Subject: 🦎🚀stETH pools are shrinking 📉

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At least it is the weekend, right?

 

The fallout from the bear market and 3AC saga have led to a domino effect over institutional risk appetites for locked Ethereum (ETH).


Players like Alameda and 3AC have been using Curve (CRV) over the last few weeks to dump their staked Ethereum (stETH).


The liquidity pool is severely imbalanced as the amount of ETH is five times higher than stETH.


The flee from stETH and its repricing is a sign that investors want to hold more liquid assets, instead of stETH which can only be redeemed for ETH after the Merge.


In today’s news, Elon Musk gets sued for shilling Dogecoin, Celsius gains regulatory scrutiny, and Circle launches a Euro Stablecoin.
 

Read on!

24h Hot Searches Worldwide 


  • SafeMoon                  (+38.8%)

  • Celsius Network       (+10.0%)

  • USDD                           (-0.1%)

  • LooksRare                  (+5.5%)

  • Terra                            (-3.5%)

  • Evmos                         (-5.3%)

  • Solana                         (-2.0%)

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:

Talking to Daniel Tamas, CEO of WAM on:• WAM's gaming platform
• Hyper-casual gaming business model
• $WAM token
• Current state of GameFi
• and more!

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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.
  
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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.

There always has been a prevailing problem for blockchains, which is the lack of interoperability. That's where bridges come into play.


Watch this video to find out how blockchain bridges work, the benefits of having them, and the possible risks of the infrastructure!

DogeLord Gets Sued


Elon Musk, along with his companies SpaceX and Tesla, are all being sued for being “engaged in a crypto pyramid scheme” involving Dogecoin (DOGE).


Plaintiffs claim to have lost $86 billion between May 2021 and June 2022 and are demanding $258 billion in monetary damages along with another $172 billion in damages and fees.


The damages sought are more than 34 times Dogecoin’s current market cap of $7.5 billion and nearly three times its ATH market cap of $88.68 billion in mid-2021.

 

Cointelegraph

Regulators Set Sights on Celsius

  

Securities regulators in five states have set their sights on crypto lending company Celsius Network (CEL) over its decision to suspend customer withdrawals this week


Texas, Alabama, Kentucky, New Jersey, and Washington are making it a “priority” to investigate the crypto lender.


Joseph Rotunda, Texas State Securities Board director of enforcement is reportedly concerned as the freeze may lead to "significant financial consequences".

 

Decrypt

Euro Gets A New Stablecoin

 

Circle, the company behind USD Coin (USDC), is launching a new stablecoin that will be pegged to the Euro (EUROC).


According to the website, EUROC is "designed for stability" and is "100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros."


Circle believes that a euro-based stablecoin will expand payment opportunities, onchain FX, trade finance, and commerce.


Bitcoin.com

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⚙️Protocol of the Day
 

LooksRare

LooksRare is the second biggest NFT marketplace on Ethereum, after OpenSea. It is currently, one of the few protocols that reward LOOKS stakers with protocol revenue in the form of ETH.

Here are the top trending coins for the week!

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