Mind The Block | November Week 2

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

Mind The Block Headlines This Week

• Espresso launches mainnet confirmation layer
• Tether launches open-source wallet development kit
• Trump plans pro-crypto federal appointments
• StakeStone raised $22M, led by Polychain Capital
• Flare Labs CEO stresses decentralized data importance
• Immutable introduces in-game signing for Web3 gaming
• SUI’s TVL hits $1.36B, boosting investor confidence
• What is Chain Abstraction?

News

• Bitcoin surged above $89,000 in early Asian hours, causing over $600 million in futures liquidations across long and short positions.
• Espresso, a blockchain project backed by Andreessen Horowitz, has launched its confirmation layer on the mainnet.
• Avara has launched a non-custodial Ethereum wallet, Family, which offers built-in messaging, self-custody account services, and fiat onboarding.
• Elon Musk reposted a tweet from Utah Senator Mike Lee, who called for greater executive oversight over monetary policy and abolishing the Federal Reserve.
• DWF Labs is featured as a case study in UCLA Blockchain Faculty’s book.
• ENS Labs has launched Namechain, a Layer-2 solution to make Ethereum Name Service (ENS) more scalable, accessible, and cost-effective for users.
• Taiko has integrated Zero-Knowledge (ZK) proofs into its mainnet, enhancing security and scalability.
• AEON has launched Web3 QR code payments on the BNB Chain, simplifying cryptocurrency payments for retailers during Devcon in Thailand.
• Crypto markets have reached an all-time high of $3.12 trillion, surpassing the $3.08 trillion market cap peak in November 2021.

Extras By Mind The Block

• NGRAVE and MetaMask lead Web3 security upgrades, while Plus Wallet improves asset management with NFT support.
• Okto Wallet is partnering with Polygon Labs to support AggLayer, a cross-chain settlement solution that simplifies users’ interactions with different blockchain networks.
• Stobox has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve (PoR) on Ethereum for secure cross-chain transfers.
• WEEX and Bybit have partnered to elevate the crypto content ecosystem by hosting an exclusive welcome party for KOLs.
• Qila has joined the Linux Foundation Decentralized Trust (LF Decentralized Trust) to promote Web3 adoption and strengthen Web3’s industrial footprint.
• Bitbank has launched a subsidiary, Bitbank Ventures, to invest in overseas blockchain firms.
• Deutsche Telekom has partnered with Meta Pool to pioneer decentralized AI on the NEAR protocol.
• Polymer Labs has launched Polymer Hub, a real-time interoperability protocol for connecting all Ethereum rollups.
• DeltaPrime, a decentralized crypto protocol, has suffered a $4.7 million hacker attack, resulting in the loss of $4.75 million worth of tokens.
• Infinex has partnered with the NEAR Foundation to integrate Chain Signatures into the Decentralized Exchange (DEX).

Major Companies Making Moves

• PayPal-backed fintech Mesh has partnered with Reown to launch wallet ownership verification for UTXO-based assets, starting with Bitcoin.
• Tether has launched an open-source wallet development kit for developers to integrate non-custodial wallets for USDT and Bitcoin into any app or website.
• Swiss bank UBS has successfully piloted a blockchain-based system called UBS Digital Cash.
• MicroStrategy has purchased 27,200 Bitcoins for $2.03 billion, reinforcing its commitment to Bitcoin.
• HashKey Global has announced support for TRC-20 USDT and TRX, integrating Tether (USDT) on the TRON network.
• Orderly Network has introduced Avalanche, a high-performance blockchain architecture that enables efficient deployment of decentralized applications.

Government, SEC & Regulation

• The European Central Bank (ECB) is set to conduct digital euro payments trials starting in February 2025.
• Donald Trump plans to appoint pro-crypto candidates to federal agencies to make the US the global crypto capital.
• US Senator Cynthia Lummis supports President-elect Donald Trump’s proposed Bitcoin reserve.
• China’s Nano Labs has announced its acceptance of Bitcoin payments through Coinbase.
• UK plans to trial sales of blockchain-based gilts within two years as the government embraces digital debt in financial markets.
• Brazil’s Central Bank is preparing to allow traditional finance institutions to enter the cryptocurrency market, imposing stringent regulations on small crypto startups.
• Deutsche Bank has linked BRICS countries to 28% of all cross-border crypto transactions, citing geopolitical tensions as the driving force behind the bloc’s adoption of cryptocurrencies.

Raises & Major Investments rounds

• StakeStone raised $22M in a funding round led by Polychain Capital, with participation from Binance Labs Fund.
• Gamified NFT Metaverse Mocaverse (Moca) raised $10M in a funding round led by OKX Ventures.

• Brevis, a smart verifiable computing platform, has raised $7.5 million in seed funding led by Polychain Capital and Binance Labs.
• MultiVM layer 1 blockchain Cytonic raised $8.30M in a Seed funding round led by Lattice Fund and Lemniscap.

Trends& Narrative

• Bitcoin DeFi, or BTCFi, is a technological frontier connecting traditional finance entities with the crypto ecosystem, paving the way for mainstream adoption.
• The US government’s potential Bitcoin reserve could potentially backfire, according to financial commentator Peter Schiff.
• Flare Labs CEO Hugo Philion emphasizes the importance of decentralized data for blockchains.
• Northeastern researchers have discovered vulnerabilities in Ethereum rollups, potentially leading to predatory trading.
• Bitwise CIO Matt Hougan believes Donald Trump’s election won, and many pro-crypto Congress members remove reputational risk from crypto.

NFTs, Gaming, Metaverse

• Immutable has introduced an in-game signing feature for Web3 gaming, allowing transactions to occur in-game.
• Lamborghini is set to open a non-fungible token mint on November 7 as part of its Fast ForWorld collaboration with Animoca Brands.
• Axie Infinity has introduced a new “Nightmare Parts” feature for its Axies, transforming them into spine-chilling characters.
• Sonic X, a blockchain ecosystem for gaming on TikTok, has reached one million verified users, marking a significant milestone in the Web3 adoption journey.
• Split Capital proposes a 0.5% trading fee structure and the elimination of a 0.5% creator fee guarantee for Blur following a governance proposal.
• Delabs Games has secured a publishing deal for the popular South Korean game Ragnarok.

Onchain Data

• SUI’s total value locked (TVL) has reached $1.36 billion, indicating increased investor confidence and blockchain adoption.
• Solana breaks key resistance, indicating a bullish trend, with buyers pushing towards $209.88.
• Dogecoin’s price has risen 27.9%, breaking a 3-year resistance.
• Bittensor (TAO) price is experiencing strong upward momentum, positioning itself as the largest AI coin in the crypto market.
• Worldcoin surged 30% in 7 days, rebounding from the $1.5 support level.

Educational Guides and Tips from Mind the Block

• 5 Essential Features of a Successful Web3 Launchpad for 2025.
• Crypto slang explained: a definitive guide. Why does crypto slang matter?
• Fanduel IPO: How to Invest in Fanduel Stock in 2024?
• Understanding Chain Abstraction: A Paradigm Shift in Blockchain.

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