Cryptoweek: Musk, Meta, Ethereum’s Scalability & More

We’ve decided to collect the hottest news this week. Perhaps we’ll do this every week. No matter how hard we tried to hide from the main news about Elon Musk and Twitter, we failed (sorry). However, we are here to cover the other events: the BAYC robbery, new Ethereum scalability solutions, Zuckerberg’s plans for Meta, and much more.

Elon and His Twitter

Here’s a piece of news that everyone already knows about, but we cannot omit it. Yes, Elon Musk struck a $44 billion deal to buy Twitter. He has said that he wants to make the company private and promote free speech on the platform. Twitter stocks and Dogecoin quotes immediately skyrocketed. Dogecoin, associated with the future Twitter owner, rose in price by almost 30% in a couple of hours. 

The community reacted with a brand new token named Elon Buys Twitter (EBT). In one day, EBT was boosted by more than 4,000%. However, you can definitely understand the risk for investors behind such an asset. 

The Central African Republic Legalizes Bitcoin

Following El Salvador, the Central African Republic has approved Bitcoin as a means of payment alongside the local currency. Recently, the law was adopted by Parliament and signed by President Faustin-Archange Touadéra. A recent study showed how low Bitcoin adoption rates are in El Salvador. Perhaps things will be different in the Central African Republic. We’ll see.

Scale the Values

The Optimism Foundation has introduced a new scaling solution for the most popular smart contract platform, Ethereum. A new governance token, OP, will bring scalability and cost efficiency to the world’s second-biggest cryptocurrency. 

This large-scale experiment in digital democratic governance will comprise a band of communities and stakeholders committed to improving Ethereum’s technical capabilities. 

Meta: Full Immersion Effect

Meta Corporation will open the first Meta retail store to introduce consumers to virtual reality and the metaverse. The company believes that besides boosting equipment sales, physical retail stores will also help introduce consumers to virtual and augmented reality technologies. 

The store will showcase the company’s VR headsets, Ray-Ban Stories glasses, and Portal devices, and visitors will be able to test them all.

APE Sale

ApeCoin, which had soared in price a couple of weeks ago, quickly corrected. The reason was the news that the Bored Ape Yacht Club was robbed and lost $2.4 million worth of NFTs. Here’s how it happened: the intruder hacked into the project’s official Instagram account and posted a phishing link, which allowed them to withdraw tokens from users’ wallets.

On April 26, APE, the governance token for BAYC’s ApeCoin DAO, fell nearly 11% to $17.41. In recent days, cryptocurrency has been gaining momentum. 

Terra Made a Bundle 

Investors in the Fireblocks’ Early Access Program put up about $250 million into the Terra DeFi ecosystem within the first 72 hours of its integration going live. As you can remember, Terra (LUNA) is the second-largest DeFi protocol by total value locked (TVL). Such investment in a project is always a catalyst for a brighter future. Maybe someday, we will see LUNA in the top three cryptocurrencies by capitalization.