I want to share with you the latest news involving bitcoin, involving altcoins like the metaverse, a huge update involving Celsius, 3AC, and much more. But, before we go any further, I need to inform you about the best crypto trading bot. By employing Binance trading bots, you can earn 200 percent to 2,000 percent APY on a copy trading platform called Jet-Bot. Bot crypto trading is the most effective way to get passive money from your cryptocurrency. Sign up for the Jet-Bot and begin to receive you passive income.
Texas Bitcoin Miners Shutting Down
Let’s jump in, starting with bitcoin. Texas bitcoin miners power down as a heatwave threatens the grid with rolling blackouts. So if you hold bitcoin, here is what you need to know. Nearly all industrial-level Bitcoin miners in Texas have fulfilled their promise to suspend operations while the state waits out a heat wave that’s expected to push its electricity grid to the limit.
Texas has always been one of the biggest mining hubs in the US, and this does come as an official request to shut down. The Electric Reliability Council of Texas, which is responsible for managing the Texas grid, made a request yesterday that the residents of the state make an attempt to conserve as much energy as they can. This is what they fear. For example, power outages back in 2021 during a harsh winter storm contributed to several hundred deaths statewide.
So what is the bitcoin community doing about this? Well, in simple terms, they have complied. In a direct quote, Lee Bratcher, President of the Texas Blockchain Association, told Bloomberg that over 1,000 megawatts of mining load have already responded to the state’s request. ‘This represents nearly all of Texas’ industrial scale bitcoin mining load and allows for more than 1% of total grid capacity to be pushed back onto the grid for retail and commercial use’.
So they gave up over a thousand megawatts to help their fellow Texans. Just keep in mind, in terms of what this means for you, that this is nothing new for the bitcoin mining ecosystem. Things like this happen year after year in different parts of the world, whether it’s the wet season or dry season in Asia or other parts of the country. I’ll start with the course for the bitcoin mining ecosystem, the abs and flows, which make this network stronger.
Celsius Reclaims $172M Collateral From Aave & Compound
This happened yesterday. To get this money back, they had to pay down $95 million in debt, which they did, and then they got some of their collateral back. The maneuver freed up 172 million dollars of collateral that had been locked in the platform’s asset compound as collateral. Celsius used a similar treasury management tactic last week on the maker platform when they freed up $480 million in collateral as well. This doesn’t represent all of Celsius’s debt to compound in Aave, but it is a nice little chunk.
How specifically did they pay this debt off? The data on Nansen Portfolio tracker shows that a wallet linked to Celsius transferred $35 million in die maker’s dollar peg stable coin as well as $40 million in circles USDC stablecoin in various transactions to make the payment. Celsius also exchanged some interest-bearing token derivatives on the Aave to receive 1647 wrapped BTC (about $33 million), and about $1.6 million combined, a BAT and xSUSHI, something that you stake on the SUSHI platform.
What this means to you is that Celsius now has a whole lot more wrapped BTC in their possession, basic attention tokens and xSUSHI tokens in their possession, as well as the down payments, which let Celsius redeem about $700,000 in COMP tokens, the Compound protocol’s native token. I guess how this update affects you the most is that you now know Celsius is still attempting one and now has a lot of wrapped BTC and a lot of specific altcoins that some people are afraid they will dump on the market to try and stay afloat or will use to pay back investors from their platform. Either way, we’re all still waiting and watching to try and see if Celsius is able to pay down the rest of the debt that they owe.
After these moves, the firm still owes $140 million to the Aave and Compound, reduced from $235 million as of last Friday. If they’re able to repay this back in a timely manner, they still have over $600 million in collateral that they’re able to get back reduced from $950 million because they have already got some back. That was the news for Celsius from yesterday.
Celsius Reclaims $410M of ‘stETH’ (DUMP INCOMING?)
As of today, we have another update for Aave. Celsius reclaims $410 million in stETH tokens after paying off another $81 million in debt to Ave. Celsius was able to pay this back with USDC stablecoin and this move reduced Celsius’s debt to Aave to just $8.5 million.
The final point I’d like to make about how this affects you and me as potential investors is that Celsius now has an additional $410 million in stETH that is potential cell pressure. Of course, stETH is not the same thing as ETH, but it is pegged one to one and it is all settled on Ethereum.
Eventually, Celsius became one of the largest single holders of stETH, with at least $426 million of the tokens. That stake from Celsius represents almost a tenth of stETH’s total market capitalization. So what will they do with all these holdings now? Well, they do need cash, so I would assume it is cell pressure, but time will tell.
Playboy to Launch First ‘MetaMansion’ in The Sandbox
Next up, a huge piece of news for the metaverse. Playboy to launch its first meta mansion in the Sandbox. This is a huge piece of IP that chose this metaverse as opposed to others in terms of what they plan to do with this.
According to a July 11th announcement, this virtual version of the Playboy Mansion will feature a host of games, social and programmable events along with future NFT collectibles released by the firm. Never before seen in the cryptocurrency world, we now have a visual of what this is going to be:
Sexy? The MetaMansion also builds on Playboy’s Rabbitars NFT project, which consists of almost 12,000 tokenized bunny avatars. Hodlers of these NFTs will soon be able to access exclusive experiences at the virtual mansion. However, the specifics and the launch date of the virtual mansion have not yet been detailed. Either way, it’s cool for the Sandbox
3AC Co-Founder Re-Emerges to Accuse Liquidators of ‘Baiting’
A piece of news involving 3AC:
As the plot thickens, 3AC co-founders re-emerge after nearly a month of silence with tweets accusing the liquidators of baiting, so a little he said, she said and essentially, this is just going to slow down the process for all of us in making this right.
Essentially in his first twitter posting since June 15th, Zhu shared a screenshot of what appears to be an email exchange between the fund’s legal counsel and an executive in charge of liquidating 3AC. Here is that screenshot in the flesh:
Okay, basically this just means that this may not get solved as quickly as we hoped.
Why Are Axie Infinity (AXS) NFT Sales Spiking?!
Next up, let’s talk about some lower cap altcoin news. Axie Infinity NFT sales are increasing as the game and earnings transition. So essentially, Axie Infinity’s net sales jumped almost 200% over the last week compared to the previous period, and the ethereum-based game is undergoing a transition to the new Origin experience, which is described as having a “play and earn” model rather than a “play to earn” model. So here is that exact tweet from the Axie Infinity co-founder:
Nature is healing, so a lot of information I just dumped on you, but essentially why Axie Infinity is seeing this surge is in large part to their new origin version of Axie Infinity, which implements a new battle system, virtual upgrades, and other enhancements for their metaverse. 90% of Axie land owners have staked their NFTs in order to earn passive AXS. It will be interesting to see which metaverses are making progress in this area.
Elrond Ecosystem Growth!
The next piece of news in the land ecosystem will be for Itheum:
I love this. This is exactly what we’re fighting for, and the news today with Etheum is that:
This is basically another way to describe this partnership, which allows you to own your own data in the e-commerce metaverse. In essence, this empowers users to shop freely in the metaverse using their personal data preferences. So you choose. You’re in control. ZoidPay will aim to adopt our exclusive retail passports powered by their tech, empowering users to own and operate their data to enhance their shopping experience. So it’s just cool to see the building, cool to see the evolution of Web3, and what this is all about.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/tplvbxPWMlc]