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Krystal Newsflash (20th Jan 2023)

●   3 min

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.

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.

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.

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.

Meanwhile, Moonstone, another crypto bank affiliated with FTX, has pulled the plug on offering crypto-related services.

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.

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.

Despite all of the negativity towards Solana, Vitalik Buterin showed a massive vote of confidence in the network with this tweet:

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.

This is most likely a play against the fallen FTX exchange, which has drawn backlash by the crypto community.

The 3AC founders have partnered with the founders of CoinFLEX for this brand new venture.

Genesis is gone 💨

The crypto crash has taken its latest victim, with crypto lender Genesis being the latest to file for Chapter 11.

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.

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.

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.

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