WolfDAO Newsletter - #18
Also read about loss of $146M to MicroStrategy platform, Ravencoin platform, India's Budget 2022, ,and other protocol happenings.
MicroStrategy lost $146M to Bitcoin impairment charges in the last quarter of 2021
Microstrategy is one of the few companies that hold a bag full of 125,051 Bitcoin (BTC). Despite being one of the fortune 500 companies, it suffered a loss of $146.6 million incurred in impairment charges on its Bitcoin holdings.
The high impairment losses added to the company's operating expenses, which saw a 125% increase at $248 million compared to the same quarter last year. An impairment loss is a recognized reduction in the acquisition cost of an asset that is triggered by a decline in its fair value. When the fair value declines below its purchase amount, the difference is written off. The firm has lost $901 million in impairment charges on its BTC holdings over the last six quarters.
Ravencoin
Ravencoin focuses on solving one specific function of the blockchain, i.e., transferring assets from one party to another. It is the result of a fork of Bitcoin that launched on January 3, 2018, marking the ninth anniversary of Bitcoin. Since then, Ravencoin has been improving upon asset ownership for consumers.
Ravencoin provides a platform for users to create tokens of any kind, such as project shares, virtual goods, physical and digital assets, and many more, whose ownership is easily transferable. The issuers have the right to choose the token's properties and can mold that into a gift card, the share of silver coins, NFTs, etc.
RVN is the native coin of the Ravencoin ecosystem that fuels the working of its ecosystem. Ravencoin harnesses the Proof-of-Work consensus mechanism and is built on the X16R algorithm. Kawpow is the new mining algorithm and allows consumer-grade GPUs to mine the coin effectively. Although it is possible to solo mine Raven, the mining takes the route of pools.
OpenSea Hits Record $5B in Monthly Sales
Opensea, the #1 NFT marketplace, is the talk of the town after generating more than $5 billion in total trading volume. The platform has broken the previous record of August 2021 by having more than $4.95 billion of Ethereum trading volume in January, plus over $79 million on Polygon. In January, the Bored Ape Yacht Club profile picture project was unarguably the biggest winner among NFT collections.
OneOf plans to launch a sports NFT platform in partnership with Sports Illustrated.
Sports Illustrated has confirmed to launch a sports NFT series on the Polygon platform with OneOf. The launch will include nine sports icons in the beginning, including some of the prominent members such as Muhammad Ali, Wayne Gretzky, and Mia Hamm. The platform will offer reimagined versions of classic magazine cover photos for each of its initial partnered athletes, designed by artist Jonathan Winbush.
India announced the Budget 2022 focusing on taxing digital assets
The Union Finance Minister of India, Nirmala Sitharaman, has unveiled that the digital rupee (part of CBDC) will be issued by the Reserve Bank of India starting 2022-23 using Blockchain technology. The Finance Minister has also proposed that any income from the transfer of any virtual digital asset shall be taxed at 30%. A TDS of 1% will be levied when transferring digital assets above a monetary threshold.
AnalystDAO: A DAO For All The Talented Analysts Out There
AnalystDAO is a novel destination for the best analysts to collaborate and produce high-quality, independent research. The DAO informs that more than forty analysts currently work as a team of five on their analysis. The DAO has kept a high bar for recruitment to ensure the quality of work produced. Major participants come from writer, financial analyst, data analyst, and engineer backgrounds currently participating in research production. The DAO is considering devising a subscription-based model to generate funds for the contributors.
MyCrypto Is Teaming Up With MetaMask To Pave The Way To Web3
The two most popular digital wallet names have teamed up, bringing two developer teams together without rebranding or merging Github. The combined team will work on small, iterative changes to the MetaMask and MyCrypto experiences their users have requested for long, like UX improvements, network handling, error messages, and dark mode. The team states their long-term goal will be going the decentralized and trustless route, prioritizing security and the safety of the users, and going multiplatform.
Utopia Beta Announcement - Payroll Layer For The DAO
The Utopia payroll and expense management system is designed to directly link with multisig crypto wallets, making it more straightforward for big DAOs to pay their primary contributors. Utopia raised $1.5 million in an October round anchored by Kindred Ventures. Over 30 DAOs have used Utopia's software. Utopia's next major feature, which will be available shortly, will be the ability to pay employees in a method that is consistent with regular payroll, allowing employees to have tax withholdings and begin earning healthcare and other benefits.
Farm 8% APR on stables with AAVE's Balancer Boosted Pools!
Source: Defi Pulse
The Balancer project announced Boosted Pools in December 2021.
Most liquidity pools only utilize about 10% of their total liquidity to assist trading. Boosted Pools by The Balancer, announced in December 2021, takes that idle liquidity and deposits it into DeFi lending mechanisms, resulting in a higher yield for LPs!
The AAVE Boosted Pools deployment is the first version of this technology. To put it another way, you may deposit DAI, USDC, or USDT into Balancer, and the exchange will take any unused liquidity and deploy it to AAVE to improve returns.
Thanks to AAVE's increased APR and BAL liquidity mining, don't miss out on this opportunity since it's presently paying depositors +8% APR on stables.