Weekly update: Crypto Snapshot
Ethereum Staking Protocols Will See A Boom Post-Shanghai
After the Ethereum Merge in 2022, the next exciting upgrade on the network is the Shanghai upgrade that is anticipated to allow locked Ether to be withdrawn from the Beacon chain. The upgrade will likely see users withdrawing the assets and depositing it into liquidity staking protocols like Lido Finance, which could boost its growth and token value greatly.
Get A TON Of Available Space With the TON Blockchain’s latest feature
The TON Foundation eschews traditional physical and cloud storage with their latest efforts, the TON storage. Standing on par with other decentralized storage solutions like Storj and Filecoin, TON storage uses peer-to-peer communication to send files which are backed-up and encrypted without using standard web servers.
Stablecoins Are The New CBDCs In Hong Kong’s Latest Proposal
Stablecoins are often seen as the antithesis of government efforts to create a regulated Central Bank Digital Currency (CBDC), but Hong Kong Legislative Council member, Wu Jiezhuang, is warming up to the idea of issuing the digital Hong Kong dollar as a stablecoin. In his eyes, this would address the risk associated with digital assets and allow access to decentralized finance solutions.
NFT Royalty Revenue Booms Despite Market Slowdown In 2022
Top non-fungible token (NFT) collections have brought in millions in royalty revenue despite the market volatility and downturn throughout the year. Yuga Labs, the technology company that manages NFT projects like Bored Ape Yacht Club and Mutant Ape Yacht Club, saw a combined income of US$107.8 million, while the anime-inspired Azuki series and owl-inspired Moonbirds series brought in US$41.5 million and US$27 million.
With Shopify, Build Your Online Shop and….NFT Store?
As non-fungible tokens (NFT) enter the mainstream consciousness, e-commerce tooling platform Shopify gets in on the action by partnering with blockchain startup Venly to mint and sell NFTs on the Avalanche blockchain. Buyers with no digital wallets can purchase NFTs as well, and they will receive a new wallet with their NFT after making their purchase.
Transparency And Tokenization Is Key With Institutional DeFi
We have seen institutions moving to invest in digital assets in 2022, but how will institutions interact with decentralized finance (DeFi) solutions? The benefits of DeFi to institutions include making ledgers and transactions transparent, tokenizing assets to allow instant settlement while reducing risks, and making use of smart contracts to create better financial products.
World Mobile Token Launches EarthNode NFTs On Cardano
World Mobile, a blockchain-based mobile network that aims to bring the unconnected online, just launched its series of EarthNode NFTs for the project’s node operators on the Cardano blockchain. These NFTs represent their ownership of an EarthNode which act as validators that process transactions in the proof-of-stake consensus network. Node operators must claim their NFTs to earn monthly rewards under the project’s Rewards Distribution Programme.
Decentralized Exchange Aggregators See Uptick In Utility
DeFiLlama, a popular data analytics platform that tracks the total value locked on different chains, has launched its Decentralized Exchange (DEX) Aggregator with much success; the platform has shown positive results by moving between first and second place in 24-hour trading volume. Another DEX aggregator, 1INCH, has also recently launched its Fusion upgrade which saw a warm reception from the DeFi community.
The Metaverse Becomes Reality As Corporations Accelerate Its Adoption
Large companies and corporations have been adopting the metaverse in their branding efforts, but South Korean conglomerate LG has taken it up a notch by expanding its metaverse offerings. The corporation has adopted a digital wallet supported by Hedera that allows their users to trade NFTs with their smart televisions, and the same television can access the metaverse platform Sansar too.
It’s All About The Experience For The Future Of NFTs
With reports of NFT trades doing well despite the downturn, NFT utility and partnerships have not been left in the lurch. Luxury brands and goods such as Gucci and Louis Vuitton are making a name for themselves in Web3 by holding experiences and fashion shows in digital worlds, and NFTs plus the metaverse are also finding their niche in music festivals with stars like Ozzy Osbourne performing in the metaverse, and Coachella embracing AR technology.
Innovation, Integration, and Community is Key To A Successful Blockchain, Says Comparing Layer-1 Platforms: 2022 Edition by The Block
The latest research report by The Block shows that coming up with new innovative ideas and engaging the community is a great way to build a blockchain ecosystem in 2022 and 2023. Commissioned by the Solana Foundation and Ava Labs, the report reveals that Layer-1 blockchains are incorporating new technologies like sharding, while successful chains rely on a feedback loop of developers and end-users to grow.
Skip The Wait On NFT Trading With NFT Decentralized Exchanges
Trading non-fungible tokens (NFTs) on marketplaces can be a long-drawn process, and NFT Protocol Collection’s newly launched NFT Decentralized Exchange (DEX) could reduce the process significantly. Users can create liquidity pools, akin to an exchange’s limit orders, and set their desired NFT traits on the platform before waiting for the trade to be completed.
More Web3 Projects Join Initiatives To Create Safer Blockchain Ecosystems
More initiatives such as Binance’s Industry Recovery Initiative are springing up in the wake of a tumultuous 2022 to aid Web3 initiatives. One such initiative is the AvengerDAO, a community initiative consisting of Web3 firms and projects like Certik, Go Plus, and SlowMistthat which aims to protect users from exploits. The DAO will add another member, Blockchain research Bubble Maps, into the fold to boost blockchain security further.
Disclaimer: This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.
Join BIT’s Premium channel for more insights into crypto!