More carnage this morning with Bitcoin kissing 36k and Ethereum tapping into $2600. Bitcoin dominance is showing the early signs of reversal, so this could mean relief is on the way. An interesting thought is during the 2017 Bullrun we did see two instances of 40% drops with everyone thinking it was over.
Don’t recommend rushing into any leveraged longs just yet, what we need to see is a break of the market’s current downtrend. Would be nice to see BTC reaccumulate at these levels, grind back up slowly, to fill out the Elon Candle inefficiency gap. Plus ranging sideways would be a key indicator for another DeFi Summer.
- China: This recent dump seems to have been caused by Reuters reporting that China is banning cryptocurrency. In reality, the article was very misleading as the Chinese government simply reiterated their current bans put in place in 2013 and 2017.
- Tether: Announced it will be launching USDT on Avalanche, this is great news for future DeFi developments on AVAX and any builders on the ecosystem. Bullish!
- Stimulus: Biden announced the American Rescue Plan will start in July, a poverty-fighting and Covid-19 relief measure, will see 39 Million Households receiving monthly stimulus payments of up to $3,600. Money printer go BRR BRR?
- Cardano: Is the time for ADA holders finally here? Charles Hoskinson recently announced in his latest YouTube video that the Shelley hard fork is scheduled to go live on July 29th. This hard fork will bring with it an ERC20 converter that can bring any asset on Ethereum over to Cardano.
- FTX Exchange: Burned over 7 million USD in FTT tokens yesterday. If you’ve not checked out FTX as a trading platform, recommend you do so, easy to see how this could be the next BNB. Staking FTT gives you fee discounts and free withdrawals for ERC20 assets!
- Parsiq: Announced a strategic partnership with Autonio to integrate their real-time services into the NIOX ecosystem. Check out our full review on Parsiq here, along with our overview of NIOX token.
- TrueFi: Users can now pay with TRU token across any dApp or website that uses DePay, a 100% permissionless solution for crypto payments. Learn more about TrustToken’s TrueFi platform in our review.
- Loopring: Added an Ichifarm to their liquidity mining partners, farming APY on the ICHI-ETH pool is currently ~39%. Remember Loopring is a Layer2 ecosystem for Ethereum, meaning low gas fees and fast transaction times, helps your DeFi farming stay in profit!
- Woofy: If you’re looking for the best strategy for your WOOFY tokens, check out Beefy Finance’s vault for SpookSwap on Fantom. Low network fees and APY for WOOFY-FTM pool are currently over ~200%. Nice!
- XDEFI Wallet: Wondering how you will ever keep track of all your DeFi farming across multiple networks? XDEFI is in private beta and looks very promising for multi-chain defi users. Stay tuned!
- Convex Finance: Launched its liquidity booster for Curve Finance, essentially enables CRV stakers to boost their farming APY without having to lock up their Curve. Meaning there is less risk for being a Curve LP provider.
- Visor Finance: Vaults for Uniswap V3 are live, these use gamma strategies to actively manage your liquidity positions to make them more efficient. Staking for VISR to earn fee distribution will also go live later today.
- Sorbet Finance: This platform enables you to set limit orders for Uniswap, and it now supports QuickSwap on Polygon. Powered by Gelato Network which allows automation for smart contract interactions. Very cool!
- Venus Protocol: Went through a cascading amount of liquidations due to the price spike of XVS and subsequent dump. One analyst is calling this an oracle error, though team Venus has stated the protocol worked as intended. And perhaps in better news, VRT reward tokens are being distributed.
- Unifi Protocol: uTrade Version 2 is now in the final private testing phase, several new features have been developed in stealth mode. Exciting!
Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.
Looking for oxygen
If we continue like this, destroying the earth the day will come when we will look for oxygen in generating machines to continue living.…
- aiRight: The first AI-powered NFT generation platform, powered by Oraichain. What’s cool here is the platform will automatically check NFTs for originality, ensuring collectors are protected from scams.
- Lee Sedol: Tokenized his Go win against the Google AI’s AlphaGO and sold it as an NFT for $210,000. The NFT is the play-by-play of his win against the bot.
- CryptoPunks: One punk was spotted to sell for 400 ETH yesterday, showing there is still a strong demand for the original NFTs. Learn more about Punks in our review here.