Polygon 2.0, Web3 Identities, Regulations and Tequila NFTS ??

Welcome to another edition of the DIFX Dispatch.?It's the second week of June and we are here to try to give you something to read that isn't the same old boring SEC vs Binance story.

I mean we get it... The SEC doesn’t like crypto and Binance doesn't like the SEC...

so while we wait for this storm to brew over, let’s catch up on some other #WEB3 Shenanigans ??

Fancy being a Web3 Citizen of Palau?

Yes, you read that right you can now be an actual web3 citizen of a country, who will issue a blockchain-based web3 citizen ID which is legally recognised by some platforms as a form of KYC!

?But where in the world is Palau ??

Palau is an island off the coast between the Philippines and Papua New Guinea, which is making a strange wave across the web for its unique offering of a Digital Residency Program that is designed for Web3 citizens.?

Some famous Palauians include our very own Ethereum co-founder Vitalik Buterin who has been a citizen since February 2023. Palau's President Surangel Whipps, Jr, also stated the plans to develop with the upcoming Web3 world and be front and centre in issuing digital residencies.?

This definitely will be an interesting space to watch out for because if countries like Palau are showcasing the benefits of the NFT ID use case, it won't be a surprise if you start seeing your own country release an NFT-based government ID.

Global Regulators are on a roll

As reported by the Financial Times , the Hong Kong Monetary Authority (HKMA) is putting pressure on HSBC, Standard Chartered and Bank of China to take on crypto exchanges as clients.

This showcases Hong Kong's continued and consistent efforts to make itself the blockchain capital of the world. The active participation of public institutions' efforts to develop and adopt cryptocurrencies is a much-needed boost of confidence that the current crypto market needs.

Now looking at another highly crypto-adoptive country,

Nigeria, one of the leading P2P hubs around the world has recently imposed a 10% tax on cryptocurrencies.

Granted the news of this tax has garnered a mixed bag of reactions, as many find it too soon as the regulations are only still being formed, while the latter believe it's the right step for recognising crypto as a fundamental asset class.

Another country that's also making waves in regulations this week is Brazil, which has officially appointed the Central Bank and Securities Commission as Crypto Market Regulators.

The decree released on Wednesday stating the regulations clearly remarked the roles of the 2 stating that the Securities Commission will exercise control over assets considered securities, while the Central Bank will determine the rules that exchanges must follow, including the licensing requirements to operate.

We are sure to see more crypto companies making their way to Brazil, as it boasts one of the highest adoption rates of stablecoins like USDT & USDC.

Polygon 2.0 Incoming

Although not a current SEC favourite but a #DIFX favourite for sure….? the innovative blockchain developers Polygon Labs have come out with a plan to develop the New Value Layer of the Internet.

With this ambitious endeavour, Polygon is poised to change the very foundation of the Internet. Now this is something we are ready to get on board with!

Polygon is trying to democratize access to the global economy in the same way that the Internet democratized access to knowledge. Anyone may produce, exchange and program value seamlessly and securely with the help of the Value Layer, free from the control of gatekeepers and middlemen.

However, what makes Polygon 2.0 so exceptional??

It's the extensive set of proposed upgrades that promise to transform Polygon from top to bottom. In its pursuit of becoming the ideal Value Layer, Polygon 2.0 spares no effort when it comes to protocol architecture, tokenomics, or governance.

Imagine a network of ZK-powered L2 chains, unified through a groundbreaking cross-chain coordination protocol. The result??

An ecosystem that feels like a single chain for users, while supporting an unlimited number of chains. With Polygon 2.0, scalability knows no bounds and liquidity becomes unified and instantly accessible.

The Value Layer concept, first established by Ethereum, is elevated to a whole new level with Polygon 2.0. The gap between the current blockchain ecosystem and the rest of the Internet as we know it will be filled by this crucial component. The future is bright and it looks remarkably like Polygon.

As Polygon unveils the components of Polygon 2.0 in the coming weeks, the anticipation is palpable. Each detail, each blog post, and each community meeting promises to unlock new possibilities and shape the future of the Value Layer.

So buckle up for a crazy journey and get comfortable in your seats.

Polygon 2.0 is a revolution rather than merely an improvement.

Reddit Goes Dark

It seems like the streets of Crypto Reddit are under fire, yikes!

On Monday, June 12th, over 7,000 subreddit communities went dark to protest against Reddit's new API changes and pricing terms. The blackout by thousands of subreddit groups, according to Reddit, created a major outage for users on desktops, mobile devices and the mobile app.?

In light of the protest, Reddit replied immediately to this saying, “We’re aware of problems loading content and are working to resolve the issues as quickly as possible. We’re observing improvements across the site and expect issues to recover for most users. We will continue to closely monitor the situation.”

But what's the reason for this silent forum protest?

API Pricing Terms

Currently, more than 7,000 subreddits have gone private or read-only in response to the API pricing terms. The massive change in Reddit's API pricing has forced various third-party application developers for Reddit like Apollo for Reddit to consider shutting down its app by the end of the month.

The new API pricing set by Reddit will be very expensive for developers, and in turn, prohibit developers like Apollo for Reddit to operate the app.?

Many Redditors have expressed their unhappiness with how the API changes could force some accessibility apps to shut down. But Reddit has countered that by letting its users know that accessibility-focused apps will be granted an exception to the API pricing changes.

Currently, crypto-centric subreddits such as r/cryptocurrency, r/bitcoin, and r/ethereum have joined forces with over 7,000 other communities participating in the blackout.

Now, since the blackout on Monday, the question on everyone's mind is, where did all the other crypto-minded Reddit folk go?

Tequila and NFTs, a match made in heaven?

Infamous chef Guy Fieri, and legendary musician Sammy Hagar, have founded Santo Spirits, a company that is revolutionizing consumer loyalty programs by utilizing non-fungible tokens (NFTs).

Fans can expect an unmatched experience thanks to this new entry into the Web3 market, which also demonstrates the brand's dedication to innovation and participation in the rising #phygital industry.

The Santo Spirits Club, which just went live and is powered by NEAR Foundation , is gaining a lot of attention, as fans who join the club will receive a mystery NFT as a prize!

The first 1,000 members will additionally receive a surprise NFT as an exclusive bonus, where the true value and utility of these tokens will be unveiled alongside the much-anticipated release of Santo Spirits' A?ejo tequila in the coming weeks.

The loyalty program will offer three levels: regular, limited, and rare, each with a special set of exciting rewards. Members can look forward to unique VIP events, guitar giveaways with signed guitars, online tequila tastings with Fieri or Hagar as hosts and more benefits.

By leveraging Web3 technology, Santo Spirits join a nascent list of companies that are revolutionizing brand-led loyalty programs. In the long run, we might just see that consumer brands, rather than cryptocurrencies or digital art, are the ones that hold the key to mass blockchain adoption.

Companies can now have a direct line of communication with their consumers which will lead to more rewarding products and experiences.?

Spotted the Dosh Yet?

For the eagle-eyed South Africans out there, have you spotted DoshFX on your neighbourhood street ???

DIFX is proud to see its south african venture in partnership with eZaga , kicking up a storm within the region. With a mission of financial inclusion and making crypto assets accessible to all DoshFX paving the way for #crypto adoption in #SouthAfrica .

Well, that's it for us this week, it might have appeared to be a slow one but trust us, innovation, regulation and development have all been steaming ahead.

Albeit it being a little quiet, maybe quiet & steady #buidling is what we need at the moment.

About DIFX

Digital Financial Exchange (DIFX) ?is a global multi-asset trading platform that provides a secure and reliable way for users to Trade, Invest, and Store both digital and traditional assets. The platform is designed to meet the needs of both retail and institutional traders, offering a wide range of assets like Commodities, Stocks, Crypto, Indices etc; a 3rd party secure custodian wallet, IB & affiliate programs, advanced trading tools, and more. To begin your journey in diversifying your wealth, download the app now from the?iOS ?or?Google Play Store , or visit us at?difx.com

Disclaimer:?The content of this newsletter is only for educational purposes and should not be construed as financial advice, opinion or statements of any kind. Remember investing and trading in volatile markets like cryptocurrencies is highly risky and should only be done with the proper knowledge and understanding.