Weekly update: Crypto Snapshot
Waves Protocol to launch DAO governance framework with potential airdrop
The team behind Waves will be launching a decentralised autonomous organisation (DAO) governance framework known as Power Protocol. Its aim is to add accountability and transparency into DAO governance that combines community-driven performance indicators with rewards or punishments
Trading volume for top NFTs are up despite negative market sentiment
The trading volume for Bored Ape Yacht Club (BAYC), Crypto Punks, and Mutant Ape Yacht Club (MAYC) spiked in November with BAYC recording its highest sales in six months. ApeCoin ($APE), which lets holders participate in the Ape DAO, has seen its price pump nearly 50% in the past three weeks.
TRON Network sees inflow of stablecoins worth $1 Billion
The TRON Network registered an inflow of $1 billion USDT over the last two weeks with spikes in inflow during late November. Despite the peak in inflow, the price of $TRX did not see any volatile changes with its value hovering around USD $0.053 at the time of writing.
Brazil gains clarity on local crypto regulations
Brazil’s Chamber of Deputies passed a regulatory framework that legalized cryptocurrencies as a payment method within the country. While the framework does not make cryptocurrencies like Bitcoin legal tender, authorities hope to encourage businesses to adopt and transact using cryptocurrencies.
DWF Labs join Binance’s Web3 recovery initiative and commits $15 Million
DWF Labs joined Binance’s Industry Recovery Initiative (IRI) and pledged $15 million to assist troubled protocols and help the recovery of the cryptocurrency sector. Thanks to its established risk management safeguards and diversification in both early and late stages markets, it has successfully managed to limit its exposure to any fallout from the FTX saga.
DWF Labs partners with Pyth Network to bring crypto data on-chain
DWF Labs has joined hands with oracle solutions Pyth Network in its latest line of partnerships. The asset market maker aims to bring high quality crypto data to the platform while leveraging on the Pyth network data price feeds.
Cryptocurrencies see green on positive US labor report
Cryptocurrencies like Bitcoin and Ethereum saw a positive market movement as the latest US labor report shows more jobs were added last month than expected. Jobs in the US increased by 263,000 in November while the unemployment rate remained unchanged at 3.7%
Hong Kong sees long-term benefits of blockchains and stablecoins
Hong Kong Monetary Authority’s chief executive Eddie Yue mentioned that CBDCs and stablecoins offer a more efficient method of transactions at the recent conference hosted by The Bank of Thailand (BOT), and added that the city is looking to introduce AML and investor protection.
South Korea group builds US$84 Million metaverse fund
Daesung Private Equity announced the launch of the Daesung Metaverse Scale-up Fund, and the US$84 Million fund will focus on investments in artificial intelligence (AI), extended reality (XR), blockchain and digital twin technologies. The VC previously invested in game maker KRAFTON and Korea-based crypto exchange Upbit.
Blockchain gaming remains strong despite market volatility
Analysis firm DappRadar says that the blockchain gaming sector accounted for almost half of all blockchain activity across 50 networks. 2022 saw a stream of partnerships and investments in blockchain gaming, and the value flowing into promising projects has only increased.
Avalanche partners with Alibaba Cloud to power infrastructure services in Asia
The subset of Alibaba announced its integration with the Avalanche blockchain to power the company’s Node-as-a-Service initiatives. The integration will allow Avalanche developers to use Alibaba Cloud’s plug-and-play infrastructure, which they can tap into during peak hours for additional resources.
Reddit Collectible Avatar minting hits all-time high
255,000 Reddit Avatars were minted in a day on the platform which brings the total number of Polygon-based NFTs to 4.4 Million. The Reddit avatar minting has been showcased as a successful introduction of NFTs to mainstream consumers after launching the programme in July.
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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