IMF got the hots for Bitcoin

Good morning! Welcome to The Daily Moon. Blockchain is aiming for the moon. Literally. Lockheed Martin and Filecoin Foundation are looking for satellites to run a blockchain network in space. This InterPlanetary File System will plug data delays and ensure superfast downloads.

A Stable Comeback 

The crypto crash cycle continues. But remember how Circle’s USD Coin gained with the Terra debacle? Turns out that stablecoins are slowly winning back users. Except for TerraUSD and Luna, of course. 

Tether, which briefly lost its US dollar peg on May 12, regained it a day later. Circle’s USD Coin is intact at 1:1. It has ~53.2 billion coins in circulation as of May 24. And now, spot markets have also started listing the number of stablecoins to open up trading.

HODLing OnThere is a recovery in sight. As of May 24, the global crypto market cap is $1.26 trillion. There are two data points that are relevant:

1. Crypto Volume: The total crypto market volume rose ~21% in 24 hours to $80.9 billion. 

2. Stablecoin Volume: The volume of all stablecoins is now ~$71 billion, which is almost 88% of the total crypto market. 

Stablecoins are preferred, purely because they are linked to a measurable asset like the US dollar. This means:

• Your stablecoin is backed by real dollar reserves. 

• You can cash out the crypto if the market fluctuates too much. 

Getting noticedTalking about crypto, the US Fed found out that 13% of unbanked Americans have used crypto for payments. In related news, crypto entrepreneurs found a spot for the first time in the World Economic Forum. The IMF, too, seems to be warming up to cryptos, as long as actual dollars back these assets.  

Can Terra Rise Again? 

Do Kwon comes up with an idea almost every day to keep his Terra dream alive. And every day he fails. Now, he has another plan. But time could be running out. It doesn't help that Kwon is already being investigated for tax evasion charges.

Rising from the ashesEnter Phoenix or Terra 2.0, which will apparently revive the failing ecosystem from the ashes. Not everyone is happy with the plan, but here’s what is being done:

1. Form a new chain without UST that’ll have the LUNA token. 

2. The old chain, now Terra Classic, will have a new token, Luna Classic.

3. About a billion LUNA tokens will be airdropped to LUNC and TerraUSD holders.

Distributing new tokensThat’s where things get complicated. About 1% will be allotted to essential developers on the blockchain with no lockup period. Another 4% will have a four-year waiting period.

South Korea wants revengeIt wants to freeze all assets of the Luna Foundation Guard. South Korea wanted TerraUSD to maintain the 1:1 peg through their bitcoin reserves. And it spectacularly failed, wiping off almost $40 billion.

Coinbase’s Shining Moment

The Fortune 500 List for 2022 now has a crypto company. Coinbase entered the coveted rankings. With a $7.8 billion revenue in 2021, the crypto exchange breezed through the list’s benchmark of $6.4 billion. 

Sliding inCoinbase had a stellar 2021, thanks to the global crypto market surging to record highs. By year-end, the exchange had ~ 11.4 million monthly active users (MAUs).

But if it was measured in 2022 revenue, Coinbase wouldn’t have quite made the cut. 2022 started on a dreary note. Coinbase’s revenues plunged ~27%. Its MAUs dipped to ~9.2 million in the first quarter. 

But it’s staying put  Go big or go home. That’s exactly what Coinbase is doing right now. After launching a web3 wallet and also a think-tank to push the crypto agenda, it’s adding more. The exchange has added the BNB chain and Avalanche into its network. On a single wallet, users can now trade or swap ‘thousands’ of new tokens. 

Delhivery Delivers

Ignoring the lukewarm market, Delhivery made a stellar market debut. Listing on BSE at a 1.68% premium on Rs 495, the stock rose to Rs 538 at the day’s close. 

What worked?Delhivery’s Rs 5,235 crore IPO got popular because: 

• It is the second-biggest IPO in 2022 so far.

• It is India’s largest fully integrated logistics firm with Rs 5,170 crore in revenue.

• It has 23,113 active customers, most of which are e-commerce platforms. 

Cutting downMarket volatility had forced Delhivery to cut its IPO size from its planned Rs 7,460 crore. With the IPO milestone complete, Delhivery now has profitability on its mind.

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Who are we? There is a lot happening in our world. Everything has layers, and each layer has to be carefully peeled so you, the reader, know how the world of money is changing every day. That’s our promise. Help you unpeel the onions, which are the public markets in the US, India, and crypto, so that you know just a little more.