22 December

“Since returning from the Amphora merge workshop, client teams have been hard at work implementing the latest versions of merge specifications and testing them on devnets. After four ephemeral devnets, Kintsugi 🍵, a longer-lived public testnet, is now live!

The Kintsugi testnet provides the community an opportunity to experiment with post-merge Ethereum and begin to identify any issues. Once feedback has been incorporated into the client sofware and the specifications, a final series of testnets will be launched. In parallel, testing efforts will continue ramping up.

After this, existing long-lived testnets will run through The Merge. Once these have upgraded and are stable, next up is Ethereum mainnet’s transition to proof of stake 🎊.”

Increased regulatory certainty regarding the status of stablecoin and their issuers may create market opportunities, as regulatory risks have deterred financial institutions from engaging in the space, Fitch Ratings said in a report published on Tuesday.

Fitch notes that the European Union is the first major economy to publish draft regulations for the sector and has called for issuers to be regulated like banks or electronic money institutions. Fitch views the U.S. regulatory approach as key to the medium-term development of the sector, as the majority of stablecoins currently traded are linked to the U.S. dollar.

If stablecoin issuers secure charters to operate as deposit-taking institutions, they could challenge incumbent banks and potentially non-bank payment providers.”

See Also: Bank of Russia to allow crypto investment via foreign firms: Report

Kraken has acquired non-custodial staking platform Staked to enable an alternative to its own custodial staking service. Kraken referred to the deal as “one of the largest crypto industry acquisitions to date” but did not disclose the amount paid.

Stake’s non-custodial staking service enables users to earn yield from staking without giving up custody of their assets. This is a complement to the custodial staking service already offered by Kraken.”

See Also: BitMEX Announces BMEX Tokens to Revive Retail Interest

“After less than a month of deliberation and voting, two decentralized autonomous organizations (DAO) have consummated one of the biggest mergers in decentralized finance (DeFi) history. On Tuesday, a vote to merge Rari Capital and Fei Protocol was approved by members of both DAOs.

Going forward, the projects will merge via a token swap and be united under the TRIBE token. The joint effort will immediately command $2 billion in total value locked (TVL). The teams built the contracts related to exchanging RARI for TRIBE, as well as a “ragequit” function – a contract that allows token holders to exchange their tokens for a proportional share of the protocol’s treasury.

It was really challenging to navigate a proposal this big. There were two whole DAOs worth of cooks in the kitchen. The ragequit allows TRIBE token holders, especially token holders that market-bought TRIBE below treasury value, to exit at intrinsic value.

Now that the votes have passed, the real experiment arguably begins: Can two separate teams with disparate leadership structures operate efficiently under the same governance token? The first product from the joint project is expected to launch in late January, early February. ‘TRIBE is moving towards becoming full-stack DeFi infrastructure.'”

See Also: Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs
See Also: Decentralized Rendering Engine Raises $30M as Metaverse Graphics Go Big

Blockchain gaming continues to grow with a share of roughly 22% of all NFT trading volume in the third quarter of 2021, according to a report released by the Blockchain Gaming Alliance, or BGA. The report showed that NFT games accumulated $2.32 billion in revenue between July and September.

Additionally, the report mentioned that there is a “6,566% increase in daily unique active wallets.” These are wallets that interact with smart contracts connected to games.

Metaverse-related activity was also highlighted in the report. It showed that virtual land sales reached $42.6 million while the total market capitalization for virtual world decentralized apps reached an all-time high of $4.6 billion at the end of November.”

See Also: Crypto salaries are becoming a popular way to attract young talent

“The CEOs of Tesla and Square touched off one of the year’s best crypto spats, picking a fight with the powerful VC firm Andreessen Horowitz.

Dorsey laid the table for the dust-up earlier in the day when he replied to a tweet from the rapper Cardi B, who had asked if crypto might replace the dollar. Dorsey’s take? Bitcoin will. Bitcoin, not “crypto.” Dorsey’s reply is just the latest reminder of his staunch Bitcoin-only stance.

Hours later, Dorsey began venting in earnest when he took aim at Web3. ‘You don’t own “web3.” The VCs and their LPs do.’ Dorsey’s tweet prompted Musk to throw his own jab at Web3, and the pair engaged in a back-and-back forth that called out a16z more directly: ‘Has anyone seen web3? I can’t find it.‘ Not everyone took Dorsey’s side, suggesting he is blinded by a Bitcoin-only mentality.

So what to make of all this? On one hand, you can look at the dust-up between Dorsey, Musk and the others as just another of the beefs that bubble up on Crypto Twitter every day of the week.

At the same time, though, Dorsey’s shot across Web3’s bow may also be rooted in self-interest: Both companies he founded, Square and Twitter, exemplify the Web2 era and may face an existential threat of a more decentralized technology stack.