According to The Block Research, the continued buzz from the minting of Bitcoin Ordinals plus the trading of Bitcoin-based meme tokens on the network has translated to better results for the network in terms of wallet holders and transactions. Transactions on-chain soared to over 16 million in May, and the total amount of new addresses on the network jumped to over 499k by April. Unexpectedly, transaction fees deviated from the pattern by dipping to a quarter of the cost it was at the height of the memecoin mania in Mid-May.
The Tether-issued USDT stablecoin has managed to claw its way back up to its previous peak of US$83.2 billion in market cap, which it achieved prior to the collapse of the Terra ecosystem in 2022. Despite a shrinking stablecoin market at the moment, the troubles that its competitors faced helped propel the widely-used token back to the top. This comes as the Binance USD issuer Paxos was previously hit with regulations, and Circle USD was affected by the banking crisis in the past few months.
A combination of economic factors including the signing of the bill to raise the US debt limit, and the positive employment market report in the US, led to a volatile week that left BTC & ETH rising 1.39% and 3.5% respectively. On the other hand, DeFi protocol tokens such as LDO, SYN, and CAKE led the charts with a higher average gain of 13% as compared to other cryptocurrencies.
The ecosystem of web3 decentralized applications (dApps), AirDAO, has successfully ended its council elections of representatives that will oversee different parts of AirDAO operations. This comes as a part of a larger move to transition the network from a centralized authority to a community-led governance, and four operations members will be added to the five community members to form the first AirDAO Council.
Alchemy Pay, a rising crypto payments solutions, has successfully launched a partnership with Mastercard to make their Alchemy Pay NFT checkout available globally with Mastercard payments. This helps provide a secure and fast way to buy NFTs using the payment methods available under the latter, such as credit cards, debit cards, and local payment methods in different currencies. This helps reduce any potential delays or cancellations that could come with local regulations when purchasing NFTs with cryptocurrencies.
Immersion-based project Wilder World, which is a multilayered 3D platform that allows users to collect augmented reality displays and showcases, recently went out with an important update about their quarterly performances, as well as the upcoming developments the project would be pursuing in the coming months. Among these upcoming objectives were the launch of their multiplayer racing arcade platform, the launch of their Avatars digital collectible NFTs, and the showcase of their Wiami metaverse with nine digital neighborhoods in F1 racing decor.
Nulswap, the key decentralized exchange (DEX) of the NULS blockchain ecosystem, recently launched its native token onto its native NULS chain along with two other blockchains on Binance Smart Chain and Arbitrum. The launch on three different chains mean that users can access Nulswap’s native tokens on other DEXes such as Pancakeswap and Uniswap on the respective networks. The project aims to expand its decentralized finance services to encompass lending and leverage on the NULS blockchain in future.
The trending rise of Bitcoin Ordinals on the Bitcoin network has fans hankering for a common denominator between the rising asset and the burgeoning market, and two key Ordinal projects have cracked the code. The teams behind the Ordinals market and the Bitcoin Miladys NFT project recently launched a new standard, the BRC-721E, which converts Ethereum NFTs to Ordinals. The process will store the metadata of the former as a lower-quality preview onto the Bitcoin blockchain, which will only serve to fuel the current demand for Bitcoin Ordinals.
The TON Foundation, which is the core team supporting developments on the rising Layer-1 blockchain The Open Network, has proposed a burn mechanism for the TON network which suggests half of all network fees will be burned. This means that for every transaction made by network users, half of those will be burnt while the other half goes towards the validators as their reward. While burning half of all fees seems aggressive, the team highlights that this balances out against the issued staking rewards in the long run.
The Open Network (TON) is launching a new contest called the TVM challenge which invites all smart contract developers on TON to explore new features and opcode use cases that will be introduced in the upcoming TVM update.The contest will last three weeks, and it presents an opportunity to test new possibilities in creating new products on TON post-update. The projects will be evaluated based on their relevance, efficiency, uniqueness, and technical difficulty with a max score of 3 points for each category.
DWF Labs will be collaborating with The Open Network and the popular cloud platform Amazon Web Services to launch a hackathon that is open to individuals or groups of developers from around the world. Those who are interested in developing decentralized finance (DeFi) projects are encouraged to join, and the hackathon will have specialists from the three companies present to provide mentorship to the aspiring developers. All in all, over US$150k of prizes are up for grabs for selected winners of the hackathon.
Symbiosis Finance, a multi-chain liquidity protocol that aggregates decentralized exchange liquidity across different networks, has successfully integrated the Polygon zkEVM blockchain onto its platform. The network is a Layer-2 scaling solution that uses zero-knowledge rollups to scale up Ethereum transactions with cheaper transaction fees, and it has the benefit of bringing more liquidity to the Symbiosis ecosystem and boosting its security against attacks at the same time.
SYS Labs, the team behind the Syscoin native blockchain network, will be launching their EVM-compatible Layer 2 scaling platform Rollux on 28th June. This comes as the team recently wrapped up the successful dry-run of its mainnet while collating feedback on its earlier testnets. Rollux functions as Syscoin’s Layer 2 to help provide EVM users with swift low-cost transfers, executions, and contract deployments.
Sci-fi role-playing game Outer Ring MMO is building on the concept of deep space exploration with the project building its massively multiplayer online game (MMO) on Unreal Engine 5 which spans an entire universe in-game with an optional tokenized layer. Its latest commitment with DWF Labs will see the market maker providing long-term consultation and financial support to the project, and the latter will also support Outer Ring MMO’s growing ecosystem as they continue to attract new players.
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