| Solend proposal passed, Solend Labs can temporarily take over the giant whale account; Otherdeed's total transaction volume exceeded 300,000 ETH (June 20)

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Solend Proposal Passed, Solend Labs Can Temporarily Take Over Whale Accounts

The governance proposal initiated by Solend, the Solana ecological lending protocol, has been approved with 1,155,431 votes (97.5%). The proposal supports the establishment of special margin requirements for giant whales that account for more than 20% of the total borrowings. If the user's borrowing exceeds 20% of all borrowings in the main pool, a special liquidation threshold of 35% is required; Solend Labs is granted emergency powers to temporarily take over the whales accounts so that liquidations can be performed over-the-counter, avoiding pushing Solana to its limits, which will be done through smart contract upgrades. Emergency powers will be withdrawn once the whale’s account reaches a safe level.
According to previous news, Solend founder Rooter urged a giant whale (address starting with 3oSE) to repay the loan as soon as possible to avoid the risk of liquidation. Solend has temporarily disabled USDC, USDT, and SOL borrowing from its Main Pool.

cryptocurrency

According to previous news, Solend founder Rooter urged a giant whale (address starting with 3oSE) to repay the loan as soon as possible to avoid the risk of liquidation. Solend has temporarily disabled USDC, USDT, and SOL borrowing from its Main Pool.

cryptocurrency

Data: The number of ETH loss addresses hit a record high

According to Glassnode data, the current number of ETH loss addresses (7-day average) is 40,440,063.815, a record high.

Data: ETH exchange outflows hit a new high in nearly a year

According to data from glassnode, the current ETH exchange outflow (7-day average) is 27,630.684 ETH, a record high in nearly a year.

Data: The number of Ethereum 2.0 contract pledges reached 12.91 million ETH

The current Ethereum 2.0 contract pledge amount reaches 12,916,565 ETH, a record high. (Watcher. Guru)

Tesla, MicroStrategy and Block's Bitcoin investments lose more than $2.3 billion on paper

According to data from Bitcoin Treasuries, in this round of bear market, Tesla, MicroStrategy and Block have a total of more than $2.3 billion in unrealized losses in BTC positions. MicroStrategy CEO Michael Saylor previously revealed that the company has $205 million in term loans and needs to maintain $410 million worth of collateral, but MicroStrategy has anticipated volatility and built a balance sheet to continue HODLing in a bear market.
Clearpool: TPS Capital borrower pool removed, ensuring no loss of funds

Clearpool, a decentralized lending platform, launched the borrower pool of TPS Capital, an OTC platform under Three Arrows Capital, on June 9. At the time, it said that TPS Capital’s borrowers were rated “A” and had a total borrowing capacity of $17.3 million.

In this regard, Clearpool responded that X-Margin, the data partner of the platform, had downgraded the TPS rating to "B" at the end of last week, and the borrowing capacity was reduced to $0, and the two parties have cooperated to ensure that TPS repays the loan, ensuring that the lender has no suffered losses. The Clearpool platform has removed the TPS Capital borrower pool.
Abracadabra, a stable currency agreement, issued a document stating that its treasury (Treasury) has enough assets to repay the $12 million in bad debts generated during the UST crash. Abracadabra will issue a comprehensive repayment plan once more information is received from the Terra team regarding the size and timing of the LUNA 2.0 airdrop. Abracadabra noted that its operating treasury (excluding SPELL tokens) currently holds over $13.2 million in assets. The treasury holds 6619923.5 MIM and 10380153.06 CRV. The CRV token allows Abracadabra to increase the APY on the Curve MIM-3pool, which ultimately ensures that it maintains high MIM liquidity and remains pegged. In addition to the operating treasury, Abracadabra also has a separate SPELL treasury and LUNA 2.0 that has not yet been claimed.

GameFi and NFTs

Also, given the current situation, Abracadabra has decided to postpone the Analytics Dashboard update and release a previously patched version of the Analytics Dashboard. Abracadabra continues to develop innovative products and will launch a P2P NFT lending marketplace as well as a Magic Internet Gold (MIG) marketplace.

GameFi and NFTs

Data: The 24-hour transaction volume of CryptoPunks series NFT increased by 814.45%

According to OpenSea data, the total transaction volume of Otherdeed, the Yuga Labs metaverse project Otherside virtual land, has exceeded 300,000 ETH, and so far it is 300,600. The floor price is 2.2 ETH. According to NFTGo.io data, the current USD transaction volume of Otherdeed has reached USD 992 million, with a market capitalization of USD 810 million.

Investment and Financing

NFT startup Fika completes $4 million in financing, led by First Round Capital and others

NFT startup Fika completes $4 million in financing, led by First Round Capital and others

Encrypted art platform Outland completes $5 million in seed round financing, led by OKX Blockdream Ventures

NFT startup Fika announced the completion of $4 million in financing, led by First Round Capital, XYZ Capital and Moment, "Chernobyl" screenwriter Craig Mazin, "Infernal Purgatory" director Karyn Kusama, "Falcon and the Winter Soldier" screenwriter Malcolm Spellman participated in the vote. Adam Altman, co-founder and CEO of Fika, revealed that the company will launch Terrible Pets, an NFT project on the Ethereum blockchain. Unlike other NFT projects, its theme consists of a number of different cartoon animals, allowing NFT holders to use Lots of comedy material to create, share and possibly benefit from your own secondary creations. (Decrypt)
Encrypted art platform Outland completes $5 million in seed round financing, led by OKX Blockdream Ventures
It is reported that Outland will be launched in February 2022. As the first project of the platform, the NFT works "Elemental" (Gold, Wood, Water, Fire and Earth) series created by Fang Lijun, a representative of Chinese contemporary art, had a total transaction volume of about 4,000 ETH. It was continuously recommended on the OpenSea homepage at the beginning of its release. At the end of April, the platform launched the NFT work "Fragments" by American artist James Jean. 7,000 works were sold out within five minutes during the public sale, and the total transaction volume reached 3,700 ETH.

global regulation

In July 2022, Outland will launch 3Faces, an NFT work by American artist Ian Cheng. Ian Cheng has participated in the Venice Biennale and held solo exhibitions in many world-class art institutions such as the Serpentine Art Museum in London and MoMA PS1 in the United States. This is Ian Cheng's first non-1/1 NFT work.

global regulation
Bangladesh Bank plans to conduct a feasibility study on the possibility of introducing a central bank digital currency (CBDC) as part of the country's 2022-2023 fiscal year budget, Bangladesh Finance Minister AHM Mustafa Kamal said.

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According to Kamal, many countries around the world are studying CBDCs as a viable alternative to risky private digital currencies. He pointed out that with the growth of Internet coverage and e-commerce industry in Bangladesh, there is a need to consider this alternative, adding that the main purpose of a CBDC is to facilitate virtual transactions and encourage start-ups and e-commerce businesses. (CoinGeek)

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U.S. Treasury Secretary Yellen: Inflation pace may decline in coming months

U.S. Treasury Secretary Yellen said a recession is not inevitable. Inflation is unacceptably high, partly because of the Russia-Ukraine conflict. The causes of inflation are global, not local; these factors are unlikely to go away anytime soon. The pace of inflation is likely to decline in the coming months. (Golden Ten)
Veteran Trader Peter Brandt: Bitcoin Price Will Not Hit New Highs until 2024

Senior trader Peter Brandt tweeted that the price of Bitcoin will not reach a new high until 2024, and by then, Bitcoin will be in a huge upward trend. The average duration of a “crypto winter” is 4 years.

It is reported that Peter Brandt is one of those who predict that the price of bitcoin will plummet in 2017. He often compares the recent price trend of bitcoin with the trend of the highest price of bitcoin in 2017. (Zycrypto)

President of El Salvador: Investors don't have to worry about Bitcoin price movements, patience is key

Nayib Bukele, President of El Salvador, tweeted, "I see some people are worried or anxious about the price trend of Bitcoin. My suggestion is: stop looking at the market chart and enjoy life. If you have invested in BTC, your investment is safe, other Value will grow significantly after a bear market. Patience is key."