The Russian Roundup: Market Heading For Murky Waters? — Issue #35
Bitcoin and its control on the market have been a topic of discussion since crypto firstborn however recently we have certainly seen the market turn for the worse.
It isn’t an understatement that we have rolled into a bear market with bitcoin being almost 50% away from ATH currently sitting at the level (at the time of writing) of $34,556.0.
There has been speculation of the markets taking a turn to almost cool off some steam before the astute bitcoin halving which is expected for 2024. The knock-on effect of bitcoin has been reflected with some of the top alts also following suit from their ATH cycle.
The effects of a bear market can be both brutal financially and emotionally but it’s important to remember what you are a part of when investing in such an underdeveloped financial ecosystem. It will not be easy, but patience, strategy, and staying afloat can be fruitful for your portfolio's future Xs.
Just a reminder this is not financial advice and familiarise yourself with our NFA disclaimer 👉https://docs.google.com/document/d/1AoWc3qanyzmzSiZFCGUaG1oiKRHmxvGj02JY3ibnIqg/edit
Axie Infinity Introduces Land Staking ⛰🔒
Play-to-earn has certainly been an interesting rollercoaster for the market to develop too however one of the quote on quote blue chips Axie infinity has stayed consistent with their developments.
After reaching $164 amid the bull run, Axie Infinity has also introduced land plots known as “Project K”, which adds additional aspects to their already popular p2e game amongst Axie infinity lovers.
To increase “ownership of their native token $AXS among their landholders,” they have decided to introduce a staking program which will reward with influence over the collective ecosystem.
They have expressed their plans to replicate their ecosystem initiative by aiming to move towards active staking.
You can find more information about $AXS land staking here 👉https://axie.substack.com/p/axie-land-staking?r=jc0bl&s=r&utm_campaign=post&utm_medium=web
DOODLES > BILLBOARD SAYS EX-PRESIDENT 🦹♂️
Web3 has been accused on many occasions of failing to manoeuvre and adhere to the trends and cultures of the large Web2 organisations and institutions they are competing with.
One way to bridge that gap is through having the same experience working in Web3. Recently this week, it was announced that the famous NFT collections Doodles appointed the President of Billboard Julian Holguin as a partner and CEO.
His experience in music and culture is expected to take Doodle's aims and objectives to the wider mainstream audience aiming to tap into the wider industry. Doodles aim to build the largest web3 brand similar to most NFT projects and through acquiring Holguin they aim to equip the arsenal to transcend through culture and entertainment.
Algorand X FIFA ⚽️
Blockchain partnerships have been persistent in the sporting industry and with the world cup creeping in the winter, there is no doubt that Qatar will have the blockchain imprint.
It was announced on the 3rd of May that Algorand will be a “regional supporter” for both Europe and USA at the 2022 FIFA World Cup and the sponsor for 2023’s Women’s World Cup.
Algorand aims to provide a blockchain supported wallet to fulfil a sponsorship and technical partnership deal. Following the announcement of the Crypto.com deal powering the World Cup, Algorand has set out a blueprint to help FIFAs developments in the digital asset economy.
Additionally, there will also be agreements for promotions and advertising from Algorand throughout the two events. FIFA has claimed that the partnership is an indication of its commitment to “seeking channels for sustainable revenue growth”.
Following this news, we saw the native token $ALGO gain some attention with a 28% increase in 7 days.
The Famous $UST De-Peg 🌕
Algorithmic stablecoins grew in popularity and we saw the large $LUNA foundation reserves grow in the capital but as we see the markets take a turn a momentarily $UST dropped below its famous $1 peg.
As Bitcoin dropped to the $34k range, there was the usual FUD storm casting its shadows across the markets on-chain sleuths identified that major sell-offs on Curve led to a $2B USD withdrawal of $UST on Anchor protocol.
This alongside the speed at which things can spread on the infamous crypto Twitter could’ve led to people rushing to sell their $LUNA leading to a de-pegging to around $0.987.
Do Kwon (founder of luna & terra foundation) made the following tweets addressing the situation:
As $UST regains its $1 peg there is no doubt that there are still risks with algorithmic stablecoins however it will be more than interesting to see if Anchor can maintain its attention.
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
Telegram Chat: https://t.me/RussianRoundupChat
Telegram Updates Channel: https://t.me/RussianRoundup
Russian DeFi: https://twitter.com/RussianDefi