Krystal Newsflash (14th Oct 2022)
Welcome to our recap of the major stories in the crypto world! There have been quite a few major stories, so here’s everything that happened:
2 new approvals by MAS ✅
Within this week, the Monetary Authority of Singapore (MAS) has granted 2 in-principle approvals for the Major Payment Institution License offering Digital Payment Token services.
The 2 firms include Coinbase,
and Blockchain.com.
It is interesting to note that Coinbase stated its intentions to expand their “full suite of retail products”, even with the impending frictions that MAS is set to place on crypto retail investors.
Meanwhile, Blockchain.com didn’t mention anything about retail investing, and seems to be focusing more on institutional and high-net-worth investors.
Uniswap on StarkNET 🔥
Uniswap, the second-largest decentralised exchange (DEX) by Total Value Locked (TVL), has been successfully warped to StarkNET.
StarkNET is one of the competitors to build a zkEVM, or zero-knowledge (zk) Ethereum Virtual Machine (EVM).
zkEVMs are considered to be the ‘holy grail’ of Layer-2 scaling on Ethereum, which provides the most benefits.
What makes StarkNET unique is that they use the Cairo programming language, instead of Solidity, which is used for most EVM projects.
StarkWare, the company behind StarkNET, has come up with a Warp plugin that allows code on Solidity to be converted to Cairo.
While the plugin is still under development, this means that users could use the Uniswap DEX on StarkNET in the future, which should result in lower transaction fees!
zkEVM wars wage on 👊
Apart from StarkNET, other companies are racing to build the first zkEVM.
zkSync will launch zkSync 2.0 on mainnet on 28th October, featuring a fully functional zkEVM.
Meanwhile, Polygon is not too far behind, as they have launched their zkEVM Public Testnet as well.
There is no update on the date of the mainnet launch yet, but given the resources available to the Polygon team, we may be able to see a fully-fledged zkEVM from them soon.
All of these are great innovations to further scale the Ethereum network, and this could finally mean the end of high gas fees!
BNB Chain Updates Code 👨💻
The BNB Chain has completed a hard fork upgrade (Moran) to re-enable cross-chain transfers between the BNB Beacon and Smart Chains.
This patch fixes the bug on the BSC Token Hub which allowed a hacker to steal 2 million BNB tokens from this cross-chain bridge.
If you’d like to know a full breakdown of the BNB Chain hack, you can refer to our article here.
OpenSea is now on AVAX 🔺
After expanding to Arbitrum and Optimism, OpenSea has enabled the trading of NFTs on the Avalanche network.
Some of the popular NFT collections on the Avalanche network include Crypto Dappers, Avax Apes and DeFi Dinos.
OpenSea now allows you to trade NFTs across 7 different networks, including EVM-compatible ones (e.g. Ethereum, Klaytn and Polygon), and non-EVM-compatible networks like Solana.
Our Krystal Mobile Wallet allows you to store and view NFTs across these networks (with Optimism coming soon).
What’s more, you can connect to OpenSea on the mobile app with our DApp Browser as well!
Google Supports Crypto? 🤔
As blockchain technology becomes more mainstream, tech giants have started to embrace it more.
Google has partnered with Coinbase to allow companies to use crypto to pay for its cloud services.
Furthermore, you can paste your Ethereum address on Google, and it will bring up your ETH balance directly from Etherscan.
This could mark Google’s push into embracing Web3 technology.
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