Tag: justin sun

Christie’s NFT Specialist Noah Davis Joins CryptoPunks Project With Yuga Labs

Noah Davis, a key member at auction house Christie’s non-fungible token (NFT) project, has stated that he’s leaving the position as specialist and head of digital in July to take up a post as brand lead for the CryptoPunks NFT collection with Yuga Labs. Announcing the move on Sunday in a Twitter thread, Davis said in one of his tweets “If you’re a Punk holder and you care about the legacy/future of the brand I wanna talk one on-one. I’ll be at the Punks Brunch during NFT NYC and will begin scheduling sit-downs immediately. Wherever Punks go, the community will help guide us.”

Davis was in charge of Beeple’s record-breaking “Everydays: The First 5000 Days” NFT auction, which sold for over $69 million (roughly Rs. 536 crore) in March 2021. The sale created a lot of buzz and spotlight regarding NFTs. It was validation that digital art could be bought and sold at high valuations from respected auction houses that deal with world-class art and luxury products for high-end clientele. With the success of its first NFT sale, Christie’s decided to auction more digital tokens afterwards.

Yuga Labs acquired the intellectual property of the CryptoPunks collection from Larva Labs in March, saying it would transfer full commercial rights to the owners, a promise yet to be realised.

But Yuga Labs co-founder Wiley Aronov, also known as “Gargamel,” signalled the stoppage in a series of tweets on 19 June, writing that it was “too important to rush” and that the new terms “will be in place in the next couple of weeks.”

With the announcement of Davis’ move and the new terms coming into effect soon, some claim insiders knew ahead of time the collection’s growing sales volume.

According to OpenSea, 39 sales of the CryptoPunks collection have taken place since the announcement, with 101 sales in total on Sunday, up from the only 19 sold the day prior, on Saturday.

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Binance Suspends Transactions in Brazil Blaming Central Bank Policy



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TRON DAO Withdraw 2.5 Billion TRX From Binance to Re-Peg USDD Stablecoin

TRON DAO Reserve, which manages the USDD stablecoin, says it is withdrawing 2.5 billion TRX out of Binance to “safeguard the overall blockchain industry and crypto market” after USDD went on to trade for less than $1 (roughly Rs. 78) for a third consecutive day. USDD first lost its peg on 13 June amid a broader market decline that saw the market cap of the industry dip below $1 trillion (roughly Rs. Rs. 77,68,270 crore). The sustained capitulation has led to a comparison with Terra’s UST, which was also an algorithmic stablecoin.

Justin Sun, the founder of TRON, had vowed the lost peg of the stablecoin would be soon recovered, and injected $220 million (roughly Rs. 1,709 crore) on Wednesday to purchase TRX on Binance.

The TRON DAO Reserve has since revealed plans to pull 2.5 billion TRON (TRX) tokens, worth about $125 million (roughly Rs. 971 crore), from the Binance exchange as it attempts to prop up the price of its USDD stablecoin against the US dollar.

TRON DAO Reserve had announced the move on Twitter at a time when USDD had fallen as low as $0.95 (roughly Rs. 74).

Tron DAO’s Binance withdrawal could limit the ability of short sellers to open up positions against the token — a move that appears to be having its desired effect as the token’s value hasn’t dipped further following the withdrawal. That said, USDD is yet to regain its peg and as per CoinGecko, is currently priced at $0.97 (roughly Rs. 75).

According to the official website, the collateralisation ratio of USDD, which aims to demonstrate how secure the stablecoin is, is sitting at 283 percent.

Following the collapse of Terra’s algorithmic stablecoin in May, TRON had announced a plan to significantly increase the amount of capital backing up its own stablecoin. USDD which is a near carbon copy of [Terra’s](https://gadgets360.com/tags/terra algorithmic stablecoin UST — arrived on the TRON blockchain on May 5. Initially designed to maintain its peg to the US dollar algorithmically, albeit, with some backing, USDD was over-collateralised to maintain a minimum collateral ratio of 130 percent, according to founder Justin Sun.



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