💎 Unveiling the week's blockchain brilliance

Hiya, crypto fam! We hope you had a wonderful holiday season. Welcome back to the web3 wonderland with your trusty guides, the buidlbee team. We've been buzzing with excitement to bring you another round of cutting-edge updates from the ever-evolving blockchain universe. In this week's newsletter, you will read about:

• Rumors: New York's DFS has given the green light to Paxos to launch stablecoin on Solana;

• Coinglass data reveals that most tokens are currently overbought; 

• A report from CoinShares shows a remarkable inflow into cryptocurrency exchange-traded products, with Bitcoin-based products leading the charge;

• Mt. Gox's double compensation fiasco;

• Key market events for December 27 – January 3: upcoming listings, giveaways, launches, and hackathons in the crypto space; 

• Interesting ideas to take a look at.

⁉ Solana-based stablecoin

Fortune: New York's Department of Financial Services (DFS) has authorized Paxos, the issuer of PYUSD stablecoin, to offer products on Solana. Allegedly, Paxos plans to launch the stablecoin on the Solana network on January 17, 2024.

 ❗ Most tokens are overbought

According to Coinglass data for the last week, the RSI indicator shows most tokens are overbought.

RSI (Relative Strength Index) is a technical indicator used to measure the speed and change of asset prices, including crypto.

The RSI indicator has a range from 0 to 100. It is usually considered overbought when the RSI exceeds 70. This may indicate that the asset may be temporarily overvalued, which could be a signal to the following shorting. If the RSI falls below 30 that may indicate a following purchase of the asset.

🗣 In 1 week the inflow of funds into crypto funds amounted to $103M

Analysts at CoinShares have published a report on financial flows in cryptocurrency exchange-traded products (ETFs). Between December 17th and December 23rd, the inflow of funds amounted to $103 million.

Most came from Bitcoin-based products - $86.7M, Ethereum only $7.9M. 

Solana blockchain-related products also improved their performance. They received $6M in funding.

🤡 Bankrupt crypto exchange returned funds twice

The bankrupt cryptocurrency exchange Mt. Gox mistakenly paid customers double compensation and requested a refund (we wish it good luck with that 😁).

Mt. Gox was one of the world's largest cryptocurrency exchanges that operated from 2010 until declaring bankruptcy in 2014 after a series of hacks.

🔑 Key crypto market highlights (December 27 – January 3)

• Near Protocol (NEAR) is set to host a series of community missions with airdrops (26.12– 03.01).

• Hedera (HBAR) will be upgrading its testnet to version 0.45.(28.12).

• Optimism (OP) token unlocks — 24.92M tokens, or 2.73% of the circulating supply (30.12).

• X2Y2 (X2Y2) token unlocks — 39.49M tokens, or 5.94% of the circulating supply (30.12).

• Dydx (DYDX) token unlocks — 33.33M tokens, or 12.36% of the circulating supply (01.01).

• Acala (ACA) token unlocks — 27.43M tokens, or 3.10% of the circulating supply (01.01).

• Tornado Cash (TORN) token unlocks 91.67k tokens, or 2.41% of the circulating supply (02.01).

💲 Ideas 

[1] 🔔 New IDO on Ape Terminal 

Launchpad Ape Terminal announced the 4th IDO on its platform, the Lends Lending Protocol, which is built on Thorchain and has a TVL of $70M.

• Total Raise and registration start date will be announced later.

• FDV is $12.5M.

• No KYC required to opt in.

[2] 🔔 Baking CAKEs

PancakeSwap V3 is an updated version of the popular PancakeSwap DEX. PancakeSwap V3 introduces several key innovations and features to improve capital efficiency, lower fees for traders, increase earnings for liquidity providers, and enhance the overall user experience.

According to Magikan’s technical analysis, this DEX’s token CAKE has a high chance of surging to the $45 level.  Also, the analyst expects a massive bull run in 2024 and 2025. However, at the time of writing, CAKE was $3.446.

*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] 🔔 Sleepless AI on Binance

Binance announced the 42nd project on the Binance Launchpool - Sleepless AI (AI), a Web3 and AI gaming platform.

Users will be able to stake their BNB, FDUSD, and TUSD in separate pools to farm AI tokens for 7 days starting December 28th at 00:00 (UTC). Binance will then list the AI on January 4th, 2024, at 10:00 (UTC). A Seed Tag will be applied to the token.

The pool ratio is as follows:

• BNB pool: 56,000,000 AI in rewards (80%);

• FDUSD pool: 7,000,000 AI in awards (10%);

• TUSD pool: 7,000,000 AI in awards (10%).

We appreciate your company on this crypto adventure. Until our paths cross again in the next edition, may your portfolios flourish, and your blockchain explorations be ever-fruitful. Take care, crypto comrades! 🚀🌙

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