The R Roundup: Another Country Turns Orange — Issue #34
There is no surprise anymore when we see countries join the list of “Orange” states and this week we saw the first country in Africa to be amongst the names in Bitcoins historical life-cycle.
It was reported on Wednesday 27th April that the Central African Republic had adopted Bitcoin as legal tender. Becoming the second country behind El Salvador, lawmakers came to the conclusion on the bill alongside the CFA.
The President made the following statement to highlight the intention behind the Bitcoin adoption:
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”
TraderJoe NFT “JOEPEGS” Coming Soon 🎅🏻🌁
Avalanche has seen exceptional growth over the past year and alongside it we have seen a range of products built on Avalanche and one of the more successful ones is the main DEX TraderJoe.
They recently announced what will be one of the biggest NFT marketplaces on Avalanche “JOEPEGS” which will be a platform where users can buy and sell their NFTs but also they will be having an NFT launchpad called “LAUNCHPEG” where users will have the ability to participate in mints and whitelists directly on the platform.
For more information check out the article by TraderJoe above 👆
The Fantom Of The Opera 📉
DeFi never fails to surprise and it feels like no matter how well-constructed products are, there is always room for exploitation at the hands of sophisticated minds.
Deus Finance which is a dApp (decentralised application) built on the Fantom chain, was on the receiving end of its second exploit in just under two months. It was reported that the attacker had used a flash loan which is one of the services built on Deus Finance to make the smart contract scan data on the platform LPs.
Where Fantom comes in, is due to the fact that there were alleged claims that a big $FTM whale used $90m worth of $FTM as collateral while staking $DEUS and $SOLID in a 4 year contract, it led to the price of $FTM falling and due to a lack of access to the tokens the huge loan could not be repaid.
While there being no opaque connection between the Deus exploitation and the $FTM whale, there has been some speculation between the correlation and timing of both events.
Coinbase looks to launch “Coinbase Intelligence” 🖲
After the announcement of their NFT marketplace, it’s clear to see that Coinbase are being extremely innovative in their process of product development as it was reported this week that they are aiming to launch a range of products to reduce fraud within the crypto space.
In accordance with global crypto regulations tightening, the compliance suite touted as “Coinbase Intelligence” has expressed the feature by Coinbase “Know Your Transactions” (KYT).
Coinbase’s KYT is aimed at identifying malicious/illegal transactions which will be offered to other institutions to assist them in the reduction of fraud.
$APE VS $ETH 🐒
The infamous Yuga Labs have gained a reputation in the NFT space for anything they touch turning to gold however ever since the launch of their token, there has been quite a few circulating questions regarding the intention of the project.
On the 30th April, they were preparing for their “Otherdeed” Land mint which was a highly anticipated event due to the track record of success which previous collections have done like BAYC MAYC. The land mint came with some friction due to asking those who wanted to participate in the land mint, to KYC which then allowed the $APE currency to be used to mint the land deeds.
After raising an estimated $320million there is no doubt that this is the largest mint in history which led to disruption across the entire ethereum blockchain rising gas fees to an estimated 7000 GWEI+.
Following this many believers in the project were not the happiest as the large gas alongside the 305 $APE price for land plots almost become unaitanble for small wallets which led to Yuga Labs concluding they may need their own chain to be able to fulfil the needs of their community alongside the aims and objectives of the project as a whole.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached to trading. At no point should this be regarded as financial advice
Additional links:
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NFA DISCLAIMER: https://docs.google.com/document/d/1AoWc3qanyzmzSiZFCGUaG1oiKRHmxvGj02JY3ibnIqg/edit
