After a two week hiatus we were back on the leofinance AMA and there was plenty to talk about after all the events in crypto and banking of late.
Bank Failures and De-Pegs
As any one who hasn't been under a rock has seen USDC de-pegged when Silicon Valley Bank was getting hit with its bank run.
That was nothing but a scare as Circle (USDC operator) had $3.3 billion of exposure out of their $40 billion in reserves so its not like it was gonna fail. Plus that money was mostly insured.
So basically the chatter on the AMA was that these banks really didn't need to fail and USDC was not at high risk.
In the end, the government is guaranteeing the deposits of the failed banks which they could have done earlier to essential stop the bank run, but whatevers.
So bank runs for the win to take out crypto banks.
Cub Finance and Kingdoms Update
The past week has seen cub finance with several UI issues as the devs make many updates to deprecate the kingdoms.
There is a shift away from kingdoms to focus on farms. Kingdoms became an ever moving issue as anytime the base layer pool changed then the cub devs would have to scramble and make changes on the fly. Furthermore the only way to really know there was a change is when a problem popped up on cub.
So the leo team has decided its time to give full focus to the farms and grow those further, which will also mean more revenue and cub burns.
NOTE: the CUB Kingdom will still remain. It will be the only kingdom.
Burn baby Burn
The expectation is that the FLIPPENING is happening this month. This means more cub will be burned than printed which has been the goal since the hive farms launched in August.
Pretty cool if you ask me. Looking forward to see the impacts of this has burns continue to grow.
Alpha LeoFinance
The latest big update is polling is now life so we have the ability to run polls directly on threads without going to a third party. Decentralized polls for the win.
Elsewhere, activity on threads continues to grow. Crypto twitter here we come!
Until next time...
We shall see what the market brings. BTC is currently above the 25K resistance level after springing up from 20k. Will it hold? Guess we will know soon.