What is New in the On-chain Economy this week?
Oluchi Enebeli
Top 10 Women In Web3 - Changemakers @Near | UK-GT Exceptional Talent | Senior Software Engineer @Alluvial | AI Explorer | AI Agents | Founder @Web3Ladies
Did you know that Vitalik Buterin donated over $500K in animal-themed coins to charity this week? Hi there! It's another week and another wave of excitement! This week, the on-chain world has been on fire with groundbreaking developments, from Ethereum's Layer 2 networks hitting new heights to the continued dominance of meme coins. The ecosystem also witnessed groundbreaking partnerships, regulatory developments, and the rise of Web3 gaming, and we are here for all of it!
Need to catch up on the news? Here's a quick rundown.
Ethereum Layer 2 Networks Set New Record with 12.42M Daily Transactions
Ethereum’s Layer 2s are bustling with activity. The latest data suggest that the ecosystem has reached a new record for daily transaction volume. These networks were also found to hold more stablecoins than Solana and Binance Chain combined. This surge suggests growing adoption and scalability solutions working their magic.
Read More - https://cryptopotato.com/ethereum-layer-2-networks-set-new-record-with-12-42m-daily-transactions/
Crypto.com becomes the official UEFA Champions League partner
Crypto is officially mainstream! Crypto.com has become the first cryptocurrency platform to secure an exclusive partnership with the UEFA Champions League. The multi-year partnership, which will see the centralized crypto exchange become an official global sponsor of the UEFA Champions League, was announced on Aug. 14.
TON Crypto Ecosystem Gets Its Own Venture Fund to Invest $40M in Consumer Apps
The rapidly growing TON blockchain, originally started by messaging app Telegram, is getting its own venture capital fund. Ecosystem leaders are spinning out an independent, for-profit entity from the network's development foundation. TON Ventures announced its formation on Wednesday, led by Ian Wittkopp, the former director of TON Accelerator, and Inal Kardan, the former gaming lead at TON Foundation. This move could fuel further innovation and user adoption.
Brazil poised to launch world’s first spot Solana ETF ahead of global markets
Get ready for a global ETF race! According to IBM’s former blockchain growth lead, a potential Solana ETF approval in the US could act as a significant price catalyst for SOL. The first Solana spot exchange-traded fund (ETF) could officially debut for trading on the Brazilian stock exchange, ahead of all the other global jurisdictions.
Read more here Brazil poised to launch world’s first spot Solana ETF ahead of global markets (cointelegraph.com)
Dogecoin (DOGE) is the Most-Profitable Meme Coin: What About Shiba Inu (SHIB)?
The meme coin sector witnessed a?huge?resurgence earlier this year, with its market capitalization surpassing $60 billion. Despite retracing to the current $40 billion, the niche is still full of tokens that have brought numerous traders some profits (at least on paper). IntoTheBlock data?shows that Dogecoin (DOGE) – the?biggest?meme coin – ranks first in that ranking. Over 72% of its holders are?currently?in the green, while 25% are underwater.
Read More - https://cryptopotato.com/dogecoin-doge-is-currently-the-most-profitable-meme-coin-what-about-shiba-inu-shib/
MetaMask Starts Rollout of Blockchain-Based Debit Card Developed With Mastercard, Baanx
The future of payments is here! The new offering will allow MetaMask users to purchase directly from their self-custodial crypto wallet. The MetaMask Card is first available in a pilot phase to a few thousand users in the EU and UK, with a wider release expected later this year. Users will be able to make purchases directly with their USDC, USDT and wETH assets held on the layer-2 network Linea.
Binance to Delist Several Margin Trading Pairs on August 22, 2024
Binance announces the delisting of several margin trading pairs, including BICO/BTC and DAR/BTC, effective August 22, 2024. Binance, one of the world’s leading cryptocurrency exchanges, has announced the removal of several margin trading pairs, effective August 22, 2024. According to Binance, the delisting will impact both cross margin and isolated margin pairs. This could further boost the Base ecosystem.
Coinbase Promotes cbBTC, Wrapped Bitcoin Alternative for Base Blockchain
Tweets from the crypto exchange and Jesse Pollak, the creator of Base, suggest cbBTC could run on the layer-2 blockchain. Posts on X from Coinbase and Base creator Jesse Pollak suggest the crypto exchange is developing a wrapped bitcoin similar to BitGo's wBTC to run on the layer-2 blockchain.
Read more here https://www.coindesk.com/business/2024/08/14/coinbase-promotes-cbbtc-wrapped-bitcoin-version-for-base-blockchain/
领英推荐
Illuvium's Open Beta Launch: A New Era in Web3 Gaming
Illuvium officially launches its Open Beta on Immutable (IMX), offering a unique web3 gaming experience with high-quality graphics and immersive gameplay. Illuvium has officially launched its Open Beta on the Immutable (IMX) platform, marking a significant milestone in the web3 gaming landscape. The game, praised for its high-quality graphics and immersive world, offers a blend of open-world exploration, NFT creature collecting, auto-battler combat, city-building, and decentralized finance. Illuvium's Open Beta marks a significant step forward for Web3 gaming.
Hong Kong virtual banks eye Web3 growth despite regulatory hurdles
Despite capturing just 0.3% of retail bank assets, Hong Kong’s virtual banks are exploring opportunities in the Web3 space. Hong Kong’s virtual banks are reportedly at a critical juncture. They currently capture only a small fraction of the financial market and hold 0.3% of the assets of all retail banks. According to the South China Morning Post (SCMP), HK legislator Johnny Ng Kit-chong, a supporter of cryptocurrencies, believes that virtual banks can do more to serve Web3 companies. Could they become hubs for Web3 innovation?
Crypto gamblers have bet nearly $600 million on the 2024 election
Users on popular crypto gambling platform Polymarket have more than $592 million bet on predicting the outcome of the 2024 U.S. presidential election, with a higher volume of money bet on Donald Trump winning the electoral contest than Vice President Kamala Harris. Gamblers have already poured more than $74 million into the possibility of Donald Trump winning the presidency.
Resy co-founder explains new web3 project designed to allow diners to pay for meals with crypto
Diners, rejoice! A new Web3 project lets you pay for meals with crypto, thanks to Resy co-founder Ben Leventhal. He explained how his new web3 project Blackbird incorporates blockchain technology and how it would allow for diners to pay for meals in crypto.
Trump's election chances could drive bitcoin's price to $85,000, says Jon Najarian
As the 2024 election approaches, bitcoin's future remains a key topic of debate. In a recent discussion led by Roundtable anchor Rob Nelson, Jon Najarian, Co-Founder at Market Rebellion and Gokhshtein Media founder David Gokhshtein, a trio of experts discussed Bitcoin’s potential year-end performance. With the U.S. presidential election on the horizon, they highlighted how political outcomes could significantly impact bitcoin's trajectory in the coming months. Could Trump's victory drive Bitcoin to $85,000?
Russian President Putin Signs Law Legalising Cryptocurrency Mining
Russian President Vladimir Putin officially signed a law legalising cryptocurrency mining within the country on August 9. The legislative action classifies mining as a turnover component rather than a currency issuance. Under the new law recognises mining activities as part of turnover rather than digital currency issuance.
Read more https://cryptonews.com/news/russian-president-putin-signs-law-legalizing-cryptocurrency-mining.htm?
Ripple Begins Testing Its Stablecoin on Ethereum and XRP Ledger
The company plans to use Ripple USD (RLUSD) and XRP for cross-border payment services. Ripple, the enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said on Friday that it begun testing its stablecoin on the Ethereum (ETH) Mainnet and XRP Ledger. This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval. This could open up new avenues for cross-border payments.
Tether to Fight Celsius' $3.3 Billion 'Shakedown' Litigation
On Friday last week, Celsius asked a U.S. court to order Tether to relinquish a total of 57,428.64 bitcoin. Tether said it will fight Celsius' "baseless" lawsuit against it and in any scenario Tether token holders will not be impacted. Bankrupt crypto lender Celsius sued Tether for fraudulently securing itself as part of a loan agreement. Read more https://www.coindesk.com/policy/2024/08/12/tether-to-fight-celsius-33-billion-shakedown-litigation/?
CONCLUSION
That's all I have for you this week. The future of crypto is a rollercoaster, but one thing's for sure: it's not going anywhere, and I am here for it. Stay ahead of the curve by subscribing to Blocks&Chain for your weekly crypto insights. Don't forget to like, share, and follow me on all social media platforms @koderholic.
Let me know what you think about all these stories. Stay safe and see you with more exciting news next week.
Toodles!
I'm a finance nerd who wants to hold assets in a decentralized way. I mostly write about communities, DeFi, Blockchain, and tokenization A professional content writer with a knack for Rust.
6 个月Oluchi, your insights consistently provide such a clear and engaging snapshot of what's happening in the crypto space. This week's update is no exception! The developments on Ethereum's Layer 2 and TON Ventures are particularly fascinating. What are your thoughts on how the growing activity on Layer 2s might impact the broader Ethereum ecosystem in the long run? Thanks for keeping us all in the loop!