BendDAO to liquidation

GM Baos.

I hope you had a wonderful Monday.

Today's a special day as we're welcoming a new writer on board... say hello to the one & only Cassidy!

We're so excited to be scaling the team with some very talented people ✨

Today we cover

• Australia's token mapping exercise

• BendDAO liquidation fears

• Canada's $30k altcoin limit

Aussie Aussie Aussie, Oi Oi Oi!

That's right, you heard me. Today, the Australian government announced they would undertake the world's first token mapping exercise.

You might be thinking... 'great, more taxes & regulation', but I'd say this move is in the right direction.

The exercise will look into what types of digital assets are being used in Australia, and how they should be regulated. It will also attempt to shield customers from the extreme volatility in crypto markets & provide education.

What nudged them into doing this? Some big bucks in sporting advertisements 😆

The CEO of BTC Markets, Caroline Bowler, is supportive too. She states that the token mapping "will provide greater clarity to crypto investors; aid companies in developing their own blockchain-based innovations, [and] provide guidance to digital currency exchanges.”

At the least, I'm very pumped we're finally first in something 🙄

The BendDAO Bank Run

This lending service may be in some serious sh*t.

How BendDAO works

• Put your bluechip NFT up for collateral

• Instantly get a loan of 30-40% of the floor price

• Get liquidated IF the health factor falls below 1

And between Aug 19 - 21, 15,000 ETH was withdrawn from the contract and this happened 😳

Only 14 wETH in a wallet that owed 14,500 wETH to its lenders.

Here's a great thread that explains the latest update on what's going on.

TLDR; People who lent money (~15,000 ETH) to others via BendDAO to buy NFTs on leverage can't get their money out 😭

30k CAD buy limits

–Cassidy

RIP to Canadian crypto.

New regulatory changes may limit crypto dollars bought per year. Some provinces can only buy up to $30k CAD worth.

And you thought the U.S had it rough with the regulations.

Thankfully Bitcoin, ETH, Litecoin and Bitcoin cash are without restriction. This seems to specifically target altcoins.

Who's in a rush to buy Bitcoin Cash anyway? Besides the anons who mistake bitcoin cash ($bch) for ($btc)… hahaha couldn’t be me.

Newton stated these changes are to protect investors and bring awareness to the risks of trading crypto.

Thankfully, the 30k is counted as your annual net buy limit. You could purchase $5k of $APE, reducing your limit to $25k. When you sell $APE, you're back at the 30k limit.

Canadians in the Solana NFT ecosystem might run into some problems since Solana is one of the restricted coins...

Bao-sized news

• STEPN to launch co-branded genesis sneaker

• Twitter finally suspends well known scammer cryptowhale

• FTX US issued cease and desist letter

• Buy NFL game highlights on the blockchain

Made us Laugh

Join the Bao revolution.

Thanks Baos, as usual I hope you have an incredible week. Stay healthy & touch some grass x

–Lili & Cassidy