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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.

More Institutions Using Digital Assets For Payments

JP Morgan recently saw its first European blockchain transaction go live with its own permissioned-based JPM Coin used as payment and the transaction conducted by Siemens AG. The service was introduced in 2019 and allowed client accounts to make payments around the clock using blockchain technology. Within four years, transactions made via the JPM Coin have chalked up about $300 billion. Other institutional giants like German software SAP have also announced that it is using digital assets like USDC for payments too.

Lightning Network Sees New Highs In US Dollar Assets On Network

The Lightning Network, a Layer-2 protocol of the Bitcoin blockchain that allows for off-chain transactions, has reached a new all-time high in terms of the amount of US dollars being facilitated on the network. The network’s capacity exceeded $172 million on Saturday which meant that there was an overall increase of 105% in terms of dollar assets on the network. The sudden popularity of the network can be attributed to the ongoing Ordinals craze, along with the bullish sentiments towards the price of Bitcoin as it crossed the $30,000 mark.

Dip in Ethereum Balance On Exchanges Signify Bullish Sentiments

Crypto analytics platform Glassnode signaled that the exchange balance of Ethereum on centralized exchanges have dipped drastically in the last month, reaching a new low of 12.6%. While this is due to Ethereum being moved off the centralized exchanges, the staking of ETH has further contributed to the decline of the token on exchanges with 30% of ETH supply currently locked in smart contracts.

Bitcoin ETF Fever Sees Inflow Into ProShares BITO Fund

With the introduction of a Bitcoin exchange-traded fund (ETF) by BlackRock recently, the Bitcoin futures fund, ProShares Bitcoin Strategy ETF, also saw a surge in capital inflows from institutional investors. The fund was one of the first few BTC-linked ETF in the United States, and it had its largest weekly inflow in a year at $65.3 million, bringing its total assets to $1 billion. Similarly, the Grayscale Bitcoin Trust (GBTC) also had its discount dip from 49% to as low as 31.2%.

Transfer Tokens Between Ethereum And TON With New DeDust Bridge

DeFi platform DeDust has launched a bridge that allows users to transfer assets between Ethereum and The Open Network (TON) through the wallet. Previously, users had to rely on their Metamask wallets to access the TON Ecosystem from Ethereum. The bridge offers support for the Wallet Connect protocol and enables the use of various crypto wallets such as Uniswap Wallet, SafePal, and Rainbow.

TON Seeks To Bring NFT Ticketing Utility Into The Ecosystem

The TON Foundation, the driver behind the development of The Open Network (TON), will be collaborating with Oveit to bring NFT ticketing functionality to Telegram. The latter is an events technology company that offers a one-stop-shop solution for experience ecosystems, and the partnership will allow accessibility of NFT tickets through the Telegram app. Users can access the tickets as a dynamic QR code within the Telegram wallet, and chatbots can identify whether an individual owns an NFT ticket.

Conflux Network Mints Three New Partnerships Within A Week

Conflux Network, a Layer-1 blockchain that uses a tree-graph consensus algorithm and has been making headways into the blockchain industry in Hong Kong and China, has minted another three new partnerships with other protocols just last week alone. This involves partnerships with Supremacy, a Web3 security platform; dappOS, an operating protocol that manages crypto infrastructures for users; and NuLink, a privacy-preserving technology that provides APIs for decentralized applications.

Kava Becomes The Gateway Hub For Tether On Cosmos

Kava, a decentralized network built on Cosmos that aims to combine its speed and interoperability with Ethereum, has been chosen by Tether as its key gateway to the Cosmos ecosystem. Tether is the issuer of USDT stablecoins, and the decision would increase financial stability within the Cosmos ecosystem by streamlining stablecoin liquidity provision and transfer between the Cosmos and Ethereum ecosystems. This in turn would pave the way for a significant expansion of the DeFi economy on Cosmos.

impactMarket Celebrates Krisan Success On World Refugee Day

Human empowerment protocol impactMarket has released positive results of its Unconditional Basic Income (UBI) program focused on uplifting the conditions of the refugees at Krisan camp in Ghana. The protocol aims to provide accessible financial solutions to empower underprivileged people, and their UBI program which distributes funds in the stablecoin Celo Dollar cUSD has seen spending on education surpass that of basic necessities, as well as a 63% increase in optimism among Krisan residents.

NULS Blockchain Promotes Greater Web3 Transparency With Latest Partnership

NULS blockchain, a network that provides a customizable and decentralized, modular network for developers to build solutions on, recently entered a successful partnership with Elven to offer better crypto business accounting solutions. The latter offers a decentralized accounting solution that processes on-chain transactions and automates accounting cycles, and NULS participants can apply for accounts through the partnership.

Unmarshal Launches AI Companion For Blockchain Navigation

The Unmarshal network, a multi-chain infrastructure that provides simplified access to data on DeFi, NFTs and the metaverse, recently launched the Unmarshal Sakhi, an artificial intelligence bot that helps users traverse the full blockchain. The companion is a refined smart contract search engine that is similar to ChatGPT, and lets users communicate with it in a similar manner.

Onomy Community Votes To Repurpose Bonding Curve Into Launchpad

Following the implementation of Replicated Security which allows developers to deploy new appchains into the Onomy ecosystem, the community is seeking to bootstrap new consumer appchains by repurposing Onomy’s bonding curve platform into an ecosystem launchpad, The revamped platform would serve as a hub for the initial distribution of new consumer chain tokens, and this would increase the number of utility cases for the native $NOM token.

Adventure Gold GameFi Enters Into Long-Term Commitment With DWF Labs

Adventure Gold, the key project supporting the Lootverse ecosystem, has publicly announced a long-term commitment with DWF Labs. The commitment will see a 7-figure purchase of AGLD tokens to provide greater liquidity to the ecosystem, plus the latter will contribute towards Adventure Gold’s community efforts to build development tools for on-chain game builders. With DWF Lab’s support, Adventure Gold is seeking to build and deploy more initiatives aimed at building such autonomous worlds.

WavesDAO’s Commitment With DWF Labs Makes Waves In The Market

WavesDAO, a for-profit decentralized autonomous organization (DAO) that supports the development of the Waves Blockchain, caused a spike in the price of the WAVES token after affirming a long-term commitment with DWF Labs. The latter recently announced its support for the network by committing 500K WAVES tokens Waves staking and voting in a bid to support WavesDAO. Currently, the project is seeking to move a third of Waves miners’ rewards into WavesDAO.

Conflux Network Extends Existing Commitment With DWF Labs

As the team behind the Conflux Network continues to establish itself as the key blockchain infrastructure in the East Asian Web3 space, they have also extended their longstanding commitment with DWF Labs in the form of continued monetary affirmation and professional expertise. DWF Labs was one of the earliest supporters of the promising network, and the extended commitment will further fuel the ecosystem growth of Conflux in Asia and Hong Kong.

Rollux Network Goes Live With Mainnet Launch

The eagerly awaited Rollux by SYS Labs has finally launched in the Web3 space this week. The EVM-compatible Layer-2 solution stands out from the other Web3 projects by utilizing merged mining to take advantage of the security that its Proof-of-Work consensus brings, while making use of Optimistic rollups to enable compatibility with Ethereum and allowing developers to scale on top of the Bitcoin network. The launch is only the first step as the team seeks to add more tools while eventually upgrading the network with an RPC aggressive cache.

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