Select observations of the day:
UST/Tether pair (highest trading volume pair) saw a 14% drop for a brief moment following a major dump worth $300M on Curve and Binance. A massive UST sell-off on Curve, plus negative rumors on Twitter led to a $2B withdrawal of UST on Anchor Protocol. This caused LUNA to tank. Luna Foundation Guard says it will lend out $1.5B in BTC and UST to defend stablecoin peg - source - tweet recap
DeFi Llama shows DeFi protocols hold a collective $177.6B, a 29% slump from December highs of $252B. Some $27B in locked value was lost over this weekend - source
Polkadex won Polkadot’s 16th parachain auction and Bifrost won Kusama’s 33rd auction - source
After one year of development, audits and testing, Bancor 3 is expected to go live this week on May 11th at 8pm EST - source
Compound Treasury received a B- credit rating from S&P Global Ratings. This makes the first DeFi offering to be rated by a major credit rating agency - source
Instagram to support NFTs from Ethereum, Polygon, Solana, Flow. Will test NFTs starting this week - source
Irene Zhao’s influencer platform SO-COL is raising funds at a $100M valuation. SO-COL will assist creators with a wide variety of NFT-based projects, providing both technology and consulting services - source
Fortress Protocol, the lending arm of JetFuel Finance on BSC, was exploited for $3M. Weak fortifications surrounding the project’s oracle and governance process allowed the invading hacker to pass a malicious proposal and manipulate the price of collateral - source
Plus more, as always. Remember, they’re just arbitrary numbers on a screen. The winter shall pass
- 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:
UST/Tether pair (highest trading volume pair) saw a 14% drop for a brief moment following a major dump worth $300 million on Curve and Binance. A massive UST sell-off on Curve, plus negative rumors on Twitter led to a $2 billion withdrawal of UST on Anchor Protocol. This caused LUNA, which partially backs UST, to tank - source - tweet recap
Luna Foundation Guard says it will lend out $1.5 billion in BTC and UST to defend stablecoin peg - source
DeFi Llama shows DeFi protocols hold a collective $177.6 billion as on Monday, a 29% slump from December highs of $252 billion. Some $27 billion in locked value was lost over this weekend alone - source
Polkadex won Polkadot’s 16th parachain auction and Bifrost won Kusama’s 33rd auction - source
After one year of development, audits and testing, Bancor 3 is expected to go live this week on May 11th at 8pm EST - source
Fortress Protocol, the lending arm of JetFuel Finance on BSC, was exploited for $3M. Weak fortifications surrounding the project’s oracle and governance process allowed the invading hacker to pass a malicious proposal and manipulate the price of collateral - source
Ethereum L2 protocol zkSync confirmed in Users Docs that a Token will be issued - source
Compound Treasury received a B- credit rating from S&P Global Ratings. This makes the first DeFi offering to be rated by a major credit rating agency - source
How $50 Million in Loans Nearly Crashed Fantom last week as loan gets liquidated on-chain - source
$Malt is an Algorithamic stable coin pegged to $1 on Matic - source
COTI to Partner with GADA to Use Cardano Djed as the Stablecoin For Their Launchpads - source
Community vote to grant $RMRK sufficiency on statemine got passed (explanation) - source
Elrond has introduced egld.gg, the first gaming guild dedicated to the Elrond Network ecosystem, founded by its strategic partner Morningstar Ventures - source
The Zebra-IOTA Edge Software Development Kit (SDK) is composed of different open source modules we call “enablers” and is used to build and test decentralized solutions leveraging IOTA - source
Japanese e-commerce site adopts BTC and XRP payments for used cars - source
Ape Finance is building DeFi tools for metaverse dwellers, proud PFP owners, and digital collectible enthusiasts in all of us. We appreciate culture, art, and games. Ape Finance begins with the creation of the apeUSD - source
Introducing Helm Protocol: The yield and governance dreadnought that will usher in the next stage of growth for Anchor Protocol. With $veANC on the horizon, the Anchor Wars will dictate the fate of L1 staking supremacy - source
$bSOL is coming to Anchor as a new collateral type. Upon execution, users will be able to borrow $UST against their $bSOL up to 60% LTV - source
Proposal to whitelist Abracadabra’s magicCRV contract in Curve’s SmartWalletWhitelist contract, allowing Abracadabra to participate in Curve governance, lock CRV to provide boosts on MIM related pairs, create a tradable locked version of CRV through liquidity incentives for a magicCRV <> CRV pool and build unique lending tools with preferential rates for magicCRV tokens - source
Ondo Finance - Introducing Multi-Chain UST-as-a-Service: makes it possible for token issuers to increase the liquidity of their token on decentralized exchanges across multiple blockchains - source
veMULTI mainnet is officially launched on May 9th - veMULTI is the governing scheme for multiDAO. Anyone who stakes MULTI will receive veMULTI NFT. The NFT holders will have the power to initiate and vote for the governance proposals - source
Due to current market conditions, the ECORISE team, in coordination with TrustSwap, has decided to postpone the launch of the $RISE token - source
Cointelegraph partners with Nitro Network to bring digital mining and decentralized internet to the masses - source
Metaverse News:
Instagram to support NFTs from Ethereum, Polygon, Solana, Flow. Will Test NFTs Starting This Week - source
Under Armour to mint NBA Warriors' Stephen Curry-inspired NFTs each time NBA basketball player Curry makes a three-point shot during the ongoing playoff games - source
The Drops DAO mainnet has officially launched. Users can now collateralize their NFT collections through the lending pools - source
News:
India's Goods and Services Tax (GST) Council is weighing a proposal to impose a 28% tax on all cryptocurrency transactions - source
Bitstamp appoints new CEO after Julian Sawyer's sudden departure - source
Raises:
Irene Zhao’s influencer platform SO-COL is raising funds at a $100 million valuation. SO-COL will assist creators with a wide variety of NFT-based projects, providing both technology and consulting services - source
‘Tamagotchi on Crack’: Irreverent Labs Raises $40M for NFT Cockfighting Game - source
Cassava Network, Africa’s Web3 Infrastructure, raises $8 million in funding - source
New Listings:
Binance will list Lido DAO (LDO) on May 9th - source
Sinverse (SIN) Gets Listed on KuCoin on May 9th - source
Boba Network (BOBA) Gets Listed on KuCoin on May 10th - source
Acala (aUSD) Gets Listed on KuCoin on May 10th - source
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