The R Roundup: Algorithmic Stablecoin Season Is Here — ISSUE #33
If you were told in 2021 that the hottest trend in the market in 2022 would be stablecoins, you’d probably think everything went to 0. However, this isn’t the case and we have seen a large growth in projects looking to develop and build algorithmic stablecoins.
Following on from the success of Do Kwon’s beloved $UST, there has been an emergence from Tron who are set to launch their algorithmic stablecoin $USDD which was announced by Tron founder Justin Sun on Thursday 21st Of April.
An aura of distrust for traditional stablecoins such as $USDT and $USDC has quickly spread across the markets which have led to builders like Sun and Do Kwon to take matters into their own hands and decentralise FULLY arguably the most important aspect of the markets.
Tron will be using their native token $TRX to assist $USDD in maintaining its peg to $1 alongside an estimated $10billion of crypto as collateral. The stablecoin is set to launch on May 5th and Justin Sun claimed, that $USDD will maintain its peg to the dollar regardless of market conditions.
For a beginner guide on the different types of stablecoins, you can find in the market, familiarise yourself with “STABLECOINS 101 FOR DUMMIES”👇
Coinbase NFT Marketplace LIVE!🏞
For quite some time we have had the understanding that one of the mainstream crypto exchanges coinbase has been exploring the possibility of launching its own NFT marketplace and this week the beta going live for select customers.
Since exposing their plans for the marketplace in October, there has been major anticipation from NFT maxis to identify the possible competition to Opensea and to intensify that, it was reported that they received 1.5million signups for the waitlist to gain access.
Coinbase has taken their product one step further by creating more than a marketplace by allowing people to integrate and communicate with one another whilst buying your favourite jpegs you can also get engaged with multiple different communities which is a clear unique factor compared to competitors Opensea.
While they are only in the Beta phase, everyone can view the marketplace however the select customers will have access to buy and sell NFTs as well as create their profiles early!
You can check out the beta here👉: https://nft.coinbase.com/
On-Chain Update⛓: Trade Volume Reaches ATL On Exchanges? ⬇️
Now we have all been sick and tired of this sidewards crabby market however it is the reality we face as $BTC & $ETH continue to the range but taking a deeper look at what's happening on-chain there could be some alarming signs to be aware of.
Taking a look at the chart, it’s telling us that the weekly trade volume has dropped to the lowest level since June 2021 on CEX (centralised exchanges). While many people are still optimistic about a parabolic bull run, it’s important to remember without cash flow and heavy volume, there is more chance of the market going sideways and unfortunately heading lower.
The beautiful thing about crypto is that there are no certainties and by no means is this financial advice however more just some food for thought.
If you want to see more on-chain updates, let us know in the comments.👍
UniSwap Blocks Malicious Wallets 🦄⛔️
The beauty of decentralisation also has its flaws and the line between decentralisation and preventing malicious activity is a fine one. Many have crossed it and it has spiked uproar that we are losing the vision of a decentralised web and finance we all hoped for.
In this case, we have seen one of the largest DEXs (decentralised exchanges) in the space Uniswap Labs, begin to block certain wallets which are believed to “engage in illegal behaviour from its frontend product Uniswap”.
Uniswap labs have partnered with TRM labs to execute this. TRM labs are a blockchain analysis firm that will be flagging said wallets which are “likely to be linked to illegal behaviour”.
This is in response to the misconception that crypto aids illicit transactions due to the anonymity of the P2P nature however, Uniswap has also been found to be delisting tokens like securities or derivatives which poses the question could we be part of a more centralised Uniswap in the future?
Russian Miners Sanctioned🇷🇺⛏
Miners are probably the most unlucky participants in the crypto economy as they are at the stem of environmental concerns and now in this case the end of the sanctions placed on Russia amid the geopolitical environment with Ukraine.
On the 20th of April, it was reported that the US Treasury had initiated Russia’s mining institutions targeting Russia-based miner BitRiver alongside 10 other subsidiaries.
This is to continue the disassociation and to further emphasise a push against Russia’s crypto mining institutions despite no particular association between BitRiver and Putin according to “THEBLOCKCRYPTO”.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached to trading. At no point should this be regarded as financial advice
Additional links:
Twitter: https://twitter.com/RussianRoundup
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Russian DeFi: https://twitter.com/RussianDefi
NFA DISCLAIMER: https://docs.google.com/document/d/1AoWc3qanyzmzSiZFCGUaG1oiKRHmxvGj02JY3ibnIqg/edit
