🌕LFG Acquires $1.5 Billion in BTC - TWJ #138
UST is on its way to amassing $10B in BTC.
In today’s issue:
The crypto market is down with the total market cap sitting at $1.6-1.7 trillion. ApeCoin (APE) is the worst performer in the top 100 in the past 7-d. Global markets dumped as The S&P 500 Index lost 3.6% and the Nasdaq 100 dropped 5.1%.
In other news, Luna Foundation Guard bought $1.5 in BTC, Tron’s USDD algo stablecoin is live, and Gucci accepts crypto payments.
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 Bought $1.5B in BTC
The LFG has bought 37,863 or approximately $1.5 billion in BTC as it continues toward its target of acquiring $10 billion in BTC for its UST stablecoin reserves. The purchase was reportedly facilitated through Genesis and 3AC. LFG currently acquires ~$3 billion of BTC
⎆Tron’s New Algorithmic Stablecoin USDD Goes Live
Following suit the success of UST, other layer 1 tokens have tried to create their own algorithmic stablecoin. With that, Tron has launched its USDD stablecoin which will administer a reserve with a 30% interest rate through the Tron DAO.
Algo stablecoin is a fascinating experiment but when a protocol promises something that’s too good to be true such as a 30% APR on your USD, trust our instinct. That said, the launch of USDD will provide market participants with more trading strategies.
⎆Gucci Accepts Crypto Payments
Gucci is reportedly accepting crypto payments in the form of BTC, BCH, ETH, WBTC, DOGE, SHIB, and stablecoins for a handful of its stores in the US. Previous attempts by brands such as TSLA to accept crypto directly have failed.
Gucci has successfully rebranded itself to be the “luxury” brand for young Millenials, particularly due to its recent years’ move into the hip-hop, Youtuber, and Gaming culture. It is now actively tapping the crypto space to gather more influence amongst the next generations.
👨🏻💻Decentralized Finance (DeFi)
LFG Has Acquired 37,863 BTC
USDD by TRON DAO Launches
Covalent Staking is Live
Alchemix Expanded into FTM
Maple Introduces New Tokenomic
Hop Introduces Hop DAO and Airdrop
Oiler Network Introduces Fossil
Everland is Live on Solana Mainnet
Hashflow is Live on Optimism
Opera Browser Enables Direct Access to BNB DApp Ecosystem
Swyftx to Offer ‘No Lock-in’ Yield on Crypto
🏛Governance - Active Proposals
Fei - FIP-82b: Authorise the TribalCouncil with necessary roles
Unlock - Marketing unlock - david moderator
🦮NFT & Metaverse
Coinbase NFT Only Hits $75K on Its First Day
Solana and Moonbirds Help NFT Market Reach $6.3B Monthly Volume
Drops DAO Mainnet is Live
Blur Launches Beta
Illuvium Land Sales Commences June 2nd
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Cometh - $10M Unknown Round
Particle Network - $1.8M Pre-Seed Round
InfiniGods - $9M Seed Round
LootRush - $12M Seed Round
Zora - $50M Seed Round
Bitcoin.com - $33.6M Private Token Sale
Blockchain Coinvestors - $200M Mid-stage Growth Fund
⚖️Regulatory Update
US Court Orders BitMEX Founders to Pay $30M for Illegal Trading
Argentina's Central Bank Bans Lenders From Offering Crypto Services
Elizabeth Warren Echoes Labor Dept. Concerns About Bitcoin in 401(k)
Canaan Added to SEC List of Scrutinized Chinese Companies
India's Parliamentary Finance Body 'Chides' Crypto Industry in Meeting
France Warns NFT Issuers Could Have to Register Under EU's MiCA Rules
📚Noteworthy Reads
Kui Xi He’s Read on The Next Blockchain Paradigm Shift: 100% Zero Fees
ClayStack’s Read on The Hunt for Sustainable Yields in DeFi - Part I
Luca Prosperi’s Read on Anatomy of a Fund-Raising
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.