BIT Blog

DWF Weekly: Crypto Snapshot

DWF Weekly: Crypto Snapshot
Brought to you by DWF Labs, the global digital asset market maker and multi-stage web3 investment firm.

Arbitrum DAO Community Approves Proposal To Lock 700M ARB Tokens

Over 700 million ARB tokens have been locked up in a vesting contract after a proposal to allocate the amount of tokens to the Arbitrum Foundation has been approved, which will be used to support initiatives built on Arbitrum’s ecosystem. With 700 million tokens being a significant allocation, the recent AIP-1.1 proposal implements stringent control measures on the allocation of the DAO’s treasury, which in turn forms the basis for the four-year vesting contract of the tokens.

Market Spotlight Shines On Decentralized Storage Tokens As Value Rises

Decentralized storage is cool again as key tokens within the niche saw a marked increase in price value over the weekend. Filecoin’s FIL, which previously gained popularity as the InterPlanetary File System (IPFS) became an accepted standard, saw a 12% increase in value over the week while Storj, a competing crypto-backed cloud storage platform, saw its token value increase by 15% over the week.

Ripple Enables Tokenization Of Real Estate Property

Digital payments solutions Ripple Labs, which is also the issuer of the XRP token, recently announced a pilot program to transform the real estate industry using tokenization. Users will be able to tokenize real estate property and utilize them as collateral for loans through Ripple’s proprietary platform. This is part of the drive towards real world asset tokenization where different assets of value can be tokenized on the blockchain, and the technology is seeing a growing interest from financial institutions.

USDC Issuer Aims To Take A Slice Of USD Trade invoicing

Circle, the issuer of the USDC stablecoin, is seeking to drive the growth of the company by targeting the Asia Pacific trade invoicing process which is conducted in US dollars. Circle’s founder recently highlighted that cross-border payments are still slow and cumbersome, and the integration of stablecoins like USDC into the Asia Pacific’s evolving financial ecosystem could be a big step forward in making payments becoming as easy as sending an email.

Vitalik’s Account Abstraction Could Be The Push To Bring Users Into Web3

The team behind Consensys, a Web3 Ethereum-based solutions company, believes that Vitalik’s concept of account abstraction could be the spark that Web3 needs to bring users into the ecosystem, especially those from Asia. The idea, which aims to allow the creation of non-custodial wallets as programmable smart contracts, could replace current wallets which are less user-friendly, and drive non-crypto natives to explore decentralized apps more willingly.

TON Launches TonStat To Monitor Key Performances On The Network

First Stage Labs, a VC firm and key contributor to The Open Network, has launched TonStat, an analytical service that allows users to easily monitor blockchain metrics on TON. The platform will track and display key TON metrics such as the number of registered network addresses and wallets, the volume of Toncoin burned or staked, and the number of NFTs issued to name a few. The platform will also allow users to independently assess the development of each TON Web3 niche.

BitDAO Effectively Burns 3 Billion BIT Tokens For Mantle Launch

BitDAO, a decentralized autonomous organization that is organized by holders of BIT tokens, has effectively passed a community vote to avoid converting over 3 billion BIT tokens in the Mantle Treasury into MNT tokens prior to its launch. The proposal is meant to reduce the potential diluted supply of MNT tokens on the platform. The proposal passed on 7 July with an overwhelming yes, which means that the tokens will be sent to a nominated burn address instead of being converted.

The Mars Metaverse Updates Land NFTs For Better User Experience

The Mars project, a Mars-based play-and-earn metaverse that is creating a playable virtual world with its own space character and land NFTs, has added an update to their land NFTs by changing their color scheme to fit the gaming norm that users are familiar with. Instead of using blue and purple for common and epic land rarities, they have now been changed to gold and green for easier identification. The changes do not impact the value nor features of the NFTs.

EVM Launch Played A Key Role In The Ecosystem, Says EOS Messari Q2 Report

A Messari report commissioned by the EOS Foundation showed that the launch of the EOS EVM increased activity on the network, especially in terms of bridging assets over to Ethereum-compatible chains. After the launch of the EOS EVM-compatible chain, the total value locked (TVL) on the chain saw an increase of $1 million by June. Furthermore, over $3 million in net assets were bridged from the EOS native chain to the EOS EVM to date.

Syscoin Name Service Releases Faucet For Rollux Testing

Syscoin Name Service, the Web3 domain platform on the Syscoin network that mints domains as non-fungible tokens (NFTs) has launched their own SYS token faucet on the Rollux network. The faucet is intended for users on the Rollux network to obtain a small amount of actual tokens or test tokens and use it to interact with the Rollux ecosystem. Users can use any Rollux-compatible wallet such as Metamask to obtain a small amount of tokens every twelve hours.

IX Swap Successfully Wraps Up Launchpad Contract Audit

IX Swap, a trading platform that aims to bring access to private market investments through tokenization and security tokens, has successfully cleared the smart contract audit for its upcoming launchpad which was conducted by Web3 security firm Chainsulting. While 8 issues were found throughout the course of the audit, none of them constituted critical or high severity issues that indicated any problems with the smart contract codes, and most were low to medium severity issues which were rectified by the team.

Eco-Friendly NFT Marketplace Launches On Rollux Network, a non-fungible token (NFT) marketplace that prides itself on being green and eco-friendly while being scalable, has launched on the Rollux network. The latter is a Layer-2 solution developed by SYS Labs, and itself aims to increase scalability while utilizing Bitcoin’s security and Ethereum's flexibility. The marketplace seeks to gather artists, collectors, galleries, and NFT enthusiasts in a single platform while hopping on the security and speed of the Rollux network.

Kava Network To Launch Internal Bridge As Part Of Upgrade

Kava network, which aims to bring the interoperability of Cosmos together with Ethereum, has announced it will launch an internal bridge as part of its upcoming Kava 14 upgrade. The Cosmos module responsible for it holds accounts that manages balances while owning ERC-20 smart contracts on the EVM side, which provides support for native Cosmos assets while allowing users to easily access native Ethereum decentralized apps like Uniswap, Compound, and Curve.

QuickSwap Provides Trading Solutions To DWF Labs

QuickSwap, a next-generation Layer-2 decentralized exchange and automated market maker, has become the next trading platform to offer trading services to DWF Labs, which will be using QuickSwap as part of its market making and liquidity provision solutions. In return, DWF Labs will also be providing liquidity to the platform and strengthening the $QUICK markets on other exchanges.

Sail The Seven NFT Tiers Of Neptune Mutual’s New Marketplace

Neptune Mutual, a decentralized insurance platform that provides smart contract risk coverage for blockchain assets, has launched their Neptune Mutual NFT portal and collections on the BNB Smart Chain. The NFTs are exclusively for users of the Neptune Mutual cover marketplace, and users can start by purchasing a policy and minting their first NFT which is a free soulbound token. By purchasing more policies or providing liquidity, users earn points that enable them to progress through the seven levels of the NFT collection.

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