3rd Edition
Aug 19, 2021
This week in The Flippening, TL;DR
Robinhood pulls in $233M in crypto revenues, contributing 41% in Q2. Polygon launches DAO to unite DeFi platforms. Ironically, Poly Network asks the White Hat hacker to join as Chief Security Advisor. Markets didn’t move much last week. TIL - The Coinbase Effect. Mudrex announces rewards on depositing crypto in Mudrex Wallet. NFTs - Crypto history’s biggest hack story in shitposts.
Top Highlights of the Week (ending 19th Aug)
Robinhood achieves remarkable crypto growth; pledges crypto wallets and more coins
Robinhood reported its first earnings as a public company, revealing that the percentage of its total revenue derived from commissions on cryptocurrency trading jumped to 41% ($233M) in the second quarter, up from 17% in the first quarter.
But, there’s a catch. Robinhood’s 62% of all cryptocurrency revenues in the second quarter came from the trading of dogecoin (DOGE), up from 34% in the first quarter. The company noted this heavy reliance on Dogecoin as a potential risk.
Polygon launches DAO to unite DeFi platforms; aims to attract 100M users to DeFi
Ethereum scaling solution Polygon will launch a Decentralized Autonomous Organization (DAO) to encourage DeFi interoperability and adoption. The firm has tapped DeFi partners like Aave, Chainlink, and SushiSwap to help found the decentralized organization to govern the initiative.
Poly Network asks 'Mr. White Hat' to become firm’s Chief Security Officer
In a surprising turn of events, the Poly Network team said that it would be inviting the hacker to the position of chief security adviser. In addition, the project will be sending a $500,000 bounty for the attacker, whom Poly dubbed "Mr. White Hat".
Other News and Top Reads
- Team officially reestablishes Dogecoin Foundation after 6 years. Read
- Alibaba launches NFT marketplace for copyright trading. Read
- Acala: Polkadot's (Likely) Inaugural Tenant. Read
- Aave Arc: Bridging DeFi & Institutional Demand. Read
- Twitter Names Former Zcash Dev to Head Decentralized Social Network Bluesky. Read
- Going from Web 2 to Web 3 - “Your take rate is my opportunity”. Read
Market Performance Overview
Prices haven’t changed significantly over the past week for BTC (+1.72%) and ETH (-0.80%). However, ADA saw a big jump of 23.32% over the week reaching the price of $2.52.
The week ending 19th Aug didn’t see a lot of movement across sectors. The leading sector this week was DeFi with 12.05% growth. Terra (67.77%) & THORChain (23.65%) were the top-performing assets in this sector.
Today I Learned
This week we came across an interesting concept - The Coinbase Effect and we’d like to share it with you all.
TIL - The “Coinbase effect” refers to the notion that up-and-coming cryptos go through massive rallies during listing on the Coinbase exchange.
Featured - Wallets with Benefits
We recently launched Mudrex Wallet and have come up with some grand promotions for you all. Unfortunately, it isn’t available for our users in the US yet.
Deposit crypto worth more than $250 in your Mudrex Wallet by 31st August and get up to $500.
Here we are, at the end of our third edition. We’re really enjoying writing these newsletters, we hope you like reading them too! Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter.
We’ll leave you with an amazing collection of NFTs, describing blockchain history’s biggest hack story in shitposts.
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