Crypto Rallies Following 75 BP Rate Hike and Despite Recession Talks
💊 M6 Daily Bullets 💊 Thursday, July 28th
The US economy shrunk by 0.9% during the second quarter of 2022, sparking technical recession talks. The crypto markets have sprung back up following yesterday’s 75 bps rate hike decision with crypto market cap regaining $1T level. Bitcoin jumped past $23k and ETH $1600. Synapse Chain announced - most recent project following trend of moving to their own chain. We move closer towards finalizing Merge testing. Variant raises $450M across two new funds for Web3 and DeFi.
⛓ Crypto News:
- Following a decline of 1.6% in the first quarter, the US economy shrunk by 0.9% during the second quarter of 2022 - source
- Introducing Synapse Chain: A novel smart contract execution layer built atop Synapse’s generic cross-chain messaging system and value bridge - source
- Meta reported losses of $2.8B for its metaverse-focused division, Reality Labs, as the firm missed on earnings and revenue for the second quarter - source
- FTX.US has opened stock trading to users in all 50 American states - won’t be charging trading fees or use a Robinhood-like payment for order flow business model - source
- Ethereum daily active addresses reached a new all-time high. Over 1.1M addresses made an ETH transaction - source
- A Solana-themed store is set to open its doors in New York City called Solana Spaces, and is being launched in collaboration with the Solana Foundation - source
- SushiSwap pay package for new ‘Head Chef’ sparks outcry as community votes. Would receive $800,000 in stablecoins annually plus 600,000 SUSHI tokens over a four-year vesting period, with an additional 350,000 SUSHI set aside for bonuses - source
- Clearpool, an uncollateralized stablecoin lending protocol, has expanded to Polygon - 2nd blockchain for Clearpool after its Ethereum launch in March 2022 - source
- Oasis Labs has become Meta’s technology partner and will use its platform to safeguard information. The project will advance fairness measurement in AI models - source
- Nirvana, an algorithm stablecoin protocol based on Solana has suffered a flash loan attack of $3M - source
- Lossless - Aegis private beta version is live, a B2B tool that facilitates proactive monitoring of suspicious activity. Projects will be able to automatically prevent potential flash-loan attacks, prevent their systems from interacting with malicious actors - source
- NETGEAR to Support Solana Blockchain With the Integration of Phantom Wallet Into the Meural Platform - source
- Amberdata to Deliver Comprehensive Data on Avalanche to Institutional Market Participants - source
- Cronos Accelerator Program: Cohort 1 Announcement - 9 promising projects to be the inaugural participants in the $100M Cronos Accelerator Program - source
- Aztec Network announces the open source EVM assembly language Huff - is a simpler programming language that allows users to program directly in EVM machine code - source
- Osmosis Ecosystem Spotlight: Void Protocol - source
🖼 NFTs/Metaverse News:
- The Federal Trade Commission filed suit to stop Facebook from acquiring Unlimited and its virtual reality fitness app to stop Facebook from monopolizing the metaverse - source
- The Sandbox partners with Gravity to introduce Ragnarok to the metaverse - source
- Binance has launched the pilot of its NFT ticketing solution with football club Società Sportiva Lazio for the 2022 to 2023 season - source
- Solana-based data platform Step Finance has acquired NFT data insights platform SolanaFloor - source
- Crypto market maker GSR kickstarts NFT market making project with focus on generative art - source
- Artist Damien Hirst to burn 4,851 paintings in NFT project. Buyers given the option to keep the token or trade it for the physical painting. The original artwork will be burnt for those who chose to keep the NFT version - source
- Tron film producer Donald Kushner creates Web3-inspired Cryptosaurs NFT collection - source
📈 Fundraises:
- Crypto venture investment firm Variant has raised $450M across two new funds targeting the beleaguered market for Web3 and DeFi - source
- Sweat Economy, the team behind health app Sweatcoin, closed a $13M round led by Spartan Capital - source
- NFT tooling company Center raised $11M in a seed funding round. The company is attempting to index and organize every NFT on every chain - source
- Space and Time, a decentralized data warehouse for blockchain applications, raised $10M in a seed round led by Framework Ventures - source
- Digital hobby startup Magicave Raises $6.4M - source
- Sumo Signals Raises $5.5M for pioneering AI-based crypto technology - source
- Metaverse infrastructure company Condense closes $4.5M seed round with plans to live stream real-world events into the metaverse - source
- Socket Raises $2M To Plug Privacy Into The Right Web3 Socket - source
- Coinfeeds Raises $2M, a startup that lets people monitor the social media mentions and activity of web3 and NFT projects - source
- Algorand NFT card game Alchemon raised $1M in seed round led by Borderless Capital - source
- Blockchain development company EvaCodes raises a $500,000 round from the Web3-oriented Hypra fund - source
- Strive Raises $500K to launch marketplace and fractionalize bluechip NFTs - source
🎓 Research:
- Pandemic to Contagion: a Cycle in Review - source
- DeFi ecosystem research framework - source
- The Application-Specific Chain Thesis - Why The Wider Cosmos Ecosystem Is Set to Flourish - source
- Abacus Deep dive - source
- Dark Forest DAO: Games as mediums of technological experimentation and exploration - source
- A Road forward for Web3 Gaming: 5 Theses on incorporating crypto into games - source
- A comprehensive and updated timeline of the recorded and documented DeFi exploits - source
🌍 Crypto Twitterverse:
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