Ethereum merge scheduled for September 15th

Edition #30 - 12 AUG 2022

The highly anticipated event will allow Ethereum’s mainnet to merge with its Beacon Chain, which already runs a proof-of-stake system. The Merge aims to address the network’s scalability issues by setting the stage for future upgrades, including sharding.

The smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the upgrade.

gaming developments

• Roblox reports Q2 revenues of $591.2 million, bookings down 4%;

• PlayStation surveys players on what types of NFTs they are most interested in, hinting Sony’s interest in digital assets;

• Axie Infinity cuts rewards from its classic mode, forcing P2E players into the new mode in a bid to balance its economy.

metaverses & Adoption

• Japan-based Shensei Bank launches Ripple rewards for new and existing customers;

• Paxos announces its partnership with Brazilian fintech app PicPay to launch its new crypto platform;

• Crypto users spent $2.7 billion minting NFTs in the first half of 2022;

• South Korean crypto exchanges Upbit and Korbit to return transaction fees earned during the Terra-Luna crisis in a bid to compensate investors;

• Citigroup is hiring a DeFi and stablecoin risk manager as part of crypto push;

• Non-fungible token Q2 trading volume drops 40% as interest in NFTs wanes.

defi

• 88% of Nomad Bridge hackers were copy-pasting the same initial exploit code to extract as much funds as possible;

• DeFi insurer Nexus Mutual agrees to invest $29 million of treasury funds into Maple Finance;

• Crypto mixing service Tornado Cash blacklisted by US treasury, barring its use by U.S. persons as a national security threat;

• Stablecoin issuer Circle freezes $75,000 of USDC linked to Tornado Cash, faces a community backlash;

• MakerDAO plans against sanctions from USDC exposure in it’s DAI collateral;

• USDT volume on exchanges up 20% in 3 months as traders take profits from the surging market.

funding rounds

• Unstoppable Finance, a DeFi wallet, raises $12.8 million in a Seed round led by Lightspeed Venture Partners, with participation from Speedinvest, Rockaway Blockchain Fund, Backed VC and others;

• Lysto, a gaming verification tool, completed its $12 million pre-Series A funding round, with Square Peg, Beenext and Hashed leading the round;

• CreatorDAO, a collective providing capital and operational support to its creators, raises a $20 million Seed round led by Andreessen Horowitz and Initialized Capital.

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