Blockchains poaching Terra Devs, Cathie Wood's Spot ETF, a16z huge funding
Your weekly Cryptocurrency news update
Hello Anon, did you sell your coins yet? Perhaps you bought the top, and you want to capitulate right now. Maybe you thought your shitcoins wouldn’t go down any further; it certainly can and will. Bitcoin has been ranging between 28k - 31k. The total crypto market cap is $1.2 billion, and your altcoins are getting slaughtered. Currently, every Bitcoin pump means nothing, and every dump destroys your favorite shitcoin even more. The bear is here, or well, it's been here for quite some time, and there is no escaping it. Bear markets are brutal, but this is the most crucial time to continue educating ourselves and catch up on the most recent news. When the time comes again (and it will), we’ll be prepared to activate our degeneracy and gamble our hard-earned Mcdonald’s paycheck. So let us dive in on some of this week's top stories.
The collapse of Luna and Ust has left Terra devs in need of a new home. Many talented developers are looking for alternative options to rebuild. Polygon, Ethereum’s sidechain, and Kadena, a layer one blockchain, offer Terra projects assistance. Polygon announced a multimillion-dollar fund to support Terra projects looking to carry over their business from Terra to Polygon. Kadena announced a $10 million relief fund to assist any Terra projects looking to move over to Kadena’s ecosystem. Within the ruins of the Terra ecosystem, many quality talents are starving, looking for a chance to rebuild. Blockchains like Polygon and Kadena are using this opportunity to bolster their ecosystem by bringing in much-needed skills. With Terra 2.0 launching this week, Terra developers will have to make a decision. Will these devs bet on Do Kwon’s Terra 2.0 (it's like going back to your ex-girlfriend after she cheated on you) or move their business elsewhere with stability?
Cathie Wood of Ark Invest submitted another request for a physical spot ETF, the ARK 21Shares Bitcoin ETF. Bitcoin spot ETF has been a heavily debated topic in the last year. Many had filed for a spot ETF, but the SEC rejected them. Australia and Canada have already listed their bitcoin spot ETF. All eyes are on the U.S. on when they will launch their first spot ETF. If the SEC allows a spot ETF, get ready for the flood gates of capital to open from traditional and retail investors. It could potentially be the catalyst to spark the next bull run.
A16z, a venture capital firm based in Silicon-valley just raised $4.5 billion for a new crypto fund this week. Even with the current market conditions, a16z is looking for more exposure to promising Web 3 technology. “Of the $4.5 billion raised, $1.5 billion will be going towards seed investments, with the rest set aside for venture investments,” said a16z. Web 3 technology is here to stay, and one of the top firms in crypto is telling the world they are bullish. A16z crypto portfolio currently contains the likes of Avalanche, Celo, Alchemy, Dapper Labs, Phantom Wallet, Opensea, Solana, and Yuga Labs. All are highly respectable projects with a bright future. I am looking forward to seeing what innovative projects a16z will participate in in the coming months.
We’ve been in a bear market since November of last year. Perhaps we are close to the bottom or have to crab until the next halvening in 2024. Whatever market condition we are in, developers are still silently building, funds are raising capital for new investments, many are fighting for spot ETFS to launch, and the fundamentals of crypto are improving daily.
Note: None of this financial advice. It is purely for entertainment purposes only.