Has Matic stepped up?

Good morning! Welcome to The Daily Moon. Yesterday it was YouTuber Logan Paul, now it is Twitcher DNP3. The streamer who had started multiple projects, raised capital, and built a following based on his charity crypto admitted that he gambled away all the money in crypto casinos. He put out a tweet apologising but the money's gone. Lesson? Trust but verify, especially if it’s an influencer.

The markets recovered. Bitcoin was at $16,820 levels and Ethereum inched closer to $1,300. Nasdaq rose in early trade. Back home, Sensex and Nifty fell on FII exits.

Is It MATIC’s Moment?

Polygon beat its closest rivals Avalanche and Solana in the DeFi race. Its TVL, or total value locked, is at ~$1 billion. Polygon’s MATIC rose ~3% over the past 24 hours. But for HODLers, there is still bad news.

FYI TVL is the total funds deposited in a DeFi platform.

What about partnerships? We’ve told you earlier about Polygon’s drive to go mainstream. Yes, those partnerships with Disney, Meta, Reddit, and Starbucks are still on. But it hasn’t necessarily translated into appreciation in prices yet. Almost as if the token was actually growing into its valuation. A technical indicator called the Relative Strength Index is in bear territory for MATIC, which means that the current rally will be short lived.

But why is it green?Well, the whales did it. Almost 500 Ethereum whales have bought MATIC since the start of 2023. Plus, NFT creators have warmed up to Polygon with projects such as y00ts and $DUST going multi-chain from Solana to Polygon.

Devs go slowWhile Polygon wants to be the go-to blockchain for developers, there’s a lot more to be done. Polygon took the 10th spot in the top 10 developer-focussed blockchains. Cardano, Polkadot, and Cosmos were the top three in the list. We’ll make do with these temporary green shoots till then.

Cardano Sees Green

Cardano is riding the dApp wave. So far, 16 million transactions have been completed on the blockchain across 62 dApps. ADA reacted positively to this news and rose ~4% in the past 24 hours.

What works?Volumes are up across Cardano projects, including NFT, DeFi, and DEX. For projects such as NFT marketplace JPG Store, the unique active wallets are ~5,400. It’s a reflection that Cardano dApps have active interest from users.

There’s more comingCardano’s not satisfied with the progress. The blockchain is ready to launch a stablecoin, Djed, that will be pegged to the US dollar. But, it’ll be an algorithmic stablecoin. Terra-Luna vibes, anyone?

ICYMIWhile we are on ADA, Cardano co-founder Charles Hoskinson copy-pasted someone’s NFT and used it as his profile picture. He probably needs a Twitter detox.

Another Chapter In Celsius’ Bankruptcy

Bankrupt crypto lender Celsius agreed to let Core Scientific shut down 37,000 mining rigs on Tuesday. While Celsius was struggling to find a buyer, Core Scientific had been running mining rigs so that the lender could mint Bitcoin and maintain a source of revenue. But that has been shut down as well primarily because Celsius hasn’t been able to pay bills.

Life is hardFor miners, life hasn’t gotten any easier, with rising electricity costs, falling token prices and Ethereum’s shift to Proof of Stake, miners have been relegated to the fringes of crypto. To add to this, regulation hasn’t been supporting them either.

Unpaid duesWhile we’re on the subject of unpaid dues, Dogecoin shill and chief Twit (who has been quiet for a while), Elon Musk, hasn’t paid rent on his offices. He’s being sued by his landlord for it.

Someone Is Minting Cash With NFTs

We’ve never pretended to understand the Bored Apes phenomenon. People love it and more power to them. But as time has passed, the value of these NFTs have dropped. Just to give you a glimpse into the world of Bored Apes, Justin Beiber paid ~$1.3 million for his NFT and it is now at ~$65,000. And ever since the FTX collapse, NFTs have been trending downward. Steadily.

But something bucks the trendYuga Labs, the publisher of Bored Apes, doesn’t seem to be affected by your monkeys being worth less. It’s making a lot of cash thanks to royalty. In fact, Yuga Labs made over $100 million in 2022 on royalties alone.

And that’s it for today. If this email was forwarded to you, please consider subscribing. It’s free. We’ll never show you an ad or charge you for this. We swear.

Also, to sweeten the deal, here's an offer you cannot refuse! You can refer this newsletter to your friends, family and any amazing community. The top referrer every month wins a guidebook to upcoming potential airdrops and exclusive premier content! Click below to share your unique referral link!

Share Daily Moon by Mudrex

You currently have 0 referrals.

Click to Share

Or copy and paste this link to others: https://thedailymoon.beehiiv.com/subscribe?ref=daqKCLROWs

Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.