This Week in Crypto [03/28]
Bitcoin is back, baby!
LUNA has purchased more than 11,000 Bitcoins (worth over 500m USD) to help support the treasury used by UST (an algorithmic stablecoin). These purchases have led to a somewhat bullish atmosphere on crypto Twitter. However, there may be more to come as Luna Foundation Guard (LFG) has raised $2.2 billion intended for a bitcoin reserve.
Earlier in the week, Russian President Vladimir Putin said he wanted “unfriendly” countries to purchase oil and gas using Russian Rubles, with the hopes that this leads to some demand for their currency that has fallen around 20% since the beginning of the year. Friendly countries on the other hand (those that have not sanctioned Russia) will be allowed to use their own currencies or even Crypto to pay for oil and gas.
FTX and Coinshares are launching a physically-backed Solana Exchange Traded Product (ETP). The ETP will allow users to receive staking rewards of 3% and a 0% management fee. The aim of the product is to provide institutional investors exposure to the Solana token (SOL), it is a first of its kind to offer staking rewards for investors too. As it is physical, investors have the option to redeem their shares directly for SOL tokens.
A look at the numbers
Weekly change: + 13.75%
Weekly change: + 14.79%
Ethereum has also had a very solid week, as traditional markets continue to recover, this has provided some respite for crypto as nearly all coins are up across the board.
What are we reading?
All anybody has been talking about this week is Stargate, a multi-chain bridge that promises 1 click swaps between assets on different chains. Stargate is built upon the “LayerZero” protocol. Just 10 days ago they auctioned off 100m STG tokens at a price of $0.25, STG now trades at around $2.8 on FTX. Anyways, it is definitely worth reading their whitepaper “Solving the Bridging Trilemma”
Stablecoins are a hot topic at the moment, to throw another contender in the ring let me present to you “Frax”, a partially collateralized crypto-backed stablecoin. This article will keep you clued in.