Weekly Round-Up #98 | Get caught up on the latest developments in Web3!
DeFi Planet
A digital publication on Web3 including Blockchain Technology, Cryptocurrencies, Decentralized Finance (DeFi) and so on.
This Week in Web3: Top Headlines
In a surprising turn of bipartisan support for cryptocurrency, independent presidential candidate Robert F. Kennedy Jr. has expressed enthusiasm for former President Donald Trump’s commitment to the crypto space. Speaking at Consensus, Kennedy highlighted the importance of crypto for freedom and transparency, underscoring his common-sense approach to the digital currency debate. He praised Trump’s support and aligned with Trump’s pledge to review the case of Silk Road founder Ross Ulbricht, emphasizing the need for fairness.
Kennedy, who recently purchased 21 bitcoins for himself and his children, advocates for treating crypto as a currency rather than taxing it as capital gains. He envisions a future where cryptocurrencies facilitate everyday transactions, promoting financial freedom and innovation. Criticizing the current regulatory environment, Kennedy called for sovereignty over digital wallets and transparency in currency, aiming to position America as a leader in blockchain technology. He reiterated his ambitious plan to put the federal budget on the blockchain to decentralize the country and foster innovation.
Biden Vetoes Resolution to Overturn SEC’s SAB 121 Rule
President Joe Biden has vetoed H.J. Res. 109, a resolution aimed at overturning the SEC’s controversial SAB 121 rule. This rule requires financial institutions that safeguard customer digital assets to consolidate these assets on their balance sheets and make specific disclosures. Biden defended the veto, emphasizing that SAB 121 reflects the considered technical views of the SEC staff and is essential for protecting consumers and investors.
Biden’s administration seeks to work with Congress on creating a balanced crypto regulatory framework. Despite bipartisan claims by the resolution's supporters, voting records showed dominant Republican support. The American Bankers Association (ABA) has called for modifications to SAB 121 rather than a complete overturn, highlighting ongoing debate and potential future challenges to the rule.
Surge in Blockchain Gaming Investments
2024 Q1 has seen a significant revival in investor interest in the crypto market, particularly in blockchain gaming. April witnessed a staggering $988 million in investments, the highest monthly figure since January 2021. This surge is attributed to new technologies like Ethereum's Account Abstraction and the rise of Layer 3 blockchain solutions.
Major firms such as a16z and Bitcraft Ventures are heavily investing in the sector, with a16z raising a $600 million gaming fund. User engagement metrics are also strong, with daily active wallets for gaming dApps reaching nearly 3 million and the number of active blockchain gamers growing by 83% in 2024 to 90.3 million users.
Technological advancements like Account Abstraction and Layer 3 solutions are enhancing the user experience by eliminating seed phrases, reducing gas fees, and enabling seamless integration with familiar login options. These innovations are expected to drive the next wave of GameFi products and propel Web3 gaming into mainstream adoption.
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Spotlight on interesting projects?
Tezoro
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