The Weekly Spin, 24th July 2023

This edition of The Weekly Spin is also published on-chain via Mirror.xyz and can be collected at:
https://mirror.xyz/rukawin.eth/bu6WZ0RAAGKZ7x7p6MTDU54dtDIEIqfTpr_a4jelIq0

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The Weekly Spin. Twelfth Edition. This week the major event in the industry was the 6th ETHCC, held in Paris from the 17th-20th – it took the headlines as more than 8 top-tier crypto protocols made major announcements (there’s a special section devoted to the Conference in this edition). Looks like everyone was trying to get the attention of the prom queen, who of course was Vitalik Buterin himself. L2s on Ethereum were the main narrative, as well as blockchain interoperability. The markets saw a flurry of price action in the Altcoins, with SOL, XLM and LINK leading the pack. FedNow launched its payment system with the support of major finance players of the likes of JPMorgan and WellsFargo, meanwhile the Hon. Gary Gensler extended his hand for more money to the House Appropriations Committee and was deliciously roasted. Highly satisfying to watch, perfect with some popcorn and a nice bottle of red to keep you warm.

As for Coinweb, we are getting closer to our Wallet’s Alpha Release by the day – the latest version being v1.0.12, which is not currently available to download for the UK as of yet. We know that many people are excited for the Alpha release, and are still accepting applications for testers via our Zealy questboard! This week our questboard features an AI-generated art contest, be sure to check it out if you would like to join the event…here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

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Ongoings at Coinweb

CryptoBanter’s Miles Deutscher Releases Video of Deep Dive on Coinweb
Join Miles Deutscher in this special edition of Crypto Banter DeFi for a deep dive into Coinweb and a chance for early access & a $1000 Giveaway!
https://youtu.be/uAB1kW-nkjk

Coinweb’s InChain Architecture
What is InChain data?
https://www.medium.com/@Coinweb.io/coinwebs-inchain-architecture-577344971114

Toby Gilbert featured on “Bridged Podcast” – A Green Thru Series: ep. 46
Join us as we uncover the secrets behind Coinweb's groundbreaking architecture as we speak with Toby, CEO at Coinweb, a protocol that connects and unifies self-sovereign blockchains through a common currency, enabling seamless communication, cross-chain transactions, and empowering the future of decentralised finance.
https://greenthru.org/episodes/202306210930-podcast-46-tobygilbert-gml5p-k77ds-2hdb5-4tzhs-6m7lt-sl9jm-fx73y-aae5g-kh9z7-wb3gw-d8ewn-zfjah

Coinweb is accepting Alpha Wallet Tester registrations on Zealy!
Join our community of Questooors on the Zealy (formerly Crew3) platform to earn XP and special privileges – including an opportunity to participate in our Alpha Wallet Tester Program!
https://zealy.io/c/coinweb/questboard

A Thread on the Coinweb “Token Shield” and How It Works
https://twitter.com/CoinwebOfficial/status/1667167179287011330?s=20

The Coinweb Monthly Spin, our round-up of Coinweb-related events, updates, and news from the Web3 industry – June Edition
https://coinweb.beehiiv.com/

Venture Alpha Podcast by Contango: Episode 7
Making Blockchain Accessible with a Revolutionary Cross-Chain Ecosystem
https://open.spotify.com/episode/3QW9iSHaVsMRIGlRo5msyS?si=jBV58G5kQUOhVDrbFyLg0A&nd=1

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On the Radar

ETHCC Paris, Jul 17-20 (Paris)
AIBC Asia, Jul 19-22 (Manila)
Osomocon, Jul 21 ((Virtual)
Nervos Reddit AMA, Jul 24 (Virtual)
US FED FOMC Meeting, Jul 25-26 (Washington DC)
WebX Asia Conference, Jul 25-26 (Tokyo)
Radix Babylon Upgrade, Jul 31 (On-chain)
Seoul Web 3.0 Festival, Jul 31-Aug 3 (Seoul)

Web3Conf India, Aug 11-14 (Goa)
ETH Toronto, Aug 13-16 (Toronto)
Coinfest Asia by Coinvestasi, Aug 24-25 (Bali)
ETH Warsaw, Aug 30-Sep 3 (Warsaw)
Starknet Summit, Aug 31 (San Francisco)

Korea Blockchain Week, Sep 4-9 (Seoul)
Nordic Blockchain Conference 2023, Sep 6-7 (Copenhagen)
Near APAC, Sep 8-12 (Ho Chi Minh City)
Ethereum Singapore, Sep 10-12 (Singapore)
DappCON23, Sep 11-13 (Berlin)
TOKEN2049, Sep 13-14 (Singapore)\*
Metaverse Summit, Sep 21-22 (Paris)
ETHGlobal New York Hackathon, Sep 22-24 (New York City)
Stellar Meridian 2023, Sep 26-28 (Madrid)
Fintech Festival Asia, Sep 27-28 (Bangkok)\*

Blockchain Economy Summit, Oct 4-5 (Dubai)
Zebu Live, Oct 4-5 (London)
ETHGlobal Online Hackathon, Oct 6-25 (Virtual)
ETH Miami 2023, Oct 27-29 (Miami)
ETH Vietnam, Oct 27-29 (Hanoi)
Solana BreakPoint 2023, Oct 30-Nov 3 (Amsterdam)

Blockchain Events curated by CryptoNomad
https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

Web3 Events by NFTTech
https://www.nfttech.com/events

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On the Block(chain)

JPMorgan, and Wells Fargo, among others, join Federal Reserve's “FedNow” payment system
https://www.fxstreet.com/cryptocurrencies/news/jpmorgan-and-wells-fargo-among-others-join-federal-reserves-fednow-payment-system-202307201651

Binance integrates The Bitcoin Lightning Network
https://crypto.news/binance-integrates-the-bitcoin-lightning-network/

HectorDAO affected by Multichain, votes to liquidate $16m in treasury
https://crypto.news/hectordao-affected-by-multichain-votes-to-liquidate-16m-in-treasury/

Sequoia Capital shakes up crypto team after $214 million FTX loss
https://crypto.news/sequoia-capital-shakes-up-crypto-team-after-214-million-ftx-loss/

$125M CoinDesk deal may be in final stages
https://cryptoslate.com/125m-coindesk-deal-may-be-in-final-stages/

Alphapo hacked, over $23 million in Bitcoin, Tron, and Ethereum stolen
https://crypto.news/alphapo-hacked-over-23-million-in-bitcoin-tron-and-ethereum-stolen/

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Competitive Landscape

Polychain secures $200m for fourth crypto VC fund amid staff departure
https://crypto.news/polychain-secures-200m-for-fourth-crypto-vc-fund-amid-staff-departure/

Polygon 2.0 to establish multiple layer-2s, initiate governance change
https://crypto.news/polygon-2-0-to-establish-multiple-layer-2s-initiate-governance-change/

Axelar Launches Interchain Token Service
https://axelar.network/blog/what-is-interchain-token-service

Hedera (HBAR) tapped by Shinhan Bank for stablecoin remittance solution
https://crypto.news/hedera-hbar-tapped-by-shinhan-bank-for-stablecoin-remittance-solution/

Arkham’s beta complete, on-chain intelligence exchange live
https://crypto.news/arkhams-beta-complete-on-chain-intelligence-exchange-live/

Conflux And World Mobile Join Forces To Expand Blockchain-based Mobile Access
https://cryptoslate.com/press-releases/conflux-and-world-mobile-join-forces-to-expand-blockchain-based-mobile-access/

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ETHCC6 Announcements

Introducing the UniswapX Protocol
https://blog.uniswap.org/uniswapx-protocol

Chainlink Cross-Chain Interoperability Protocol (CCIP) has entered the Mainnet Early Access phase
https://blog.chain.link/ccip-mainnet-early-access/

The Starknet Stack’s Growth Spurt
https://starkware.co/resource/the-starknet-stacks-growth-spurt/

Crypto Wallet Provider Gnosis Launches Self-Custodial Visa Debit Card
https://decrypt.co/148844/crypto-wallet-provider-gnosis-launches-self-custodial-debit-card

Mantle Network Mainnet Alpha: Launch Highlights
https://www.mantle.xyz/blog/announcements/mantle-network-mainnet-alpha

Solang opens Solana to Ethereum’s Solidity developers
https://solana.com/news/solang-solana-solidity-evm

Tezos launches Etherlink, a fully decentralized, EVM-compatible L2 solution designed to empower developers and businesses
https://www.etherlink.com/

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US. Coordinated Regulation Failures

US congressman calls for an end to SEC’s crypto onslaught
https://crypto.news/u-s-congressman-calls-for-an-end-to-secs-crypto-onslaught/

New bill proposes strict rules for DeFi protocols
https://crypto.news/new-bill-proposes-strict-rules-for-defi-protocols/

CoinCenter, other advocacy groups condemn CANSEE bill for overreach on DeFi
https://cryptoslate.com/coincenter-other-advocacy-groups-condemn-cansee-bill-for-overreach-on-defi/

SEC seeks public input on Bitcoin ETFs
https://crypto.news/sec-seeks-public-input-on-bitcoin-etfs/

Deadlines for U.S. Spot Bitcoin ETF Approvals Come Into Sight
https://www.coindesk.com/policy/2023/07/18/us-spot-bitcoin-etf-approval-clock-to-start-wednesday-as-8-applicants-named-on-federal-register/

Judge orders Ripple and SEC to schedule possible settlement conference
https://crypto.news/judge-orders-ripple-and-sec-to-schedule-possible-settlement-conference/

Valkyrie’s spot Bitcoin ETF proposal is now on SEC’s Nasdaq rulemaking list
https://crypto.news/valkyries-spot-bitcoin-etf-proposal-is-now-on-secs-nasdaq-rulemaking-list/

Nasdaq delays rollout of crypto custody service in US to pursue ‘relevant licenses’
https://crypto.news/nasdaq-delays-rollout-of-crypto-custody-service-in-us-to-pursue-relevant-licenses/

Senator Kennedy Jr. confronts SEC’s Gary Gensler on crypto regulation
https://crypto.news/senator-kennedy-jr-confronts-secs-gary-gensler-on-crypto-regulation/

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World

China’s digital yuan hits $250 billion in transactions
https://crypto.news/chinas-digital-yuan-hits-250-billion-in-transactions/

FSB finally publishes global regulatory framework for crypto activities
https://crypto.news/fsb-finally-publishes-global-regulatory-framework-for-crypto-activities/

Crypto influencers, firms must add disclaimers to meme promos, FCA says
https://crypto.news/crypto-influencers-firms-must-add-disclaimers-to-meme-promos-fca-says/

UK Economic Secretary rejects regulating crypto as gambling, advocates for financial services framework
https://cryptoslate.com/uk-economic-secretary-rejects-regulating-crypto-as-gambling-advocates-for-financial-services-framework/

Kuwait imposes ‘absolute ban’ on virtual assets to combat money laundering risks
https://cryptoslate.com/kuwait-imposes-absolute-ban-on-virtual-assets-to-combat-money-laundering-risks/

North Korean hackers exploited shared cloud service to rob crypto firms
https://cryptoslate.com/north-korean-hackers-stole-from-crypto-companies-via-a-shared-cloud-service-provider/

Chinese Money Flees the Western World
https://www.wsj.com/articles/chinese-money-flees-the-western-world-673d9bbb

Banque de France releases wCBDC experiment findings
https://crypto.news/banque-de-france-releases-wcbdc-experiment-findings/

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Thought Leadership

CBDCs explained: How could they impact global finance
https://crypto.news/cbdcs-explained-how-could-they-impact-global-finance/

US banks launch 24/7 Instant Payments – does FedNow reduce risk of CBDCs?
https://cryptoslate.com/op-ed-us-banks-launch-24-7-instant-payments-does-fednow-reduce-risk-of-cbdcs/

Travel will create a new wave of Web3 mass adoption: Here’s how
https://cointelegraph.com/news/travel-will-create-a-new-wave-of-web3-mass-adoption-heres-how

Decentralized science is key to fixing academic research
https://cointelegraph.com/news/decentralized-science-is-key-to-fixing-academic-research

Vitalik Buterin shares insights on Ethereum’s account abstraction journey
https://crypto.news/vitalik-buterin-shares-insights-on-ethereums-account-abstraction-journey/

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Bonus

Caroline Ellison’s private writings from the months leading up to Alameda, FTX collapse uncovered in legal discovery process
https://cryptoslate.com/caroline-ellisons-private-writings-in-months-before-alameda-ftx-collapse-uncovered-in-discovery-process/

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https://preview.redd.it/ljj5obiogudb1.png?width=747&format=png&auto=webp&s=9ec9184ff60eace3ba8d3a50adfd611ffdd4dd09

Algorand - my perspective on future outlook

I have always trusted the balanced approach the r/cc community takes to various projects, and I feel this story needs to be told.

I want to give you my 2 cents about Algorand (yes, the token which has gone -95% from its ATHs) and take you on the journey that I've been the last 3 years.

Facts (positives):

1. Algorand is decentralised (you may refute that argument on a relative basis) but it has 120 relay nodes and 1600 participation nodes. One-click nodes currently rolled out to the ecosystem will increase this further.
2. Its very cheap, extremely scalable and has instant finality (3.3 secs) using pure proof of state consensus mechanism - ideal for payment systems
3. One of the most environmentally sustainable L1 protocols
4. Forkless, monolithic, gasless, smart contract network (using own architecture Algorand Virtual Machine vs. ERC20 / EVM)

Facts (negatives):

1. Adoption - Algorand dev tools was absolutely garbage before Jon Woods came into the picture. Because it uses Teal (turing complete) it has always been hard to get developers to build on Algorand. Good apps are a necessity for users to come on a chain and stay there
2. Tokenomics / price action - Was launched in 2019 via a dutch auction, had massive incentives for node runners (which was adjusted to accelerated vesting across 2021 - 22). This absolute garbage tokenomics model bled Algorand to where it is at today. To paint you a picture, during the COVID crash, Algorand's market cap was USD 90m. Today (July 2023), it is USD 900m (through FTX, Celsius, Do Kwon, SEC, Myalgowallet hack etc. etc.). In spite of this 10x market cap expansion, the token price is at all time lows.
3. Algorand Foundation - Foundation's job is to increase (i) visibility; and (ii) adoption. Things can always be run better. However, AF has taken many decisions which have left the community flummoxed. E.g. face value governance, pivoted towards spending tokens aggressively on marketing in 2022 which did not work out. They have hired very smart people and focused on the right things but leadership is questionable ("Nike" tweet anyone?)

User experience:

Personally, using Algorand has been the best experience I've had in crypto (I've used in defi, governance, real estate tokenisation and music NFTs).

Outlook on negatives:

On adoption, I think one click nodes and Algokit will help greatly in getting the ecosystem together. The unanswered question in my mind is they still need to come up with a node running incentive system which is sustainable (and no, I don't think people will run nodes for free).

On price action, I think this is a pivotal time for the Algorand unit token to rise, as all the bad blood has been taken out of the system. The current circulating supply is 7.8bn (of a max 10bn) and within the remainder 2.2bn, 1.0bn is earmarked for governance rewards, 1.0bn is for ecosystem growth (grants) and 200m discretionary at Algorand Foundation. Going forward, algo will have c. 3% inflation each year to 2030 till all 10 bn is in circulation.

On Algorand Foundation, honestly, I think they will fade away into the background once they are done with their structured selling and grants. I am very optimistic of a day when Algorand is fully community driven (having a core developer team like bitcoin but largely upgraded via Algo inc and the community). Algorand has the network effect to live and breathe and be successful. Some of the big usecases already are testament to it (hesabpay, Bank of Italy sureties, etc).

I think Algorand will be one of the best outperformers over 2024 - 25 (ex. any black swan event)

I will link one of better deep dives on Algorand by u/Maleficent_Plankton here if you'd like to read more on the project: https://www.reddit.com/r/CryptoCurrency/comments/wg1tes/algorand_deep_dive/

Update: Included thoughts on Algorand foundation and their shortcomings.

LAST WEEK’S ALTCOIN RALLY: CHAINLINK, XRP, XLM, STELLAR, AND TRX LEAD THE WAY

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https://preview.redd.it/fv4hwmy8fodb1.png?width=1920&format=png&auto=webp&s=33b745339564fb0f79d9d7f64c5796bdf121989d

Introduction

In the fast-paced world of cryptocurrencies, last week witnessed a blistering altcoin rally that has now tapered off. While Bitcoin (BTC) and Ethereum (ETH) experienced slight dips in their prices, some altcoins managed to buck the trend and post notable gains. Among these winners were Chainlink (LINK), XRP, XLM, Stellar, and TRX, each of which showcased impressive performances over the past seven days.

Altcoin Performance

Bitcoin and Ethereum’s Minor Dips

Bitcoin, the leading cryptocurrency, saw a 1.5% drop in its price, settling at $29,869 according to CoinGecko. Ethereum, the second most popular coin, experienced a slightly larger dip of 2.5%, trading at $1,888 at the time of writing.

Solana and Avalanche Suffer Steepest Pullbacks

Among the major cryptocurrencies, Solana (SOL) and Avalanche (AVAX) endured the steepest pullbacks this week. Solana lost 9.8% of its value, sliding to $25.68, while Avalanche shed 8.1%, reaching $13.77.

Notable Altcoin Appreciations

Several altcoins managed to appreciate significantly during the week. Notably, Toncoin (TON) demonstrated strong growth, surging by 8.3% to reach $1.46. Stellar (XLM) was another standout performer, blowing up with a remarkable 23% increase, resulting in a price of $0.163126. Chainlink (LINK) also rallied impressively, surging by 15% to hit $7.98.

Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Boost

Chainlink’s impressive rally was initiated by the launch of its Cross-Chain Interoperability Protocol (CCIP) on its mainnet. This groundbreaking protocol currently supports Avalanche, Ethereum, Optimism, and Polygon networks. Additionally, it is fully integrated with popular DeFi lending protocols such as Aave and Synthetix. Chainlink aims to serve as an onramp for traditional finance (TradFi) institutions to enter the world of tokenized digital assets.

News Highlights of the Week

G20 Watchdog’s Recommendations for Crypto Regulation

On Monday, the Financial Stability Board (FSB) of the G20 issued nine top-level recommendations for regulating crypto companies and markets. The FSB also presented revised recommendations regarding the oversight of stablecoins. These measures are designed to prevent large-scale crypto crashes and are the result of feedback from the FSB’s public consultation on the matter. The recommendations include calls for cross-border cooperation between regulators, governance requirements for crypto issuers, and mandatory disclosures for the industry.

SEC’s Review of Bitcoin Spot ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has accepted Valkyrie’s Bitcoin Spot ETF proposal for official review. This is the second spot ETF application to progress to the next round, following BlackRock’s application on July 13. If approved, the ETF could provide traditional investors with an accessible avenue to invest in Bitcoin.

Nasdaq Delays Digital Assets Custodian Service

On Wednesday, Nasdaq, a major exchange operator, announced a delay in its plans to launch a digital assets custodian service. Nasdaq CEO Adena Friedman cited the shifting business and regulatory environment in the U.S. as the reason for the decision. However, Friedman reassured the market that Nasdaq remains committed to supporting the evolution of the digital asset ecosystem.

Bipartisan Bill for DeFi Services Compliance

A bipartisan group of Senators introduced a bill on Wednesday that aims to subject decentralized finance (DeFi) services to the same compliance rules as traditional financial firms like banks and centralized crypto exchanges. The bill’s primary objective is to prevent criminal activities, such as drug trafficking, and thwart the efforts of hostile state actors, including North Korea.

UK Treasury Rejects Crypto Trading as Gambling

The UK Treasury rejected a recommendation from the House of Commons Treasury Committee to classify crypto trading as gambling. The Treasury firmly disagreed with this classification, indicating that they view cryptocurrencies as a legitimate asset class and not merely speculative activities.

Republican Lawmakers’ Financial Innovation and Technology Act

On Friday, Republican lawmakers in Washington introduced the Financial Innovation and Technology for the 21st Century Act, a comprehensive 212-page bill. The act seeks to provide regulatory clarity to the crypto industry and establish a certification process for blockchain projects to be recognized as decentralized. The SEC would play a pivotal role in assessing the validity of these projects, while the act would also establish a disclosure regime for digital asset issuers.

Conclusion

The past week has been eventful in the cryptocurrency space, with altcoins shining brightly amid a minor dip in Bitcoin and Ethereum prices. Chainlink, XRP, XLM, Stellar, and TRX emerged as the standout performers, showcasing significant gains. Additionally, crucial developments in the regulatory landscape, ETF approvals, and industry initiatives indicate the ongoing maturation and evolution of the crypto market.