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Despite market volatility, Celsius Network executives reject claims of huge losses

Hi there! Welcome to the weekly digest brought to you by the Good Crypto team. We know how important it is to be well-informed about the latest developments in the niche, so we have brought together the past week’s most exciting events. Below you will find the hottest news, the newest exchange listings, and even memes to cheer you up. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Weekly Market Summary

The VeChain Foundation published its financial report for Q1 2022, revealing that the project accumulated a $1.2 billion war chest but only spent $4.1 million throughout the quarter. VeChain is a blockchain initiative aimed at improving supply chain management.

The Foundation’s financial report for Q1 2022 was released on Tuesday, and it details the organization’s balance sheet as of March 31 and how it used cash throughout the quarter. The Treasury started the year with $1.37 billion in assets spread between stablecoins, Bitcoin (BTC), Ether (ETH), and VeChain (VET), but it only had $1.2 billion by the conclusion of the quarter. The majority of the losses were sustained “due to crypto market fluctuations and other VeChain Foundation outgoings,” according to the study.

dYdX, a crypto derivatives trading platform, has launched an iOS app, joining a small group of other decentralized finance (DeFi) protocols that have developed apps for smartphone uptake.

The dYdX app is now available for use. According to Tuesday’s release, the project stated that more than 200,000 individuals had already signed up for the beta before the public launch.

The app will provide the same capabilities as the online version, including gas-free deposits and trading.

Quick weekly news:

Other notable events include:

Despite market volatility, Celsius Network executives reject claims of huge losses
The inventor of Top Shot announces a $725 million fund to assist the Flow ecosystem

Despite market volatility, Celsius Network executives reject claims of huge losses

According to Celsius Network’s leadership, the consequences of high crypto market volatility have had little impact.

Celsius CEO Alex Mashinsky reportedly responded to a now-deleted remark from Twitter user David Belle claiming the site had been “completely wiped out.” Mashinsky told his more than 172,000 Twitter followers that “all funds [were] safe” and the company was still operating. However, he noted the “extreme market volatility” that is now affecting initiatives such as Terra (LUNA) and TerraUSD, a stablecoin (UST).

“Our top priority is to ensure that all digital assets on our platform remain safe and secure,” Rod Bolger, chief financial officer at Celius. “Our front office teams also think and act like risk managers to ensure that we are not exposed in any significant way to market swings. Our liquidity position remains very strong.“

The inventor of Top Shot announces a $725 million fund to assist the Flow ecosystem

The Flow ecosystem received $725 million to invest in expanding its NFT network and maintaining support for the ecosystem.

Flow (FLOW) is a Dapper Labs layer-1 blockchain explicitly designed for nonfungible coins (NFTs). Dapper Labs also made the popular NBA Top Shot NFT collection. In addition, the proof-of-stake (PoS) consensus algorithm used by Flow is environmentally friendly.

The new fund includes 17 enterprises, including significant investment firms a16z, Spartan Group, and CoinFund, who have previously backed other Web3 startups. The funding may entice developers to migrate their projects to Flow rather than Ethereum, which continues to dominate NFTs despite hefty gas prices. In addition, the money will assist games, infrastructure, decentralized finance (DeFi), content, and artists inside the Flow ecosystem.

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Spot trading: Seems we are back to tradition with Bitcoin (#BTC) back at the top of the trading list. Meanwhile, a couple of sleepers came screaming onto the list with ApeCoin (#APE) claiming second, and Cardano (#ADA) showed up out of nowhere to grab third place. NEAR Protocol (#NEAR) took fourth place. And Ethereum (#ETH) barely held on, coming in dead last in fifth.
Derivatives: Bitcoin (#BTC) and Terra (#LUNA) were unchanged in first and third places. Theta Network (#THETA) slid to fifth place, while Ethereum (#ETH) and Cardano (#ADA) came back onto the derivatives list in second, and fourth places.

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New Listings on Binance:
– Lido DAO (LDO/BTC LDO/USDT LDO/BUSD)

New Listings on Coinbase Pro:
– Project Galaxy (GAL/USDT GAL/USD)

New Listings on Kraken:
– Threshold (T/USD T/EUR)
– KeeperDAO (ROOK/USD ROOK/EUR)
– iExec RLC (RLC/USD RLC/EUR)
– Numeraire (NMR/USD NMR/EUR)
– Lido DAO (LDO/USD LDO/EUR)
– API3 (API3/USD API3/EUR)
– Adventure Gold (AGLD/USD AGLD/EUR)
– NYM (NYM/USD NYM/EUR)

New Listings on KuCoin:
– DeFine (DFA/USDT)
– Beefy Finance (BIFI/USDT)
– Bifrost (BFC) (BFC/USDT)
– Boba Network (BOBA/USDT)
– Avaware USD (AUSD/USDT)
– Sinverse (SIN/USDT)
– Akash Network (AKT/USDT)
– Gamium (GMM/USDT)
– Fusion (FSN/USDT)
– Step App (FITFI/USDT)
– Biswap (BSW/USDT)
– H2O DAO (H2O/USDT)
– Project Galaxy (GAL/USDT)
– Aurigami (PLY/USDT)

By the way, the Good Crypto PRO plan includes new Exchange Listing alerts for more than 30 exchanges. Become a PRO and receive an instant notification when a new coin is listed on the exchanges you’re interested in.

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CATEcoin is the first CAT-themed catcoin, created to add actual value to the meme world. Meme makers may use the Catecoin Meme Platform to create NFTs and earn money from their memes in a decentralized manner.

Users may earn 15% Yearly Interest by staking Catecoin. All DEX transactions can also earn the user 2%. Users may also make memes and donate to gain CateСoin.

🔍 DYOR

Website
Twitter

Open CATE in the Good Crypto App

NEAR Protocol is a layer-one blockchain created as a community-run cloud computing platform. It addresses issues that have plagued rival blockchains, such as transaction speeds, throughput, and compatibility. As a result, NEAR’s blockchain offers a perfect environment for DApps and a pleasant platform for developers and users.

Unlike Ethereum, which employs cryptographic wallet addresses, NEAR uses human-readable account names. NEAR also offers unique scalability options and has its own consensus process known as “Doomslug.”

👉🏻 Recent announcements:

🔍 DYOR:

Website
Twitter

Open NEAR in the Good Crypto App

We have prepared for you the top-performing coins as of May 12!

Axie Infinity has managed to become the best performing asset among the TOP-100, gaining 2.13% within the last 24 hours.

eCash was the worst-performing asset among the TOP-100, losing 46.18% within the last 24 hours.

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Top Crypto Meme of the Week

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May 12, 2022