🎭 Curved drama: A tale of twists, turns, and unpredictable crypto surprises

Hey there, fellow crypto enthusiasts and blockchain believers! Get ready to embark on an epic journey through the world of cryptocurrencies with the buidlbee team. We bring you the latest market updates, expert insights, and insider tips to navigate the dynamic crypto landscape. Remember, while we provide valuable insights, always do your own research. 🌌🔍📈

So, let's ride the crypto waves and uncover the untold stories of the blockchain universe. In today's letter, you'll discover:

• The paradoxical philosophy of blaze from the founder of Binance;

• How Curve's drama is pushing the market down;

• A great battle for Uniswap ($UNI) is coming (technical analysis*);

• Making tokens from Over Protocol.

And now a quick recap of the big news:

• Binance Launchpool will have a listing for CyberConnect ($CYBER) on August 15 at 12 PM UTC.

• Notable personalities are rushing to the rescue of Curve ($CRV). Justin Sun, the founder of TRON and CEO of BitTorrent, bought 5M CRV. Andrew Kang, a well-known cryptocurrency entrepreneur, also took a bullish stance on CRV and recalled a major deal in November 2022.

• There are rumors that the developer of memecoin BALD could be someone associated with FTX or Alameda, and some even believe it is Sam Bankman-Fried himself.

• The U.S. Internal Revenue Service (IRS) has proposed a tax on cryptocurrency staking.

🔖 A paradoxical philosophy from CZ

CZ shared a historic photo from May 2, 2015, taken in Tokyo, shortly before Ethereum was officially born.

• CZ then never bought ETH (at almost no cost) despite Vitalik's requests, referring to it now as "the miss of his life".

• On the other hand, as CZ reasoned, if he had bought ETH back then, after becoming incredibly rich quickly, he would have had no incentive to launch Binance.

Whether that was a failure or just luck is still an open question.

⤵ Curve drama

The large and successful DeFi project Curve was hacked two days ago. The hacker now has about 7 million CRVs in his wallet, which is hardly a problem; there is enough liquidity in the markets to handle a one-time sale of 7 million CRVs. But why is the market so spooked?

A few months ago, Curve founder Mikhail Egorov took out a $100 million AAVE loan to buy a very stylish home in Australia. He built a large collateral position out of CRV tokens, using lending protocols as a way to cash out in the real world.

However, due to a recent hack of his protocol, the token went down dramatically, which disrupted the debt coverage. One of the participants in the loan decided to forcibly increase the bid on Michael's position due to the resulting risk in order to obligate him to repay the debt. The APY on Michael's position doubles every 12 hours, which means it will be liquidated in a few days if nothing changes.

🩸 Why did BTC quotes drop to $28k?

The important questions are: will Curve be able to regain confidence due to the hack and TVL's 50% drop, and will it not end up liquidating the collateral from the founder in the 305M CRV?

Potentially, all of this could lead to a major DeFi collapse, causing an industry contagion spiral exactly like the Luna/TerraUSDT collapse in 2022, which would hurt the entire industry.

💲 Ideas

[1] 🔔 You can also become Curved

But how does the Curve situation affect us right now? It's a rare possibility for speculation. According to the most recent information, the Curve founder was given a loan on the OTC market, so the CRV rate turned around and went up (speculators have bet on the recovery of the project).

The project is still far from recovery: yesterday it cost -50%, but today it has already grown to -20%. Therefore, there is still a possibility of speculation until the full recovery.

[2] 🔔 How long will Uniswap (UNI) accelerate?

It seems that at the beginning of June, UNI managed to break out of the prolonged downtrend. We can only hope that buyers will manage to accelerate the growth, although there are strong liquid zones at the top where there will be many people willing to get rid of their tokens.

The first critical level is $7.50. This is where the first "serious fight" will begin, according to P_S_trade analysts. The outcome of the battle will depend on which path UNI takes.

The medium-term target is in the range of $12.25-13.

*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.

[3] 🔔 Working Over Protocol forward

Over Protocol is a new Layer 1 blockchain. The project raised $8M from Schmidt, Naver Z, etc. Now it's time to get points, which can be very beneficial in the future. It is preferable to take all available points, which can be converted into project tokens in the future.

What to do:

• Go to the link and install the application;

• Get extra points for completing tasks;

• Invite friends.

Time to peace out, crypto crew! Keep riding those crypto waves and stacking those revenues like a boss. Remember, HODL strong, trade smart, and stay crypto-cool in this wild blockchain adventure! Until the next issue drops, keep those wallets jingling and those altcoins mooning! Catch ya on the flip side, fellow crypto hustlers! 🌌💸✌️