URGENT MESSAGE FOR ALL CRYPTO HOLDERS… (VOYAGER DECLARES BANKRUPTCY)

URGENT MESSAGE FOR ALL CRYPTO HOLDERS… (VOYAGER DECLARES BANKRUPTCY)

If you hold cryptocurrency, I have major updates that you should know as an investor. That includes breaking Celsius news as well as lower cap altcoin news and much more. Let’s jump in with our top story.

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Voyager Digital Declares Chapter 11 Bankruptcy (EXPLAINED)

Voyager digital files for Chapter 11 bankruptcy and proposes a recovery plan. A few months ago, Terra Luna collapsed, leading to potential insolvency with Celsius, which led to 3AC’s collapse and bankruptcy. And now the next domino to fall is two days after pausing trading withdrawals and deposits on the crypto exchange. Voyager Digital is filing for bankruptcy under Chapter 11 in the Southern District Court of New York, and this affects so many people. Voyager’s Chapter 11 bankruptcy filing indicated that it is on the hook for anywhere from $1 billion to $10 billion in assets to more than 100,000 creditors. And I guess why this is so hard hitting for me is because Voyager Digital has always been much more regulatory compliance and less respected compared to other companies like Celsius.

 For example, they were a publicly traded company that, by the way, has just been suspended from the Toronto Stock Exchange. One of their board members was Brian Brooks, who used to work for the regulators. He used to be the former acting comptroller of the currency and used to work for the government. On top of that, they just received a major cash injection in the form of a loan from Alameda Research. So, the point is, this is just unfortunate to see. In a Wednesday statement, they said that if you own Voyager tokens or have funds on their platform, they have a quote-unquote recovery plan. Voyager explained that the bankruptcy is a part of their plan for reorganization and that when implemented, the plan would enable clients to re-access their accounts again and Voyager would return value to customers. 

So, what sort of value is he talking about? What specifically would you get?

 In a direct tweet from the company’s CEO,

URGENT MESSAGE FOR ALL CRYPTO HOLDERS tweet

 Okay, give me your thoughts on this. As for me personally, if I had Bitcoin and Ethereum in my account and was unable to access them, I’d prefer just to get that Bitcoin back. Maybe some people will like shares in the new company, while others will like Voyager tokens, but I guess you have no choice. That’s the only option. So, as I get more info, I will keep you updated.

Will Celsius Survive? (Celsius Repays $120M to Maker Protocol)

But let’s keep moving and the next piece of news involving Celsius is that Celsius repays $120 million in stable coin debt to Maker Protocol, meaning you’ve got to give them credit in some sense because they’re not just filing for bankruptcy, they’re still fighting within the last 24 hours. Celsius repaid $120 million of its debt owed to the decentralized lending protocol across three transactions. Here is a visual of those three transactions, and what this means to you is that this is a small yet positive step in the right direction by paying down its maker debt. Celsius has de-risked its loan position from potential liquidation in decentralized finance liquidations. These occur when traders cannot repay their loans on time and the protocols automatically sell their collateralized assets. If Celsius gets liquidated, that will lead to massive cell pressure for Bitcoin, Ethereum, etc.

This repayment has helped reduce the liquidation price on wrapped BTC collateral to less than $5,000. So I believe what this means is that unless the price of BTC drops below $5,000, then we’re in the clear. If it does drop below this price point, then Celsius will be liquidated. Their assets will be automatically sold. My final question is if Celsius just repaid over $120 million, how close are they to repaying everything back and just getting back to the status quo? This is being done with this on-chain data suggests that Celsius’s obligations are complex and it maintains collateralized loans on multiple lending protocols. The firm still owes $82 million to Maker, $100 million to Compound, and $175 million to Ave. So it seems like they still have a long way to go, but at least they’re making progress in pushing that liquidation price down, which is good news.

Also, good news, FTX CEO says the worst of the crypto liquidity crunch is over. So of course nobody knows the future, but it may be a great time to start DCA in if you haven’t already and moving forward.

Polygon Joins Solana Bringing Web3 to Smartphones

But first off, what’s happening with Polygon? Polygon joins Solana in bringing Web3 to smartphones. This is through a partnership with a tech start-up called Nothing. Nothing has tapped the Polygon network to offer non-fungible tokens on its new Android-based Nothing phone.

So this will be launched this month in collaboration with the polygon network, and, of course, their CEO of Polygon, Sandeep, spoke about this partnership. The Polygon co-founder said this is immensely encouraging to see an innovator like nothing embrace Web3 from the get-go, enabling direct access to Web3 by working with Polygon. So, with Solana announcing their upcoming Web3 phone last week, Polygon with a Web3 phone, what this means to you is that should polygon and Solana’s attempts prove to be successful, they could succeed and bring Web3 to a mass audience through the convenience of everyday smartphones. And that’s so true.

 So many more people globally have access to cell phones but don’t even have access to banking or regular computers, but more and more people are getting cell phones.

Curate Gasless NFT Marketplace GROWING!!

Next up, let’s check on Curate. They have a lot in the pipeline right now, but just as a reminder, what is curate again? Well, curate is the world’s first in-app NFT marketplace, making buying, selling, and minting NFTs not only simple but gas free. So it’s on IoS, it’s on Android, it’s on Desktop and if you like NFTs, I loved this visual. This is an NFT marketplace comparison showing the differences between curate and OpenC, wearable luxury, etc. You can see some of the major differences are curated. It is carbon neutral, it is cross-chain, and it’s gasless. There’s free minting and bidding.

URGENT MESSAGE FOR ALL CRYPTO HOLDERS scheme

They also offer physical goods in the marketplace. We’ll talk about that and much more. The current metrics for Curate are over 6 million of their tokens staked in the platform, over 117,000 registered users using the platform, and, of course, looking at the active NFTs for sale, over 117,000 as well.  

So the growth is there, but the news today is that Curate is not just a single product company but more of an ecosystem to support the creator economy. For example, they have a new play-to-earn game in the works called Excursion. Gasless gaming is coming to build battle bets with Cure’s first play to earn game. Here is a nice little teaser. They’re also offering interviews with developers. It’s being worked on now and, of course, it’s all gasless because it is on Curate.

Next up, another big thing I thought was interesting is that they’re staking and they’re minting. They’ve started the world’s first and only mobile app marketplace. We’ve also saved over $20 million in fees with our gasless minting.

So here are the details. The app offers staking – a slick, user-friendly in-app sticking experience that allows you to earn up to 60% apply on your staked $XCUR. NFT marketplace Gasless, like we talked about, and also minting of NFTs up to zero commission fee and zero gas fees to mint on X-Chain, and of course, multi-chain, the Solana Blockchain, ALGO, AVAX, BSC, and much more. Of course, multi-chain is the future.

Finally, there is some important news. They are doing a fully reworked desktop NFT experience coming at the end of this month, while in 2021 last year. It was of the utmost importance to the team to get the mobile app up and running to an excellent standard now. That is accomplished. We have turned our attention more directly to the desktop app. As they say, our enhanced minting page on desktop is shaping up well, solving the problem that minting NFTs is complicated and expensive.

Physical Goods Market Place (Ebay On-Chain)

 I would be remiss if I didn’t show you their physical marketplace, their peer-to-peer marketplace, which went live back in 2021, where you can buy and sell physical goods first on-chain peer-to-peer marketplace with one click to physical listings. We can check out their web app and here it is selling physical goods on chain like a black Bitcoin hat, a little stuffed animal, etc., as seen here and by comparison. This is their NFT marketplace, similar to the OpenC displays etc., but of course with gasless options. 

Major Injective Protocol (INJ) Upgrade!

Let’s keep moving, but next up, speaking of growth and progress. Major news from the injective protocol. The CosmWasm Smart Contract layer is now LIVE on injective! Meaning smart contracts are now live on injective. Here are the details on what this upgrade includes. Invectives’ CosmWasm Mainnet upgrade includes smart contract support, binary options support, and negative maker fees. They are a derivatives trading protocol first and foremost, with interchange accounts and a handful of other major improvements.

Let’s go further. What exactly is CosmWasm? CosmWasm is an advanced smart contracting platform built for the Cosmos ecosystem. Cosm refers to “Cosmos”, while Wasm refers to Web Assembly. The CosmWasm uniquely enables developers to build multi-chain smart contracts by making use of the InterBlockchain Communication (IBC) protocol. The big revolution in all this is that it is all automatic smart contracts on the Blockchain.

 This injective Mainnet upgrade will allow smart contracts to be executed automatically at every block. And of course, how this will affect the injective community is that CosmWasm will allow developers to build more complex features and applications on Injective. Injective will now be the only Blockchain that allows for self-executing smart contract logic. This will bring more builders’ users and community members together. Is the injective ecosystem, as a whole, all right to see the progress? Is it cool to see the growth? I will keep you updated.

Binance Eliminating Revenue on Best Trading Pairs

Next up, there is a quick piece of news. Binance extends their zero-fee Bitcoin trading globally. So the crypto exchange is rolling out a program that started in the U.S. last month to its global client base. And this is for Bitcoin trading specifically. So, trading fees are being eliminated across 13 stable coin and fiat combinations, including BTC/USDT, BTC/USDC and BTC/BUSD, etc.

URGENT MESSAGE FOR ALL CRYPTO HOLDERS post

 All right, good on Binance, here was that announcement. What are your thoughts about all this news?

[This article is a transcription of a video made by Altcoin Daily]

[Original video: https://youtu.be/IT1eQJoFRF8]