10 things that have happened this week in the Web3 and Crypto World
1.Telegram is moving into Crypto
Telegram is moving into crypto with the launch of decentralized exchanges to correct the problems associated with decentralized firms such as FTX. In response to the collapse of FTS, Telgram’s CEO believes that FTX projects must return to a decentralized system. Decentralization was the promise of the blockchain industry, but power was concentrated in the hands of a few who began abusing their position. Due to these factors, Telegram plans to build cryptocurrency exchanges and other decentralized tools. Instead of SIM cards, users can now open accounts in the messaging app using blockchain-based numbers.
2. Ledger’s new cold wallet with iPod’s mastermind
The inventor of the iPod, iPhone, and Nest thermostat, Tony Fadell, has collaborated with CryptoWallet firm Ledger to create the company’s seventh cold wallet – Ledger-Stax. It has a credit-size E-ink display capacitive touch screen, which can be used to display the holder’s name and other wallet information. A number of additional features are also included, such as Bluetooth compatibility and wireless charging. On the first quarter of 2023, the product will be available.
3. Paypal pushes crytpo services for Europe expansion, with Luxembourg launch.
Upon enactment of the Markets in Crypto Assets (MiCA) regulation, Luxembourg, the location of PayPal’s EU headquarters, may serve as a gateway for the remaining 26 countries. As a result of this regulatory regime, firms registered in any member state are theoretically permitted to provide their services across the EU through a process known as passporting. It will be possible to purchase, sell, and hold bitcoin, ether, litecoin, and bitcoin cash starting at 1 euro ($1.05) when the service becomes available.
4. Grayscale’s bitcoin trust (GBTC) discount has widened to a record high near 50%.
The GBTC offers investors a traditional investment vehicle through which they can gain exposure to bitcoin.
There have been concerns raised over the last few weeks that Grayscale’s parent company, Digital Currency Group (DCG), which owns Genesis Global Trading, may file for bankruptcy. A crypto index provider, TradeBlock, reports that the world’s largest bitcoin fund, GBTC, hit a record discount rate of 47.3% on Thursday.
5. Ethereum developers target march 2023 for the release of Staked Ether.
There is an estimated release date of March 2023 for the network’s next hard fork, dubbed «Shanghai.». The code EIP 4895 will permit withdrawals of Beacon Chain staked ether (ETH). Additionally, developers agreed to address the implementation of the Ethereum Object Format (EOF) in Shanghai; this is a collection of EIPs that essentially upgrade the Ethereum Virtual Machine, which allows smart contracts to be executed.
6. European Central Bank senior executive has proposed a ban on cryptocurrencies.
In his proposal, he suggested that digital assets using proof-of-work for transaction validation, such as bitcoin (BTC-USD), be banned. According to the ECB executive, «Trust cannot be replaced by religion in an algorithm». In alternative, he advocated the use of digital currencies issued by central banks, known as Central Bank Digital Currencies (CBDCs). It was announced earlier this year that the European Commission will introduce a bill in early 2023 addressing the introduction of a central bank digital currency (CBDC) for the euro, and since July 2021 the European Central Bank has been working on such a project.
7. OpenSea has announced various changes to its enforcement creator royalties following complaints from creators and builders.
Releasing a tool that creators can use to ensure that newly launched NFTs can’t be traded on platforms that reject royalties. Formation of the Creator Ownership Research Institute (CORI), a group that will oversee curation of the list of Ethereum marketplaces blocked by what’s known as the “Operator Filter” tool as well as policies related to its development.
OpenSea began enforcing creator royalties on new NFT projects that implemented its code into their smart contracts. It would also continue to enforce royalties on all NFT projects that were minted before that date, following backlash from creators over prospective changes.
8. European Digital identity counsil makes headway towards EU digital wallet.
Through the use of a mobile phone, a personal digital wallet will enable people and businesses to access secure and trustworthy electronic identification and authentication. By amending the 2014 regulation on electronic identification and trust services for electronic transactions in the internal market (eIDAS regulation), the proposed new framework is intended to provide the foundation for safe access to public services and the ability to conduct international transactions online and across borders.
Members states are required to issue a digital wallet in accordance with a notified eID scheme based on common technical standards and certified according to the proposal.
9. Goldman Sachs plans to invest 10s of millions of dollars in crypto companies following FTX’s collapse.
Reuters reported that Goldman’s director of digital assets, Mathew McDermott, sees some really interesting opportunities priced more reasonably. He noted a growing need for trustworthy players in the industry, which Goldman sees as an opportunity.
10. Sushiswap chief says DEX only has 1.5 years of treasury runway left.
Sushi’s operational viability is threatened by a significant deficit in the Treasury, which requires an immediate solution.
It is proposed by SushiSwap’s CEO to introduce new measures next year until the «new tokenomics are implemented.» He stated that SushiSwap’s Kanpai, which is the percentage of fees diverted to its Treasury, should be set to 100%.
By locking in SUSHI stakeholder rewards in exchange for trading and protocol fees, SUSHI rewards would be diminished. In his view, it is essential to implement a «holistic token model that would re-build the Treasury, provide value to all stakeholders, while reducing the fiscal liability solely carried by the protocol.»