Crypto This Week – Week 37

Sol-oh No! The Solana Network suffered a 17-hour outage earlier this week. The affiliated SOL token tumbled about 18%. Solana’s centralized structure and its claim of being the fastest blockchain in the world came in for scrutiny from the likes of Gavin Wood.

Avalanche, a relatively new blockchain with a focus on speed and low transaction costs, has completed a $230m private sale of AVAX tokens to some well-known crypto funds including Polychain and Three Arrows Capital.

Algorand will take over Drone Racing League (DRL) title rights starting with its sixth season (set to begin this month). The sponsorship deal for 5 years is estimated at $100m.

Ernst & Young (EY), one of the Big Four consulting firms, will use Polygon’s protocol and framework to deploy its own EY blockchain products on the Ethereum blockchain. EY will adopt Polygon’s scaling products to allow it to boost transaction volumes and provide “predictable costs” and settlement for business customers. EY will also have an option to move transactions onto the public Ethereum network. Poly gone wild!

What’s better than owning Bitcoin? Owning more Bitcoin. Microstrategy reportedly bought another 5000 BTC during the recent donwturn.

Laos is the latest nation to side with crypto. The government has authorised the mining and trading of cryptocurrencies. This appears to be a policy shift by the debt-laden south-east Asian nation that puts it in a position to profit from the crackdown on digital currency mining in China. Laos at first sight?

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Transgender supermodel, Valentina Sampaio, has teamed up with the Lions Management and multiverse blockchain company, Lukso, to create digital assets to benefit an array of LGBTQ organizations, such as the Ali Forney Center, GLAAD and Pride Live. Valentina is raising awareness for the LGBTQ community with an NFT and short film. The current bid for the NFT dress is $300,000.

Despite experiencing a brief outage this week, Ethereum layer 2 protocol, Arbitrum, has secured more than $2.2bn in total value locked, boasting almost 29,000 unique addresses transacting on the network. The recent surge was likely triggered by the launch of yield farm ArbiNYAN.

The US Treasury Department and other federal agencies are reportedly close to a crackdown on stablecoins through a review from the Financial Stability Oversight Council. Officials are concerned that the digital money is largely unregulated and could ultimately destabilize the financial system, not protect it. This is almost becoming a Dad Joke now!

Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.

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