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In this issue:
1. BNB Chain offers an extra lifeline for Terra ecosystem projects.
2. Cryptocurrencies are poised to revolutionize the sports business.
3. European families see cryptocurrency as a method for increasing savings.
4. DeFi-ing vulnerabilities: The new Chainalysis program monitors stolen crypto across various chains.
5. People want to get rewarded in cryptocurrency for exercising in the Metaverse.
6. Do Kwon suggests Terra hard fork to protect the environment.
Binance will support Terra (LUNA) ecosystem projects after last month’s unravelling of the DeFi platform and its algorithmic stablecoin.
BNB Chain (BNB) has pledged to give funding and assistance to businesses considering relocation from the Terra ecosystem after the most significant black swan event in recent memory.
Stader Labs will be the first initiative inside the Terra ecosystem to utilize BNB Chain. The firm produces liquid staking solutions for Solana (SOL), Near (NEAR), Fantom (FTM), and Hedera (HBAR), and will offer liquid staking for BNB via a new partnership.
Stader allows users to stake BNB and get rewards through the site. Additionally, the company will issue a derivative indicating staked BNB holdings that may be used in DeFi protocols.
The BNB Chain Fund supports BNB Chain enterprises with $1 billion in investments and incentives. The team will provide network, tokenomics, marketing, and business development services for firms inside the Terra ecosystem.+
Bitcoin (BTC) has been identified as the most famous blockchain use case, demonstrating the technology’s 13-year track record of creating an immutable and completely decentralized ledger.
In addition to the years of innovation since then, which have seen the introduction of altcoins, nonfungible tokens (NFT), decentralized finance (DeFi), and more, a study conducted by fintech titan Deloitte revealed the untapped potential of the crypto ecosystem to open up new markets for the sports industry.
Fan tokens and non-fungible tokens were first used in the sports business to encourage fan participation via collections and voting methods. Nevertheless, Deloitte, one of the four largest accounting companies, anticipates that the industry will embrace crypto and blockchain technology even more in the coming years.
Deloitte’s 2022 sports industry estimate forecasts a boom in blockchain-enabled innovations, leading to an increase in NFTs, cryptocurrencies, fan tokens, and ticket innovations.
Deloitte anticipates that the sports industry will use blockchain for season tickets in the near future. Initially, game tickets would be coupled with NFTs as a reward for fans; but smart contracting developments might enable the creation of additional use cases.+
A poll commissioned by BitMEX reveals that some individuals see cryptocurrency investing as a way to improve their family’s financial situation.
Kantar evaluated consumer trends connected to cryptocurrency for 2022. According to a survey of 3,000 individuals in 14 markets throughout Europe, Asia, and Latin America, crypto is seen by Europeans as a method to invest and save for the future.
55% of European participants possess cryptocurrency. 70% of respondents said that crypto is mostly for their family. 61 percent of respondents saw bitcoin as a “good asset diversification strategy.”
According to the research, three out of five European respondents said that their crypto investments surged by 50 percent. A survey reveals that over 80% of crypto owners’ transactions are $1,000 or more.
The objective of the survey, according to BitMEX’s chief marketing officer Michele Bertacco, was to analyses investor behavior. Bertacco said, “The public’s appetite for cryptocurrencies is rapidly growing.”+
The new instrument from Chainalysis tracks transactions and tokens across DeFi protocols and several blockchains.
The new tool from Chainalysis monitors transactions across DeFi protocols and many blockchains.
Wednesday, Chainalysis launched Storyline beta. Storyline is a “Web3-native blockchain analysis tool” with a concentration on NFTs and DeFi platforms. This is consistent with the increasing popularity and use of NFTs and DeFi in the bitcoin industry.
Chainalysis analyses blockchains and reports on trends in bitcoin-related criminal activity. According to Chainalysis, DeFi and NFTs account for more than half of all bitcoin transactions globally.
This development has a negative in the escalation of cryptocurrency-related crimes. In 2021, DeFi protocols handled a greater amount of value via invalid addresses, while hackers targeted these systems to steal payments.
According to Chainalysis, 97 percent of the $1.68 billion in cryptocurrency lost in 2022 was due to DeFi. According to the firm, North Korean cyber groups were responsible for the vast majority of DeFi attacks in 2017.+
According to a recent survey, blockchain technology may drive fitness more than cash.
Over eighty percent of responders would work out more if they were compensated in bitcoins. FitRated polled 1,001 United States citizens on blockchain-related fitness technology.
40% of respondents would replace their physical gym membership with a Metaverse membership. 81% of respondents would maintain a healthy lifestyle if compensated in bitcoins.
The National Bureau of Economic Research discovered that money alone does not motivate people to exercise. FitRated’s survey found that 63 percent of respondents considered fitness motivation to be a “key benefit” of blockchain technology. Move-to-earn programmes are capitalizing on this trend.
Eighty-three percent of respondents loved how blockchain-based fitness applications gamified physical activity.
49.1% of respondents said they would walk to earn bitcoin. Following cycling with 47,2 percent was swimming with 41,4 percent.
72% of respondents want to be compensated in Bitcoin (BTC). Ether (ETH) came in second place with 35.5%, followed by Dogecoin (DOGE) with 34.60%.
Increasing prevalence of blockchain-based fitness apps. STEPN, a Web3 move-to-earn application, gamifies running by allowing users to mint nonfungible token (NFT) shoes.+
Do Kwon, co-founder of the Terra Luna blockchain, presented a redesigned strategy on Monday. Volatility and protocol design flaws eliminated the majority of the value of blockchain. Kwon claimed that Terraform Labs would fork Terra Luna on May 18. LUNA (token)
New chain will not connect to TerraUSD (UST). UST will manage the blockchain for Terra Classic (LUNC). Planned by Kwon, LUNA would be deployed on May 27.
The creators of the LUNC, UST, and Terra Classic blockchains will get LUNA coins. Terra will become a community-owned chain with the removal of terra1dp0taj85ruc299rkdvzp4z5pf6z6swaed74e6 from the airdrop whitelist.
The anticipated LUNC supply is 1 billion, with 25% allocated to the community pool, 5% to developers, and 70% subject to vesting requirements for LUNC and UST holders.
The custodian of the ecosystem, Luna Foundation Guard, used the majority of its bitcoin holdings to protect the UST’s peg. Without foreign currency, Terra is unable to exist. The CEO of Binance, Changpeng Zhao, will help Terra’s community but need further information.
That’s it for this week. Thanks a lot for reading! Please help me out by sharing this newsletter, following me on Twitter and joining our Discord server!