TLDR Index
TLDR Crypto

TLDR CRYPTO 2023-04-17

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01MARKETS & BUSINESS

CRYPTOCURRENCY

Bhutan's sovereign investment arm, Druk Holding & Investments, quietly invested millions of dollars in cryptocurrencies like Bitcoin and Ether. This was revealed in the bankruptcy filings of crypto lenders BlockFi and Celsius, both of which Druk was an institutional customer. The fund has been accused of defaulting on a $30 million loan from BlockFi, though Druk’s CEO claims the matter has been settled. Druk's involvement in cryptocurrencies raises questions about the nation's relationship with the volatile crypto market, and it appears to be the first sovereign wealth fund to directly own cryptocurrencies.

archive.md6 min read

02INNOVATION & LAUNCHES

SUI ANNOUNCED ITS TOKEN LAUNCH MECHANICS

The crypto ecosystem received long-awaited details on the Sui public launch over the weekend with the announcement of its upcoming public token sale. In conjunction with this, the SUI Token Community Access Program was announced, with plans to reward early Sui network supporters such as testers, community managers, and builders with retrospective awards and recognition sale opportunities. The general public can also participate by purchasing SUI tokens on exchanges like KuCoin and OKX. Instead of an airdrop, SUI tokens are being offered at a discounted price to early contributors and ecosystem participants. This is a different approach than some of the most recent high-profile token launches like ARB and BLUR - both of which conducted airdrops to distribute tokens.

sui.io6 min read

MONEY-MARKET FUNDS

Another stablecoin company, Ondo Finance, has come on the scene. This stablecoin will be backed by money-market funds invested in US government securities. This mechanism, created by former Goldman Sachs employees, allows holders to receive a yield on their stablecoins from the yield generated via the money-market funds backing the coin. Investors will receive a digital coin called OMMF, which will invest only in low-risk money market funds. This aims to provide the price stability and on-chain utility of stablecoins while offering better investor protection and passing on yield to holders. The long-term goal of OMMF is to provide an alternative to bank settlement networks or other stablecoins, as well as to become a preferred collateral asset in crypto lending.

archive.md2 min read

03GUIDES & TUTORIALS

04MISCELLANEOUS