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- Sam Altman's Worldcoin Goes Live 🚀 Indonesia's New Crypto Exchange Finally Opens 💹
Sam Altman's Worldcoin Goes Live 🚀 Indonesia's New Crypto Exchange Finally Opens 💹
How do DeFi projects generate profit? Master the Web3 lingo!
Manan Vora
July 24, 2023
Snapshot Web3
July 24, 2023
Regulatory Updates
South Korea's FSS is seeking public comments on financial statement guidelines for virtual asset entities. The guidelines align with K-IFRS and aim to provide essential information about virtual assets, including reserve amounts and asset holdings. Stakeholder feedback will be collected through presentations and discussion meetings. The FSS plans to finalize the guidelines in cooperation with the FSC and implement them between October and November. Entities involved must disclose relevant information about their virtual asset activities.
Indonesia's national crypto exchange is now operational after significant delays. The platform operates similarly to traditional securities markets and is government approved. It aims to create a fair and protected crypto asset trading ecosystem to support the local industry and manage related risks. Indonesia is embracing crypto assets to boost its economy and global presence.
Innovation and Launches
The French Central Bank conducted experiments using distributed ledger technology (DLT) to test wholesale central bank digital currencies (wCBDC). The tests showed that wCBDCs could enhance cross-border payments and settlement for financial assets. The bank highlighted the importance of interoperability and international cooperation for a global CBDC framework. They also emphasized the need for energy-efficient solutions due to climate concerns.
Worldcoin (WLD), an iris biometric cryptocurrency project founded by ChatGPT's creator, is set to launch today. It aims to introduce the World ID system and iris-scanning Orb. Privacy concerns are addressed through open-source AI. 1 billion WLD tokens have been issued, with some sent to exchanges and the majority held in six wallet addresses.
Trending DApps
NFT and Metaverse
Mastercard's 'Mastercard Web3 Music Accelerator' is set to debut five pioneering AI-generated music NFTs by artists from around the world. The initiative, an extension of 'Mastercard Music Pass', aims to disrupt the music landscape with digitally-driven music production and consumption. The NFTs will be presented by Billboard on July 27, and fans can purchase them via OneOf during the live-stream event.
Gods Unchained is a free-to-play Web3 trading card game on Immutable X blockchain. Players own NFTs and crypto tokens through Play to Earn. They use powerful magic from digital cards to unchain gods defeated by Titans. NFTs are ERC-721 tokens, and the game has its native crypto token, $GODS. Players build decks, earn rewards, and can convert them into crypto or fiat by minting NFTs.
Resource of the Day
DeFi projects generate profit through liquidity provision, transaction fees, and yield farming. Sustainability of high yields is debated. Alvin Xu, CEO of Maverick Protocol, discusses building sustainable DeFi infrastructure and the origin of yield. He shares insights on the Ethereum liquid staking derivatives market and the differences between DeFi and centralized finance. Xu also provides his macro take on the crypto market in 2023.
Interesting Reads
Synthetix and Uniswap are developing user-friendly decentralized exchanges (DEXs) to rival centralized exchanges (CEXs). Infinex by Synthetix aims for a simple interface to access DeFi markets, while UniswapX offers gas-free swaps and cross-chain trading. These DEXs aim to compete with CEXs while retaining user control over crypto.
A comprehensive guide on the most frequently used terms in the web3 universe.
Quick Links
Real World Assets (RWA) are a bridge between DeFi and traditional finance. Top RWA projects in 2023 include Centrifuge, Goldfinch, Credix, Clearpool, and TrueFi. These projects tokenize real assets, democratize access to capital, and offer attractive returns in the DeFi space.
Crypto payments processor Alphapo’s hot wallets have been drained for at least $23 million on Ethereum, Tron and Bitcoin, according to ZachXBT. Alphapo customer HypeDrop has disabled withdrawals.
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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.
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