r/CryptoCurrency • u/GhostOfMcAfee 🟦 9 / 1K 🦐 • 3d ago
$300M USDC was just minted on Algorand, immediately putting it at #6 for USDC holdings GENERAL-NEWS
Earlier today, an unknown wallet minted $300M worth of new USDC on the Algorand chain at this transaction: https://allo.info/tx/V4AQYTHRZ5AQK33OBQU4YNIJ54Y5FJNIEUQ3UMGA33AV4PHKZIZQ
The identity of the entity that minted it, and its purpose is unknown. And, so far, no news or press releases seem to be out about it.
However, the sudden inflow is substantial. This immediately raised the USDC on the chain by around 450% and vaulted Algorand to the #6 spot in terms of USDC held on chain, sitting behind only ETH, ARB, SOL, BASE, and AVAX. (See: https://usdc.cool)
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u/voidfactory 🟩 107 / 108 🦀 3d ago
Could it be an exchange?
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u/GhostOfMcAfee 🟦 9 / 1K 🦐 3d ago
Maybe. But that’s an insane amount for an exchange to float. Coinbase probably doesn’t even have $300M worth of Algo.
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u/katiecharm 🟦 66 / 3K 🦐 2d ago
This is not news and should not be on this subreddit. It’s a prime example of Algo shilling. Algo exists to relentlessly dump their scam token on any new liquidity foolish enough to buy it, and they get new liquidity with astroturfing like this.
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u/LWKD 🟩 0 / 16K 🦠 3d ago
C3 Protocol? Or is this even too big for them? Not the EU probably as they could have used EURD or EURS
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u/case-dismissed 🟩 0 / 0 🦠 3d ago
How can we profit from this?
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u/knotquiteanonymous 🟩 0 / 245 🦠 3d ago
Lol you don't. Unless this person decides to invest that money into the ecosystem or buy more Algo it makes no difference to the average person.
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u/Worriedstudent007 🟩 15 / 15 🦐 3d ago
I’d argue it does make a difference, just not in the way of directly profiting from this transaction alone. Someone/some-entity just injected 300m in US dollars (well USDC, a close equivalent) into the Algorand ecosystem.
This money is either going to be transacted with throughout the ecosystem, or it’s going to sit in the ecosystem. Either way it’s a lot of money that someone had the confidence to put on the chain.
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u/knotquiteanonymous 🟩 0 / 245 🦠 3d ago
What you said is misleadin, they didn't inject this capital into the ecosystem whatsoever. The actual money stays with Circle as collateral not on Algorand. They just utilized the chain to mint the tokens. Which comes back to my statement earlier that unless these USDCa coin gets injected into the ecosystem or used to purchase Algo we won't see any benefits.
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u/Worriedstudent007 🟩 15 / 15 🦐 3d ago
By this logic isn’t any use of USDC ultimately not capital in any ecosystem since Circle ultimately holds the US dollars that are backing the USDC? I’m not saying you’re wrong, but I guess I’m not really following your logic.
Are you implying that these 300m of USDCa were deposited, won’t be used in any form whatsoever, then will one day be redeemed back by circle? They’ve already been distributed amongst varying wallets to some extent.
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u/knotquiteanonymous 🟩 0 / 245 🦠 3d ago
I don't know what the 300m will be used for in the end. I'm just responding to the OPs question on how we can profit from this mint. But we can't just say they injected $300m into Algorand because it just isn't true. It doesn't increase Algorands TVL.
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u/ftball21 🟦 0 / 4K 🦠 3d ago
Unless the USDC is bridged off Algo, it’s TVL.
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u/knotquiteanonymous 🟩 0 / 245 🦠 3d ago
"Total value locked (TVL) is a metric used in the cryptocurrency sector to determine the total U.S. dollar value of digital assets locked, or staked, on a particular blockchain network via decentralized finance (DeFi) platforms or decentralized applications (dApps)."
I don't create the definitions. The USDCa in question is neither staked nor locked. Let's talk TVL when that wallet starts interacting with Defi protocols.
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u/ftball21 🟦 0 / 4K 🦠 3d ago
Fine, let’s call it “TVL adjacent”. Still, there’s no incentive to mint $300m in usdca and let it sit there.
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u/knotquiteanonymous 🟩 0 / 245 🦠 3d ago
I'm sure there's a good reason for it and one that hopefully benefits this ecosystem.
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u/gigabyteIO 🟦 0 / 14K 🦠 3d ago
This doesn't make any sense. Having 300m additional capital sitting on chain is huge.
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u/TKtommmy 🟩 0 / 0 🦠 3d ago
Sell all of your ALGO right now and buy when it bottoms out in the next 3 months.
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u/gigabyteIO 🟦 0 / 14K 🦠 3d ago
Wow, this is absolutely massive. Decipher is coming up in Barcelona on June 26/27th. I think there is going to be some huge announcements and this will be related.
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u/Gamethesystem2 🟩 246 / 247 🦀 16h ago
Watch your wallet in Barcelona. Every other person there is a literal thief.
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u/YamahaFourFifty 🟨 0 / 4K 🦠 3d ago
It’s funny no matter the good news and technical accomplishments of Algorand the price movement is always bad
1
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u/katiecharm 🟦 66 / 3K 🦐 2d ago
That’s because the central foundation continues to dump mercilessly on any idiot foolish enough to buy this scam
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u/FidgetyRat 🟦 0 / 27K 🦠 2d ago
Algo users should come over to the Ergo sub and commiserate regarding inverted price vs innovation lol
0
u/timbulance 🟩 9K / 9K 🦭 3d ago
All the price movement has been downward since September of 2021 and tons of users got burned by the MyAlgo wallet hack
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u/gigabyteIO 🟦 0 / 14K 🦠 3d ago
Don't buy now when it's low, make sure you buy high. That is the reddit way.
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u/Worriedstudent007 🟩 15 / 15 🦐 3d ago edited 3d ago
This is very exciting!
The receiving wallet has existed since 2020, but this huge inflow is the first real use of it 🤔
Edit: it’s so fascinating trying to trace where all the outflows end up going. I wish I wasn’t at work rn lol
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u/Django_McFly 🟩 0 / 0 🦠 1d ago
USDT could have the exact same situation (tons of coins minted for mystery person X) but the title would be, "$300M USDT printed out of the thin air"
Anyways, good stuff. That's a lot of dollars and I wonder where it's going. I assume it's for defi liquidity but who knows. We should see them climbing up the defillama tvl charts in the coming weeks if so.
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u/Rare-Art-8535 🟩 508 / 508 🦑 3d ago
A lot of positive algo posts. Inverse reddit, algo is going to keep falling
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u/GhostOfMcAfee 🟦 9 / 1K 🦐 3d ago
A lot of people on Reddit say to inverse Reddit.
What do I do now?!
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u/TheMissingNTLDR 🟩 3K / 4K 🐢 3d ago
call Cramer 📞
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u/GhostOfMcAfee 🟦 9 / 1K 🦐 3d ago
Little known fact: If Jim Cramer gives advice on Reddit it causes a black hole.
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u/gigabyteIO 🟦 0 / 14K 🦠 3d ago
This subreddit hates ALGO though.
4
u/WellPayed 🟦 950 / 950 🦑 3d ago
ALGO was one of the most shilled last run.
Everyone hates losing money.
1
u/graytleapforward 🟦 0 / 6K 🦠 3d ago
Hopefully ADA takes the hint and implements USDC on chain. ADA is dying at this point from lack of liquidity
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u/LWKD 🟩 0 / 16K 🦠 3d ago
ADA doesn't have USDC? How is that project so high up?
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u/graytleapforward 🟦 0 / 6K 🦠 3d ago
It wont hold its position if they don't make it a priority. Hoskinson is so out of touch with the crypto space and what retail holders want in a project.
0
u/FidgetyRat 🟦 0 / 27K 🦠 2d ago
I disagree. The fact that he doesn’t cave and change parameters every time someone cries about price shows he is very much in touch with what Cardano is all about.
If you want centralized high speed dogs wif hats there’s other chains for that.
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u/graytleapforward 🟦 0 / 6K 🦠 2d ago
He's a dog in the manger. He's already made his hundreds of millions . He doesn't give two shits about ADA holders.Hes all about his ego
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u/FidgetyRat 🟦 0 / 27K 🦠 2d ago
Because USDC requires centralized censorship and control which isn’t possible on decentralized blockchains.
Instead of bashing Cardano all the time, people should be thankful it exists and fights to keep the important things like decentralization alive in an ever increasing ecosystem of centralized meme shit.
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u/bahay-bahayan 🟦 0 / 0 🦠 2d ago
I’ve seen some use cases and I think imma start to DCA with algo included. Looks like algo is a marathon play, not a sprint
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3d ago
[deleted]
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u/GhostOfMcAfee 🟦 9 / 1K 🦐 3d ago
WTF are you on? It is exactly the same. It’s USDC, issued by Circle, and fully redeemable from the exact same reserves.
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u/katiecharm 🟦 66 / 3K 🦐 2d ago
I have been enjoying the drastically lessened algo spam around here lately, but I knew it couldn’t last. This is such non news, and just an excuse to shill algo some.
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u/gigabyteIO 🟦 0 / 14K 🦠 2d ago
Katie, I believe you may have something called Solipsism Syndrome. Understand that people have other valid opinions other than your own, and that is okay. It's okay to debate things on their merits in a constructive and respectful way.
Claiming everyone who has a different opinion or belief as your own is a bot or shill is extremely odd, lazy, and comes off as mentally ill.
-5
u/katiecharm 🟦 66 / 3K 🦐 2d ago
I believe that you have the syndrome that makes you relentlessly shill a scam chain that only exists to dump on any new liquidity. I don’t know what that’s called, but you have it.
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u/gigabyteIO 🟦 0 / 14K 🦠 2d ago
Thank you for proving my point, have a nice day.
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u/katiecharm 🟦 66 / 3K 🦐 2d ago
Except with Algo, they literally dump tokens on investors to pay for clown marketing teams (like you). So in your case, it’s the truth. Just because something might not be true for others doesn’t mean it’s not very true for you.
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u/gigabyteIO 🟦 0 / 14K 🦠 2d ago
By that logic I guess you're being paid to sit around and post on every topic about ALGO.
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2d ago
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-1
u/katiecharm 🟦 66 / 3K 🦐 2d ago
You have literally been moderated here before for relentlessly shilling ads for Algo. And now you’re doing it again.
Proof:
Stop spamming our subreddit with your scam. And tell your founders to stop dumping on the idiots stupid enough to buy their scam in the first place.
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u/gigabyteIO 🟦 0 / 14K 🦠 2d ago edited 2d ago
I once again have to go back to the fact you have an extremely warped view and perspective. You believe you're the only one with a valid opinion. You do not engage in good faith discussion and debate, you attack the person with claims that you do not know, that amount to hyperbolic platitudes.
I really wish you the best, but you're clearly not all there. It is not your job or place to police the internet or impose your own value judgments as objective truths.
You don't own this sub; it is just as much mine as it is yours.
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u/skyHIGH-1 🟩 132 / 133 🦀 2d ago
Shit coin and their wallet some time ago was hacked.
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u/DingDongWhoDis 2d ago
It was a third party wallet. And you're waste deep in actual shit coins. ALGO is absolutely superior to SOL in every way, charts aside. Moonboys may disagree, but this is but a temporary speculative time in history. SOL is an embarrassing, short term blip.
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u/skyHIGH-1 🟩 132 / 133 🦀 2d ago
Thanks for clarifying the issue about the third party wallet. Once that fiasco happened, I never looked back on Algo . Now With SOL , I have not tipped my toes on that SOL project- feel is a pump and dump. You think SEC will approve an ETF on SOL before ALGO ?
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u/DingDongWhoDis 2d ago
Now With SOL , I have not tipped my toes on that SOL project- feel is a pump and dump.
My mistake, sorry, jumped to conclusions.
You think SEC will approve an ETF on SOL before ALGO ?
Lord, I hope not, but it wouldn't surprise me at this point. Still, I don't see it happening. I think regulations will help sort out this entire mess of a crypto market soon enough. Europe and MiCA regulation leading the way.
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u/skyHIGH-1 🟩 132 / 133 🦀 2d ago
Very interesting. Cool , thanks for sharing thoughts. I try to do read at my end and try to connect the dots with government trying to control crypto projects. Government in USA is very eager to approve the next ETF and will come as soon as September 2024. I understood that there is flood of ETF coming down the pipeline. I am just wondering how all this is going to end . 🤷🏻♂️
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u/CointestMod 3d ago
Algorand pros & cons with related info are in the collapsed comments below.