🧘‍♂️Ethereum Over The Weekend

Market Meditations | July 1, 2022

Dear Meditators

Ethereum is taking it ETH-y heading into the weekend. Refusing to get out of bed and seek out higher prices.

Elsewhere, it’s open season on user data in the NFT world, and a certain stablecoin changes direction, hoping to steer clear of history repeating itself!

Today’s Meditations:

Ethereum Technical Analysis
OpeanSea Data Breach
USN Changes Direction

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⏰ Top Headlines

? Dipping BenETH

ETH/USD

Price remains in our range and steadily descends towards $900 support. With Bitcoin also struggling to hold $20,000 market sentiment is very weak.

The next key support and resistance after a break-out of that range are highlighted below.

Range: $900 – $1250

Next Support: $700

Next Resistance: $1700

?Phishing on the OpenSea

The world’s biggest NFT marketplace warned users of a data breach resulting from a leak involving email addresses Wednesday.

An employee of Customer.io, an automated messaging platform for marketers, leaked the list of OpenSea customer emails to an external party.
In a tweet, OpenSea explained that the employee “misused their employee access to download & share email addresses with an unauthorized external party” It’s not clear if the leak was intentional or a result of neglect.
Affected users included anyone who had given their email address to the OpenSea marketplace or the newsletter.
The data breach could lead to phishing attempts perpetrated by bad actors looking to lull NFT collectors into unwittingly revealing details or sending funds to spoofed websites and wallets.
OpenSea announced Wednesday that it has involved law enforcement to begin an investigation into the breach.

Data breaches are never good, but at least informed users now know to keep eyes peeled for any suspicious incoming emails from unrecognised senders. This practice should always be in place. It’s also best practice to keep separate email addresses specifically dedicated for use on exchanges, websites and platforms.

It’s time to review your personal security practices! Learn how here.

?USN: To Be Algorithmic or Not To Be?

Once upon a time, Terraform Labs created the epitome of a successful relationship between analgorithmic stablecoin (UST) and ecosystem token (LUNA). Skeptics were out there, but it was hard to hear them over Do Kwon’s reassurances and our own wishful thinking. Unsurprisingly, other chains wanted to emulate the power couple Now, after the catastrophic failure of UST, Decentral Bank DAO has decided to pivot from that elastic relationship model.

Decentral Bank DAO is the organization responsible for the development of USN, a stablecoin on the NEAR protocol.
The initial plan called for USN to be minted by burning NEAR but on June 30, the team announced the release of USN V2.0.
Now, USN will be minted only with USDT in a 1:1 collateralized model.
To make USN more resilient in scenarios like the current market conditions, the DAO has plans to use a basket of other market-leading stablecoins as collateral, including USDT, USDC, and DAI.
The news comes just weeks after TRON network’s own USDD suffered a de-pegging that lasted several days and had many investors concerned about the viability of the Terra-inspired algorithmic stablecoins.

If all this stablecoin talk has you feeling confused, review our stablecoin guide for clarity, or do a deeper dive into algorithmic ones here.

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??‍♂️✍️ Stories in this newsletter were written by D. Beverly, Kyle F., Max P., Nick T., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Ellen B.

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