⭐⛩️Stargate Bridge Attracts $2 Billion #112
The future is multi-chain, don't let maxis tell you otherwise.
In today’s issue:
The crypto market is slightly up with the total market cap sitting at $2 trillion. ERC is one of the best performers in the past 7-d. Global markets continue to stay quiet as the US called for Russia’s removal from the G-20.
In other news, BlackRock to offer crypto services, Stargate bridge attracts $2 billion of liquidity, and Nexo experiments with liquid staking.
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
⎆BlackRock to Offer Crypto Services
The world’s largest asset manager stated that it is actively exploring how to serve clients with crypto assets. CEO Larry Fink mentioned in a letter to shareholders that client interests are high and has seemingly confirmed with crypto media that his firm is planning to offer crypto trading services soon.
⎆Stargate Bridge Attracts $2 Billion of Liquidity
Stargate Finance, a multi-chain bridge on the LayerZero protocol has quickly attracted $2 billion of liquidity within a week of its launch. In essence, Stargate enables users to transfer assets between multiple blockchain networks (currently only EVM-compatible).
On 18 March, Stargate auctioned off 100 million stargate (STG) tokens and used the proceeds to create the bridge's initial liquidity. In the auction, the team raised $25 million using a bonding curve (where the prices of tokens increase during the sale).
⎆Nexo Experiments With Liquid Staking
Crypto lender Nexo is increasing the percentage of client funds to liquid staking DeFi protocols. The firm started experimenting with liquid staking approximately one year ago, which allows staked tokens to be utilized in other trades. As firms such as Lido and Marinade emerge and provide users with the benefits of staking and liquidity, DeFi will progressively become similar to TradFi, with multiple derivatives emerging left and right to increase liquidity.
👨🏻💻Decentralized Finance (DeFi)
MetamaskDAO Soon
Synthetix Commence Debt Pool Merger
IOSCO Says DeFi is Quickly Evolving and 'Cloning Financial Markets'
Interlay Aims to Advance Bitcoin’s DeFi Potential
Stargate Finance aAttracts $1.9B in Six Days
Charles Hoskinson Cheekily Admits: ‘I was Wrong’ about DApp Rollout
Emissions Tracking Project Goes Live on Hedera as HBAR
Cardano’s ADA Up Nearly 10% as Coinbase Adds Staking Feature
Larry Ellison’s SailGP and Near Protocol to Create a DAO for Sports Team
🏛Governance - Active Proposals
🦮NFT & Metaverse
DOJ Cracks Down on 'Rug Pulls', Charging Frosties NFT Project Founders
Top Chef Stars Launch Ethereum NFTs to Build a Web3 Culinary Community
Ascenders Launch Combat Challenge
Diplo Joins Nas With NFT Drop on Tokenized Royalties Platform Royal
Sotheby’s Expands NFT Arm With Liverpool FC Partnership
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Red Door Digital - $5M Seed Round
Archway - $21M Seed Round
Qualcomm - $100M Metaverse Fund
Worldcoin - $100M Unknown Round
⚖️Regulatory Update
Next 24 Hours Crucial for EU Crypto Law as Officials Debate
Korean Crypto Exchanges Are Now in Compliance With the Travel Rule
Spot Bitcoin ETFs Could See Approvals by 2023: Bloomberg Intelligence
Former Party Organizer Indicted for Laundering $2.7M in Bitcoin and Cash
City of Austin Approves ‘Fact-Finding Study’ for Tax Payments in Bitcoin
Former CPA Pleads Guilty to Helping BitClub Architect Launder $722M
Russian Lawmaker Suggests Nation Could Accept Bitcoin for Oil Payments
DOJ Cracks Down on ‘Rug Pulls,’ Charging Frosties NFT Project Founders
📚Noteworthy Reads
Miles Deutscher’s Thread on How I Research any New Investment in Crypto
Pastry’s Thread on Silk Road
Jack Niewold’s Thread on ETH Merge
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.