Month in Review — March 2021

NFT is a new black

Welcome to Month in Review, where the team behind STASIS and EURS shares our updates from the past month as well as some thoughts on key events and issues in the cryptocurrency and stablecoin space.

The Month in Review is distributed each month initially as a newsletter. You can sign up to receive it here.

NFTs steal the show while cryptomarket face rising uncertainty

Spring is a refreshing period of change, and the last weeks of cryptocurrency market struggle make all the trader and crypto believers ask one question — what is the final target of the latest bull run? Analysts make all kinds of predictions for the king chip — the Bitcoin — promising new heights from reasonable $70.000 levels to incredible $400.000 and beyond. By the end of last week of March, the price tested the $ 50,000 mark but managed to hold the ground and now the first cryptocurrency accumulates strength for a breakthrough.

Tesla recently added fuel to the fire by announcing the highly-expected option: users will be able to buy electric cars with Bitcoin! On Monday, March 24, Tesla CEO Elon Musk announced that the company began selling the well-known electric vehicles for the #1 crypto.

This exciting opportunity is yet available only to residents of the United States, but by the end of the year, buyers from other countries will also come to the shop, as Musk told the world. It was also stated that the company would not convert the cryptocurrency into fiat.

In the meantime, the world’s largest DeFi player, Uniswap, announced that the third version of its protocol would see the world on May 5. The developers have promised to implement new features for liquidity providers and end-users and launch a second-level Optimism solution for scaling and reducing transaction costs associated with the limitations of the Ethereum network.

The last week of March was marked by another surge in the leading cryptocurrencies’ price as highly-anticipated stablecoin market advancement hit the headlines. Prices have risen drastically near month’s end after Reuters reported Visa’s decision to allow the use of stablecoin USDC to settle transactions on its payment network. USDC is the second-biggest stablecoin with a market capitalization of about $11 billion, by the data from CoinGecko.

While the primary interest of many had been grasped by these fluctuations, there have been other market events that stirred the ground. The market of digital art, having made some headlines back in ICO days, is now striking back. Non-fungible tokens or NFT seem to become a new significant trend after all.

For example, one Beeple art piece was sold for $6 million with a goal to raise funds for the Open Earth Foundation’s efforts to fight climate change. Moreover, The New York Times and Time Magazine also announced sales of their own NFTs.

Next, Twitter founder Jack Dorsey sold his first tweet in the form of a non-fungible token (NFT) for $ 2.91 million! According to the auction data on the Valuables Ethereum platform, the lot was bought by Bridge Oracle, Sina Estavi. New York Times journalist Kevin Roose put up a column for sale on non-fungible tokens (NFT) in the form of NFT. As a result, the lot was purchased for 350 ETH (more than $ 560,000). Popular rap singers also join the cause lately.

Non-fungible tokens are gaining momentum, and their transformative power can go far more than we think right now. At the same time, many analysts continue to think that the NFT market is just another bubble that will likely burst anytime soon. Making predictions is the hardest job in crypto, so we continue to sit back and monitor the situation. Stay with us and we promise that no important news will be missed in our newsletters! The next phase of the cryptocurrency market looks thrilling.

Project News

• Meet the EURS V 2.0!

This day has come! EURS smart contract is expected to receive an upgrade on April 2nd — marking a new development milestone in the STASIS project. We are thrilled to inform you that the smart contract was upgraded by ABDK — the company that has performed the audit of the V3 Uniswap which is the largest DeFi protocol nowadays.

• EURS new token contract has been audited by CertiK!

We are proud to admit that the latest audit by CertiK has found zero medium-critical vulnerabilities, and the security of EURS has been verified. This new audit is set to compound user confidence in the largest euro-backed stablecoin!

• Why do we need to Re-KYC new clients?

Have you checked out our new Sellback? We launched our interface with a Swiss counterparty — SCB — earlier and now work hard to make the process smooth. We have received extensive feedback and decided to give you more insights into our operation. This statement is aimed to explain the team’s decision behind the change.

Worth Reading

• CEO of STASIS Gregory Klumov commented on the situation in cryptomarkets — check out this Business Leader issue and learn why corporate investors are taking profit from Bitcoin — but the price won’t drop below $30.000.
• In his latest article, Mr.Klumov outlined why liquid assets are booming nowadays.
• Check out our step-by-step guide to go through the SCB sign-up process without a hassle!

Worth watching & listening

The time to climb the learning curve in crypto further! STASIS CEO shares priceless industry insights in “Masters in Blockchain and DLT Lectures”. Check out Gregory Klumov speaking about blockchain, cryptocurrencies, and DeFi at the University of Malta!

What’s coming next?

Thanks for staying with us! Expect more cool content and vital announcements next month!

Subscribe to Weekly 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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