This Week in Crypto #22

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Everyone is talking about Tesla selling their Bitcoin. The only one not talking about it is Bitcoin itself, which doesn’t really seem to care much, as instead of crashing, is actually pumping. This may be because the sentiment in the space is rising. And why wouldn’t it – the developers continue to build while the fog of the bear market envelopes us all. But when the smoke eventually goes down, the projects that continued building will gain traction, the countries that adopted crypto will rise above, and anyone who was in the space during these turbulent times will have a great story to tell.

Here is what happened this past week in the crypto space!

Paraguay Bitcoin haven

The Senate of Paraguay has approved a bill that will see Bitcoin miners exempt from Value Added Tax (VAT) while allowing them to utilise the country’s excess power for their businesses. Paraguay’s electric grid is nearly 100% hydro-powered thanks to the hydro-electric generating Itaipu dam. This is a great step towards a more sustainable and renewable energy utilising Web3.

Yuga Labs and the Otherside metaverse

One of the biggest metaverses being created, the Otherside is the meta-child of Bored Ape Yacht Club NFT collection creator Yuga Labs. They recently held a beta testing phase where roughly 4,500 participants from across the globe interacted simultaneously in the Web3 world. secures regulatory licenses in Italy

After success in Singapore, has announced that it has secured regulatory approval in Italy, from the Organismo Agenti e Mediatori (OAM).
Full details can be found here.

Aave partners with Pocket Network

AAVE, one of the leading crypto lending protocols in the cryptosphere, will now use Pocket Network’s 44k nodes to access on-chain data to boost scalability and decentralisation.

That’s a Wrap RUNE!

The crypto space is essentially still in its wild west phase, with many exploits plaguing the industry. This is the reason why the THORChain team has decided to phase out the blockchain’s native token RUNE from being available in wrapped form on other chains, specifically Ethereum and Binance Smart Chain (BSC). The process of phasing out the tokens will happen gradually over the next year.

OpenSea Solana Launchpad

Recently the NFT space was surprised when the leading NFT marketplace, OpenSea, decided it would integrate Solana NFTs into its platform, leaving native Solana NFT marketplaces hit hard.
Now, just a few months later, OpenSea has launched a Solana Launchpad from which creators can launch NFT projects and get a head start on the market.

Polygon introduces zkEVM

In their latest attempt to help Ethereum scale, Polygon has introduced zkEVM. zkEVM allows Polygon to inherit the security of its parent Ethereum while increasing throughput and radically reducing fees.

sUSD bridge is now live

The sUSD bridge is now live. Users can now move sUSD between Optimism and Ethereum. As it stands, sUSD is the most used stablecoin on the Optimism network.

Tesla sells BTC reserves

In 2021 Tesla announced that it had purchased BTC for its balance sheet, and this was the catalyst for a major crypto bull run, as many began to believe that institutional adoption was underway.
However, in Tesla’s last 2022 Q2 earnings report, CEO Elon Musk said the company had sold 75% of its BTC supply in order to “maximize our cash position, given the uncertainty of COVID lockdowns in China.”

Nickelodeon Nostalgia

Nostalgia is a great marketing tool. And it looks like Nickelodeon got it right on this aspect, as their latest venture into Web3 has been met with massive success. We are talking about their “Nickelodeon: Rugrats & Hey Arnold!” NFT drop, which shortly after launch climbed to the top of the ranks on OpenSea, and already has passed 1.4k ETH in trading volume.

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