Subject: 🦎🚀 Christie('s) Dumped for Punks

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Happy Monday, Geckos!

The Terra saga continues with a class-action lawsuit served to Do Kwon and Terraform Labs, among others. 

Plaintiff Nick Patterson alleges that Terra tokens were sold as unregistered securities, and that the defendants made misleading statements regarding UST and LUNA to attract investors.

The implosion of LUNA and UST erased tens of billions of dollars in value.

In today’s news, Christie’s is left for Punks, Russia develops a blockchain system to replace Swift, and a Solana whale’s wallet takeover plan is repealed. 

Read on!

24h Hot Searches Worldwide 

  • Synthetix Network     (+74.3%)

  • USDD                             (-1.3%)

  • Celsius Network         (+62.5%)

  • Bancor Network          (+5.3%)

  • RadioShack                  (+0.6%)

  • Evmos                           (+3.7%)

  • Solana                          (+12.7%)

If you’re a fan of trilogies and third installments (unlike Valve), then say hello to the third iteration of the Bancor Network, aptly named Bancor 3. Despite bleak market conditions and extremely bearish sentiment across the board, the team went ahead with the launch just a few weeks ago, on May 11, 2022. 

Read on to find out!


You can also read our other articles for the week:

Finding the right NFT game that is fun and worth your time nowadays can be difficult due to the massive influx games of all genres. Fret not! We'll take a look at innovative, up-and-coming games this year and show you what's worth your time playing!

Watch this video to learn about the 10 best NFT games (part 2)! 🎮

Here's a preview of our latest Gecko Ramblings! 🦎

Basis Yield ETH Index

GalleonDAO, an emerging asset management guild just launched their first product on Optimism called the Basis Yield ETH Index. The Index contains a fully hedged 2x leverage ETH position via Perpetual Protocol on Optimism, giving investors a pseudo-delta neutral yielding asset for ETH. This means that the asset will continue to generate yield regardless of the price movement of ETH. The product is built on top of Set Protocol, the same infrastructure that powers the popular DeFi Pulse Index (DPI) product.
Gecko Ramblings delivers the latest alphas, insights & juiciest farms, right to your inbox, exclusively for Premium+ subscribers!

Disclaimer: The information presented is not financial advice from CoinGecko. The information shown here may carry risks of smart contract failure and impermanent loss. Always DYOR and only invest what you are willing to lose.

Noah Leaves Christie’s for Punks

Noah Davis, a key member of the NFT team at auction house Christie’s behind the $69m Beeple NFT sale, is ‘acquired’ by Yuga Labs. 

Noah puts Punk holders a bit more at ease, assuring that CryptoPunks’ future would not follow that of the Bored Ape Yacht Club (BAYC).

The commercial rights for Punks would also be turned over to its owners in the coming weeks. The floor price of the collection has risen to 66.65 ETH, possibly spurred by insider news. 


Whales on the Sun Safe for Now

The Solana token may be at risk due to a large whale liquidation on Solana-based lending protocol Solend.

Solend launched a governance vote “SLND1: Mitigate Risk From Whale.” to propose allowing the platform access to the whale’s wallet and liquidating their assets OTC instead of on-chain.

The proposal was very controversial and attracted strong condemnation from the community,  and a second governance proposal was put forth to invalidate the SLND1 proposal. 


Russia Is Swift to Act

Russia’s government-linked Rostec Group has announced the development of a blockchain platform, CELLS, capable of replacing the global Swift system to process international payments. 

Russian banks were excluded from the SWIFT system last February due to sanctions imposed by Western countries in response to the Russian-Ukraine war. 

The announcement of the new system comes shortly after the Russian government said it was considering adopting cryptocurrencies in international payments, backtracking the Russian Central Bank which proposed to ban cryptocurrencies last January.


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⚙️Protocol of the Day


POAP is short for “Proof of Attendance Protocol”, a smart contract platform that enables POAP tokens to be minted. Each POAP token is an NFT that serves as a digital record of a holder’s attendance at an event, and is received in Ethereum wallet addresses. Event organizers can leverage POAP to encourage community engagement, issue rewards and manage access to exclusive content without relying on personal data.

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