WolfDAO Newsletter - #33
Farm up to 32% APR on stables With Bancor Network! Read more about Twitter's acquisition by Elon Musk, Nexo, Rebounding of Bitcoin $40,000, and other protocol happenings.
Farm up to 32% APR on stables With Bancor Network!
Bancor Network was the first decentralized trading platform managed by smart contracts across blockchains. Recently, the platform began rolling out sections of new v3 that offer new tokenomics, instant impermanent loss protection, composable single-sided pool tokens, and auto-compounding dual rewards. The farm is present on the Ethereum mainnet and doesn't require bridging. However, keep in mind that while Bancor Network is a well-known project with a doxxed team, project Bancor v3 is still undergoing an audit.
Users can proceed to farm by swapping USDC to provide single-sided liquidity. Next, head over to the earn section in Bancor DApp, select the USDC pool, and input the amount by pressing 'Stake & Earn,' confirm the transactions, and you are all set.
Despite Bancor Network having undergone several audits, the staking opportunity has market risks, impermanent loss (IL) risks, smart contract risks, etc. We advise only to invest the amount that you can afford to lose.
Source: DeFi Pulse Farmer
Twitter Accepts Elon Musk's $44 Billion Takeover Bid
In astonishing news, the board members of Twitter have accepted Elon Musk's $44 billion bid to buy the social media company. Under the agreement, Twitter stockholders will get $54.20 per share. Twitter's share price stood at $50.65 at the start of Monday and was up to $52.01 in intraday trading.
Elon Musk, the CEO of automobile maker Tesla and aerospace company SpaceX, was set to join the Twitter board as the microblogging platform's largest individual shareholder but later backtracked, revealing his aspirations to buy Twitter outright and take the company private.
In a recent statement, he explained how he wants to introduce an "edit" button for tweets and crackdowns on crypto scams and spambots. He is also a follower of Dogecoin and shall accept Dogecoin as payment for Twitter's premium subscription service.
"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a press release adding: "Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it."
Nexo (NEXO)
Nexo is a blockchain-based lending platform offering instant cryptocurrency-backed loans. It accepts ETH, BTC, LTC, and XRP as collateral to provide a loan in stablecoin or a fiat currency. NEXO is the native token of the Nexo platform that grants benefits such as an opportunity to receive interest payments on funds deposited and discounts on interest accumulated on loans.
Nexo was launched in 2018 by a team of finance professionals and crypto enthusiasts who turned to blockchain to create the crypto equivalent to a service well established in traditional finance. Nexo offered the world's first crypto credit lines allowing digital asset holders to obtain fiat and stablecoin loans against their cryptocurrency.
Nexo currently manages over $billion in assets and serves over a million users across 200+ jurisdictions. The company now has 150 employees, with its management based in London. The platform is the first-ever provider of instant cryptocurrency-backed loans solving inefficiencies in the lending market.
The platform's automated lending process uses smart contracts and an oracle on the Ethereum blockchain to manage loans. The founders market Nexo to cryptocurrency companies, individual and institutional investors, miners, exchanges, and others who want liquidity from their assets. It also runs a loyalty program for token holders by giving them preferential interest rates on loans and higher yields on savings.
Bitcoin Rebounds Above $40,000 After Bearish Weekend
After a crazy week, Bitcoin has recovered above the critical $40,000 level, putting a majority of BTC holders back in the money. It is currently trading hands at $40,485, up over 5% on April 26. Around 63% of global investors are now in profit, while 28% of Bitcoin investors are still in the red.
The second leading cryptocurrency, Ethereum, is currently trading at just under $3,000. The price rise can also come on the heels of what has been a somewhat bearish spat of price action. A day before (April 25), Bitcoin had fallen as low as $38,345, and Ethereum dropped to roughly $2,800.
We can speculate the price rise with Elon's Musk acquisition of Twitter for $44 billion. It has also helped Dogecoin a long ladder as the meme coin gained more than 26% over the past 24 hours. Crypto enthusiasts of all stripes generally see the acquisition as bullish for the crypto sphere. Another news by Fidelity said that it would let investors invest up to 20% of their 401(k) retirement accounts in Bitcoin.
NFL has released Draft-themed NFT collectibles minted on Flow
NFL Draft, which will take place later this week from April 28-30, is marking the occasion with the launch of a new NFT collection inspired by each of the league's 32 teams. The NFTs launched on April 26 on the league's platform, with 52 NFT collectibles available for each team. Each NFT resembles a playing card and sells for $52, minted on the Flow blockchain.
PROOF Raises $10M From Reddit's Ohanian After Moonbirds NFT Launch
PROOF made waves in the NFT space with the massive launch of its Moonbirds project and raised funds from another well-known tech founder: Alexis Ohanian. Kevin announced that PROOF has raised $10 million from Seven Seven Six. PROOF began life last year as a podcast, an offshoot from Rose's existing Modern Finance podcast, where the company launched the PROOF Collective, a private community of 1,000 people via NFT access passes, unlocking things like free NFT drops, access to future events, and other perks and benefits.
Assetmantle is bringing Interchain NFTs to the Community
Assetmantle allows users to transfer their NFTs across all IBC chains in the Cosmos ecosystem. It will enable users to benefit from NFT interoperability across different blockchains within the IBC ecosystem. The platform introduces a unique standardized protocol with 22 NFT metadata attributes embedded at the protocol level to enable every NFT created with AssetMantle transported on any other IBC-enabled blockchain running on the Cosmos protocol. Additionally, users will continue to benefit from AssetMantle's swift transactions, nominal gas fees, and customizable royalties.
Decentralized Twitter Project Bluesky Says It's Unaffected by Elon Musk Purchase
Jack Dorsey heads the decentralized platform Bluesky and remains a board member, said that the platform has $13 million in funding "to ensure we have the freedom and independence to get started on R&D." In other words, it's somewhat beyond Musk's reach, even though the Tesla CEO just paid $44 billion for Twitter and has plans to improve it—from removing spam and minimizing content moderation to potentially introducing crypto payments.
Instagram account of BAYC Hacked, $2.8M in Ethereum NFTs Stolen
Bored Ape Yacht Club Instagram's account was hacked on April 25, and it shared a link to a scam website that has stolen more than $2.8 million worth of NFTs from people who connected an Ethereum wallet. The website claimed that BAYC was offering free NFT land for its upcoming Otherside metaverse game, and users could receive a free airdrop of virtual land—even if they didn't own a Bored Ape.
US Treasury Links More Ethereum Wallets to $622M Ronin Network Hack
The department has identified three additional wallet addresses tied to the attack. The Treasury's Office of Foreign Asset Control (OFAC) added the wallets to its list of sanctions tied to the state-sponsored Lazarus. Over the past week, all three wallets have been sent substantial sums of stolen funds from the original wallet linked to the Ronin attack. The latest move is essential because Tornado Cash will automatically block any wallet addresses listed on OFAC's sanctions list.
0x Labs Raises $70M in Series B Round Led by Greylock
0x Labs is a decentralized open-source exchange (DEX) that has raised $70 million in a Series B funding round. Coinbase participated in 0x's Series B led by Greylock and included other participants such as Pantera Capital, OpenSea, LinkedIn co-founder Reid Hoffman, and actor Jared Leto. 0x allows for the peer-to-peer exchange of tokenized assets, including NFTs, which prove ownership of a unique digital item.