#25 Web3's AWS🔥
Coinbase cloud opens new opportunities, Binance moves markets, Polygon takes it home
By Muskaan Sethi and Jayesh SIngh
gm guys!
Sorry for a week’s delay. We are back in full swing. Let’s dive into this week’s stories, right away.
This week in the cryptic land🤔
The AWS of web3
What’s poppin’ — Chainlink uses Oracle networks to provide secure access to real-world data for Web3 apps. It has annpunced its long-awaited staking incentives that would launch in December.
Avalanche, Metis, Moonbeam, and Moonriver are the cryptocurrency projects that will be among the first to engage in Chainlink's new SCALE programme.
The programme will reduce the costs of putting oracle data and reports on-chain by further boosting development and splitting costs among a greater number of participants. The race to build web3’s infra layer is perhaps the one that matters the most right now. And, it appears that Chainlink might just clinch a big share of the pie.
Coinbase cloud opens use cases
Developers will now be able to acquire real NFT prices to build new DeFi apps like NFT loan platforms and NFT indexes with Coinbase's introduction of NFT floor pricing feeds via its Cloud service. The price feeds will first follow a number of well-known blue-chip NFT collections, including World of Women, CryptoPunks, Bored Ape Yacht Club, and CryptoPunks.
Binance moves the markets
The number of USDC stablecoins quitting Binance, or the amount of USDC stablecoins leaving the exchange, has increased by 93% after Binance said it will stop supporting rival stablecoins on its exchange, the largest by volume in the world.
Despite the fact that Binance identified three of its rivals in its introduction, USDC has received the most of the attention. It routinely outperforms BUSD and is the second-largest stablecoin by market capitalization. Decrypt contacted Binance and Circle, the company that issuing USDC, but neither company provided a response.
These two months had the greatest and second-highest USDC outflows from Binance since the exchange adopted the stablecoin in 2018, according to IntoTheBlock statistics.
USDC expands to new blockchains
The second-largest stablecoin in the world, USDC, will soon be accessible on five more blockchains, according to a statement from Circle.
The protocol will primarily help programmers create wallets, applications, and financial services solutions that enable and promote the frictionless movement of USDC between networks.
After Terra's algorithmic stablecoin, UST, crashed in early May, wiping off more than $40 billion in value, asset-backed stablecoins like USDC and USDT attracted more attention and support.
Given Circle's apparent policy of cooperation with governmental regulations, several firms, including MakerDAO, have started to divest from USDC.
Meta finally rolls out NFT support
Meta declared that, as part of its ongoing deployment, NFT collectables support is now accessible to all Facebook and Instagram customers in the United States.
In May, Meta started enabling NFT support on its networks with Instagram, and in June, it added assistance for Facebook.
The business unveiled a cross-posting function in August that enables customers to display NFT items on their Facebook and Instagram pages.
Polygon takes the cake
10,000 users who are on the queue for Robinhood's beta Web3 wallet now have the chance to join in its testing.
Users will be able to trade cryptocurrencies using the software, which is only available on Apple mobile devices, with purportedly "No network costs" and earn yield by connecting to other decentralised applications.S
Senior product communications manager at Robinhood, denied that Ethereum's switch to a proof-of-stake consensus method was a factor in the company's choice to use Polygon.
What else are we nibbling on?
Star Atlas has just published its first playable demo and its creator has also made tools available to assist other teams in bringing games to Solana.
The owner of a pair of Mutant Ape Yacht Club NFTs, Fragment, took 1,000 ETH, or around $1.3 million as loan, employing the star-studded JPEGs as security.
Warner Music Group Launches Partnership with OpenSea. The first joint project will be an IP-generative ‘NFT Label Pass’ from Web3 startup Probably Nothing.
Obvious Tech - Project of the week🤔
We often speak about the difficulty of access that currently plagues the web3 space. The tweet sums it up perfectly.
Interoperability of dApps has been one of the obvious whitespaces in the industry. Obvious is solving this by making it easy to transact across different liquidity sources. It will let its users manage funds across different chains.
Presently, Obvious is building up its waitlist. Get yourself signed up 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.👋