The Crypto Compass Issue #9

Weekly newsletter on the latest cryptocurrency updates, industry news and market analysis. Brought to you by BitcoinWalletSG.

March 01, 2023

Hello Friends,

Web3 development has been gaining traction in recent years, as more and more developers and entrepreneurs recognize the potential of decentralized technologies to transform the way we interact with the internet. Some of the most exciting Web3 projects currently under development include:

Decentralized Finance (DeFi) – DeFi is one of the most promising applications of Web3 technology. DeFi platforms allow users to access financial services such as lending, borrowing, and trading, without the need for traditional financial intermediaries.
Non-Fungible Tokens (NFTs) – NFTs are unique digital assets that can be bought, sold, and traded on blockchain-based marketplaces. NFTs have become increasingly popular in the art world, with some works selling for millions of dollars.
Decentralized Autonomous Organizations (DAOs) – DAOs are organizations that are run by decentralized networks of stakeholders, rather than by a centralized management team. DAOs have the potential to transform the way we organize and govern ourselves.

While Web3 technologies are still in the early stages of development, there has been a surge of interest and investment in the space. Many believe that Web3 technologies have the potential to create a more open, transparent, and equitable internet.

However, there are also a number of challenges and obstacles that need to be overcome before Web3 technologies can reach their full potential. These include issues related to scalability, security, and usability.

In addition, there are also regulatory challenges to consider. While decentralized technologies are designed to be censorship-resistant, there is still a need for regulatory clarity in order to foster innovation and investment in the space.

Overall, the future of Web3 development looks bright. As more and more developers and entrepreneurs explore the potential of decentralized technologies, we can expect to see a growing number of innovative and transformative applications emerge.

Thank you for reading our latest newsletter, and we look forward to bringing you more updates and insights from the world of Web3 in the months ahead.

Best, QH

Tweets

Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked. 🎉
Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.
Here’s how it works🧵👇
— Lido (@LidoFinance)
10:58 AM • Feb 25, 2023

ICYMI: @justinsuntron has staked 303,725 $ETH (~$504M) through Lido from 3 of his wallets 👀
To put it into perspective, that's equivalent to 73.6% of the total ETH staked in Rocket Pool (412,768 ETH)
— Nansen Portfolio (@nansenportfolio)
2:35 PM • Feb 27, 2023

Blessed to celebrate this 5th anniversary milestone with 8 million users around the world🎂
Much love & appreciation to our supporters, we will continue building to serve & grow the @iSafePa@iSafePalty better 🫶 https://
— SafePal - Crypto Wallet (@iSafePal)
3:43 PM • Feb 22, 2023

Notable News

Spotify is testing playlists that could be unlocked by NFT holders

Spotify is testing playlists that could be unlocked by NFT holders of certain communities in select countries.

https://techcrunch.com/2023/02/23/spotify-is-testing-playlists-that-could-be-unlocked-by-nft-holders/

Blockchain Founders Fund raises $75M to encourage Web3 mass adoption

Blockchain Founders Fund shared that the venture capital fund will potentially be spread across more than 200 companies within the next 12 months.

https://cointelegraph.com/news/blockchain-founders-fund-raises-75m-to-encourage-web3-mass-adoption

UAE to create exclusive free zone for digital, virtual asset companies

The Emirate of Ras Al Khaimah will establish a specialized economic 'free zone' for companies dealing with digital and virtual assets.

https://cryptoslate.com/uae-to-create-exclusive-free-zone-for-digital-virtual-asset-companies/

Fetch.ai Partners with Bosch to Form a Foundation to Promote Industrial Applications Using Web3…

Bosch and Fetch.ai are announcing their new partnership to form a new Web3 foundation — Fetch.ai Foundation, that aims to research…

https://medium.com/fetch-ai/fetch-ai-partners-with-bosch-to-form-a-foundation-to-promote-industrial-applications-using-web3-58b11ba70871

OpenSea Goes Zero-Fee, Creator Royalties Optional

The top NFT marketplace’s policy shift stems from competition with popular zero-fee marketplace Blur.

https://www.coindesk.com/web3/2023/02/17/opensea-goes-zero-fee-creator-royalties-optional/

Regulation News

Robinhood Received Crypto-Related Subpoena Request From SEC: 10K

The trading platform also received similar subpoena requests from the California Attorney General’s office.

https://www.coindesk.com/business/2023/02/27/robinhood-received-crypto-related-subpoena-request-from-sec-10k/

Many Existing Stablecoins Won’t Meet Forthcoming Global Standards: FSB

The international standard setter's recommendations for regulating crypto and stablecoins are set to be released in July 2023.

https://www.coindesk.com/policy/2023/02/20/existing-stablecoins-wont-meet-forthcoming-global-standards-fsb/

Tech News

Coinbase Launches Layer 2 Blockchain Base to Provide On-Ramp for Ethereum, Solana and Others

Base is built on Optimism and Coinbase has no plans to issue a new network token.

https://www.coindesk.com/tech/2023/02/23/coinbase-launches-layer-2-blockchain-base-to-provide-onramp-for-ethereum-solana-and-others/

Podcast

MEV: The Economic Driver of Blockchains

Listen to this episode from Bell Curve on Spotify. In this episode of Bell Curve, we are joined by Nitesh Nath, Xave Meegan and Maghnus Mareneck to discuss the economic driver of blockchains: MEV. Miner Extractable Value (MEV) is often called the most exciting and complex industry within crypto. Listen to this episode, and you'll catch the fever! In this episode, we discuss how AppChains can optimize MEV, payment for order flow (PFOF), MEV value accrual, cross-chain MEV, the role of wallets and more! You won't want to miss this one. - - Timestamps (00:00) Intro: Pre-Interview (01:15) The MEV Value Chain (08:35) How AppChains Can Optimize MEV (16:24) MEV in Solana and General Purpose Chains (25:18) Osmosis’ ProtoRev Module (29:00) AppChains vs General Purpose Chains (30:41) What Should Protocols Prioritize? (37:15) Rollup MEV and Shared Sequencers (46:30) The Value Prop for Users and Wallets (48:06) Complexities of Cross-Chain MEV (52:30) Wallets: The Role of Middleware (56:44) Debating What is Good vs Bad MEV (1:04:30) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Nitesh: https://twitter.com/niteshnath Follow Maghnus: https://twitter.com/0xMagmar Follow Xave: https://twitter.com/0xave Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Chorus One https://chorus.one/ https://twitter.com/ChorusOne DFlow https://dflow.net/ https://twitter.com/DFlowProtocol Skip Protocol https://skip.money/ https://twitter.com/skipprotocol - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

https://open.spotify.com/episode/2qODLVLQMoyGquyJfsUKrQ?si=hTI-IAhfTQmoq4Jkmi63HQ&nd=1