This Week in Crypto (Through October 27)
dYdX Launches on Cosmos, Polygon Launches Its First POL Smart Contract, Mastercard Partners With MoonPay and More Crypto Regulation Takes Effect in Europe
Blockchain Infrastructure
News about: Layer 1s & Layer 2s, Interoperability Consensus Mechanisms, Data Storage & IPFS
dYdX Launches Layer-1 Blockchain, Validators and Stakers Set to Receive All Fees
CoinTelegraph | Gareth Jenkinson
“Antonio Juliano, dYdX’s founder, highlighted that the launch of the dYdX Chain hinged on the likes of Circle and Coinbase launching on Cosmos in time for the creation of its genesis block. Juliano previously described dYdX as an “entirely new blockchain built on Cosmos SDK” and the “first-ever decentralized, off-chain orderbook.” The blockchain is also entirely open-source.”
Polygon 2.0 Milestone: POL Contracts Are Live on Ethereum Mainnet
Polygon Labs |
“POL, a next-generation hyperproductive token, will power a vast ecosystem of zero knowledge-based Layer 2 chains via a native re-staking protocol that allows POL holders to validate multiple chains and perform multiple roles on each of those chains (sequencing, ZK proof generation, participation in data availability committees, etc.)”
Digital Assets & Financial Innovations
News About: NFTs, DeFi, Real World Assets (RWA), DAOs, Token Standards
Friend.tech Sees Record Outflows as Top User Jumps Ship
Blockworks | Jack Kubinec
“The SocialFi app saw $5.81 million leave the platform on Oct. 23, the largest daily outflow since Friend.tech’s launch, according to DeFiLlama. The next day with available data, Oct. 25, saw Friend.tech’s second-largest daily outflow, with another $3.21 million heading for the exits.”
How Major German Firms Like Mercedes and Lufthansa Are Using NFTs
CoinTelegraph | Veronika Rinecker
“Adidas, Haribo, Lufthansa, Deutsche Post and other traditional German brands have joined the growing list of businesses venturing into the NFT space. This expansion marks a significant shift in the perception of NFTs, as they are no longer viewed solely as a niche investment opportunity.”
Web3
News About: Web3 & DWeb, Decentralized Identity
Solana Labs Launches Web3 Incubator Offering Dev and Fundraising Support
CoinTelegraph | Tristan Greene
“The Solana Incubator will accept applications through Nov. 30. Those accepted will purportedly receive support from the Solana Labs team and its partners throughout the development, marketing and launch phases of their projects.”
Enterprise & Adoption
News About: Corporate Adoption & Public Markets
Mastercard Partners MoonPay to Incorporate Web3 in Experiential Marketing
PYMNTS |
“The company has joined forces with Web3 infrastructure company MoonPay to explore how these tools can enhance consumer connections and redefine customer loyalty and engagement, MoonPay said in a Wednesday (Oct. 25) press release. This partnership aims to leverage blockchain’s potential to establish unique connections and meaningful moments while broadening the industry’s overall reach.”
Grayscale Partners With FTSE Russell for New Crypto Indexes Business
CoinDesk | Helene Braun
“U.S. crypto asset manager Grayscale Investments has entered into a partnership with FTSE Russell – the index division of London Stock Exchange parent LSE Group – to create a new crypto indexes business.
They revealed five indexes that track the performance of different crypto sectors, including currencies, smart contract platforms, financials, consumer and culture, and utilities and services, the companies announced Tuesday.”
Gaming/Metaverse
News About: Gaming & Metaverse
Polychain Capital Among Group Betting $20 million That First-Person Shooter ‘Shrapnel’ Can Succeed Where Other Web3 Games Have Failed
Fortune | Marco Quiroz-Gutierrez
“The round, which also saw investments by Griffin Gaming Partners, Brevan Howard Digital, Franklin Templeton, IOSG Ventures, and Tess Ventures, has been allocated almost entirely to developing the game, CEO Mark Long told Fortune. The company also raised $10.5 million in late 2021.”
Blockchain Will Be ‘Standard’ for Gaming in Asia: Bandai Namco Exec
Decrypt | Kate Irwin
“In Asia, less stigma around blockchain games means more activity. So far, this has proven true, with far more large publishers in Japan and Korea actively developing blockchain games than in the western world.”
Regulation & Compliance
News About: Regulation, Tax Implications, AML/KYC
New UK Law Grants Authorities Power to Seize Crypto Without Arrest
CryptoSlate | Oluwapelumi Adejumo
“Entitled the “Economic Crime and Corporate Transparency Bill,” this legislation empowers government agencies, like the police, to confiscate cryptocurrency assets as part of an investigation without necessarily arresting an individual for a criminal offense.
The bill was introduced in September 2022 and has undergone several amendments and corrections to cover money laundering or terrorist financing.”
Taiwan Crypto Regulation Gets Going With First Reading of Digital Asset Bill
CoinDesk | Sam Reynolds
“The bill requires operators of exchanges to commission periodic reports from accountants about their operations and the assets they manage. It also requires them to allow regulators such as the Financial Supervisory Commission (FSC) to inspect their internal control and audit systems on a regular basis.
While this draft of the bill doesn't mention Proof of Reserves specifically, it does say the regulator will set standards for asset ratios after consulting with the industry and expects licensed exchanges to adhere to them.”