The Daily Spin. Jerome Powell Wednesday Edition. The biggest news of the day lies with Jerome Powell’s testimony to the Senate, in which he made Hawkish remarks towards the need for further quantitative tightening and also voiced his concerns toward permissionless distributed ledgers. BTC breaks out of range down to the $22k support level, the DXY breaks up over the 105 resistance, and open interest on Bitcoin futures spikes its highest level since the collapse of FTX. What’s further concerning, is the SEC’s “Operation Chokepoint” using coordinated attacks to the crypto industry which began with issuing enforcements against centralized exchanges – has disrupted the ability for liquidity to enter the market (Silvergate being a major factor for US-based crypto on-ramping) and has resulted in the lowest level of liquidity for Bitcoin since 2015…
Circle drops ACH withdrawals for Dapper Labs, the developer behind Cryptokitties and other hugely successful web3 projects. Amazon’s plan to launch an NFT market and possible token is rumored to be deployed on their own private blockchain network. NFT trading volume remains high as it approaches pre-Terra collapse levels. Binance FUD is everywhere, with rumors that they even tried to approach Gary the Gensler himself to hire him as an advisor to the firm. Ongoing allegations to Binance.US as an illegal exchange offering unregistered securities is rebuffed by the SEC. vs LBRY case precedent, and a Proof-of-Reserves balance of over $63B alleviates any immediate concern around Binance’s viability.
New Ethereum L2 Scroll hits a new valuation of $1.8B without having any token sale. Optimism and Arbitrum battle it out as their transaction volumes surpass that of ETH’s, analysis showing that over 70% of ETH transactions are NFT-related (and inflated by the recent entry of Blur.io NFT marketplace with widespread wash trading and airdrop farming). An alternative to Tornado Cash is deployed on Optimism, USDT stands out as the leader in the stablecoin market after the collapse of BUSD, and Visa & MC reaffirm their support to include blockchains in their forward-strategy. Algorand faces criticism over failing to react to an ongoing hack on the MyAlgo wallet. China’s Tencent makes a big move to start accepting CBDC with their super-app, WeChat.
TL today we take a look at ETH liquid staking, ERC-4337, the impact of airdrops on NFT marketplaces; a February summary of happenings by Lars0x and a report on Coinbase’s Base by Delphi Digital… 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
The Coinweb Monthly Spin - Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3
https://coinweb.beehiiv.com/p/coinweb-monthly-spin-fifth-edition
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
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)
Coinweb’s digitALL event, Mar 16 (House on Sathorn)
https://www.eventbrite.com/e/digitall-innovation-and-technology-for-gender-equality-tickets-556391992427?fbclid=IwAR09j-V1VJ40DjEI0kTFb6SsQbQmZhEQ9C-znofJ29dS-v9FM0TNCGhvwR8
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)
Consensus 2023, Apr 26-28 (Austin, Texas)
AIBC Asia, Jul 19-22 (Manila)
TOKEN2049, Sep 13-14 (Singapore)
On the Block(chain)
Silvergate suspends Silvergate Exchange Network as company reels from crises
https://www.theblock.co/post/217098/silvergate-suspends-silvergate-exchange-network-as-company-reels-from-crises?utm_source=telegram1&utm_medium=social
Failing bank Silvergate and FDIC are discussing recovery plans
https://cryptoslate.com/failing-bank-silvergate-and-fdic-are-discussing-recovery-plans/
Dapper Labs Ruling Dunks on Private Networks
https://www.coindesk.com/consensus-magazine/2023/02/28/dapper-labs-nft-ruling-dunks-on-private-networks/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
Circle Dropped Automated Clearing House Payments: Dapper Labs
https://blockworks.co/news/circle-dapper-labs-automated-clearing-house
Amazon NFTs Will Be Tied to Real-world Assets, Token Possible
https://blockworks.co/news/amazon-nfts-real-world-assets-token
NFT Market Roars Back from Pre-Luna Crash with $2 Billion in Trading Volume
https://dappradar.com/blog/nft-market-roars-back-from-pre-luna-crash-with-2-billion-in-trading-volume?utm_source=substack&utm_medium=email
Texts From Crypto Giant Binance Reveal Plan to Elude U.S. Authorities
https://www.wsj.com/articles/texts-from-crypto-giant-binance-reveal-plan-to-elude-u-s-authorities-3a17ddeb?mod=hp_lead_pos7
Binance’s PoR system shows over $63B in reserves backing 24 assets
https://cryptoslate.com/binances-por-system-shows-over-63b-in-reserves-backing-24-assets/
Competitive Landscape
Ethereum L2 Scroll reaches $1.8 billion valuation in new funding round
https://www.theblock.co/post/217340/ethereum-scaling-scroll-50-million-funding-round-1-8-billion-valuation?utm_source=substack&utm_medium=email
An Overview Of Crypto Bridges
https://route2fi.substack.com/p/an-overview-of-crypto-bridges?utm_source=substack&utm_medium=email
Optimism vs Arbitrum: the battle for Ethereum layer 2 supremacy
https://twitter.com/DefiIgnas/status/1630367270072467458?s=20&utm_source=substack&utm_medium=email
BUSD Risk Recap
https://medium.com/gauntlet-networks/busd-risk-recap-ee2832b5d65c
An alternate to Tornado Cash: v0 of http://privacypools.com is live on Optimism
https://twitter.com/ameensol/status/1632083054272430080?utm_source=substack&utm_medium=email
Yes "Counter-Strike 2" Is Real And It's Round The Corner
https://richardlewis.substack.com/p/sources-yes-counter-strike-2-is-real
Visa Reaffirms Crypto Strategy, Mastercard Touts Blockchain
https://blockworks.co/news/visa-reaffirms-crypto-strategy-mastercard-touts-blockchain
Algorand blasted over inaction on ongoing wallet drain hack
https://cryptoslate.com/algorand-blasted-over-inaction-on-ongoing-wallet-drain-hack/
Research: Tether shines as leading stablecoin in evolving market
https://cryptoslate.com/research-tether-shines-as-leading-stablecoin-in-evolving-market/
World
Powell Testimony: DXY breaks 105, BTC down to 22k as support, new peak rate of 5.60% in futures market
https://cryptoslate.com/insights/powell-testimony-dxy-breaks-105-btc-down-to-22k-as-support-new-peak-rate-of-5-60-in-futures-market/
Fed Chair Powell addresses concerns over permissionless distributed ledgers in Senate hearing
https://cryptoslate.com/fed-chair-powell-addresses-concerns-over-permissionless-distributed-ledgers-in-senate-hearing/
China’s WeChat starts accepting CBDC payments
https://cryptoslate.com/chinas-wechat-starts-accepting-cbdc-payments/
New legal opinion paper looks into the legality of staking services
https://cryptoslate.com/new-legal-opinion-paper-looks-into-the-legality-of-staking-services/
Missouri passes crypto mining protection law
https://cryptoslate.com/missouri-passes-crypto-mining-protection-law/
Machine money gains traction among EU regulators; stablecoins under consideration
https://cryptoslate.com/machine-money-gains-traction-among-eu-regulators-stablecoins-under-consideration/
Thought Leadership
February Summary
https://twitter.com/lars0x/status/1630937818728988682?s=20&utm_source=substack&utm_medium=email
The ultimate guide to the future of ETH Liquid Staking
https://twitter.com/crypthoem/status/1630962579676823553?s=20&utm_source=substack&utm_medium=email
Beyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
https://rabbithole.mirror.xyz/s1BFIgK1oIDAiQnUpyIJtsfx18zvN0U6tWh4fW76DV8?utm_source=substack&utm_medium=email
ERC-4337 is an order-of-magnitude improvement with respect to the usability of Ethereum
https://twitter.com/Zeneca/status/1632006505821003776?s=20
Base by Coinbase: Delphi Digital Report
https://members.delphidigital.io/reports/base-by-coinbase?utm_source=substack&utm_medium=email
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