Weekly Web3 Roundup
July 11, 2022

Weekly Web3 Roundup


🟢 Bank of England calls for greater regulation 

  • The Bank’s financial stability report noted that while crypto doesn’t pose an immediate risk to the financial system, regulatory clarity is necessary as the industry develops

🟢 Stablecoin growth highlights how significant reserves ready to be deployed across the market

  • Stablecoin market caps have witnessed significant growth since 2020.
  • Stablecoins, like MakerDAO’s DAI, have grown more than 20 times in size.
  • Although the total market cap of crypto is down since November 2020, stablecoins’ market cap has risen. This indicates that capital is waiting on the sidelines, ready to be deployed.

🟢 Indian crypto trading volume plummets due to new tax rules

  • Volumes on WazirX, ZebPay, CoinDCX and BitBNS have tumbled between 10% to 70% in the last seven days, data from CoinGecko shows.
  • The new rules impose a 1% tax on every cryptocurrency transaction above Rs 10,000 (around $125).
  • The tax discourages activities that have slim profit margins or require high trading volumes.

👾 NFTs

🟢 Ethereum Name Service domain name purchased for record breaking 300 ETH

  • Ethereum Name Service (ENS) domains allow users to change their wallet addresses so that they’re human readable, rather than a 40 digit long string of hexadecimal characters.
  • ENS domain “000.eth” was purchased last week for 300 ETH, causing a spike in ENS registrations that saw ENS top OpenSea in trading volume for the first-time ever.

🟢 Motor racing team to adopt NFT verification for car parts 

  • GT racing team Vincenzo Sospiri will use NFTs to certify and authenticate car parts.
  • This is a part of the pilot scheme by Go2NFT, who specialize in corporate NFTs.

🟢 Alibaba, Tencent, and other Chinese tech giants will require ID checks to trade NFTs 

  • These tech firms signed a “self-disciplined development proposal” to bring clarity to the NFT space.
  • The signatories also reaffirmed the regulation banning the use of cryptocurrencies.

🟢 Founder of Baller Ape Club NFT facing up to 40 years in prison

  • The Department of Justice will be filing charges for wire fraud and international money laundering.
  • Le Anh Traun allegedly collected $2.6 million from the Baller Ape Club mint.

🟢 LimeWire teams up with variety of artists to launch NFTs on their platform

  • The artists, including Travis Barker, Brandy, and Nicky Jam, will launch exclusive artwork, music, and fan experiences.
  • LimeWire recently announced its transition from a peer-to-peer file sharing website to an NFT marketplace.

🟢 Reddit to launch Polygon-based NFT marketplace 

  • Reddit will partner with independent artists to create unique avatars that users can buy for a set fee.
  • Collectible avatars will only be available for purchase with local currencies, not crypto.

🟢 DeFi firm Teller launched “Buy now pay later” scheme for NFTs 

  • The service only supports certain collections, such as BAYC, MAYC, Doodles and Moonbirds, among others.
  • Unlike fractionalisation services, Teller allows one user to buy the whole NFT, just to pay the cost later.


🟢 Konvoy Ventures launches $150M crypto gaming fund 

  • The fund will focus on pre-seed, seed and Series A investments, and adds to the list of funds that have been launched focusing exclusively on gaming.

🟢 Polium announces that it’s building a web3 games console

  • The console will support games on the Ethereum, Solana, Polygon, BNB Chain, Harmony, EOS, Immutable X and WAX blockchains.
  • The console is expected to be released Q3 2024.

🟢 Nike hints at integrating NFTs into video games 

  • Nike has filed a patent which shows how the brand wants to incorporate virtual objects, such as branded shoes, into video games.

🟢 Sandbox and BAYZ will expand its Metaverse in Brazil 

  • Leading metaverse platform, Sandbox, and web3 gaming company, BAYZ, have partnered to encourage metaverse expansion and crypto adoption in Latin America.

🟢 TikTok’s ex-gaming head launches web3 company

  • The company; Meta0, aims to solve the lack of interconnectivity between Metaverses.

🟢 Source of Ronin bridge hack revealed

  • A recent discovery highlights how a fake job offer is what led to the $540M exploit of Axie Infinity’s Ronin bridge.
  • A senior engineer downloaded a malicious PDF document, allowing spyware to infiltrate Ronin’s systems and take over four of Ronin’s nine validators.

🟢 Samsung Next announces Genopets Investment 

  • Samsung Next, the tech investment division of Samsung, has announced a strategic partnership with move-to-earn game, and NFT Technologies portfolio project, Genopets.


🟢 First Women-Led Web3 Conference will be held in Paris Next Week

  • The Metaverse summit will take place from July 16th-17th.
  • The summit will feature leading Metaverse entrepreneurs, builders and experts, who will discuss and collaborate about the future of Web3.


🟢 Tracking Celsius

🟢 Tracking Three Arrows Capital (3AC)

🟢 CremaFinance hacked for $8.7M

  • The hacker used multiple flash loans and malicious data to drain the Solana-based liquidity protocol of funds.

🟢 Circle’s EUROC will begin with US-only trading 

  • Circle are awaiting relevant licenses to expand its EUROC offering to beyond the US.

🟢 Nexo to buy Vauld 

  • The cryptocurrency lender plans to acquire up to 100% of the struggling digital asset platform.

🟢 MakerDAO approves $100M stablecoin vault for US bank

  • MakerDAO has approved the creation of a $100M stablecoin vault for 151 year old Huntingdon Valley Bank.
  • The vault will allow the bank to mint DAI with off-chain assets as collateral.
  • The collaboration will help DAI’s integration with TradFi and strengthen its case for use.
  • Others have been critical of the move, citing regulatory risks and discontent about working with a TradFi institution.

🟢 Aave announces stablecoin plans

  • The new stablecoin, GHO, will be overcollateralized and backed by Aave yield-bearing assets.

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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.

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