FTX passes Coinbase in Bitcoin Volume

Plus Alchemy supporting Solana, ASTRO Airdrop, and more

June 03, 2022

MUSHROOM ALPHA

Happy Friday! Today we are leaving you with a gem at the end. Goblintown is offering another free mint EOD today sometime. Desktop only. Good luck!

Today's Topics:

  • FTX passes Coinbase in Bitcoin Volume

  • Alchemy supporting Solana

  • What to do in a downturn?

  • Quick Links

FTX passes Coinbase in Bitcoin Volume

FTX has been on a scorched earth plan to grow this year. In the last 18 months FTX grew from 5% of market to 44%.

The competitive landscape in crypto exchanges has been savage. With the downturn in the market we expect some exchanges to go dark. The smaller players will have a difficult time playing the fee wars with large exchanges such as FTX and Coinbase.

Alchemy supporting Solana

Alchemy calls itself the AWS of Web3. The initial launch of Alchemy in 2020 included a toolkit for writing transactions and hosting nodes related to Ethereum. The team soon pivoted to serve the Flow and Polygon blockchains.

Yesterday they announced the launch of development tools for Solana. Developers will use these tools to speed up development on Solana. Currently the release is gated to a few select developers but Alchemy expects a full launch in a few weeks.

Solana is home to NFT marketplace Magic Eden and Play to Earn sensation STEPN. Tools like this help developers create future app hits on Solana'

What to do in a downturn?

Advice from top tier VCs on how to survive the bear market. Selfishly they need their bags to hold up so they can profit!

Quick Headlines

Crypto summer - First edition of the crypto newsletter from a16z.

Bitstamp exchange launches Earn product to US users - Will support Ethereum and Algorand staking.

Binance x The Weeknd launch a world tour - NFTs galore in addition to music of course.

ASTRO Airdrop - Give it a shot. Why not.

Long Weekend Reads:

Is Now a Bad Time to Be a VC? - Long read for the weekend.

Funding News:

Crypto VC fund Canonical gets $20M - Backed by a16z heavyweights. Will focus on early stage companies.

Laevitas raises $2.5M seed round - Team will focus on data analytics for crypto derivatives.

Layoffs:

Gemini cuts 10% of staff - Sign of the times.

See if you can get in on tonight's free mint! Goblintown NTFs have a floor or 6 ETH so we think these new ones could be just as valuable.

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.