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Weekly update: Crypto Snapshot

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

Liquid Staking Is The New Black In The DeFi Sector

As the Ethereum network moves towards its deadline for the Shanghai upgrade, liquid staking protocols, which enable users to earn rewards for staking cryptocurrency while retaining the liquidity of the locked funds, beats lending protocols to become the second largest sector in terms of total value locked. Liquid staking protocols such as Lido which lets users stake ETH tokens for staked ETH (stETH) has seen its token rally, and the upcoming upgrade is expected to improve overall liquidity further.

Slight Price Correction Fails To Dampen Market Optimism For Further Upside

Cryptocurrency markets may have seen a slight pullback in prices, but traders are optimistic about cryptocurrencies moving to the upside. Cryptocurrency derivatives support the positive sentiment as the Bitcoin options put/call ratio indicated it to be at 0.65 at the start of March, indicating rising bullish sentiments among the options market. On the 7-day funding rates for inverse swaps, fundings rates also remained slightly above 0% which indicates a balanced demand between long and short traders.

Marketplace Tussle Drives Ethereum NFT Trading To Pre-Downturn Levels

Ethereum non-fungible tokens (NFT) saw its highest trading levels in the past week, which saw trading volume rise to pre-market crash levels on NFT marketplaces. The meteoric rise is due to the recent tussle between OpenSea and the upcoming as they vie for the spot of being the top NFT marketplace in the Web3 space. Blur has been heavy-handed in its approach by luring trade activity from OpenSea with token airdrops and incentives, while openly calling for creators to block trades of their NFT collections on OpenSea.

It’s Time For Bitcoin To Shine In The NFT Spotlight As Ordinals Interest Grows

Digital asset and blockchain leader Galaxy Digital predicts that non-fungible token (NFTs) minted on the Bitcoin network will be the next market trend as interest in Bitcoin Ordinals NFTs grow within the Web3 space. With over 250,000 Ordinals minted on the network, the Bitcoin NFT market is expected to grow to US$4.5 billion by 2025 with optimistic evaluations expecting the market cap to reach US$10 billion.

Celo Network Brings Easier Finance Access Via Mobile Phones, Says Celo President

Celo network, which is supported by DWF Labs as an investment partner, recently saw its president Rene Reinsberg share his views on regenerative finance via Cointelegraph’s latest podcast. Reinsburg emphasizes on the need to enable decentralized finance (DeFi) access through mobile devices which is ubiquitous in developing economies, and the network’s focus on incorporating increased functionality on mobile screens will help make an impact on the ground.

DWF Labs Launches DWF Ventures Studios To Support Dubai-Based Startups

To support upcoming Web3 startups within the established Dubai Multi Commodities Centre (DMCC) free zone, DWF Labs has established the DWF Ventures Studio as a new ecosystem partner of the DMCC. The studio is part of a US$5 million initiative to provide startups with necessary services such as market making and global venture capital to scale globally from the Dubai crypto hub.

Bitcoin Sees More Utility Adoption, This Time In The UAE

Ras Al Khaimah, a city in the United Arab Emirates and one of the many established free zones in the country, is looking to implement BTC payments to drive crypto utility for business payments and services, The zone is currently dedicated to Web3-related businesses such as digital asset providers, metaverse builders, and blockchain developers. DWF Labs has also recently established a new development initiative in another UAE free zone in the Dubai Multi Commodities Centre (DMCC).

Trade TON Tokens On Telegram With Its Newest P2P Function

TON Rocket, a cryptocurrency Telegram bots in the TON ecosystem, has enabled P2P trading on Telegram. The function allows users to trade easily within the messaging platform, and it enables users to on-ramp fiat currencies easily while storing TON in a Telegram wallet.

The Open Network Launches Its First Content NFT Platform On TON

The Open Network has launched Playmuse, a decentralized content NFT platform that caters to content entertainment such as music, podcasts, videos, and livestreams to name a few. Playmuse aims to bring onboard more than 100 artists and brands onboard upon its launch, and the platform is in the midst of its NFT pre-sale which allow holders to become a part of the community and earn TON at the same time.

Celo Network Brings Soulbound Tokens On-Chain With Latest Partnership

Decentralized digital identities have been of particular interest to Web3 users recently, and Ethereum co-founder Vitalik Buterin proposed a unique NFT-based soulbound token (SBT) solution to improve identification on the blockchain. To turn his theory into reality, Celo network has partnered with Masa Finance, an SBT protocol looking to create Web3 passports, to benefit users on the blockchain and allow them to access DeFi solutions on the finance-focused network.

Americans Keep Calm And Hodl On In Coinbase’s Latest Survey

A poll by cryptocurrency exchange Coinbase shows that over 50 million Americans are hodling their digital assets throughout the recent chain of bearish events that has been unfolding in the crypto markets. While the demographics comprise of a mix of age groups that show an interest in cryptocurrencies, the younger generation such as the millennials and Gen Zs are more likely to continue investing in the digital asset.

DWF Labs Drives Global Connectivity With Latest WiFi Map Partnership

Global decentralized connectivity tool WiFi Map will be partnering with DWF Labs to power unfettered access to wifi connections across the globe, and it aims to conduct its token launch with the digital asset market maker later on 30 March this month. The partnership allows WiFi Maps to tap into DWF’s expertise such as market making and smart contract auditing, and users who participate in the project can look forward to earning WIFI tokens as part of their participate-to-earn model.

Disclaimer: This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.

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