Welcome to the inaugural issue of Coinsights, where we break down the latest content in the web3 world. Let's get to it.
Stablecoins and the U.S. Dollar
Five CEOs of web3 companies testified before Congress on December 8, including FTX founder Sam Bankman-Fried. Watch this one minute snippet between House representative Ritchie Torres and Paxos CEO Charles Cascarilla about why stablecoins are actually a vote of confidence for the U.S. Dollar.
Wait, other countries use crypto?
Check out this shocking interview between Terra founder Do Kwon and a Coindesk reporter. We won't describe it here, but let's just say it's not a great look for Coindesk... Terra is an "open-source blockchain protocol for algorithmic stablecoins," and as of a few days ago just passed Solana and Avalanche to become the third largest blockchain by total value locked (TVL). TVL is a common way to measure the popularity of blockchains, and Terra is approaching $13B. We'll be diving deeper into the protocol in a future issue!
NFTs May Have Gone Too Far
This image is an actual NFT listed on Opensea. Before reading on, guess the price. Ready? At the time of writing, this NFT from the Loot collection is being sold for a whopping 1.7 ETH, or ~7k USD.
Link: opensea.io/assets/0xff9c1b15b16263c61d017ee9f65c50e4ae0113d7/1266
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