Snapshot Web3

July 25, 2023

Regulatory Updates

Putin Signs Digital Ruble Law Making a CBDC Possible in Russia

Russian President Vladimir Putin has signed a new law enabling the issuance of the digital ruble, a central bank digital currency (CBDC). The digital ruble will be used for payments alongside other methods, and its accounts will be managed by the central bank. The project is seen as a potential tool to circumvent financial sanctions imposed on Russia by the West, and it also aims to enhance control over government spending for social projects. Additionally, the digital ruble may allow parents to control how their children spend money, providing increased financial oversight.

Binance Says It Intends to File Motion to Dismiss CFTC Complaint

Top crypto exchange Binance intends to ask a court to dismiss the U.S. Commodity Futures Trading Commission's (CFTC) suit against it. The CFTC alleged that Binance operated a derivatives trading operation in the U.S. and directed its American employees to evade restrictions. Binance's response is due on July 27, and compliance officer Samuel Lim also plans to file a separate motion to dismiss.

Innovation and Launches

Inside the Orb: The Untold Story of Worldcoin’s Launch

Jeff Wilser explores Worldcoin's project, co-founded by Sam Altman and Alex Blania, which aims to harness the powers of AI and distribute wealth through a universal basic income (UBI) in the form of cryptocurrency (Worldcoin/WLD). The centerpiece of the project is "the Orb," a device that uses infrared cameras and AI-powered neural networks to scan users' irises to verify their humanity before providing them with Worldcoin tokens. The article delves into the challenges and controversies surrounding the project, such as privacy concerns related to biometric data collection. It also discusses the potential risks and roadblocks that the project might face in its ambitious goal of onboarding billions of users globally.

Connext, Alchemix launch cross-chain token standard to reduce bridge exploit losses

Connext and Alchemix have launched a new token standard, "xERC-20," to minimize losses from bridge hacks. The standard allows token issuers to control token minting on official bridges, promoting a safer DeFi space. It will be implemented in Connext and Alchemix before official approval, offering immediate benefits to users. The move comes after the Multichain bridge hack raised concerns about bridge security in the crypto community.

Trending DApps

NFT and Metaverse

Americana Vaults: A Fusion of Convenience, Security, and Blockchain Authentication

The Americana vaulting platform allows users to store physical items while also creating digital replicas linked to NFTs for trading and showcasing in the web3 space. The system offers tailor-made plans for each user’s assets, including physical artworks with modern fingerprinting technology for authentication. Users can store a wide range of items, from large vehicles to small stamps, and the platform is gaining popularity among collectors with assets from various brands and artists.

STAN LEE NFT COLLECTION HONORING COMIC LEGEND SELLS OUT INSTANTLY

A collection of NFTs commemorating the 100th birthday of iconic comic book writer Stan Lee was met with overwhelming demand, selling out in record time. The sale, managed by Kartoon Studios, featured over 8,000 digital collectibles, generating an impressive $120,000 in revenue for the studio, signaling a positive boost for the struggling NFT market.

Resource of the Day

What Are NFT Loans and How Do They Work?

NFT loans are a type of loan in the crypto space where NFTs are used as collateral. The concept of NFT loans brings decentralized finance (DeFi) into the world of digital arts, collectibles, virtual real estate, and other unique tokenized assets. Key metrics to consider when looking at NFT loans include loan-to-value (LTV), liquidation ratio, and NFT floor price. NFT loans offer great benefits to unlock liquidity and access borrowing instantly for NFT owners but also come with risks, including price volatility, lack of liquidity, and potential regulatory risks.

Interesting Reads

GRAHAM’S WINE LAUNCHES VINTAGE PORT WITH NFT BENEFITS

Symington Family Estates’ distinguished port brand, Graham’s, is taking a digital leap in the world of fine wines. The esteemed company recently announced its first venture into the realm of NFTs, choosing to accompany the release of 50 limited-edition cases of its 1970 Vintage Port and the exclusive Graham’s 2020 Bicentenary Edition Vintage Port with unique digital assets.

Student credentials on the blockchain: North Dakota opts in for digital wallets

North Dakota launched a blockchain-powered digital wallet program for high school graduates to store and share their credentials. Students can provide verified credentials to colleges or employers using a permissioned blockchain. The current blockchain used will be replaced by a new one after Evernym's acquisition by Avast. North Dakota plans to expand the use of digital wallets to include other credentials and skills matching for better career opportunities. The initiative is part of an eight-state consortium with the National Governors Association.

Quick Links

‘Financial equivalent of the Death Star’: CBDC jobs multiply in public, private sectors

Central bank digital currencies (CBDCs) are gaining traction worldwide, with many central banks expressing interest in exploring them. Several CBDC-related job openings are available in the public and private sectors. Notably, the Federal Reserve and Bank of England have positions related to CBDC research and development. Meanwhile, US lawmakers have split views on CBDCs, with some advocating for their implementation while others oppose them. In the cryptocurrency industry, companies like Coinbase and Andreessen Horowitz are also offering attractive job opportunities.

Arkham Intel Exchange goes after Do Kwon crypto wallets with first bounty

Arkham Intel Exchange approved its first bounty hunt after two crypto sleuths found evidence of crypto wallets belonging to Do Kwon, the former CEO of Terraform Labs. They received a reward of 9,519.26 ARKHM, approximately $4,950. The platform incentivizes users to find on-chain data through a bounty system, but it has faced criticism for potential misuse.

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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.