Thursday, 26 May 2022

Market Summary

Market Summary 26 May 2022

Bitcoin Price: US$ 29,542.15 (-0.38%)
Ethereum Price: US$ 1,942.63 (-1.86%) 


X2Y2 vs LOOKS, cBridge Liquidity Mining, The NFT Collectooor

  • Note: The volumes of X2Y2 and LooksRare are filtered to remove wash-trading to show more accurate data on each platform’s organic volume.
  • X2Y2 is another NFT Marketplace that launched a few weeks after LooksRare. Both platforms aim to obtain market share from the market leader: OpenSea.
  • Since integrating with, both X2Y2 and LooksRare have benefitted as volume continues to grow on their platforms. This is achieved by users who likely prioritize lower prices over what platforms the NFTs are listed on.
  • Furthermore, X2Y2 started its trading rewards program on May 1st, incentivizing wash traders to increase their activity on the platform. X2Y2 also reduced trading fees to 0.5%, a considerable discount compared to LooksRare and OpenSea, which charges 2% and 2.5%, respectively.
  • However, it remains to be seen if X2Y2 can continue to maintain or grow its market share after the trading rewards program ends. X2Y2 now has ~12% share of the NFT marketplace volume. X2Y2 is neck-and-neck with LooksRare as each platform holds a similar market share.
  • Lens Protocol, built by the same team as Aave, is now live on Polygon. You can now claim your Lens handle and mint your profile NFT. Early users may be eligible for an airdrop.
  • Hop Protocol is offering 25% for finding sybil airdrop attackers. The remaining 75% go to honest users.
  • Celer cBridge is a cross-chain token bridging experience with deep liquidity for users, highly efficient and easy-to-use liquidity management for both cBridge node operators and Liquidity Providers. cBridge also has new exciting developer-oriented features such as general message bridging for cases like cross-chain DEX and NFTs.


Brazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades

  • Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH).
  • The RFB’s declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country to the regulator. At the end of last year, the group issued an opinion in which it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the real (Brazil’s national currency).
  • Although it does not specify what can be understood as “profit,” since in the exchange of one crypto asset for another there is no capital gain in fiat currency, it points out that there is, even so, the obligation to pay taxes on the eventual profit:
  • “The capital gain calculated on the sale of cryptocurrencies, when one is directly used in the acquisition of another, even if the acquisition cryptocurrency is not previously converted into reais or another fiat currency, is taxed by the individual’s income tax.”


Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil

  • Even though crypto markets appear to be on a long, arduous path ahead based on recent weeks of token turmoil, venture investors looking to get their hands on a Web3 future aren’t slowing down.
  • On Wednesday, venture capital giant, A16Z, announced closing its fourth cryptocurrency fund at $4.5 billion. This brings the total money invested by Andreessen Horowitz in digital currency and blockchain business to more than $7.6 billion.
  • The new investment vehicle will focus on early-stage ideas as well as projects that are more mature and have already shown some traction. According to the firm, $1.5 billion of the funding will be used for seed injections, while $3 billion will be dedicated to venture investments.


WEF 2022: Satoshi Nakamoto could be a woman, says Meta VP Nicola Mendelsohn

  • The fourth day of the ongoing World Economic Forum saw major discussion around the role of women in Web3 and how the decentralized ecosystem can be a place for inclusivity.
  • In talking about female role models in the Web3 and crypto space, the panelists highlighted the contribution of key female representatives in the nascent space. Mendelsohn quipped that Bitcoin (BTC) creator Satoshi Nakamoto, who remains pseudonymous, could very well be a woman. She explained:
  • “I will give you one: Satoshi Nakamoto. I mean, we all assume it’s a man, right? Is that our bias? It’s just a name — it could well be a woman.”
  • Cornèr added that she believes the creator of Bitcoin is a group of people comprising both men and women rather than an individual.


Exchanges show initial support to Terra revival by listing new LUNA token

  • Crypto trading platforms show initial signs of support for the revival of the collapsed Terra network by listing Terra’s brand new token, also named LUNA.
  • The HitBTC exchange took to Twitter on Wednesday to announce that Terra’s new chain token Luna will be available on its platform on May 27.
  • The news comes amid Terraform Labs preparing to relaunch its protocol on Friday and replace the old chain, referred to as Terra Classic, with the new chain, called Terra or Terra 2.0. The new chain will not be a fork as it will be created from the genesis block and will not share a history with Terra Classic, Terraform Labs said on Monday.
  • The new Terra’s token will be named LU, replacing the old token referred to as Luna Classic (LUNC).


Google seeks fresh talent to lead global Web3 team

  • Following the establishment of a Web3 team under Google Cloud on May 6, tech giant Alphabet’s Google is now on the lookout for a full-time candidate to lead its Global Web3 marketing strategies.
  • As seen on the job listing, the Google Cloud division opened up a “Head of Product Marketing” role who will be tasked with raising awareness about Google Cloud’s Web3 initiatives in addition to eventually building customer demand for the related offerings.
  • In an email shared with employees right before the commencement of the Web3 team, the vice president at Google Cloud, Amit Zavery, reportedly shared his vision to make Google Cloud the first choice for developers in Web3:
  • “While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and crypto-related technologies.”

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