Select observations of the day:
Arthur Hayes in his recent article “Shut it Down!” believes the local bottom for Bitcoin is $25K-27K and Eth $1,700-$1,800 but that doesn’t mean prices will automatically resume a quick ascent and that the market will stage impressive bear market rallies that traders nursing massive losses will sell into - source
In February, GameStop dumped their recently acquired IMX tokens from their partnership with Immutabale X, generating $76.9M in revenue – source - 2nd
Alchemy, which styles itself as the Amazon Web Services of Web3, is expanding its services to the Solana ecosystem. The beta is now live for users to sign up, and will be released to the wider public in the coming weeks - source
Nate Chastain, a former OpenSea product manager, has been charged with wire fraud and money laundering for alleged trades using insider knowledge of NFT collections listings. Each charge carries a maximum sentence of 20 years in prison and the FBI "will continue to aggressively pursue actors who choose to manipulate the market in this way.” - source - 2nd - DOJ
Plus more. Shots have been fired by the US government with certain legal prosecutions they’ve undertaken this year. Eg: Coinsignals, Bitfinex hackers, Frosties NFT rugpull. They’re looking to send a message and this won’t be the last. The story continues to unfold.
- 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:
Solana was briefly halted for more than four hours on June 1st caused by a bug present in the ‘durable nonce’ feature of the blockchain. The blockchain has struggled to provide 100% uptime (a measure of availability) over the past 3 months - source
Boba Network, Layer 2 scaling solution on Ethereum, has gone multi-chain by expanding to two other Ethereum-compatible chains: Fantom and Moonbeam - source
Balancer Protocol Launches on Optimism in Collaboration with Beethoven - source
THORChain is going mainnet - with full support of Binance - the most liquid venue for BEP2 RUNE. Mainnet switch will happen soon - source
Genesis, one of the crypto market's biggest lending and trading firms, is contributing $75M to Maple's Solana-based lending platform - source
Bitstamp has launched its Earn product to U.S. customers, allowing customers to earn interest on staking Ethereum and Algorand - source
The official fee addresses of STEPN on BSC and SOL transferred about $31M on June 1st, partly to FTX - source
Algorand and MakerX Commit 1M Algo that will enable Terra users to seamlessly transfer their projects to the Algorand network - source`
Kwenta: $APE-PERP and $DYDX-PERP are joining the growing list of supported cryptocurrencies, commodities, and forex pairs available for leverage trading through Kwenta on Layer 2 Optimism - source
Metalents, a Web 3.0's marketplace for freelance work, has been launched - source
GFX Labs announced that Interest Protocol (IP) will launch on the Ethereum blockchain on June 13th, 2022. IP is the first fractional reserve banking protocol on the Ethereum blockchain that pays interest to all depositors. IP issues USDi, an over-collateralized and highly scalable stablecoin - source
Voltz Protocol, a non-custodial Automated Market Maker for Interest Rate Swaps, is now live on mainnet in Alpha Launch state - source
Introducing dAMM, an under-collateralized lending platform for any token with: liquidity pools for non-stable crypto-assets, under-collateralized borrowing for whitelisted market makers and institutional borrowers, and algorithmically determined interest rates. To be distributed via new mechanism Liquidity Bonding - source
Metaverse News:
Illuvium integration with Immutable, the leading Layer 2 Ethereum scaling solution for NFTs. Their technology will power near-instant and carbon-neutral transactions for theirLand Sale - source
Illuvium Land Sale - June 2nd, 09:00 UTC - source
Kanye West has filed 7 new NFT trademark applications around the rapper’s Yeezus alter ego - source
News:
Binance Partners with The Weeknd for the First Crypto Powered World Tour - source
Meta (formerly Facebook) will change its Nasdaq ticker to META beginning June 9 - source
Chipotle, the popular Mexican-style fast-food restaurant chain, will now accept cryptocurrency payments in US stores through Flexa, a digital payments platform - source
Gemini Trust Co. is making its first-ever job cuts, slashing 10% of staff as trading across the industry slumps - source
The UnionBank of the Philippines has raised P11 billion ($209M) after investors rallied behind the country’s first-ever blockchain-based peso bonds - source
Raises:
Canonical Crypto Launches $20M Inaugural Fund Backed by Marc Andreessen, Chris Dixon. The early-stage fund will invest in infrastructure projects for blockchain developers - source
WAX blockchain raises $10 million in push for GameFi and NFT market - source
SIZE closes $6M Seed Round led by 3 Arrows Capital, Wintermute, and mgnr. Backed by angels like Cobie, Pomp, 0xtuba, 0xSisyphus, DCF God, Satsdart, Grug, Cozomo de' Medici, Size Chad. On-chain OTC allows users to easily participate in sealed bid auctions for vested or unvested tokens - source
Move-to-earn wellness project Walken closes $4.7M funding round led by Infinity Ventures Crypto and Shima Capital - source
Gaming startup Chibi Clash raises $3M in private round o Build Fantasy Web3 Gaming Universe - source
Data analytics platform Laevitas raises $2.5M seed round co-led by Three Arrows Capital and DeFiance Capital - source
New Listings:
Coinbase will add support for Kusama (KSM) on June 2nd - source
Coinbase Custody now supports deposits and withdrawals for $VR, $CQT, $KEY, $QSP, $MFG, $NOIA, $DEXE, and $HEGIC - source
Binance Futures Will Delist TLM and ICP USDT-Margined Contracts - source
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