BIT Blog

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.

Institutions Leads The Charge In Making DeFi A Legitimate Financial Space, Says Chainalysis’ Latest Report

Chainalysis’ latest report shows that institutions are getting in on the action within the DeFi space. On-chain data show institutions moving their funds from centralized exchanges to non-custodial wallets after the FTX saga, and the same wallets are being used to interact with DeFi platforms for financial functions such as trading, investing, and lending.

World Cup Event Shows Digital Assets Augment Experience For Football Fans

Argentina, the winner of the World Cup 2022, proved that fans are keen to collect digital collectibles and tokens associated with the Argentine Football Association throughout the global event. Fans traded the Argentine Football Association Fan Token and purchased $503,000 worth of NFT soccer trading cards on Sorare, which has led the association to explore digital meetups for fans and collectible opportunities in the metaverse.

Metamask Inches Closer To Being The De Facto Digital Wallet With Novel Non-EVM Solution

The popular Web3 digital wallet Metamask could only be used with Ethereum Virtual Machine (EVM) compatible blockchains, but a new non-EVM solution by Proximity Labs may set the precedent for its use on non-EVM chains. The team created a smart contract called NETH that is deployed on the NEar blockchain, and it enables Metamask to directly interact with NEAR decentralized applications.

GameFi and NFTs Take Top Spots In Attracting Venture Investment, According To The Block Research’s 2023 Digital Assets Outlook

Crypto-based media platform The Block released its latest 2023 Digital Assets Outlook report last Wednesday, and non-fungible token (NFT) and Web3 gaming-focused projects have been drawing investments with a total of USD$8.3 billion. On the same topic within the report, Web3 games will most likely focus on wallets and on-chain games, while NFTs take the spotlight with new types of assets and discussions involved.

Solana Network Picks Up In Terms Of NFT And GameFi Utility

Despite the downturn, NFT transactions on the Solana network have crossed US$50 million in terms of 30-day sales volume. This makes the Solana network the second largest in terms of NFT volume, with Ethereum being first and ImmutableX taking third place. Users on the Solana network can also look forward to new NFT features such as compressed NFT minting and Web3 game titles next year.

Memecoins Eager To Prove Utility With Baby Doge’s Latest Partnership

Memecoins might have taken a backseat after rising to fame in 2021, but the teams behind the tokens aren’t giving up on their projects just yet during the downturn. Baby Doge Swap, the decentralized exchange for the memecoin Baby Doge, has partnered with the DEX aggregator 1inch Network to become a new source of liquidity for the platform.

BNB Chain’s Focus On Technological Improvements Pays Off By Surpassing Ethereum

The BNB Chains has taken the top spot for being the largest Layer-1 blockchain with its number of unique addresses on the BNB Chain beating Ethereum’s and hitting over 230 million users. The team behind its growth attributes this to significant technological advancements being made on the chain, such as multichain interoperability, BNB Sidechains and the zkBNB Testnet.

DWF Labs Advances Entertainment On The Blockchain With Its Investment In SOMESING

DWF Labs has been making headway in the South Korean Web3 space with its latest investment into SOMESING, a blockchain-based ‘Singing Content Platform’. The partnership sees DWF Labs investing over USD$1 million into the project, which affirms the venture capital’s faith in the blockchain space after opening its latest headquarters in the South Asian nation.

DWF Labs Options Subsidiary Drives AI Initiative With Latest Seed Funding

Darley Technologies, the options trading subsidiary of DWF Labs, seeks to drive AI innovation with its successful seed funding round with ZENPULSAR. The AI-driven data platform aims to dissect large amounts of social media conversations to predict emerging narratives.

‘Be Bold, And Believe In What You Are Building’ says DWF Labs Co-founder

DWF Labs co-founder Andrei Grachev recently sat down with media platform Bitcoinist to explain why DWF Labs is still placing faith in Web3 developers despite the market downturn. Not only does the venture capital (VC) invest in promising companies, the team also provides valuable non-investment assistance such as unlocking liquidity and listing on reputable exchanges. While the downturn has exposed malfeasance within leading cryptocurrency platforms, Andrei believes that supporting recovery initiatives like those launched by Binance ultimately leads to a better Web3 space.

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