Welcome to our recap of the major stories in the crypto world! Here’s what has happened in the past week:
Stablecoin Wars Have Started
TerraUSD (UST) took the crypto world by storm where it uses an algorithm rather than physical assets to maintain its peg to the US Dollar.
In fact, it has recently taken over BUSD as the #3 stablecoin by market cap!
Due to its success, other blockchain networks have released their own version of the algorithmic stablecoin, and here are 2 of the major ones:
USN (NEAR Protocol)
USN, the first stablecoin native to the NEAR Protocol, was launched on Tuesday (26th April). You are now able to mint USN via a NEAR wallet or Ref Finance.
Meet $USN, the first NEAR-native stablecoin by Decentral Bank!
Starting today, users can mint $USN using $NEAR through the NEAR web wallet (https://t.co/Kc7Tr4M7B8). Users can also swap between $USN and $USDT on @finance_ref's StableSwap. pic.twitter.com/ZacQNGaTOV
— Decentral Bank (@DcntrlBank) April 25, 2022
You will be able to lend out USN for an APY of between 11–20%, depending on circulating supply and treasury size.
The launch of USN comes at a time when we’ve just integrated with the Aurora Mainnet, which is the EVM-compatible sidechain of the NEAR Protocol!
Not to be left out, the Tron network will be launching their stablecoin, USDD, on 5th May.
(1/2)😎Stablecoins have entered a new era!
— USDD (@usddio) April 21, 2022
The TRON DAO Reserves will be managing this stablecoin, and guarantees its price stability. Furthermore, you may be able to receive up to a 30% interest rate!
This is much higher than the yield offered by both UST and USN, and it’s something worth watching out for when it releases.
Twitter’s Being Taken Over
Elon Musk has taken over Twitter with a $44 billion takeover.
ICYMI: Twitter accepts Elon Musk’s $44 billion takeover offerhttps://t.co/06MwMvaCUy
— The Block (@TheBlock__) April 26, 2022
With this purchase, Musk wants Twitter to adhere closely to the principles of free speech,
Apart from that, he wants to eradicate spam bots, which may be something you see quite often on Twitter, and authenticate all real humans.
If our twitter bid succeeds, we will defeat the spam bots or die trying!
— Elon Musk (@elonmusk) April 21, 2022
Elon Musk has been a proponent of cryptocurrencies, and it has been rumoured that crypto micropayments could be added to the platform.
How will Elon Musk’s Twitter takeover impact #crypto Twitter? 🤔
— Carl | The Moon 🌙 (@TheMoonCarl) April 26, 2022
This may help to make crypto become more mainstream for the everyday user!
Yet Another Hack (BAYC)
Crypto hacks have become the norm, and another high-profile hack has happened.
This time, the Bored Ape Instagram account was hacked, and the hackers posted a fake update on an ‘upcoming airdrop’.
ICYMI: Bored Ape Instagram account hacked: NFTs worth $2.8 million stolenhttps://t.co/fJvG4pwedf
— The Block (@TheBlock__) April 25, 2022
When a user clicked a link on the post, they were brought to a phishing site which stole NFTs from their wallet when they approved the transaction.
With scams happening so frequently, do always be on the lookout for them, and be wary of any links that seem suspicious!
Moreover, we cannot stress the importance of keeping your seed phrase secure! If you receive any private DMs where ‘admins’ are asking you for your wallet’s seed phrase, it is very likely to be a scam!