Weekly update: Crypto Snapshot
On-Chain Metrics Show Possible Bounce From Market Slowdown
Despite the market pullback due to current fears of a higher-than-expected rate hike and the Silvergate news, the on-chain charts show a possible rebound as funding rate for BTC perpetual swaps remain neutral with no major liquidations in the futures market, which eliminates the possibility of a short squeeze. The BTC price of US$19,800 also forms a crucial support which current prices have since risen above.
South Korea Goes All In On The Metaverse With National Stimulus
When it comes to taking the lead in metaverse development and technology, South Korea comes first with its national push towards being a pioneer in the digitalverse. With over 33 million gamers generating $8.3 billion in revenue, the direction is to move the gaming industry towards the metaverse where it could stimulate economic growth and create more jobs for graduates in the future. Over 223.7 billion won (US$171.6 million) have been earmarked to help the country become a metaverse leader in the Web3 space.
Consumers Want Cryptocurrencies To Be Offered In Traditional Finance Institutions, Says Paxos
Retail interest in cryptocurrencies is growing higher as customers want to be able to purchase and transact with cryptocurrencies through their local banks and financial institutions. The conclusion was reported by Paxos’ latest annual survey regarding cryptocurrency adoption and purchasing behavior among consumers, with the other takeaways being that cryptocurrency expansion into daily transactions is a huge opportunity for financial companies.
Stablecoins Will Accelerate Machine Payments In Europe, Says European Think Tank
The Digital Euro Association, a European think tank that specializes in digital European currencies, believes that stablecoins could drive the growth of payments within the European Union. Pointing specifically to Machine-to-machine (M2M) payments, stablecoins could increase the scalability of current systems while reducing intermediaries, and it could play a huge role in micropayments that happen in different settings such as homes, workplaces, and social places.
Global Institutions Continue To Build Web3 Partnerships Despite Market Volatility
While markets are buffeted by ongoing macro factors and crypto events globally, large institutions are quietly building Web3 partnerships and infrastructures to prepare themselves for mass Web3 adoption. Both Meta and Nike have partnered with Polygon to power their upcoming non-fungible token (NFT) endeavors, and tech giants like Microsoft and TenCentGlobal have teamed up with blockchain infrastructure providers Ankr and MultiversX respectively to build decentralized product suites for their customers.
Cryptocurrency Returns To Its Roots Of Self-Custody And Decentralization, Says DWF Labs Managing Partner
Managing partner of DWF Labs, Andrei Grachev, had the opportunity to speak to Markets Insider about the potential liquidity crunch that the cryptocurrency markets face after the collapse of three major banking partners in the past week. Not all is doom and gloom as Andrei believes that the actions of the United States’ regulators in response to the crisis highlight the initial need for cryptocurrencies in the first place, and its accompanying self-custody measures.
DWF Labs Unlocks The Potential Of Decentralized Advertising With the Latest Investment Round in WOM Protocol
DWF Labs continues to explore the untapped potential of advertising within the Web3 space as it closes another round of investment funding with WOM Protocol, a blockchain-based marketing platform backed by DWF Labs. The latest round of funding will be used to bolster WOM Protocol’s efforts to empower brands and creators through its suite of integrated applications, while reaching out to new audience segments that WOM Protocol can cater to.
DWF Labs Concludes Investment In Orbs Network Via US$10M Token Sale
DWF Labs successfully concluded a US$10 million token sale with Orbs Network which saw the token price rising to a near 15% after the sale. A public blockchain infrastructure that operates in conjunction with EVM-based networks, Orbs Network will put the investment towards its dTWAP protocol for decentralized exchanges and further its contributions to The Open Network (TON) ecosystem.
Investments Into DeFi Increased Despite The Bear Market In 2022, Says CoinGecko
Cryptocurrency data aggregator CoinGecko reported that funding investments for decentralized finance (DeFi) increased by 190% in 2022 even as bearish events played out in the market last year. Key DeFi protocols such as decentralized exchange (DEX) Uniswap and liquid staking protocol Lido benefited from the influx of funds, while other related sectors such as blockchain infrastructure also saw a strong performance with its funding increasing by 40.2%.
Thailand Forgoes Tax on Digital Token Companies To Drive Industry Growth
To encourage the growth of digital tokens issuance in the country, Thailand has opted to waive taxes for companies that issue investment-based digital assets. This tax break means that registered companies in the country will be able to raise more funds and capital to drive growth through cryptocurrencies in addition to traditional methods such as debentures.
The Open Network Receives Recognition With Two Award Nominations
The Open Network (TON) has been continuous in its efforts to build an authentic Web3 community, and its efforts have been recognized with its dual nomination for the AIBC Eurasia Awards 2023. The event recognizes the best representatives of different technological industries such as artificial intelligence, blockchain, and quantum computing, of which TON has been nominated for “Blockchain Protocol of the Year” and “Developer Community of the Year”.
Another TON-Based Platform Offers Staking Rewards For Tokens On TON Network
The TON-based token rewards on the Gagarin launchpad platform are not out of this world, but it does offer users on The Open Network an opportunity to earn more TON tokens. The platform recently integrated into the TON ecosystem, and it allows investors to fund new upcoming projects in The Open Network through its project incubation initiative as well.
DWF Labs Successfully Participates In Tonstarter Seed Funding As A Key Investor
Tonstarter, a native launchpad of The Open Network (TON) that allows retail investors to participate in promising TON-based projects through a decentralized manner, recently closed its seed funding round of US$1.5 million with DWF Labs being a key investor. The launchpad platform aims to incubate projects on the TON network, and connect them with partnerships and potential investments to further expand and grow the TON ecosystem.
DWF-Backed Bifrost Finance Sees A Jump In TVL After Launching 5.0 Community Campaign
Bifrost Finance, a decentralized cross-chain liquidity staking platform on Polkadot backed by DWF Labs, saw its total value locked (TVL) on the parachain surpass US$63.4 million after launching its 5th Rainbow Boost campaign, which is also known as Rainbow boost 5.0. The campaign is a community loyalty program that allows participants to earn points called Raindrops for completing tasks during the campaign, and the recent round encourages the minting of tokens like vKSM, vDOT, and vMOVR.
DWF Labs Drives Lending Utility Via Its Latest Partnership with LEND
Cross-chain DeFi lending protocol LEND will be partnering with DWF Labs to expand decentralized finance (DeFi) lending across multiple chains, with initial plans to launch on Ethereum and BNB Chain. The partnership will accelerate LEND’s goal of creating a one-stop decentralized application (dApp) that lets users access lending liquidity from different chains at once, and create a seamless cross-chain DeFi experience for Web3 participants.
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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