Solana memecoin hype continues, Backpack’s beta phase was a success and Starbucks axes its NFT program

This week, Starbucks killed its Odyssey NFT program that was launched in 2022, Solana continued to see memecoin momentum and India faces extra challenges with the crypto area as authorities and businesses crack down on it.

Particulars under.

This week in web3

1. Crypto change OKX ceases companies in India
2. Solana is ushering in a brand new spherical of memecoin mania
3. How crypto change Backpack climbed its method to success after its main investor FTX died
4. Starbucks ditches its Odyssey NFT program
5. Blockchain tech might be the reply to uncovering deepfakes and validating content material

Crunching numbers

This week the crypto market costs have been decreasing, however nonetheless comparatively sturdy in comparison with earlier months.

Bitcoin was down 6.5% on the week at $67,300 and 32% increased on the month, at the time of publication. The second largest crypto, ether, fell 8.6% on the week to $3,550, in line with CoinMarketCap information. The overall crypto market cap decreased 6.3% throughout the identical timeframe to $2.55 trillion.

The newest pod

Chain Response is doing a month-to-month collection diving into completely different matters and themes in crypto. This month we’re specializing in blockchain and AI integrations.

For this week’s episode, I interviewed Tegan Kline, the CEO and co-founder of Edge & Node.

The corporation is concentrated on creating and supporting decentralized purposes, or dApps, and protocols. It was additionally the preliminary crew behind The Graph, an indexing and question protocol, or what some have known as the Google of web3, whose goals are to arrange open blockchain information and make open information a public good.

Tegan started her profession in funding banking earlier than shifting to work as a govt VP of a patent market powered by blockchain and analyzed by AI. This kickstarted her profession in web3, information, and AI options. Earlier than co-founding Edge & Node, Tegan labored as a global enterprise improvement supervisor for Orchid, an a16z and Sequoia VC-backed VPN.

This episode is part of Chain Response’s month-to-month collection diving into completely different matters and themes in crypto. This month’s targeted blockchain and AI integrations.

Tegan and I spoke about The Graph community, indexing information, and its broader use case for the web, in addition to its “New Period roadmap” that got here out in November 2023.

We additionally talk about:

• The Graph implementing AI options
• What dApps will unlock in the long run for AI
• Why AI doesn’t care about crypto
• Taking a professional leap into web3

Comply with the cash

1. Former Grindr exec and a married couple launch Rails with $6.2 million spherical, for its decentralized FTX different
2. Avalanche Basis proclaims $1 million liquidity mining incentive program, Memecoin Rush
3. Morph raises $20 million in seed and angel funding for its EVM layer-2
4. Mantra raises $11 million to develop real-world asset tokenization in the MENA area
5. In the past raised $2.5 million to make DeFi extra accessible by way of an all-in-one platform

What else we’re writing

Need to department out from the world of web3? Listed here are some articles on KryptoCoinz that caught our consideration this week.

1. Reddit costs IPO at $34 per share, the prime quality
2. NBCUniversal’s Peacock will allow you to watch 4 live streams without delay for 2024 Paris Olympics
3. Astera Labs IPO will reveal how a lot of traders need in on AI
4. After elevating $1.3B, Inflection is eaten alive by its greatest investor, Microsoft
5. Late-stage VCs could also be stopping their startups from going public in 2024