Hello everyone and welcome to the latest Stack weekly.
It's been a turbulent week. With Putin's invasion of Ukraine rocking markets and causing untold human suffering. Let's dive into the recent data and latest news.
Weekly Projects to Watch
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Top risers by Coinrank
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- TRON ($TRX) ⬆️ 1%
- KuCoin Token ($KCS) ⬆️ 1%
- The Graph ($GRT) ⬆️ 1%
- Livepeer ($LPT) ⬆️ 1%
Top risers by Dev Rank
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- Aave ($AAVE) ⬆️ 10%
- Klaytn ($KLAY) ⬆️ 8%
- NEO ($NEO) ⬆️ 8%
- The Sandbox ($SAND) ⬆️ 7%
Top risers by Social Rank
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- OMG Network ($OMG) ⬆️ 3%
- Marinade staked SOL ($MSOL) ⬆️ 3%
- Klaytn ($KLAY) ⬆️ 2%
- Livepeer ($LPT) ⬆️ 2%
Top small cap risers by Coinrank
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- SW DAO ($SWD) ⬆️ 84%
- 2local ($2LC) ⬆️ 60%
- eosDAC ($EOSDAC) ⬆️ 59%
- Porta ($KIAN) ⬆️ 58%
Top News This Week
Russia Invaded Ukraine, Bitcoin Dipped Under $37K, and the Oil Prices Surged
Russian forces launched a full-scale assault on Ukraine, with its military attacking the country from the north, east, and south. Bitcoin slipped to its low point at around $37,000 as well, and a global oil benchmark surged above $100 a barrel for the first time since 2014. The Bitcoin price has since rebounded, though.
Furthermore, prices for natural gas, metals, and grains, feedstocks for the global economy, vaulted higher after Russia’s invasion of Ukraine snarled the resource exports from the region.
EU Open to Crypto with Regulation, and 60% Of Merchants Are Interested in Accepting Crypto in 2022
The European Union is open to cryptocurrencies, including Bitcoin, or even a digital Euro. However, regulations have to be strengthened first as a means of preventing fraud, according to the EU Commissioner for Home Affairs, Ylva Johansson. Her statement made it clear that Europe is more receptive than China, which moved a ban on all crypto transactions.
According to the Crypto.com “Crypto for Payments Report” in 2022, multiple positive developments have occurred thus far in the overall adoption of crypto. In it, 60% of merchants agreed that they wanted to accept cryptocurrency payments throughout the span of 2022, and 75% of customers showcased the same interest.
As the Ukraine Crisis Rocks the Markets, Bitcoin Is Testing the Year’s Lows
Cryptocurrencies have carried on declining due to Russia’s attacks on targets across Ukraine, which sent risk assets reeling, which led to Bitcoin’s dip to a new low.
The largest token fell as much as 8.5% to $34,337 after Vladimir Putin’s push to demilitarize Ukraine started with a barrage of missile attacks. BTC pared its loss. However, it's still down almost 50% from its all-time high, which occurred in November. Ethereum (ETH) declined 12% to $2,301.84 as well, and other tokens followed this trend.
The Creator of Ethereum, Vitalik Buterin, Has Called Russia’s Invasion a “Crime”
Vitalik Buterin is a Russian-Canadian creator of Ethereum, and despite his network’s neutrality, he has made his political views clear.
He posted in this mother tongue on Wednesday that Russia’s Invasion of Ukraine "is a crime against the Ukrainian and Russian people." Specifically, Buterin wrote: "Very upset by Putin's decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead."
After recognizing the independence of two separatist regions in eastern Ukraine earlier this week, President Vladimir Putin, on Wednesday, declared that Russia would conduct a “special military operation” in Ukraine.
Bitcoin Donations for Ukraine Military Surpass $1M, and Pussy Riot Founder, Trippy Labs, Alongside PleasrDAO Members, Launched “Ukraine DAO”
A charitable fundraising page for the Ukrainian military shut down on Patreon. However, donations to the organization's Bitcoin wallet surpassed $1 million.
Come Back Alive, which is a Kyiv-based nonprofit organization that was initially established in 2014, says that the funds will be used to finance military equipment, including armor and medical kits for Ukrainian soldiers.
Nadya Tolokonnikova of Pussy Riot announced UkraineDAO through a Twitter post, alongside Trippy Labs and members of PleasrDAO.
Pussy Riot tweeted the following: "Our goal is to raise funds to donate to Ukrainian civilian organizations who help those suffering from the war that Putin started in Ukraine. We'll be buying an NFT of the Ukrainian flag. Much support and love to Ukraine".
Nonprofit Raises $1 Billion to Create a Bitcoin Reserve and Support the Ecosystem Growth of Terra
A nonprofit which is working to scale the ecosystem of the Terra blockchain managed to raise $1 billion in a private token sale. Through this funding, the Luna Foundation Guard (LFG) aims to establish a Bitcoin reserve for Terra’s UST stablecoin.
The foundation said the following: “The UST Forex Reserve is an initiative to provide a further layer of support using assets that are considered less correlated to the Terra ecosystem, initially with Bitcoin but with plans to expand to other major non-correlated assets within the market moving forward."
MetaMask Enables Users to Turn Their Mobile Device into a Hardware Wallet, and Ethereum zkSync Deployed a New Testnet for Lower Fees.
MetaMask now allows users to store their cryptocurrencies and private keys offline. Thanks to a collaboration between MetaMask and AirGap, cryptocurrency enthusiasts can convert their old mobile phones into cryptocurrency hardware wallets.
In other words, MetaMask now supports AirGap Wallet, which is a free application on android and iOS which turns a phone into a hardware wallet. Additionally, Ethereum’s zkSync is testing an update for lower transaction fees. This recent deployment suggests that lower transaction fees are imminent, and hundreds of developers are waiting to deploy on zkSync 2.0.
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