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This Week in Crypto - The Luna 2.0 Plan

Terra's LUNA 2.0 Plan, Coinbase Pay, and Flowcarbon's $70M Raise from A16Z

May 25, 2022

Issue Summary: Welcome back to Coinstack, your favorite weekly newsletter for institutional crypto investors, where we review the top news and reports in the digital asset ecosystem.

In This Week’s Issue:

  1. This Week in Crypto

    1. 🗞️ Top Weekly Crypto News - Terra’s LUNA 2.0 Plan Passes, Crypto Execs Buying the Dip, U.S. CBDC Progress

    2. 💵 Weekly Fundraises - Flowcarbon ($70M), ADDX ($58M), Bud ($36M)

    3. 📊 Key Stats - ETH Revenues, Lens Protocol, CitaDAO

    4. 📝 Highlights from Top Crypto Reports: Messari on Coinbase Pay and Coinbase Dapp Browser

    5. 🎧 Best Crypto Podcasts - Coinstack, Bankless, RealVision

    6. 📈 Top 10 Tokens of the Week - TRX, ANJ, NEST

  2. Coinstack Podcast Episodes

  3. Join Our Telegram Group

  4. Who We’re Following on Crypto Twitter

  5. How to Get Started in Crypto Learning

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🗞️ Crypto News Recap: The Top 10 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 10 stories of the week…

  1. TerraForm Labs Prepares Airdrop for LUNA 2.0 Launch - The creators of LUNA and UST have announced plans to airdrop new LUNA tokens to holders as of the date stamp of May 7, 2022. Old LUNA tokens will become called Luna Classic. While this is expected to represent much less than a penny on the dollar of the May 7 value, it gives Terra a chance to recover its ecosystem and builder community over time, which has been known for good UI/UX and ease of use. While many wrote Ethereum off after the 2016 DAO Hack, Ethereum eventually more than recovered. We shall see what happens to Terra. See the full Terra revival plan.

  2. 📉 Crypto Execs at Coinbase, Microstrategy, and Marathon Buy the Dip - A raft of crypto executives bought the dip of their own companies’ stock this month — hinting that industry insiders are hoping for a sharp rebound.

  3. 🇮🇳 Indian government’s Crypto Stance Highlights lack of Understanding - Indian crypto businesses are struggling with the new tax policies and many established crypto firms are looking to relocate to more crypto-friendly jurisdictions.

  4. 🇵🇭 UnionBank Philippines Issues Blockchain-Based Digital Bond - The issuance amount is at least one billion pesos ($19 million) with an expectation of PHP 9 billion and is part of a pre-announced bond program of PHP 39 billion ($745 billion).

  5. 🇬🇧 UK Financial Regulator Advises Against Rush to Add Crypto Markets, Financial Times Says - Britain’s chief financial regulator cautioned in a speech on Friday against adding crypto markets to his agency’s territory too quickly amid a government plan to make the UK a crypto hub, the Financial Times reported.

  6. 🇵🇦 Panama’s President Not Ready to Endorse Crypto Regulation Bill - Although Panama’s National Assembly passed a crypto asset regulation bill in late April, President Laurentino Cortizo said he would not endorse it as written today.

  7. 🇨🇫 Central African Republic teases ‘Project Sango’ Crypto Hub - A month after making bitcoin a legally recognized currency, the Central African Republic has unveiled plans to create a "crypto hub" to attract global crypto enthusiasts.

  8. 🏦 House Republicans Seek More Analysis on a possible US CBDC in Letter to the Fed - Republican members of the US House Committee on Financial Services have sent a letter to Federal Reserve Chair Jerome Powell outlining the tasks they see as most salient in the path toward a central bank digital currency (CBDC).

  9. 🏦 Fed Survey: 12% of US Adults Held Crypto in 2021 - Released Monday, the annual survey of 11,000 people for the first time this year included questions on crypto ownership and adoption.

  10. 🔍 Optimism Cracks Down on Airdrop Farmers, Removing 17,000 Addresses - Ethereum scaling solution Optimism has reduced the number of wallets that are eligible to receive its upcoming airdrop. Share Coinstack

💬 Tweet of the Week

💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Terra’s Rebirth Proposal to Create a New LUNA Chain without UST has passed with 65.5% Yes Votes

2. Ethereum Continues to Lead the Pack with Daily Blockchain Revenues 12x that of Bitcoin

3. Top Daap Revenue Producers Last 30 Days Are OpenSea, Uniswap, Convex, LooksRare, and PancakeSwap

4. This Week, 2,370 ETH Were Burned, A 50% Reduction Compared to the Start of May As Gas Fees Have Come Down

5. Total Number of Transfer Events of ERC-20 Tokens and ERC-721 NFT Tokens per Day Show NFTs Increasing in Volume

6. 8,528 Profile Owners on Web 3 Social Network Lens Protocol, Doubling Between May 17 and 19

7. CitaDAO Completed Its First Transaction With 233 Unique Participants Committing $8,046,670 in Total to the Genesis IRO (Introducing Real Estate On-Chain).

8. NFT Marketplace X2Y2 Picks Up Steam Compared to Comeptitor LooksRare

9. Euro Stablecoins Are Growing With Now Over $440M on Ethereum’s Chain

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Article: This is an excerpt from the full article, which you can find here

In the midst of negative backlash from a disappointing earnings report, Coinbase quietly released three product announcements to connect retail and institutional users to the on-chain crypto economy. These moves signal a shift in Coinbase’s strategy away from existing fintech business models and towards new monetization paths in the decentralized economy.

Coinbase Pay Available to Web3 Developers​​

Originally announced in March 2022, Coinbase Pay enabled Coinbase users to fund their non-custodial Coinbase Wallet directly from a bank account or debit/credit card. Currently, Coinbase is expanding its direct-to-wallet deposit feature to support the broader crypto ecosystem. Users will be able to fund a variety of non-custodial wallets using their existing Coinbase payment details. This is similar to other fiat-to-crypto conversion services from MoonPay, Wyre, and Transak that are embedded into non-custodial wallets like Metamask and Phantom.

This integration will remove the need for Coinbase users to deposit and convert fiat to crypto before sending their funds to the non-custodial wallet of their choice. Instead, users will sign into their Coinbase account within a wallet’s browser extension (or mobile app) and use their existing payment details to fund the wallet. Coinbase Pay will initially only be supported for Ethereum. The fee structure and comparison to existing fiat-to-crypto competitors remain unknown.

Finally, access to the Coinbase Pay SDK will be rolled out slowly to developers that wish to integrate the fiat-to-crypto service directly within their dapps. Using the Coinbase Pay code library, dapps can create a direct connection with bank accounts worldwide to simplify the Web3 onboarding process.

Dapp Support Within Coinbase App

Coinbase now allows users to interact with Ethereum dapps directly from its mobile app. Previously, Coinbase Wallet users could plug into Web3 offerings through the separate app or browser extension. Enabling native dapp support connects Coinbase’s 98 million users to the on-chain economy without needing to transfer funds out of the main Coinbase platform.

Read the full Enterprise Research article from Chase Devens: Analyst Notes: New Products Signal Coinbase's Strategic Shift

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

📈 Top Performers This Week

Here are the top 15 performers in the last week from all tokens with a market cap of $20M+.

The Top Performers This Month from the Top 100: Tron is an L1, Aragon Court is a Dapp, Nest is an Oracle, Celo Dollar is a Stablecoin.

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📚 How To Get Started With Crypto Learning

📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may belong on many of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

The information above does not constitute an offer to sell securities or a solicitation of an offer to buy securities. Further, none of the information here is a recommendation to invest in any securities. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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