Do Kwon proposed to create a new Terra chain without the algorithmic stablecoin and distribute the new coins among eco-stakeholders. In addition, the crash will draw more regulatory pressure, both for Do Kwon itself and crypto.
2、FASB agreed to review Accounting for Exchange-Traded Digital Assets and Commodities. link
According to Michael Saylor, FASB agreed to add a project to review Accounting for Exchange-Traded Digital Assets and Commodities. FASB is the accounting standards board of the United States, and it is easier to be accepted by mainstream companies if it passed.
3、Tether: a further reduction of 20% in commercial paper link
Tether stated that since April 1 2022, they has seen a further reduction of 20% in commercial paper which we will reflect in the Q2 2022 report. Also an increase in money market funds and U.S. treasury bills, which have gone up from $34.5B to $39.2B.
4、Coinbase Outlines Cost-Cutting Measures, Employee Grants Amid Weak Results and Crypto Rout link
5、Hashed Ventures Loses More Than $3.5 Billion to Terra, Other Backers Rethink link
According to on-chain data estimates, this Terra event Hashed's losses totaled more than $3.5 billion (principal and profit) and Delphi Ventures lost at least $10 million. Galaxy CEO Mike Novogratz, DeFiance founder Authur and others have posted reflections.
6、VCs：How to Surviving Bear Market
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Pantera Paul Veradittakit: Surviving Bear Market link
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Sequoia Michelle Bailhe link
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Dragonfly Capital internal letter: the priority is survival link
7、Andreessen Horowitz Debuts $600 Million Gaming Fund to Add to Web3 Bets link
8、Canaan Inc. Reports Unaudited First Quarter 2022 Financial Results link
Canaan announced its financial report for the first quarter of 2022, with revenue of US$200 million, Net profit was $66.24 million. As of March 31, 2022, accounts received in advance were $279.2 million and the company's cash and cash equivalents were $417 million.Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan said: we now hold a total of 166.96 bitcoins on our balance sheet as of March 31, 2022.
9、Crypto Should Meet Same Norms as Regular Finance, G7 Says link
10、Digital Collection Prices Plummet, iBox Chainbox Rises to Top 10 Weibo Searches link
On May 17, 2022, iBox Chainbox made it to the top 10 of Weibo's hot searches due to a significant drop in the price of digital collectibles on the iBox Chainbox platform. iBox Chainbox's financialization of NFT transactions and opening up of trading to the college student community has caused much controversy in the industry. The Blockchain Daily reporter found through the SkyEye shareholding penetration that several shareholders of iBox Chainbox eventually pointed to several executives of zhigui Technology.
Fundraising
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Fortis Digital Ventures closing $100 million raise for new crypto fund link
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The Oasis Ecosystem Fund Reaches $235 Million link
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CyberConnect Raises $15M to Expand Social Graph Protocol link
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DAO incubator Seed Club closes $15 million round with participation from Multicoin Capital and others. link
Learn more, check out DoveMetrics.
Insights
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Analysis: The Terra Incident Could Trigger a Global Crypto Regulatory Storm link
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Digital Alchemy: A Post-Mortem of the Crypto Crash link
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a16z: State of Crypto link
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slowmist: Blockchain Dark Forest Selfguard Handbook link
Terra Summary
Terra Network Future Roadmap
Create a new Terra chain without the algorithmic stablecoin. The old chain to be called Terra Classic (token Luna Classic - LUNC), and the new chain to be called Terra (token Luna - LUNA). Luna to be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.
Learn more:
Regulatory Ferment Triggered by Terra Incident
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Singapore’s Regulators Will Be Eyeing Local Crypto Companies After Terra Collapse link
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South Korean financial regulators have asked domestic exchanges to provide data such as the number of Terra investors link
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South Korean lawmakers demand that Terra founder Do Kwon and exchange personnel be brought to the National Assembly for a hearing link
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Terra’s Legal Team Resigns in Wake of UST, LUNA Collapse link
Terra Other Related
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South Korea revives 'Grim Reaper' financial crimes unit to investigate Terra's collapse link
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LFG's fund utilization process and current reserves link
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