Terra UST Supremacy - The WAGMI Journal #46
Do Kwon continues to crush it.
In today’s issue:
The crypto market is flat with the global market cap sitting above ~$2.1-2.2 trillion. Helium (HNT) and Spell (SPELL) led the top 100 by market cap performance in the past 24h. The global market rose as investors speculate that there’s still hope for the spending Bill given the fact that Biden and Manchin held a phone conversation.
In other news, Terra continues its legal fight with the SEC, UST flips DAI as the fourth largest stablecoin, and Figment raised $110M.
We’re continually improving our content, please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Terraform Labs vs SEC Continues
Terraform Labs filed a motion opposing the SEC's effort to compel Kwon and the firm to cooperate with subpoenas issued in the SEC’s ongoing investigation of Terra’s Mirror Protocol. Kwon’s attorneys stated that the subpoenas were improperly served because the SEC didn’t get permission from the Commissioners.
⎆UST Flips DAI
Terra’s USD-pegged stablecoin, UST, has flipped Maker’s DAI. Unlike USDC and USDT, both DAI and UST are decentralized stablecoins, backed by other crypto assets. This means that their mechanisms are much more complex, and their values might deviate more than USDC/USDT. However, both parties marketed themselves as truly DeFi stablecoins, which is going to be much more critical for the crypto market ecosystem in the long run.
⎆Staking Provider Figment Raised $110M
Led by the private equity firm Thoma Bravo, the crypto staking provider raised a $110M Series C round with a $1.4 billion valuation. As more and more crypto assets move to Proof-of-Stake, the need for staking providers will continue to increase, especially as the Proof-of-Work model is under fire for its energy use case and as investors are chasing more yield.
👨🏻💻Decentralized Finance (DeFi)
Anyswap Rebrands to Multichain, Raised $60M
Terra's UST Flips DAI to Become Fourth-Largest Stablecoin
Terra’s LUNA Token Hits New All-Time High Amid Booming DeFi Activity
🏛Governance - Active Proposals
Gitcoin - PrimeDAO Mutual Grant Agreement
Babylon Finance - BIP-6: Babylon Diplomats
🦮NFT & Metaverse
Solana Game Mini Royale: Nations Hits 2M Players After NFT Launch
Adidas Originals Reaches Second Spot on OpenSea Rankings
Chinese Companies Embark on a metaverse trademark Race
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Gear Technologies - $12M Unknown Round
Debond - $500,000 Seed Round
Socean - $5.75M Seed Round
Multichain (previously Anyswap) - $60M Seed Round
Figment - $110M Series C
Stronghold - $54M Financing Deal
Kraken Ventures - $65M Early-Stage Crypto Fund
⚖️Regulatory Update
Do Kwon, Terra Claim SEC Violated Procedure in Ongoing Legal Fight
SEC Commissioner Roisman Announces Departure
Binance CEO Warns Against Isolating CBDCs From Broader Crypto Ecosystem
Fitch Says Improved Regulation Could Moderate Stablecoin Credit Risks
📚Noteworthy Reads
0x7d54’s Thread on SUSHI investment thesis
Li Jin and Katie Parrot’s Read on The Web3 Renaissance: A Golden Age for Content
bheda.sol’s Thread on A guide to making that web2 #WEB3 jump as seamless as possible
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.