Kalam Crypto #25: Terra 2.0 is born, a16z launches largest crypto fund, and more

Kalam Crypto #25: Terra 2.0 is born, a16z launches largest crypto fund, and more

This week, Terraform Labs launches Terra 2.0, a16z launches largest crypto fund ever, MetaMask rescuing crypto scam victims, and exciting offers from CoinMENA. All that and more, so let's dive into this week's letter, and talk crypto.

30 May, 2022
CoinMENA Team
Author

“Fool me once, shame on you, fool me twice, shame on me” – English Proverb

Ahlan wa sahlan, and welcome to the 25th edition of CoinMENA's weekly newsletter, Kalam Crypto. Every week we will bring you the latest news and developments from the exciting world of cryptocurrencies. This week, Terraform Labs launches Terra 2.0, a16z launches largest crypto fund ever, MetaMask rescuing crypto scam victims, and exciting offers from CoinMENA. All that and more, so let's dive into this week's letter, and talk crypto:

Prefer to listen to Kalam Crypto instead? Check out our podcast:

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Global News 🌍

The sequel no one asked for, Terra 2.0 is born: After the $50 billion collapse of LUNA and UST and rightfully-shattered trust in algorithmic stablecoins, Terraform Labs, the core development firm behind Terra, launched a new blockchain. Terra 2.0 was launched on May 28th in an attempt to revive the Terra ecosystem and try to repay the losses suffered by the LUNA community, but this time, without a controversial algorithmic stablecoin UST. The most significant aspect of the launch is the airdrop of new LUNA tokens to Terra stakeholders on the Classic chain. They have been earmarked to receive 70% (700 million) of the total LUNA 2.0 token supply. While Terra's community pool, an on-chain treasury fund controlled by Terra governance to fund development activities, is set to receive the remaining 30% (300 million) of LUNA on the Terra 2.0 chain.

 What now? The new blockchain launch raises pressing questions like "Will Terra 2.0 be able to salvage the project's reputation?" "Will crypto investors really be able to trust Do Kwon again?" We’ll leave you with this quote from the top of today’s newsletter: “Fool me once, shame on you, fool me twice, shame on me.” 

Tether launches new Mexican Peso-backed stablecoin: Tether has announced the launch of MXNT, a new stablecoin backed by Mexico’s national currency, the peso. MXNT follows on from the existing stablecoins from the company, USDT, EURT, and CNHT. Initially, MXNT will be available on three main blockchains: Ethereum, Tron, and Polygon

Digital assets become JP Morgan’s “preferred alternative asset class”: Analysts of the investment bank said in a report that a potential lagged repricing kept them more cautious on private equity, private debt, and real estate over the coming quarters. Thus, they replaced real estate with digital assets as their preferred alternative asset class along with hedge funds. This is a significant change of position from Jamie Dimon’s remarks a few years ago stating that digital assets have no “intrinsic value.”


Keep an eye on 👀

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MetaMask to the phishing rescue: MetaMask partnered up with Asset Reality, a platform for accessing and recovering seized crypto and digital assets, to help crypto scam victims recover their stolen digital assets. Through the partnership, the two companies aim to tackle cryptocurrency fraud present in the form of phishing scams as well as targeted spear-phishing attacks. 

a16z launches a $4.5 billion crypto fund, the largest ever: Venture capital giant Andreessen Horowitz (a16z) raised the largest ever crypto venture fund. Of the whopping $4.5 billion raised, a16z has earmarked $1.5 billion for seed investments in Web3 startups and around $3 billion for venture investments. The firm said that its time for the “golden era” of Web3. 


CoinMENA News 🗞

Something SPECIAL coming soon: June is just around the corner, and so is our big announcement! Simply verify your CoinMENA account to participate and follow us on social media to be the first to know!

ONE BTC Giveaway is ongoing: One full bitcoin, 21 winners! To participate, simply place one trade (buy or sell) for 25 USD or over anytime before 12 AM Bahrain/KSA time tonight.


 Tweet of the week 🐥


Quiz Corner ✅ 

Last week’s question: Who is the founder of Ethereum?

Answer: Vitalik Buterin

This week’s question: Which was the first game to be built on the Ethereum blockchain? 

  • ​​Ragnarok

  • Illuvium

  • CryptoKitties

  • Mirandus

See the answer in next week’s newsletter.

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