Innovation & Launches
Magic Eden to Accept Tokens From Top Solana NFT Projects Aurory and DeGods (4 minute read)
Magic Eden is integrating native tokens of top Solana NFT projects. The NFT marketplace will start by allowing users to purchase NFTs using Aurory's native token AURY and DeGods' token DUST. Aurory and DeGods are popular Solana-based NFT projects. Magic Eden will soon be competing with OpenSea as OpenSea is preparing to list Solana NFTs. The integration of Solana NFT project tokens could help Magic Eden retain an edge against OpenSea.
A DAO is selling NFTs for the right to tweet — in a bizarre experiment (2 minute read)
Tweet DAO is a decentralized autonomous organization that sells NFTs which allow holders to make one tweet from the Tweet DAO account per day. The NFTs, or eggs, are being sold for between 0.1 ETH to 1 ETH, with the price increasing by 0.1 for every 100 NFTs sold. If the project sells out, the creators could net up to 500 ETH. The account could be closed if Twitter decides that it breaks its rules. Examples of tweets made by the account so far are available in the article.
Frax Finance’s FXS Jumps as Terra Introduces Stablecoin Pool ‘4pool’ (2 minute read)
The 4pool liquidity pool on Curve Finance was created to increase the utility of Terra's UST stablecoin through a partnership with Frax and Redacted Cartel. It is composed of two decentralized stablecoins, UST and FRAX, and two centralized stablecoins, USDC and USDT. 4pool aims to be one of the most liquid trading pools on Curve. Curve is the biggest decentralized finance platform on Ethereum, with over $21 billion in value locked.
Guides & Resources
In relation to the Curve 4pool, $UST, and $FRAX (3 minute read)
Terra and Frax Finance recently announced the Curve 4pool, which consists of UST, FRAX, USDC, and USDT. This will have significant effects on the overall stablecoin economy. It will significantly increase UST and FRAX demand and liquidity. Many DAOs are moving or are considering moving incentives to the 4pool. DAI will lose demand and liquidity as incentives move away from the 3pool, the current largest pool consisting of USDT, USDC, and DAI, to the 4pool for higher yields. The 4pool will likely become the deepest liquidity pool for all stableswaps.
Gh0stly Gh0sts are the first omnichain NFTs. Omnichain NFTs are chain agnostic and reside across several chains simultaneously. This Twitter thread introduces Gh0stly Gh0sts and the concept of omnichain NFTs. Like many other NFTs, a portion of their value is derived from their potential to be integrated into future games or applications. However, unlike other NFTS, Gh0stly Gh0sts will not be restricted to any particular blockchain when that happens.
Britain announces plans to mint its own NFT as it looks to 'lead the way' in crypto (3 minute read)
The UK government has announced plans to mint its own non-fungible token. It plans to create and issue the NFT by the summer. The UK is aiming to be a world leader in crypto and it has plans to bring digital assets under more regulatory scrutiny. It will conduct reviews on several blockchain technologies to build regulations. More details about the UK government's plans for digital assets are available in the article.
Waves' USDN Stablecoin Loses Peg, Drops 15% Amid Manipulation Scare (2 minute read)
USDN, the algorithmic stablecoin that WAVES token supports, lost its US dollar peg after WAVES saw a double-digit price slide. The WAVES team was recently accused of manipulating the price of its native token. Its CEO submitted a new governance proposal on Sunday designed to prevent price manipulation and protect the ecosystem, but many have criticized it as an attempt to subvert the system in favor of insiders. WAVES' lending platform, Vires.finance, lost liquidity due to the controversy.