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What I'm Reading This Week (2025/03.30-04.05)

Trends

Looking at $FUN/USDT.

Recently listed contract with significant price surge and short funding rate at 1.2% per 4 hours.

Market makers are pushing up prices and happily collecting funding rates, similar to what happened with SOL during the FTX collapse.

What I Am Reading

This week I spent the Qingming Festival holiday, consuming a lot of time, just consuming time.

1. Justin Sun Gets Played, Fires at FDUSD​

  • Summary from: https://x.com/WutalkWu/status/1907461942123618342

  • Justin Sun acquired TUSD stablecoin, minted coins, and gave the reserves to FDT to manage (about $500M). FDT, in collaboration with TUSD management, took the money and refused to redeem it for Sun. FDT claims Sun's KYC/AML is problematic. Currently in litigation.

  • Surprisingly, after BUSD's issues, Binance initially supported Sun's TUSD but suddenly abandoned it and fully backed FDT's FDUSD instead. The reasons behind this are unclear.

  • The CoinDesk article is lengthy, but FDUSD seems to have significant issues. Its reserves should be investigated. Sun has been scammed quite a bit these past two years - TUSD, Li Lin, Huobi theft, art resales. However, thanks to TRON's annual transaction fees, it's not a major concern.

2. Introduction to PayFi Projects I'm Bullish On​