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buidlbee digest: Tether invests in US debt, preparations for FTX 2.0 launch, and new NFT-linked toys

Tanja Nechet

News editor

May 23, 2023 at 08:37

Hiya, degens, crypto lovers, and web-3 advocates! The buidlbee crypto community is back with you.  What’s new in the crypto market over the past 24 hours? We list the main events as briefly as possible:

  • Tether ramps up investment in U.S. government debt amid the threat of default;
  • Preparing for the launch of FTX 2.0; 
  • Investing in NFT-tied toys;
  • Render token (RNDR) heats up (technical analysis);
  • Activities in the Combo project.

The drama with the national debt continues

Despite the best efforts of the authorities and the personal involvement of US President yesterday Monday, the issue of the US government debt is not solved, and the risks to the market continue to grow as the June 1, 2023 deadline approaches.

The central theme of the latest issue of Bloomberg Businessweek magazine is The fall of U.S. prestige: the true cost — and dire consequences — of the debt ceiling drama.

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

Tether’s Risky Game

Tether, the issuer of the leading USDT stablecoin, has overtaken Thailand, the Philippines, and Israel in the size of its investment in U.S. government debt; Mexico, Australia, and the UAE are next.

With the debt crisis looming, Tether is increasing its investments, specifically in US debt, potentially threatening the stability of the crypto market in the event of a US default. Tether put a total of $53 billion in the U.S. government’s debt, becoming a major player at the level of the average state.

Is FTX 2.0 about to launch? 

In a new lawsuit dated May 22, the FTX team shared a compensation report that highlights the implementation of the Chapter 11 bankruptcy. From this boring document, it appears that the FTX team plans to restart the crypto exchange by the second quarter of 2024. For example, in the column for the payment document, say “review the next steps and comments on the restart of FTX”.

If they restart, will you trade on the FTX 2.0?

If interested in meme tokens

The most bullish #MemeTokens of the past 24 hours:

💲 Ideas 

[1] 🔔 Hybrid NFTs

A new NFT monetization scheme is gaining popularity on Amazon’s auction site. NFT project Pudgy Penguins has launched the Pudgy Toys and Pudgy World series, selling physical avatars of their NFTs as toys. Here’s how they describe their project themselves:

“Pudgy World is an experience that gives the non-NFT public their very first blockchain wallet, Soulbound NFTs, and Tradeable NFTs, all in one simple sign up with an email address.

Included in each toy is a birth certificate that unlocks a unique trait box from season 1 of Pudgy World. When you create your Forever Pudgy Penguin, you are minting it on the blockchain as a soulbound NFT while each trait is a tradeable NFT.”

So far, the Pudgy Penguins have sold over $500,000 worth of physical toys in their Amazon store. All NFT owners will receive royalties from the sales. This original project has already hit the bestseller section of the Amazon store.

[2] 🔔 Render token ($RNDR) may take off

Render Token (RNDR) ranks 55th on CoinMarketCap in terms of market capitalization. The chart below shows that RNDR has formed a sideways trend (this usually happens when the price is consolidating). 

According to The News Crypto’s analysis, if RNDR continues to rise, it could reach resistance levels of $2,117, $2,581, and $3,525. If the trend reverses, the RNDR could fall to the support level of $1.638.

[3] 🔔 Pay attention to the Combo

Combo is a Layer 2 blockchain targeting Web3 games and their developers. It has 337k followers on Twitter, including Binance Labs, Kucoin, Gate, Animoca, MEXC, and many other famous companies and projects.

The project has raised $40 million in investments from Binance Labs, NGC Ventures, etc.

In tokenomics, 17% of the tokens are allocated to the community.  The activities below qualify for future blockchain awards. Deadline for NFT mint: June 2.

What to do:

  • Request test tokens here;
  • Connect a wallet here;
  • Mint NFT (fee in BNB);
  • Bridging tokens to the Combo Testnet via this bridge;
  • Bridging NFT to the Combo Network (link).

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

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