Black Wednesday’s drop will be another date that gives crypto holders PTSD for years to come. In total, 796,329 traders were liquidated for $8.8B – and that’s just data from CEXs. The big question is will the selloffs continue? Gut feeling says no, traders who got it right and sold near the top, now have an opportunity of a -50% discount. That’s too tasty, and the rebound is happening.

This time it’s different: compared to the March 2020 crash which revealed multiple flaws in DeFi protocols, such as MakerDAO becoming under-capitalized, this time DeFi dealt with extreme volatility superbly. Even with record volumes, there was zero downtime amongst DEXs like Uniswap, Curve, or SushiSwap. Meanwhile, centralized exchanges like Binance, Coinbase, and Kraken all had login issues. Proof DeFi is the future of finance?

Gas price on 19th May

Of course we’re not there yet, scaling is still a major issue, many traders and farmers did get liquidated on-chain because high network fees priced them out of reacting. Keep your eyes on Layer2 announcements: Arbitrum, Loopring, Polygon, Optimism, StarkWare, Skale Network – to name a few!

Crypto News

  • Solana: Inbound transfers of SOL are now live for Coinbase Pro, with trading expected to start on Monday 24th if liquidity conditions are met. Big news for Solana’s emerging ecosystem as this listing will make it much easier for US residents to buy SOL.
  • Bitcoin: Biden administration has announced doubling IRS staff to target crypto transactions, and the treasury is calling for all cryptocurrency transactions over $10k value to be reported to the IRS. While many are seeing this as negative news, the silver lining is that it means crypto is here to stay.
  • Algorand: A digital immunity passport to certify COVID tests in Italy has gone live on the ALGO blockchain. It protects patients’ privacy while providing a universally compliant certification in the form of a QR code. Impressive!
  • BlockFi: In what must have been someone’s worst day in the office, the platform sent out millions in BTC by mistake to their users, instead of stablecoin USD. Some users withdrew it immediately, so not sure how they will get it back!

DeFi News

  • Tellor: Upgrade to v3 is now live! Notably, this change removed migrator code to improve the security of future upgrades and ensure decentralized token governance. Read our full review of the TRB oracle platform here.
  • Band Protocol: Announced plans for BandChain Phase 2 after successfully migrating from Laozi testnet, phase 2 will enable features such as premium oracle script monetization. Learn more about BAND in our full review here.
  • SushiSwap: Users can now find volume and liquidity analytics for SushiSwap actions across Ethereum, Polygon, and Fantom all in one place using SushiPro dashboards.
  • COPE: Announced a token swap to implement 6 decimals, if you’re holding on to FTX then nothing to do, the exchange will support the migration. On-chain holders, such as in Sollet wallet, need to follow the swap instructions.
  • Mercurial Finance: MER token will be listed on FTX Exchange, Gate, and Raydium today at 1 PM UTC. Bear in mind that IDO participants bought in at 0.125 USDC per token. Exciting project on Solana, recommend you take a look!
  • Centrifuge: Announced a platform called Altair which aims to be the home for DeFi assets on Kusama (Polkadot parachain), powered by AIR token. The team intends for Altair to tokenize experimental assets, and push the boundaries of DeFi; its intended users have a high appetite for risk.
  • PancakeBunny: This vault provider on BSC suffered a pricing oracle exploit by flash loans that resulted in the hacker making off with $45M. Seems even an audit by Haechi couldn’t keep the platform safe!
  • AntiMatter: Released a step-by-step guide for using the protocol for decentralized perpetual options trading. Tech-wise this protocol looks very promising, price-wise MATTER is down -86% from ATH, so might be time for an entry?
  • UniCrypt: Announced migration of liquidity lockers from PancakeSwap V1 to V2 is now live on BSC. Here is a guide for any team looking to migrate their liquidity. Learn more about UNCX token in our full review here.

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.

The Dip

This is a continuous loop of a tortilla chip that keeps dipping itself... – When you hear Dip do you think of crypto prices or tortilla chips?

NFT News

  • The Comeback: Despite the NFT mania cooling off in April, the total volume of trading NFTs is up by 645% between January-March 2021. Analysts believe it could reach $175M by October, as teams continue to build out the ecosystem. So no the crypto collectible mania is not over just yet, just needs some time to mature.
  • Charged Particles: Whitelist for the IONX token initial offering via PolkaStarter IDO is now open. The protocol will enable users to deposit any ERC-20 token into an NFT, meaning it can become a basket of assets.
  • Instagram: Reports are surfacing that the social media giant is building an NFT platform and consulting with existing artists. Would say this means we’re extremely early for how far NFTs can grow!
  • Binance Smart Chain: Here is a nice overview of NFT projects building on BSC, definitely recommend checking out NFTb and ZenChain Protocol – both look promising!