Daily Crypto NewsEDITION #321, 13 June 2022

Gem City was shocked by such a market

Hey Moni Maker 👾

Today, the Gem City DAO proposed to allocate 15% of the city's treasure fund for psychological support for citizens. The DAO thinks that with such a shitty market, it's imperative to see a psychologist three times a day.

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1) https://rift.finance/  

You know, there's that great expression - "I thought I was at the bottom, but there's a knock at the bottom." Today you woke up, opened your portfolio and...would you rather not wake up? Or would you instead not open it? F@ck it. 

The Celsius platform announced suspending withdrawals, swaps and transfers between accounts due to extreme market conditions. Of course, the token reacted with a drop, namely about - 65%. It went from almost 0.4 to 0.14. Now it's recovered a bit - look here. 

And yes, haven't you had enough shitty news?) We'll show you how the USDD was going down. Justin Sun's algorithmic stablecoin has started to lose value - see here. 

Press: Ethereum goes down, and everyone's like, no? Where to throw the stablecoins? Digest threw in! 

Let's read on the website

Would you like a platform for cryptocurrency lending at zero interest? Mai Finance is the platform that will allow you to save your crypto while spending its value. In short, you'll be able to borrow stablecoins without having to sell assets at 0% interest. 

Process: Create a vault, deposit crypto, and borrow stablecoins against collateral. 

Example: You have a web3 coffee shop. The shop has 100,000 $MATIC tokens in stock. But suddenly, your cooker breaks down. You can sell the $MATIC to buy a new one, but the $MATIC could hypothetically grow. What do you do? You put $100,000 of $MATIC in the vault, get some stablecoins, buy the cooker, everybody's happy.  

All this is done with QiDao. It's such a stablecoin protocol on Polygon. 

DYOR? Use this link

Orderly Network (DEX on NEAR) closed strategic funding round the other day and raised $20,000,000 from several crypto funds. Also launched in April 2022, Orderly Network received initial investment from NEAR and WOO Network.    

Funds participating in the round include Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures and MetaWeb. As you can see, it's not an insignificant set; it's worth a DYOR.

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