19 May

“Lens Protocol opened on the Polygon blockchain mainnet Wednesday. Built by Aave Companies, it allows developers to build their own decentralized social media networks in which users fully own their data. Today people can starting minting their profiles, an Aave spokesperson said, noting about 50 apps are already built on Lens.

Aave’s Lens differs in its focus on non-fungible tokens (NFTs): each creator gets their own. These “profile” NFTs link to their followers and communities and interact with the 50+ platforms available at launch.

Web 3 social ensures that users are in control of their content which makes the applications and algorithms compete on bringing the best experience layer to the users.

Aave has additionally launched a $250,000 grants program to fund projects seeking to build decentralized applications (dapps) on Lens.”

See Also: Elon Musk Wants Twitter to Be WeChat-Style ‘Super App’ With Payments

“Ethereum developers have reached another milestone on their way to the long-awaited ETH 2.0 network upgrade—the Ropsten public testnet will undergo an upgrade to proof-of-stake consensus on June 8.

As it prepares for upgrading the mainnet, the Ethereum Foundation has bumped up rewards on offer from its bug bounty program, launched in 2021. The max Ethereum bounty for reporting vulnerabilities in upgrades that are already live on public testnets or scheduled to be released on the Ethereum mainnet are doubled at the moment, bringing the ceiling to $500,000.”

The five applications suggest the social media firm may use its namesake in a payments processing platform called Meta Pay.

The filings included Meta’s name for use in a online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”

See Also: Two credit card firms in Israel to let cardholders buy Bitcoin

U.S. President Joe Biden’s administration will press Congress to demand cryptocurrency exchanges keep their customers’ money separate from their own corporate funds. Federal officials will push in the coming weeks to put the change into any crypto bill considered by Congress.

Spurred by Coinbase’s (COIN) recent disclosure that customers’ money would be jammed up if the company declared bankruptcy, federal officials intend to push U.S. lawmakers to fix the problem by insisting that a future legal framework require crypto firms keep customer assets walled off. That type of custodial rule is standard for financial firms such as futures platforms, but crypto exchanges routinely mingle their funds with customers’ holdings in the same pot.

But not everybody sees fencing off customers’ money as the best answer.

Legislators should work on a Digital Asset Investor Protection Act that mirrors the Securities Investor Protection Act. It could give investors primary status in bankruptcy proceedings, and it could also set up a backstop fund to cover losses like the one securities investors have.”

See Also: SEC Chair Gensler Threatens Action Against Unregistered Crypto Exchanges, Again

“The Coinbase Institute, which was announced on Tuesday, will ‘cut across many disciplines and provide expert analysis and insights about what’s happening in the global crypto economy.’ A key priority for the institute will be the dissemination of empirical and peer-reviewed research. This will include an academic partnership with the University of Michigan to measure household adoption and attitudes toward cryptocurrency.

Coinbase’s launch of a “think tank” is consistent with the mentality of CEO Brian Armstrong, who has often expressed frustration with media accounts of the crypto industry he views as wrong or uninformed.

The Coinbase Institute has already issued its first report, titled “Crypto and the Climate,” which makes the case that the industry’s high energy use is often justified, and claims that it contributes to new forms of energy efficiency and longterm sustainability.”

See Also: Crypto giants co-launch Chainabuse platform to water down rising scams

“Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.

As per the proposal, the new chain would entirely cut out the failed UST product and instead focus on decentralized finance (DeFi) applications building on Terra. The current chain would continue as Terra “Classic,” while holders of LUNA on the “Classic” chain would receive a token airdrop of the new chain’s token under the plan.

At writing time, some 64% of voters on the on-chain proposal supported the fork, while 34% voted against it. The community, however, is apparently not on board. Some 92% of over 6,220 voters on a previously held online poll have voted against the change, with the most popular responses calling for “no fork.” Most comments on the proposal’s discussion are negative. Some even term it “anti-community,” while others urged legal intervention.

The primary challenge the Terra community has against a new fork as proposed by Do Kwon is trust. Anything incoming from Luna’s team may be treated in the same way as the lack of trust prevails. It’s rather a speculative asset now than a representation of a tier 1 ecosystem. The chances of a consensus are very low.”

See Also: Mike Novogratz Ends Twitter Silence, Shares Take on UST/LUNA Crash

“Bitcoin dipped to under $30,000 in European trading hours on Wednesday amid a retreat across traditional markets, as traders and analysts assessed the potential economic ramifications of U.S. Federal Reserve Chairman Jerome Powell’s pledge Tuesday to keep tightening pressure on financial conditions until inflation shows signs of weakening.

What we need to see is inflation coming down in a clear and convincing way and we’re going to keep pushing until we see that.

In traditional markets, U.S. stocks were poised for declines on Wednesday based on the direction of futures trading, with weakness appearing as a disappointing earnings report from Target sent the giant retailer’s shares plunging more than 22%. Inflation is forcing consumers to spend more on food and less on discretionary items.”

Asia-based genomics firm Genetica and Web3 data management firm Oasis Labs have partnered to tokenize genomics profiles with the aim to enhance genomics-based precision medicine. The partnership is also backed by Vietnamese government officials who are very supportive of Web3 technologies and data rights.

Genetica will migrate 100,000 genomic data profiles to the Oasis Network. These profiles will allow the data owners to have full control and knowledge of how their genetic data is being used.

The partnership enables us to turn the idea of issuing GeneNFTs to our users a reality.”