Those who control the $SPICE, control the universe. 5.20.22
In a crypto galaxy of hostile engagements, there are splendors for those who dare venture.
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Overview
Introducing Arrakis Finance and $SPICE.
Some crucial trends are breaking in tradfi.
Apple virtual reality?
Just survive the bear market.
Introducing Arrakis Finance
Arrakis Finance is a liquidity management protocol on top of Uniswap (UNI) V3, which will allow liquidity stakers V2 experiences without the heightened V3 risk and complications via automated strategies.
With the release of V3, Uniswap moved away from the AMM liquidity towards utilizing a concentrated liquidity model. The new model allows users to concentrate liquidity at specific price ranges, which provides substantially higher yields than V2. The rollouts offer higher yields but come with a higher risk of impermanent loss. In addition, V3 provides liquidity providers NFTs instead of the classic LP tokens to complicate the matter more That is where Arrakis Finance comes in.
It sounds like a lot, but Arrakis's service simplifies staking on Uniswap V3. Additionally, the network impressively racked up US$644m in Total Value Locked (TVL).
Arrakis Finance, a community lead spin-off of Gelato Network (GEL), could play a significant role in the future of Uniswap (UNI) liquidity staking. Today, Gelato Network (GEL) announced the initial provisions of the Arrakis's $SPICE token in return for locking up GEL for three months.
With a token model similar to Curve's veCRV, that incentives holding for governance, Arrakis Finance could experience a substantial influx of liquidity rushing to control the network's decision-making.
Staking on the protocol will additionally provide the opportunity to provide liquidity in return for its promising new token $SPICE..Stay tuned for that future announcement and get there before the rest of the galaxy.
“Those who control the $SPICE, control the universe.”
Market update 🌍
There are some excellent sights on the charts. The Dollar Index (DXY) broke its vertical trend signaling a slight move away from being in the dollar. Many of those funds found their way into bonds. Looking at the weekly 10-year Bond chart, we see a nice break of the downtrend. The bond charts tend to foreshadow significant shifts in sentiment.
Source: Trading View
Excellent recovery, crypto! Despite the mixed bag and crappy earnings from the stock market, crypto decided to venture on its own, pushing the total crypto market cap (TOTAL) up 4.67% to 1.27T.
Since the panic subsided, cryptocurrencies appear to be setting up for a relief rally, barring any major news events. Although the odds of revisiting 28k are very high, the markets could be setting up for a sideways range, similar to the accumulation phase in the summer of 2021. Bitcoin (BTC) completed the US session up 5.59% to US$30,313.
Source: Trading Source
Newswatch 📰
Apple’s AR/VR. Get ready for another metaverse pump. Last week, Apple showed off its new AR/VR headset to board members, including CEO Time Cook. The headset that provides a combination of virtual and augmented reality will be the company's most significant release since Apple iWatches. Additionally, the company ramped up the development of rOS or reality operating system- the software that runs the unit. The headset is set to launch sometime in late 2022 or early 2023.
Trade stocks with USDC. Sam Bankman-Fried headed crypto exchange FTX US announces its expansion into stock trading. After the upgrade, traders will have the capability to trade USDC for stocks in the all-encompassing platform that already offers crypto and NFTs. The move marks the first instance of a registered US exchange allowing stock trading with crypto. By the way, it'll be zero commission too.
Block continues to shine. Jack Dorsey's payments solution company Block hit $1.3B in Q1 profits. The earnings call mentioned Bitcoin 81 times regarding the $43m in trading revenue Block received after adding bitcoin trading to CashApp. Block increased profits 41% year-over-year.
Hashed got decashed. Hashed, Korea's largest crypto venture firm, had 49.9 million in LUNA staked on the Columbus mainnet before the collapse. The VC firm is reporting US$3.5b in losses from the incident.
News Tidbits:
Polymarket appoints former CFTC chief Giancarlo as chair of the advisory board.
Coinbase is launching an initiative to slash spending and grow revenue.
Ripple commits $100M to modernize carbon markets globally.
Chainalysis releases a “storyline” smart contract intelligence service.
On-chain ⛓
Tidbits:
NFT & metaverse update 🐵
Chimpers NFT
Notable Mints:
Writer’s take
Just Survive.
In the Dune novels, intergalactic ships are fueled using spice. That, in turn, makes spice highly sought after and valuable in the galaxy. Unfortunately, the commodity is scarce and only found in the hostile desert world of Arrakis, that's also home to gigantic ship-eating worms and hostile natives. It's a high-risk/high-reward operation, but the splendor is worth it for those who survive.
Similarly, crypto markets are like Arrakis. One moment you're in the arid desert of bear markets (nasty worms included), and the next, you realize you're standing on a goldmine. Sometimes you get the splendor, but other times you run into enormous obstacles where the only goal becomes survival. (awesome bear market survival guide)