🦄 Myths surrounding Uniswap

Also, conservative staking by Coinbase, attractive BLUR, UNI’s potential trend reversal, and NFT from EigenLayer.

Hi, guys! Get ready to embark on an exhilarating journey through the captivating realm of cryptocurrency with the buidlbee team. Brace yourself for our latest newsletter, packed with awe-inspiring, mind-expanding content that will keep you on the edge of your seat! Today, we delve into the following thrilling topics:

  • Myths about Uniswap

  • Conservative staking by Coinbase

  • Why is $BLUR attractive?

  • UNI’s potential bullish reversal.

  • NFT from EigenLayer.

Don't know what happened in the cryptocurrency world in the last 24 hours? Here’s a list of the hottest stories:

  • Apple is not going to update the Zeus crypto wallet.

  • iShares has applied to the SEC for bitcoin-trust registration.

  • Binance has announced that it is leaving the Dutch market.

  • Do Kwon is to remain in custody for another six months — a Montenegro сourt.

  • BitMEX's former CEO, Arthur Hayes, has published a new essay, “Fungible.”

  • Fantom lowers validator staking demands to 50K FTM (~$12,5K).

  • Xai, a gaming-focused layer is launching on Arbitrum.

Why BLUR is undervalued

191 million unlocked #BLUR are transferred to the Coinbase Prime exchange, almost certainly for sale. And apparently this is just the beginning — about 40% of locked #BLUR will be unlocked within 24 hours. In such situations, there is pressure on the market, but let's look at this situation from a different angle.

Two facts to think about:

  • BLUR has one of the best TVLs on the market, and this short-term dump is a great opportunity for long-term players to enter this market. The general hysteria of recent weeks after the SEC attack, as well as a major unlock, all combine to form a DIP that can be bought (if you like that crypto theme).

  • At the end of 2022-23, Blur took the majority of the market share from OpenSea, currently the NFT market trendsetter. If you want numbers and facts, here are the latest figures for May:

Blur is the clear leader of the NFT-market, with a turnover of $446 million. At the moment, despite the active sales, the good demand for these tokens is also noticeable; during the last 24 hours, this token even managed to grow by 5%.

Myths of Uniswap

Two well-known projects, Ethereum and Ripple, both criticized Uniswap v4:

  • Ethereum developers are outraged by Uniswap v4's "open source" promises. They believe that Uniswap is misleading the public by saying that they supposedly open source v4 of this DEX but actually releasing code under a proprietary license.

“Uniswap decided to go with a Business Source License, continuing what they did with v3 […] they don’t understand open source, and they believe their moat is their code, which is wrong.”

  • Ripple's CTO also blames this well-known DEX. According to him, Uniswap V3 is not as decentralized as it is often said. And the latest version of this exchange will even worsen the centralization situation, in his opinion.

We must admit that the criticism of the companies is largely fair. Some DEXs are actually rather centralized (but without a legal entity), with closed proprietary codes and huge commissions.

💲 Ideas

[1] 🔔 Conservative staking from Coinbase

Coinbase is increasing the reward for staking USDC from 2% to 4%. By comparison, bank interest in the U.S. is now more often below 1%. According to data from the FDIC, the average savings account interest rate in the USA is now 0.40%.

This offer destroys banks because it is more interesting to keep dollars in staking mode. This offer is very interesting to the conservative public. If you are far from quite complicated DeFi tools, then staking USDC in Coinbase is a perfect option.

[2] 🔔 UNI reversal

According to MonoCoinSignal's technical analysis, UNI can expect a bullish reversal in the near future. Recently, the asset fell to the support level of $3.62, which coincides with the Fibonacci level of 0.5 (1M) and indicates growing demand.

So, if more than 50% of the bearish candle formed last week recovers and a strong bullish candle appears, the token trend could change. But the decisive moment will be overcoming the $5 bar, experts say.

[3] 🔔 NFT from EigenLayer

On June 15, the project launched on the mainnet, so everyone can restack tokens in three different pools:

In addition, one can claim 1 of the 4 NFTs from the project. Actions needed:

Deadline is June 18. It's also worth noting that all of the pools are full for now, but when they're free, you can start re-stacking. This is more risky, but at the same time, it increases the likelihood of getting a drop.

Remember, knowledge and awareness are crucial in the crypto world. Stay updated with trends and analyze the market wisely. Thank you for joining us on this journey. Wishing you success in your transactions. See you next week.

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