Governance of Stable Coins Announced, Battle of the DAP’s Continues and FTX Flip Coinbase.
Craig and Tracey took the helm this week with Blake away pitching Bamboo at Consensus as one of eight finalists in the Web 3 Pitch Fest hosted by Extreme Tech Challenge. Trace opens the episode announcing that the New York State of Financial Services - who are notoriously strict, have released guidelines for issuing dollar backed stable coins. Craig then elaborates on some of the standout guidelines including that they will be classing crypto as a commodity meaning it won’t be governed by the SEC and that stable coin projects would need to disclose how much of which asset they have in their reserve to prove that they are maintaining 100% in their reserve fund.
Discussion continues around Binance announcing they have invested an undisclosed amount into Pancake swap, a decentralised app (DAP) built on the BNB chain. The investment makes Pancake swap the biggest DAP on the Binance smart chain with more than 400 000 users and will go towards developing CAKE’s marketing, technology and community building. Trace and Craig then weigh in on the pros and cons of Pancake swap as opposed to other decentralised exchanges such as Uniswap.
Binance continues as the centrepiece of the next point of discussion as Binance Labs announces 500 million dollars in funds that will go towards projects across various stages of growth in their ecosystem. Binance labs have invested in over 100 projects in the past including some big names like Axie Infinity, Sandbox and Elrond.
In the final part of Binance discussions - Trace and Craig deep dive into the announcement that Binance will be the official sponsor of the Weekends world tour. This will be the first crypto powered world music tour with some of the perks including every ticket purchased being an NFT. Craig shares some of the benefits for the artist in selling tickets as an NFT.
On the back of the NFT angle to the Weekend announcement Trace and Craig explore some other interesting innovations announced in the NFT space over the last week including a New York City building in Manhattan being listed for sale as an NFT on Opensea. Endorsing Trace’s philosophy around how well NFT’s could work as a use case in property.
Other headlines making news this week included market share data showing that FTX has flipped rivals Coinbase in market share with 11% despite having only been around for less than half of the amount of time as Coinbase. As a user of FTX Trace shares why she thinks more users are moving towards FTX over Coinbase and has a laugh about some of the major sponsorships they have announced in an incredible 18 month rise which has seen them reach a 32 billion dollar valuation!
Wrapping up Crypto Curious enters a new segment where they cover off the final headlines of the week in rapid fire format to keep you up to date on all the latest news including the huge announcement that Swyftx will be merging with Superhero.
All links mentioned throughout the episode are included below;
Blake is pitching at Consensus
Spike Lee decentralised film studio
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