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The Last Fortnight in Crypto - June 2022

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Elliott Lyons
Elliott Lyons

The overall crypto market is experiencing a mild recovery after a month of losses that dragged it down almost 50% from nearly US$2 trillion to US$1.2 trillion. Bitcoin has regained its place about US$30,000 and smaller altcoins like Cardano (ADA) and Tron (TRX) have enjoyed serious gains of up to 17%.

Further details have emerged regarding last month's devastating destabilization of Terra's UST stablecoin and crypto's favorite billionaire Elon Musk got in a tiff with Dogecoin co-founder Jackson Palmer.

RECENT NEWS

Terra 2.0 Falls 70% After Launch

The newly rebranded Terra 2.0 has crashed by over 70% since its launch last week. Following last month's catastrophic collapse of Terra (LUNA) that left thousands of investors broke, founder Do Kwon promised the new Terra would be better than ever. However, investors don't appear to share his confidence and with a recent report from Nansen highlighting the inefficiencies of the original Terra platform, Kwon could be fighting a losing battle.

Nansen Releases Conclusive Findings of Terra Crash

After weeks of investigation, crypto research firm Nansen has released its official report regarding the Terra crash last month. The report confirms that several well-funded wallets were responsible for the market manipulation that led to the de-pegging of UST. However, it states that the group were simply looking to profit from arbitrage opportunities and didn't intend to destabilize the UST platform.

The report highlights vulnerabilities in the Terra ecosystem that allowed the crash to happen, specifically the shallow liquidity of the Curve pools that were meant to secure UST's dollar-peg. It's a damning indictment of a project that at one point looked poised to challenge Tether for the stablecoin crown.

Elon Musk and Dogecoin Co-Founder Jackson Palmer Argue Over Coding Skills

Tesla CEO Elon Musk and Dogecoin co-founder Jackson Palmer recently got into a heated argument on Twitter about crypto and coding. "My kids wrote better code when they were 12," said Musk, referencing some code that Palmer sent him. The jibe was in response to comments that Palmer made during an interview with Australian publication Crikey, where he called Musk a 'grifter'. Musk went on to criticize the script that Palmer sent him, stating it didn't block crypto scams on Twitter as promised.

Immutable X Wants to Host Yuga Labs' Otherside Metaverse

The popular Australian startup Immutable X has put in a proposal for the much-anticipated Bored Ape Yacht Club (BAYC) metaverse project 'Otherside' to be built on its blockchain network. The company believes its experience in bridging the "gap between highly technical and complex blockchain technology and mass-audience adoption" is ideal for hosting the project. Although Immutable X is built on top of Ethereum, its Layer 2 solution provides much greater scalability at a fraction of the fees.

LATEST TRENDS

What is the Otherside Metaverse that Everyone is Talking About?

The Otherside metaverse project is a blockchain-based virtual world designed by Yuga Labs, the same developer behind the wildly popular Bored Ape Yacht Club (BAYC) NFT collection. The project has been described as an "expansion of the Bored Ape NFT universe" that also "invites the larger NFT community" (in other words, those that can't afford the eye-watering price of a BAYC NFT).

According to some early reports, the Otherside metaverse project will host a wide range of NFTs that can interact with each other in the virtual world, including World of Women, Cool Cats, and CryptoToadz. Users of the metaverse will be able to move around virtual worlds and meet other players in a MMORPG (Massively Multiplayer Online Role-Playing Game) type of environment. Furthermore, the Otherside is reportedly being developed to be interoperable with other metaverses, so players will be able to move between it and other virtual world platforms.

Several other developers have put in proposals to host the project, including Australia's own Immutable X and the highly scalable, low-cost blockchain platform Avalanche (AVAX). Immutable X made its proposal via the ApeCoin DAO (decentralized autonomous organization) wherein holders of APE tokens can vote on matters related to the token. ApeCoin was created by Yuga Labs to be the native cryptocurrency of the Otherside metaverse and was recently popularized during its first 'digital land' sale.

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