👍 Ethereum Pre “Merge” effects?
Contents (3 min read):
- 👍 Are these Ethereum Pre “Merge” effects?
- 🤗 Aave proposes to launch a USD-pegged stablecoin called GHO
- 💔 Voyager Filed for Bankruptcy
- 🤷 What is the Deal with Sandbox?
- Celsius goes bust
- 👨👩👧👧 Startupy — Community-curated search engine
- 🏖️ IRAs, tax-sheltered accounts
- 📰 ICYMI
- 🙏🏻 Grateful for…
👍 Are these the Ethereum Pre “Merge” effects?
Ethereum has increased in value by ~25% during the last 14 days. This past Friday July 16th, that bullish momentum spilled over after an Ethereum dev released a timeline for the long-awaited “merge.” Come September 19, the network is expected to merge from its current state as a proof-of-work (PoW) blockchain to an energy-efficient proof-of-stake (PoS) network.
The price of Ether has been trading in the green for a few days, continuing a rally that kicked off after the release of a soft timeline for the underlying Ethereum blockchain’s transition to proof-of-stake from proof-of-work.
At last check, the price of Ether was trading at $1,371, (see graph below)
The bear market may not be over, but some great news as the successful Ethereum merger is exactly what we need to inject confidence into the industry. This merge has huge implications on so many different levels as it will lower gas fees, speed up transactions and foment the green sustainability of the crypto market.
I personally have been bullish on Ethereum since its inception and truly believe that it continues to be a game changer. This monumental POW to POS change is another great example of the lengths that their team is willing to go in order to make blockchain adoption more attractive.
🤗 Aave proposes to launch a USD-pegged stablecoin called GHO
A new proposal was posted on the Aave governance forums for GHO, a native decentralized stablecoin pegged to the US dollar & backed by collateral deposited on Aave (aTokens). Aave is trying to enter into the massive $150 billion stablecoin market by leveraging its existing money market protocol, which is currently deployed on almost all major chains. Additionally, over $6 billion in available deposited liquidity on Aave can be used as collateral to issue GHO.
💔 Voyager Filed for Bankruptcy
Voyager Digital, a CeFi company, filed for bankruptcy on July 5th, 2022. Voyager is a cryptocurrency company that provides services like broking, which involves locating the cheapest rates for cryptocurrencies that clients want to buy or sell, as well as borrowing customers’ digital assets in exchange for yields of up to 12% and then lending them out.
🤷 What is the Deal with Sandbox?
Despite far from ideal market conditions, The Sandbox continued to deliver on its promise to build a robust metaverse for its increasingly diverse community. It only takes a bit of “zooming out” to see the clear positives to Sandbox’s financial picture. Few platforms can survive secondary sales volume declining >90% and still tout 300% YoY growth on that very same metric. And, as is often the case, the mass exodus of speculators may ultimately be the healthiest thing for the platform. Bear markets are for building the next bull market.
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Celsius goes bust
After paying off all of their DeFi loans in Compound, Celsius announced they had filed for Chapter 11 bankruptcy early Thursday morning. Celsius has also revealed it only holds $167 million in cash, which will be used to “support operations”.
Investors are worried that the funds they hoped may be returned have been used to pay off DeFi loans instead of customers.
At its peak, Celsius boasted up to 1.7 million users on its app. With billions of assets under management, many flocked to Celsius for the attractive yields offered on various cryptocurrencies.
However, it has suffered significant losses in the past, and most recently filed for Chapter 11 bankruptcy. This has left many users with their funds locked in the app, with no resolution in sight.
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