EddieJayonCrypto
2 May 22
• The G7 countries are about to make it harder on the hack-battered DeFi space• Rari Capital is another casualty in the Defi space losing $80M• Goldman Sachs announces new Bitcoin-backed loan service• CORRECTION: Joel Dietz, founding architect of MetaMask, is mapping metaverses• Luxury gym, Equinox,...
• The G7 countries are about to make it harder on the hack-battered DeFi space• Rari Capital is another casualty in the Defi space losing $80M• Goldman Sachs announces new Bitcoin-backed loan service• CORRECTION: Joel Dietz, founding architect of MetaMask, is mapping metaverses• Luxury gym, Equinox, is about to accept crypto for payments having chosen to work with BitPay Here is what is on my mind today.1. As if the DeFi space hasn't had enough problems it looks like central banks are about to change policies to address inflation. That will not bode well for decentralized finance. This is because there will be a major push to decrease balance sheets to the tune of hundreds of billions of dollars. Bloomberg reports a highlighted pattern among the G7 countries that shows them tightening their policies, including interest rates. The US has already started, and the Bank of England has followed suit and others are inline. 2. Over $80M was stolen from DeFi lender Rari Capital and this is Not what DeFi needs after the DeFi Kingdoms incident. Fei Protocol, which merged with Rari Capital last year. They offered the hacker a $10M bounty if they returned the $80M. PeckShield, a blockchain security company I recently mentioned in also uncovering the DEUS Financial hack along with CerticK, outlined an old bug that was compromised in this case. 3. In a major move, Goldman Sachs has introduced something it has never done before, offering a Bitcoin-backed loan. If you are looking for signs of Wall Street adopting crypto, this move should hit dead in the middle of your face. An article on the investment bank's website, there is about $8T of untapped potential in Web3/cryptocurrency space. Wall street may have been slow on the uptake, but they are making moves to be full steam ahead. 4. Imagine trying to navigate metaverses without maps, addresses or directions. Well Joel Dietz is working on a project to change that. In an interview with VentureBeat he said the DNS system is good for cataloging a 2D system like that current internet, but how would people navigate the 3D worlds offered by metaverse technologies? He and his team are building a metaverse navigational system based on coordinates called MetaMetaverse. The platform is based on a system that maps what they refer to as cubes. I find this to be quite interesting. There are many metaverses already and, clearly, more to come. Mapping them is no easy task. I am interested to see how this project matures. 5. Major Luxury gym chain, Equinox, is going to accept crypto payments via BitPay. This is one of those future events I keep telling you about. Equinox has yet to create the plans and services that customers can pay for with cryptocurrencies. I am sure there will be another announcement when that happens.