Observations:
Solend had an unprecedented governance vote in favor of emergency powers to mitigate risk imposed by a whale who had 95% of SOL deposits in the protocol’s main pool and had not been heard from in 12 days. If SOL were to drop to $22.30, the whale’s account would become liquidatable for as much as 20% of borrowings resulting in bad debt for Solend and putting strain on the Solana network. Later vote invalidated the controversial DAO decision after strong community backlash - source - 2nd - 3rd - 4th
Bancor: Due to hostile market conditions, Impermanent Loss Protection is temporarily paused. IL protection will be reactivated on the protocol as the market stabilizes. This is a temporary measure to protect the protocol and its users and has also been met with community backlash. Related to mitigating risk from Celsius - source
Babel Finance says it has reached “preliminary agreements” with major counterparties “on the repayment period of some debts” three days after Babel Finance abruptly halted client withdrawals - source
Voyager digital secures $500M loans from Alameda to safeguard its assets amid insolvency rumors. The loan will have $200M cash/USDC-backed credit facility and 15,000 BTC - source
DeFi Platform MakerDAO pauses some Aave-related lending activity. Traders can no longer borrow DAI against stETH on Aave. Out of 200M DAI borrowed on Aave Ethereum v2, 100M DAI is being borrowed by Celsius and collateralized mostly by stETH - source
Plus more. The name of the game is watching to see how far the contagion from such large players falling reaches. We’ll know soon enough.
- Time moves differently in crypto. Crypto is an intricate game filled with various players operating across multiple time frames and with varying agendas. Day in, day out, the pieces are moving all across the board. Sometimes for the better and sometimes for the worse. Here’s a small glimpse of what has happened so far today in our little crypto bubble -
Crypto:
Bybit is the latest crypto exchange to announce layoffs. In recent weeks, Coinbase, Gemini, BitMEX and Crypto.com have all cut jobs - source
Bitfinex and Tether, which share a parent company, have no plans to reduce staff, unlike some of their rivals and are looking to hire more people in the current market downturn - source
Rumors that the MIM stablecoin is the latest to de-peg amid the liquidity issues in the market. Abra released a statement addressing the $12M of bad debt incurred from UST cauldrons and offering transparency. Claims underwater positions will be paid down - source - 2nd - 3rd
Employees of Terra have reportedly been prohibited to exit South Korea as investigations by the prosecutors continue into the Terra Luna collapse - source
Stellaswap - farming opportunities. Backed by Moonbeam with their treasury funding some of the rewards. APY around 200%. Half the reward is paid out in GLMR - source - 2nd
First Short Bitcoin ETF to List on NYSE - source
The total value in the Ethereum 2.0 Deposit Contract has hit an all-time high of 12,916,565 $ETH
Solana released Mainnet - v1.10.25: Previously Binance stated that this can reduce withdrawal failure rate from 60% to 3 %. The new fee prioritization approach will increase fees for specific decentralized apps when they are in high demand - source - 2nd
According to parsec finance, Ethereum has more than $120M of DeFi liquidation pressure around the price of $895 - source
Imbue Network wins the 40th Kusama Auction, Pendulum's Amplitude will participate in the next Kusama Parachain Auction - source
Synthetix V3, completely redesigned protocol version running on an ultra-modern architecture that makes deployments and engineering orders of magnitude easier and safer - source
ZigZag token introduced officially by ZigZagExchange. Airdrop will be decided by the community once the IDO takes place - source
FBI says LinkedIn is being used for crypto scams - source
Iran will cut electric power to all its 118 legal crypto mining centers this month as the country faces increased energy demand - source
At block 15,050,000, the Ethereum network will undergo the Gray Glacier fork to push back the difficulty bomb, hopefully for the last time ever - source
Dark Mode for the MetaMask Extension is here - source
Polygon revenue platform GOGOcoin was unable to pay the user's principal after the UST depeg for not fulfilling the insurance obligation. Its TVL has fallen from an $11.46 million to $1.18 million - source
Some of 3AC’s investments - source
NFTs/Metaverse:
NFT NYC - 4th annual NFT industry event JUNE 20-23, 2022 - source
Luda is a Web3 startup co-founded by former PlayStation and Google AI leads. The firm plans to launch franchises that can be owned and shaped by Solana DAO communities, starting with Neo Fairies - source
ParaSwap Launches Peer-to-Peer NFT Trading App that allows buyers and sellers to make transactions using their token of choice, with all non-Ethereum gas fees being refunded - source
Meta partners with Balenciaga, Prada, and Thom Browne and launches digital fashion marketplace - source
MonkeDAO to acquire the SMB brand, IP, and assets, pending financing and a DAO vote - source
Raises:
Admix, a gaming company specializing in non-intrusive, in-game product placements, has reached a $300M valuation after merging with LandVault, the metaverse’s largest construction company - source
Ex-Sushi CTO Raises $8M for NFT Lending Platform Astaria - source
Charity-focused platform Endaoment has closed $6.7M fundraising round - source
Data:
Fear & Greed Index: 9
Unlocks:
24H Gainers:
SNX and CEL interesting
24H Losers:
Litecoin was being shilled on the TL recently
DeFi TVL Change:
Falling, falling, falling
Blockchains by NFT Sales Volume (24 hours):
226.81% increase in Solana sales volume. Sol has been weathering recent market carnage well
New Listings:
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