July 24, 2022

Weekly Web3 Roundup

  • OpenSea’s smart contracts used the most gas in the Ethereum network last week, with OpenSea’s Seaport smart contract burning 8.64K ETH. 
  • Based on last week’s data, the electrical cost of mining bitcoin is estimated to range between $13k to $16k, highly profitability issues.
  • The total market cap recaptured $1 Trillion last week.
  • Solana’s new daily address growth outpaces other blockchains, with active wallets up 58% since the start of the year.


🟣 Tracking Celsius

🟣 Tracking 3AC

🟣 Yuga Labs gives first look at Otherside metaverse

  • Last week, Yuga Labs opened up their Otherside metaverse for 4300 players for a first look demo.
  • The metaverse will open up to Otherdeed land holders only in its first phase.

🟣 ERC721i - A New NFT standard

  • Charged Particles have released a new token standard for NFTs, called ERC721i.
  • The new token standard allows creators to pre-mint their projects for a very low cost, allowing them to interact with their NFTs on-chain before releasing them to the public.
  • ERC721i NFTs can hold other NFTs and fungible tokens inside them.
  • ERC721i affords creators the ability to let people choose which NFT to buy, rather than getting a random one at mint.
  • The new standard does not impact the cost of purchase for first time buyers, minting is simply replaced by transferring.

🟣 Snapchat begins testing NFTs on their platform

  • NFTs will be able to be turned into AR lenses, superimposed into real-world backgrounds.
  • An initial release to a test group is expected in August.

🟣 ENS collector buys Sony.eth for $72,000

  • ENS domains are a type of NFT, and a human-readable crypto address.
  • The collector, Sunnybae, also owns coke.eth and ipad.eth.

🔵 Minecraft's developer bans NFT integrations

  • Mojang studios, the developer of Minecraft, announced that it will exclude the integration of NFTs and blockchain technology.

🟢 Dubai reveals metaverse strategy

  • Following in Shanghai’s footsteps, Dubai has become the second city in two weeks to reveal a metaverse strategy.
  • The strategy aims to attract 1000 blockchain and metaverse companies to the city and support over 40,000 jobs by 2030.

🟢 Web3 platforms form the Open Metaverse Alliance

  • The organization was established by Alien Worlds, Animoca Brands, Dapper Labs, Space, Superworlds, The Sandbox, Upland and Voxels.
  • They will form a DAO aiming to be “transparent and user-centric.”

🟡 Christie’s launch venture fund

  • The well-known British art and luxury business will invest in businesses that ‘enable seamless art consumption’.

🟡 Polygon launches zkEVM

  • Polygon has launched the first roll up with EVM-equivalence.
  • EVM-equivalence differs from the more well known EVM compatibility in that it is significantly easier to deploy a dApp on an EVM-equivalent chain than an EVM-compatible chain. 
  • A dApp which exists on Ethereum’s mainnet can port over to an EVM-equivalent chain with no changes to the underlying code.

🟡 lets go of 25% of its workforce

  • The cryptocurrency exchange is reducing its workforce by 150 people amid poor market conditions.

🟡 ZkSync announces mainnet launch in 100 days

  • The Ethereum based layer 2 solution aspires to be the first zk proof-based scaling solution for EVM smart contracts available in a live production environment upon its mainnet launch.

🟡 Zipmex suspends withdrawals

  • The crypto exchange is following in Celsius’s  footsteps, citing market volatility.

🟡 UK Financial Services and Markets Bill outlines rules for stablecoins

  • The new rules bring stablecoins under UK payments regulation.

🟡 Gemini lays off employees, again

  • Gemini is laying off 68 employees.
  • The exchange already laid off 10% of its employees in June.

🟡 Curve founder hints at stablecoin

  • The curve founder hinted at an over-collateralized stablecoin at the online crypto conference, Redefine Tomorrow 2022.

🟡 Former Coinbase employee arrested on insider trading charges

  • Ishan Wahi repeatedly tipped his brother Nikhil Wahi and friend Sameer Ramani on new coin listings.
  • The two profited at least $1.5 million in illegal trades.
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