Terra blockchain is back after its fall, will it survive? [43]
Do Kwon's Terra Labs has resurrected Terra as 2.0 but time will tell if it will make it
Hello, everyone!
It’s been a while since we’ve been back, that’s been in part because it’s been a doozy of a month.
One thing that’s caught my attention is what DAOs have been up to recently. Not just forming for social good and as investment vehicles, but also to provide foundations to run businesses. Two interesting examples of this include FriesDAO, which is buying fast food places, and now CafeDAO, which did a pop-up coffee stand and next will create a brick-and-mortar café.
This evolution of DAOs shows the resilience of decentralized governance models and how they could be used to allow people to invest in and be part of new business models never seen before. It allows the creation of new rewards models that use crypto that allow large groups of shareholders to be part of the success of businesses.
It also means that there could be NFT drops that let people get discounted or free fries or coffees by being part of the DAO in the same manner as having a coupon.
Last month also had some excitement when TerraUSD lost its peg to the US dollar, which led to its paired cryptocurrency Luna losing 99% of its value. Since that time, Do Kwon, the chief executive of Terra Labs, has resurrected the Terra blockchain with Terra 2.0 in a bid to bring it back to life.
Which is where we are now, wondering what’s going to happen to its future.
As usual, the paid portion contains the long-form reporting about the various news that happened in the past week or so as a round-up of what happened since last we spoke. Keep your eyes peeled for more coming your way!
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Blockchain Bulletin
Tether launches new tokens pegged to Mexican peso. Tether has made its move into Latin America by launching a stablecoin pegged to the Mexican peso called MXNT, reported Seeking Alpha.
GameStop continues its NFT ambitions with crypto wallet. Gaming retailer GameStop is continuing its foray into NFTs and crypto by providing a Chrome-based digital wallet that will allow its users to interact with its NFT marketplace, reported CNet.
FTX.US is launching zero-commission equity stock trading. The crypto exchange FTX US is going where no exchange has gone before and adding equity stock trading capabilities for its users, reported The Block.
Coinbase invites some users to allow Web3 dapps through its app. Coinbase has launched a Web3 wallet to make dapps accessible directly to a “small set” of users through its Coinbase app, reported CoinDesk.
CafeDAO wants to pour you a cup of coffee in Seattle. CafeDAO looks to explore how a brick-and-mortar coffee shop might make a decentralized business operate with a pop-up coffee stand in Seattle, Washington where you can buy a cup of coffee with a token, reported CoinDesk.
Blockchain Behind the Scenes
Terra 2.0 blockchain launched to ‘resurrect’ doomed Terra/Luna ecosystem. Terra Labs has ‘rebooted’ the Terra blockchain, recreating the TerraUSD, UST stablecoin, and Luna cryptocurrencies after the meltdown that happened to its ecosystem in early May.
Andreessen Horowitz launches $4.5B fund to bet on ‘golden era’ of Web3 and crypto. Silicon Valley venture capital firm a16z has announced its fourth, and largest, fund for Web3 and crypto that will be used to seed crypto startups and usher in the “golden age” of crypto, according to Chris Dixon.
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