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dexplain crypto newsletter nft defi news

Make sure you keep your eyes on the US stock markets today, as it will most likely decide if Bitcoin has a green weekend or not.

Charlie Lee stirred up crypto twitter with his views on non-fungible tokens (NFTs), notably that he doesn’t believe a certificate of authenticity is as valuable as the art piece itself. He also raised concerns over NBA Top Shots – what happens if the NBA stops working with the project?

Would be great to hear your general thoughts on NFTs, do you think they will hold their value, or is it just another crazy crypto trend? Let us know!

Crypto News

  • Polkadot: Very bad day for one futures trader who fat-fingered a 70M short on the DOT/USD market, congratulations if you had a low bid open.
  • CoinMarketCap: Announced all of its asset data is now available for query by developers on Binance Smart Chain, via DIA’s decentralized oracle platform.
  • Bitcoin: We continue to see outflows of large amounts of BTC from Coinbase, seemingly indicating institutions are accumulating aggressively in these price ranges.
  • DogeCoin: NBA Dallas Mavericks now accept DOGE as payment for tickets and merchandise, owner Mark Cuban said “Because we can!” DOGE to the moon?

DeFi News

  • Meerkat Finance: The first major scam in the Binance Smart Chain ecosystem, this project fleeced its investors for 13 million BUSD and 73,000 BNB – roughly $31M. That’s the third biggest rug pull ever according to the Rekt Leaderboard.
  • Sushiswap: Announced its staging area (alpha release) now features multi-chain support for Fantom, Polygon, xDaiChain, Bsc, and Moonbeam. Also mentioned they’re planning to deploy on Layer2 Optimism as soon as it’s available. 
  • MetaMask: Added custom APIs support for EVM1 and Layer2 protocols, meaning developers can prompt users to add a missing network. A great feature for a seamless cross-chain experience will help L2 adoption. 
  • KavaChain: Had to pause and relaunch its Kava 5 mainnet release after a bug was discovered. Everything is running smoothly now, though it’s unclear if V5 is live or not. Not a great experience for KAVA or HARD holders.
  • Zerion: Announced integration for tracking all balances users have on Polygon (Matic Network). Expecting to see a lot more L2 integrations this month with MetaMask’s recent update – the start of Ethereum’s high network fees dropping?
  • Duck DAO: Can now support projects wishing to launch their IDOs on Binance Smart Chain via DuckSTARTER. Recommend following closely to see if DUCK and DDIM tokens also migrate to BSC.
  • AntiMatter: Announced a second product called ChainSwap, which will be a fee-less cross-chain bridge available for any project to use. We would assume the bridge will be between Ethereum, Huobi Eco Chain, and BSC. 
  • BakerySwap: Next IDO will be for a deflationary yield farming platform called Crudeoil Finance. Given how oversubscribed YieldWath’s IDO on Pancakeswap was, we expect this one to also receive a lot of attention. 
  • Badger DAO: Completed a $21 Million treasury diversification through strategic partnerships with 0xB1, Polychain Capital, Parafi Capital, and Blockchain Capital. 
  • MoonBeam: Announced the team is collaborating with ParityTech to bring Balancer to the Polkadot ecosystem. This is a natural fit for Moonbeam as it is fully compatible with Ethereum based code.
  • Yearn Finance: Revealed an upcoming affiliate program where selected partners will be able to deploy a wrapped version of their vaults and earn a profit share. The idea is to create further decentralization, making vaults accessible anywhere.

NFT Spotlight

Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.

It’s exciting to think about the future. Everything is basically science fiction until someone actual…

NFT News

  • Elrond: Teaser from CEO Beniamin Mincu appears to show the mobile wallet Maiar will have an inbuilt NFT marketplace for crypto art, collectibles, and game items.
  • NFTfi: A user mortgaged their virtual property Flamingo Hotel Plaza for 23k DAI through the platform, very cool! Read our full review on NFTfi here. Note this project doesn’t have a token yet, follow closely!
  • NFT20: This permissionless protocol enables users to create pools of tokenized NFTs, dutch auctions, and direct swaps between NFTs. Native token is called MUSE, might want to check it out.
  • Reno: The closest city to the famous Burning Man festival announced it will tokenize it on the Tezos blockchain as NFTs. This will also include a Reno DAO and Reno Coin.