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Crypto credit cards and whales fishing for ADA 🎣

This edition covers: Crypto credit cards, some interesting alpha on zkSync The big bet Uniswap' unicorn journey and Cardano's being bagged by whales

Author

Sushant Vasudevan
May 27, 2023

Hi there 👋🏻

We received an overwhelming response to our previous edition. We will continue to put in our best efforts to bring you the best version of the newsletter.

This edition covers:

  • Crypto credit cards

  • Interesting alpha on zkSync

  • The big bet

  • Uniswap' unicorn journey

  • and Cardano's being bagged by whales

Crypto simplified

Crypto Credit Cards: The New Kid on the Block 🧒🏻🏙️

Crypto credit cards are the new cool kids in the financial playground. They’re like your regular credit cards, but they’ve got a crypto wallet in their back pocket. ☕💫

The Future: A Rocket Ride or a Rollercoaster? 🚀🎢

A recent survey revealed that 40% of people worldwide plan to use cryptocurrency in the next year. But will this rocket ride continue, or are we in for a rollercoaster? 🌐🔮

The Good, the Bad, and the Crypto 🤩😰💰

 Pros:

  • Flexibility: These cards are like a Swiss Army knife - they can do it all, from paying for online subscriptions to buying flight tickets. 🌍✈️

  • Rewards: Some cards offer up to 2% cashback on purchases. That’s like getting a discount every time you shop! 🛍️💸

  • Security: All transactions are recorded on the blockchain, making them as tamper-proof as a bank vault. 🏦🔒

 Cons:

  • Volatility: The crypto market can be a wild ride. A drop in a cryptocurrency’s value can hit your purchasing power. 🎢💰

  • Regulatory Uncertainty: The rules of the crypto game are still being written. Changes in regulations can impact the usability of these cards. 📜⚖️

  • Limited Acceptance: Not all merchants are on the crypto bandwagon yet. But as more hop on, this is likely to change. 🛒🔄

Final Thoughts: A Step Forward or a Stumble? 👣🤔

Crypto credit cards are making waves in the financial ocean. They’re not without their challenges, but the future looks promising. As more people dip their toes into the crypto waters, we can expect to see an increase in the use of these cards. It’s always wise to tread carefully. 🌊🏄‍♂️

✅ This week’s actionable

  1. Bridge to zkSync

  2. Explore Goal3 on zkSync

  3. Place some bets

  4. Eligibility criteria for 2 airdrops fulfilled

🔭 Top Highlights of the Week

1. Betting big

In a high-stakes wager, Ethereum co-founder Joe Lubin and Bitcoin Maxi Jimmy Song made a bet on the widespread adoption of decentralized apps (dApps) on Ethereum within 5 years. Jimmy wagered 69.74 BTC against this idea while Joe put up 810 ETH in favour of ETH and dApps. Based on the terms of their bet, Joe won the 5-year-old bet by quite a large margin.

Our takeaway: This high-stakes bet showcases how believers in crypto and blockchain tech as a whole are usually rewarded in the long term. Bets like these serve as a reminder of the sky-high potential of this industry.

2. Nowhere to go but up

Uniswap’s gotten a lot of attention since the bottom of the bear market last November. We’re almost halfway into the next year, and it’s still continuing its good form, touching over 950k MAUs in May. For context, Uniswap was seeing about 600k MAUs in January.

Our takeaway: With the raging uncertainty in the market, the kind of growth Uniswap’s exhibited in these past few months is genuinely impressive. And the growing trust in DEXs is surely a sign of good things to come.

3. The whales are fishing

Cardano’s transaction volume’s gone up by a whopping 205% year-to-date, with over 26 billion ADA being transacted daily. Reports suggest that this surge can be attributed to steady accumulation by ADA whales.

Our takeaway: Whales accumulating is usually a good sign for a coin. And ADA’s also recently been getting attention from other users as well owing to its new memecoin, SNEK, that’s fully leveraging the current memecoin frenzy.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 26th May 2023

Most of the top cryptos ended the week where they were at the beginning of the week. We can expect mild bearish presence over the coming week.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 07th Apr 2023

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 26th May 2023

It was a modest ending for most of the sectors. We are expecting a range-bound movement the coming week.

Crypto jargon of the week

Explain Like I'm 5

“Ponzi Scheme”

Fraudulent schemes where old investors are paid with new investors' money

Thank you, next!

Example- Ponzi schemes usually promise high returns in no time and must be avoided at all costs

A quick survey of your financial landscape

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