As new information becomes available, the article will be regularly updated.
Top events among ecosystems in June 2022
Near Protocol Ecosystem
Aurigami supported USN
Aurigami is a non-custodial decentralized liquidity protocol that allows users to effortlessly lend, borrow and earn interest with their digital assets. Recently, Aurigami has enabled users to borrow or lend USN (NEAR-native stablecoin) and earn up to 70% APY.
Ref Finance, besides Aurigami, also allowed users to farm USN in the USN/USDT pool and receive a total monthly reward of 500,000 USN.
NearPay launches app
NearPay is a bridge between traditional finance and financial technology, built on the Near Protocol ecosystem. NearPay allows users to convert fiat money to cryptocurrencies like BTC, USDT, NEAR, AVAX… before doing transactions and tracking spending limits. In addition, NearPay also allows developers and businesses to integrate NearPay into their applications or projects.
NearPay is now secured by “Verified by Visa” technology and will soon be supported by the 3DSecure security protocol. NearPay is presented in over 130 countries and supports 29 currencies, including the Vietnamese dong.
NearPay will launch a web-version Wallet, iOS and Android apps, virtual cards and physical cards in June 2022. Europe will be the first to use NearPay, followed by the US and Asia.
The new LUNA fell sharply after launching
The UST loss of peg caused LUNA to drop and the market to crash. This led to the Terra team deciding to hard fork the Terra blockchain (includes LUNA and UST) to Terra 2.0 (only includes LUNA). After hard fork successfully, Terra's old LUNA became LUNA Classic (LUNC) while Terra 2.0's new LUNA became LUNA. Terra investors who were affected by the Terra crash are airdropped the new LUNA token depending on the amount and time of their holding.
The new LUNA is traded on numerous exchanges, including MEXC, Kraken, BigOne, LBank, Bitrue, Huobi, Bitfinex, FTX, OKX, ByBit, Gate, Kucoin, Binance..., and is stored on Terra Station Wallet, Coin98 Wallet, Leap Wallet, Atomic Wallet, XDEFI...
However, after the launch, the price of the new LUNA dropped by 55% as Terra had not yet built up trust from investors. The hard fork also created security problems, causing Mirror Protocol, a project built on Terra, to be attacked for the second time and lost over $2 million (in October 2021, Mirror Protocol got attacked and lost $90 million). Investors do not seem to see a reason to invest in Terra.
TRON rose to the third-largest DeFi blockchain
After the launch of its algorithmic stablecoin USDD, activities on TRON spiked. The Total Value Locked (TVL) from 9 applications on TRON reached 6.15 billion USD, placing TRON third on the TVL rankings just after Ethereum and BSC.
TRON currently allows users to lend USDD on JustLend and earn 23% profit, or add liquidity to the USDD-TRX trading pair and earn up to 64% profit. Despite the fact that USDD was viewed as a second UST, Terra's failed algorithmic stablecoin, USDD still excited investors and helped TRON attract more cash flow.
Optimism airdropped for users
Optimism is a Layer 2 scaling solution on Ethereum to reduce gas fees, process new transactions faster, thereby providing a smoother user experience while maintaining security from the Ethereum original chain.
After raising $25 million in Series A and $150 million in Series B, raising its valuation to $1.65 billion, Optimism officially announced the launch of OP tokens and airdropped for early users on June 1. Notably, the amount of money that users received from the Optimism airdrop could be up to thousands of USD.
Besides Optimism, numerous Layer 2 projects, such as Arbitrum, zkSync, and StarkWare, have not yet issued tokens and might airdrop to users. In order not to miss opportunities like this, you can learn more at:
Learn more: Hunting Airdrop & Retroactive on Layer 2
Major crypto events in June 2022
A16z announced $4.5B Crypto Fund 4
In the midst of market gloom, the venture capital firm Andreessen Horowitz a16z announced its $4.5 billion investment fund for blockchain and cryptocurrency projects. $1.5 billion is expected to make seed investments in Web3, while the remaining $3 billion will be used for venture investment.
The investment firm also expressed optimism about the future of Web3 and Crypto in its "State of Crypto 2022" report, which was released on May 17. It said that "Web3 is tiny but mighty", and compared the current market situation to the collapse of the dot com bubble in the early 2000s.
Previously, A16z also announced several investment funds, including Crypto Fund 1 of $300 million, Crypto Fund 2 of $515 million, and Crypto Fund 3 of $2.2 billion.
Binance Signed MoU with Kazakhstan
Kazakhstan is currently the world's second-largest cryptocurrency mining country. In an effort to deepen its involvement in crypto, the Ministry of Digital Development, Innovation, and Aviation Industry of the Republic of Kazakhstan signed a Memorandum of Understanding with Binance CEO Changpeng Zhao (CZ) on April 25.
The partnership will help Kazakhstan and Binance to integrate banking infrastructure within the cryptocurrency market and facilitate the development and implementation of distributed ledger technology in the Republic of Kazakhstan. In addition, Binance will help Kazakhstan develop a legislative framework and regulation policy of crypto assets in the country.
In recent months, Binance successfully registered operations in a number of countries, including France, Bahrain, Dubai, Abu Dhabi, and, most recently, Italy.
Binance established a $500M fund for Web3
Binance Labs, Binance's investment arm, said on June 1 that it had successfully raised $500 million from institutional investors DST Global, Breyer Capital, as well as other private equity funds, family offices, and corporations. This fund is planned to be used for supporting and leading developers to bring Web3 to DeFi, NFT, Gaming, Metaverse, Social and more.
The move came shortly after a16z launched its $4.5 billion investment fund for Web3 and cryptocurrency. This was also the first time Binance raised funds from outside investors.
Since its establishment in November 2018, Binance Labs has successfully invested and incubated more than 100 outstanding projects including 1inch, Axie Infinity, Elrond, Polygon, Optimism, The Sandbox, Stepn…
Tether Launched USDT on Polygon
USDT is a stablecoin issued by the Hong Kong-based company Tether Limited and controlled by Bitfinex. Many major blockchains, including Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama, and the Bitcoin Cash Standard Ledger Protocol, have integrated USDT.
In order to broaden its reach in the crypto market, Tether recently announced the launch of USDT on Polygon. This will allow users to use USDT in the Polygon ecosystem with over 19,000 applications. Tether is expected to launch USDT on a number of less popular blockchains in the future.
JPMorgan Chase & Co applied blockchain for collateral settlements
Following in the footsteps of financial giant Goldman Sachs, JPMorgan Chase & Co, with total assets of $3.954 billion, recently announced that it was using blockchain for collateral settlements. This is seen as one of Wall Street's latest technological experiments into traditional financial asset trading.
According to JPMorgan, the effort would allow investors to pledge a broader range of assets as collateral in derivatives, repo trading, securities lending and use them outside of market operating hours. In the coming months, the bank plans to expand tokenized collaterals to cover equities, fixed income and other asset types.
In recent years, Wall Street institutions have been using blockchain in many of its activities such as interbank payments, mortgage loans and cross-border trades.
FTX is prepared to spend billions of dollars to service its customers
The FTX exchange's co-founder, billionaire Sam Bankman-Fried, stated that FTX's recent total funding rounds of more than $2 billion could be used to purchase stakes in other companies in order to develop the suite of products it supplies to clients.
Previously, in April, FTX purchased a significant stake in IEX Group, as well as a 7.6% stake in Robinhood Markets. In addition, the exchange's US affiliate, FTX.US, also purchased LedgerX, a futures exchange regulated by the US Commodity Futures Trading Commission.
In just three years, FTX has overtaken Coinbase, a 10-year-old exchange, to become the world's second-largest CEX, after Binance. Specifically, FTX has 10.8% market share, Coinbase has 9.6% market share, and Binance has 64.1% market share.
This happened because Coinbase has been facing a lot of problems lately. Starting with a $430 million loss in Q1 2022 that forced the COIN stock to collapse more than 72%, from $258 to $71, to platform issues and several-day delays in sending cash, the Coinbase NFT marketplace's user interface also received negative feedback.
Meanwhile, FTX continued to broaden its reach and influence by opening branches in the United States (FTX US), Europe (FTX Europe), Australia (FTX Australia), and Japan (FTX Japan), allowing users in the United States to trade stocks and conducting marketing campaigns at the Miami Heat...
Central Bank of Russia is open to Bitcoin for International Payments
Russia, with over 300 financial institutions, is the world's second-largest Swift user, just after the United States. However, Russia's war with Ukraine has caused some Russian banks to be disconnected from the Swift system which greatly affected Russia's ability to trade with the world due to sanctions against Russia imposed by the United States and the Europe Union.
Facing the problems, the Central Bank of Russia announced on May 31 that it was open to receiving Bitcoin and Crypto as payment for international trade, specifically for crude oil, gas, metals, and other commodities.
Nonetheless, the First Deputy Governor of the Russia Central Bank, Ksenia Yudayeva reiterated that the bank continued to see extensive cryptocurrency use in Russia as a financial threat.
Russian institutions are currently struggling with the regulation of cryptocurrency as the Russia Central Bank called to ban crypto in January 2022 before agreeing to treat crypto as a currency in February 2022.
The oil price has risen by more than 58% over the last 12 months, from 68 USD per barrel in June 2021 to nearly 117 USD in June 2022. This showed that the market had begun to be affected by the Russia-Ukraine war. If tensions escalate further and Russia begins to restrict its oil shipments to Europe, oil prices might reach $150 per barrel by the end of this year and $200 the following year.
In Germany, with the cost of energy and food soaring, the German inflation rate had risen 8.7% year-on-year, the highest in 60 years and a record since World War II.
The National Financial Conditions Index (NFCI) released by the Federal Reserve Bank of Chicago on May 25 was also at its highest level since the Euro 2011 crisis. As the world's political and economic situation worsens, many investors, including Michael Saylor, Kevin O'Leary, and Paul Tudor Jones… continue to see Bitcoin as an inflation hedge fund.
Those were the remarkable events among ecosystems and the world news that linked to crypto in June 2022. If there is an error in information or any other issue, Coin98 Insights encourages readers to leave a comment in the section below. Thank you for reading.