Triaconta Weekly #249

The following topics will be addressed in this weekly:

  • Bundle performance
  • Winners & Losers
  • What is Oasis Network?

Bundle performance
In or because of this turbulent week for the banking sector, the crypto market is recovering last week’s losses in spectacular fashion. As many as three US banks could not continue on their own and needed government help to pay off their customers. The problems appeared to have been caused mainly by the sharp rise in interest rates, which had made the bonds on their balance sheets worth a lot less. Therefore, to prevent more banks from getting into the same problems, the hope is that the FED will take a break from rate hikes or only raise rates by 0.25% instead of last week’s 0.50% expectation. Also, the FED increased the bank lending facility (and thus the money supply) by $300 billion and that too is good news for crypto and the bunds. The last and only time they added such a large amount (then $500 billion) in one week was shortly after the COVID dip in March 2020, after which Bitcoin rose over 1000% from $5000 to over $60,000 in 12 months.

Big3:
1 Month: 6.02% | 7D: 24.78% | 24H: 5.01%

Top30:
1 Month: -7.89% | 7D: 24.01% | 24H: 5.40%

Penny:
1 Month: -13.23% | 7D: 30.51% | 24H: 5.54%

DeFi:
1 Month: -9.70% | 7D: 27.64% | 24H: 5.53%

Winners & Losers
Bitcoin (+32%) is taking full advantage of the banking crisis, reminding us that Bitcoin was conceived as a response to the 2008 global financial crisis. DeFi bundle owners are happy this week with Fantom (+34%) whose Fantom Virtual Machine can now execute smart contracts faster than Ethereum and The Graph (+33%) benefiting from the return of DeFi and the rise of AI. The latter is back in the headlines with the release of the upgrade to GPT-4 by OpenAI, which is good for Fetch.AI (+34%).

The only decliner this week is Maker (-9%) which suffered from the decline of its own stablecoin DAI which had too much of another stablecoin USDC on its balance sheet. USDC ran into trouble because the bank where some of the collateral was in dollars ran into trouble. The bank was rescued, USDC with it and the DAI also returned to $1. Measures were quickly taken by the team to avoid this dependency in the future and also the collateral invested in government bonds was increased from $500 million to $1.25 billion.

What is Oasis Network ?

The latest revision added Oasis Network (ROSE) to the PennyStock bundle. Privacy must be one of the main pillars of blockchain, according to the creators of Oasis Network, if Web3 is to reach its full potential. Oasis Network combines this with high throughput, low cost and secure architecture to enable DeFi for the masses. According to the founder of Oasis Network, a Web3 Internet without privacy is like a bicycle without brakes. Technically it works, but using it can be very risky.

Why privacy?
There are a lot of reasons to keep certain data about yourself and your use of applications hidden, especially when interacting with a public blockchain. As an example, suppose an application like the word puzzle Wordle is on the blockchain. The word to guess would also be visible in the blockchain so for this, Oasis provides encryption capabilities. But also a series of attempts by another player can be viewed and abused by other users to guess the word faster. This too can be kept secret by using Oasis. However, the name of the player and the number of attempts may remain public so that a ranking can be established and it is verifiable who is the correct winner. With the features offered by Oasis Network, it is possible to make different combinations of secret data and public data for all kinds of Web3 applications like games but also for serious matters like finance or health care.

For all EVM blockchains
EVM stands for Ethereum Virtual Machine and is responsible for the execution of all smart contracts and apps on the blockchain. All Ethereum apps, Layer-2 blockchains on Ethereum and several major blockchains are EVM-compatible. All these networks can use Oasis’ privacy features without having to migrate their entire application to Oasis. Oasis aims to be a privacy service provider for all other blockchains without requiring developers to build their entire application or move an existing application to Oasis Network. Each use will, of course, be subject to a small fee in the ROSE token.

Future in Web3
The expected growth in DeFi and gaming will provide more customers for Oasis Network’s privacy features. Perhaps the biggest growth in the near future will come from what Oasis calls responsible artificial intelligence (AI). Oasis is already working with industry leaders like Meta to build the foundations for responsible AI such as fairness, no bias, individual privacy and transparency. With a top team of highly talented and university-educated developers with former employees of Apple, Google, Amazon and Goldman Sachs, this could become a blockchain that becomes essential for all Web3 applications, and then this coin will quickly outgrow the PennyStock bundle.

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