Mind The Block | February Week 4

Mind The Block: Your Weekly Dose of Web3 News and Insights

Mind The Block Headlines This Week

• Bitcoin’s Peak: $57,000 Surge
• PSG FC has partnered with Chiliz
• Europe’s Data Act Controversy
• Eigen Labs Secures $100M
• ZK-Proofs Enhance Privacy, Scalability
• Forge Partners with Gaming Blockchains
• Ethereum Hits 22-Month High $3,125
• Coins vs Tokens: Simplified Guide

News

• Bitcoin reached its second-highest daily surge of 2024, reaching a peak of $57,000.
• Magic Square, a web3 app store backed by Binance Labs, has acquired TruePNL, a token launch platform, for an undisclosed sum.
• Injective Protocol has partnered with DojoSwap to launch the CW-404 standard, a token standard inspired by ERC-404.
• Lido reached $30.56 billion in total value locked on February 26, controlling 32% of staked ether.
• Zircuit launched Zircuit Staking, allowing users to stake ETH, LSTs, and LRTs to earn Zircuit points.
• Spot Bitcoin ETFs have surpassed a $50 billion cumulative trading volume since trading began in the US on January 11.
• Blueberry DeFi Protocol suspended lending services after a $1.3 million Ether exploit.
• Vibrant Finance has launched on Neon EVM, a Solana-based platform.
• Chainalysis has discovered a $100 million cryptocurrency scheme in Myanmar.
• MicroStrategy has purchased an additional 3,000 Bitcoins for $155 million, increasing its total holdings to 193,000 BTC.
• Brave is integrating on-chain Solana payments with its Brave Rewards program.
• Riot Platforms, a major Bitcoin miner, warns of potential profitability risks due to chip shortages and climate regulations.
• Australian man Kow Seng Chai has disappeared after receiving AUD $995,000 ($652,316) in a cryptocurrency account error.

Extras By Mind The Block

• BitForex’s website has been blocked after $57 million was reportedly withdrawn from its hot wallets.
• Phantom Wallet has launched Wallet Watcher, allowing users to add a wallet as a view-only account on the platform.
• Dogecoin (DOGE) and Internet Computer (ICP) are gaining attention due to their resurgence and stability.
• Polkadot-backed project Hyperbridge aims to link all blockchains, enhancing interoperability security.
• Pyth Network will launch over 400 price feeds and benchmarks on the open-source, proof-of-stake public ledger Hedera.
• FTX has secured court approval to sell its 8% stake in Anthropic Holdings.
• Render is a leader in distributed computing in the cryptocurrency space, offering fast and affordable rendering from idle GPUs.
• Cryptocurrency crimes in Hong Kong have almost tripled over the past three years, with 2023 cases involving approximately $611 million.
• PancakeSwap has proposed an “Affiliate” initiative to enable forks across blockchains.

Major Companies Making Moves

• Paris Saint-Germain FC has joined Chiliz as a validator, highlighting the importance of grassroots adoption of Web3 in sports.
• US-based OANDA is set to launch its new crypto trading platform in the UK, offering trading services for over 63 cryptocurrency pairs.
• Circle Internet Financial has partnered with South Korean gaming and metaverse giants Krafton and Naver Z.
• Coinbase Commerce is removing support for native Bitcoin payments for merchants and citing operational challenges.
• Polkaswap has launched a fully decentralized on-chain order book, setting new standards in decentralized finance.
• BNB Chain has integrated Aave, the largest DeFi money market protocol, into its network.

Government, SEC & Regulation

• Europe’s Data Act introduces a controversial “kill switch” clause for smart contracts.
• Russian parliament members could approve legislation allowing firms to use digital financial assets in international payments.
• A US judge has temporarily halted the EIA attempt to enforce a mandatory survey on Bitcoin miners, citing a lawsuit by Texas miners.
• South Korea’s Financial Services Commission head is set to meet US SEC chair Gary Gensler in May to discuss classifying NFTs and approving spot bitcoin ETFs.

• RRP facility, a crucial US monetary policy instrument, highlights its role in maintaining liquidity and financial stability.
• Nigeria’s government’s recent actions in the crypto industry have raised questions about its regulatory intentions.
• Coinbase and the US Securities & Exchange Commission (SEC) are facing legal battles over crypto regulation.
• Thai SEC has recommended revoking the license of the troubled exchange Zipmex.
• The Ripple (XRP) market is grappling with the SEC vs. Ripple lawsuit, which could impact the case outcome.
• South Korean courts are grappling with the question of whether crypto is a security, causing a legal backlog.
• Kraken has filed a motion to dismiss a lawsuit by the U.S. SEC, arguing that the SEC did not allege fraud or harm to Kraken’s consumers.
• JPMorgan Chase customers filed a $5 million lawsuit, claiming they were forced to pay “unconscionable and predatory” fees.
• China’s National Prosecutor Takes Action Against Blockchain Cybercrimes.

Raises & Major Investments rounds

• Eigen Labs, the developer behind EigenLayer, raised $100 million from venture capital investor a16z crypto.
• Layer-1 network Flare has raised $35 million in a private round, including investment from Kenetic and Aves Lair.
• The total investment in crypto and blockchain-related companies has surpassed $90 billion this month.
• Avail, a Web3 data availability and consensus layer, has closed a $27 million seed funding round led by Founders Fund and Dragonfly.
• Toronto-based Helius has raised $12.8 million CAD ($9.5 million USD) in Series A financing.
• Alchemy has raised $15 million in seed and Series A funding from Stanford University, Coinbase, Samsung Electronics, and Mayfield Fund.
• Initia, founded by developers in their late 20s, is raising a $7.5M seed round to simplify blockchain development.
• Talus Network has raised $3M in funding, led by Polychain Capital, to democratize on-chain AI with Move.

Trends & Narrative

• Sébastien Borget, co-founder of The Sandbox, discussed the future of gaming with Stephen Graves at NFT Paris.
• Sui has been recognized as the 2024 Blockchain Solution of the Year at the AIBC Eurasia Awards.
• Zero-knowledge proofs (ZK-proofs) are a promising solution for improving transaction privacy and scalability.
• Crypto dusting attacks are evolving due to advanced blockchain forensics tools, evolving dust definitions, sophisticated attack strategies, and the integration of AI.
• Miguel Faus, director of NFT-funded film “Calladita,” discussed the film’s premiere and the evolving decentralized Film3 movement at NFT Paris.
• The Metable Project aims to transform online education by integrating blockchain, VR, and metaverse technology.

NFTs, Gaming, Metaverse

• The crypto and NFT gaming space is busy with prominent games, token airdrops, and other events.
• Overdare has partnered with USD Coin issuer Circle to offer in-game wallets and USDC payouts for gaming content creators.
• Saudi Arabia has launched a metaverse platform to celebrate its cultural heritage, including history, arts, and crafts.
• Pudgy Penguins CEO Luca Netz and Unstoppable Domains COO Sandy Carter discussed the launch of Pudgy domains.
• RiskOnBlast has allegedly stolen $1.3 million in ether raised during a seed round, allegedly emptying funds from over 750 victims.
• ElmonX has unveiled ‘The Scream’ by Edvard Munch for the first time, a limited-edition digital artwork in 3D.
• The metaverse is expected to reach almost $500B by 2033, driven by telemedicine and surgical training methods.
• Forge, a rewards platform, has partnered with six gaming blockchains to enhance its rewards distribution.

Onchain Data

• Ethereum reached its 22-month high of $3,125 during Asian trading, marking its highest price since April 2022.
• PEPE’s price increased significantly in February, avoiding a breakdown from a key horizontal support.

• The Mantle token, a native token of Ethereum Layer-2 blockchain, has reached an all-time high of $0.948.
• Uniswap’s UNI, the governance token of the Uniswap DAO, has sparked an over 80% rally.
• COTI’s price doubled over 100% in a week due to the introduction of privacy-enhancing feature Garbled Circuits on the blockchain.

Educational Guides and Tips from Mind the Block

• What is a vampire attack in crypto?
• Coins vs Tokens: Simplified Guide.
• The Essential Guide To Be Safe InThe Crypto World.
• Top 3 Mistakes to Avoid When Trading Altcoins in the Next Bull Run.
• What is a block reward, explained. Significance of a block reward in cryptocurrency.

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