Innovation & Launches
Coinbase Adds Solana Tokens to Self-Custody Wallet in Non-EVM First (1 minute read)
Coinbase's self-custody crypto wallet has added support for Solana ecosystem tokens. Solana Program Library tokens are the first non-Ethereum-compatible crypto asset on the Coinbase wallet. Coinbase will be adding more Solana integrations including support for Solana-based NFTs and the ability to plug Coinbase wallet into Solana decentralized applications. Competing wallets Phantom and Solflare already have dApp compatibility and ways for users to stake coins within their apps.
A MetaMask Founding Architect Is Building an Interoperable ‘MetaMetaverse’ (2 minute read)
MetaMask founding architect Joel Dietz's ‘MetaMetaverse’ project will allow users to build projects on its virtual land using several different game engines, including Blender and Unreal Engine 5. It will have its own layer 1 blockchain and use a new programming language called metametalang. The metaverse will feature 'cubes' of virtual land. Cubes can be embedded inside other cubes. MetaMetaverse is still in development. There is no set date for its first public land sale.
Guides & Resources
Terra 101: The Stablecoin solution and the future of DeFi (3 minute read)
Terra is a blockchain that lets users create decentralized and algorithmic stablecoins pegged to fiat currencies. UST is Terra's flagship stablecoin. It adjusts supply based on real-time fluctuations in demand to maintain stability. UST uses LUNA to maintain its peg through an algorithmic incentive mechanism. To mint UST, users must burn an equivalent dollar amount of LUNA tokens. More information about LUNA, Terra, and UST can be found in the thread.
As $LUNA continues to outperform, its critics also become louder (5 minute read)
Until recently, UST was an algorithmic stablecoin and was backed only by LUNA. Debt-based stablecoins are more resilient as they always have external collateral backing them, but their growth is restricted by demand for credit rather than demand for the actual stablecoin. There are risks with algorithmic stablecoins, but UST has thrived. Demand for the stablecoin has brought in investors to provide collateral. More information about the risks of holding UST and LUNA are available in the thread.
Understanding the Technology Behind Decentralized Exchanges (4 minute read)
The DeFi industry will grow over the next few years so it is important for investors and financial advisors to understand how the technology works. This article provides a deeper look into the technology behind decentralized exchanges. It covers liquidity pools, automated market makers, and yield farming.
APE Token Tied to Bored Ape Yacht Club NFTs Sinks 80% in Opening Hours (1 minute read)
ApeCoin dropped about 80% in its first two hours of trading. Bored Ape NFT owners were airdropped 10,000 ApeCoins as part of a larger ApeDAO campaign. The remaining ApeCoin supply will be split between the Ape DAO treasury (47%), Yuga Labs (16%), BAYC founders (8%), and launch contributors (14%). ApeCoin now has a market cap of $2.4 billion and is the 49th-largest coin.