Sun & Moon — August 18

Chart of the Day

Le Soleil et La Lune. Bitcoin’s failure to break above intra-day high due to profit-taking activities resulted in a nearly 3% pull-back, before settling near $45k. While Bitcoin begins to show signs of short-term fatigue after multiple attempts at $50k, Ether and the altcoin market are still seeing a continued uptrend. Top performers, Solana and Terra, whose native tokens have been in the rage (up 67.1% and 56% in the past seven days), boast a surge in their TVLs, suggesting that the recent rally is not only spurred by technical factors, but also inspired by innovation and broader adoption. Meanwhile, Ethereum’s dominant position in terms of ecosystem TVL remains largely unchallenged. 

Talk of the Town

Beneath a Clear Bluesky. Twitter’s ambitious yet nebulous initiative of developing “an open and decentralized standard for social media” took an important step as the company appointed former Zcash core developer Jay Graber to spearhead Project Bluesky. Though still in its infancy, Bluesky envisions a world where walls between social media services are torn down, with the centralized power of policing content abolished, and users are able to tap into a pool of content from various sources.