Market Snapshot 📊
The global cryptocurrency market cap stands at $1.29 trillion, with Bitcoin dominance at 43.56%. The Fear and Greed Index remains at 11, indicating extreme fear among investors.
Key Developments
Policy and Regulation Updates
- A Russian court has officially recognized cryptocurrency as a form of payment.
- Comprehensive cryptocurrency legislation in the United States is anticipated as early as next week, according to a senator.
- South Korea’s Financial Services Commission is reviewing new regulations concerning stablecoins and decentralized finance (DeFi).
- The European Central Bank urges the swift implementation of the Markets in Crypto-Assets (MiCA) regulation across the EU.
- The Deputy Prime Minister of Ukraine appeared in a music video to encourage cryptocurrency donations.
- South Korean financial authorities will conduct on-site inspections of financial service providers linked to Terra.
- A hearing focused on virtual asset investor protection will be held in the South Korean National Assembly during the second half of the year.
- Binance is set to launch payment and trading services in Dubai.
Market and Project News
- Market sentiment analysis firm Santiment reports that crypto pessimism is at its lowest since March 2020.
- Over 2.35 million ETH have been burned on the Ethereum blockchain, reducing its annual inflation rate by 61%.
- Three Arrows Capital transferred 6,700 ETH to the FTX exchange.
- A Mastercard executive expressed strong optimism for cryptocurrency, stating that mass adoption should happen sooner rather than later.
- Bridgewater Associates founder Ray Dalio acknowledged that Bitcoin is beginning to occupy a place in his investment portfolio.
- Skybridge Capital founder Anthony Scaramucci revealed a substantial purchase of ALGO tokens.
- Terra's Ecosystem Revival Plan 2 snapshot is scheduled for block height 7,790,000.
- Terra fork proposal 1623 has passed, receiving over 50% of the votes.
- Digital asset custodian Hex Trust announced support for Terra 2.0.
- Infura, an Ethereum development platform, has partnered with NEAR Protocol to expand its multi-chain connector capabilities.
- StarkWare's scaling engine, StarkEx, has been upgraded to version 4.5.
- Decentralized stablecoin project AstridDAO partnered with Microsoft by joining its Microsoft for Startups program.
- Binance will disable the existing deposit addresses and memos for ATOM.
- The supply of TRON’s decentralized algorithmic stablecoin, USDD, has surpassed 500 million.
- Connext’s network upgrade, "Amarok," is now live on the public testnet.
- Katana has launched a new treasury management tool designed for DAOs called Katana Treasury.
- Coinbase is testing an internal application named "Dot Collector" that allows employees to rate each other during meetings and interactions.
Metaverse and Gaming
- Adidas Originals collaborated with TMELAND, Tencent Music’s virtual music social platform, to host a metaverse music festival.
- Move-to-earn application STEPN introduced its realm plan, enabling users to play the same game across different digital realms.
- STEPN reported 3 million monthly active users, 800,000 daily active users, $100 million in monthly revenue, and daily net profit from transaction fees between $3-5 million.
NFT Ecosystem
- OpenSea launched Seaport, a new Web3 marketplace protocol.
- Basketball legend Earvin "Magic" Johnson released an NFT collection, "The Anthology: Magic Johnson," on NBA Top Shot.
- Modern Sky, a Chinese music label, released its first digital collectible series, "I.M.O.星际动力别动队-星际漫游者," consisting of 7 unique designs with 2,999 copies each, powered by Tencent's blockchain.
- The company behind "Talking Tom," announced the upcoming release of a 3D digital collectible series.
- Shenzhen Special Zone Daily, a major newspaper, issued its own digital collectibles.
Funding and Investments
- Venture capital firm Standard Crypto raised $500 million for a new fund.
- NFT detection startup Doppel completed a $5 million seed funding round.
- DeFi startup Common secured $20 million in funding from investors including Spark Capital and Polygon.
- Interactive video platform Firework raised $150 million in a Series B round led by SoftBank Vision Fund.
- NFT marketplace Bubblehouse closed a $9 million seed round led by Cassius Family.
- Blockchain-based carbon credit trading platform Flowcarbon raised $70 million in a round led by a16z.
- Crypto solutions provider PlatinX Technology raised $5 million.
- Web3 community platform Mojor completed a $2 million seed funding round.
- Cross-chain finance market Angular Finance raised $1.8 million with participation from 0xVentures.
- Crypto hedge fund Hedonova raised $18.4 million in an A1 round, valuing the fund at $330 million.
Web3 Infrastructure
- The privacy-focused Brave browser integrated with the Solana blockchain to expand Web3 access.
- Web3Auth launched "Sign-in with StarkWare," allowing users to access Web2 applications using their StarkWare accounts.
- ADAM entered a strategic partnership with Web3 community platform Mojor.
Airdrop Updates
- Gnosis Safe will airdrop tokens to members of its "Guardian" community, who have contributed to the project's security. Applications close on May 30.
- Following Optimism's removal of 17,000 Sybil addresses from its airdrop list, cross-chain bridge Hop Protocol announced it is also developing new criteria for its own airdrop.
Frequently Asked Questions
What is the Fear and Greed Index?
The Fear and Greed Index is a tool that measures the primary emotions driving cryptocurrency market behavior. It uses sources like volatility, market momentum, social media sentiment, and surveys to calculate a score from 0 to 100. A low score, like the current 11, indicates extreme fear, which can sometimes signal a potential buying opportunity for investors.
What does 'burning' Ethereum mean?
Burning ETH refers to the process of permanently removing coins from circulation. This is achieved by sending them to a verifiable, inaccessible wallet address. This mechanism, introduced with the EIP-1559 upgrade, reduces the overall supply of ETH, making it a deflationary asset and can positively impact its value over time. 👉 Explore more strategies for understanding tokenomics
What is a Terra fork?
A fork in blockchain is a significant change to a network's protocol that results in a split, creating an alternate version of the blockchain. The Terra fork proposal was a community-led initiative to create a new chain (Terra 2.0) without the algorithmic stablecoin UST, aiming to revive the ecosystem after its collapse, while the original chain continued as Terra Classic (LUNC).
How do I participate in airdrops?
Participating in airdrops typically involves completing specific tasks to be eligible for free token distributions. Common requirements include holding a certain cryptocurrency, using a particular dApp, being an early user of a protocol, or engaging in community governance. Always ensure you are interacting with official project channels to avoid scams.
What is Web3 authentication?
Web3 authentication provides a way for users to log into applications without relying on traditional centralized platforms like Google or Facebook. Instead, it uses cryptographic keys from a user's blockchain wallet, giving them full control over their digital identity and data. This method enhances privacy and security across both Web2 and Web3 applications.
Why are regulations important for crypto?
Clear regulations are crucial for the long-term health and adoption of the cryptocurrency industry. They help protect investors from fraud and market manipulation, provide legal clarity for businesses building in the space, and ensure the stability of the financial system. Well-designed frameworks can foster innovation while managing risk. 👉 Get advanced methods for staying compliant