The Market Roundup: Week of June 12
- This week’s market snapshot
- OpenSea migrates to Seaport
- Circle announces Euro Coin EUROC
- USDD depeg
- Coinbase layoffs
- Three Arrows Capital in trouble
- China provides a reminder why crypto matters
Prices across crypto continued to tank as waves of liquidations caused selloffs. This has removed a lot of leverage from the system, and we’re seeing that in the form of reduced perp funding rates on all assets.
This is healthy for the markets and has cleared out a lot of gambling/ponzi junk. For the first time in a while there are some assets that actually feel undervalued. The path is clear(er) to focus on building the bridge to reality in DeFi over the next few years.
OpenSea announced that they’re migrating to Seaport, an open source marketplace protocol, that could cut network fees by 35%. The bet is that cheaper transactions will ultimately lead to more transactions, an effort to combat the NFT market cool-down…