26 May

“Immutable X, which is powering the next generation of web3 games as the leading carbon-neutral, scalable platform for trading NFTs on Ethereum, today announced its expansion to be the world’s first cross-rollup liquidity platform for NFTs, built on StarkNet.

This announcement allows players to directly trade any asset matched across multiple Ethereum Layer 2 and Layer 3 roll-ups, solving the liquidity fractionalization problem that occurs with every individual roll-up today and scaling to billions of users.

The protocol will facilitate hundreds of thousands of transactions per second, supporting games with hundreds of millions of daily players to truly own their in-game items.

This is the future of Ethereum – multiple roll-ups for different purposes and games, each abstracted and unified in liquidity via Immutable X – while never compromising on Ethereum’s security. The next billion players can scale across hundreds of L3s, while never losing the liquidity and composability that makes Ethereum the strongest blockchain network in the world.

Secure, composable and insanely scalable: welcome to L323.

Until now, any web3 project that required both scale and composability had no choice but to choose a less-secure, non-Ethereum Layer 1, which is prone to suffer outages and where assets can incur significant liquidity penalties. Immutable X’s mission is to ensure developers don’t have to choose between Ethereum’s security/liquidity and the UX of their game.”

Soulbound is a property of an item that makes it non-exchangeable. In the paper, the accounts are referred to as “Souls” and tokens held by the accounts as “Soulbound Tokens” (SBTs).

Imagine a world where most participants have Souls that store SBTs corresponding to a series of affiliation, memberships, and credentials. For example, a person might have a Soul that stores SBTs representing educational credentials, employment history, or hashes of their writings or works of art.

In terms of blockchain and Web3, Ethereum co-founder Vitalik Buterin believes that Soulbound tokens have the potential to transform the industry. In a nutshell, Soulbound tokens create identity and representation of users by giving them unique traits. Unlike NFTs that represent what someone can afford, SBTs will stand for who a person is.”

“Digital assets have replaced real estate as a preferred alternative asset class, according to the JPMorgan’s alternative investments outlook and strategy note.

While public markets already price in significant recession risks, and digital assets have repriced significantly following the collapse of terra USD [UST], some alternative assets such as private equity, private debt and real estate appear to have lagged somewhat. We thus replace real estate with digital assets as our preferred alternative asset class.

Looking more broadly at crypto, they said the Terra collapse has crushed sector sentiment, thus offering a “good entry point” for longer-term investors. The key to avoiding a “long winter” akin to 2018-2019, they say, will be venture capital funding, and thus far there’s little evidence that has dried up.”

See Also: Andreessen Horowitz Establishes $4.5B Crypto Fund, Its Fourth
See Also: StarkWare nets $100M as investors bank on layer-2 success

Circle Internet Financial is arguing the U.S. Federal Reserve should pass on launching a digital dollar, arguing that could strangle private-sector efforts such as Circle’s to manage their own dollar-based tokens. Circle also underlined potential harms a digital dollar might pose to traditional banking, which the banking industry itself pointed out in its own letters.

USDC does not detract from, but in fact supports, the dollar’s role as the world’s reserve currency.”

See Also: FTX’s Bankman-Fried Pitches CFTC on Directly Clearing Customers’ Crypto Swaps
See Also: Crypto Whales Ditched Tether for USDC After Stablecoin Panic

“The National Football League and the NFL Players Association have partnered with Mythical Games to develop a blockchain game with NFTs called NFL Rivals.

The fantasy football game—where users act as an NFL team’s general manager—will feature all 32 teams and all league players as tradeable NFTs. The game will primarily focus on team building and leveling up with NFTs and is set to debut next year.

The game will be “play and earn” as well as “play and own,” meaning players can earn tokens as well as NFTs by winning matches or completing set objectives. Mythical Games—now valued at $1.25 billion—has created its own private Ethereum Virtual Machine (EVM) compatible sidechain for Web3 games like NFL Rivals.

We’re really bullish on the potential of blockchain technology to drive future fan engagement.”

See Also: ‘Love, Death + Robots’ Returns to Netflix With NFT Scavenger Hunt
See Also: Golf Brand Callaway Joins LinksDAO as Equity Investor, ‘Strategic Partner’

Portugal’s parliament today rejected a proposal to tax Bitcoin and other cryptocurrencies.

Portugal has long been considered a cryptocurrency tax haven—proceeds from individual sales of cryptocurrencies have been tax-exempt since 2018.”

“A snapshot of the Terra blockchain is expected to take place later this week ahead of the launch of “Terra 2.0,” a so-called revival of the Terra ecosystem. The revival plan is now moving forward after the conclusion Wednesday of a vote among network validators, with a 65% approval rate.

The revival plan, although passed by Terra’s network validators, was pushed live even as results from a preliminary online poll on a hard fork plan found minimal backing among community members. Some 92% of over 6,220 voters on a previously held online poll voted against the change.

Investors who held over 10,000 LUNA tokens before UST’s implosion will receive the new tokens periodically, to prevent immediate selling. Over 30% of their tokens would be unlocked initially, and the remaining 70% would be released over two years. New tokens will be distributed after six months to such holders.

The supply at genesis is considerably lower than anybody is anticipating, closer to 116.7M rising to 182M after [one] year.”