This Week in Crypto - February 23
Some of the big news regarding crypto and the Age of Autonomy.
Blockchain Infrastructure
News about: Layer 1s & Layer 2s, DePIN and more
Render Network Moves From Ethereum to Solana Blockchain
Cryptonews | Joel Frank
"3D content rendering platform Render Network has relocated from the Ethereum blockchain to Solana in order to benefit from the latter’s high throughput and lower transaction costs... 'Moving Render’s core infrastructure to Solana is a watershed moment that unlocks major new capabilities like real-time streaming and dynamic NFTs,' commented Jules Urbach, the Render Network’s founder"
What Is Optimism? Using Rollups to Help Scale Ethereum
Decrypt | Robert Stevens
"Optimism helps Ethereum users save on gas fees by rolling up batches of transactions, using a technology known as optimistic rollups... Optimism speeds up Ethereum transactions and cuts their costs by settling them on another blockchain using advanced data compression techniques."
Polkadot Ecosystem Expands as Circle Introduces Native USDC Stablecoin
Cryptonews | Jimmy Aki
"Stablecoin issuer Circle has announced the official launch of USDC, the second largest stablecoin by market cap, in the Polkadot Asset Hub parachain... 'Now, every parachain in Polkadot’s ecosystem can access USDC natively without the need of a bridge,' said Polkadot on Twitter."
Digital Assets & Financial Innovations
News About: NFTs, DeFi, Real World Assets (RWA), DAOs, Token Standards
Aave deploys DeFi protocol on BNB Chain
CoinTelegraph | Erza Reguerra
“Decentralized finance (DeFi) platform Aave has deployed its money market protocol on the BNB Chain network as the blockchain expands its DeFi ecosystem.
In an announcement sent to Cointelegraph, the BNB Chain team said that Aave is joining the growing list of DeFi protocols on BNB Chain. The lending protocol is joining the likes of Uniswap and PancakeSwap to boost the DeFi ecosystem on the blockchain network.”
Penta Lab research report: dYdX-V4 version released, DEX leader can be expected in the future
Penta Labs
“Transaction volume continues to occupy the leading position in the decentralized exchange track. dYdX is a decentralized exchange platform that provides perpetual trading options for more than 35 popular cryptocurrencies, ranking among the top three decentralized exchanges in terms of trading volume and market share.”
Tokenization in 2024: The Next Wave in Financial Innovation
CoinDesk
"Everyone from TradFi leaders to the crypto cognoscenti predicts that the tokenization opportunity runs to the tens of trillions. While we’ve already seen some compelling use cases, these are a drop in the ocean compared to the flood of digitized assets that could move on-chain in the next few years."
Web3
News About: Web3 & DWeb, Decentralized Identity
Philanthropy and Climate Change with Web3 and Art
CoinTelegraph
“Code Green, a project focused on leveraging blockchain technology for social and environmental activism, illustrates how Web3 and art can come together to reform philanthropy and combat climate change. The initiative demonstrates the power of NFTs and blockchain to mobilize resources and awareness for crucial causes, moving beyond traditional fundraising methods to a more collaborative and inclusive approach.”
Expansion in Web3 Gaming
Coindesk
Saltwater Games, a Web3 gaming company, has successfully raised $5.5 million in seed funding to enhance its operations and technology stack. This investment marks a significant step forward for the Web3 gaming sector, highlighting the growing interest and confidence in blockchain-based gaming platforms that promise to deliver innovative and immersive gaming experiences.
Innovations in Web3 Financial Services
YahooFinance
“'Build with Reltime', the world's first Web3 Banking-as-a-Service (BaaS) suite, introduces a revolutionary approach to financial services. Offering over 250 APIs for various banking and financial operations, Reltime aims to bridge the gap between traditional banking and the decentralized world of Web3, providing customers with a seamless, secure, and efficient banking experience. This initiative underscores the transformative potential of Web3 technologies in reshaping the financial services landscape.”
Enterprise & Adoption
News About: Corporate Adoption & Public Markets
Google Cloud Expands Blockchain Integration
CoinDesk
“Google's cloud division is intensifying its blockchain efforts by adding 11 networks, including Polygon, Optimism, and Polkadot, to its BigQuery program. This initiative aims to enhance public access to blockchain data sets, demonstrating Google's growing commitment to the blockchain sector. The move underscores the tech giant's strategy to deepen its roots in Web3 and blockchain technologies, indicating a bullish outlook on the integration of blockchain into mainstream cloud services.”
AWS Partners with Avalanche to Scale Blockchain Solutions
TechCrunch | Jacquelyn Melinek
“Amazon Web Services (AWS) has formed a partnership with Ava Labs, the entity behind the Avalanche blockchain, aiming to facilitate the adoption of blockchain technology across enterprises, institutions, and governments. This collaboration will simplify the process for individuals and institutions to launch and manage nodes on the Avalanche network, enhancing its strength and flexibility for developers. AWS will support Avalanche’s infrastructure and its decentralized application ecosystem, including one-click node deployments. This foundational partnership represents AWS's commitment to supporting all blockchain protocols and marks a significant step towards mainstream blockchain adoption.”
Gaming/Metaverse
News About: Gaming & Metaverse
Promising Metaverse Projects of 2024
MetaversePlanet
“Infinite Launch has unveiled five new metaverse projects that are catching the eye of enthusiasts and investors alike. These projects, expected to launch through Initial DEX Offerings (IDOs), include:
Bullieverse: A fantasy metaverse island offering extraordinary gaming experiences and play-to-earn models using Unreal Engine.
Battle of Guardians: A multiplayer NFT fighting game set across multiple realms, built on the Solana network.
Arenum: Innovating as the next step in Web3 infrastructure, Arenum focuses on Mobile E-sports Tournaments and offers incentives for both developers and players.
Colizeum: A cloud-based platform facilitating tokenized tournament games on the Cardano blockchain, aiming to simplify play-to-earn economies for game developers.
GalaxyBlitzGame: A strategy war game integrating NFTs as main assets, allowing players to engage in space and land dominance wars.”
Top Metaverse Games to Explore in 2024
InfluencerHub
“The gaming metaverse continues to expand, with several notable games leading the charge:
Axie Infinity: Continues to grow, offering a vibrant world where players breed, raise, collect, and battle fantasy creatures known as Axies.
Decentraland: Provides a decentralized virtual reality platform where users can buy land, create, and monetize content and applications.
Sandbox: A user-generated platform allowing players to create, own, and monetize their gaming experiences in a virtual world.
Illuvium: Positioned as a AAA quality, blockchain-based RPG where players hunt and capture deity-like creatures in an expansive open world.
Star Atlas: A visually stunning space exploration game built on Unreal Engine 5 and leveraging the Solana blockchain for a comprehensive metaverse experience.”
Moonray - A Bitcoin Metaverse Game
Decrypt | Andrew Hayward
“Moonray, a Bitcoin metaverse game built on the Stacks network, has raised $3.5 million. Stacks, which settles transactions to the Bitcoin blockchain, enables Moonray to offer NFT-driven metaverse experiences. This action RPG plans to use NFTs for in-game collectibles, skins, and weapons, purchasable with Bitcoin. The game emphasizes the value of owning in-game assets on a blockchain, highlighting the security and decentralization benefits of Bitcoin.”
Regulation & Compliance
News About: Regulation, Tax Implications, AML/KYC
U.S. Regulation Overview
CoinDesk
“The U.S. Congress is grappling with cryptocurrency regulation, indicating that a comprehensive regulatory framework might not be established until after 2024. Despite this, we can expect further developments through court rulings and policies from regulatory agencies. The SEC's approval of 11 spot Bitcoin ETFs marks a significant step, showcasing regulatory willingness to integrate crypto into mainstream financial systems. However, the industry faces challenges, such as regulatory scrutiny and the need for clearer guidelines to foster growth and innovation.”
Global Perspective
BrittanicaMoney
“Globally, cryptocurrency regulation varies significantly, with countries adopting diverse approaches. Some regions, like Canada and the UK, have implemented frameworks to oversee crypto trading platforms and ensure compliance with anti-money laundering and counter-terrorism financing measures. Others, like El Salvador, have taken bold steps by adopting Bitcoin as legal tender. These varied approaches underscore the complex, evolving nature of global crypto regulation.”
Impact and Challenges
CoinDesk
“Regulatory efforts aim to protect investors, deter illicit activities, and promote industry maturity. Effective regulation can enhance market participation by boosting investor confidence and facilitating innovation. However, the industry faces challenges, including the potential for regulations to limit market access, stifle innovation, and create jurisdictional enforcement complexities. Balancing the need for oversight with the dynamic, innovative nature of the crypto industry remains a key challenge for regulators and industry participants alike.
As the crypto industry continues to grow and evolve, staying informed about regulatory developments is crucial for investors, companies, and other stakeholders. The ongoing dialogue between the crypto industry and regulatory bodies will likely shape the future of digital assets, aiming for a regulatory environment that supports innovation while ensuring market integrity and investor protection.”