💰 CRYPTO MACRO
🟢 Tracking 3AC
🟢 Tracking Celsius
- Celsius is in dispute with its lawyers regarding Chapter 11 bankruptcy.
- A Chapter 11 bankruptcy is a costly procedure. As a result, Celsius is attempting to get its customers to move against the proposal.
🟢 Crypto VC funding declines, but investment in quality projects continues
- Crypto startups have raised around $3.7B in June, down from $4.2B in May.
- However, lower valuations make investing in quality projects particularly appealing.
- Confirming continued demand, the Bank of America has stated that crypto winter hasn’t frozen investors’ interest, calling blockchain technology the most important software evolution since the internet, in a report.
- Further evidence of this demand can be highlighted by crypto market data provider Kaiko’s announcement of a $53B Series B.
🟢 Tether CTO addresses Tether FUD in Twitter thread
- Tether CTO, Paolo Ardoino, has alleged that USDT has been the victim of a coordinated attack by hedge funds that are attempting to depeg the stablecoin with the goal of purchasing it back en masse at a lower price.
- He claims stories that Tether is not 100% collateralized, or has significant exposure to risky assets, have been fabricated.
🟢 EU Members agree on the bloc’s crypto regulatory framework, MiCA
- MiCA has been the subject of debate since 2020.
- The regulations set out the rules for how crypto and digital assets should be treated in the EU based on where current frameworks fall short.
🟢 Ethreum successfully activates Gray Glacier hard fork
- A hard fork is an upgrade that splits a blockchain in two, with all network participants automatically moving to the new, forked chain.
- The successful hard fork brings Ethereum one step closer to the merge to ETH2, which is expected in September.
🟢 Polkadot to form Fellowship of token holders
- The governance upgrade has been implemented to make voting in the Polkadot ecosystem a more inclusive process.
🟢 Yuga Labs sue Ryder Ripps over #BURNBAYC & Nazi claims
- Yuga Labs is suing Ripps and his co-conspirator for trademark infringement, false advertising, and several other charges.
🟢 Bored Ape owners sign up to hire out their NFTs to brands
- Multiple Bored Ape owners have signed up to a new NFT licensing Marketplace that allows holders to rent out their Ape’s IP to brands.
- The Marketplace aims to list all 10,000 BAYC NFT for brands to browse through and potentially rent without infringing on IP laws.
🎮 CRYPTO GAMING
🟢 Axie Infinity’s Ronin bridge back up and running following hack
- The Ronin bridge was hacked for $600M in March, the largest crypto hack ever.
- The new bridge has security features included that prevent unusually large withdrawals.
🟢 Harmony announced a partnership with Miracle Universe.
- Harmony has partnered with Miracle Universe to support the next generation of web3 gaming.
- The move comes as part of Harmony’s ambitions to broaden its gaming ecosystem.
🟢 KPMG invests $30 million in web3 training
- KPMG is entering the Metaverse through a hub that will connect employees and clients.
- The hub will be focused on education, collaboration, training, and events.
🟢 Sandbox launches Its first-ever Metaverse pride event
- Sandbox has launched its first Metaverse Pride Event in celebration of Pride Month.
- Metapride event is part of a bigger event which is called “Sandbox Belonging Week.”
- Sandbox Belonging Week consists of three custom experiences: the Valley of Belonging, the Metapride, and the World of Women Museum.
🟢 Sandbox landowners to migrate to Polygon
- Sandbox has created a land bridge page that encourages land owners to transfer their lands to Polygon.
- Land transfers are being incentivised with a 10 mSAND reward (10 USD).
- The move is part of the Sandbox’s wider ongoing move to Polygon.
🚀 CRYPTO & BUSINESS
🟢 Coinbase’s share price drops as Goldman Sachs changes rating to “sell”
- The rating change is based on the likelihood that Coinbase’s revenue will decrease as trading volumes drop.
🟢 ANZ uses its stablecoin to purchase tokenized carbon credits
- One of Australia’s biggest banks, ANZ, has used its own stablecoin, A$DC, to purchase tokenized carbon credits from BetaCarbon.
- BetaCarbon tokenizes Australian carbon credits into its BCAU token.
- The transaction highlights an exciting use-case for blockchain technology and tokenization beyond crypto.
🟢 Harmony One’s Horizon bridge hacked for $100M
- A Harmony One blockchain bridge, Horizon, has been exploited for $100M.
- The hacker has begun to attempt to hide the funds via Toranda Cash, a platform used to conceal transaction history.
- Harmony has offered a $1M bounty to the hacker to return the funds, but has yet to receive a response.
🟢 Lido community vote against proposal to limit the platform’s growth and influence on ETH2
- Following issues surrounding the “depeg” of stETH from ETH, the Lido community submitted a governance proposal, suggesting that the largest liquid ETH staking platform reduces its influence on the ETH2 merge.
- The issue is whether too much ETH concentrated on one platform could give rise to censorship issues if LDO holders opt to vote in their favor.
- Less than half of one percent of votes were in favor of the proposal.
🟢 MakerDAO governance is voting to purchase $500M in US Treasury Bills
- The MakerDAO community is voting on a proposal to create a new real-world asset vault.
- The motivation behind the vote is based on Maker’s vaults being largely held in stablecoins, generating no yield.
- An investment in T bills should reduce counterparty and credit risks.
🟢 BlockFi and FTX US strike deal featuring acquisition clause
- BlockFi has agreed a $680 million deal with FTX.US. The deal includes a $400M credit facility and an option to acquire BlockFi for up to $240M.
🟢 Arbitrum Odyssey has been paused
- Arbitrum Odyssey is a two-month long initiative designed to incentivize users to explore dApps on the layer 2, by rewarding certain behaviors with NFTs.
- The Arbitrum team, Offchain Labs, have paused Arbitrum Odyssey to combat high congestion and gas fees.
- At its worst point, Odyssey saw Arbitrum’s fees even exceed Ethereum’s.