May 4, 2022
In Crypto Alpha’s first “Week in Review” we cover the news selected by our team that every crypto participant needs, catching you up and keeping you in the loop.
Networks, NFT’s, and The Offline World, we break down the week into areas of interest for our readers, while all areas are a part of the whole, you might be interested in specific subjects.
Let’s start with Networks, where you’ll find the news regarding cryptocurrency networks like Bitcoin, Ethereum and others.
Closing out the month of April, Twitter user @ericzoo noted a number of network shortcomings and failures including: List Title:
- Multiple Solana (SOL) chain halts
- Rari Capital exploit of $80m
- YugaLabs “OTHERSIDE” land sale tripping up users with KYC requirements, format changes, and a historic consumption of ETH gas fees
More on the Solana outage comes from CoinMarketCap explaining a huge bot network disabled the functionality of the network via pushing up to four million transactions per second.
Reports claim this was associated with an NFT release, which leads us to our second area of interest.
NON-FUNGIBLE TOKENS
In the NFT world we cover conversations regarding new and established tokens and what you might have missed last week.
Kraken, a CEX cryptocurrency exchange, announces their upcoming NFT marketplace that will include artists royalties and no transaction fees.
They will also allow payments in multiple cryptocurrencies supported by the exchange as well as traditional fiat currencies.
The waitlist is now filling up and users will be able to expect Ethereum (ETH) and Solana (SOL) support to start, and other networks to be added over time.
Circling back to the YugaLabs/BAYC ecosystem, over $157 million worth of ETH was permanently burned via transaction fees as buyers ran for the door to secure their piece of 55,000 deeds to land in an upcoming metaverse product.
Following the land grab, OpenSea, an NFT marketplace booked record daily trading as OTHERSIDE added almost $900 million worth of sales on the secondary market in the first two days.
Even with all the hubbub, reports from the WSJ are showing NFT sales in general are tapering off.
They also explain a number of upcoming NFT’s with utility for music, movies and more.
It remains to be seen whether this is a temporary breather before the next phase in NFT mania or signs of a saturated market.
THE OFFLINE WORLD
First, here are some great tips for new and well versed participants in the crypto ecosystem from the fine folks over at Scarce.city to keep you safe as you establish yourself.
Why would we point this out you ask?
Scammers are utilizing dating apps like Tinder to separate those “Desperately Seeking Susan” from their crypto holdings by trickery.
In the banking world, Argentinian banks will allow crypto trading and a watchdog in Hong Kong warns of threat to their Dollar via stablecoins.
The CEO of popular platform Coinbase makes a prediction that more than 15% of the global population will utilize cryptocurrencies before the close of this decade.
This prediction expects a 5x increase in users from the current userbase.
We at Crypto Alpha suggest a robust strategy to protect yourself from exploits.
While no methods are foolproof there are ways you can position yourself to avoid the vast majority of these exploits.
We will share an in-depth rundown in a future post so make sure to subscribe so you’ll be updated as soon as it releases.
Lastly, in more positive news, Rhode Island is proposing to reward environmentally friendly green home builders with crypto.
The rewards would be paid for reducing the carbon footprint of new construction.
That’s it for our “Week in Review”.
Thanks for joining us. We hope you come back next Wednesday for a digest of the most important news in crypto.
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