📉LUNA Lost $25 Billion+ Market Cap - TWJ #141
It might be the end of the road for UST.
In today’s issue:
The crypto market is slightly down with the total market cap sitting at ~$1.4 trillion. Terra (LUNA) is the worst performer in the top 100 in the past 7-d. Global markets are waiting for US inflation data with economists forecasting the number to be ~8.1%.
In other news, Terra unveils plans to restore UST peg, Coinbase posts a net loss of $430M for Q1 2022, and TRON launches $USDD stablecoin.
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
⎆Terra Unveils Plans to Restore UST Peg
Terra and UST founder Do Kwon took to Twitter after several hours of silence to lay out his plan of action to help stabilize UST. Expect more downside in the short term.
"Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg. There is no way around it,"
⎆Coinbase Posts a Net Loss of $430M for Q1 2022
Coinbase reported a net loss of $430M in Q1 2022, causing its stock to close down at ~$62. Overall assets on the platform fell to $256 billion and there weren’t many activities surrounding its NFT marketplace rollout.
Although Coinbase’s rent-seeking model will eventually become a race to the bottom, its venture portfolio alone might eventually justify (and even compound) its current valuation.
⎆TRON Launches $USDD Stablecoin
Despite the current events happening around UST, LUNA, and algorithmic stablecoins. The TRON DAO is continuing its rollout of the USDD algorithmic stablecoin on seven DEXes including Uniswap and PancakeSwap.
USDD originally intended to offer a 30% stable yield but the TRON DAO might want to rethink its strategy in order to be much more sustainable in the long run.
👨🏻💻Decentralized Finance (DeFi)
dYdX Live on iOS
Abracadabra Enables Leveraged Yield Farming On Stargate
Degis - Protect to Earn
Fantom Introduces Snapsync
Arbitrum Odyssey Voting Update
KuCoin to Launch DeFi Products in 2022 with Fresh $150M Raise
Boba Network to Offer Lower Gas Fees on Ethereum via BOBA Token
🏛Governance - Active Proposals
Compound - Risk Parameter Updates for 7 Collateral Assets
Compound - Grant request for launching Compound with Aztec Connect
Uniswap - Deploy Uniswap v3 on Gnosis Chain
Yam Finance - Contributors comps for April
🦮NFT & Metaverse
Otherside NFTs FallBelow Mint Price
Ethereum NFT Prices Bounce Back After Crypto Crash
Azuki’s Founder Rugged 3 Projects
LOOKS Emission Reduction
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Fuse - $5M Unknown Round
StarryNift - $10M Unknown Round
Highlight - $11M Seed Round
Co:Create - $25M Seed Round
Freeverse.io - $10.5M Series A
Arianee - $21M Series A
Casa - $21M Series A
Jambo - $30M Series A
KuCoin - $150M Pre-Series B
Talos - $105M Series B
SPiCE VC - $250M Blockchain Focused Fund
Flow - $725M Ecosystem Fund by Dapper Labs
⚖️Regulatory Update
Environmental Groups Call on US Govt to Implement BTC Mining Regulations
EU Ban on Tax-Haven Crypto Firms Could Breach Trade Law
Janet Yellen's Senate Hearing Draw Spotlight on UST
FCA Is Holding Its First CryptoSprint
Fed Report Repeats Warning About Stablecoin Run Risks as UST Loses Peg
Global Financial Stability Watchdog FSB Says It Could Write Crypto Rulebook
📚Noteworthy Reads
Alex Shevchenko’s Thread on Value Accrual Mechanisms for Tokens
Onchain Wizard’s Thread on UST Attack
Row1e’s Read on A New ISM is Formed / NFTism
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.