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- DeFi debitors saved over $100M in stablecoin de-pegging frenzy
DeFi debitors saved over $100M in stablecoin de-pegging frenzy
PLUS - Meta pulls the plug on NFT initiatives - here's why?
Daniel Akpobare
March 14, 2023
GM, this is The Crypto Xplorer, the daily newsletter that checks up on all your crypto injuries and motivates you to keep going.
Here's what we got for you today:
Debitors saved over $100M using de-pegged stablecoins
Meta pulls the plug on NFT initiatives - Here's why?
CoinMarketCap Acquisition of CoinDesk ‘On Hold
Debitors Saved Over $100M Using De-pegged Stablecoins
Over $2 billion in loan repayments were made on decentralized lending protocols Aave and Compound, saving over $100 million.
Digital assets data provider Kaiko found over $1 billion in USDC loan repayments on March. 11. (Source: Kaiko)
Who knew that paying off debt could be so exciting? 🤷♂️
Blockchain analytics firm Flipside Crypto estimates that USDC debtors saved $84 million, while those using DAI saved $20.8 million.
Debtors used de-pegged stablecoins to save millions in loan repayments. (Source: Flipside Crypto)
USDC began climbing back to $1 following confirmation from Circle's CEO that its reserves were safe, and government assurances that depositors of Silicon Valley Bank would be made whole.
The de-pegging has led MakerDAO to reconsider its exposure to USDC.
Meta Pulls The Plug on NFT Initiatives - Here's Why?
Meta, the parent company of Facebook, is giving up on NFTs. That's right, the non-fungible tokens just weren't fungible enough for them.
The move follows a difficult 2022 for the company's stock and comes as it re-evaluates its priorities. Meta is now focusing on other areas where they can make a bigger impact, like creating more filters for Reels. 🙄
Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel)
9:05 PM • Mar 13, 2023
The net losses endured by Meta’s division responsible for producing metaverse-related technology have grown in recent quarters, with the damage amounting to nearly $4.3 billion in the final three months of 2022.
In total, Meta’s Reality Labs — a unit comprising augmented reality, virtual reality, and the company’s metaverse software platform — tallied a $13.7 billion net loss last year.
That's enough to make even Mark Zuckerberg's wallet cry!
CoinMarketCap to Acquire CoinDesk — Or Is It?
According to Blockworks, Binance Capital Management (BCM) has a crush on CoinDesk and is trying to woo them with a potential acquisition through their CoinMarketCap subsidiary.
However, in a surprising turn of events, CZ (Changpeng Zhao), the CEO of Binance, took to Twitter to call out Blockworks:
@JonRiceCrypto Not “on hold”. Not buying.
It may be a good business. But not a fit in our geographic coverage. 🙏
— CZ 🔶 Binance (@cz_binance)
5:07 AM • Mar 14, 2023
CoinDesk has been on the market since January, as Digital Currency Group (DCG) looks to raise cash after their lending arm, Genesis, went belly up earlier this year.
Early estimates put CoinDesk's market value at $300 million. However, insiders say the acquisition price may be closer to $75 million.
That's all we have for today. See you on Twitter if you're there: @danielakpobare
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.
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