Axie trying to come back?

GM. We are grabbing our popcorn in anticipation of the Twitter vs Elon Musk court battle. Our money is on Twitter making Elon pay the $1B. We don't think courts will force him to buy the company. Crazier things have happened though.

Today's Topics:

• Axie Infinity trying to make a come back

• Three Arrows Capital Contagion

• Quick Links

Axie Infinity is trying to make a come back

Did you know Axie Infinity is considered the largest NFT project of all time when measured by trading volume? Crazy!

Well it has taken some hits:

• Got hacked for $622M on its Ronin network bridge - They did fix this and make users whole.

• AXS and SLP token prices plummeted 91% and 99% respectively from peaks. Ouch!

• The Play to Earn ecosystem has been rekt by the bear market.

Now they are showing signs of life.

How? This past week Axie NFT sales went up almost 198% over the previous week. It came in at $1.38 million which is quite small compared to last summer when it did over $100M in weekly sales. You gotta start somewhere?

We see a pulse. Downloads for new Origin version of Axie are trending up.

This new version has:

• A new battle system

• Visual enhancements

• Game upgrades

90% of Axie land owners are choosing to stake their NFTs to earn AXS token rewards. The team is still building and making updates on a regular basis. We are rooting for them to make the come back complete!

Three Arrow Capital Contagion

Adam Cochran did a banger of a thread on why the 3AC implosion adventure continues. Like a great mystery the founders are now reported missing.

A few bad things if they don't cooperate:

• Liquidation of class share funds

• Loss of treasuries and forced selling (over OTC)

• All this happening in a bear market

Things that will happen regardless of cooperation:

• The GBTC they own will be seized and liquidated in some fashion

The trickle down effect will carry over to many players in traditional finance such as ARK, Morgan Stanley and pension funds.

All of this will make regulators more afraid to approve future crypto products.

Solana is giving out $5M to builders

Quick Headlines

GameStop finally launches NFT marketplace - The did this after laying people off. Can't say we love the timing.

Contango launching exportable futures to DeFi - Trade away.

Avalanche is still holding up - Developers are still building

Bearish on NFT Utility Tokens - Why they could go to Zero

Funding News:

LI.FI gets $5.5M for infrastructure protocol - Aggregator of DEXs and cross chain bridges.

Long Reads:

Lessons from the creator economy - Led by Gen Z of course.

Taibbi: The Financial Bubble Era Comes Full Circle - Matt Taibbi is one of the best writers when it comes to finance.

Hit Reply to let us know how we are doing! We would love to hear from you.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.