out of the $80 billion+ locked in the DeFi ecosystem. This merge is crucial but will also be nerve-racking for capital owners. That said, it will probably happen in Q4 instead of August.
⎆Revolut Plans to Launch Its Native Token
Fintech firm Revolut has announced its plan to launch a native token that aims to reward customers’ loyalty. The token will function similarly to Air Miles programs and make loyalty tradeable.
Crypto needs more real-life implementation even if the use-cases might not seem that exciting at first. We need to move on from a PvP ecosystem between retail trades farming your next AMM on the new alt L1 to actually integrating with the real economy.
⎆Tether Reduces Commercial Paper Holdings
The largest stablecoin issuer Tether has announced that it has reduced commercial paper holdings to $19.9 billion from $24.2 billion and added U.S. Treasury bills to $39.2 billion from $34.5 billion.
Tether (USDT) briefly fell under $1 during the volatile market period surrounding the UST de-pegging event. However, despite the Tether truthers, the stablecoin has proven to be reliable throughout the years, which is a consensus that institutional crypto market participants have agreed on, to the dismay of economists that have never actually redeemed USDT for USD.
👨🏻💻Decentralized Finance (DeFi)
Ethereum on Track for Testnet Merge in June
Curve Finance Proposes to End CRV Token Emissions on All UST Pools
Tether Cut Commercial Paper Reserve by 17% in Q1
Harvest Finance is Live on Artbitrum
Zapper Product Update #11: iOS and Studio Launch
Yearn x Incognito Chain to Launch Privacy YFI
BNB Chain Offers Another Lifeline to Terra Ecosystem Projects
Chainalysis New Tool Tracks Stolen Crypto Across Multiple Chains
Hashed Wallet Takes $3.5B Hit After LUNA Collapse
Avalanche Says Luna Foundation Has 'Disclosed No Plans' for AVAX Tokens
Everlend Hack — Postmortem
Argo is now Live on Solana Devnet
Dopex x DIA to Launch a Single Staking Option Vault for Metis
🏛Governance - Active Proposals
Fei - FIP-104: Reinforce PCV by consolidating assets and performing technical maintenance
🦮NFT & Metaverse
Magic Eden Tops OpenSea in Daily Trading Volume as Solana NFTs Heat Up
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
UnicornDAO - $4.5M Unknown Round
Azra Games - $15M Seed Round
SingularityNET and SingularityDAO - $25M Investment by LDA Capital Limited
⚖️Regulatory Update
NY Bitcoin Miners Start to Give Up on State Amid Regulatory Uncertainty
CFTC Charges 2 Men With Running a $44M Crypto Ponzi Scheme
Arthur Hayes Faces 6 to 12 Months in Jail at Sentencing Hearing Friday
Commerce Dept. Asks for Public Comments on US Crypto Competitiveness
Panama President May Veto Crypto Regulation Legislation
G-7 Finance Ministers Call to Accelerate Global Crypto Regulations
Fed Vice Chair Pick & Ex-Ripple Adviser Tells Senators Crypto Needs Regulation
NYDFS Chief Says Regulators Need to Develop a Framework for Crypto
📚Noteworthy Reads
Zelcore’s Read on Top Blockchain Security Risks
Kyle’s Read on In The Defense Of Terra
The DeFi Edge’s Thread on Stablecoins
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.