By Aditya Humnabadkar and Jayesh Singh
gm guys!
It has been a bearish week in the crypto markets, with all the leading cryptocurrencies going down over the last seven days. We had fewer stories of crypto adoption, regulations, or crypto disasters than usual.
Let’s walk through the stories of this week.
This week in the cryptic land🤔
Polygon-founded Symbolic to aid the web3 community🎉
Polygon and Cere Network join hands to launch symbolic capital, a new crypto-focused VC that aims to support the best web3 founders globally. Symbolic plans to back startups which focus on decentralization with an aim to cut the middlemen involved in blockchain networks. It has already funded emerging blockchain gaming companies like Blinkmoon, Planet Mojo and Community gaming.
Tornado Cash’s money laundering woes👀
Things are looking bleak for Tornado Cash at the moment. According to a report by Elliptic Enterprises, Tornado Cash was actively used for NFT laundering in the past month. The firm's report also states that $137.6 million of crypto assets were processed by NFT marketplaces and the mixer greenlighted 52% of the NFT scams before being sanctioned last month.
China’s metaverse plans👀
China is very optimistic about the metaverse concept and to capitalize on its benefits has decided to implement a two tear metaverse innovation and development plan from 2022-24. This plan would incorporate 3D visualization and GIS in fields like education and tourism and develop extensive urban digital platforms. The plan's first project will be developing a benchmark city for the digital economy & would encourage the growth of the metaverse industry.
How’s India holdin’ up?
CoinDCX launches its DeFi app Okto🚀
Co-founder of Indian crypto exchange CoinDCX announced the launch of its DeFi app Okto on Friday. With the app, users can access 20 chains and 100 protocols. The firm also revealed its waitlist for the mobile app and will launch first version in the upcoming days.
To make decentralised investment opportunities accessible, Okto has integrated multi party computation (MPC) technology to solve private key issues and will help users recover their pass key and funds.
Telangana govt’s web3 sandbox🗳️
At the launch of India Blockchain Forum, the Telangana government revealed the state's plans to introduce a Web3.0 regulatory Sandbox to support the growth and promotion of Web3 startups and innovation in the state.
The Sandbox will aid the shortlisted startups by providing governed data access, domain expertise, and other resources.
Chingari launches first-ever video NFT marketplace📱
Content creation mobile app Chingari has launched its video NFT marketplace called Creator Cuts. It is the world’s first ever marketplace enabling creators to mint video NFTs.
Creator Cuts is aimed at empowering the creators with a financial and community engagement opportunity, along with enabling the community to connect with their favourite creators by owning a piece of their unique art.
What else are we nibbling on?
Snoop Dogg and Eminem to Bring Bored Ape NFTs to VMAs In ‘Otherside’ Metaverse Performance
Solana Now Has a Beer—With DeGods, Okay Bears and Other NFTs on the Can
Tweet of the week
As the three crypto giants lead the race in web3, the tweet provokes an interesting thought. Building centralised structures masked by decentralisation?
Project of the week
ZKX
Accessibility in web3 remains a major challenge. In a mobile-first generation, a major pain point remains how to scale apps on the decentralised internet without risking user data.
ZKX is leveraging Zero Knowledge (ZK) to build an accessible and user-friendly ‘Layer 3’ ecosystem on top of Ethereum. At the moment, ZKX is building its first product - a decentralised derivatives exchange for traders, which has a waitlist of over two lakh users.
If successful, ZKX will be a game-changer, giving us the hallway that connects web2 and web3.
Read more about ZKX’s ambitious pursuit over here.
That’s it for this week folks. We’ll see you next week with more interesting content. We’ve also been revamping our structure, so, you can expect to enjoy richer content in the forthcoming weeks.👋