Launchpool | Pop Up Press | May 13th
A fast-paced news update from the Launchpool team.
⚡ Upcoming NFT Mint | BossFighters ⚡
The Date Is Set For The Upcoming ⚡BossFighters NFT Mint❗
Dear Community,
Launchpool Labs is excited to announce that the date has been set for the upcoming BOSS FIGHTERS NFT Mint. Check out this video interview with the Justin Kan, Founder of Fractal and Vadim Shevchuk, CEO of #BOSSFIGHTERS for more details.
🤩 Watch Now 🎥
📌 Important Dates 🗓️
The Community & Whitelisted Mint event takes place on Tuesday 17th May, and is open to all Launchpool Community members who whitelisted in February.
The public mint event takes place the day after on Wednesday 18th May.
Minting Is On Fractal.is
New to BOSS FIGHTERS❓
👉 Join BOSS FIGHTERS Twitter
👉 Join BOSS FIGHTERS Discord Community
👉 Join BOSS FIGHTERS Telegram Community
Don't miss this opportunity to mint your very own ⚡BossFighters NFT❗
Launchpool Labs Team
✨ Special Labs NFT Announcement ✨
Great News…The Labs Gold & Bronze NFT Distribution is Complete❗🥳
Hello LPOOLers, the Launchpool Labs Team is pleased to inform the Community that the Labs NFTs purchased during the Labs NFT Easter Sale, have now been distributed. We would like to officially welcome all of our new Launchpool Labs NFT Hodlers to the Labs NFT Xperience!!
Owning a Labs NFTs, grants all KYC'ed users access to the earliest allocation rounds (pre-Seed/Seed) within the Launchpool ecosystem, as well as specific access and whitelisting to partnership events. Over 300+ NFTs were purchased during the sale and since then, the sales have continued at the standard listed price.
If you didn't catch the Easter sale, and are interested in owning your very own Gold or Bronze Labs NFT before the next Labs Project Raise, here are steps for purchasing:
Visit the Purchasing Dashboard: https://app.launchpool.xyz/labs-nfts
Click on the "Purchase Tab" of the NFT(s) you’d like to purchase (Bronze & Gold NFTs)
Confirm the transaction for purchase in your MetaMask wallet (both NFTs are needed for the full Labs Xperience)
That's it, you're done!!
📌 Important Note: During the NFT distribution, a few wallets addresses received the discontinued "Silver" NFT in error: this does not affect that wallet's ability to stake in any way. A few wallet addresses also received an extra Bronze NFT in error: these wallet holders will need to ensure that their wallet address continues to hold the two NFTs going forward, in order to be eligible to access the Seed rounds.
We take this time to thank everyone that participated in the Easter Sale as well as the wider Launchpool Community for their continued support.
Launchpool Team
Hints & Tips: Startups Are Risky…Crypto Startups Are Riskier!
Understand The Risks Of Your Investments, Only Invest What You Can Afford To Lose.
Investing in early-stage companies is risky business, especially when coupled with the additional volatility of the crypto market. Even in the traditional investing world, the majority of startups simply do not succeed and so the risk of losing your initial investment is a real possibility. However, as we all know, the returns can be astronomical.
At Launchpool we do some of the work for you, sourcing some of the highest quality opportunities for our Community, helping projects gain a Minimum Viable Community and connecting stakeholders with networks that help them succeed. However, we cannot guarantee returns. It is up to you, and only you, to manage your risk, plan your strategy and be sensible with your portfolio.
Risk Warning: Trading crypto assets involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.
🗞️ In other Crypto news….. 📰
The Collapse of Luna: A Special Newsletter Article
Terra’s rise and fall over the last few years has been both spectacular and terrifying to watch for all involved and witnessing. We thought that it would be interesting to create a play-by-play of all that has happened to help shed light to those of you who may or may not have been affected.
The Rise
Started by Do Kwon and Terraform Labs in April of 2019, Terra was composed of two coins: Luna and UST along with the yield earning tool Anchor. This new L1 platform quickly saw massive success. This can be largely attributed to the rise in popularity of stablecoins and the relatively high APY returns offered by Anchor. Promising around 20% APY on UST, Anchor was drawing in billions of dollars from both VC funds and average investors
The success grew until Terra was buying things like sports teams and putting massive amounts into something called the Luna Foundation Guard (LFG) to create protection against depegs. The LFG contained Bitcoin, AVAX, and Luna which was planned to be liquidated in case of an emergency.
Despite the success, many critics pointed out the flaws of the Luna/UST model and how it was unsustainable.
The Trouble Begins
Last Saturday, the UST peg started to slip, causing people to panic and redeem UST to print Luna at $1, which by the design, generated more Luna, and in turn caused the price of Luna to fall even more, and more people to sell. Thus the death spiral started.
In an attempt to save the UST peg, the LFG attempted to deploy its reserves but this failed to stabilise the peg. This caused further panic, and resulted in amplifying the spiral way beyond what the LFG or stability mechanism could handle.
The death spiral was so much for the peg and the chain that neither UST nor Luna could survive the massive amounts of outflows and Luna printing.
The Moment The Chain Stopped
On Thursday, Terraform Labs briefly halted the Terra blockchain in an attempt to prevent governance hacks to the protocol, as the cost of attacks were "significantly reduced" amid the continued meltdown of the ecosystem. This essentially meant that no new blocks were being generated on the network and holders couldn’t move their assets until validators restarted.
In a turn of events, Binance announced that it will delist the LUNA/USDT margined perpetual contracts pairs if the price fell under 0.005 USDT. As if not to make an already bad situation worse, every DeFi project on Terra collapsed in price prompting further delistings from exchanges.
On Friday, the CEO of Binance, CZ tweeted his dissatisfaction with the handling of the entire situation by the Terra Team and further indicated that Binance has halted all Luna and UST trading.
All Is Not Lost
Despite its volatility, cryptocurrencies remain a viable long term investment. Many projects in the crypto industry do not always meet expectations or can simply fail along the way. Therefore, it is normal to see wild swings in token prices during downturns but if the project is solid, there is usually a recovery.
At the point of writing this article, both BTC and ETH are marking a price decrease in excess of -55% from All-Time-Highs (with the view of traditional markets not being any different). It is reasonable to assume, as history has proven time and time again, that there will be a recovery of these two and most solid projects as the cycle changes and adoption continues.
In a change to its original position, Binance has restarted trading and withdrawals of Luna. Terraform Labs has also put forward a recovery plan. Whether this helps the situation is left to be seen.
The story of Terra is a lesson in hubris, the dangers of relying on unproven models and a warning to not ignore those who tell you to be careful, and to look at the flaws of whatever you are investing in. Ultimately, the final decision rests in the hand of you the individual, on whether to take on the risks involved.
It is therefore important to continually assess your individual strategy while also understanding that until there is mass adoption of cryptocurrencies and the underlying blockchain technology, you should only invest what you are willing to lose.
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That’s all for this week! Watch your inbox for next week’s Pop Up Press!
For more news about the projects we are launching on Launchpool, keep an eye on our Twitter, Telegram, Reddit, and of course come visit us at our Website and App.
For Launchpool Labs, keep in touch with developments and meet the first Cohort in our Discord channel.