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This Week in Crypto - The Luna 2.0 Plan
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This Week in Crypto - The Luna 2.0 Plan

Terra's LUNA 2.0 Plan, Coinbase Pay, and Flowcarbon's $70M Raise from A16Z

Ryan Allis
May 25
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This Week in Crypto - The Luna 2.0 Plan
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Social Links: Twitter | Telegram | Podcast | Fund | Newsletter | NFTs
Learn more at www.ftx.us, www.heartrithm.com, and www.peer.inc

Issue Summary: Welcome back to Coinstack, your favorite weekly newsletter for institutional crypto investors, where we review the top news and reports in the digital asset ecosystem.

In This Week’s Issue:

  1. This Week in Crypto

    1. 🗞️ Top Weekly Crypto News - Terra’s LUNA 2.0 Plan Passes, Crypto Execs Buying the Dip, U.S. CBDC Progress

    2. 💵 Weekly Fundraises - Flowcarbon ($70M), ADDX ($58M), Bud ($36M)

    3. 📊 Key Stats - ETH Revenues, Lens Protocol, CitaDAO

    4. 📝 Highlights from Top Crypto Reports: Messari on Coinbase Pay and Coinbase Dapp Browser

    5. 🎧 Best Crypto Podcasts - Coinstack, Bankless, RealVision

    6. 📈 Top 10 Tokens of the Week - TRX, ANJ, NEST

  2. Coinstack Podcast Episodes

  3. Join Our Telegram Group

  4. Who We’re Following on Crypto Twitter

  5. How to Get Started in Crypto Learning

While BTC and ETH are down the last 12 months other fast growing L1s like Solana and Avalanche remain up. We shall see what happens to ETH as we go into the PoS merge, expected now in August 2022.

Thanks to Our Coinstack Sponsors…

FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL, and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today.

Peer is a blockchain technology company founded by Tony Tran to develop consumer-focused blockchain software, hardware and services for Web3 — the next evolution of the internet. Peer is headquartered in Seattle, Washington. To learn more, visit www.peer.inc and follow @peerpmc.

HeartRithm is a crypto DeFi fund that invests in DeFi, margin lending, and algorithmic trading to generate monthly yield for institutional allocators and qualified clients in a market-neutral manner. They also have a major social impact mission and are giving away a portion of their performance fee to fund philanthropic efforts. Learn more at www.heartrithm.com.

Celo, the mobile-first blockchain that makes financial tools accessible to anyone with a mobile phone number, is a proud sponsor of Coinstack. Connect, transact, and store your crypto assets on the Celo blockchain using only an SMS interface. Learn more about Celo at www.celo.org.

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🗞️ Crypto News Recap: The Top 10 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 10 stories of the week… 

  1. TerraForm Labs Prepares Airdrop for LUNA 2.0 Launch - The creators of LUNA and UST have announced plans to airdrop new LUNA tokens to holders as of the date stamp of May 7, 2022. Old LUNA tokens will become called Luna Classic. While this is expected to represent much less than a penny on the dollar of the May 7 value, it gives Terra a chance to recover its ecosystem and builder community over time, which has been known for good UI/UX and ease of use. While many wrote Ethereum off after the 2016 DAO Hack, Ethereum eventually more than recovered. We shall see what happens to Terra. See the full Terra revival plan.

  2. 📉 Crypto Execs at Coinbase, Microstrategy, and Marathon Buy the Dip - A raft of crypto executives bought the dip of their own companies’ stock this month — hinting that industry insiders are hoping for a sharp rebound. 

  3. 🇮🇳 Indian government’s Crypto Stance Highlights lack of Understanding - Indian crypto businesses are struggling with the new tax policies and many established crypto firms are looking to relocate to more crypto-friendly jurisdictions. 

  4. 🇵🇭 UnionBank Philippines Issues Blockchain-Based Digital Bond - The issuance amount is at least one billion pesos ($19 million) with an expectation of PHP 9 billion and is part of a pre-announced bond program of PHP 39 billion ($745 billion).

  5. 🇬🇧 UK Financial Regulator Advises Against Rush to Add Crypto Markets, Financial Times Says - Britain’s chief financial regulator cautioned in a speech on Friday against adding crypto markets to his agency’s territory too quickly amid a government plan to make the UK a crypto hub, the Financial Times reported.

  6. 🇵🇦 Panama’s President Not Ready to Endorse Crypto Regulation Bill - Although Panama’s National Assembly passed a crypto asset regulation bill in late April, President Laurentino Cortizo said he would not endorse it as written today.

  7. 🇨🇫 Central African Republic teases ‘Project Sango’ Crypto Hub - A month after making bitcoin a legally recognized currency, the Central African Republic has unveiled plans to create a "crypto hub" to attract global crypto enthusiasts. 

  8. 🏦 House Republicans Seek More Analysis on a possible US CBDC in Letter to the Fed - Republican members of the US House Committee on Financial Services have sent a letter to Federal Reserve Chair Jerome Powell outlining the tasks they see as most salient in the path toward a central bank digital currency (CBDC). 

  9. 🏦 Fed Survey: 12% of US Adults Held Crypto in 2021 - Released Monday, the annual survey of 11,000 people for the first time this year included questions on crypto ownership and adoption. 

  10. 🔍 Optimism Cracks Down on Airdrop Farmers, Removing 17,000 Addresses - Ethereum scaling solution Optimism has reduced the number of wallets that are eligible to receive its upcoming airdrop. 

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💬 Tweet of the Week

Source: Do Kwon Twitter

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

  1. Flowcarbon, a Climate Company, Raises $70M from a Funding Round led by Andreessen Horowitz and a Token Sale 

  2. ADDX, a Blockchain-Based Securities Exchange, Raises $58M Pre-Series B led by SET Venture Holding 

  3. Bud, a Gaming Platform, Raises $36.8M Series B led by Sequoia Capital India 

  4. Coins.ph, a Philippines-based Digital Wallet, Raises $30M Series C led by Ribbit Capital 

  5. Common, a DAO Management Platform, Raises $20M Funding Round led by Spark Capital

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📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Terra’s Rebirth Proposal to Create a New LUNA Chain without UST has passed with 65.5% Yes Votes

Source: Terra Station

2. Ethereum Continues to Lead the Pack with Daily Blockchain Revenues 12x that of Bitcoin

Source: CryptoFees.Info

3. Top Daap Revenue Producers Last 30 Days Are OpenSea, Uniswap, Convex, LooksRare, and PancakeSwap

Source: TokenTerminal

4. This Week, 2,370 ETH Were Burned, A 50% Reduction Compared to the Start of May As Gas Fees Have Come Down

Source: Glassnode 

5. Total Number of Transfer Events of ERC-20 Tokens and ERC-721 NFT Tokens per Day Show NFTs Increasing in Volume

Source: Coin Metrics

6. 8,528 Profile Owners on Web 3 Social Network Lens Protocol, Doubling Between May 17 and 19

Source: Dune Digest

7. CitaDAO Completed Its First Transaction With 233 Unique Participants Committing $8,046,670 in Total to the Genesis IRO (Introducing Real Estate On-Chain).

Source: DuneDigest

8. NFT Marketplace X2Y2 Picks Up Steam Compared to Comeptitor LooksRare

Source: DuneDigest

9. Euro Stablecoins Are Growing With Now Over $440M on Ethereum’s Chain

Source: EuroStablecoins on Ethereum

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📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

Messari: New Products Signal Coinbase's Strategic Shift 

About the Article: This is an excerpt from the full article, which you can find here

In the midst of negative backlash from a disappointing earnings report, Coinbase quietly released three product announcements to connect retail and institutional users to the on-chain crypto economy. These moves signal a shift in Coinbase’s strategy away from existing fintech business models and towards new monetization paths in the decentralized economy.

Coinbase Pay Available to Web3 Developers​​

Originally announced in March 2022, Coinbase Pay enabled Coinbase users to fund their non-custodial Coinbase Wallet directly from a bank account or debit/credit card. Currently, Coinbase is expanding its direct-to-wallet deposit feature to support the broader crypto ecosystem. Users will be able to fund a variety of non-custodial wallets using their existing Coinbase payment details. This is similar to other fiat-to-crypto conversion services from MoonPay, Wyre, and Transak that are embedded into non-custodial wallets like Metamask and Phantom.

This integration will remove the need for Coinbase users to deposit and convert fiat to crypto before sending their funds to the non-custodial wallet of their choice. Instead, users will sign into their Coinbase account within a wallet’s browser extension (or mobile app) and use their existing payment details to fund the wallet. Coinbase Pay will initially only be supported for Ethereum. The fee structure and comparison to existing fiat-to-crypto competitors remain unknown.

Finally, access to the Coinbase Pay SDK will be rolled out slowly to developers that wish to integrate the fiat-to-crypto service directly within their dapps. Using the Coinbase Pay code library, dapps can create a direct connection with bank accounts worldwide to simplify the Web3 onboarding process.

Dapp Support Within Coinbase App

Coinbase now allows users to interact with Ethereum dapps directly from its mobile app. Previously, Coinbase Wallet users could plug into Web3 offerings through the separate app or browser extension. Enabling native dapp support connects Coinbase’s 98 million users to the on-chain economy without needing to transfer funds out of the main Coinbase platform.

Read the full Enterprise Research article from Chase Devens: Analyst Notes: New Products Signal Coinbase's Strategic Shift

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🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

  1. Coinstack - The Week in Crypto - Celo & ReFi

  2. Bankless - Hosts Finally Meet! | Permissionless 2022 | Web3 Social Media | ETH Staking

  3. Real Vision - The Future of Web3 w/ Sergio Silva & Farokh Sarmad

  4. The Breakdown With NLW - What Davos Man Thinks of Bitcoin and Crypto This Year

  5. The Defiant - How to research stablecoins | USDC, USDT, BUSD, USDP


📈 Top Performers This Week

Here are the top 15 performers in the last week from all tokens with a market cap of $20M+.

Source: Messari

The Top Performers This Month from the Top 100: Tron is an L1, Aragon Court is a Dapp, Nest is an Oracle, Celo Dollar is a Stablecoin.

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Additional Coinstack Sponsors

Hive Digital is a leader in providing SEO and PPC services for blockchain, DeFi, Web3, and crypto companies. If you want to expand your organic presence and paid leads from Google and Facebook get a proposal from Hive Digital at www.hivedigital.com.


🎧 Latest Episodes of The Coinstack Podcast

We have a new Coinstack podcast. So far we’re at 24,564 listens and growing!

You can listen to it on Anchor, Spotify, or Google Podcasts -- or add the RSS feed to Apple Podcasts.

Here are the episodes we’ve released so far...

  • Episode 59 - The Week in Crypto - Celo & ReFi

  • Episode 58 - This Week in Crypto - UST Depegging

  • Episode 57 - This Week in Crypto- (Bitcoin in 401(k)s, Stripe Using Crypto Payment Rails, BAYC Instagram Hack)

  • Episode 56 - This Week in Crypto - (ETH Merge Pushed, North Korea Hacking Group Linked to Ronin Exploit, $182M Beanstack Hack)

  • Episode 55 - This Week in Crypto - (Janet Yellen Shares Encouraging Crypto, EU Bans Crypto Services to Russia, Luna Foundation Guard Added $173M More in BTC)

  • Episode 54 - This Week in Crypto - (U.K. Embraces Stablecoins, Gensler Calls for More Oversight, CME Group Considering Solana and Cardano)

  • Episode 53 - This Week in Crypto: (Goldman Sachs Makes ‘Milestone’ Crypto Trade, Japanese Exchange Coincheck to List on Nasdaq, HSBC to Become the First Global Financial Services Provider to Enter the Sandbox)

  • Episode 52 - This Week in Crypto: (Yellen Applauds White House’s ‘Historic’ Crypto Executive Order, Thailand Reportedly Exempts 7% Crypto Tax, The Philippines to Launch Pilot CBDC)

  • Episode 51 - This Week in Crypto: (Polkadot Donates $5.8M, Cambridge University Delves Into Crypto, Uniswap Facilitates Ukraine Donations)

  • Episode 50 - This Week in Crypto: (Federal Reserve Officials Banned From Owning Cryptocurrencies, El Salvador To Offer Citizenship, Crypto Exchange-Traded Products All the Rage in Europe)

  • Episode 49 - This Week in Crypto: (SEC Rejects Spot ETF, OpenSea Reimburses Users $1.8M, Brazil Launches DeFi ETF) 

  • Episode 48 - This Week in Crypto: (Ethereum Foundation Kills ‘ETH 2.0’, IMF Urges El Salvador To Discontinue BTC, Chase Closes Uniswap Founder’s Bank Accounts)

  • Episode 47 - This Week in Crypto: (BitMEX Set to Acquire a 268-Year-Old German Bank, Coinbase Partners With Mastercard, Brazilian Asset Manager To Launch DeFi ETF)

  • Episode 46 - This Week in Crypto: (Former SEC Chairman: Digital Assets Will Change Global Financial Infrastructure, PayPal Exploring Stablecoins, China’s Digital Yuan Wallet Goes Live)

  • Episode 45 - Crypto: 2021 in Review Part 2

  • Episode 44 - This Week in Crypto: (Thailand Reschedules CBDC Pilot, ProShares Files for Metaverse ETF, Mexico Confirms CBDC for 2024)

  • Episode 43 - Crypto: 2021 in Review Part 2

  • Episode 42 - Crypto: 2021 in Review

  • Episode 41 - This Week in Crypto: (Grayscale Launches Solana Product, CZ Hints France for Global Headquarters, Ethereum Payments come to Twitter)

  • Episode 40 - Crypto for Financial Advisors

  • Episode 39 - This Week in Crypto: (Bitcoin City, Binance L2 Integration, $4B Crypto Seized by the IRS)

  • Episode 38 - Celo Deep Dive: The 4th Fastest Growing DeFi Blockchain

  • Episode 37 - This Week in Crypto- (Biden Signs Infrastructure Bill, Barbados To Establish a Virtual Embassy, VanEck’s ETF Rejected)

  • Episode 36 - Fantom Deep Dive: The Supercharged Ethereum

  • Episode 35 - Latest Market Forecast: A Cycle Top in Q1 2022? & This Week in Crypto

  • Episode 34 - Crypto Hedge Funds - An Ecosystem Map

  • Episode 33 - This Week in Crypto- (ETH CME Futures Announcement, FATF Guidance Report, Facebook, "Meta" Rebranding)

  • Episode 32 - This Week in Crypto- (SEC Stablecoin Regulation, Mastercard Offering Crypto Services, Houston Pension Buys Crypto)

  • Episode 31 - Nexus Mutual DeFi Insurance Deep Dive

  • Episode 30 - This Week in Crypto- (BTC New ATHs, ETH Difficulty Bomb Delayed, Tether $42.5M Fines)

  • Episode 29 - BTC ETF Deep Dive

  • Episode 28 - This Week in Crypto- (Binance Dedicates Another $1B to BSC, Texas Democratic Party Leverages NFTs, and ETH Devs Delay Difficulty Bomb)

  • Episode 27 - Terra Deep Dive

  • Episode 26 - Avalanche Deep Dive

  • Episode 25 - This Week in Crypto- (SEC Won't Ban Crypto, Grayscale Adds Solana, Coinbase Gets Hacked)

  • Episode 24 - DeFi & The Future of Finance - The Winning Blockchains & Dapps - With Ryan Allis

  • Episode 23 - This Week in Crypto- (Bitfinex's $23.7M ETH Fee, Cardano's $100M INvestment in DeFi, Arca Labs Tokenized US Treasury Fund)

  • Episode 22 - This Week in Crypto- (Gensler Responds to Coinbase Allegations, UAE Regulators Approve Crypto Trading in Dubai, BlockFi Answers NJ Cease-and-Desist)

  • Episode 21 - Solana Deep Dive

  • Episode 20 - This Week in Crypto- (Crypto Flash Crash Wipes Out $400B, BTC Becomes Legal Tender, and SEC Drama Continues)

  • Episode 19 - Joining a Crypto Quant Fund 📈- Our Strategies & The Story

  • Episode 18 - This Week in Crypto- (SEC Signs 1-Year Deal With Blockchain Surveillance Firm, Cuba To Formally Recognize and Regulate Crypto , and much more.)

  • Episode 17 - This Week in Crypto - (Coinbase invests $500M in crypto, Visa buys its first CryptoPunk, and much more.)

  • Episode 16 - On-Chain Analysis - How It Works & Bitcoin & Ethereum Price Forecast With Mike Gavela

  • Episode 15 - This Week in Crypto (BTC & ETH Forecast, Top News, Fundraises, Stats, & Reports)

  • Episode 14 - This Week in Crypto (Axie, Binance, CryptoPunks, Regulation, EIP-1559 Goes Live)

  • Episode 13 - Ethereum: The World’s Most Used Blockchain

  • Episode 12 - Are the Bitcoin & Ethereum Bulls Coming Back?

  • Episode 11 - The Future of Money: Stablecoins & Central Bank Digital Currencies 

  • Episode 10 - This Week in Crypto (SpaceX, EIP 1559, and More)

  • Episode 9 - The Decade of DeFi: What You Need to Know

  • Episode 8 - Will the Crypto Bull Market Come Back? We Think So.

  • Episode 7 - Double Peak Theory & Our Dec 2021 BTC & ETH Forecast

  • Episode 6 - Crypto: Explain It Like I’m 5 (DeFi, NFTs, DAOs, & Tokens)

  • Episode 5 - Crypto: Explain It Like I’m 5 (Ethereum & Smart Contracts)

  • Episode 4 - Crypto: Explain It Like I’m 5 (Bitcoin, Cryptography, & Blockchains)

  • Episode 3 - Why A16Z’s $2.2B Crypto Fund is a Bigger Deal Than Most Think

  • Episode 2 - Are We Near the Bottom for Bitcoin and Ethereum: We Think So.

  • Episode 1 - Algotrading Crypto in Sideways Markets

You can listen and subscribe on:

  1. Anchor

  2. Spotify

  3. Google Podcasts

  4. Apple Podcasts (add RSS feed manually)

  5. Breaker

  6. Radio Public

  7. PocketCasts

We really appreciate you listening and sharing the link with your friends.


💬 Join The Coinstack Telegram Community

Join our Telegram Channel here to chat with our community, ask questions, and learn more about the future of money as we move to a decentralized internet and the creation of a new open global monetary system that works for everyone.


💬 The People We’re Following Closely on Twitter

  1. Vitalik Buterin

  2. Justin Drake

  3. Hayden Adams

  4. Zhu Su

  5. Hasu

  6. Ryan Adams

  7. Vance Spencer

  8. Camila Russo

  9. Ryan Selkis

  10. Anthony Sassano

  11. Lyn Alden

  12. Gavin Wood

  13. Cathy Wood

  14. Beniamin Mincu

  15. Barry Silbert

  16. David Hoffman

  17. Preston Pysh

  18. Willy Woo

  19. Ultra Sound Money List

  20. Polkadot Ecosystem List


📚 How To Get Started With Crypto Learning

  1. Crypto: Explain It Like I’m 5 (Article)

  2. The Infinite Machine by Camila Russo (Book) 

  3. Crypto Theses for 2021 by Messari (PDF)

  4. Bankless - The DeFi community (Substack + Podcast + Discord)

  5. Understanding Polkadot - The Next Generation Blockchain Tech (Website)

  6. The Ethereum 2.0 Report from Messari (PDF)

  7. Blockgeeks Video Tutorials (Video)

  8. The Coinstack Website (Website)

  9. 2008 Bitcoin Whitepaper (PDF)

  10. 2013 Ethereum Whitepaper (PDF)


📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may belong on many of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

The information above does not constitute an offer to sell securities or a solicitation of an offer to buy securities. Further, none of the information here is a recommendation to invest in any securities. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

Comments and thoughts are welcome on our Telegram channel:

  • Website at Coinstack.co

  • Substack at Coinstack.substack.com

  • Twitter at Twitter.com/ryanallis

  • Telegram channel at t.me/thecoinstack

  • NFTs at opensea.io/collection/luvmonsters

  • Ethereum Fundamental Value Model at Coinstack.co/ethvalue

  • Sponsors: See our Coinstack sponsor deck

Please share with your friends and colleagues.

Share Coinstack

Learn more at www.ftx.us, www.heartrithm.com, and www.peer.inc
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