Trying to design the perfect plan is the perfect recipe for disappointment! (weekly crypto updates)
What happened in crypto in the past week? Genesis is buying Bitcoin. Base Blockchain is growing way too quickly. The SEC is eyeing Uniswap. Ethena is controversial. What else? Read below:
Bitcoin: Genesis sold 36M GBTC shares at %58.50, using the funds to buy 32.041 BTC at $65.685. Bitcoin went up to $72K this week, only to retrace back to 66K. Using the Hong Kong outpost, China may try to tap into the BTC ETF market. The Japanese investment firm Metaplanet bought 1B yen worth of BTC ($6.5m).
Ethereum: Base is outpacing both Ethereum and Arbitrum as it grows fast, just crossing $4B in TVL, going on the third place, after Optimism at $7.68B and Arbitrum at $18.77B TVL. It is looking like instead of looking to approve ETH ETFs, the SEC is investigating companies linked to the Ethereum Foundation, to find a way to stop this even further. The next deadline for approval was pushed to May 29. Blast is doing well on its early metrics.
Altcoins and stablecoins: dYdX community locks $61M worth of tokens, to enhance security, as someone amassing 2/3 of the votes can potentially halt the operations and get the user funds and community assets. AAVE is working to activate a 'fee switch' mechanism to distribute a cut of the platform's profits to its users. On April 15, the developers aimed to fix the bug leading to over 75% of the transactions on Solana failing, looking to implement and integrate dynamic priority fees within decentralized apps to streamline the user experience by minimizing processing delays. FTM is going up, with the anticipated launch of the USDC.e stablecoin on its blockchain. MakerDAO is showing confidence in Ethena, while others are cautious. They let you earn a 20% reward boost by locking USDe for at least 7 days. HBD stablecoin on the Hive blockchain is paying 20% too, but its safety mechanisms are quite clear, unlike the ones on Ethena. Uniswap token UNI went down 17% as the SEC sent them a Wells notice. The Hong Kong FDUSD stablecoin is on the SUI blockchain now. Toncoin memecoin went up 42%. Co-founder and CEO of MarginFi, Solana's leading DEFI lending protocol, abruptly resigned, and $100M worth of user funds were withdrawn after that.
NFTs and blockchain games: SUI blockchain launched its handheld console, the SuiPlayOx1, pointing at web3 games and digital asset ownership. On Splinterlands, the third round of Conflicts airdrop activity is almost finished and a new reward system was implemented, as you get Glint tokens for every match you win and double of it at the end of the season. You can use Glint tokens to buy cards, Merits, potions and even 3 different titles. You may also want to check Holozing - a soon-to-be-launched Pokemon-like game on the Hive blockchain.
Good news: The crypto market hits the 2021 bull run euphoria, according to the Glassnode metrics. A $35M incubator is focused on accelerating promising projects in the Arweave ecosystem. Binance volumes rise 120% MoM, the highest level since May 2021. Coinbase net revenue for Q1 2024 is estimated to be $1.5B, growing 65% for the quarter. VanEck's CEO calls for the crypto industry to focus on lowering transaction fees. BlackRock's first tokenized fund BUIDL gets near-instant USDC redemptions.
Bad news: A New York jury ruled that Terra's Do Kwon committed civil fraud when he lied about Terra's supposed stability. The US Treasury calls for broader authority to combat crypto-threats and foreign crypto service providers. And of course, SBF filed an appeal challenging his conviction of federal fraud, as well as his 25-year prison sentence.
Joke of the week: Arthur Hayes, the Bitmex founder, predicted that crypto may crash after Bitcoin halves, as the Federal Reserve's quantitative tightening and the US tax payments are coming in April.
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland - real-life virtual land) (Holozing - Pokemon-like game)and (Rising Star - Music creators game).
...Get ETH while writing on the Publish0x blog, using the Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter. I am also writing for crypto on Read.cash and Hive.
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