Come Open Your New Year Gift From Us | Pidgin Parlour Newsletter
Come Open Your New Year Gift From Us | Pidgin Parlour Newsletter
Dis one be the new Bankless Africa Pidgin Parlour Newsletter Edition and na the newsletter wey go help you dey know wetin dey sup on crypto and Web3 around Africa continent.
Happy New Year Fam! 🥳
Awa people, as today na the beginning of a New Year, we for Pidgin Parlour dey give una New Year gift o.
Wetin be dis gift? Well, na our new year Pidgin Palour Newsletter Edition! As today be 1st January, 2023, we don package dis newsletter wey go dey give una better crypto/Web3 content for pidgin.
For dis newsletter, we go dey talk about trending things wey dey happen for the web3 space inside Africa and beyond. We go dey give una better airdrop updates and job updates too make una beat 'Sapa'. We get exciting segments where una go dey learn about some crypto topics too. We also get segments where we go dey share some pipul crypto journey tori.
Oya, make we gather open dis gift. 🎉🎉🎉
Contributors: Xenos, Deewon, Chameleon, Og, Oge.
Gist Of The Week 🗣️
The gist wey we go like yarn with una na the tori about the FTX crash wey bin dey go around the internet lately. For inside dis tori you go sabi wetin cause am. Make una just sit down as we dey share the gist with una.
Wetin happen be say for November 2022, cryptocurrency exchange FTX been file for chapter 11 bankruptcy protection on Nov. 11, 2022, after en swift fall from grace. The company’s valuation bin come dey plunged from $32 billion to bankruptcy within few days. Dem come drag down the founder and CEO - Sam Bankman-Fried wey get $16 billion net worth to near zero.
FTX’s collapse bin shake the volatile crypto market, wey lose billion value, dropping below $1 trillion. The consequences of FTX wey get rapid decline and collapse go wan likely impact cryptocurrencies for future and en fit even drag down broader markets.
For November 16, 2022, one class-action lawsuit wey bin file for florida federal court, tok say Sam Bankman-Fried bin create fraudulent cryptocurrency scheme, dem even talk say en bin design am to take advantage of investors wey dey across the country. Other celebrities wey dey included for the lawsuit na Steph Curry, Shaquille O’Neal, Shohei Ohtani, Naomi Osaka, Larry David, and Kevin O’Leary and dis ones bin join body with Bankman-Fried body take facilitate the plan.
The U.S. House Financial Services Committee talk say dem go wan hear wetin dem wan say in December 2022 on the FTX collapse.
Wetin Bin Sup With FTX?
FTX’s collapse been take place over a 10-day period for November 2022. Wetin cause this issue na the crisis wey happen for November 2, wey CoinDesk reveal say the Alameda Research - the quant trading firm wey Bankman-Fried dey run, bin hold one position worth $5 billion inside FTT, the native token of FTX. The report gatherings also reveal say the Alameda’s investment foundation also dey in FTT, the token wey the sister company been invent, no be fiat currency or other cryptocurrency. That tin na hin prompt concerns across the cryptocurrency industry regarding Bankman-Fried’s companies’ wey come get undisclosed leverage and solvency.
Na so Binance, the world’s biggest crypto exchange, announce on November 6 say e wan sell en entire position for FTT tokens wey dey roughly 23 million FTT tokens wey worth about $529 million. Binance CEO Changpeng “CZ” Zhao tok say the decision to liquidate the exchange’s FTT position dey based on risk management, and also the collapse of the Terra (LUNA) crypto token earlier in 2022.
The next day after this yarn na hin FTX don dey experience liquidity crisis. Bankman-Fried been try to re-assure FTX investors say en assets dey stable, but customers don already dey demand withdrawals wey worth $6 billion days immediately after dem hear the CoinDesk report. Bankman-Fried search for money from venture capitalists before en come ask from Binance. The value of FTT come fall down like mad by 80% in two days!
On November 8, Binance bin announce say e don reach a non-binding agreement to buy the non-U.S business of FTX for amount wey dem no disclose. Dis promise of rescue no long at all, as Binance comot body for the deal a day later. On November 9, the exchange tok say e go cancel the FTX deal after corporate bin show concern wey dem raise about the mishandling of customer funds, among other issues.
Summary
Wetin sup be say for November 2022, cryptocurrency exchange FTX bin collapse for over a period of roughly 10 days. As we dey hear the report, wetin cause the issue na the potential leverage and solvency concerns, the exchange bin face liquidity crisis and dem bin dey try to negotiate a bailout by hin rival Binance wey sharperly no work out. FTX assets bin come dey frozen. The CEO don resign, and dem file am for bankruptcy within days. Wetin the next thing be for inside the future of FTX and broader cryptocurrency industry dey difficult to assess.
Wetin Dey Sup For Inside Africa? 🌍
Central African Republic wey be the first country for Africa wey go accept Bitcoin as legal tender don postpone the listing of their Sango coin on crypto exchanges. Check out why for here
CoinCorner and Bitnob don come together to help people wey wan transfer money from one country to another conduct their transaction using Bitcoin Lightning Network. Read how dem dey do am.
Also, e be like say people wey dey use AAX don go vex for their Lagos office after AAX stop withdrawals. Read up for here
Shey You Don Listen To Our Podcast? 🎙️
Make you come put ear for wetin our OGs dey yarn about DeFi. Try go download am now!
Also like, share and retweet.
Make We Go School 🏫
Una don hear about DeFi but shey una Neva too hear about ReFi bah? You go fit say wetin be dis one again.
Well, ReFi na short form for Regenerative Finance. Regenerative Finance na another area where people dey use money dey better awa planet. For ReFi, we dey use money fight climate change and other environmental wahala wey we dey face.
For ReFi, we fit back natural assets like carbon credits, renewable energy with crypto tokens, and we fit come use these tokens as form of payment or investment.
ReFi projects wey dey onboard now include:
Celo
Touchan
Earthbanc
Flow Carbon
Nori
ClimeDAO
The same way wey DeFi dey try transform our financial ecosystem na the same way ReFi wan transform our environmental ecosystem.
You fit read this article if you wan sabi more about ReFi.
Crypto Diaries 📖
Join us as we delve inside the Web3 journey tori from one of our core contributors for inside Bankless Africa and Pidgin Parlour.
Author: Kutubu
My main aim for school na to become an entrepreneur but wetin i need in order to take that path na to work for sometimes so i go fit secure little starting funds.
So, after I bin finish my first degree, I come start to dey search for job and this one bin take me almost two years without any luck and life come dey very unbearable for me.
After that time I come meet my old friend later for 2021, wey come introduce BanklessDAO to me. Already, I don previously get experience on wetin cryptocurrency be, and dat time bin no dey good for me because I been lose my funds to trading but now the ecosystem don undergo a lot of transformation over the years.
So I actually bin dey confused when i start to dey explore the blockchain ecosystem newly. The protocols and systems wey dem build on the blockchain ecosystem dey phenomenal and the level of opportunities available to everyone dey overwhelming too.
BanklessDAO bin turn my virtual home, as i begin dey join guilds and projects, come dey find the area wey dey best for my passion and skills. Make i no lie eh, joining the DAO and Web3 na big blessing to me as DAOing don become my main source of income at the moment even though say we dey bear times, en don also expose me to some kin amazing people inside the ecosystem and en don enable me acquire and sharpen my skills wey include graphic designs, audio editing and project management.
Lastly, I still get enough time to do other IRL things. Even though, all bin no dey rosy in the DAO as a beginner, I bin help myself adjust mentally so i go fit dey able to do wetin people dey do for the DAO and make I no lie you this thing wey i dey talk no dey easy for me at all, as I gats sit down for one place dey stare at my screen come dey work on top and dis one bin dey hard for me to adjust. Apart from that, other challenges wey I been get na IRL ones wey include; poor internet reception but now things don improve a lot and we thank God for that. But overall, I dey enjoy DAO work and at the same time, I also be the entrepreneur I bin dey dream of which come later be the ogbonge opportunity wey I bin no fit imagine.
Make We Drop Update 🪂
⚡️Telegram CEO Durov don plan to build crypto wallets, decentralized exchange.
⚡️NFTs don dey officially live on Uniswap. Dem dey airdrop ~$5M USDC to historical Genie users.
⚡️BitMEX don announce say the Proof of Liability (PoL) system don dey fully live and operational. All BitMEX depositors go fit verify their individual liability because e don dey included in the total exchange liability balance.
⚡️Binance don finally list Hooked Protocol. HOOK is now trading at ~23x from the IEO price ($0.1).
⚡️Binance don also introduce partnership with Injective, wey go allow Binance Custody clients to stake their INJ tokens directly from their Qualified Wallet.
You Go Like Hustle? 💼
⚡Bigtime dey find content writer
⚡Trust machines dey look for Frontend Developer and Social Media Manager
⚡Crossmint dey find Go-To-Market Intern
⚡ You go like be senior backend developer for Tradeblock
⚡Cointelegraph want person wey go be their Podcast Editor and Editorial Social Media Coordinator
⚡Popoo need Web3 Developer
Meme Of The Week 😂
We don reach the end of today's gist.
Make we go cook another edition for una.
Till then, WAGMI and Happy New Year from all of us wey dey Pidgin Parlour. One love 💜.