Mind The Block | June Week 2

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

Mind The Block Headlines This Week

  • Bitcoin Open Interest Hits Record $36.3B
  • Solana Plans Upgrade for Network Demand
  • Saudi Arabia Joins mBridge Project
  • Nexus Laboratories Secures $25M Series A
  • Apple AI Adopts Blockchain-ish Privacy Tech
  • OKX, McLaren Launch ‘Race Rewind’ NFTs
  • Optimism Drops 18%, Stabilizes at $2.14-$2.24
  • How to Prevent Reentrancy Attacks

News

  • Bitcoin’s open interest reached an all-time high of $36.3 billion in US dollar terms, reaching over 500,000 BTC.
  • Ripple is exploring new opportunities for collaboration with Georgia’s National Bank of Georgia (NBG) to digitalize the economy.
  • Binance has launched a Word of the Day game, offering users a chance to test their crypto knowledge and earn 1,000,000 Binance Points.
  • Axelar has announced support for Polygon Amoy (Sepolia) and Linea Sepolia testnets.
  • Blockchain Expo World Istanbul, a global event, will take place in Istanbul from July 4 to 7, 2024.
  • StealthEX has partnered with Secretblock, a privacy bridge protocol.
  • Lucky Catoshi, a Singapore-based meme coin project, offers users over 1% of its token supply through social media interactions.
  • Value DEX has partnered with HashKing, a decentralized staking protocol for Ethereum and Filecoin, to enhance its platform.
  • BlockDAG has upgraded its X1 Miner App Beta Version, enhancing stability and efficiency.
  • New Zealanders increasingly turnto crypto for wealth creation, with nearly half seeking to build wealth through crypto instead of real estate.

Extras By Mind The Block


Major Companies Making Moves

  • Ripple has partnered with Clear Junction to enhance cross-border payments, enabling instant and secure GBP and EUR payouts.
  • Solana team is preparing for a v1.18.15 mainnet upgrade to address congestion issues and massive demand for the Solana network.
  • Arbitrum integrates with IoT devices to enhance security, efficiency, and user control.
  • Hex Trust Group has secured an additional Virtual Asset Service Provider (VASP) license from Dubai’s VARA.
  • IBM Research and Red Hat have launched InstructLab.
  • Polygon has announced a $720 million Community Treasury to support blockchain development over the next decade.

Government, SEC & Regulation

  • New York Attorney General Letitia James is suing NovaTech and AWS Mining for allegedly defrauding hundreds of thousands of customers.
  • HSBC China is now offering e-CNY services to its corporate clients.
  • Donald Trump has expressed his ambition to become the “crypto president” during a fundraising event in San Francisco.
  • Saudi Arabia has joined the mBridge project, an international digital currency platform initiated by the Bank for International Settlements.
  • FBI warns of a surge in scams demanding cash, gold, or cryptocurrency payments from government officials.
  • South Korea’s Financial Services Commission (FSC) is considering classifying some nonfungible tokens (NFTs) as virtual assets.
  • Paradigm Operations LP filed an amicus brief in the Crypto Freedom Alliance v. Securities and Exchange Commission case.
  • Ramp Network is establishing its European headquarters in Ireland, joining a growing number of other firms.
  • Federal Court in Australia has ruled Block Earner not liable for breaching financial services law when it offered its Earner product.
  • Ripple has partnered with 80% of Japan’s banking industry, with over 60 banks integrating its technology.
  • South Korean lawmakers may “abolish” a new crypto tax law six months before it comes into force.
  • India’s Enforcement Directorate (ED) has arrested Prafful Gupta and associates concerning a cryptocurrency fraud ring targeting a foreign national.

Raises & Major Investments rounds

  • Decentralized lending protocol Mountain Protocol raised $8M in a Series A funding round led by Multicoin Capital.
  • Crypto asset financial services provider SCRYPT Digital raised $5M in a funding round led by Braza Bank.

  • Apple’s new AI model uses “blockchain-ish” tech to preserve user privacy, with features across iPhones, iPads, and Macs.
  • Multi-Asset Coin Selection algorithm transforms UTXO-based blockchain transactions by optimizing the process across multiple assets.
  • Ethereum leaders face a “massive contradiction” as they must choose between supporting a capitalist or socialist economic system.
  • Earthy, an innovative Web3 platform, aims to revolutionize charitable giving by leveraging blockchain technology.
  • Peter Schiff warns Bitcoin pumpers that ETF buyers will not save them, causing the cryptocurrency market to become more unstable.

NFTs, Gaming, Metaverse

  • Arbitrum has announced a $215m gaming catalyst program to advance the Web3 gaming industry.
  • OKX and McLaren Formula 1 Team are launching a “Race Rewind” digital collectible series.
  • Earthlings Gaming Metaverse is a free-to-play game integrating Hedera blockchain technology for fast transactions.
  • SuperGaming has clarified that rumors about Web3 integration in their upcoming game, Indus, were a misinterpretation of a live session.
  • McDonald’s Singapore has launched the “My Happy Place” metaverse.
  • Axie Infinity has launched an Axie Bounty Aid program to assist players struggling with daily tasks on the Bounty Board.
  • Delabs Games has announced strategic partnerships with Ambrus Studio and Counter Fire to transform Web3 gaming.
  • Ronin has launched Ronin Forge, an early access program for experimental game studios to develop and launch games.

Onchain Data

  • Shiba Inu (SHIB) has experienced a 2814% spike in daily burns, with 7,912,388 SHIB tokens blazed in seven transactions.
  • Toncoin (TON), the cryptocurrency linked to Telegram, has experienced a 7% price drop since its year-to-date high of $7.54 on June 6.
  • Optimism’s price dropped 18% below the Ichimoku Cloud on June 7, stabilizing between $2.140 and $2.240.
  • Polygon (MATIC), the token that powers Layer 2 platform Polygon, has seen a 10% decline in the past seven days.
  • Notcoin (NOT), a Telegram-based clicker game, has seen its price increase by 12% in the past 24 hours to $0.01957.

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