Select observations of the day:
”Luna Brothers, Inc” - Arthur Hayes: essay explores the broad categories of blockchain enabled stablecoins: fiat-asset-backed, overcollateralized-crypto, algorithmic, and Bitcoin-backed. He prefers a Bitcoin and derivatives-backed stablecoin the most, followed by an overcollateralized crypto-backed one. He is a buyer of Bitcoin if it goes as low as $20k and ETH $1,300 - source
Ongoing death spiral with both LUNA and UST collapsing in price: Terra blockchain suspended after validators chose to try to avoid governance attacks due to the severe inflation of LUNA, which made it cheaper for bad actors to attack. Later the Terra blockchain resumed block production, validators decided to disable on-chain swaps, and IBC channels are now closed. Price essentially went to 0 and UST to 4 cents. Trading was curiously halted and then resumed - source - source
LUNA Go Forward Proposal: Terra Builders Alliance proposes that Terra re-launches to honor existing UST holders, loyal Luna holders, and developers. 40% to Luna stakers, 40% to UST holders at the time of the new network launch, 10% to Marginal Luna holders between the attack and the halt, 10% to Ecosystem developers - source
Venus Protocol and Blizz Finance protocols were exploited due to the difference in LUNA market price and price feed as Chainlink paused the LUNA oracle - source
Aurora $90M developer fund to in collaboration with Proximity Labs, NEAR Protocol’s DeFi arm - source
US Senate confirms Jerome Powell for another 4 years as Fed chair - source
FTX CEO Sam Bankman-Fried buys $56M position (7.6% stake) in Robinhood - source
Today is Friday the 13th
Plus more, as always. There’s a lot of uncertainty at the moment and the answers will be revealed in time. Have a great weekend.
- 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 -
Chain News:
Terra blockchain suspended after validators chose to try to avoid governance attacks due to the severe inflation of LUNA, which made it cheaper for bad actors to attack. Later the Terra blockchain resumed block production, validators decided to disable on-chain swaps, and IBC channels are now closed. The blockchain was halted at block 7607789 slightly after 3:00 UTC Friday. Blocks 7607790 and 7607791 then came through at around 11:27 UTC - source - source
Binance Margin to Delist ANC and MIR - source
Aurora launches $90 million developer fund to boost DeFi on NEAR Protocol in collaboration with Proximity Labs, NEAR Protocol’s DeFi arm - source
LUNA Go Forward Proposal: Terra Builders Alliance proposes that Terra re-launches to honor existing UST holders, loyal Luna holders, and developers. 40% to Luna stakers, 40% to UST holders at the time of the new network launch, 10% to Marginal Luna holders between the attack and the halt, 10% to Ecosystem developers - source
CEO of Binance expressed his disappointment in the way Terraform Labs handled the recent LUNA and UST collapse in contrast with how Axie Infinity handled the Ronin hack - source
Waves tablecoin USDN de-pegged and dropped as low as $0.63 - source
Celsius pulled half a billion dollars out of Anchor Protocol amid Terra chaos - source
”Luna Brothers, Inc” - Arthur Hayes: essay explores the broad categories of blockchain-enabled stablecoins, including fiat-asset-backed, overcollateralized-crypto, algorithmic, and Bitcoin-backed stablecoins. He prefers a Bitcoin and derivatives-backed stablecoin the most, followed by an overcollateralized crypto-backed one. He is a buyer of Bitcoin at $20,000 and ETH $1,300 - source
Venus Protocol and Blizz Finance protocols were exploited due to the difference in LUNA market price and price feed as Chainlink paused the LUNA oracle - source
Curve Finance deploying an additional pool to improve the liquidity around the stETH:ETH peg. This new pool will feature an additional 1M LDO in incentives for the next week - source
Anchor users, please stop interacting with xAnchor & EthAnchor or bridging $bETH, $sAVAX, $bSOL, or $bATOM collaterals to Terra as the blockchain has halted - source
Tether Announcement: Continues to Honor All Redemptions from Verified Customers During Market Volatility - source
Teller Finance Diversifying DeFi With Travel Insurance. The firm's CreditFi platform lets USDC holders earn yield by lending capital to Koala Insurance - source
New HRMP Channels Have Opened Between the Leading Parachains on Polkadot, Allowing Native Movement of the GLMR, ACA, and aUSD Tokens Between Chains - source
Impossible Finance has announced the thirteenth IDO - Ruby.Exchange Token Sale - source
Solace Roadmap 2022 - source
Metaverse News:
Uniq.cx, NFT analytics tool, All collections, all charts. Free, forever - source
Blockchain development platform QuickNode has announced its first acquisition with the purchase of icy.tools, an NFT analytics platform - source
News:
Terra disaster fuels Congressional pressure on stablecoin legislation - source
US Senate confirms Jerome Powell for another four years as Fed chair - source
FTX CEO Sam Bankman-Fried buys $56M position (7.6% stake) in Robinhood - source
Chelsea Football Club has inked a $24.3 shirt-sleeve sponsorship deal with WhaleFin, a platform for trading and lending cryptocurrencies - source
UAE's Emirates Airline Set to Use 'Bitcoin as a Payment Service' - source
Raises:
Crypto Risk Monitoring Firm Solidus Labs Raises $45M: Investors Include Former Top Regulators - source
Oasis Pro Inc. Announces Its Oversubscribed $27+ Million Strategic Financing Round With Leading DeFi and TradFi Investors Including Blizzard/Avalanche - source
Computecoin Network Raises $6.2M In Strategic Round to Power Web3 and Metaverse Worlds Through Infrastructure - source
New Listings:
$AURORA is now listed on burrow cash - source
Binance Futures will launch BUSD-margined AVAX perpetual contracts - source
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