This Week in Crypto [03/20]
Theres a new $APE on the block 🙈
The creators of Bored Ape Yacht Club (BAYC), Yuga labs have had a wild week. After announcing that they purchased the IP rights to CryptoPunks not long ago, have just launched “ApeCoin” a token used in the governance of the ApeCoin DAO. 15% of all APE tokens were airdropped to BAYC holders. This may pave the way for more NFT projects to launch tokens upon the back of the successful APE coin launch.
ApeCoin is already trading on major exchanges like Binance, Coinbase and FTX. 10,950 APE was airdropped for owning 1 BAYC NFT. Currently worth over USD 100k.
The EU dropped a proposal that aimed to force Proof of Work (POW) cryptos to switch to the more environmentally sustainable Proof of Stake consensus mechanism.
This week, the EU voted to keep a controversial provision that was essentially a PoW ban out of the Markets in Crypto Assets (MiCA) framework that is being developed. It is a regulatory package that encompasses crypto regulation in the EU.
HSBC has become the first bank to enter the Sandbox.
The partnership means HSBC has acquired a plot of virtual real estate in the Sandbox Metaverse. The aim of the partnership is to “engage and connect with sports, esports, and gaming enthusiasts.”
Large LUNA bets going down on Twitter.
Do Kwon, the Co-Founder of Terra (Luna) has found himself in some quite significant bets on Twitter.
Betting on the price of LUNA in 1 year’s time. He has bet $1m USD against @Algodtrading and $10m USD against @GiganticRebirth. Do Kwon is betting that the price of LUNA will be higher in 1 year than it was at the time of the bet $88. All $22m USD was sent in Escrow to @Cobie, a guy who masquerades as the crypto version of Kurt Cobain on Twitter.
There is never a dull day in crypto.
A look at the numbers
Weekly change: + 5.1%
Weekly change: + 11.45%
What are we reading?
Flash Loans - Finance on Steroids by Kris Machowski
Flash loans can be hard to grasp but Kris does a great job at providing the context needed to fully understand what flash loans are and why people use them.
Yield Farming for Serious People by Jump Crypto
Want a primer into Yield farming and what people are *actually* doing when they say they are yield farming? This piece gets stuck into Yield farming and its purpose within the crypto ecosystem.
Energy Cancelled by Arthur Hayes
Arthur is confident we will see $1M USD / Bitcoin and over $10,000 per ounce of gold and this quote says it all: “Remember: it’s not gold or Bitcoin that is increasing in price, it’s a decrease in value of the fiat currency in which they are priced.”