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Posted 5 mins ago | by Catoshi Nakamoto
Jerome Powell came out with a hawkish statement on inflation as Elon Musk says America is already in a recession; Do Kwon pushes his Terra Revival proposal live even though 92% of the Terra community voted “no”, and crypto regulation becomes a topic with the G7. Aave has opened its decentralized social media company Lens protocol on the Polygon blockchain.
My name is Ben, this is your nightly crypto news wrap-up. Let’s get it.
Jerome Powell emphasized his commitment to getting inflation as close to the 2% target as possible, saying that lowering inflation won’t be easy. After raising benchmark borrowing rates by half a percent earlier this month, Powell told the Wall Street Journal the FED will increase interest rates until “financial conditions are in an appropriate place.” Powell said that they would move past “broadly understood levels of neutral” if they have to, and they will push to lower inflation even if it means increased unemployment.
Powell believes a “soft landing” will be challenging. If spending slows down too quickly, companies could start cutting costs by laying off workers. His language has changed from “soft landing” to “soft-ish” landing, which he says is like a “bumpy but otherwise successful airplane landing”. Adding–”it’s still a good landing, you don’t even notice it, right?”
Economists at the Deutsche Bank, Bank of America and other large banks have already said they believe inflation shock will cause a Recession in 2022 and an equity bear market– and that the Fed started cooling inflation when it was already too late.
During the Miami “All In” tech conference on Monday, Elon Musk said he believes the United States is already in Recession, which he sees lasting anywhere from one year to 18 months. He says that what tends to happen is a Recession is a boom that goes on too long, a misallocation of capital and it starts “raining money on fools.” For Musk, there is one obvious cause– the government printing more money than it had, issuing checks for excessive revenue and causing inflation.
Do Kwon’s Terra Recovery plan came online for voting today. The proposal suggests forking the Terra blockchain and airdropping new LUNA tokens to staked wallets. The old chain would become Luna Classic with the token LUNAC, and the new chain would be Terra with the new LUNA tokens. An online vote was submitted to the Terra community, with 92% voting “no” to forking the Terra chain. Kwon pushed the proposal through anyway, and currently the votes for “yes” in the lead.
Meanwhile, Terra’s legal team has resigned, and the reason is not clear. A company spokesperson said in an email that the past week has been challenging for Terraform Labs, and a small number of team members have resigned.
The depegging of UST and other stablecoins has caught the attention of regulators and heads of global banks, and many believe that regulation for crypto and stablecoins will become a topic of discussion at this week’s G7 meeting. On May 18th to 20th, the world’s leading economies are expected to consider a regulatory framework for crypto, with the head of the French central bank saying that these events have been a wake-up call for the industry, and there’s “urgent need for global regulation.”
Weeks after AAVE founder Sani Kulechov was temporarily suspended from Twitter after calling himself “interm CEO of Twitter”, he announced at the Permissionless conference that Lens Protocol went live on the Polygon blockchain.
This decentralized social media platform was built by Aave Companies, and allows building of decentralized social media networks where users can own their data. He believes Web3 innovation is driven by ownership, and having social media on blockchain means that users can control their content, and applications and algorithms have to compete to bring the best experience to the users.
Starting today, users can mint their profile NFT that links them their followers and communities. There are already around 50 apps built on Lens, and they’ve launched a two hundred and fifty thousand dollar grants program to provide funding for new projects.
That’s all I got! Be Blessed, Bitboy out.
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