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 final update before the Merge: Goerli/Prater Merge - Prater will run through the Bellatrix upgrade on August 4th, and merge with Goerli between August 6-12th - source - 2nd
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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