💪 Litecoin outperforms Solana and other coins - who says the underdog can’t come out on top?

💪 Litecoin outperforms Solana and other coins - who says the underdog can’t come out on top? 💀 Core Scientific, the world's largest BTC miner, lost over $1.7 Billion in 2022 🐋 Curve's forthcoming crypto-backed stablecoin: crvUSD

Good morning, kings.

Wake up and smell the proverbial roses, because you don't want to miss out on these AMAZING yields. That's right, 30% on $MANA tokens or dual-yield on your $ETH. Don't sleep on these opportunities, because no one else is offering yields like this in this market. Head over to the website and start collecting that chonky yield like the penny-pinching royalty you are.

And here's what's been happening in the space recently:

💪 Litecoin outperforms Solana and other coins - who says the underdog can’t come out on top?

💀 Core Scientific, the world's largest BTC miner, lost over $1.7 Billion in 2022

🐋 Curve's forthcoming crypto-backed stablecoin: crvUSD

Litecoin outperforms Solana and other coins - who says the underdog can’t come out on top?

Even though Litecoin has long been overshadowed by other cryptocurrencies, it's seeing some success lately and is attracting attention once again. In the past few days, LTC has even managed to surpass Solana ($SOL) in terms of market capitalization.

LTC was created in 2011 by former Google engineer Charlie Loo, who refers to it as a “bitcoin lite". But Charlie had a plan for LTC all along – to show that underdogs can still fight their way to success. LTC makes payments faster, cheaper and easier with its near-zero cost peer-to-peer transactions, making it a viable alternative to Bitcoin for those who want faster, cheaper and more reliable transactions. Like BTC, Litecoin also has halving events that reduce the rewards for miners. The next halving is expected around August 2023, which will reduce the rewards from 12.5 LTC to 6.25 LTC.

LTC has been outperforming the wider cryptocurrency market in the wake of FTX’s collapse, proving that it can stand up against much bigger competitors. Solana, on the other hand, has lost over 20% of its market capitalization over the last week, probably because of FTX’s significant connections to its ecosystem.

Everything that is old and forgotten can be new and exciting again in the crypto space, and Litecoin is a perfect example of that.

Core Scientific, the world's largest BTC miner, lost over $1.7 Billion in 2022

Core Scientific Inc., the meanest and biggest Bitcoin mining company around, recently announced that their losses for the first nine months of the year totaled over $1.7 billion. If a business can make a loss like this, you know it has to be bad news!

The company, based in Austin, Texas, has been hit hard by the low Bitcoin prices and soaring energy costs. With more competition amongst miners depressing profit margins even further, it's no wonder Core Scientific is warning that they may be in trouble. With debt amounting to over $1 billion, it looks like they might have to file for bankruptcy if they can't find some extra funding.

Core Scientific held $32 million in cash and only 62 Bitcoin as of September, a stark contrast to the 8,000 they had earlier in the year. They were not able to make any profits from their sale of Bitcoin either, as the token's prices fell over 60% during the second quarter. The shares of the company have also plummeted from around $17.50 to only 16 cents - a 99% fall in value.

It looks like Core Scientific has mined its last Bitcoin. Unless something drastic happens, the company is likely to be a thing of the past soon enough. This is an example of how anyone, even those with great power, can be knocked down by a mixture of unfortunate events and market conditions, so as investors we should never let our guard down. It's always better to be safe than sorry.

Curve's forthcoming crypto-backed stablecoin: crvUSD

Curve Finance's team has released a whitepaper and code for its newest project: crvUSD. It's a stablecoin that's soft-pegged to the US dollar and works similarly to MakerDAO's DAI... but perhaps with an even more tongue-twisting name.

According to the whitepaper, this overcollateralized stablecoin will rely on an algorithm called Lending-Liquidating AMM (LLAMMA). LLAMMA is designed to continuously liquidate and sell the deposited collateral to manage risks related to over-collateralization. That means users who want to mint the crvUSD stablecoin will have to submit their excess collateral in a reserve — essentially, they'll be taking out a cryptocurrency loan.

Curve's founder has teased this project for quite some time, and now it's finally here. Though an official announcement from Curve is still pending, the repository published on their official GitHub account shows that the project is nearly complete. It looks like crvUSD will be ready to launch very soon!

Let's just hope they don't come up with an even longer name for it in the meantime.