The R Roundup: Justin Sun Set To Bring Billions To Crypto — Issue #44
Ever since the wipeout of Do Kwon as an influential charismatic builder in the crypto economy, we have seen an emerging trend of founders having to prove that their reserves are deep enough to get them out of trouble. This can be referenced by CZ (CEO Of Binance) tweeting that Binance has the “largest reserves in the industry” which highlights the previous point.
Latest founder to flex his muscles, is Justin Sun the founder of Tron ($TRX) who recently claimed that he is willing to spend up to $5 Billion USD on supporting failing crypto firms.
The bear market can exhaust projects' resources and lead to a halt in their services which affects mainly users, in a bid to stop this Sun claims that “Lots of” companies have reached out in need of help.
We recently saw FTX’s Sam Bankman Fried assist Voyager Digital and BlockFi with credit facilities to avoid losing vital arms of the crypto economy.
Justin Sun added the following comments:
“We are actively reviewing it and see what we can do here”
“We are ready to spend 5b on helping the industry builder(s) to continue (to) build”
$AAVE Welcome A Decentralised Stablecoin $GHO 👻
Bear markets highlight the flaws in the market but also open a new avenue of innovation for projects looking to improve on the flaws. Aave has its reputation for being an open-source non-custodial liquidity protocol with almost $5 billion USD in TVL.
They announced the idea of creating a decentralised stablecoin which has sparked discourse amid the fears that stablecoins can instil in retail investors.
The protocol wants to “extend the capabilities of the Aave ecosystem” through the creation of a community governed stablecoin that they have expressed it’s characteristics.
Aave have made it clear that GHO will be “backed by multiple types of collateral available on the Aave protocol” and that the stablecoin will be “over-collateralised by assets that continue to earn yield”
Reddit NFT Marketplace 🎨
With development growing in the NFT sector, other industry dominators have looked at the possibilities that JPEGs can unlock. In this instance, social media platform Reddit announced the launch of their NFT marketplace on thursday that will enable users to purchase blockchain-based avatars at a non-speculative price in a fiat currency.
Mastercard announced their plans to enable users to purchase NFTs without crypto and this seems to be an emerging trend as these avatars by Reddit can be purchase using debit or credit with fixed costs between $9.99 to $99.99.
Expanding on their newly launched avatar creation tool, Reddits NFT feature will give users license to create any avatar and earn profits from their art.
Celsius Loan Repayment Spree🌡
The speed of events unravelling in the crypto economy is at an all time high with lenders dropping out of solvency like flies. Last month, Celsius had announced that due to liquidity pressures they were going to be halting withdrawals.
This followed large panic as many had relied on Celsius as a reputable lender. It was reported this Thursday that Celsius had reclaimed $440million of collateral after paying back a loan on MakerDAO.
It was seen on-chain that a wallet linked to Celsius repaid $41.2million of a loan in $DAI which prompted Maker to release 21,962 $WBTC which was an estimated $448million when WBTC was trading at $20,400.
As a reminder this is not a trading signal nor is it investment advice, it is an opinion and each trader/investor should know and understand the risks attached to trading cryptocurrencies. At no point should this be regarded as financial advice, feel free to familiarise yourself with our NFA disclaimer.
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