Ledger's Leap of Faith | Starknet Explorer campaign

Hi there 👋🏻

Your favourite crypto newsletter just landed on your inbox. It’s time to take a look at another roller-coaster week in crypto.

🙏 In our previous edition, we experimented with the newsletter format. We asked for your views on the newer format. An overwhelming number of you responded, saying you love reading the original format.

We hear you! ❤️ Here’s your newsletter the way you enjoy reading it.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 19th May 2023

Although ETH briefly lost its $1800 psychological support level, it, along with other altcoins, captured a part of Bitcoin’s market dominance.

📖 Crypto simplified

🚀 Ledger's Leap of Faith: A Flip or Flop?

Ever heard of biting off more than you can chew? Looks like Ledger, the renowned hardware wallet maker, may have just done that. Their new service, "Ledger Recover," has triggered more alarm bells than applause. 🚨🤔

Trust or Bust?💔

An encrypted version of seed keys, now exiting the Ledger device? Unthinkable until yesterday! Ledger promised us a Fort Knox, but are we settling for less? Critics argue that this pivot could be Ledger's way of boosting their coffers. After all, a new subscription at $9.99 per month would give their revenue a tidy little bump. 💰📈

Lessons from Ledger: Profit or Pitfall?📚

So, is Ledger stepping into a pothole or paving the way for the industry? Our take - it's a mixed bag. While the service may attract newcomers, it has jolted Ledger's trust equity. This is one expensive lesson that other crypto wallet companies would do well to learn from. 🎓🔍

Forecast: Bumpy Weather Ahead?🌦️

Where does Ledger go from here?

With CZ of Binance jumping into the conversation, will we see a Binance hardware wallet soon?

It seems like Ledger's misstep could be an opportunity for competitors to up their game. 🏃‍♂️🚀

Our Take: Tread Carefully, Ledger!👣

In the crypto cosmos, trust and transparency reign supreme. Innovate, yes, but not at the expense of user confidence. Ledger's saga is a wake-up call for the industry - a reminder that clear communication and security cannot be compromised. 👩‍🚀🌟

Want the full scoop on the Ledger uproar? 🍦🔍 Dive deeper into the saga here.

✅ This week’s actionable

Checkout

If you think we missed out on adding any other cool things to try out this weekend, reply back to us. Maybe we can feature those in our upcoming editions.

P.S.: Special mention to our good friend and crypto OG, Ryan from Bankless, whose weekly tweets inspired us to compile this list.

Top Highlights of the Week

1. Can’t stay away from you

Tether, the firm behind the largest stablecoin, USDT, is planning to further strengthen its reserves portfolio with additional BTC investments. It plans to allocate 15% of its net realized profits towards adding to its BTC holdings already worth $1.5 billion.

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2. The walls have ears AND eyes

OpenAI CEO Sam Altman’s latest project, Worldcoin, which intends to distribute its token to every person on the planet via an iris scanning protocol, is set to receive another $100M in funding despite not having left beta yet. The project is reportedly set to launch officially in six weeks.

3. Nothing but green

Decentralized exchanges have had quite a Q1 of 2023. Since December, trading volume on DEXs has grown 167%- an exponential rise. This took the total to $131.2 billion last month. The interesting part is that a whopping $71.6 billion of this figure came from one DEX- Uniswap., which had its best month since January 2022. And it doesn't end there. With this, Uniswap just had its second straight month with a higher trading volume than Coinbase.

Image source: DeFiLlama

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

It was a modest ending for most of the sectors. We are expecting some volatility over the coming week.

Crypto jargon of the week

Explain Like I'm 5

“Iceberg Order”

There's more where that came from

Large single orders split into smaller limit orders

Example- Institutional investors use iceberg orders to prevent market disruptions

Other stories that caught our eye this week

• Blur had the lion's share of NFT trading volume among top marketplaces in March. Ball's in OpenSea's court. Read here.

• Dogecoin saw a massive rally after Twitter changes logo to DOGE dog. A rally too good to be true? Read here.

• Ordinals rule the roost on Bitcoin blockchain. Bitcoin and NFTs- who would've thought? Read here.

Ledger's Leap of Faith | Starknet Explorer campaign