💸USDC to Only Support Ethereum POS Chain - TWJ #205

All praise our stablecoin kingmakers!

In today’s issue:

The crypto market is flat with its total market cap above ~$1 trillion. Celsius Network (CEL) is the best performer in the top 100 in the past 7-d. The US CPI number will arrive today with many predicting that inflation has peaked.

In other news, USDC will only support the Ethereum PoS chain, Coinbase releases Q2 earnings, and Reddit partners with FTX and Arbitrum.

ameen @ameensol

looking back at 2020 #DeFi: "where did it all go wrong?"

ameen @ameensol

@TheStalwart great article! it's going to a strange and uncomfortable revelation as #Ethereum wakes up to the fact that @centre_io (USDC) now controls our fork-choice... https://t.co/EelrGR8klQ

We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.

- Curated by Marco Manoppo (@manoppomarco)

📰Market News

⎆USDC Will Only Support the Ethereum POS Chain

The issuer of USDC stablecoin, Circle, has stated that it will only support the Ethereum Proof-of-Stake chain post-merge, alleviating the speculations that have been lurking around crypto Twitter with respect to the Ethereum fork in the past few weeks.

⎆Coinbase Releases Q2 Earnings

Coinbase reported a net loss of $1.1 billion and missed analysts’ revenue estimation, returning $803m instead of $874m. Crypto assets on the platform are now worth approximately $96 billion, down from $256 billion.

⎆Reddit Partners With FTX and Arbitrum

Reddit has partnered with FTX Pay and Arbitrum to enable the transfer of Reddit’s “Community Points” token, which was rolled out in 2020. These points are only available on r/cryptocurrency and r/fortnite, with plans to expand the offerings.

Amy Wu @amytongwu

1/ Excited to announce our @FTX_Official global partnership with @Reddit today with Reddit Community Points! Users need Eth for gas fees to transact with their Points on-chain, and FTX Pay allows them to do that.

ftx.comFTX partners with Reddit to roll out tokenized Community PointsFTX has partnered with Reddit to help today’s online communities become truly independent platforms - all with the help of blockchain technology.

👨🏻‍💻Decentralized Finance (DeFi)

• Curve Suffers Frontend Hack

• Kujira Announces USK Stablecoin

• Redacted v2 is now Live

• Econia v2 is Live

• Jet v2 (beta) is Live

• Trisolaris Partners with Axelar to Enable Secure Cross-Chain Liquidity

• Circle Plans to only Support Ethereum PoS Chain after Merge is Complete

• 1inch Plugs into Klaytn

• Coinbase Betting Big On Staking Ahead of Ethereum Merge

• Tron DAO Reserve Gives Wintermute the Right to Mint and Burn USDD

🏛Governance - Active Proposals

• ENS - Dissolve the community WG multisig per EP15

• ENS - Execute EP16

🦮NFT & Metaverse

• Axie Infinity Looking to ‘double-down’ on Korean market: KBW

• Magic Eden Wants to Build an ApeCoin NFT Marketplace Just for Bored Apes

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

• Nerdystar - $5.8M Seed Round

• RISC Zero - $12M Seed Round

• CreatorDAO - $20M Seed Round

• Lysto - $12M Pre-series A

• Pinata - $18M Series A

• Merkle Science - $19M Series A

• Korea Advanced Institute of Science and Technology and National University of Singapore - $20M Blockchain Research Fund

• Portal Ventures - $35M Crypto Early Stage Fund

⚖️Regulatory Update

• Canadian Regulators Probing Crypto Lender Celsius Network

• CoinFLEX Files for Restructuring in Seychelles Court: Bloomberg

📚Noteworthy Reads

• BowTiedIguana’s Thread on OFAC and What Does This Mean for DeFi

• Frank’s Intern’s Thread on Coinbase Q2 2022 Breakdown

• DeFi Surfer’s Read on Optimistic Arbitrum

Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.