Weekly Web3 Roundup
July 4, 2022

Weekly Web3 Roundup


🟢 Tracking 3AC

🟢 Tracking Celsius

  • Celsius is in dispute with its lawyers regarding Chapter 11 bankruptcy.
  • A Chapter 11 bankruptcy is a costly procedure. As a result, Celsius is attempting to get its customers to move against the proposal.

🟢 Crypto VC funding declines, but investment in quality projects continues

  • Crypto startups have raised around $3.7B in June, down from $4.2B in May.
  • However, lower valuations make investing in quality projects particularly appealing.
  • Confirming continued demand, the Bank of America has stated that crypto winter hasn’t frozen investors’ interest, calling blockchain technology the most important software evolution since the internet, in a report.
  • Further evidence of this demand can be highlighted by crypto market data provider Kaiko’s announcement of a $53B Series B.

🟢 Tether CTO addresses Tether FUD in Twitter thread

  • Tether CTO, Paolo Ardoino, has alleged that USDT has been the victim of a coordinated attack by hedge funds that are attempting to depeg the stablecoin with the goal of purchasing it back en masse at a lower price.
  • He claims stories that Tether is not 100% collateralized, or has significant exposure to risky assets, have been fabricated.

🟢 EU Members agree on the bloc’s crypto regulatory framework, MiCA

  • MiCA has been the subject of debate since 2020.
  • The regulations set out the rules for how crypto and digital assets should be treated in the EU based on where current frameworks fall short.

🟢 Ethreum successfully activates Gray Glacier hard fork

  • A hard fork is an upgrade that splits a blockchain in two, with all network participants automatically moving to the new, forked chain.
  • The successful hard fork brings Ethereum one step closer to the merge to ETH2, which is expected in September.

🟢 Polkadot to form Fellowship of token holders

  • The governance upgrade has been implemented to make voting in the Polkadot ecosystem a more inclusive process.

👾 NFTs

🟢 Yuga Labs sue Ryder Ripps over #BURNBAYC & Nazi claims

  • Yuga Labs is suing Ripps and his co-conspirator for trademark infringement, false advertising, and several other charges.

🟢 Bored Ape owners sign up to hire out their NFTs to brands

  • Multiple Bored Ape owners have signed up to a new NFT licensing Marketplace that allows holders to rent out their Ape’s IP to brands.
  • The Marketplace aims to list all 10,000 BAYC NFT for brands to browse through and potentially rent without infringing on IP laws.


🟢 Axie Infinity’s Ronin bridge back up and running following hack

  • The Ronin bridge was hacked for $600M in March, the largest crypto hack ever.
  • The new bridge has security features included that prevent unusually large withdrawals.

🟢 Harmony announced a partnership with Miracle Universe.

  • Harmony has partnered with Miracle Universe to support the next generation of web3 gaming.
  • The move comes as part of Harmony’s ambitions to broaden its gaming ecosystem.


🟢 KPMG invests $30 million in web3 training

  • KPMG is entering the Metaverse through a hub that will connect employees and clients.
  • The hub will be focused on education, collaboration, training, and events.

🟢 Sandbox launches Its first-ever Metaverse pride event

  • Sandbox has launched its first Metaverse Pride Event in celebration of Pride Month.
  • Metapride event is part of a bigger event which is called “Sandbox Belonging Week.”
  • Sandbox Belonging Week consists of three custom experiences: the Valley of Belonging, the Metapride, and the World of Women Museum. 

🟢 Sandbox landowners to migrate to Polygon

  • Sandbox has created a land bridge page that encourages land owners to transfer their lands to Polygon.
  • Land transfers are being incentivised with a 10 mSAND reward (10 USD).
  • The move is part of the Sandbox’s wider ongoing move to Polygon.


🟢 Coinbase’s share price drops as Goldman Sachs changes rating to “sell”

  • The rating change is based on the likelihood that Coinbase’s revenue will decrease as trading volumes drop.

🟢 ANZ uses its stablecoin to purchase tokenized carbon credits

  • One of Australia’s biggest banks, ANZ, has used its own stablecoin, A$DC, to purchase tokenized carbon credits from BetaCarbon.
  • BetaCarbon tokenizes Australian carbon credits into its BCAU token.
  • The transaction highlights an exciting use-case for blockchain technology and tokenization beyond crypto.

🟢 Harmony One’s Horizon bridge hacked for $100M

  • A Harmony One blockchain bridge, Horizon, has been exploited for $100M.
  • The hacker has begun to attempt to hide the funds via Toranda Cash, a platform used to conceal transaction history.
  • Harmony has offered a $1M bounty to the hacker to return the funds, but has yet to receive a response.

🟢 Lido community vote against proposal to limit the platform’s growth and influence on ETH2

  • Following issues surrounding the “depeg” of stETH from ETH, the Lido community submitted a governance proposal, suggesting that the largest liquid ETH staking platform reduces its influence on the ETH2 merge.
  • The issue is whether too much ETH concentrated on one platform could give rise to censorship issues if LDO holders opt to vote in their favor.
  • Less than half of one percent of votes were in favor of the proposal.

🟢 MakerDAO governance is voting to purchase $500M in US Treasury Bills

  • The MakerDAO community is voting on a proposal to create a new real-world asset vault.
  • The motivation behind the vote is based on Maker’s vaults being largely held in stablecoins, generating no yield.
  • An investment in T bills should reduce counterparty and credit risks.

🟢 BlockFi and FTX US strike deal featuring acquisition clause

  • BlockFi has agreed a $680 million deal with FTX.US. The deal includes a $400M credit facility and an option to acquire BlockFi for up to $240M.

🟢 Arbitrum Odyssey has been paused

  • Arbitrum Odyssey is a two-month long initiative designed to incentivize users to explore dApps on the layer 2, by rewarding certain behaviors with NFTs.
  • The Arbitrum team, Offchain Labs, have paused Arbitrum Odyssey to combat high congestion and gas fees.
  • At its worst point, Odyssey saw Arbitrum’s fees even exceed Ethereum’s.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Prev. article
Next article