Select observations of the day:
US CPI dropped to 8.3% in April, down from 8.5% in March but still higher than expected, Bitcoin fell to ~ 29k, ETH ~ 2100
CPI: YoY expected: 8.1% MoM expected: 0.2%. CPI: YoY: 8.3% CPI MoM: 0.3%
Luna dropped to as low as 69 cents and $UST to 22 cents. Do Kwon on Terra network's next steps: proposed an increase in the supply of $LUNA on the market in order to absorb investors' attempts to offload the broken stablecoin. If $UST recovers its $1 peg, the team would also "adjust its mechanism to be collateralized" - source
According to DeFi Llama, the current Terra TVL is $3.26B, a drop of more than 75% - source
Reminder: Luna has 21 day unstaking period, many won’t be able to cash out for weeks - source
TRON DAO deploying $2B to protect $TRX following the LUNA crash, warning its algorithmic stablecoin could be the next target after the recent saga with Terra and UST - source
Azuki founder apologized and decided to hand over full control of contracts for previously abandoned projects: Phunks, Tendies and Zunks to community. Azuki’s floor price have crashed below 9 ETH. Damage done for now and trust affected - source
NFT market in general is looking uneasy
Plus more, as always. What a time to be alive. Market is full of activity and whirlwind emotion. Stay safe.
- 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:
Do Kwon, the founder and CEO of Terraform Labs, on Terra network's next steps: proposed an increase in the supply of LUNA on the market in order to absorb investors' attempts to offload the broken stablecoin. If UST recovers its $1 peg, the team would also "adjust its mechanism to be collateralized." - source
South Korea’s major exchanges have issued warnings about trading of Luna (LUNA) following the crypto’s current price downturn. Major Korean exchange Coinone has suspended trading of Luna. Korbit and Bithumb have also issued investment warnings - source
Proposal to Increase $UST Burn Rate - source
Luna Foundation Guard Reserves Dashboard - source
New Proposed changes to Anchor Protocol: Emergency measures for restoring Terra peg: Decrease minimum interest rates to 3.5%, and maximum deposit rates to 5.5%, with a targeted interest rate of 4% - source
The Block’s Larry Cermak says LFG’s $1 billion financing plan has failed. He previously said that Terra aims to raise $1-1.5 billion to "save" UST. Jump, Celsius and Jane St. have committed (about $700 million), but Alameda has not - source
According to DeFi Llama, the current Terra TVL is $3.26billion, a drop of more than 75% - source
Maker’s governance token MKR spiked more than 30% overnight, its stablecoin DAI benefited from the continued meltdown of Terra’s UST stablecoin - source
TRON DAO Deploys $2 Billion to Protect TRX Following the LUNA Crash. Justin Sun warned that TRON and its algorithmic stablecoin could be the next target after the recent saga with Terra and UST - source
New Bancor 3 Update Gives DeFi Investors '100% Impermanent Loss Protection' - source
Napster, once popular in the early 2000s for peer-to-peer audio file sharing, has been acquired by Hivemind and Algorand - source
dYdX one of the first DeFi protocols to launch a dedicated mobile app to put user experience even more on par with centralized exchanges - source
Depositing small (≤ 0.5) amounts of ETH to Optimism just became ~5x cheaper and ~15x faster. Warp Speed is a custodial bridge enabling one of the cheapest deposit fees of ETH in the ecosystem - source
Ref Finance liquidity aggregation is live: introduces the latest feature Liquidity Aggregation to pilot all liquidity from Aurora and NEAR Ecosystem into one place, taking a huge step to enter the multi-chain world - source
Degis, the first PROTECT TO EARN all-in-one protection protocol. Users can easily protect themselves from market high volatility and smart contract risks by purchasing protection products on Degis - source
Primex announces Alpha release of its decentralized liquidity protocol. Users can test the product as lenders or traders. Primex Finance raised $5.7M in seed round in February this year - source
Composable Finance announcing $PBLO airdrop - source
Hacked stablecoin Beanstalk seeks to borrow $77 million to revive itself - source
Metaverse News:
Azuki founder apologized and decided to hand over full control of contracts for Phunks, Tendies and Zunks to community. Azuki’s floor price have crashed below 9 Eth - source
News:
CPI composition - source
Coinbase incurred a net loss of $430 million during 2022's first quarter - source
Germany Publishes First Nationwide Tax Guide for Crypto. The finance ministry's letter deals with the income tax treatment of mining, staking, lending, hard forks and airdrops - source
Pan-African Crypto Exchange Mara Launches With Backing From Coinbase, Alameda - source
Raises:
Asset manager Fasanara Capital has launched a $350 million investment fund to back fintech and cryptocurrency startups that can deliver new use cases for the emerging Web3 economy - source
Blockchain data analytics firm Chainalysis has secured $170 million in a Series F funding, bringing its valuation to $8.6 billion - source
Moralis, a Web 3 development platform, has raised $40 million in a Series A funding round - source
Highlight, a startup that lets creators design and mint NFTs & create a communities, has raised $11M in its Seed funding round led by Haun Ventures - source
‘Animal Crossing Meets Minecraft’: Branch Raises $12.5M for Play-to-Earn Project. Dragonfly, Polychain and Coinbase Ventures were all participants in the game’s seed round - source
Chainflip Labs, a Berlin-based startup building a cross-chain DEX, has conducted its $10M funding round - source
Some of the recent private fundraising events among blockchain startups May 2022
- source
New Listings:
Kylin Network (KYL) Gets Listed on KuCoin on May 12th - source
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