Wednesday, June 19, 2024
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2022-07-16
By Az
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This Week in Crypto #21

Another interesting week for the world of crypto. We have had both good news and bad news, whilst the world of NFTs has never seen Stranger Things take place.

Without further ado, let’s take a look at some of the major events that took place this week in the world of crypto.

First Female Bitcoin Core Developer

Gloria Zhao has became the first known female Bitcoin Core developer and maintainer, marking a major milestone in the 13-year long journey of the decentralised network’s history.

Celsius

One of the biggest stories this week is that of crypto lender Celsius paying off its debt, and subsequently declaring bankruptcy.

After some controversial debate as to whether or not it had the funds, Celsius paid off its $50m worth debt (in DAI tokens) to the DeFi protocol Compound, and in turn filed for chapter 11 bankruptcy.

The chapter 11 bankruptcy filing allows for Celsius to financially restructure, and negotiate terms with its current creditors, all while not having to liquidate assets.

Biggest Bitcoin sell-off in history imminent?

There was a time when Mt. Gox was the only place retail investors could go in order to buy bitcoin, other than over the counter (OTC) transactions. Alas, being the only crypto exchange around meant that it was also the only target for hackers. Eventually it was exploited with an astronomical 142,000 bitcoin being stolen.

After seven years of legal battles, Mt. Gox exchange will now repay its creditors beginning in August.

It is unclear whether or not investors will be receiving bitcoin, or dollar value. But, if they receive bitcoin, the question will be whether or not all of these investors will be looking to, for whatever reason, sell the bitcoin upon receiving it.

Such a large volume of bitcoin sales would surely bring down the bitcoin price, dragging down the altcoins with it. This could cause many projects relying on the higher prices to go bankrupt, and hence cause a major issue across the Web3 space.

Omni Hack

NFT lending platform, Omni, was recently hacked with the exploit seeing funds to the tune of 1,300 ETH (approximately $1.5 million) stolen.

The TERRA Polygon Migration

In case you hadn’t noticed, there is a major migration taking place, where once TERRA-native projects are now moving over to the Polygon blockchain. This migration comes after the collapse of the Terra blockchain a few months back.

According to Ryan Wyatt (Polygon Studios CEO) on Twitter in his tweet from 9th of July, over 48 projects have already moved over, and more are expected to follow.

https://twitter.com/fwiz/status/1545555539299487745?s=21&t=gt2u49gkFoFbo7iBEaB-zQ

ETH 2.0

Like from a slow moving car, we see ETH 2.0 draw ever near. It’s peak emerges on the horizon and we feel the excitement of reaching it.

The total Ether locked and staked in the ETH 2.0 smart contract has now surpassed 13m. This is very exciting news for enthusiasts of the leading smart contract chain, and shows faith in Vitalik Buterin (Ethereum co-founder) and the entire Ethereum team. But it’s no easy road to get to ETH 2.0. The team has been very busy as of lately getting all the test nets switched from a Proof-of-Work (PoW) consensus method, to a Proof-of-Stake (PoS) method, before moving on to the final stage in which they will transition the main net over to PoS.

ERC-4907

Speaking of Ethereum, have you seen ERC-4907?

Similar to what the Darkblock protocol offers on the Arweave chain, the ERC-4907 brings a new standard to the Ethereum network via which users will gain the ability to rent, or rent out, their NFTs. This is sure to open up a whole new experience for users of NFTs on the chain.

Uniswap

In case you missed it, users of Ethereum’s leading Decentralised Exchange, Uniswap, were recently targeted by hackers. Hackers used phishing methods in an attempt to get Uniswap users to sign a malicious message via their Metamask wallet. The phishing attempt involved misinforming users that a UNI token airdrop was taking place for liquidity providers. Upon signing the message, the hackers would then gain backdoor access to all the wallet’s funds.

Roughly 73k Uniswap users were affected, with one Uniswap user losing $8m worth of assets in the phishing attack.

Arbitrum Nova

It’s official, Arbitrum Nova is now live!

This new iteration of the Arbitrum chain is built for social apps and gaming. The main Arbitrum chain will continue to manage anything and everything related to DeFi and NFTs.

Sui

It’s the latest blockchain that everyone is talking about. The “Sui” blockchain has been co-founded by ex-Facebook Novi developers. The team was already able to secure $36m in funding in a Series A round, and are now looking to further the funding in a Series B round.

Solana Hackathon

The Solana Summer Camp Online Hackathon is here! Already over 2,500 builders from across the globe have showed their interest in participating in the hackathon. There are $5m worth of prizes to be won here!

In the world of NFTs

And lastly, in the ever evolving world of NFTs, Warner Records and high-tech audio equipment manufacturer Bose are collaborating in order to launch their very own NFT. And turning the norms upside-down, Netflix will be launching a Stranger Things NFT collection in collaboration with Candy Digital.

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Az

Author and blockchain enthusiast.

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