Synchrony
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Synchrony

Weekly Crypto/DeFi/NFTs market update(Sept 5th — 9th)

The Merge

Soon, the current Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system.

This will mark the end of proof-of-work for Ethereum and the full transition to proof-of-stake.

This sets the stage for future scaling upgrades, including sharding.

The Merge will reduce Ethereum’s energy consumption by ~99.95%.

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Top Crypto/DeFI update

As Bellatrix begins the Merge, Ethereum developers downplay early problems where the network’s “missing block rate” rose by almost 1,700%.

Frax Finance launches Fraxlend, its borrowing, and lending market.

Coinbase proposal on MakerDAO’s governance forum that would transfer 33% of Maker’s $1.6B Peg Stability Module (PSM) into a Coinbase Prime custody account, increasing Maker’s revenue by roughly $24M

Bankrupt Voyager Digital to hold asset auction on September 13

Bankrupt crypto fund 3AC withdraws $45M from Curve Finance, Convex — reason still unknown.

Binance is introducing ETH staking in the U.S. ahead of the Ethereum Merge with a 6% APY for as low as 0.001 ETH ($1.51) staked.

Binance has announced plans to stop supporting USDC, USDP, and TUSD. The exchange will still accept deposits and withdrawals, but users’ funds will automatically be converted 1:1 to BUSD, Binance’s own Stablecoin.

Binance’s BNB Chain introduced liquid staking with Ankr, Stader, and pStake. BNB users can now earn BNB staking yield while retaining their liquidity.

Binance’s layer 1 BNB Chain has announced the launch of its zero-knowledge proof scaling technology, zkBNB

Apollo DAO’s liquid staking solution is now live on Cosmos. Starting with apOSMO, a liquid staking asset for OSMO, other Cosmos-based assets will become available at a later point in time.

One crypto arbitrageur was able to gain $370k from a $51M flash loan exploit on the Avalanche-based DeFi platform Nereus Finance

Crypto lender Nexo introduces spot and margin trading platform, Nexo Pro

ETC Group launches crypto ETP based on PoW Ethereum hard fork

Algorand announced a new upgrade that could boost its transactions per second (TPS) and cross-chain communication security via state proofs

Uniswap Labs supports The Merge, does not have plans to support any forks, and will continue to work without issue through this transition

A Celsius Network co-founder has moved in court to declare the entirety of his equity stake in the embattled crypto company as “worthless.”

Coinbase added Convex Finance token CVX, Ocean Protocol token OCEAN, Pundi X token PUNDIX, Injective token INJ, Audius token AUDIO, and XMON token XMON to the list of roadmap assets.

Crypto analytics firm Chainalysis announced that it helped the U.S. government recover about $30M stolen from Axie Infinity earlier this year.

Arbitrum has completed its “Arbitrum Nitro” upgrade to boost transaction throughput and lower transaction fees.

Curve, the stableswap-focused AMM, will launch its own overcollateralized stablecoin, crvUSD, next month.

Helium is down 15% after proposing a migration to Solana, spurring uncertainty. The crypto-powered wireless network intends to abandon its blockchain and initiate a move to Solana.

Nansen Connect — a Web3 messaging tool for communities.

LayerZero Update: Summer 2022.

KPMG predicts crypto investment slowdown will continue rest of 2022

Bitcoin miner CleanSpark bought 10,000 Bitmain Antminer S19j Pro mining machines at a “significantly discounted” price of $28M adding to over 6,200 rigs it previously acquired.

Nexo has allocated $50MM to buying back $NEXO tokens from the market. The purchase will happen in the next six months.

EU’s crypto legislation, called MiCA, will be ready in six weeks. The new rules are expected to create a common licensing regime and allow easier operations for companies.

Guidelines for security tokens in South Korea will be announced by the end of 2022

Instagram influencers have to explain the risks when promoting crypto investments, the UK’s advertising regulator said

Arbitrum announces the first ever Arbitrum Hackathon.

KuCoin has highlighted flaws in DeFi network Acala’s community proposal to recover billions of dollars worth of aUSD erroneously issued during a mid-August exploit

Thailand’s SEC has filed a complaint against Zipmex and its co-founder Akalarp Yimwilai, saying the exchange failed to provide complete data.

Picasso — first Kusama Network and Polkadot bridge powered by Cosmos IBC

Project registration is now open for zkSync 2.0 mainnet alpha

SWEATCOIN supply update — burning 4.5B sweatcoins to return SWEAT supply to 21B at launch

Bifrost, Coinbase Cloud collaborate to offer cross-chain liquid staking on Kusama.

Ripple may soon unveil developments in its central bank digital currency (CBDC) projects, following hints from a Ripple CBDC adviser.

Launch of dAMM Finance — the first ever lending application for any listed token

Project Galaxy rebrands and has a new name and logo — Introducing Galxe

Increase in Wallets With 1,000 ETH or More Indicates Bullish Sentiment as Merge Approaches

GameStop Partners With Crypto Exchange FTX.US to Boost Digital Asset Adoption

NFTs

Wrangler Jeans Partner with Top NFT Project Deadfellaz

NBA to Develop NFT-Based Fantasy Basketball Game With Sorare

According to a game consultant, players in developing countries could work as NPCs in wealthier players’ worlds.

Netflix Show, Pup Academy, Gets Its Own ‘Fan Pass’ NFTs

The David Bowie estate is launching NFTs with OpenSea next week, but many Bowie fans aren’t impressed.

Pixel Vault Partners With Rarible To Launch Custom Marketplace

Latest Solana NFT Collection Gives Ethereum NFTs a Run for Their Money (y00ts)

PUMA Announces Metaverse Debut

NFT Collectors: A Fine Line Between Buzz and Boredom

Sony Music Becomes the Latest Entertainment Business to Embrace NFTs

Animoca confirms $110M round led by Temasek, plans new acquisitions

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Adegbite Mubaraq

Blockchain Copywriter and Marketer |Technical Analyst |Budding Financial Engineer