Hey Waivly Crew! 🌊 Reddit is launching NFT-based Collectibles Avatars that will give holders a license to use the artwork on and off its platform. The developers behind Shiba Inu are working on a new decentralized stablecoin dubbed “SHI.”
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Reddit announces NFT-based avatar marketplace
Reddit is launching a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile pictures at a fixed rate.
During the early-access phase, Reddit is releasing 90 different designs of NFTs in the “tens of thousands,” according to the social network’s announcement. Initially, NFT avatars will only be available to members of the r/CollectibleAvatars invite-only subreddit.
To store and manage their NFTs, users can sign up to Vault, a blockchain-powered wallet developed by Reddit, where they will be given a unique digital wallet address that works across Ethereum-compatible blockchains.
The marketplace is hosted on Polygon, a Layer-2 scaling solution on Ethereum, due to its low-cost transactions and sustainability commitments.
These NFT avatars will have a fixed price and only be available for purchase using local currencies, such as U.S. dollars. The listing prices include $9.99, $24.99, $49.99, $74.99 and $99.99.
The Waves
⛏️ Hype Blockchain publishes June report
💵 Aave proposes to launch a USD-pegged stablecoin
🤔 Credit unions warn about the cost of developing a CBDC
💼 Twitter lays off nearly 100 employees from its recruiting team
Crypto Special
Celsius Network pays off MakerDAO debt
Celsius Network, the crypto lending company that recently paused user withdrawals due to liquidity pressures, has fully paid off its debt to MakerDAO.
Etherscan data shows a wallet controlled by the struggling crypto lender repaid its remaining $41 million debt in DAI, the Maker protocol's stablecoin. That prompted Maker to free 21,962 wrapped bitcoins ($456 million), which were pledged as collateral of the loan.
"The debt repayment to Maker is a key milestone for Celsius that should give users and other stakeholders some hope that the company can continue to work through its loan book," Alex Tapscott, managing director of investment firm Ninepoint Partners' digital asset division.
Just hours after repaying its debt, Celsius transferred 24,463 wrapped bitcoins ($528.9 million) to crypto exchange FTX in various steps. This move quickly prompted concerns in the crypto space, as many expected a large Bitcoin dump would follow.
Shiba Inu developer teases plans to launch a stablecoin
A lead developer behind the meme cryptocurrency Shiba Inu has teased plans to expand the project’s ecosystem with a decentralized stablecoin and reward token.
In a Medium blog post on Wednesday, pseudonymous developer Shytoshi Kusama said that "independent developers" are working on a decentralized stablecoin called “SHI”. The stablecoin will "avoid the issues found in other moonshots," a likely reference to the collapse of Terra’s UST stablecoin earlier this year.
The team plans to share more information about SHI as it is finalized, and plans to launch it by the end of 2022, the blog post shared.
In a separate move to expand its ecosystem, Shiba Inu is planning to launch a new reward token called TREAT. TREAT has been “quietly in design” and will be connected to the Shiba Collectible Card Game, described as the “best collectible card game on the planet.”
The TREAT token will also "help provide balance to" Shiba Inu's stablecoin while benefiting current SHIB holders greatly. Developers are reserving "a limited supply" of TREAT for longtime members of the community.
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