The Daily Spin. Silvergate Friday Edition. In the first time that the market has reacted to bad news since the early January rally, Bitcoin and Ethereum are trading at -5% following the announcement that Silvergate Capital Corp. may be facing insolvency and financial distress – having missed their deadline to file their annual report and fielding inquiries from many stakeholders as to the firm’s viability as an ongoing concern. It may be a harsh contagion of the FTX collapse, but the scale of the company may in itself present as another black swan event as their customers, including Coinbase, Bitstamp, Microstrategy, Crypto.com, Paxos, and Gemini to name a few, halted dealings and distanced themselves from the entity.
It’s been another jam-packed action week in crypto, comparable to Arnold’s blockbuster film The Last Action Hero. Solana went down for almost a day due to yet unknown reasons, and Polygon experienced a 157-block reorganization. Oasis reverses an exploit to reclaim $140M which was stolen during a wormhole attack. Jane Street wallet address is discovered to may have been linked to the UST depeg, according to a Wintermute researcher. Aave DAO has decided to use GHO as a real-world asset facilitator, and MakerDAO re-launches the Aave Direct Deposit Module (D3M). Frax Finance DAO has decided to fully collateralize its stablecoin, $FRAX, removing the algorithmic component over a period of time.
NEAR Protocol has moved to become a blockchain operating system. Houbi goes to join BitTorrent’s layer 2 ecosystem. POKT Network and Google Cloud Platforms announce their collaboration at ETHDenver. Eclipse and Polygon will launch the Polygon SVM, as Polygon open-sources its zk-DID solution. Uniswap enables the ability for traders to purchase NFTs with UNI, SHIB, or any ERC20 token. Perpetual Protocol introduces “The Hot Tub,” seeking to democratize arbitrage alpha. And lastly, TRON partners with OraiChain for AI integration and HackaTRON collaboration.
On the world stage, Binance wins its crypto license in Bahrain; SEC Gary deems crypto trading and lending platforms not fit for custody; the MOVE index is closely watched as US yields surge. De Santos is under investigation for multiple violations of House ethics including Financial Claims and allegations of sexual misconduct. The Australian Central Bank is the latest to launch a project exploring CBDC use cases (as in, forced use cases), and Spain tops Thailand and Portugal for highest number of properties being sold in crypto. Today’s TL section offers over 50 tools to analyze the cryptomarket without a paywall, a deeper guide to the Fear & Greed index, and a two-part series of personal favorite futurist Daniel Jeffries on Future Thinkers – recorded 4 years ago. It will be very interesting to see how things have (or have not, actually) changed… 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…
Ongoings at Coinweb
A Leading Layer 2 Platform Looking To Tackle Crypto's Interoperability Issue
https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue
Toby Gilbert takes the stage at the Thai Technology Investment Summit 2023, “On the future of Web3” and Ain Mohd represents Coinweb on a panel discussing “The Role of Women in Web3”
“The Reality of Large-scale Enterprises Adopting Blockchain Technology” an article by Toby Gilbert for CityAM Magazine
https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/
Coinweb Labs is proud to unveil LinkMint ⛓️🍃, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander.
https://www.youtube.com/watch?v=CSKA3cAB15U
“A Thread on Guaranteed Liveness and the Coinweb Routing System” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1630052477579169793?s=20
“A Thread on Rollups, Monolithic, and Modular Blockchains” by Kawin on Twitter
https://twitter.com/rukawin/status/1616342851507613696?s=46&t=BjBOK3soH3kOMbsWEa_jlg
Coinweb to Deliver Cross-Chain Smart Contract Architecture and Blockchain Loyalty Programme to BMW
https://cryptoslate.com/bmw-to-bring-blockchain-loyalty-program-through-coinweb-and-bnb-chain/
KuCoin Labs launches incubation program to accelerate builders (Coinweb, DoraHacks, Ava Labs)
https://cointelegraph.com/press-releases/kucoin-labs-launches-incubation-program-to-accelerate-builders
Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c
On the Radar
ETH Denver, Feb 24-Mar 5 (Denver)
Ethereum Shanghai Upgrade, Mar 10 (On-chain)
Institutional ETH-Staking Post Shanghai, Mar 14 (Virtual)
https://streamyard.com/watch/wM8YwWjJ37yd
Optimism Bedrock Upgrade, Mar 15 (On-chain)
Blockchain Africa Conference 2023, Mar 16-17 (Johannesburg)
Polygon zkEVM Launch, Mar 27 (On-chain)
WOW Summit, Mar 29-30 (Hong Kong)
ASEAN Web3 Summit, Mar 30-31 (Singapore)
AIBC Asia, Jul 19-22 (Manila)
TOKEN2049, Sep 13-14 (Singapore)
On the Block(chain)
Crypto Bank Silvergate Plunges After It Says Examining Viability, Delays Annual Report
https://www.bloomberg.com/news/articles/2023-03-01/silvergate-says-annual-filing-delayed-as-it-reviews-controls
Coinbase Halts Payments With Crypto Friendly Bank Silvergate
https://cryptobriefing.com/coinbase-halts-payments-with-crypto-friendly-bank-silvergate/
Gemini, Crypto.com, Bitstamp, MicroStrategy distance themselves from Silvergate
https://cryptoslate.com/gemini-crypto-com-bitstamp-microstrategy-distance-themselves-from-silvergate/
Signature bank now servicing multiple crypto companies in the wake of Silvergate distress
https://cryptoslate.com/signature-bank-now-servicing-multiple-crypto-companies-in-the-wake-of-silvergate-distress/
Tether has no exposure to Silvergate, says CTO Paolo Ardoino
https://cryptoslate.com/tether-has-no-exposure-to-silvergate-says-cto-paolo-ardoino/
Polygon Blockchain Nodes Briefly Went Out of Sync, Affecting Explorer, Sowing Confusion: 157-block reorganization
https://www.coindesk.com/tech/2023/02/22/polygon-blockchain-suffers-apparent-outage/
Jane Street wallet may have been linked to UST depeg, Wintermute researcher says
https://www.theblock.co/post/215696/jane-street-wallet-ust-depeg-wintermute
Oasis Exploits Its Own Wallet Software to Seize Crypto Stolen in Wormhole Hack
https://www.coindesk.com/business/2023/02/24/oasis-exploits-its-own-wallet-software-to-seize-crypto-stolen-in-wormhole-hack/
Aave’s Discussion on a GHO Real World Asset Facilitator
https://governance.aave.com/t/a-discussion-on-a-gho-real-world-asset-facilitator/11908
Frax Finance decided to fully collateralize its stablecoin, $FRAX. Over time, the algorithmic component of the stablecoin will be removed.
https://snapshot.org/#/frax.eth/proposal/0x6d43531f54de3d52ad439dcb6c56e3eae1b833fceb4d484dcb3b20be070ca25d
Competitive Landscape
Optimism Goes m̶u̶l̶t̶i̶ Superchain
https://optimism.mirror.xyz/2jk3D1Y8-hid8YOCUUa6yXmsyzNCYYyFJP0Nhaey9x0
NEAR to transform into Blockchain Operating System
https://cryptoslate.com/near-to-transform-into-blockchain-operating-system/
Huobi To Join BitTorrent Chain’s Layer Two Ecosystem
https://dailyhodl.com/2023/02/28/huobi-to-join-bittorrent-chains-layer-two-ecosystem/
Pocket Network Inc. and GCP Kickoff Relationship at ETHDenver, Bringing Cloud Infrastructure Innovations to Web3
https://www.blog.pokt.network/pocket-network-inc-and-gcp-kickoff-relationship-at-ethdenver/?utm_medium=twitter&utm_source=twitter&utm_campaign=pokt-gcp&utm_content=partnership-announcement
Uniswap Traders Can Now Buy NFTs With UNI, SHIB or Any Ethereum Token
https://decrypt.co/121876/uniswap-nfts-ethereum-tokens
Eclipse & Polygon are launching Polygon SVM
https://twitter.com/EclipseFND/status/1628849328726118402
Perpetual Protocol introduces The Hot Tub: Democratizing Arbitrage Alpha
https://twitter.com/perpprotocol/status/1628727156749500418
MakerDAO reactivates the Aave Direct Deposit Module (D3M)
https://twitter.com/MakerDAO/status/1630612707622748161
Polygon open-sources its Web3 ID solution
https://cryptoslate.com/polygon-open-sources-its-web3-id-solution/
TRON Partners with Oraichain for AI Integration and HackaTRON Collaboration
https://cryptoslate.com/press-releases/tron-partners-with-oraichain-for-ai-integration-and-hackatron-collaboration/
World
Binance Wins Crypto License In Bahrain Amid Middle East Expansion
https://www.forbes.com/sites/zinnialee/2022/03/15/binance-wins-crypto-license-in-bahrain-amid-middle-east-expansion/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2738833&sh=66861aaa452e
Gensler says crypto trading, lending platforms not fit for custody; suggests adoption of new safeguarding rule
https://cryptoslate.com/gensler-says-crypto-trading-lending-platforms-not-fit-for-custody-suggests-adoption-of-new-safeguarding-rule/
Investors closely monitor the MOVE index amidst surge in US yields
https://cryptoslate.com/insights/investors-closely-monitor-the-move-index-amidst-surge-in-us-yields/
Santos Under House Ethics Investigation For Financial Claims And Sexual Misconduct Allegation
https://www.forbes.com/sites/nicholasreimann/2023/03/02/santos-under-house-ethics-investigation-for-financial-claims-and-sexual-misconduct-allegation/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2738568&sh=6e55fa298eac
Australian central bank launches project to explore CBDC use cases
https://cryptoslate.com/australian-central-bank-launches-project-to-explore-cbdc-use-cases/
Spain has highest number of properties available to buy via crypto, Thailand and Portugal rank second and third globally by offering 227 and 130 properties, respectively
https://cryptoslate.com/spain-has-highest-number-of-properties-available-to-buy-via-crypto/
Thought Leadership
Free Crypto Tools List 2023
https://medium.com/@ren-heinrich/free-crypto-tools-list-2023-939aa5ab4537
Understanding the Bitcoin Fear & Greed Index
https://cryptobriefing.com/understanding-the-bitcoin-fear-greed-index/
Future Thinkers 49: Daniel Jeffries - Decentralized Governance & Identity (47mins)
https://youtu.be/1lGna2dSFGQ
Future Thinkers 50: Daniel Jeffries - Evolution of Systems & Meaning of Life (47mins)
https://youtu.be/vlRvS1ER-dw
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