Crypto Daily Digest - May 12th

TI Research

On May 12th, $LUNA circulation supply added over 30 billion pieces. The $LUNA price fell all the way down, once below $0.004. Binance has delisted $LUNA Coin-Margined and $LUNA USDT-Margined contract. The US SEC may have started investigating the $UST incident. $USDT experienced a brief and severe unpegging, reaching as low as $0.9508. Tether Treasury destroyed $3 billion of $USDT. Bitcoin was recognized as legal virtual property by the Shanghai High Court in a case.

DeFi

  • Curve daily volume reaches new high. Source
  • Data: $LUNA circulating supply adds over 30 billion today. Source
  • Tether will coordinate with a 3rd party to perform a chain swap. Source
  • Binance Futures delisted $LUNA USDT-margined contract. Source
  • Binance will delist coin-margined $LUNA perpetual contracts. Source
  • Terraform Labs proposed to burn around 1.39b $UST as emergency action. Source
  • Tether CTO Paolo Ardoino tweeted that Tether is processing redemptions normally. Source
  • Australia's first Cryptocurrency ETF begin trading today. Source
  • Sushi 2.0 community proposal passed the vote with 91.78% support. Source
  • Osmosis releases proposal to reduce incentives to $UST and $LUNA. Source
  • Lido Finance indicates stETH and Curve Pool are safe. Source
  • The Block's research director said the only way out of Terra's mess is to temporarily give up on $UST. Source
  • Bancor V3 live with single-sided Staking and Instant Impermanent Loss Protection. Source
  • Ribbon Finance partners with Porter Finance to offer fixed-rate collateral type bonds to protocols. Source
  • BlackRock and Citadel deny trading cratering stablecoin. Source
  • Several crypto firms such as Dragonfly Capital have announced that they do not hold $UST and $LUNA. Source

Policy & Regulation

  • Bitcoin recognized as legal virtual property by Shanghai High Court in a case. Source
  • Chile's Central Bank postpones its CBDC plans. Source
  • SEC may have started investigation into $UST incident. Source
  • President Bukele shows plans of proposed ambitious Bitcoin city. Source
  • EU commission favors ban on large-scale stablecoins. Source
  • Nubank, Brazil's largest digital bank, launches Bitcoin and Ethereum trading. Source

NFT

  • Axie Infinity: Origin for Android is live on Android mobile devices. Source
  • STEPN plans to launch a Sneaker rental feature in the next few months. Source
  • Yuga Labs metaverse project Otherside shows game clip. Source
  • Azuki Founder will transfer the remaining three NFT projects proceeds and private keys to the community and focus on running Azuki. Source
  • OpenSea updates account verification and copymint prevention systems. Source

Fundings

  • Aurora launches $90 million developer fund to boost DeFi on NEAR Protocol. Source
  • Oasis Pro Inc. closed $27 million Series A round with participation from UDHC and others. Source
  • 6th Man Ventures is raising $145 million for a second crypto fund. Source
  • Cryptocurrency startup BVNK closes $40 million Series A funding round led by Tiger Global. Source

Terra

Stablecoins

USDT

Bitcoin

TI Research

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