PRICE CHANGE: WTD/YTD

- BTC ($29,912): -1% / -37%
- ETH ($2,006):  -4% / -46%
- XRP ($0.42): -3% / -50%
- UNI ($5.37): +3% / -69%
- Crypto Market Cap ($1.3T): -2% / -42%
- BTC Dominance: 45%
- ETH Dominance: 19% 

STABLECOIN MARKET CAP CHANGE: WTD/YTD

- Tether ($73B): -3% / -7%
- USDC ($53B): +4% / +25%

NFT 3M TRADING VOLUMES

THIS WEEK IN CRYPTO

- Robinhood is building a standalone, non-custodial wallet that will give customers full control over their crypto assets. It will also seek to replicate the no-fee model for which the company is known. It's not clear how exactly Robinhood will offer no fees on blockchains like Ethereum, where gas fees for transactions can run high, but one solution could entail partnering with liquidity partners to get best pricing. Link. Link. 

- NFT marketplace OpenSea launches a marketplace protocol called Seaport, with a range of new features. Users can now barter for NFTs, bundling of different assets for trading, and tipping. Link. 

- The creator of the stablecoin TerraUSD (UST) and its sister token Luna, Do Kwon, is facing legal prosecution in South Korea over the collapse of the two coins that wiped out billions of dollars from investors around the world earlier this month. Link.

 - Linktree, a platform that allows creators to aggregate their social media links, is adding NFT features in partnership with NFT marketplace OpenSea. This includes letting creators to gate access to certain links on their page to certain NFT owners. Link. 

- Spotify is testing NFTs. Select US-based users will be able to see the NFTs of some artists on the platform. However, these will link to an external marketplace. Spotify will not take a cut of the sales as part of the test. Link. 

- FTX US customers can now trade stocks and ETFs, making it the first native crypto exchange to offer equities trading. Users can fund their accounts with the USDC stablecoin. Link. Link. Link. 

- Bitcoin derivatives trades lost over $1.2 billion in liquidations last week, after Terra's stablecoin lost its peg to the dollar and BTC fell from $35,000 to $30,000. Link. 

- G7 finance chiefs are meeting this week to discuss crypto regulation, including stablecoins. Link.  

- Waning institutional demand for borrowing crypto is causing rates for stablecoins and other major crypto assets to decline. Ledn’s rates for all USDC balances fell to 7.5% from the beginning of May from highs of 9.25% in March. BlockFi also dropped stablecoin rates, excluding USDT, to 7% from 7.25%. Link. 

- SEC chair Gary Gensler threatened action against unregistered crypto exchanges, and also stated his desire to create a novel registration and regulation process for crypto overseen by both the SEC and the Commodities Future Trading Commission (CFTC). Gensler also told Congress that more resources were needed in order to adequately regulate crypto. Link. 

- Binance adds support for Layer-2 Ethereum scaling solution Optimism. Optimism currently has $300 million total value locked and almost 40 DeFi projects using their technology. Link. 

- Japanese investment bank Nomura will launch a new company focused on cryptocurrency, DeFi and NFTs for institutional clients. The name is still unknown. Link. 

- Coinbase plans to freeze hiring for two weeks and focus on growing revenue in its "highest-impact" products. They plan to focus on retail trading, staking, institutional trading and custody by adding tokens and expanding custody and international expansion for retail traders and its prime brokerage service. In addition to increasing revenue, Coinbase also plans to reduce costs by cutting costs on cloud services and gas fees. Link. 

- SEC Commissioner Hester Peirce wants to see Congress help develop clearly defined rules for the use of cryptocurrencies, especially stablecoins. Link. 

- Coinshift, an Indian crypto startup that provides treasury management tools for DAOs and web3 firms, has raised $15 million in a Series A round led by Tiger Global. The company plans to expand its platform beyond the Ethereum and Polygon networks to new blockchain networks. Link. 

- Not Okay Bears, an Ethereum NFT project that used reversed artwork from Solana's Okay Bears project, generated more than $95 million in trading in 24 hours. Okay Bears launched in April and quickly became one of Solana's most valuable NFT projects. Link. 

- Coinbase is launching The Coinbase Institute, a crypto-native think tank that will provide expert analysis and insights about the global crypto economy. Link. Link. 

- After being released early from prison, Martin Shkreli jumped into Twitter Spaces to talk up crypto, including that he used Uniswap while in prison. Link. 

- Aave launched Lens Protocol, an NFT-based decentralized social media protocol that runs on Polygon. It lets users own their content by storing it as NFTs. Link. 

- Wormhole rewarded $10 million to a white hat hacker who reported a bug. Their program offers bounty rewards in tiers according to how serious the threat is. Link. 

- Universal Music Group has signed a deal to let its artists release NFTs via the upcoming music platform, LimeWire. LimeWire will be relaunched as an NFT marketplace that's initially focused on music-related assets. Link. 

- Terra's senior in-house legal team resigned shortly after algorithmic stablecoin UST collapsed. Link. 

- Getty Images launching its first NFTs on Palm through Candy Digital. Link. 

- Metatheory, a Web3 gaming company founded by Twitch co-founder Kevin Lin, raised $24 million in a round led by Andreesen Horowitz. Metatheory will release a sci-fi franchise with two minigames called DuskBreakers. Link. 

- Web3 film funding platform Decentralized Pictures launched its film financing application, where filmmakers can pay a small fee in the project's native token to have their proposals reviewed. The community then votes to determine which projects should be considered for funding awards. Two projects will receive up to $50,000 to finish their projects. Link. 

- Crypto tax software provider TaxBit has received investment from Haun Ventures. TaxBit reached a unicorn valuation of $1.33 billion after a $130 million Series B round in August last year. Link. 

- a16z raised a $600 million dedicated gaming fund, to invest in gaming studios, player communities and infrastructure. Link. 

- Spike Lee will release a series of Ethereum NFTs based on his appearance as Mars Blackmon in "She's Gotta Have It. The Visible Project aims to democratize film funding by using NFT drops to raise money, and then allowing token holders to vote on which projects receive funding. Link. 

- Binance US has hired the global head of operations compliance at Uber to join as its VP of Legal. Link.