TLDR Crypto Daily Update 2022-05-25

Terra 2.0 πŸŒ•, WeWork founder's crypto project πŸͺ™, Tether withdrawals hit $10B πŸ“‰

Innovation & Launches

WeWork Founder Raises $70M for Carbon Credit Crypto Project, a16z Leads Round (3 minute read)

Adam Neumann, who founded WeWork and resigned after some controversy, has launched a crypto startup. Flowcarbon aims to bring the voluntary carbon market to the blockchain using a token backed by a bundle of certified carbon offset credits issued by nature-based projects. The token can be sold, used for borrowing and lending, or redeemed for an underlying real-world credit to offset users’ environmental impact. Flowcarbon will launch on the Celo blockchain. Presale registration is now open.

Brave Adds Solana Support and Ramp Wallet Functionality in Latest Browser Update (2 minute read)

The new version of the Brave browser features support for the Solana blockchain. Users can now buy, sell, and hold SOL and SPL in the Brave Wallet through the non-custodial platform Ramp. Ramp allows users to buy crypto directly from the Brave Wallet instead of users having to use an exchange. Brave is expanding the utility of its Basic Attention Token (BAT), which can now be wrapped and used as an SPL token on Solana. BAT holders will be able to use the token to buy and sell NFTs on Magic Eden in the future.

If you haven't heard, Terra 2 testnet is live (2 minute read)

Terra 2 testnet is now live. The mainnet will go live on Friday. Four groups will be getting airdrops of the new LUNA: pre-attack LUNA, pre-attack aUST, post-attack LUNA, and post-attack UST. The pre-attack snapshot was taken on May 7 and the post-attack snapshot will be taken on May 27. There are at least 10 confirmed Terra 2 projects. Terra 2 will be the heart of the wider Cosmos ecosystem. Details about how much LUNA each category will receive are available in the thread.

Social-Media Disruptor Project Liberty to Run on Polkadot’s Blockchain Network (2 minute read)

Project Liberty is an initiative created to disrupt today's social media platforms. It aims to implement an open-source, publicly owned infrastructure called the Decentralized Social Networking Protocol on a Polkadot parachain. Polkadot's characteristics make it particularly adaptable for social networking. It allows for scale, latency, and low-cost volatility for messaging. Project Liberty plans to launch a token later this year.
Guides & Resources

Why do NFT prices drop after reveal EVERY TIME & how can you take advantage? (4 minute read)

NFT prices drop after every reveal as many people are overpaying for mints. This can be taken advantage of by working out the expected value of a mint and then selling before the reveal. While this strategy won't be profitable every time due to chance, it should work out over time. The math behind expected values and how this strategy is profitable over time is available in the thread.

In the past 48 hours I have been contacted by several whistleblowers (1 minute read)

This thread contains cryptic messages to parties involved in the Terra collapse as a response to information gathered from several whistleblowers. The parties mentioned are @stablekwon, @jump_, @KanavKariya, and @SBF_FTX.

According to Vitalik, Soulbound tokens (SBTs)

Soulbound tokens (SBTs) will solve many of the problems that web3 faces today. SBTs can be used to represent commitments to projects, real world credentials, and much more. The development of SBTs will lead to a verifiable, on-chain way to stake and build reputation. SBTs can help web3 become more secure and decentralized. More details about SBTs and why they are the future of Ethereum are available in the thread.

Preparing for a long bear market and identifying the next growth opportunities (4 minute read)

The crypto market cycle is a function of building, then frustration with the market not reacting to it, then financial innovation triggering growth. This was true for both the 2013-2017 and the 2018-2021 cycles. This article covers five themes in this bear market to pay attention to. The themes include ETH and the ETH2 merge, DeFi, crypto games, and NFT markets.

Tether withdrawals top $10 billion as regulators raise alarm about stablecoins (3 minute read)

More than $10 billion has been withdrawn from Tether in the past two weeks. Tether's supply has dropped from $84.2 billion to around $73.3 billion since May 11. The panic over Terra's UST has drawn attention to other stablecoins. Tether has reduced the amount of commercial paper it owns and increased its holdings of US Treasury bills. The company is still secretive about the source of its funds, but it said it would pursue a more thorough audit of its reserves.

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