# Renaissance Labs Report #5

By [Renaissance Labs](https://paragraph.com/@renaissance-labs-2) · 2022-05-10

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📌 Featured: Surviving Crypto Cycles by Paradigm
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![image from goldavenue.com](https://storage.googleapis.com/papyrus_images/f0b09210309a3f32e33434e79ec0794580e69b277a779fb71520f51be1f41b2e.png)

image from goldavenue.com

> _“As co-founder of Coinbase through 3 prior market cycles (2011, 2013, and 2017), I’ve experienced these euphoric highs before. I’ve also experienced the communal despair and disillusionment that have followed. Below are some observations and learnings I’ve taken from living through these past crypto cycles._
> 
> _I share them with the hope they help you, your team, and your community prepare for whatever is ahead, so that you can avoid potential pitfalls and maximize your chances of success.”_

[https://www.paradigm.xyz/2021/03/surviving-crypto-cycles](https://www.paradigm.xyz/2021/03/surviving-crypto-cycles)

📍Abstracts:
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🖼 NFT + IRL
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*   **Transactions involving NFTs hit an all-time high in 2022** [**Q1**](https://decrypt.co/98996/defi-transactions-1-year-low-nfts-all-time-high-q1)**.**
    
*   **Doodles hired a new CEO: Billboard executive Julian** [**Holguin**](https://decrypt.co/99660/ethereum-nft-collective-doodles-names-billboard-executive-new-ceo)**.**
    

[https://twitter.com/doodles/status/1522603975987580929](https://twitter.com/doodles/status/1522603975987580929)

*   **United Kingdom’s Supreme Court has officially recognized NFTs as** [**property**](https://www.theartnewspaper.com/2022/04/29/nfts-recognised-as-legal-property-in-landmark-case)**.**
    
*   **Starbucks plans to launch an NFT collection and its own Web3** [**platform**](https://stories.starbucks.com/stories/2022/starbucks-creating-the-digital-third-place/)**.**
    
*   **Is Coinbase’s NFT Marketplace** [**underperforming**](https://www.coindesk.com/business/2022/04/28/coinbase-nft-marketplace-beta-sees-less-than-900-transactions-in-opening-week/)**?**
    
*   **OpenSea now accepts** [**$APE**](https://decrypt.co/99095/leading-nft-marketplace-opensea-now-accepting-apecoin)**.**
    

🌐 Metaverse
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*   **Yuga Labs raised $300M from their land** [**sale**](https://cointelegraph.com/news/eth-gas-price-surges-as-yuga-labs-cashes-in-300m-selling-otherside-nfts)**.** Secondary sales hit a volume of $561M in 24 [hours](https://decrypt.co/99156/yuga-labs-sees-561-million-in-otherside-ethereum-nft-sales-within-24-hours).
    
*   **Beeple: Next Era of NFTs Will Focus on 'Emotional Connection and** [**Utility**](https://decrypt.co/98910/beeple-next-era-of-nfts-will-focus-on-emotional-connection-and-utility)**'.**
    
*   **Will NFTs democratize imagination?** VR artist Joshua Skirtich think so:
    

[https://decrypt.co/98874/nfts-can-democratize-imagination-says-vr-metaverse-sculptor](https://decrypt.co/98874/nfts-can-democratize-imagination-says-vr-metaverse-sculptor)

💰 DeFi
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*   **Anchor protocol interest rate decreases to 18%. veANC is** [**live**](https://twitter.com/anchor_protocol/status/1522716428247482369)**!**
    

[https://twitter.com/anchor\_protocol/status/1521171261757571074/photo/1](https://twitter.com/anchor_protocol/status/1521171261757571074/photo/1)

[![]({{DOMAIN}}/editor/youtube/play.png)](https://www.youtube.com/watch?v=wK1mL6gOsCU)

*   **Intro to Yield Farming by OnChain Wizard.** A great read for all DeFi enthusiasts.
    

[https://onchainwizard.substack.com/p/intro-to-yield-farming?s=r](https://onchainwizard.substack.com/p/intro-to-yield-farming?s=r)

*   **$UST loses peg?!**
    

_Explanation thread:_

[https://twitter.com/jonwu\_/status/1523793482850050048](https://twitter.com/jonwu_/status/1523793482850050048)

_Navigating the $UST Crash by @mhonkasalo_

[https://mhonkasalo.substack.com/p/navigating-the-ust-crash?s=r](https://mhonkasalo.substack.com/p/navigating-the-ust-crash?s=r)

_Video by danku\_r:_

[![]({{DOMAIN}}/editor/youtube/play.png)](https://www.youtube.com/watch?v=Jde50W99V7Q)

_Do Kwon and Luna Foundation Guard’s response:_

[https://twitter.com/stablekwon/status/1523532474860539905](https://twitter.com/stablekwon/status/1523532474860539905)

_Insight from White Whale Protocol: $UST Arbitrage_

[https://twitter.com/WhiteWhaleTerra/status/1523834570143158276](https://twitter.com/WhiteWhaleTerra/status/1523834570143158276)

📚 Educational (th)reads
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[https://twitter.com/darran0x/status/1522634215514263552](https://twitter.com/darran0x/status/1522634215514263552)

[https://twitter.com/punk9059/status/1522647064789798914](https://twitter.com/punk9059/status/1522647064789798914)

[https://twitter.com/tyu\_crypto/status/1522454887329529856](https://twitter.com/tyu_crypto/status/1522454887329529856)

[https://twitter.com/FabiusMercurius/status/1522985150023290880](https://twitter.com/FabiusMercurius/status/1522985150023290880)

[https://twitter.com/calchulus/status/1522802679915106304](https://twitter.com/calchulus/status/1522802679915106304)

[https://twitter.com/DeFi\_educator/status/1521275758072803336](https://twitter.com/DeFi_educator/status/1521275758072803336)

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*Originally published on [Renaissance Labs](https://paragraph.com/@renaissance-labs-2/renaissance-labs-report-5)*