I hope you all “select wealthy” this week, which will be the latest slogan the crypto neighborhood adopts, due to Nick O’Neill, co-founder and CEO of Nifty Portal, who stated it in a parody video on Friday. That is arguably an extra empowering message, against the long-time crypto catchphrase of telling individuals to “have enjoyable staying poor.”
Will this assist deliver extra individuals into the house? Uh, let’s get a rain test on answering that query.
It was an eventful week within the crypto world: bitcoin’s worth hit a brand new all-time excessive, Solana jumped to early 2022 ranges as memecoins on its chain spiked, Sei Labs created a brand new framework to assist Ethereum, Nigeria is at odds with Binance and Worldcoin faces warmth in Spain.
Extra particulars beneath.
This week in web3
- Solana’s worth rises to $160, the highest degree since January 2022 as memecoin mania rises
- Blockchain startup Sei Labs creates a fascinating answer to make Ethereum sooner
- Nigeria calls for Binance to disclose prime customers, executives stay detained
- Worldcoin fails to get an injunction in opposition to Spain’s privateness suspension
- And…Worldcoin says it’s paused providers in Spain, after submitting the authorized problem to a short-term ban
- Bitcoin hits a new all-time excessive of $72,700 however one index warns we’re in ‘excessive greed’ territory
- NFT platform Zora is providing a novel means for AI mannequin makers to earn cash
Crunching numbers
As talked about, this week the crypto house noticed all-time highs for Bitcoin, once more. It’s up 8.5% on the week at $72,500 and 40.4% increased on the month, at the time of publication. The second-largest crypto, ether, is up 3.8% on the week to $3,900, in line with CoinMarketCap knowledge. The entire crypto market cap elevated 8.3% throughout the identical timeframe to $2.75 trillion.
Memecoins throughout the Ethereum, Solana, and Avalanche blockchains have seen an enormous rally because the crypto market continues to increase.
Mog coin, a self-proclaimed “tradition coin” on Ethereum, has a market cap of $435.3 million and is up 4% on the week. Solana-based dogwifhat, which is predicated on a Shiba Inu in a knitted beanie, is up 79% over a seven-day interval, and Coq Inu, on Avalanche, is up 36% throughout the identical interval.
It’s necessary to keep in mind that whereas some memecoins will retain worth help for a prolonged time frame, some can plummet inside days or hours. So, DYOR.
The most recent pod
Chain Response is doing a month-to-month sequence diving into totally different subjects and themes in crypto. This month we’re specializing in blockchain and AI integrations.
For this week’s episode, I interviewed Melody Hildebrandt, CTO of Fox Company, and Mike Clean, COO at Polygon Labs.
Why these two firms? Effectively, Polygon Labs, the layer-2 blockchain centered on scaling Ethereum, and Fox Company, the well-known media conglomerate, joined forces in January to deal with deepfakes as synthetic intelligence turns extra prevalent.
Fox launched Confirm, an open supply technical protocol for media firms to register content material and grant utilization rights to AI platforms, while additionally permitting shoppers to confirm content material via Polygon’s tech.
We talk about:
- The Fox and Polygon partnership
- Defending content material from misuse
- What function blockchain expertise can play in verifying information
- How deep fakes can affect the U.S. 2024 election
Comply with the cash
- Former web3 gaming founders elevate $2.5 million for their NFT market to retain customers even when there ‘isn’t cash to be made’
- Netherlands-based institutional alternate D2X raised $10 million in Collection A led by Point72 Ventures
- Web3 infra supplier Polyhedra Community raises $20 million at $1B valuation
- ClearToken raises $10 million from institutional traders to enhance regulated clearing infra
- UXLINK raised $9 million for its web3 social platform and infra to assist dApps to develop