Whales Save Curve From Destruction 🐋

GM. This is Degen Scoop. It’s Wednesday, here’s the scoop:

• Whales Save Curve From Destruction 🐋

• Binance Re-Enters Japan 🇯🇵

• Ralph Lauren Dabbles with Phygital 🥾

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Whales Buy $CRV OTC From Curve Founder to Prevent Major Liquidation

As a founder, it is seen as uncouth to sell your tokens and reap a profit off the product that has been built. It’s not black and white, but builders need to eat and generate some reward for themselves in their efforts. Michael Egorov, founder of Curve Finance, went a different route instead of selling his tokens: lending.

Instead of dumping his tokens, Egorov has an eight figure loan on Aave borrowing against his $CRV fortune as an alternative to dumping. The health factor today was being contested, so some OTC deals were made with whales where they got $CRV at a 30% discount OTC in exchange for a 6 month lock. Through this, Egorov was able to prevent being liquidated (and absolutely tanking the $CRV price) and repaid ~$12M of his loan.

Binance to Again Operate in Japan with 34 Tokens Being Listed

This may be the first good news for Binance in some time. Expanding service is what centralized exchanges want to do in order to maximize revenues and increase fees. By the end of August, Binance is expected to have fully launched for trading in Japan. Interestingly, Binance will offer its token $BNB for trading which is a first for the country.

Alongside the spot trading, users will also have access to the Binance NFT marketplace as well as their Earn products. Back in November of last year, Binance acquired Sakura Exchange Bitcoin changed its business name to Binance Japan and is now prepared to be regulated by the nation’s government.

Ralph Lauren Begins to Experiment with Their First Phygital Offering

Ralph Lauren is a major name in the apparel industry and is the latest to join the decentralized movement of offering products. Tomorrow Ralph Lauren will be releasing the Polo P-Wing Boot which was previously a cosmetic sold exclusively inside Fortnite. While not as digitally scarce as an NFT, it does exhibit the willingness of major brands to toy around with the metaverse as a new revenue stream.

While the cosmetic only sold for $20 on Fortnite, the boot will be sold for $250 with only 200 pairs being made available for sale. It’s likely this boot will sell for much more than this sticker price. The connection between physical and virtual is drawing ever closer as brands experience success with ventures into the metaverse. We are bullish on virtual endeavors.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.