Welcome to our recap of the major stories in the crypto world! Hereโs what has happened over the past week:
Nike ๐ค Polygon
After acquiring the RTFKT platform, Nike has further stamped its mark on Web3 by launching the .Swoosh platform.
.SWOOSH by Nike – a platform for Nike's virtual creations ๐
— RTFKT (@RTFKT) November 14, 2022
RTFKT will continue to be at the edge and work w Nike to onboard the next millions to web3 ๐ป
Clones will get access for .SWOOSH ID, & Nike releases will be Clone digital wearables ๐งฌ
More collab to merge worlds tog ๐ https://t.co/C0grabxXBn
.Swoosh allows Nike to sell โvirtual creationsโ, which include sneakers, apparel, accessories and collectibles that can be won in games or other immersive experiences (most likely the Metaverse).
Whatโs more, these virtual creations can unlock benefits in the physical world, such as access to certain products and events.
These virtual creations are set to be minted on the Polygon network,
Grab your kicks ๐
— Polygon – MATIC ๐ (@0xPolygon) November 14, 2022
+ BRING ๐๐ฝ YOUR ๐๐ฝ A ๐๐ฝ GAME ๐๐ฝ@Nike is building their web3 experiences exclusively #onPolygon ๐ช๐พ
This is the first step of the journey, and we can't wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX
which will help to reduce gas fees required for minting.
Donโt have a wallet that supports the Polygon network yet? You can create a wallet on Krystalโs mobile app, that allows you to access 10 EVM-compatible networks and Solana.
BCH to become legal tender? ๐ฆ
A Caribbean nation with a population of 53,546 is set to declare Bitcoin Cash as legal tender.
Bitcoin Cash could be legal tender in St. Kitts and Nevis by March 2023, the Caribbean country's prime minister has said. @jackschickler reports.https://t.co/mhLyaP4qZD
— CoinDesk (@CoinDesk) November 14, 2022
St. Kitts and Nevis intend to use BCH as a means of payment, with some businesses in the country already accepting it.
This would follow the likes of El Salvador and the Central African Republic, where they have both accepted BTC as legal tender.
Bitcoin Cash is a fork of Bitcoin, where it is a more scalable version that can handle more transactions.
Circle now accepts Apple Pay ๐
In a huge update, Circle could now be the bridge between crypto and non-crypto businesses.
Help boost online sales with #ApplePay! Eligible #crypto businesses can now offer another safe and secure way to pay. Read our blog to explore how weโre building the future of commerce. https://t.co/uO0Be7OYez
— Circle (@circle) November 15, 2022
USDC has now added support for Apple Pay, which allows:
- Crypto businesses to accept payments from non-crypto customers
- Traditional businesses to experience the benefits of receiving faster payments via crypto
Apple Pay is a convenient method for Apple users to pay with either their Touch or Face ID, and this move will further increase the use cases of stablecoins in day-to-day payments.
CEXes halt deposits of USDT and USDC on Solana โ๏ธ
With close links to both FTX and Alameda Research, the Solana network is under a lot of scrutiny.
In a curious turn of events on 17 November (Thursday), many centralised exchanges started to halt deposits of both USDT and USDC on the Solana network.
Solana USDT and USDC deposits have been suspended on Binance, OKX, and Bybit. https://t.co/1i87JK4c0a
— Cointelegraph (@Cointelegraph) November 17, 2022
No reason was communicated by these exchanges, although it could be due to the risks of wrapped assets on the Solana network depegging, like what happened to soBTC and soETH.
BREAKING: Wrapped versions of $BTC and $ETH on the Solana blockchain have depegged ๐จ$soBTC & $soETH are trading at a >40% discount from their native assets
— The Defiant (@DefiantNews) November 12, 2022
Interestingly, Binance has resumed deposits of USDT via the Solana network, but not for USDC.
Both Circle and Tether have stated that there are no issues with their stablecoins on the Solana network.
USDC on Solana is operating as expected and there are no issues with issuing or redeeming USDC. USDC is always redeemable 1 for 1 for US dollars.
— Circle (@circle) November 17, 2022
Any amount. Any time. For Free. Always.
This is because while FTX was the issuer of soBTC and soETH, both Circle and Tether are the issuers of their own stablecoins on Solana.
Why USDโฎ Issuances Ensures No Risks from FTX/Alameda https://t.co/iLXchRHVsI
— Tether (@Tether_to) November 18, 2022
As such, there should be no issues with redeeming these stablecoins back to USD!
LFG was legit? ๐
Amidst the chaos of FTXโs collapse, the โvillainsโ of the previous black swan event, the Luna Foundation Guard, released an audit declaring that they really defended TerraUSDโs stablecoin peg.
1/ Today, LFG releases the technical audit report conducted by JS Held, an experienced third-party auditing firm, providing full transparency into the trading, blockchain records, and efforts of LFG and TFL to defend the price of TerraUSD ($UST) between May 8th & May 12th, 2022.
— LFG | Luna Foundation Guard (@LFG_org) November 16, 2022
This means that Do Kwonโs infamous tweet was actually true!
Deploying more capital – steady lads
— Do Kwon ๐ (@stablekwon) May 9, 2022
The Luna Foundation Guard (LFG) amassed a huge amount of BTC and other cryptocurrencies in an attempt to defend the peg of UST (now UST Classic), should it ever deviate from the US dollar.
During the infamous Terra crash, it has now been confirmed that the LFG spent almost $2.8 billion to defend the peg.
8/ The audit concluded that:
— Do Kwon ๐ (@stablekwon) November 16, 2022
โก๏ธ LFG spent $2.8B (80,081 $BTC and 49.8M in stablecoins) to defend $USTโs peg, consistent with LFGโs tweets on May 16th, 2022
โก๏ธ Additionally, TFL went above and beyond and spent $613M of its own capital to defend the $UST peg
Confidence in crypto platforms is extremely low, especially with a lack of transparency involved. However, with more centralised exchanges adopting Merkle trees to show their Proof of Assets, it will hopefully be a step forward to greater trust in the industry.
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