Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Shibarium launch soon? 🚀
The much anticipated SHIB Layer 2 scaling solution is set to be launched soon.
🍖 Introduction to Shibarium: Shiba Inu's Layer 2 Network — Rejoice #ShibArmy! Shibarium Beta is about to be launched, and through this article we want to introduce some basic concepts in order to provide clarity to the community.
— Shib (@Shibtoken) January 15, 2023
Read more: https://t.co/xWyPaVlQQ4
No concrete date has been given yet, but the developers seem to focus more on the correct implementation, rather than rushing it to be released as soon as possible.
As a Layer 2 blockchain, Shibarium is built on top of Ethereum to increase scalability and improve transaction speeds. Shibarium aims to focus on metaverse and gaming applications.
Interestingly, the BONE token will be used as the token to pay for gas fees, instead of SHIB itself.
However, a burn mechanism will be introduced where some SHIB tokens will be burnt for every transaction made on the network.
Layer 2 chains have taken off, and Optimism seems to have overtaken Arbitrum as the preferred Layer 2 on Ethereum.
Ethereum Layer 2 protocol Optimism surpasses Arbitrum in transaction volume https://t.co/hASJuVgoKv
— The Block (@TheBlock__) January 17, 2023
The next step for Ethereum scaling is the zero-knowledge Ethereum Virtual Machine (zkEVM), and you can find out more about this technology here.
$1 billion in losses for this crypto bank 🤦♂️
The crashes in the crypto market have resulted in Silvergate announcing a $1 billion loss in their Q4 report.
Crypto Bank Silvergate Reports $1B Net Loss in Q4 Amid Industry’s ‘Crisis of Confidence’ https://t.co/fofs9POMBD
— Decrypt (@decryptmedia) January 17, 2023
As a crypto-friendly bank in the US, Silvergate worked with different crypto exchanges, including FTX.
A lawsuit was filed against Silvergate where they could have played a role in the entire collapse of FTX.
Class action lawsuit claims Silvergate played role in FTX fraudhttps://t.co/DGcyjVU0NG
— The Block (@TheBlock__) December 16, 2022
Meanwhile, Moonstone, another crypto bank affiliated with FTX, has pulled the plug on offering crypto-related services.
Moonstone Bank, a rural bank with links to FTX is exiting the crypto space and rebranding, citing “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.” https://t.co/63KgcNjeAC
— Cointelegraph (@Cointelegraph) January 19, 2023
More projects jumping ship from Solana? 🏃
A Solana-based blockchain game, Synergy Land, has announced that it’ll be migrating from Solana to the Polygon network.
EXCITING NEWS! 📢💥
— Synergy Land (@SynergyLandGame) January 17, 2023
We are moving to @0xPolygon 🚀💫
Migration will be done with our tech partner @Xternity_io ⚡
More info: https://t.co/OPUNoxhGGU
Can't wait to be part of the @PolygonGaming community!! Let's go!! 🖖#onPolygon #Gaming #Web3 #Migration pic.twitter.com/uyojkCFRhw
Uncertainty is high in the Solana network, particularly due to its heavy funding by FTX and Alameda Research.
With the loss of its major backers, many believe that the Solana network is doomed to fail.
Before Synergy Land, top NFT project y00ts had also decided to make the move to Polygon.
y00ts will officially bridge to @0xPolygon in Q1 2023. pic.twitter.com/Mnz25dJko1
— y00ts (@y00tsNFT) December 25, 2022
Despite all of the negativity towards Solana, Vitalik Buterin showed a massive vote of confidence in the network with this tweet:
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
— vitalik.eth (@VitalikButerin) December 29, 2022
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
Looking for a self-custodial wallet to store assets from EVM-compatible networks (including Ethereum, BSC, Polygon) and Solana? Download the Krystal mobile app to find out more!
3AC making a comeback? 👀
In a huge turn of events, Su Zhu and Kyle Davies, the founders of troubled hedge fund Three Arrows Capital (3AC), have started raising funds for a crypto exchange called GTX.
3AC founders are starting a new crypto fund – catch up on their story with our episode today, link in commentshttps://t.co/FXOGFwqlXv
— Laura Shin (@laurashin) January 17, 2023
This is most likely a play against the fallen FTX exchange, which has drawn backlash by the crypto community.
Imagine watching FTX fail after seeing your own company fail and then choosing to try to launch an exchange and name it “GTX” which is a single letter from being “FTX.”
— The Wolf Of All Streets (@scottmelker) January 16, 2023
Whoever is running this simulation loves trolling us.
The 3AC founders have partnered with the founders of CoinFLEX for this brand new venture.
Look .. lmao pic.twitter.com/GkhX65JQeV
— Molly (@bigmagicdao) January 16, 2023
Genesis is gone 💨
The crypto crash has taken its latest victim, with crypto lender Genesis being the latest to file for Chapter 11.
Crypto lender Genesis Global has filed for Chapter 11 bankruptcy in the Southern District of New York with estimated liabilities of $1 to $10 billion. https://t.co/MlY6qGFvvA
— Cointelegraph (@Cointelegraph) January 20, 2023
After the recent feud between Gemini and DCG over the assets held by Genesis, Gemini co-founder Cameron Winklevoss believes that Gemini Earn customers can be made whole again.
1/ Earn Update: This evening, Genesis Global Capital, LLC (Genesis) filed for bankruptcy under Chapter 11. This is a crucial step towards us being able to recover your assets.
— Cameron Winklevoss (@cameron) January 20, 2023
Things are not looking good for Digital Currency Group (DCG), the parent company of Genesis.
DCG owns an extensive portfolio of crypto companies, and it will be worrying if they eventually go bankrupt.
Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. Let’s take a look at DCG Portfolio!#Portfolio #VC pic.twitter.com/AyWG6gxBpV
— Coin98 Insights (@Coin98Insights) March 19, 2022
One of these companies is CoinDesk, a crypto news site, which was bought by DCG in 2016.
CoinDesk’s CEO is now looking at a potential sale, after there are some suitors interested in acquiring the site.
BREAKING: CoinDesk explores full or partial sale to attract growth capital, CEO says https://t.co/q8isum8ovO
— The Block (@TheBlock__) January 18, 2023
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