Welcome to our recap of the major stories in the crypto world! Apart from the major news about UST losing its peg, here’s what has happened over the past week:
Showcase your NFTs on Instagram / FB
Meta has announced that they will be partnering with Polygon to build an NFT platform on Instagram and Facebook.
Select creators and collectors can now showcase their NFTs to a wider audience.
— Polygon – MATIC 💜 (@0xPolygon) May 9, 2022
Some of the blockchains that are supported include:
— Instagram (@instagram) May 10, 2022
With the NFT space growing, Twitter has already offered NFT integration to set static NFTs as their profile picture.
These social media giants’ ongoing interest in NFTs may help them become more mainstream in the future.
What’s more, you can use Krystal to view all of your NFTs on any of our 8 supported networks (Ethereum, BNB Smart Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum and Aurora).
Large players are ‘buying the dip’
Amidst the market crash, we have seen El Salvador acquiring 500 BTC,
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
as well as the TronDAO.
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) May 10, 2022
This may hint that the big players are still very bullish on cryptocurrencies, especially in the long term.
The depegging of UST has led to fears across the entire crypto market. USDT was hit hard on by this, and it caused the stablecoin to deviate quite significantly from its peg.
BREAKING: "Stablecoin" Tether $USDT is down 3% to $0.97, the lowest it's been in 2 years.
— Watcher.Guru (@WatcherGuru) May 12, 2022
This is because the reserves of USDT are not fully backed by the US dollar.
However, USDT has tried to allay fears by saying that they have been on track to ensure a 1-for-1 redemption of USD for USDT.
Tether Continues to Honour All Redemptions from Verified Customers During Market Volatility, On Track To Process 2bn Today https://t.co/p1AugHb9Gn
— Tether (@Tether_to) May 12, 2022
Interestingly, demand for stablecoins shifted towards other asset-backed stablecoins like TUSD, USDC and BUSD, where their reserves are supposedly more transparent compared to USDT.
The value of these stablecoins shot up above 1 USD when Tether deviated from its peg, but they have now returned to 1 USD.
Meanwhile, Tether is still slightly off its peg.
More DeFi on Aurora
Aurora has launched a $90 million fund to accelerate the development of DeFi applications.
ICYMI: Aurora launches $90 million developer fund to boost DeFi on Near Protocolhttps://t.co/83XPJ7eFOk
— The Block (@TheBlock__) May 12, 2022
Aurora is an Ethereum Virtual Machine (EVM)-compatible layer that is implemented on the NEAR Protocol.
NEAR boasts faster and cheaper transactions compared to Ethereum.