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Crypto news outlet CoinDesk is reportedly planning staff cuts as it nears the close of a $125m deal led by crypto investors Matthew Roszak and Peter Vessenes. The full extent of the layoffs varies from 16% to 45% based on different reports. As a reminder, CoinDesk’s parent company, DCG, has been in search of liquidity to aid its ongoing financial woes, and this sale would provide some much-needed cash for the struggling company.
Coinbase, the crypto exchange giant, is extending its reach into Canada, taking advantage of the country's high level of crypto-awareness and strong regulatory framework. To kick off this expansion, the company is offering a 30-day free trial of its Coinbase One subscription service to Canadian users. This expansion is yet another reminder of the stark contrast between the crypto regulatory landscape in the US and the rest of the world.
MetaMask users can now purchase Ethereum and other cryptocurrencies more easily, thanks to a new integration with Banxa that includes Apple Pay and its "1-click" feature. This feature is available to users who have already completed KYC procedures. Lorenzo Santos, MetaMask product manager, emphasized that the goal is to make it easier for users to make repeat purchases. Banxa, which has been experiencing growth, is the sole provider of the 1-Click service among MetaMask's eight integrated on- and off-ramp services.
Take-Two Interactive Software's subsidiary Zynga is venturing into web3 gaming with its new Ethereum-based game, "Sugartown". Take-Two, the company behind hits like Grand Theft Auto, bills this as the first crypto game built from scratch by a major mobile game developer. Users will gain access to the game via an ERC-721 token and they will be able to stake these tokens to earn in-game currency - it’s unclear whether the currency will be an ERC-20 or proprietary. The combination of both a huge name getting into the space and the appropriate use of crypto mechanics to enhance the in-game experience makes this an interesting one to watch.
Crypto is a constant barrage of market-moving events, multi-million dollar exploits, groundbreaking innovations, and narrative plays. This thread gives a great list of essential tools that can help you stay on top of the news and narratives in the space. The tools span categories like news, alerts, on-chain security, analytics, deep-dives, airdrop farming, and more.
UniswapX, Uniswap’s upgraded protocol, has introduced a feature that draws liquidity from centralized exchanges. This move signifies a shift in the crypto marketplace as it recognizes that on-chain markets might not always yield the most optimal execution. However, this move brings up questions about the potential impact on liquidity providers and the future reliance on intermediaries, answers to which could drastically change the DeFi landscape.
Bankrupt crypto lender Celsius Network is set to poll account holders about a proposal to relaunch as a user-owned company, distributing roughly $2 billion in Bitcoin and Ether. The approval by US Bankruptcy Judge Martin Glenn hinges on Celsius providing more details regarding industry volatility and potential operating challenges. The proposed company, backed by investment firm Arrington Capital, would use equity to partially repay customers and aims to start repaying creditors by the end of 2023.
Bitcoin's volatility was muted throughout August, falling to levels below the average volatility of stocks, bonds, and even gold. The reasons for this lack of volatility could be attributed to various factors. Historical patterns suggest that low volatility periods are typically followed by violent volatility - the past few times this has happened, it has been to the upside. In parallel with Bitcoin's low volatility, the DXY is reaching a crucial point that could potentially signal a market shift, as it has in the past.
There’s a new kid on the memecoin block - HarryPotterObamaSonic10Inu. The coin, launched in May, calls itself “The People’s Bitcoin” and goes by the ticker $BITCOIN. It has grown to a $150m+ market cap. The interest and volatility in memecoins throughout the summer is a side effect of market malaise in the majors, with the prices of BTC and ETH having been relatively stagnant.
Here is a quick calendar view of when pending Bitcoin ETF applications are expected to be approved or denied.
As part of its migration to dYdX chain, the protocol is moving from the Testnet 1 phase to the Testnet 2 phase.
While DeFi UX has been lacking for years, the foundation on which to build great UXs has finally been laid at the infrastructure layer through innovations like faster, cheaper L2s and account abstraction.