Is Terra Rising from the Dead?😱

Good Morning Switchers 🤗

👋Welcome to Switch Daily.

It’s crazy how the revelations from the FTX and Alameda debacle can come as a big surprise even after a month of the empire’s collapse. We know that Alameda owes its creditors big billions, but did you hear of this one?

Alameda Capital owes over $55,000 to a bar named ‘Margaritaville Beach Resort’ in the Bahamas. Looks like they took the saying, ‘Party like there is no tomorrow,’ way too seriously! 😅

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Here’s what we’ve got for you:

• Market pulse

• Terra returns

• News that makes noise

• Meme Mania

Market pulse 📈

The market is feeling chirpy 🦚

It’s early Wednesday, and the broader crypto market is already up 3.96%. Most cryptos have been trading in the green over the past 24 hours, with BTC and DOGE up 4.19% and 5.55% at press time.

However, Fantom (FTM) continues to outshine the market even today with an 11.50% uptick, day on day. ETH isn’t far behind, trading with unrealized gains of 7.53%, day-on-day, at the time of writing.

👻Terra sets up shop again

Remember Terra?

Not a name that we can easily forget right?

We know that a few months ago, Luna—a Terra based stablecoin went bust overnight due to some internal mismanagement. The coin shed 90% of its value within a couple of weeks and the network went for a toss. Interpol is still looking for it’s founder Do-Kwon.

But like Deepika and Shahrukh in Om Shanti Om, Terra network has reincarnated and made a comeback with a new product—Enterprise. It launched as a beta version in New York on Monday.

What is Enterprise?

It is a no-code solution that enables teams and communities to create, organise, and manage DAOs on the Terra blockchain. The goal of Enterprise is to make DAOs easier to manage and operate.

BTW, Decentralized Autonomous Organizations or DAOs are nothing but a community that comes together towards a common purpose, the only difference is that, this community has no leader and is governed by blockchain technology.

But, why now?

The idea of DAOs has become extremely popular among the Web3 folks, if you’ve been around the space for a while, there’s a chance that you are probably a member of a DAO.

According to DeepDAO, there were 2,300 total members across all DAOs as of February 21, 2021.

Today, that figure is one million. That's a whooping 40,000% annualised growth rate.

So, that’s a great business opportunity. And after the FTX debacle, the Terra network is probably looking to rise from its ashes and rebrand itself with a worthwhile project. The word is that Do-Kwon also has played a small part as an advisor in building the product.

Who is gonna trust Terra after the black day?

Well, if there is one thing in crypto, attention never fades. Even today Do-Kwon has over a million Twitter followers and LUNA still holds a market cap of over $200 million. Also, this might be one of the earliest L1 solutions built around DAOs giving it an edge over the other networks. So, who knows? The project has launched with seven DAOs and a handful of users though.

FYI: We’re not financial advisors and this is not financial advice. We’re merely your fellow investors sharing the information we learned.

Community Spotlight 💡

More power to Women who BUIDL! 💪

The Phoenix guild is a group of women and non binary folks who have come together to create a diverse and inclusive web3 ecosystem and want to help other women in tech and non-tech roles empower and educate themselves to utilize the opportunities in WEB3.

So, if you are a woman and want to transition to Web3, you know where to look.

What else is brewing? ☕

🥴Serum, a decentralized exchange falls prey to FTX fall

Project Serum, a Solana-based decentralised exchange (DEX), has informed its community that the collapse of its backers — Alameda and FTX — has rendered it "defunct." Despite the project's ongoing challenges, the team behind it stated that "there is hope" because of the option to "fork" Serum.

🤝Phantom wallet makes room for Ethereum and Polygon

Phantom, the popular self-custody wallet for Solana-based decentralised applications and NFTs, announced today that its desktop, iOS, and Android apps will now support rival blockchains Ethereum and Polygon.

💰Crypto Remains Largest Investment Sector in 2022

The latest Emerging Tech Indicator report from Pitchbook found that Web3 and DeFi continue to lead venture capital funding activity, even as deals slow.

Meme of the day!

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See you tomorrow, folks. 👋

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