TLDR Crypto 2022-04-13

Genies has raised $150 million and is now valued at $1 billion. The tech startup is developing a custom avatar-based metaverse platform for Gen Z. Genies has launched an invite-only marketplace on Dapper Labs' Flow blockchain. It has forged partnerships with Warner Music and Universal Music Group to make virtual avatars and NFTs centered on the labels' artists. Users will have full commercialization rights over their characters.

Robinhood has added support for several more digital assets, including Shiba Inu, Solana, Polygon, and Compound. There was no official announcement on the listing of the new assets. Robinhood announced plans to add the Bitcoin Lightning Network on its platform last week.

The Alpha Archives contains a collection of resources on crypto. The resources cover topics such as technology, concepts, projects, and much more. The page will be constantly updated.

The Cosmos Theta upgrade is now live. The upgrade introduces Interchain accounts, a module that grants blockchains the ability to open up their native functionalities as an API. Interchain accounts will unlock new interchain services and business models, increase composability, increase cross-chain activity, and streamline the user experience on the Cosmos ecosystem. The upgrade will mean that single-chain businesses will be able to transition to interchain native business models. More details on the Theta upgrade and Interchain accounts are available in the thread.

Ichi's governance tokens plunged 90% in 24 hours after a series of cascading liquidations in its pool on Rari. Rari is a yield-generating platform that allows users to supply or borrow any asset in its Fuse pools. Ichi allows users to mint stablecoins by backing each token with $1 in value. The Ichi pool on Rari allowed users to borrow extensively against uncapped capital, resulting in cascading liquidations. There were several steps the Ichi developers could have taken to ensure that risks related to the pool were contained.

Terra and the Luna Foundation Guard recently bought $200 million in AVAX to boost UST stability and adoption. UST adoption will rise in the coming months thanks to the Curve War and this new partnership. Terra and Avalanche also plan to collaborate on a new gaming subnet. This Twitter thread explains how AVAX will help stabilize UST, how AVAX will coexist with BTC to control the supply of UST, and how using AVAX will impact LUNA's value.

Chris Dixon leads crypto investing at venture capital firm Andreessen Horowitz. He led the funding rounds for Coinbase, OpenSea, and Yuga Labs. This article features a transcript of an interview with Dixon on web3, Andreessen Horowitz, NFTs, the metaverse, and much more. The full audio interview is available.

Coinbase recently published a list of the latest tokens being considered for listing on its exchange. Hours before the post was made, an Ethereum wallet purchased more than $400,000 worth of tokens on the list. The trading activity is publicly viewable on the Ethereum blockchain. The wallet was trading up until three minutes before the list was made public. The tokens purchased by the wallet increased in value by 42% less than 24 hours after the public announcement.