This Week in Crypto #18
What a week of ups and downs it has been for the entire Web3 space. There have been some interesting developments this week, from announcements from some of the biggest chains, all the way to Meta trying to dive deeper into the world of NFTs. So, without further ado.
Let’s dive in!
Ethereum testnet, Sepolia Beacon, has been deployed
The Ethereum Sepolia Beacon chain, Ethereum’s second public testnet chain-merge, has officially been deployed, bringing Ethereum one step closer to the long awaited Merge. The Merge is the next step on Ethereum’s road to ETH 2.0, that will transition the leading smart contract blockchain from a Proof-of-Work consensus method, to a Proof-of-Stake consensus method.
There is a plan to move completely to these testnets, with deprecation and shutdown timelines for the Kiln, Ropsten and Rinkeby testnets already in place.
Thanks for your service Kiln, Ropsten and Rinkeby. Goerli and Sepolia are now here to lead us to ETH2.0.
Read the full details here.
sepolia beacon chain is live!
Ethereum is now closer than it has ever been to the The Merge. It's only a matter of time before we move to Proof of Stake.
⚡ Let's take a look at notable projects this week. pic.twitter.com/bgsNOwonv1
— Ethereum Daily (@ETH_Daily) June 21, 2022
NEAR Foundation launches smart contract audit feature
The NEAR Foundation has just launched its Smart Contract Audit Program. The program seeks to make the process of developers finding auditors, and vice versa, as easy as possible via an auditor ingest form and an audit request form.
The move will allow the entire NEAR ecosystem to improve its overall security.
.@NEARFoundation is excited to announce that its Smart Contract Audit Program is live.
The program comes with a new auditor ingest form and an audit request form, to make choosing the most experienced and skilled auditors seamless.
Read more ⬇️https://t.co/wIyLC8qCPy
— NEAR Foundation (@NEARFoundation) June 21, 2022
After their 2019 launch of “Unisocks“, Uniswap has announced their acquisition of Genie — the first NFT marketplace aggregator – in a bid to enter the NFT space once and for all. Later this year, Uniswap users will have the ability to buy and sell NFTs directly via the Uniswap web app.
Developers will be glad to know that the NFT features will be implemented into the Uniswap API, allowing third parties to build on top of it.
Uniswap will be airdropping USDC later this summer to anyone who:
- made more than one swap by April 15th on Genie, or
- was holding the Genie Genesis NFT on April 15th
Read Uniswap’s full blog post here.
Immutable (IMX) launches a $500m development and venture fund
Immutable, an Australia-based Web3 gaming firm, and Ethereum’s NFT scaling platform has launched a $500M development & venture fund, to support projects building Web3 games and NFT utilising companies on Immutable.
Crypto gaming has been on the rise over the last few years, with its moment in the spotlight being mid 2021 with the explosion of Play to Earn (P2E) games. But there is more to Web3 gaming than the P2E gaming model, and it seems Immutable knows this.
Ethereum's NFT scaling platform @Immutable launches $500M development & venture fund. The capital will be used to fund projects building web3 games and NFT-focused companies on Immutable X.https://t.co/44UBDDjdnw pic.twitter.com/dpqOZLfkpT
— ICO Analytics #StandWithUkraine 🇺🇦 (@ICO_Analytics) June 17, 2022
Magic Eden closes $130m Series B round at a $1.6b valuation
Popular Solana NFT marketplace Magic Eden has managed to close a $130m Series B round. The large flow of capital investment into the company set its new valuation at a $1.6b.
Amidst a seemingly wide crypto meltdown, these news may come to some people’s surprise. No matter the case, it is an inspiring story for any developers in the space. As Magic Eden co-founder Sidney puts it in this tweet of his:
Seven years ago, my first crypto start-up failed during the 2015 crypto bear market. I was broke, living on a sailboat. Yesterday, my second crypto startup, Magic Eden closed its $130 million Series B funding at a valuation of $1.6 billion.
gm, dropped a Series B and we’re now a $1.6B company after 9 months.
We don’t take any of this growth for granted. YOU, the creators and communities, have made our wildest dreams possible.@GreylockVC @electriccapital @lightspeedvp @paradigm @sequoia https://t.co/HOFywQrsfN
— Magic Eden 🪄 (@MagicEden) June 21, 2022
dYdX moving to Cosmos
dYdX has announced its V4 will be developed as a standalone blockchain on the Cosmos SDK and Tendermint Proof-of-stake consensus protocol.
According to dYdX, V4 will mark the full move to decentralisation for the dYdX protocol.
Read the full blog post here.
In other news, one of the prevalent stable coins worldwide, Tether (USDT), has announced it will finally be going ahead with a full audit via a third party company in order to address investor concerns about the health of their reserves.
OFFICIAL: #Tether Will Prepare a Full Audit on $USDT Reserves
— Market Meditations (@MrktMeditations) June 20, 2022
Iranian government to cut crypto mining power
The Iranian government has announced it’s going to be restricting Bitcoin mining, by cutting off electricity to 118 legal crypto miners, amidst the current global energy crisis.
All 118 BTC miners will have their electricity cut off starting June 22.
🇮🇷 Iran to cut the electricity of all 118 legal crypto miners in the country to fight potential power shortages
— Blockworks (@Blockworks_) June 20, 2022
Instagram and NFTs
Mark Zuckerberg recently announced that Instagram will be trialling the use of NFTs on Instagram Stories, via the use of their SparkAR augmented reality platform. As mentioned by Zuckerberg himself:
We’re expanding our test so more creators around the world can display their NFTs on Instagram. We’ll bring this feature to Facebook soon too — starting with a small group of US creators — so people can cross-post on Instagram and Facebook. We’ll also test NFTs in Instagram Stories with SparkAR soon.
Mark Zuckerberg just announced that Meta will start testing #NFTs through Instagram stories 👀 pic.twitter.com/paFei2hSGJ
— Crypto-Gucci.eth ᵍᵐ🦇🔊 (@CryptoGucci) June 21, 2022