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Web3 Weekly Wonderland | Edition #3 – Aug 2022
Welcome, Web3 Wanderers!
The weekend's here, so gear up – it's time for a trip to the wonderland! The week's edition of the Web3 Weekly Wonderland is here. Web3 is a big, wide world with so much to keep track of! So, join us in the wonders of this vast wonderland, home to six diverse themes exploring the giant decentralised world! 🎢
Don't forget to sign up for the Web3 Weekly Wonderland newsletter and see what Web3 has in store!
Let's kick things off with an exciting Twitter thread that's worth checking outー
(Check out the full thread)
Here’s the TL;DR:
The Web3 rollercoaster has made it to the IVY League. Yes, you heard that right. We’re talking about The University of Pennsylvania's Wharton School, which will be the first Ivy League business school to offer a certification in the metaverse when it rolls out a new program this fall. Oh, the magic of the metaverse!
Heading towards the next stop in Brazil — The government of Brazil is on a full-throttle hunt to crack down on illegal gold miners and hence proposed a bill to tokenise gold mines in the country via blockchain technology to combat illegal mining.
Friends With Benefits is one of the hottest DAOs right now and guess who entered into a relationship with this sensation? OpenSea – where it will feature $100,000 worth of commissions. Well, OpenSea is not the only one seeking benefits. DAO Maker announced that they would be integrating with Binance Custody to take benefit of Binance’s custody solution to safeguard their assets and ensure that everything's legal and onboard from their end.
‘Deploying’ seems to be on the mind for Web3 the past week, with Ethereum Genesis ICO-era whale address deploying 145,000 ETH weeks before the merge and Compound Labs announcing the first smart contract deployments for Compound III, which will create a USDC market on Ethereum.
Consumer convenience is also on the plate for Web3 players. Paradigm announced the launch of spreads trading in partnership with crypto exchange FTX. Users will now be able to utilise “one-click” trading with “no leg risk” features. On the other hand, Monero launched a hard fork, which brings many privacy updates. The update adds Bulletproofs+, a ring size of 16, and viewing tags, among other things. The consumer is king, they say…
Sport is in the air for Animoca Brands and its subsidiary Lympo, who joined hands with Play Magnus Group (PMG) in developing Anichess, a blockchain-based chess game with a play-and-earn ecosystem. While one Web3 player rolled Chess in the blockchain world, another player had a checkmate victory. We’re talking about Gearbox, which was able to secure $4.15M investment funds due to the DAO Strategic Diversification Round with participation from legends like Placeholder, Zee Prime, LedgerPrime, Polymorphic, and GCR.
Let's dig deep into the decentralised dimension –
The Decentralised Currency landscape was emblazoned onto the front pages last week. Check out the events that pumped our adrenaline sky-high –
The exciting ride begins at the "New Launch" section, where Brazil's largest investment bank, BTG Pactual, launched a crypto trading platform called Mynt, allowing users to trade BTC, ETH, SOL, DOT, and ADA with a minimum investment of 100 Brazilian reals (equivalent to $19.42).
Further, Empire Capital, a prominent virtual currency, and Sanem Digital, an innovative technology developer, partnered to launch the Round Up App (RUA), a proprietary platform that allows new users to mark their debut in the decentralised currency world.
As the ride progresses, news about a mix of cryptos spin-offs on Binance's blockchain network was flagged as “suspicious”. Pandas, koalas, and cyborgs – a mix of crypto spin-offs – are amongst 50 other on-chain projects Binance's blockchain network flagged as high-risk and untrustworthy. It could happen because the BNB chain, powered by Binance, offers a Red Alarm feature to protect investors against fraud. Better safe than sorry for sure!
Another event includes the whale transfer by an Ethereum wallet from the ICO-era, awakening again after a dormancy period of three years. About 145,000 ETH was transferred off the address, evoking intriguing responses on the activity.
Making things wowza! for Revolut, Cyprus Securities and Exchange Commission (CYSEC) granted authorisation to the FinTech, allowing it to offer crypto services across the European Economic Area (EEA). The EEA includes a whooping 27 countries that are in the European Union, plus Iceland, Liechtenstein, and Norway.
As we journey onto the regulation section, the US Federal Reserve announced its final guideline that might allow crypto banks a foothold in the banking system. The central bank's gonna deploy a three-tiered system to check whether financial institutions have access. As part of the final guideline, companies making new financial products will gain access to the Fed's "master accounts" and payment services. ‘Master’ing the art of crypto!
On the other hand, cryptocurrency lending platform Hodlnaut filed an application with the Singapore High Court seeking judicial management, which is a form of protection from creditors. The company is the latest among crypto companies stung by the recent market slump, and it can develop a recovery plan without liquidating customer assets under judicial management. Further, Gnox confirmed the tremendous demand for Cardano and Dogecoin holders after its ICO sell-out. The DeFi project sold out all of its tokens pretty quickly, and that's a big deal for the company. Light at the end of the tunnel indeed.
The dApps universe saw a flood of new launches and other stellar events in the GameFi and DeFi spheres, raising the bar high up for the Web3 revolution.
The rollercoaster ride to the GameFi world brings a fresh wave of novelty that is pumping life into the Web3 wonderland!
Starting with Convival, a pioneer in decentralised tower defence Web3 games, with its announcement of a real-time battle game where players would have their favourite Sci-Fi characters and use the platform without NFT. To keep up the tempo, Tigon Mobile revealed Bless Global, the world’s first AAA GameFi MMORPG fusing Bless IP with P2E mechanisms.
Jump.trade, an NFT marketplace, also jumped into the world of Web3 gaming with MCL, a P2E NFT game for cricket enthusiasts in India and worldwide. The MCL game is built to give users a one-of-a-kind cricketing experience in the metaverse. The 'Cricket Fever' is here to stay!
Web3 digital entertainment startup InterPop popped in the news with the upcoming release of the Beta version of its brand new trading card game, Emergents Trading Card Game (TCG). InterPop’s mission is to combine cutting-edge innovation with established fandom norms.
Adding to the endless stream of new launches is Monsoon, a new trading platform launched to the public last week. First up on the platform are digital trading cards that feature licensed artwork from Zombicide.
In an emotionally moving gesture, Ocean Park, in honour of An An, a giant panda who passed away in July, partnered with Adventure in Reality (AiR) to bring the beloved panda 'back to life' via its first Metaverse game. In the game, players discover facts about vulnerable panda species, gain knowledge about panda conservation, and much more! What an "Awww"-worthy and heartfelt gesture by Ocean Park!
There's nothing like the sound of money clinking to make headlines: Gunzilla Games raised $46M to redefine the Battle Royale Genre by letting players trade their in-game items in “Off The Grid”. It will enable the studio to build out their new platform called GunZ. Keeping the money rolling in, MetaverseGo, a play-to-earn mobile gaming platform, raised US$4.2M in a seed round led by Galaxy Interactive.
In an exciting collaboration, Animoca Brands and its subsidiary Lympo, a leading global sports NFT ecosystem, joined hands with Play Magnus Group (PMG) in developing Anichess, a blockchain-based chess game with a play-and-earn ecosystem. It aims to deliver unmatched experiences for chess players, casual gamers, and fans. Indeed The Queen’s Gambit!
The realm of DeFi has also got a ton of bubbling activities that are sure to spice up our already embarked Wonderland endeavour.
The new launches are taking off like crazy. To start with, IPOR Labs AG, developers of blockchain-based derivatives software, announced the launch of its IPOR Protocol, allowing traders to hedge, arbitrage, and manage risk across credit portfolios by taking directional positions on interest rate movements on Ethereum.
Buckle up; we’re only just getting started – A new reflection token, Gnox (GNOX), is set to launch on Binance Smart Chain and can be found on the ecosystem’s premier DEX PancakeSwap (CAKE).
Petrousus token, a brand new cryptocurrency project, launched as an open-source DeFi protocol with fast, error-free transactions hoping to overcome limitations within the DeFi industry. Further, Interlay released interBitcoin (iBTC) on the Polkadot chain, a wrapped Bitcoin asset. With this solution, BTC will be widely used for DeFi, cross-chain transfers, NFTs, and more.
In the Virtual Assets World, NFTs and Metaverse woke the landscape with a whirlpool of intriguingly thrilling events.
Musing to the melodies of the new offerings in the space, music NFT company HitPiece caught our attention for relaunching months after getting called out by artists and industry organisations as a “scam”. It relaunched with new artist partnerships and industry ties, leaving its test beta phase behind. Further, Olympix launched the Football NFT in honour of football's king, Maradona. Olympix is a newly launched crypto avenue aimed at bringing sports lovers together. Igniting the Olympic spirit in the world of NFTs!
NFT collection and celebratory series — SAVE THE DATE announced a Money Back Guarantee for the first time in Web3. One can get 0.07 ETH back if they purchased the DATE directly from the project and want a refund. It’s guaranteed by the smart contract. Okay, who doesn’t like this kinda assurance? Moving ahead, OWNIC, a platform offering dynamic sports NFTs, announced its launch. The formal launch will take place on August 22, 2022.
Rejuvenating the aura of the segment was Aumssa, the metaverse-based healing community, after announcing the official launching of its NFTs collections, a modernised interpretation of the ancient symbol ‘Hamsa.’
Speaking of partnerships, Minted, an NFT marketplace powered by Cronos Labs, was launched in collaboration with Crypto.com. In total, the marketplace will support 10 million NFTs across 2,800 projects. The ride only begins to get more magical from here, with Magic Eden, the leading destination for NFT discovery, expression, and ownership, announcing a partnership with IP entertainment company IPX and global blockchain-NFT company CRIPCO. The coalition led to the unveiling of the WADE Friends & Family Membership NFT, which gives members exclusive access to fashion and music events, as well as digital ownership of globally recognised IPs. Putting all the eggs in one basket!
Not only this, but NFT lending protocol NFTfi and digital asset manager Safe also partnered to develop a new product ー NFT Rights Management Wallet ー to allow Safe Ethereum wallet users to segregate and delegate certain rights and permissions associated with an NFT to other Ethereum addresses.
The boom of new launches also seems to be causing a storm in the metaverse!
Wiztales launched its metaverse 'Altyug' where customers can enjoy exploring multiple, immersive, realistic, and futuristic venues seamlessly from the comfort of their homes. In a stunning turn of events, Wharton launched Ivy League’s first certification program in the metaverse. The new six-week online program – “Business in the Metaverse'' – makes it the first-ever Ivy League certificate program on the metaverse.
To expand its social VR platform, Horizon Worlds from Meta launched in France and Spain — joining the US, Canada, and the UK. Talking about horizons, the horizon of metaverse continues to burgeon, with Cosmic Wire partnering with celebrity tattoo artist Ivana Belakova to launch her unique art tattoos as NFTs. The NFT collection of the unique tattoo art will also serve as VIP tickets for Ivana's series of global events scheduled for Dubai, Europe, and Los Angeles.
Taking the route of all things money, South African metaverse startup SodaWorld secured an undisclosed amount of funding from a Swiss CV venture capital firm to enable artists to earn much-needed revenue from their work in the metaverse.
Among the other headlines, KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, announced its proceeding incubation program with Univers Network, a metaverse infrastructure project designed to empower communities and revolutionise Web3. Further, Dragonfly, a crypto-focused venture firm, acquired the digital asset-focused investment fund MetaStable Capital. The move comes in the wake of the ongoing bear market and the consolidation phase the crypto industry is currently in. The acquisition had Dragonfly dropping the word ‘Capital’ from its title, rebranding itself to reflect its growing presence in the digital asset space.
And if that wasn’t enough – then The Recursive partnered with the First Annual European Metaverse Awards, a ceremony distinguishing the most successful players in the European metaverse ecosystem, to take place in Berlin on October 27, 2022. Place your bets!
A smorgasbord of events kept the Decentralised Tech ecosystem hopping on the beat of blockchain and smart contracts, bringing out a fun vibe.
We've got the big bucks to talk for the week! The headline of Google’s parent company, Alphabet, invested $1.5B between September 2021 and June 2022, putting the most capital in its blockchain business compared to any other public company. Twala, a blockchain-based solution for businesses, also became one of the latest beneficiaries of the DoST Grant Fund Program, which awarded the blockchain startup a PHP4.6 M (U.S.$82,333) grant to incentivise the business solution.
New launches are in full swing across all themes of Web3. Headlines of StarkWare, a company addressing blockchain scalability issues, revealed a new recursive proof that could bundle tens of millions of NFT mints into one transaction, which would turbocharge layer 2 scalability. This will make the blockchain faster and more energy efficient. Moving ahead, The Communications Regulatory Authority (CRA) launched a public consultation about the “National Blockchain Blueprint for Qatar''. The blueprint underlines the potential of blockchain technology and the opportunities it can offer Qatar.
Next stop ー China, where the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu will be able to enrol their children in after-school or extracurricular lessons using the digital yuan central bank digital currency, or e-CNY. World Wide Web3's craze!
Many more hot-off-the-press stories were reported, including Jump Crypto trying to revamp a core part of Solana’s infrastructure, seeking to boost the network that’s been plagued by frequent outages and slowdowns. Saviour is en route to Solana! Further, Compound Labs announced the first smart contract deployments for Compound III, which will create a USDC market on Ethereum. The deployment brings a Compound III merely one governance proposal away from activation.
To combat illegal mining, Brazil’s Federal Deputy proposed a bill to tokenise gold extraction using blockchain technology. Blockchain blocking ways of unethical gold miners!
The ride to the decentralised tech world isn't over yet. In an official announcement Archax, UK’s first regulated digital securities exchange, confirmed that abrdn signed a deal with the company to become its largest external shareholder. Further, Binance Labs made a strategic investment in Web3 infrastructure provider Ankr. The funds aim to ramp up the work on Ankr’s remote procedure call (RPC) service and build out its Web3 developer suite.
Uh-oh, hold onto your seats, for there are some twisty bumps ahead:
Cryptocurrency firm Prime Blockchain and 10X SPAC mutually ended the $1.25B merger deal. The termination reflects a waning interest in special purpose acquisition companies (SPACs). As if things couldn’t get any bumpier, Skynet Labs, which is behind the decentralised platform Skynet, shuts down due to a lack of funding. There will also be job cuts.
Events erupted in the Decentralised Governance space – From making money to partnering together and more – a sure-fire way to get us curious for more!
The tide of new launches seems to be gushing in through the sphere of decentralised governance too. Tracer DAO is all set to launch a new Perpetual Swaps derivative product after announcing a historic proposal to merge with their core service provider, Mycelium. Further, Web3 leading incubator Icetea Labs announced the creation of its inaugural Web3 Accelerator Program in conjunction with Polygon and Alpha Venture DAO. The trio has confirmed that its first Accelerator Program, ILAP1 Autumn 2022 Cohort, will take place over the course of September and October.
New launches have hit the shores of penSea, which is partnering with the Friends with Benefits (FWB) DAO to help steward the launch of The Flock — an “immersive gallery exhibition” and “curatorial initiative”. This glittering, heavenly exhibit series of one-of-one NFTs will feature works from artists like Ayaka Ohira, Case Simmons, Vivian Fu, and many more. Seems like a glitzy and star-studded exhibition!
Adirize DAO (ADI) platform launched a crypto asset that doubles as a stablecoin known as ADI. Compared to other stablecoins, the ADI token ranks offer greater financial control while eliminating external control from financial regulators.
Further, Abraxas DAO announced the upcoming release of Punkin Patch Issue 1: Rise of the Punkins. Every physical copy of the comic book will come with a corresponding NFT comic that can be claimed using an included QR code.
In other headlines, DAO Maker integrated with Binance Custody as its custodian partner to enhance digital asset security and safeguard DAO tokens. And in a shocking development, The Tornado Cash DAO went offline after many social media users reported the community discussing ways to challenge sanctions that were imposed by the United States Treasury Department’s Office of Foreign Asset Control. Time to raise eyebrows?
It was a thrilling ride last week as the wonders of Decentralised Identity filled the air with buzzing sounds of all sorts of events.
It seems like new launches keep springing up, bolstering the Web3 community!
Aleo announced the launch of Aleo Testnet 3. With the help of this, developers can build and execute fully-private applications on the Aleo Virtual Machine (AVM) and host them on the Aleo blockchain. Not just this, a hard fork of Monero, which brings many privacy upgrades, also went live. The fork brings multiple improvements to privacy on the network. Actions like these reflect the ever-improving, ever-growing realm of Web3.
For the love of the decentralised world, Lovechain announced the launch of its Beta version App and its IEO (a type of presale) and listing on Bitmart Exchange. Further, a new entrant to the Web3 world grabbed headlinesー BANS debuted its Web3 identity service on Beam Blockchain and has joined a list of blockchain companies looking to bring Web3 identity services to their communities. Everyone wants to be a Web3 wanderer these days!
L3COS, the blockchain-based operating system, is set to launch the Fiat-on-Chain with three initial currencies – GBP, Euro, and USD – all of which will be safeguarded by central banks. This frictionless trade is facilitated using smart contracts and currencies of the end users’ choice. Quite an accomplishment!
Moving ahead, .bit (did.id) raised $13M to build a cross-chain decentralised identity protocol.
Other noteworthy developments include Permission.io, announcing its partnership with Unstoppable Domains to provide each active Permission user with a $40 credit which can be used to buy a multifunctional domain for sending and receiving crypto assets – rather than using standard wallet addresses. Building a stronger, bigger, and better Web3 ecosystem together! Further, as a strategic move, Hashstack announced its decision to shift to Starkware. With this, Hashstack shifts its focus to truly empower financial inclusion through crypto.
It can sometimes be overwhelming for our Web3 wanderers to get their heads around the Web3 world 🌎 with new things popping up every day 🆕. So, let's learn more about Web3 as we wrap up. Come learn with us! ✨
Web3 Word Of The Week
Cold Wallets: There's a famous saying among crypto enthusiasts: Not your keys, not your coins. Cryptocurrency ownership entails a lot of responsibilities, including keeping it safe. While there are many ways to hold coins, cold wallets are a popular one. Crypto cold wallets are external devices, usually in the form of a USB or smartcard, which enable users to access their crypto holdings on the blockchain. In most cases, they are one of the best choices for protecting cryptocurrency assets since they are never connected to the internet, which makes them immune to hacking.
Lastly, indulge in these Web3 treats 🍩 this weekend for a taste of the Web3 World!
That’s all for now!🤘
We hope you enjoyed this edition of the Web3 Weekly Wonderland experience, and we look forward to seeing you next week! 💌
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