DWF Weekly: Crypto Snapshot
Bitcoin Emerges As The Victor Atop The Shambles Of Fiat Currencies And Banks, Says CoinDesk
CoinDesk asserts that the recent shake up in the banking industry has only heightened the awareness that Bitcoin is a reliable asset of value as compared to traditional assets. Instead of cryptocurrencies being the root failure of the collapsed banks, mismanagement and a system cracking under the stress of aggressive inflation control has led to today’s issues. With stablecoins showing susceptibility thanks to their fiat pegs, the original digital currency seems to be the only asset that is unperturbed by the market turbulence.
Bitcoin Holds Its Value Better Than Crypto Stocks
A side-by-side comparison of Bitcoin’s performance against crypto stocks such as that of Coinbase and Nubank shows that Bitcoin is a better performer within the same timeframe. Bitcoin’s year-to-date performance shows a price increase of 55%, while Nubank, a Brazilian neobank, has only risen by 26%. Since the market debut of Nubank’s NU stocks, its value has dipped more than 50% in the bear market of 2022, while Bitcoin fared better with a 44% dip within the same period.
Current Banking Crisis May Hold A Silver Lining For New Players, Says DWF Managing Partner
Managing partner of DWF Labs, Andrei Grachev, shared his views with CoinDesk about the chain of events that may unfold in the wake of major banking partners collapsing in the past week. While this causes short-term pains for the cryptocurrency industry, it provides a silver lining for smaller, agile banks with innovative ideas to take up the mantle of being the bridge between traditional finance and decentralized finance.
DWF Labs Taps Into Lower Trading Slippage Across CeFi And DeFi With Synthetix Partnership
DWF Labs recently purchased US$15 million worth of Synthetix ($SNX) tokens as part of its latest partnership with the derivatives protocol. To increase the liquidity of SNX tokens on centralized and decentralized exchanges, DWF Labs will leverage Synthetix perpetual swaps into their trading operations and facilitate market making for the token. In addition, Synthetix’s integral role in DeFi derivatives will allow DWF Labs to employ innovative trading and hedging strategies.
Ethereum Finalizes The Launch Of The Shanghai Upgrade
The date for the completion of the much-awaited Shanghai upgrade has been set for 12 April by the core developers of the Ethereum network. The upgrade will implement five different Ethereum Improvement Proposals (EIPs), of which EIP-4985 will allow users to withdraw their staked ether from the Beacon Chain after more than 2 years since it began in 2020. Validators will receive their rewards automatically and stakers can choose between a partial or full exit from their staked positions.
Yield Guild Games Taps Into The Southeast Asian Gaming Community With Latest Partnership
Yield Guild Games Southeast Asia (YGG SEA), which is the regional subsidiary decentralized autonomous organization (DAO) for the DWF-backed YGG, has partnered with blockchain platform ThunderCore to scale up projects that are building blockchain games and virtual worlds within Southeast Asia. The resulting developer program will build upon the growing Web3 gaming interest in the region.
Microsoft Gears Up For Web3 Integration With Wallet Prototype
Software giant Microsoft is making its move into the Web3 space with a non-custodial crypto wallet that will be integrated into the company’s proprietary Edge browser. The move was discovered after a researcher shared the code that featured the wallet in the latest version of the web browser, and the wallet seems to function properly despite being hidden from users at the moment.
The Open Network Rewards Six Promising Projects With Grants
Six projects that are building on The Open Network (TON) have been selected to receive grant rewards as part of the network’s quarterly grant program. They have been chosen for their contribution to growing the ecosystem and they include TON TLV Meetup, an initiative that organizes events and workshops; TON Link, which aims to implement a Proof-of-Stake consensus; and Tonana, a decentralized app that enables the cross-chain exchange of tokens.
Analysis Of TON Tokenomics Show A Cooperative Community Of Miners And Validators
Crypto research company Whiterabbit did a deep dive into the token allocation of The Open Network which revealed a responsible balance of token mining and distribution. The data show that at least 85.8% of the token supply was distributed between groups of miners, and these were distributed slowly to limit its supply and maintain a positive impact on the price of the TON token. Token whales also voted to freeze their addresses, and the remaining tokens are believed to be distributed to key projects soon to drive the adoption of the TON blockchain.
DWF-Sponsored Hack-a-TONx Successfully Lists 108 Approved TON Projects
The recent Hack-a-TONx DoraHacks Hackathon, of which DWF Labs sponsored US$50,000 in prize awards, saw Web2 and Web3 developers coming together across the globe to create and test new products on the TON blockchain. Hackathon participants were also able to access mentorship and workshop support to bring their ideas to reality throughout the duration of the event, and the first phase saw 108 approved projects being listed with another 122 projects still in the pipeline.
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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