This week in The Flippening, TL;DR

• A shred of hope keeping FTX afloat

• OpenSea announces weird feature

• Solana's smart move

🔊 Top Highlights of the Week

SBF and FTX still hang by a thread

FTX manages to stay afloat after Binance does a complete reversal on its intent of acquisition. The troubled founder, SBF, says he is doing everything possible to raise funds. Sequoia announced in an email that it was devaluing its entire investment in FTX.

Our takeaway: This was undoubtedly one of the biggest roller-coaster weeks in the crypto universe. And it is not yet over. Questionable business practices led FTX down the rabbit hole. However, one cannot ignore the stroke of genius by Binance that eliminated its closest competitor. It will be interesting to see how FTX protects the investors' interests. After all, all's well that ends well!

OpenSea facing backlash from artists amid feature update

Artists and creators globally are criticizing OpenSea’s decision regarding removal of enforcement of royalties for NFT creator. Apparently, amid the recent drop in NFT trading volumes and stiff competition, OpenSea took this decision. However, it seems to be now bowing down to the pressure now and reconsidering its stance.

Our takeaway: Wasn’t the point of creator NFTs exactly that the creators would get their due royalties? It cements the point that we need decentralization to ensure that creators can keep creating and get their fair share for the same.

Solana's plan to delay unstaking pays off

28.5 million SOL tokens were in the process of being unstaked on November 9. However, the Solana Foundation took the call to restake the tokens. Investors were relieved, and the SOL token jumped by 27%.

Our takeaway: SOL is Alameda’s second-largest holding. The troubles associated with Alameda and FTX could easily have trickled down to Solana. This smart move averted a crisis. A stitch in time saves nine!

Other Highlights 🔊:

• Ether tokens are being burned more than created, it turns deflationary for the first time since the Merge. C'mon ETH maxis, time to cheer up now!

• Tron's Justin Sun announces plans to return normalcy for all FTX users. Is that possible at all, Justin?

• Aptos and Google Cloud unveil an accelerator partnership plan. Google rooting its feet in the web3 ecosystem.

• Bitcoin and Ethereum momentarily returned to July low levels before bouncing back. Hold your horses before grabbing anything now!

TIL: How does crypto lending work 🧐

Yearly yields vary based on the type of coins lent. For crypto coins, ROI ranges from 4% to 8%, whereas stablecoins could vary anywhere from 10% to 18%. On the other hand, borrowers can quickly access these assets at low-interest rates.

Some well-known crypto lending protocols are Aave, Binance, MakerDAO, Compound, BlockFi, etc.

There are three fundamental building blocks for crypto lending - Lenders, Borrowers, and Crypto Lending Platforms.

Lenders need to lock their assets in a smart contract for a specific time. The borrowers need to provide collateral in the form of crypto to access the loan amount. The Loan-to-Value (LTV) ratio decides the collateral amount. It refers to the % of the loan amount against the collateral value. Users can borrow stablecoins like USDC, USDT, and DAI and cryptocurrencies like BTC, ETH, and others. Similarly, loan collaterals can be BTC, ETH, and other crypto assets.

The borrowers regain their collateral after repayment, along with interest. The LTV, interest rates, loan tenure, and other terms differ across platforms.

It has been nothing short of a crazy week for the crypto market with most of the cryptos ending in red.

The story was same for all the sectors. The uncertainty surrounding the US elections did not help the situation either.

Coin of the week 💸

Stablecoins: BUSD, USDC, USDT

This week our focus is preserving the capital. We chose stablecoin(s) as our coin of the week as the volatility needs to subside before we put in fresh investments. We believe the market might react harshly under the current circumstances.

Featured - Mudrex Coin Sets

Web3.0: This Coin Set invests in well-diversified tokens in Web3 that have shown strength across different market scenarios.

Click to invest in Web3.0

Share the Flippening with your friends and earn rewards

Did you know that reading the Flippening is sweeeet on an iPhone, too? Sharing the Flippening with 3like-minded readers can help you stand a chance to win an iPhone 14. Get access to exclusive content about potential airdrops and a shoutout on Twitter. Don't miss your chances for bragging rights and some community swag!

Hurry now! Refer at least 3 friends to subscribe to the Flippening and become eligible. Click below to get your unique referral link.

Referral leaderboard

The massive outpour of love from readers like you motivates us to create such content every time. The contest ends on November 18, 2022.

Here we are at the end of our 67th edition. We hope you liked reading it. The team would love to hear back from you.

How did this edition of Flippening do?

• 🚀🚀🚀🚀🚀 Amazing, to the moon!!!

• 🚀🚀🚀 meh, needs improvement

• 🚀 disappointed

Liked this edition? Refer a friend to subscribe to the Flippening today!