Sushi smells strange

Good morning! Welcome to The Daily Moon. It’s payback time. LAND owners on Decentraland can finally rent out their virtual properties for fixed periods. Just one problem though, tenants will have to shell out the entire amount upfront.

The markets were in the red. Bitcoin was at ~$16,860 and Ethereum slipped to ~$1,232. Nasdaq fell in early trade. Back home, Sensex and Nifty were volatile after the RBI rate hike.

Is It Finally Getting Warmer?

A touch of optimism never hurts. Especially when crypto markets have been in the doldrums for several months. It’s likely that the end is in sight for the long crypto winter. Once this happens, ETH may lead the bull run among the tokens.

Is this for real?The markets have seemingly stabilised. Bitcoin has traded between $16,770 and $17,400 for the past week. Ethereum’s price has stayed between $1,240 and $1,300. Unless FTX springs a new surprise, crypto tokens are largely expected to move within these levels.

But why specifically ETH?1. Smart contracts: Ethereum is still the foundational layer for smart contracts in the ecosystem. This means when more projects build on top of the blockchain, ETH benefits too. 2. Layer 2: The Merge may not show instant benefits, but it’ll help dApps scale faster. When dApp transactions rise, Ethereum will rise too.

Think about it; Ethereum trades 12 times higher than its 2019 price. The crypto also has multiple use cases beyond just payments. So when recovery starts, Ethereum may outperform the rest of the market.

What about BTC?The charts show BTC may hang on to the current levels for a little longer. A technical metric called the Relative Strength Index or RSI for BTC is at 48. A figure above 70 indicates that the token is overvalued and a reading below 30 shows that it is undervalued. At 48, BTC is neutral.

Yuan Finds Another Home

Tether’s Yuan stablecoin will also be available on Tron. So far, the crypto token pegged to the Chinese Yuan was only accessible to users on the Ethereum blockchain.

So what?The crypto market’s been volatile since the FTX collapse. Tether’s Yuan move is an attempt to portray a brave face. Crypto investors are in a state of fear over mounting losses. So stablecoins may seem like a less-riskier bet.

Liquid crypto is hotYes, there’s uncertainty. But there’s a demand for “safe” crypto tokens whose values don’t fluctuate. And Tether’s USDT stablecoin is on top of the list. Data shows USDT leads the crypto market in terms of overall volumes. Now that the Yuan stablecoin is also compatible with Tron, the investment pool may grow.

This Sushi Stinks

Sushi is unsure about its future. The DeFi protocol’s existing funds will only last for 18 months. To plug the gap, Sushi’s developers have proposed to divert the fee collections towards the platform’s coffers.

Sorry about “your” feesThe DeFi platform has a token called xSushi. All xSushi users get a reward fee for any trade that happens on Sushi. But the new proposal will take that away from its users for one year at least.

How bad is it?Lead developer Jared Grey claims the company is doing it just to prevent the project’s collapse. Its backers are working on new tokenomics to rebuild Sushi. But there’s no clarity about how long it will actually take.

Meet Winamp In Web3

Winamp (yes, the pre-Gen Z app) will enable NFT music on its desktop version. The vintage audio software finally has an upgrade and will support NFTs built on Ethereum and Polygon.

What?Remember all the cool visualisations? No? Ask your friends. Now, this app will play NFTs as well. The platform calls it a web3 enhancement. This means you can listen to your favourite music without switching between apps.

Is there more?In a bid to stay relevant, Winamp will launch a universal listening platform with incentives for cross-platform creators next year.

The platform emerged from the shadows in August, after a four-year sabbatical. Let’s see what users feel about this NFT switch.

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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.