Hacks, Gaming Guilds, and Trending Coins
The Big Recap
The crypto market got real ugly, real quick, as fears of a new brutal wave of the virus swept the globe. However, the markets were quite quick to recover, at least partially. Sure we are still a long way away from all time highs, but the bounce has been good so far. That being said, we are not out of the woods yet as is evidenced by today’s dip! And you know what is crazy? This most recent correction actually makes me more bullish on the markets going into 2022. Why? Because it means that we did not have a big Q4 blow off top as some had anticipated. Meaning that lengthening cycles are in play and that we will likely remain broadly bullish with turbulence well into 2022.
There were two massive hacks in the last week. The first was BadgerDAO which lost 120 million in a front end attack, so although the smart contracts were not compromised their site was. The second hack was a centralized exchange called Bitmart which lost over two hundred million of customer funds. These two hacks serve as a strong reminder that exchanges are not banks. Do not leave funds that you are not trading with on them. Get in trade, and then get out. It also serves as a strong reminder that using defi is risky business. Nexus Mutual, the biggest insurance provider in crypto will likely not cover the Badger hack since it was not a smart contract compromise. Always be aware of what insurance does and does not cover.
I have been thinking more and more about crypto gaming recently and I remain very bullish on this space. Upcoming games like Elumia, Illuvium, Phantom Galaxies and Decimated are going to be HUGE! But one area I have been keeping a keen eye on for investing is guild coins. These are almost like index funds for gaming and metaverse. I am farming Merit Circle, but some other hot ones coming up I plan on investing in are Rain Maker, Avocado, YGG SEA, Guildfi, and Blockchain Space. Guildfi is already trading and just had their Balancer sale as you would have seen if you had been watching the token sale section. Blockchain Space is doing their sale now. The other 3 are “coming soon”. Not all of them will necessarily win, but it is a very interesting way to get broad exposure to the gaming scene.
By the way if you want to participate in Blockchain Space’s Balancer launch on Copper then here is how to do it. (to be clear I am not saying to ape into this, you must still DYOR. Also understand that such sales are high risk)
1 – Go to COPPER
2 – Connect your Ethereum wallet. You can use popular options like Metamask or Ledger.
3 – Click on “approve for trading”.
4 – Then when your approval to interact with the smart contract has processed you can then type in how much USDC you would like to contribute. IE $500. And then click on BUY GUILD.
5 – And that is it! You have now participated in a decentralized fund raising event and will receive your tokens at the end of the sale.
- The rise of Terra Luna has been quite the sight to watch. It has now risen to be the number 3 blockchain by total value locked with only a mere handful of applications on it. Placing it behind Ethereum and Binance, and ahead of Solana and Avalanche. The UST LUNA relationship that sees LUNA burnt when new UST is issued should continue to send the price of LUNA higher.
- Balancer, one of the biggest defi protocols, has some pretty good rates right now via Polygon. Which means you can provide liquidity with cheap fees. Their 4 way stablecoin pool is currently at 18%, and their Matic, USDC, ETH, BAL pools is over 50%. HERE
- Kyber Swap has some nice stablecoin forex pools with 30%+ APYs. HERE
- Solana’s Orca has many triple digit double dip farms. Largely for meme coins versus USDC. The highest at the time of writing was Cato/USDC at 362%. HERE
- Solana’s Raydium is offering some very attractive rates on much less exotic pairings compared to Orca. SOL/USDC and SOL/USDT are both good yields though, currently around 80% at time of writing. HERE
Trending Coins by Rebecca
Here are my key takeaways from the trends this week. Volatility is the price you pay for being in crypto, so this week has seen a real mix of old and new projects getting attention, as well as everything in between.
1 – inSure DeFi, is an insurance play and is likely picking up traction this week given the number of hacks that have made the news. They have also hit the important $0.01 price milestone. A major exchange listing could happen soon.
2 – Polygon (Matic) has been a been a big mover this week, at a time where a lot of the market has been in panic. This L2 is attracting large investment left, right and centre, and the stage could be set for even more positive price action.
3 – Wonderland (TIME) is a rebase coin which is basically Olympus but on Avalanche. This coin has been consistently in the charts for weeks now. The huge APY in reward for staking on the platform will always draw interest.
4 – Spell is the governance token behind Abracadabra Money and it’s been pumping this week – it’s up over 80%. Social media engagement has gone crazy, and you can see that everyone wants a piece of the action.
5 – Verasity enables tokenized rewards for gamers, and the token has pumped this past week! It is worth noting that this token is held prominently in the top 1000 ETH wallets, and social activity in their community is huge.
6 – Railgun is a privacy token built on Ethereum. They’ve announced they’re coming to the Solana network and will host an airdrop for those who stake their RAIL tokens on Solana. This is due to go live in February 2022.
7 – OVR is an AR metaverse play, that have been busy this week hosting AR exhibitions and demonstrations, as well as releasing functionality to facilitate virtual parties on their platform – getting the attention of crypto twitter!
8 – Binance coin is still here. Lots of news surrounding the Binance Smart Chain, but the biggest news has to be the announcement of BNB’s continuous burning scheme which will make the token deflationary.
9 – Bomber Coin is the token for a play-to-earn game, Bombcrypto. It appears to be a hot new project that’s just celebrated its two monthsary, and the Twitterverse can’t seem to get enough – they have already racked up over 75,000 Twitter followers!
10 – SuperFarm is a cross-chain DeFi and NFT farming protocol that has announced it’s going to be listed on Coinbase Pro, with trading beginning this week. They’ve also been working on their Launchpad site with Immutable to mint the Highrise Creature Club NFT collection.
11 – XMON is building a decentralized NFT marketplace called Sudoswap to take on OpenSea which is causing a lot of excitement on socials. XMON holders will receive a SUDO token airdrop once the project is complete.
12 – Bitcoin makes the list this week, after a week of major volatility. Despite all the positive crypto developments, that massive candle wick down to $42k prompted a lot of media coverage, following the dip in price.
13 – Avalanche is going from strength to strength with so much happening on the Blockchain. They have announced the cross-chain expansion of Harmony’s DeFi Kingdoms and their launch on the Float Capital platform.
14 – Gala is a P2E game that continues to gain momentum in the build up to their highly anticipated NFT drop this week. The Mirandus VOX Series are 8,888 collectible avatars with randomized traits.
15 – Fantom continues to integrate with a lot of DeFi projects, including a Solana bridge, a Terra bridge to enable USDT transactions, as well as partnering with SELISE to integrate Fantom into financial services projects in Bangladesh.
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TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.