Observations:
Coinbase reducing team size by about 18% ~ 1,100 Employees. BlockFi cutting workforce by 20%, Crypto.com by 5%. Gemini and others have cut workforce recently as well - source - 2nd
For the first time since 2020, Ethereum mining has become unprofitable for many miners connected to a traditional energy grid, more cost-effective to turn off the mining rig and buy Eth spot using the money that would otherwise be used on electricity - source
Sequoia India and Southeast Asia launch two new funds, a $2B early-stage venture and growth fund for India and an $850M dedicated fund for Southeast Asia - source
~ $1.3B liquidated from the cryptocurrency market recently. MicroStrategy down ~ $1B
$USDD and $USDN has yet to recover its dollar peg, price currently ~ $0.98 and $0.96
Plus more. FOMC rate hike decision tomorrow. Probability of the Fed raising interest rates by 75 bp has risen to 69.4% - source
- 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:
Lending platform BlockFi will lay off around 20% of its staff due to market conditions - source
The Tron network’s stablecoin, USDD, lost its peg to the U.S. dollar on Monday, dipping to as low as 91 cents. USDD's de-pegging attributed to short sellers targeting TRX. Tron will deploy $2B to fight the short sellers - source
Cardano Launched EVM Sidechain on its Testnet - will be fully compatible with Ethereum upgrades, tools, and wallets while inheriting security from Cardanon’s mainnet - source
Per Parsec, $100M of liquidations from AAVE and Compound at ~$1,107 ETH. $400M from Fuse at ~$1,099. And then another ~$378M at ~$1,077 - source
Three Arrows Capital exchanged 17,780.08 stETH at Cow Protocol to obtain 16,625 ETH and sold it for nearly 20 million DAI; the other 5,050 stETH was eventually transferred to Lido: Curve Liquidity Farming Pool - source - 2nd
Three Arrows Capital repaid ETH in Aave: Lending Pool after exchanging 38,900 stETH for 36,718.64 ETH - source
Digital asset funds saw outflows of more than $102M last week, with Bitcoin accounting for $57M of the total - source
Web3 Decentralized Domains And Institutional NFT Marketplace Under Development By Romania’s National Institute for Research and Development In Informatics Using Elrond Network Blockchain Technology - source
Algorand blockchain now integrated with the Taurus platform, a custody platform for banks - source
Scientists claim to have designed a fully decentralized stablecoin pegged to electricity - would allegedly make it possible to transmit electricity almost for free - source
Yearn Proposal - replace the three least active multisig signers with new people. Three candidates: 0xngmi, monoloco, and lefteris - source
MetaMask partnership with HackerOne for security bounty program - source
Crypto.com DeFi Wallet now supports Arbitrum, Astar and Boba - source
Azuro Launches Mainnet on Gnosis Chain & First Betting Frontend Is Now Live - source
Interest Protocol is live. Users can deposit USDC and mint USDi, or borrow USDi against wETH, UNI, or wBTC - source
NFTs/Metaverse:
OpenSea announces new security features to protect users from NFT scams - will automatically hide suspicious NFT transfers from view on their marketplace - source
NFT floor prices are falling along with the broader crypto market - the top six NFT projects by all-time volume on OpenSea have fallen between 18% to 33% in the past three days - source
Popular Soda Company Jarritos Joined The Bored Ape Yacht Club - source
French apparel brand Lacoste has released its NFT project UNDW3 (pronounced “underwater”). Launched its Discord earlier this month to build an online community - source
Raises:
Words With Friends Co-Founder Raises $46M for Web 3 Game Studio - source
ScienceMagic.Studios, a firm advising brands and talent on implementing web3 technologies, has raised $10M in pre-seed funding - source
Nume Crypto, a new crypto payments processing startup, has raised $2M in a pre-seed funding round led by Sequoia Capital India - source
Data:
Total Market Capitalization: $979,590,492,183 (-2.3%)
24h Vol: $173,781,045,795
BTC Price: $22.1k (-7.1%)
BTC Dominance: 43.3%
Fear & Greed Index: 8 (Extreme Fear)
Unlocks:
24H Gainers:
24H Losers:
DeFi TVL Change: Continues Plummeting
New Listings:
Mines of Dalarnia (DAR), Marlin (POND), Automata Network (ATA), and StaFi (FIS) will be listed on Coinbase & Coinbase Pro on June 14th - source
Coinbase Custody has added support for a number of assets: UFT, UMEE, PLU, AVT, AST, ABT, CVP, DAR, HAPI, ELON, CRPT, EDDA, TITAN, RFUEL, SWFTC, OM, ALK, CPU, CRE, CVX, GAL, LMR, JUP, NEST, XSGD, HIGH, HOPR, WAMPL, DESO and ROSE - source
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