WolfDAO Newsletter - #35
Earn ~21% on DFX Finance’s EURS/USDC pool! Read more about LEO, Crypto and NFT market crash, Governance proposal, NFSW NFTs, and other protocol happenings.
Earn ~21% on DFX Finance’s EURS/USDC pool!
DFX is a decentralized protocol for stablecoins that provides an opportunity for exposure to EURS/USDC pool. It is built on Ethereum, is optimized for fiat-backed stablecoins, and offers pools for liquidity providers.
To participate, users need to swap their tokens for USDC and EURS on Uniswap. One can find the ratio of EURS to USDC by expanding the EURS/USDC pool inside the DApp. Proceed to stake them on DFX by clicking on the Pools section. Confirm the transaction and add liquidity in EURS/USDC pool.
The defined pool offers several advantages: decent TVL (Total Value Locked), reduced market exposure, trusted stablecoins, and STASIS Euro by euros backing.
Despite DFX Finance 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
Bitcoin and Ethereum Down Over 50% From All-Time Highs
Bitcoin and Ethereum are facing a tough time in their life as the duo has declined in the last five weeks in decline. Presently, there are down over 50% from all-time highs posted during the 2021 bull run. Bitcoin dominated ~41% of the market and traded at nearly $32,500 levels.
Ethereum is not so far as it has a market dominance of ~$19% and a low of about ~50% from its former high of $4,891.70. Bitcoin's price movement is speculated to be due to inflows and outflows on exchanges as greater inflows signal a bear market. In contrast, greater outflows can be a bullish signal for investors.
Ethereum's net transfer volumes for this month indicated that most investors have been moving their holdings off of exchanges. The contradiction between Ethereum's recent bearish price action and significant outflows from exchanges suggests that there may be other forces at play for the number two cryptocurrency.
UNUS SED LEO
LEO is a utility token used across the iFinex ecosystem launched through an initial exchange offering (IEO) in May 2019. The company launched the token after the US government seized funds held by Crypto Capital, Bitfinex's former payment processor.
Leo is a dual-chain utility token that lives on EOS and Ethereum blockchains, with 64% of the original supply on Ethereum and the remaining on EOS. However, it is not the first digital currency launched throughout iFinex's turbulent history. Among other projects, LEO is one of the few cryptocurrencies with a limited lifecycle built into its protocols.
Leo benefits users by giving discounts to all token holders on the Bitfinex trading platform and other iFinex products. Lending fee reductions, taker fee reductions, and withdrawal and deposit discounts are some of Leo's popular forms of discounts.
It also has a token burn mechanism, i.e., the ecosystem buys back UNUS SED LEO from the market monthly. Amount purchased and burned equals at least 27% of the revenues generated by iFinex. The company also said that the burn mechanism would continue until 100% of tokens have been redeemed.
Bored Ape Yacht Club, Other Ethereum NFT Prices Plummet as Crypto Market Crashes
Even though the NFT market is unsynchronous with the crypto prices, it proves all wrong amid the falling prices. As the crypto prices are slumping daily, going all red this week, the prices of top NFT collections are likewise falling fast.
Astonishingly, the floor price of the cheapest available NFT listed on a marketplace has fallen by 20% or more in the past 24 hours. Even when denominated in ETH, most significant projects are down significantly, including CryptoPunks, Bored Ape Yacht Club, and Moonbirds.
BAYC (Bored Ape Yacht Club) has seen significant volatility, as on April 29, the floor price hit an all-time high of 152 ETH. A few days later, it was 105 ETH, or about $292,000. On May 10, the cheapest-available Bored Ape is priced at 86 ETH. A nearly 55% decrease in floor price in just ten days.
Meanwhile, CryptoPunks are down 21% today, Moonbirds are down more than 34%, and Azuki NFTs are down over 23%. The entry-level price for Otherdeed NFTs has fallen 52% over the last week and nearly 32% over the past 24 hours.
Leading cryptocurrency exchange Halts LUNA Withdrawals as Terra Token Plummets 50%
Binance announced that withdrawals for Terra's LUNA and UST tokens had been "temporarily suspended" due to a high volume of pending withdrawal transactions. The firm assured that it would restart withdrawals once it deemed "the network to be stable and the volume of pending withdrawals" had reduced. Binance's actions come amid an incredibly volatile period for LUNA and UST.
Governance Proposal Passed on AssetMantle
Participants passed the long-due governance proposal 216 for Osmosis on May 8, 2022. $OSMO stakers could now voice their opinion on whether the OSMO/MNTL (#690) pool should get additional OSMO incentives. The team shared on Twitter that they received an overwhelming majority, with most of them resulting in a YES. Now, the OSMO/MNTL liquidity pool will provide even more incentives in OSMO tokens.
Madonna Launches NSFW NFTs With Beeple
Madonna and the digital artist Beeple announced a three-video NFT collaboration that features a naked, CGI Madonna giving birth called "Mother of Creation." Madonna shared in a video with Beeple that the pair began collaborating on her first-ever NFTs a year ago. Although Madonna x Beeple NFT videos might seem erotic, Madonna explained that the art has a pretty straightforward meaning.
Madonna @MadonnaSince the beginning of time……..👀🌎🤰 Leaning into a new virtual world with @beeple Check back here on Wednesday May 11 at 3pm PST / 6pm EST for the nativity. NFTs dropping on @superrare. All proceeds to benefit these organizations: @NationalBailOut @vday @voices_org_ua https://t.co/ab2RkP47kv
El Salvador Adds 500 Bitcoin in the Latest Bitcoin Dip
Nayib Bukele, president of El Salvador, tweeted that they have bought another 500 Bitcoin during the current market correction. The country now has over 2300 Bitcoins. In September 2021, El Salvador became the first country to make Bitcoin legal tender. El Salvador is building up its stockpile of Bitcoin for its reserves
Luna Foundation Guard Loans $1.5B in Bitcoin, UST to Protect Stablecoin
Luna Foundation Guard (LFG), a non-profit supporting all things Terra (LUNA), has voted to lend $1.5 billion in crypto to protect its native stablecoin. The council voted to lend out $750 million in Bitcoin from its reserves and $750 million in TerraUSD (UST) to keep the latter asset pegged to $1. The loan is essential as the price of UST fell below its dollar peg amid extreme volatility in the crypto markets.
LFG | Luna Foundation Guard @LFG_org1/ Over the past several days, market volatility across crypto assets has been significant. The market turmoil is also reflected by the past week's uncertain macro conditions across legacy asset classes.
Sony and Theta Labs Launch 3D NFTs That You Can Touch
Theta Labs is teaming up with Sony to launch two types of 3D NFTs for use with the Sony Spatial Reality Display (SRD). SRD is more of a tablet that displays 3D visuals in semi-physical augmented reality and permits users to view and manipulate 3D objects without glasses or other accessories. The NFTs launched by Theta and Sony will thus be viewable and manipulable on the SRD in mixed reality 3D, without the assistance of eye accessories.
Yuga Labs Refunds Gas Fees For Failed Transactions During Bored Ape Otherdeed Mint
Yuga Labs has refunded gas fees to everyone who had a failed transaction during the Otherdeed mint. More than $157 million in Ethereum was burned in gas during the Otherdeed NFT mint. Some Otherdeed customers reported paying more than double the 305 ApeCoin (APE) sale price in gas fees alone. Approximately 56% of all Ether burned from April 25 to May 2 was caused by the mint.