As discussed in our Monday issue, we should expect an increase in volatility for crypto markets today. As investors will be watching US inflation data and the US treasury’s 10-year bond auction to decide their moves. If the inflation data is poor and there is a lack of demand during the auction, then we could see BTC making some moves towards new highs. Of course, if the data is positive and demand is strong, then we might see the opposite.
On the Ethereum front, YFI’s recent moves (up 65% in 2 days) are giving off an early DeFi Summer vibe. Might be a good idea to load up on your favorite DeFi blue chips.
But, sir isn’t the top in? The market is very frothy as it appears to be in full-greed mode, especially with Binance unleashing a new meme season by listing SHIBA. It definitely, gives for an uneasy feeling, so zoom out and check BTC’s weekly 20 MA, until it’s sloping downwards – do we even need to start the discussion?
- Bitcoin: New data suggests over 46 million Americans are now holding Bitcoin, which is around 17% of the adult population. Unfortunately, analysts think these newer inexperienced market participants are the ones selling. So it seems adoption is a double-edged sword?
- Hungary: Announced plans that it will be slashing cryptocurrency tax from 30.5% down to 15%, a 50 percent reduction. Favorable tax policies should attract cryptocurrency investors, might be time to start planning your next home country?
- Goldman Sachs: A London-based director for the major investment banking firm has reportedly quit after making millions by investing in Dogecoin. DOGE is now up by over 10,000 percent this year.
- Uniswap: Vitalik appears to be shilling Uniswap, writing a proposal that the UNI token is in the perfect position to become an Oracle token. Good news for UNI holders?
- Oddz Finance: Announced it will integrate on the L2 solution Polygon to bring decentralized options trading with low network fees. Oddz is the first DeFi options trading platform to partner with Polygon.
- Wault Finance: Activity and adoption for WaultSwap on Binance Smart Chain continues to increase, recently, the platform surpassed Curve and Compound for 24h trading volume. WEX token is up by over 900% in the past 14 days, one to check out!
- Argo: This is a blockchain based decentralized hosting and storage solution, enabling censorship resistant hosting for DeFi products. ARGO is scheduled to launch via an IDO on Paid Network’s Ignition platform later today. One to watch as I believe this tech will become important fairly quickly.
- PolyZap: A new DEX and farming platform on Polygon, currently offers very high APY for stablecoin pairs in the 800% plus range. The native reward token is PZAP which is trading around ~$19, so looks like it could be rewarding for early adopters.
- Raydium: Released the details for the next IDO via AcceleRaytor, which is for Mercurial Finance’s MER token. This time participants will need to be staking a minimum of 50 or 500 RAY to access one of the pools, which should mean less oversubscribing.
- SolStarter: Announced the whitelist for its native SOS token will go live on May 11th, full details on the process can be found here. There is also a planned airdrop which will be available for all participants.
- Woofy: It looks like Yearn Finance has firmly embraced the dog memes by releasing WOOFY token, which is pegged 1,000,000:1 to YFI. Users can swap back and forth at will.
- Balancer: V2 is live and accessible to everyone, the upgrade brings more flexibility and much higher gas efficiency. Notably, the team is working closely with Gauntlet to provide dynamic pools that make optimal fee predictions. Bullish for BAL!
- Demodyfi: Upcoming project to keep your eye on, this is a cross-chain AMM building on Moonbeam (a Polkadot parachain). It will be able to integrate liquidity from Polkadot, Moonbeam, BSC, Substrate, Uniswap, Polygon, and more! Initial beta launch scheduled for Q2.
Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.
Summer Is Coming
Summer is coming and there is humidity in the environment, small drops of water … it was the origin.
- Solv Protocol: A decentralized infrastructure for creating and trading Financial NFTs on Solana, just announced it had raised $1M from its seed round. The project has already been building on Ethereum and has a strategic partnership with Parsiq. Looks strong!
- NFTb: Announced its first public sale via Bounce Finance’s Certified IDO platform on BSC. Whitelist details should be published later today. This is an NFT marketplace backed by Binance, so expect it to receive a lot of attention.
- Enjin: Partnered with one of Japan’s leading entertainment companies Avex Technologies. The collaboration will be around bringing NFTs to the Japanese music and anime industry.
- WEYU: Upcoming cross-chain NFT marketplace, which will focus solely on the resale market. Essentially to make it easy for collectors to trade NFTs, one to watch!