Crypto-focused institutions are gearing up for a potential bullish move by adding to their resources and assets. Bitcoin mining firm Riot Platforms is purchasing over 33 thousand mining rigs which cost $162.9 million for the upcoming Bitcoin halving. On the other hand, MicroStrategy has added to its Bitcoin treasury by purchasing another 12 thousand bitcoins worth $347 million even as the price of the asset is going up amidst the market thaw.
Litecoin, often considered to be the version of silver to Bitcoin’s gold comparison in terms of digital assets, has seen its market cap jump exponentially, putting it back on the charts as one of the top ten cryptocurrencies in the market. It has gained 15% in value in the last week, and it has increased its cap to $7.7 billion. Its rise is attributed to it being one of four cryptocurrencies chosen by the Citadel Securities and Fidelity-backed EDX Markets to be traded on the exchange.
The Institutional Crypto Outlook Survey report from Binance collated over 208 feedbacks from Binance's institutional clients and VIP users, and 63.5% of respondents expressed a positive outlook for the sector in the next 12 months. Furthermore, at last 35.6% continued increasing their crypto allocation and holdings in the same period, while 50% of them are expecting to increase their cryptocurrency holdings in the coming months.
According to RootData, a visual and structured crypto projects data provider, venture capital fundraising might be on a downtrend but layer-1 blockchain infrastructures remain a priority for VCs who continue to invest in promising projects. While other Web3 niches like GameFi, NFT, and DeFi garnered fundings below $200M in the last 6 months, infrastructure projects consistently see funding rounds between $200M to $400M
Storm Trade, a decentralized trading platform that aims to be the first to offer derivatives products on The Open Network (TON), has recently launched an open beta of the exchange on their testnet. Testnet participants can choose to test its functionalities by conducting trades, and the developers are taking the test trading opportunity to allow users to trade anything from commodities to stocks. The team plans to launch Storm Trade on their mainnet once testing wraps up in two months.
Polygon Labs, the team behind the initial conception of the Layer-2 blockchain that aims to help Ethereum with scalability, released an in-depth explanation of its network infrastructure that aims to provide unlimited scalability and unified liquidity. The new infrastructure will have four layers with the staking layer forming the foundation, followed by the interoperability layer that has bridges connecting Polygon chains. The third is the execution layer and the fourth layer is a proving layer that standardizes ZK-Proofs across chains.
Quickswap, a key decentralized exchange (DEX) on the Polygon network that offers swapping, liquidity, and yield farming amongst others, saw its newly launched perpetuals exchange reach a total trading volume of $47 million. Also known as QuickPerps, the platform currently offers pairs for ETH, BTC, and MATIC, and it has collected more than $70K in trading fees. Currently, it has a total of $7.5 million assets under management at the time of writing.
Flow blockchain, a permissionless Layer-1 blockchain built for creating and supporting Web3 decentralized applications (dApps), recently issued the sponsored prize pool of $50k to twelve different winners of the Chainlink Spring 2023 Hackathon. The hackathon was organized to gather developers to showcase their passion and talent for Web3, with Flow being a key sponsor in supporting the endeavor. The winners include projects like FlowCapture, FlowCerts, and FundFlow.
Noah Litvin, a core contributor to the Synthetix platform, recently announced that he and the team are adding key improvements through Cannon, which is an infrastructure automation app that allows teams to rapidly create software environments and interfaces for existing protocols. Overall, the Cannon app makes it easy for developers to follow best practices for high-velocity engineering, and the team aims to use it to accelerate the development of the third version of the Synthetix platform.
FantaVerse, a metaverse that aims to let gamers & creators own and create all aspects of a high-powered gaming ecosystem, has been busy expanding its reach in Web3 through a number of partnerships with other projects. This includes a partnership with GameFi Demon War that combines NFT & multi-chain technology; MeStar, a block-styled metaverse that incorporates NFTs; and Atem, a decentralized content creation protocol helps creators tokenize their content.
Conflux network has been rapidly expanding its different Web3 ecosystems with a slew of initiatives over the past month. One such key ecosystem is that of its NFT space, where the team behind the project has achieved four partnerships with other projects and protocols These include its collaboration with NFTChina.hk, Hong Kong’s leading NFT trading platform; the cognac brand Martell on its first NFT launch; an NFT marketplace integration with USWAP; and the NFT minting of “Space Rongbao” collectible figurines on the network.
Celo, a blockchain network that is EVM-compatible and prioritizes a mobile-first experience for its users, has announced that the Chainlink data feeds are now active on the Celo mainnet. Celo first applied to join the Chainlink SCALE program after gaining tacit approval from the community, in which the team behind the network hoped to gain access to quality oracle data while minimizing gas fees from oracle nodes. The launch means Celo now benefits from a collective oracle network with common datasets.
Polytrade, a blockchain-based decentralized finance (DeFi) Web3 protocol that aims to revolutionize global trade, recently launched an asset tokenization marketplace that aims to tokenize real world assets (RWA) and transact them on the platform. Users can apply to be whitelisted on the platform before making their purchases, and other assets such as car loans, real estate, and structured credit, will be available in the future. To date, the RWA platform has transacted more than $110k in asset value
Decentralized finance protocol Symbiosis joined other important DeFi players such as Compound, PancakeSwap, and Kyber in supporting the Linea Voyage DeFi Week. Linea, which is the Layer-2 zero knowledge Ethereum Virtual Machine (zkEVM) which Consensys is building, launched a series of learning challenges to educate others about its ecosystem. Users who wish to participate can conduct swaps on Symbiosis as part of the tasks set by Linea and earn points for it.
MetaDojo, a metaverse project that creates ready-made blockchain-based 3D space for businesses, recently partnered with MetaBeauty to create a virtual headquarters. Visitors can embark on an immersive tour of the virtual space which has also been seamlessly integrated with an online shopping website. Furthermore, the virtual world will be part of a showcase to highlight New Zealand’s achievement in the Web3 space as part of its delegation to China.
DIVA protocol, a contract-based operating systems platform that provides highly flexible smart contracts for creating peer-to-peer derivative products, went out with its official mainnet launch last week. The launch saw the protocol being listed across a number of key blockchains such as Ethereum, Polygon, Arbitrum One, and Gnosis, and it allowed users to create & manage custom derivative contracts for use in the decentralized finance space. The team will also be deploying its first oracle adapter via the Tellor Protocol to provide accurate reporting as well.