Snapshot Web3

September 1, 2023

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Regulatory and Legal News

The US SEC Delayed All 7 Spot Bitcoin  ETF Applications, What’s Next?

The U.S. SEC has delayed all seven spot Bitcoin ETF applications, including those from BlackRock, Invesco, and WisdomTree. This delay follows Grayscale Investments' recent legal victory against the SEC, which overturned the rejection of its ETF bid. The SEC cited the need for more time to consider the proposed rule changes and related issues. The delay has raised hopes among cryptocurrency advocates that spot Bitcoin ETFs may enter the market by the end of 2023, with strong potential for significant profits.

Woori Bank Joins Forces with Samsung Securities and SK Securities to Pioneer Security Token Market

Woori Bank, Samsung Securities, and SK Securities are teaming up to explore South Korea's security token market. They plan to create infrastructure, validate distributed ledger technologies, and form a consortium called Finance 3.0 Partners (F3P) to develop investor protection measures in compliance with regulatory guidelines. Woori Bank, Samsung Securities, and SK Securities are individually preparing for this venture, with Woori Bank establishing a dedicated division, Samsung Securities verifying its security token platform, and SK Securities seeking innovative financial service designation by partnering with fractional investment firms.

UK’s Travel Rule comes into effect, could halt certain crypto transfers

The UK's new crypto Travel Rule, effective since September 1, requires crypto asset businesses to collect and share information about crypto-asset transfers. If a payment comes from a jurisdiction without a similar rule, providers must assess the risk before completing the transaction. This rule applies to outgoing payments from the UK as well. The Travel Rule aims to prevent money laundering and terrorism financing in the crypto industry, aligning with global standards. Other countries like the US, Germany, Japan, and more have already implemented similar rules.

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Innovation and Launches

Crypto exchange OKX plans to enter India, hire local staff

Cryptocurrency exchange OKX plans to enter the Indian market and hire local staff despite regulatory uncertainties. OKX's Chief Marketing Officer, Haider Rafique, mentioned their intent to expand wallet services and tap into India's developer community, where they already have around 200,000 wallet users. While Indian regulations remain unclear, OKX is open to leading the way once a crypto regulatory framework is established. India has imposed taxes on crypto gains but hasn't explicitly legalized cryptocurrencies yet.

Offchain Labs's Arbitrum Stylus Goes Live

Offchain Labs has launched Arbitrum Stylus, a framework for Arbitrum Nitro chains, allowing developers to create smart contracts using EVM tools and WebAssembly languages like Rust and C++. Stylus promises over 10x speed and over 100x memory efficiency improvements, reducing gas costs for smart contract execution. It supports multiple languages, expanding the developer base. Enhanced security features and upcoming audits make it promising for blockchain applications. Stylus leverages the Arbitrum ecosystem, with plans for DAO votes, an AMA session, and a Hackathon to promote adoption. Its launch represents a significant development in Ethereum's Layer 2 solutions.

Akash Network Introduces Supercloud to Offer Decentralized GPU Resources

Akash Network has launched "Supercloud" as part of its Mainnet 6 upgrade, allowing users to access GPUs on its decentralized compute marketplace. This decentralized approach offers an alternative to centralized cloud providers, with a focus on high-performance computing. The GPUs available include Nvidia H100s, A100s, and consumer-grade chips for tasks like AI training and data science. Akash Network is an open-source decentralized Cloud Marketplace within the Cosmos SDK ecosystem.

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NFT and Metaverse

Over 230,000 tickets claimed on Valicit marketplace for Numi metaverse event

Over 230,000 tickets for a metaverse event on the Valicit platform have been claimed by players of the Numi Stories game on the Venom testnet. This demonstrates strong demand for digital entertainment in the metaverse. Valicit is optimized for web3 apps and focuses on use cases like NFTs and digital tickets. The event's popularity may be due to FOMO (fear of missing out). Numi Stories Club 404 offers early access to multiplayer features for those who purchase tickets from the Valicit Marketplace, showcasing the potential of blockchain for transparent ticketing solutions.

Amazon's Free NFT Giveaway: Here's How to Claim Your Loot

Amazon Prime is offering free gaming NFTs to subscribers through its Prime gaming portal. Subscribers can claim various NFTs that can be used in blockchain games, including skins and characters. The NFTs are part of Amazon's partnership with gaming companies like Mojo Melee and Blankos Block Party and come with in-game items and the respective cryptocurrencies of each game. Amazon has been increasing its gaming-related offerings, and there have been rumors of the company launching its own NFT marketplace.

Adidas Just Unveiled Its First Digital Artist Program, RESIDENCY

Adidas /// Studio has introduced its first digital artist residency program, "RESIDENCY," during Korean Blockchain Week. The program aims to connect artists with the Adidas brand and its community through art and Web3 technology. The inaugural artists, MonkeeMoto and DearNostalgia, will create artworks available as NFTs for 0.15 ETH each, marking Adidas's first foray into NFT sales. ALTS by Adidas NFT holders can obtain VIP tickets for a Seoul event, providing a 2-day experience.

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Scams and Hacks

Web3 Loses $1.2 Billion to Hacks and Rug Pulls so far in 2023

Web3 platforms have suffered $1.2 billion in losses due to hacks and rug pulls in 2023, according to a report from Immunefi. This resulted from 211 separate incidents, with Ethereum-based projects being the most targeted. Notably, BNB Chain and Base also experienced significant losses. Hacks accounted for 67.7% of the losses in August, with DeFi platforms being the primary targets. Immunefi has paid out over $80 million in bounties to prevent potential losses of over $25 billion across various protocols.

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Interesting Reads

Why tokenized smart batteries are a ‘net new asset class’

Renewable energy storage firm Entheos is partnering with Plural Energy, a renewable energy tokenization platform, to allow investors to finance a portfolio of smart battery assets. Smart batteries use software to optimize energy storage and release based on weather and pricing conditions, improving efficiency. Investors can purchase Entheos tokens through Plural Energy's platform, creating a new asset class built on blockchain technology. The partnership aims to bridge the gap between on-chain capital markets and off-chain asset performance by providing investors with transparent and verified data.

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Quick Links

Ethereum staking services agree to 22% limit of all validators

Five Ethereum staking providers, including Rocket Pool, StakeWise, Stader Labs, Diva Staking, and Puffer Finance, have imposed a self-limit rule to prevent owning more than 22% of the Ethereum staking market. This move aims to maintain network decentralization. Lido Finance, the largest Ethereum staking provider, voted against self-limiting.

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Miscellaneous

The First Ethereum Smartphones Sell out Within 24 Hours

Within 24 hours, 50 Ethereum-based smartphones with the ethOS operating system sold out. These phones featured an Ethereum light client, making them "light nodes" on the Ethereum network. They supported payments, messaging, Ethereum Name Services (ENS), Ethereum Virtual Machines (EVM), and Layer 2 scaling networks. Buyers needed an ethOS NFT to reserve a phone. Solana-based smartphones had slower sales, leading to a price reduction to compete with upcoming Ethereum phones.

Swift, Chainlink Tokenization Experiment Successfully Transfers Value Across Multiple Blockchains

Swift and Chainlink successfully conducted experiments transferring tokenized value across multiple blockchains, removing friction and potentially enabling the global scalability of tokenized assets. This collaboration involved financial institutions like BNP Paribas, BNY Mellon, and Lloyds Banking Group. Swift used Chainlink's Cross-Chain Interoperability Protocol (CCIP) to connect with various blockchains, aiming to enhance efficiency and transparency in financial markets.

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Trending DApps

Otherside: Legends of the Mara Open Beta Launching in September

Yuga Labs, the creator of Bored Ape Yacht Club, is launching an open beta for Legends of the Mara (LotM) in September. LotM is a 2D strategy game within the Otherside metaverse. Players can evolve their Mara characters into Kodamaras, harvest sediment, and defend their land plots. All Otherdeed NFT land holders can claim a Vessel that will grow into a Mara character. LotM introduces new game elements and Kodas, small creatures related to land plots. Yuga Labs plans to evolve LotM over time and reward Otherdeed NFT holders with various benefits.

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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.