Month in Review — July/August 2022
Welcome to Month in Review, where the team behind STASIS & EURS shares updates from the past month and some thoughts on key events and issues in the cryptocurrency, DeFi & stablecoin space. Sign up to receive it here.
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A short rewind of frosty crypto summer’22
As the first raindrops started to hit the overdried ground, an idea slipped into the mind: the heat was about to give its last breath, being overtaken by the advancing breath of Autumn. Despite the severe weather, the summer of 2022 was no different from the last one in the crypto field — except for the fact that it actually showed no signs of relief, as stagnation and uncertainty continued to hold its grip on the markets. The rollercoaster of 2021 was one hell of a ride. Today, it’s all about just sitting on the sidelines, trying to time the market and find a perfect entry spot.
A series of negative events was like an unexpected tsunami hitting the tired crypto people lying on the beach. Neither your usual piña colada nor cold determination can help if the whole market is gripped by uncertainty. Celsius bankruptcy, the downfall of one of well-known players in the field, was one of the first signs of long-time depression as the New Jersey-based crypto lender has a $1.2 billion hole in its balance sheet and will likely struggle to pay back its customers and creditors. Meanwhile, founders of bankrupt crypto hedge fund 3AC go missing and rumoured to be on the run, as investors try to recoup assets. Lawyers representing 3AC’s creditors say the physical whereabouts of Zhu Su and Kyle Davies are “currently unknown.”
NFT marketplace OpenSea processed a record $2.7 billion in NFT transactions back in May 2021, when the crypto market was at its peak. New circumstances brought a cold, sobering wind of change. Now, the fresh data from the last days of August suggest that OpenSea recorded just $9.34 million worth of transactions! From that euphoric high of $2.7 billion, this latest figure represents a drastic and horrific decline of 99%. Despite the general market downfall, that clearly indicates an expected burst of a bubble.
The last few months of summer didn’t bring any relief to crypto — vice versa; in the wake of a declining global economy and the absence of positive growth factors as well as awaking a bunch of negative ones that hit as a waking coffee, so the majority of users decided to wait the summer in stablecoins.
Introduction of additional products in the euro-stablecoin segment was anticipated: we have completed a special research project to show our users how different EURS is.
The approaching “Merge” event for Ethereum also causes doubts, sending ripples both of excitement and awe across the crypto community. The STASIS team has expressed its opinion and a word of support for further development of the Ethereum ecosystem, which continues to be the main ground layer of EURS stablecoin. We are excited to see the further advancement of the largest ecosystem in the crypto realm!
🚨EURS — Ethereum Merge Update 🚨
🕗 Dear clients! Only 10 days left before the transition of Ethereum to PoS.
Please note that STASIS will temporarily suspend deposits & withdrawals for EURS tokens on September 5th at approximately 11:00 PM (CET) for the Bellatrix consensus layer upgrade.
Stay tuned for more details.
Project News
EURS x Exodus
EURS is now available in Exodus! We are pleased to announce that the largest euro-backed stablecoin has been added to the popular cryptocurrency wallet.
Exodus is a non-custodial wallet that offers great support and extensive, more control over crypto assets. It does not directly manage or take custody of your wallet, but allows you to fully control it.
Read about us
STASIS CEO Gregory Klumov gave a few opinions into the press earlier this month:
1) STASIS Responds To Circle’s Decision To Freeze 75k Assets
Gregory Klumov, CEO of stablecoin platform, has responded to Circle’s decision to freeze more than 75k of funds — claiming it goes against decentralization and the whole backbone idea of Web3.
2) The Number of Euro-Pegged Stablecoins Has Swelled 1,683% Since 2020
The value of the euro-based stablecoin economy has swelled by 1,683% since the first month of 2020. Tether’s euro-pegged stablecoin is the largest of them all, with $400 million worth of EURT in circulation today.
3) Crypto is ‘property’ for IHT purposes
STASIS CEO Gregory Klumov expressed his opinion on the “property & crypto” topic in FTAdviser.
“Property has historically been tied to location & taxation has been easy. This is no longer the case after the advent of crypto…”
What’s next in Autumn?
Thanks for reading this letter and staying with us! The usually slow period is now over as we’re approaching the beautiful period of autumn. Our team is refreshed and ready to handle more ambitious tasks than ever before!
Before you leave, subscribe to Monthly Stablecoin Digest to stay updated on what’s coming in the crypto world, and read our “Month in Review” to read the 4-week summary of our achievements!
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Thanks for reading the STASIS Blog! Want to learn more about what we do? Check out our website, or download the STASIS Wallet.
