State of the Opera – May 2022

Welcome weary crypto traveler, to the State of the Opera! Stay a while and relax. This is a safe place to take a break from and reflect on the madness that enveloped crypto this past month. In this installment, we’ll cover the Terra incident’, Scream, and Spirit Swap’s recent woes as well as some much-needed positive news from the ecosystem. 

The team at Lrn.Fi is always ready to hear feedback from the community. Please do not hesitate to reach out on Twitter or Discord for any questions, concerns, or comments. We’ve been pumping out the content on our website so stay tuned for more updates.
If you’re interested in writing an article for Lrn.Fi, send me a message on Twitter @Brickfrog_0 or find me on the Byte Mason discord.

State of the Opera

Protocol	TVL on FTM Network (USD)	MCap/TVL
Beethoven X (BEETS)	$96.97M  [-65.3%]	0.10
Spooky Swap (BOO)	$196.61M  [-58%]	0.19
Creditum (CREDIT)	$2.36M [-62.9%]
Geist Finance (GEIST)	$213.64M [-2.4%]	0.01
Liquid Driver (LQDR)	$52.62M [-57.3%]	0.11
Scream (SCREAM)	$31.24M [-88.5%]	0.04
Spirit Swap (SPIRIT)	$52.8M [-64.9%]	0.11
Tarot (TAROT)	$44.29M [-68.2%]	0.06
Tomb Finance (TOMB)	$26.33M [-85%]	1.62
Solidly (SOLID)	$18.09M [-80.7%]

Terra’s UST destabilizes Crypto

Terra’s algorithmic stable coin, UST deviated from its $1 USD peg between the 7th and 8th of May. This depegging started what many are calling the biggest crypto crisis in recent memory as billions of dollars worth of assets were lost overnight as a result of the crash. Reports vary on the damages to the Terra ecosystem with estimates ranging from $17 billion to $31 billion or more in value lost.

UST and LUNA

LUNA is the currency of L1 chain, and Terra and was designed to work in conjunction with UST.  UST is an algorithmic stablecoin that relies on code and arbitrage to maintain its peg. On the Terra network, $1 dollar of LUNA can be burned for 1 UST and vice versa. 

In theory, if UST went below one dollar, traders would buy it and swap it for one dollar’s worth of LUNA, the UST would be burnt, and the trader would make a small profit.

Conversely, if UST went above one dollar, traders would swap one dollar’s worth of LUNA for one above peg UST, burning the LUNA and netting the trader a small profit from the arbitrage.

Unlike collateralized coins USDT or USDC, there was no direct collateral backing behind UST other than reserves of BTC, BNB, and AVAX held by the LUNA Foundation Guard. This reserve was intended to act as a safeguard against depegging events. 

The mint and burn mechanism was intended to keep UST stable with arbitrage incentivizing investors to minimize deviation from the peg.

The ‘Death Spiral’

The first domino to fall occurred on the 7th of May when 85 million UST was swapped for USDC within a Curve liquidity pool. This was followed by three more swaps totaling 75 million UST to USDC. These major transactions caused UST to drop just under $1 USD, leading to a massive supply expansion as vast quantities of LUNA were minted. This led to massive selling pressure as investors began to take advantage of the arbitrage opportunities. 

This depegging caused a ‘death spiral’ as traders rushed to purchase UST, burn it to mint LUNA to then immediately sell at a profit. The subsequent price drop led to many Anchor Protocol users (a lending and borrowing platform on the Terra blockchain) who had used UST to take out loans getting liquidated. This liquidation cascade caused another severe depegging event which made arbitration no longer profitable. 

At the same time, the supply of LUNA was expanding at an accelerated rate with the supply of LUNA hitting over 6.5 trillion. By the time the dust had settled, LUNA’s price had plummeted from $119 USD to an all-time low of $0.000000999967, an astronomical fall of 99.99999916% in less than a month. 

Was it a targeted attack?

Crypto Twitter was quick to speculate on the culprit behind the event with many users blaming wall street institutions and regulators for the crash.

Blackrock and Citadel. The culprits.

Messing with #LUNAtics was not a good move.

As soon as Blackrock invested into Circle (USDC issuer), $UST became a competitor.

Here is what happened over the past few days (supposedly).

🧵👇

— Harry (@CryptoHarry_) May 11, 2022

Blackrock and Citadel have both denied any claims they were involved.

While no conclusive evidence may ever surface as to whether this truly was an attack or who may have orchestrated said the attack, many on-chain forensic firms have detailed their findings. We encourage you to read Jump Crypto’s report ‘The Depegging of UST’ and Nansen’s ‘Demystifying TerraUSD De-peg’ for a more comprehensive report on the timeline and transactions that triggered the collapse.

The aftermath

LUNA has hit its all-time low. UST has still yet to get back to its one-dollar valuation. The TerraForm labs legal team has seen three senior members resign following the crash and Do Kwon is facing serious legal and financial ramifications. All the while countless retail investors around the world have lost millions of dollars in savings. It is clear that the crash of LUNA will have consequences that will be discussed for years to come. 

For an overview of LUNA 2.0 and Do Kwon’s plan for the future, check out the ‘Outside the Opera’ section below. 

Beethoven X’s announces a medley of milestones  

Popular Fantom decentralized exchange, Beethoven X has recently arrived on Optimism. Optimism offers users a ‘low-cost and lightning-fast Ethereum L2 blockchain’. The Beethoven team has been working in conjunction with Balancer to push the capabilities of the Balancer V2 technology and has cemented itself as one of the premier DEX’s on the Fantom Network. In a recent medium post, the protocol revealed that recent trends supporting L2 adoption were the catalyst for developing an official deployment of Optimism. 

The team detailed their vision of a world filled with optimism and positivity backed by a team of highly skilled composers ready to share their values with a new network. This new deployment is sure to make some noise and enthrall the Optimism community as the Beethoven team continues to conduct themselves as they have within the Fantom community. 

The team released their new pool, ‘Fantom Conservatory Strikes Back’ which acts as a pseudo index fund for the FTM DeFi ecosystem. The pool was inspired by a community discussion and was put up for a vote to decide the tokens that would make up the new pool. Users flocked to vote for their favorite FTM ecosystem tokens. The pool is comprised of tokens from renowned developer teams such as Liquid Driver (LQDR), ByteMasons (OATH), SpiritSwap (SPIRIT), SpookySwap (BOO), Multichain (MULTI), Tarot (TAROT), Wrapped Fantom (wFTM) and of course Beethoven X (BEETS).

The conductors of this exchange also celebrated reaching $8 billion USD in trading volume earlier this month.  Users and protocols alike congratulated the team for this monumental milestone. 

8 billion in trading volume reached today.

Another milestone in the (music) bag.

Wishing you all a good Friday. pic.twitter.com/UwByLMEbgg

— Beethoven X (@beethoven_x) May 20, 2022

Fantom welcomes its first CEX – Felix Exchange

Tomb Raiders and Fantom followers rejoice! Felix Exchange has been released on the Fantom ecosystem and represents the first centralized exchange on the network. The exchange is powered by the team at Tomb Finance and bills itself as the ‘all-in-one destination for Fantom’ with support for over 600+ tokens. Felix Exchange offers traders low fees, transparent market data, and deep liquidity guaranteed by Binance for the majority of their trading pairs. Unfortunately, the exchange is not available in certain countries, such as the USA, so make sure you check the prohibited countries section here for more information.

Make all of your trading pawsibilities a reality. Your all-in-one destination for #Fantom and 600+ tokens…the purrfect exchange! 🐾

Go beyond with https://t.co/BIdNApMpKe on May 6.@harryyeh@FantomFDN @tombfinance $FTM$TOMB pic.twitter.com/htXQA5A7U1

— Felix.com (@Felix_Exchange) May 4, 2022

Felix Exchange is just a small portion of Tomb Finances\’ planned future updates so stay tuned for more rollouts in the coming months.

Andre is back but did he ever leave?

Fantom CEO Micahel Kong has confirmed that  Andre Cronje has been ‘continually providing advice’ to the Fantom Foundation ever since he stepped away from the crypto space in March this year. Michael Kong referenced an interview between Delphi Media and Andre Cronje where the enigmatic developer disclosed that he ‘has always been there and that’s not going to change’ when discussing his role in Fantom. 

The narrative surrounding Andre’s ‘return’ was prompted after users noticed the developer was still attaching comments and proposals to Fantom projects within Github. This news led to a brief rally in the price of FTM despite greater negative trends as crypto enters its latest bear market.

Deus SCREAMS bad debt

Fantom lending platform, Scream recently came under scrutiny following issues with fUSD bad debt. In a Post Mortem, the protocol revealed that an attempt to lower the supply cap of fUSD accidentally did the reverse, allowing users to supply an unrestricted amount of fUSD to the project. Certain users were able to detect the unintended change and supplied significant amounts of fUSD to the platform.

Unfortunately for Scream, the team hardcoded the price of fUSD to $1. At the time of the vulnerability, fUSD was trading between $0.50 and $0.80. These users were able to abuse the error to borrow liquid assets from the platform (such as wETH and wFTM) at a higher rate than would be allowed at accurate valuations. The users then withdrew the wFTM or bridged out the wETH away from the protocol causing a significant amount of uncollectible debt or ‘bad debt’.

The team immediately paused all markets that had been hard-coded to $1 (DOLA, FRAX, fUSD and DEI) and alerted the Fantom Foundation. Scream would then seize the fUSD collateral from the top 10 addresses that abused the vulnerability with a significant portion of the collateral sold to the Foundation to help repay the debts of users that had their collateral seized. 

The story continues as Deus Finance had begun negotiations with Scream about taking over the development of the protocol. As a condition of the deal, Deus required its algorithmic stablecoin, DEI, to be added as a market and made available to be used as collateral. The terms were set at a 30 million supply cap with the Deus team providing 28.5 million DEI in liquidity, a collateral factor of 85%, and a hardcoded price of $1 for DEI while a ‘suitable alternative oracle’ was developed. Traditionally, platforms require the use of an oracle to quantify the market price of an asset with most platforms using Chain Link for this purpose

For context, Scream users are given a collateral ratio based on the specific collateral provided. This ratio defines how much can be borrowed against your original collateral. For reference, Scream lets users borrow 75% of their deposited USDC for a collateral ratio of 0.75. The more volatile the asset, the lower the collateral ratio should be. 

The controversy arose after users noticed that the wallets that were used to provide the 28.5 million DEI borrowed the below assets using DEI as collateral

• 740,717 + 3,000,000 + 1,446,156 = 5,186,873 DAI
• 550,000 + 2,000,000 = 2,550,000 USDC
• 500,000 TUSD
• 500 ETH
• 1 BTC

Blockchain data suggests that those previously mentioned wallets used their newly acquired, borrowed assets to swap for more DEI through a Beethoven X LP.

Following the DEI depeg that occurred in the aftermath of the UST death spiral, users began withdrawing significant amounts of liquidity from markets. This led to Scream scrambling for solutions to mitigate the effects of the bad fUSD debt and to ensure that Deus’s borrowed positions remained overcollateralized to ‘protect lenders in other markets. 

At the time of writing, there is 11.61 million DEI supplied against ~9.1m in USDC, TUSD, and DAI borrows, with an additional 13 million DEI in the shared multisig controlled by representatives from Yearn, Scream, and Deus as a joint-commitment to ensure that Deus’ borrows stay sufficiently overcollateralized. Additionally, the acquisition of Scream by Deus has been canceled. 

Scream plans to release a v2 market, with fewer assets, in the hopes that the protocol can once again host a liquid market and begin to use the revenue generated from v2 to pay off bad debt in v1.

Spirit Swap DNS attack

Spirit Swap was compromised this month after a Domain Name System attack (DNS attack). The hacker was able to manipulate AWS to swap parameters and redirect swaps to a specific address. The native DEX released a Post Mortem on the attack with their analysis revealing that the attacker utilized social engineering to acquire access from GoDaddy, an internet domain registrar and web hosting provider. 

The post-mortem suggested that the attacker posed as a member of the team to grant access to the Spirit Swap account for GoDaddy. The attacker proceeded to modify the DNS settings and changed the credentials, effectively hijacking access and taking ownership of the domain. The hacker began redirecting users\\\’ funds to their own wallet addresses. The Spirit Swap team became aware of a possible issue after receiving alerts from their moderator team. Within three hours of the issue being noticed, the decision was made to disable swapping through the routers but not before $18,000 worth of funds were siphoned from the protocol. 

The DEX has assured all affected users that they will be compensated in full for the swaps that were lost. 

DeFi Snapshot

Chain	Protocols	TVL (USD)	MCap/TVL
Avalanche (AVAX)	213 [+3.9%]	$3.97B [-61.7%]	1.66
BNB Chain (BNB)	402 [+6.3%]	$8.6B [-36.2%]	5.77
Ethereum (ETH)	491 [+2.9%]	$68.85B [-46.4%]	3.21
Fantom (FTM)	235  [+6.3%]	$1.62B [-64%]	0.57
Terra (LUNA)	30 [+7.1%]	$50.95M [-99.8%]	15.09
Polygon (MATIC)	258 [+4%]	$2.5B [-41.8%]	1.67
Solana (SOL)	67 [+6.3%]	$3.81B [-38.5%]	3.55

Outside the Opera 

Avalanche founder and CEO of Avalabs, Emin Gün Sirer, remains bullish on UST once the dust settles down. Emin would expand his thoughts on the current situation in a Twitter thread where he noted that ‘every single stable coin has depegged at some point in time and ‘If there’ll be a decentralized stable coin that succeeds, it’ll be the one with the biggest value and the most battle-tested team’.

In an interview with Forbes magazine, Emin would share that Avalabs has lost $60 million due to the collapse of the Terra ecosystem. This comes after the two chains announced their partnerships earlier this year.

It’s not all bad news as Avalanche is now supported by the Coinbase wallet app. AVAX can also now serve as collateral for Binance Loans where users can leverage their assets to borrow popular cryptocurrencies.

Binance announced its 2022 roadmap during the largest BNB hackathon, BNB Chain Revelation Summit. The roadmap was packed with technological updates that are aimed to be implemented by the end of the year which includes proposals to increase transparency and capacity as well as reduce transaction speed and cost. Check out their blog post for more information. 

Recently launched Binance Bridge 2.0 has released its first batch of supported tokens that can be bridged from the Ethereum network to the BNB chain. Users are able to deposit these tokens on existing supported networks and withdraw the corresponding BEP20 tokens (BTokens). The bridged tokens include The Sandbox (SAND), ApeCoin (APE), JasmyCoin (JASMY), Decentraland (MANA), ConstitutionDAO (PEOPLE), MovieBloc (MBL) VeChain (VET), and LooksRare (LOOKS). 

BNB Chain is now supported by the Coinbase wallet application and Opera’s ‘Crypto Browser’, which is designed to be the world’s first web3 internet browser. Binance CEO, Changpeng Zhao was part of an AMA on r/cryptocurrency where he answered questions from the community. 

Ethereum founder Vitalik Buterin has co-authored a research paper titled ‘Decentralized Society: Finding Web3\’s Soul’. Buterin and his fellow researchers introduced the concept of non-transferable ‘Soul Bound Tokens (SBTS)’ that will ultimately act as a way to prove employment, history, education, and other IRL skills. This proposal is aimed at solving issues present in web3 such as governance, custodial wallets, and the lack of incentives to encourage community engagement. Co-author and Microsoft researcher, Glen Weyl has revealed that SBTS will be available for early use by the end of 2022.

An issue occurred on the beacon chain used by Ethereum to test their transition from Proof-of-Work to Proof-of-Stake. A temporary ‘block re-organization’ caused validators to briefly produce two copies of the Beacon chain. This temporary fork can often occur as a bug or as a malicious attack. In this instance, the issue was triggered by a difference in software versions for the validator nodes. For a detailed write-up of the reorganization check this post from Ethereum Foundation Research scientist, Baranabe Monnot. This spooked many investors and prompted a drastic price shift leading to over $157.26 million in Ethereum liquidations. More than 75% of these liquidations occurred in long positions.  For a comprehensive guide on the merge and what it hopes to achieve, check out ‘The Hitchhiker’s Guide to Ethereum’.

Data from Glassnode has shown that over 34 million Ethereum addresses now hold Ethereum at a lower price than originally purchased. Blockchain explorer, BlockChair has also highlighted that over 1.2 million Ethereum transactions failed during the month of May, despite being paid for. Luckily this has coincided with Ethereum gas fees hitting its lowest rate since July 2021.

The failure of UST has prompted whales on the Ethereum network to leave Tether-backed stablecoin USDT for USDC. CoinDesk reports that wallet addresses on the Ethereum blockchain that hold more than $1 million USDC surpassed the number of wallets that host USDT. “In the current market condition, a lot of people view USDC as the safer, preferred stablecoin,\” Edward Moya, trading platform Oanda’s senior market analyst, told CoinDesk.

Terra founder, Do Kwon, has detailed a new ecosystem revival plan (nicknamed ‘Rebirth of Terra’) which proposed creating a new Terra chain. The original chain is to be called Terra Classic (LUNC) and the new chain will be called Terra (token Luna – LUNA). The plan was put to a vote with validators approving the plan for a new chain. LUNA 2.0 was released on May 28th. LUNC holders were airdropped the new LUNA token which led to many users selling the token in an effort to recuperate losses from the recent crash. 

Coindesk has reported that Do Kwon was behind another failed algorithmic stablecoin called Basis Cash, according to an ex-Terra employee. Hyungsuk Kang, a former engineer at Terraform Labs (TFL), said Basis Cash was, in fact, a side project from some of Terra’s early creators, including himself and Kwon. The Terra founder was also accused of fraud by Twitter user @FatManTerra. FatManTerra suggested in their Twitter thread, that Mirror Protocol (TFL’s decentralized stock exchange) was created by TFL with the intention to benefit Do Kwon and VCs ‘while manipulating governance and screwing over retail’. 

Terra’s collapse has prompted several regulatory organizations to focus on crypto regulation. South Korea has announced the ‘Digital Assets Committee which is expected to create regulations and supervise the crypto industry. This follows South Korean prosecutors launching an official investigation into TFL. The collapse also triggered global attention including US Congress and the Indian Central Bank prompting more calls for crypto regulation.  

A disgruntled Terra investor was charged with trespassing after paying a threatening visit to Do Kwon’s wife at their apartment in Seoul. The suspect allegedly entered the apartment block with the intention of eliciting an apology for the hundreds of thousands of investors who lost their life savings as a result of the LUNA crash. The suspect claims that he lost the equivalent of $2.3 million USD in the crash. 

Polygon Co-Founder, Mihailo Bjelic attended the World Economic Forum (WEF) Annual Meeting and sat down with CNBC senior technology correspondent Arjun Kharpal. 

Mihalilo detailed Polygon’s ‘laser focus\’ during the interview and discussed the macro factors that will be challenging the network in the months ahead. 

Polygon Studios has partnered with NFT marketplace, One Planet to help onboard Terra-based NFT projects to Polygon. In a Twitter thread, Polygon Studios announced its intention to fund and support the relocation of these projects. The funding will cover technical migration support to assist in the complex process of porting projects cross-chain. 

NFT’s on the network Polygon network may soon see integration into the popular social media platform, Instagram. Instagram has been testing support for Ethereum, Solana, Polygon, and Flow blockchain NFTs. Popular stable coin USDT also launched on the Polygon network as it continues to spread its reach in the crypto community.

Solana has suffered its fifth outage of 2022. The network was down for over 4 hours after the network failed to reach a consensus. Solana Labs co-founder Anatoly Yakovenko explained what happened in a tweet stating ‘Durable nonce instruction caused part of the network to consider the block is invalid, no consensus could be formed’. The Solana network also lost track of time briefly this month. While the issue does not have any impact on network performance, transactions on the network will show timestamps that are different from ‘wall-clock time’.

Key Metrics

Market Cap

Metric – Market Cap (USD)	February 2022	March 2022	April 2022	May 2022
Bottom	$ 3,773,592,374  [25th]	$2,741,029,682 [15th]	$ 2,117,706,124 [30th]	$ 751,925,839[13th]
Peak	$ 5,905,160,691    [8th]	$5,093,563,394 [3rd]	$ 4,093,975,738[4th]	$ 2,183,045,913[5th]
Monthly Close	$ 4,034,212,409	$3,592,267,282	$ 2,117,706,124	$ 1,057,948,615

Fantom’s market cap dipped below one billion USD this month following the Terra crash. The start of the month saw a steady increase of funds as the ecosystem stabilized from the April drama before the entire market suffered through the effects of UST’s significant price drop.

The network closed at just over one billion USD dropping out of the top 50 cryptocurrencies by market cap on CoinGecko. At the time of writing this article, FTM sits at 65th on the list.

Price movement

Metric – FTM (USD)	February 2022	March 2022	April 2022	May 2022
Bottom	$ 1.34 [24th]	$1.08 [15th]	$0.68 [30th]	$ 0.29 [12th]
Peak	$ 2.32 [8th]	$2.01 [3rd]	$1.62 [4th]	$ 0.86 [5th]
End of Month	$ 1.78	$1.42	$0.68	$0.40

Alt-coin winter is definitely here as FTM closes out the month at $0.40 USD. The price did rally shortly after rumors of Andre Cronje’s return to Fantom. This speculation began when Cronje submitted an fUSD optimization proposal that was aimed at solving a major depegging issue on Gitcoin.

Prices seem to have stabilized between the $0.35 to $0.42 range during the last week of trading. Prices have hit a yearly low as money floods out of many major cryptocurrencies. 

User Engagement

Metric	February 2022	March 2022	April 2022	May 2022
Avg daily unique wallets created	12,568	12,128	9,534	6,497
Avg daily transaction count	1,050,443	934,930	748,432	864,685
Total Distinct Addresses (End of Month)	2,263,400	2,658,320	2,953,401	3,172,282

The Opera network has crossed the three million distinct addresses mark. This milestone comes while growth rates continue to decrease from the previous year\’s highs. Average daily unique wallets created hit just over half of February\\\’s rate as retail investors are hesitant to enter a bear market. Transaction count has seen a small boost from last month as users move assets to mitigate losses from the market downturn.

Top FTM Senders and Receivers

Spooky, Geist, and Fantom Finance remain on our top FTM receivers lists with albeit smaller percentages from previous months as retail investment slows down.

Top Tokens by Transaction Count

One of Based Finance’s tokens, BSHARE has shown promising trading potential. The protocol is the first algorithmic token pegged to the price of TOMB on the FTM network in the hopes of providing new use cases and liquidity to the TOMB network. 

Based Shares (BSHARE) are one of the ways to measure the value of Based Finances protocol and shareholder trust in its ability to maintain BASED close to peg. During epoch expansions, the protocol mints BASED and distribute it proportionally to all BSHARE holders who have staked their tokens in the project.

Top Tokens by Unique Wallets

Another fresh protocol has entered the top tokens by unique wallet as users seek. POWER is a multi-blockchain yield processing node platform built on the Fantom network. It was created with the goal of providing its users with passive income. By providing 10 POWER tokens, users are rewarded with  1 Power node that begins ‘generating passive, long-term income’. After that, each Power node produces 0.7 Power tokens per day.

Pulse of the Network

This section will hope to aggregate and compound your own interest within the FTM network space. If you’re looking for some research to claim as your own or just the headlines for all the latest news and gossip this is the Pulse of the Network, the information you don’t want to miss out on.

FTM Ecosystem Headlines

Fantom Foundation, Spooky Swap, and the ByteMasons heading to Consensus 2022 – The movers and shakers of FTM are heading to one of the most influential events in crypto in June

Gitcoin to deploy on Fantom mainnet – Foundation responds to community feedback

FTM listed on Kraken – New FTM listing on digital asset exchange leader in euro volume and liquidity

Trust Wallet adds Fantom support – Popular multi-chain wallet now supports Fantom

Zerion Wallet launches with Fantom support – Track and monitor positions across Fantom and claim your own personalized, evolving Zerion DNA NFT

Crypto.com DeFi Wallet adds support to Fantom chain

FTM Foundation finalizes fUSD mechanism – Codebase for mechanism currently being audited and expected to be in operation in June 

Fantom ecosystem introduces new network upgrade: Snapsync – Users have been enjoying faster transactions confirmation times since its deployment

Keep your eye on

PaintSwap migrating DEX with SpookySwap – New partnership between FTM NFT marketplace and the largest DEX on Fantom

Mastercard executive, Harold Bossé, Vice President and New Product Development and Innovation at MasterCard, is bullish on the prospects of the industry

Tarot expands to Optimism – First step for the Fantom native protocol’s plan for its multi-chain future

FTM Podcasts and Videos 

Fantom Unchained Episode 35 – The gang is joined by Nick Drakon to discuss community questions at the start of the month

Fantom Unchained Episode 37 – FTM alerts talk fUSD liquidations, SCREAM insolvency, and changes to the Gitcoin incentive program

First interview with Professor Bernard Scholz – New CRO for the FTM Foundation has his first interview with Michael Kong

Live voice AMA event with Micahel Kong on Reddit – Michael answers questions from the r/cryptocurrency community 

Fantom CEO Michael Kong answers community questions – Michael weighs in on UST, Terra, and the recent liquidation event 

Chief Marketing Officer for the FTM Foundation, Simone Pomposi live stream with FTM Alerts – Austin and Crypto Clay chat with Simone about BTC and Luna thoughts, community communications, and Gitcoin grants

First episode of DeFi Sparks Podcast – Nick Drakon’s inaugural podcast with guests Daniel and Mr. Kind from Beethoven X

Community Call with the Granary team – The Granary team discusses the team\’s philosophy and answers questions from the community

Industry Reports

a16z , a venture capital fund that focuses on crypto and web3 projects releases the‘ State of Crypto 2022’ report – The report provides a historical overview of crypto trends to help understand the evolution of web3 

Cointelegraph GameFi report – Popular crypto news outlet releases GameFi report and its potential in the modern market

American Federal Reserve releases ‘Financial Stability Report’ – Central bank of USA reports on the effects of economic shocks, vulnerabilities, and asset valuations. The report discusses the effect of stablecoins on the greater economy 

Coinbase exchange releases Q1 shareholder report – See how one of the largest exchanges is handling lower crypto valuations and their moves to weather the storm

‘Bitstamp Crypto Pulse’ report – Bitstamp releases comprehensive crypto survey results with over 28,000 respondents from all over the world 

FTM Education Community and Art 

@DeFi_naly breaks down borrowing and lending in DeFi and what Granary Finance has to offer

@CryptoDinduz unravels Liquid Driver in a thread here

@crypto_klay  discusses the Dollar Currency Index (DXY) and its historical relationship with the gross domestic product (GDP) here

@DefiVaults educates his users on how to spot promising yields using Tarot Finance in a thread here 

Paint pouring artist @liquididee opens their first NFT collection on Paintswap and attends their first Tombheads auction with this piece