24 martie 2022 / Unchained Daily / Laura Shin
Biți zilnic
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Cashio, a stablecoin on Solana, was exploatat for $28 million due to a bug that allowed an infinite amount of coins to be minted.
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The EU’s Markets in Crypto Assets (MiCA) legislation could still be întârziat if parliamentarians push to re-include a provision restricting proof-of-work mining.
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Garda Fundației Luna intenționează to increase their reserves to $3 billion worth of BTC.
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A radical propunere to revive MakerDaO, which includes capital-raising elements, roils the community.
- Loopring’s token LRC spiked in price after the eliberare betaof GameStop’s NFT marketplace, which is built on Loopring.
Astăzi în Crypto Adoption...
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Loan platform Figure deschis a waiting list for crypto-backed mortgages.
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meta depusă trademark applications for its logo in the metaverse. (Disclosure: I write a Bulletin newsletter for Meta.)
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Krafton, a video game publisher, a anunțat a partnership with Solana Labs that could be the first step in integrating NFTs into its flagship game, PlayerUnknown’s Battleground.
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Google Cautari for Bitcoin and Ethereum are at their lowest levels since December 2020.
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Honduras închide rumors surrounding an imminent announcement that would make BTC legal tender.
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Tailanda interzis crypto’s use in payments, but not for trading or investing.
- Florida’s governor has dirijat state agencies to figure out how to collect tax payments from businesses in crypto.
Colțul $$$...
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Qualcomm este lansare a $100 million fund to invest in the metaverse.
- Acala is varful de lance a $250 million fund to support aUSD-focused startups on Polkadot.
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Ce este Poppin '?
Here’s How Terra Might Deploy Its BTC
Terra’s flagship stablecoin, UST, is undergoing a transformation that will see the algorithmic coin backed partially by bitcoin. (UST is a stablecoin pegged to the US dollar price and currently holds a market capitalization of $15.7 billion (or ~8% of the total stablecoin supply in crypto.)
Luna Foundation Guard is spearheading the push to back UST by bitcoin. As of March 15th, LFG spune it has $2.2 billion non-LUNA reserves, along with another 8 million LUNA (or roughly $750 million), that will be used to acquire BTC. According to LFG member and Terraform Labs founder Do Kwon, LFG plans to up its reserves la peste 10 de miliarde de dolari.
LFG plans to use its ~$3 billion in funds to build a forex reserve denominated in BTC. The reserve is designed to ensure that the price of UST stays pegged to the dollar – especially in extreme market conditions where the price of LUNA, which helps maintain the UST peg via arbitrage, may fail to do so. In essence, if UST depegs from $1, LFG would use its bitcoin reserves to help bring the price of UST back to $1.
By backing UST with bitcoin, LFG hopes to garner industry trust in its stablecoin.
However, just how LFG plans to back UST with bitcoin remained a mystery – until yesterday, when JumpTrading’s crypto arm publicat a proposal on Terra’s governance forum outlining a “Bitcoin Reserve Pool” that illustrates how LFG will help keep UST’s price pegged to the dollar.
According to the JumpTrading proposal, LFG will place its BTC in a reserve pool governed by the following two rules:
- During normal trading periods, users can purchase UST with BTC. For example, they could deposit ~$1.00 in BTC for 1 UST.
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However, in a period of unstable trading, users can provide 1 UST for $0.98 in BTC.
Essentially, the reserve pool gives $3 billion of BTC to sell UST against at a $1:$.98 ratio, even if UST depegs further than $.98. Secondly, the reserve pool offers a place where traders can always trade $1 in BTC for 1 UST – which could be lucrative in the event UST ever depegs over $1.
Setting the ratio of 1 UST for $.98 in BTC forces the reserve pool to only be used during times of extraordinary volatility in UST. For example, according to JumpTrading, “using hourly data in the past ninety days (as of 3/21/22), the 0.1% percentile of UST’s price was just above $0.98” – meaning UST approaches $.98 quite seldomly.
The whole thing works as a virtual AMM for UST and BTC. However, instead of using a normal liquidity pool to power price discovery on the AMM, LFG’s reserve pool will use a data oracle.
While this is just a proposal, the fact that JumpTrading, who was part of LFG’s inițială $1 billion fundraising round, published it seems noteworthy. LUNA’s price is up 1.96% in the hours after the proposal was dropped.
Citiri recomandate
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Punk6529 on the safest way to drop NFTs:
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Split Brick’s Pedro Ojeda on what might happen to LUNA during a death spiral:
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Goldman Sachs on digitalization:
Pe pod ...
The Chopping Block: Do Kwon propune un serviciu de publicare NFT descentralizat
Bun venit la The Chopping Block! Haseeb Qureshi, Tom Schmidt și Robert Leshner, experti în cripto-informații, vorbesc despre cele mai recente știri din industria activelor digitale. În episodul din această săptămână, a trecut și Do Kwon, fondatorul Terraform Labs. Afișați subiecte:
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de ce Do a decis să facă milioane de dolari în pariuri pe care LUNA le va aprecia în valoare anul viitor
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ce cred Robert și Do, ca fondatori cripto/DeFi, despre Crypto Twitter
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cum dificultatea construirii sistemelor de plată a dus la lansarea lui Terra
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Runda recentă de finanțare a lui Gauntlet (și ce face)
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concluzii de la Yuga Labs care achiziționează CryptoPunk și Meebits IP, ApeCoin, Otherside și multe altele
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how NFTs could change the game publishing and content IP industries
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dacă relevanța culturală a unei colecții NFT este similară cu TVL-ul unui L1
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Bored Ape Yacht Club ca prima franciză NFT
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de ce Haseeb este atât de dezamăgit de Axie Infinity, VC-uri și alte jocuri P2E
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cum ar putea arăta incursiunea Facebook în NFT
Actualizare carte
Cartea mea, Criptopienii: idealism, lăcomie, minciuni și crearea primei nebunii mari de criptomonede, care este totul despre Ethereum și mania ICO 2017, este acum disponibil!
O puteți achiziționa de aici: http://bit.ly/cryptopians
Mesaj Rezerva Bitcoin de 2.2 miliarde USD a Terra a apărut în primul rând pe Podcast neîncadrat.
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