Bankless ROLLUP: China Turns Bullish On Crypto | Celsius Bailout Plan
Jun 2, 2023
Explore China's newfound bullishness on cryptocurrency and its ambitions to become a global digital economy hub. Delve into the complexities surrounding the Celsius Network's insolvency and what it means for creditors. The discussion also highlights exciting developments in Ethereum staking and NFT lending, while comparing current market dynamics to past bear cycles. Get insights on the shifting regulatory landscape in Hong Kong and the implications for retail investors. Stay informed about new staking opportunities and the evolving sentiment in the NFT space.
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Stablecoin Supply Dynamics
- Total stablecoin supply is decreasing, indicating reduced liquidity in crypto.
- However, Tether's supply has reached an all-time high, surpassing its previous peak.
ETH Staking Surge
- A significant 17.4% of all staked ETH was deposited in May 2023.
- This surge in staking surpasses expectations and mirrors the post-EIP 1559 burn rate surprise.
Bankless Trend
- ETH and BTC balances on exchanges are nearing a 5-year low.
- This suggests a growing trend towards self-custody and bankless behavior.