This Week in Crypto
May 5, 2023
In terms of the overall crypto industry market cap, there has not been much of a difference. However, this week has been full of noteworthy news. In this week’s episode of This Week in Crypto, we are taking a look at the following headlines:
Key Points
- Curve launches crvUSD
- Sui launches its mainnet
- Pepe brings memecoin craze and pushes the Ethereum gas fee
- NEO miners come online
Curve Launches crvUSD
Curve, one of the largest DeFi lending protocols in the world, has launched its own version of stablecoin, called crvUSD. Designed to expedite value facilitation within the Curve ecosystem, crvUSD is pegged to 1 USD while being overcollateralized. Even though crvUSD is not available for the wider public at the moment, this launch can largely signify that the meta trend has made a full circle — starting from DeFi hype in 2020, followed by NFT, move-to-earn, then GameFi.
Traders who frequently use Curve can expect to reap some potential benefits, especially in the beginning, to attract larger TVL to crvUSD and liquidity to pairs that utilize crvUSD.
Sui Launches Mainnet
Sui, a Layer 1 solution designed by engineers from Meta (Facebook) has officially launched its mainnet among speculation for its token value and excitement for the airdrop. While many were ecstatic about the airdrop valued at up to $2000 at its peak, Sui recorded a significant loss on its first trading day, at around -42%.
The launch of Sui Mainnet can teach everyone a few pivotal lessons. First, the race of Layer 1 and Layer 2 is definitely on. It may be beneficial for traders to learn more about different Layer 1s and Layer 2s to be ready for the next development. Second, there are incredible earning opportunities in the form of airdrop for network and social participation.
As MXC prepares for the launch of its own MXC zkEVM network, the MXC community can also expect to be part of a large-scale airdrop campaign. More details are coming soon.
Pepe Brings Memecoin Craze and Ethereum Gas Fee Hike
Pepe, a recently-launched memecoin, has reached incredible heights, creating overnight millionaires. This has started a small “memecoin season”, where hundreds of similar memecoins have appeared over the week. This new development and increase in interest have created a massive spike in Ethereum network usage, resulting in the Ethereum gas fee reaching its all-time high within the yearly frame.
Traders looking to use DEXes or make significant on-chain actions should pay particular attention to the Ethereum gas station data in order to avoid paying exorbitant gas fees.
NEO Miners Come Online
Since the start of global shipping on April 27, thousands of NEO miners are now online and have begun their mining journey on the newly optimized NEO mining protocol. During the tutorial phase, miners can enjoy mining in the silver and gold tiers without any additional requirements while they become familiar with the components within the algorithm.
If you still have not received your NEO, worry not. They will arrive soon at your home, and you can always check their status via the provided tracking links. If you have not received your tracking links yet, make sure to check your spam folder as well to make sure that you have not missed anything.
We look forward to welcoming you to the Global Data Network!
