🌕Terra's UST Hit $10 Billion - The WAGMI Journal #51

A decentralized ecosystem requires a decentralized stablecoin.

Dec 28, 2021

In today’s issue:

The crypto market is flat with the global market cap sitting at ~$2.4-2.5 trillion. SUSHI led the past 24h performance amongst the top 100 crypto assets by market cap as investors get on board with the restructuring proposal (go Frog Nation!). Global markets are up and the S&P 500 saw its 69th record close of the year yesterday.

In other news, Terra’s UST reached a $10B market cap, Bitcoin & Ether options grew 400%+ in 2021, and Cardano lays out its 2022 plans.

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

⎆Terra’s UST Reaches $10 Billion Market Cap

Surpassing its rival DAI, Terra’s trademark stablecoin, UST, is continuously cementing its dominance in the decentralized finance space. Although DAI pioneered the concept of crypto-collateralized stablecoin in 2017, Terra’s effort to expand its range of DeFi products has successfully brought UST to the center stage. While there are criticisms toward the UST mechanism that enables it to stay 1:1 to the USD, the stablecoin has so far been successful at maintaining its peg during extreme scenarios.

⎆BTC, ETH Options Grew by 400%+ in 2021

According to The Block, the combined volume of BTC and ETH options has grown by more than 400% in 2021. Looking back, the entrance of more sophisticated institutional investors and the developing regulatory framework resulted in more use cases of derivative products. Thus far, Deribit is still the market leader for BTC and ETH options markets.

⎆Cardano 2022 Plans

Cardano’s CEO Charles Hoskinson revealed the network plans for 2022. He stated that the network will aim to establish a formal open-source project structure and figure out how to provide end-to-end microfinance transactions on Cardano. Market participants have previously criticized Cardano for failing to deliver its stated goal, including the level of decentralization and the smart contracts capability.

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