The rise of a crypto dark horse

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When Saudi Arabia defeated Argentina 2-1 on Tuesday, sports analysts dissected every aspect of what has become the most dramatic loss in FIFA history.

Oh, and ARG, the Argentine Football Association Fan Token, shed one-third of its value just two hours after the country lost. Welcome to soccer in the cryptoverse, another occasion for the crypto folks to invest in a short-term narrative.

A month-long event like the World Cup, coupled with the love this industry has for meme tokens, has pushed the launch of themed tokens like World Cup Inu and World Cup Willie.

Speculators can make bets on their favorite teams thanks to these tokens, which are not licensed or even affiliated with any World Cup participant.

Meanwhile, several projects like Ultimate Champions, a play-to-earn game built on Polygon, are capitalizing on the World Cup’s betting boom.

FIFA has also teamed up with companies like Upland, Matchday, Phygtl, and Altered State Machine to develop football-themed Web3 games.

After an overwhelmingly bad month for crypto, the World Cup may mark a new beginning for the sector. On the other hand, the lack of regulations and the normalization of gambling will probably set the industry up for an own goal.

Our big story for the week talks about a dark horse: a relatively low-key crypto investment platform (which is also part of the crypto betting field) that has hit US$631 million in revenue on only US$16.6 million in operating costs in 2021.

So far, the company has also weathered the crypto storm that has sunk many other ships.

Read on to figure out how!

– Deepti

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THE BIG STORY

Cake DeFi’s revenue hits $631m in 2021, but income to reduce in 2022, CEO says

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⭐ TO THE STARS

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🌙 TO THE MOON

🌏 BACK TO EARTH

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STILL A PONZI SCHEME

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