7 June

From April 2021 to April 2022, Web 3 users sent $224 billion in on-chain value to DEXs, outstripping centralized exchanges like Coinbase, which combined for $175 billion over the same period, according to a new report from Chainalysis.

Chainalysis Economist Ethan McMahon told CoinDesk that the move from CEXs to DEXs began in 2020’s DeFi Summer and carried through the non-fungible token (NFT) boom of 2021. DEXs first cleared 50% market share in September 2020, according to the report. In June 2021, this number hit its peak at 80%.

While decentralized exchanges are noncustodial and offer a wider range of currency pairs, according to McMahon, they aren’t as easy to use and do not offer the same regulatory assurance that centralized exchanges do. If DEXs continue to increase in popularity, a regulatory crackdown might be on the way.”

See Also: Weekly Bitcoin Inflows Totaled $126M as Institutions Keep ‘Buying the Dip’

Exploring Web3 Social Media with Lens Protocol

The SEC is looking into whether the crypto exchange should have registered the initial coin offering of Binance coin as a security.

The SEC is also investigating market-making companies owned or partially owned by Binance CEO Changpeng Zhao that do business with Binance.US, a U.S.-based affiliate of the global exchange. According to the report, one of the SEC’s focuses is on whether Binance.US is wholly independent of the global exchange and whether employees may be involved in insider trading.

Binance is currently under investigation in the U.S. by the Justice Department, the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service.”

See Also: At Least $2.4B in Crypto Has Been Laundered Through Binance: Report

“Illuvium, an upcoming Ethereum-based role-playing game, sold more than $72 million worth of digital land plots as NFTs during a sale that ended on Sunday.

The sale, which began Thursday, ultimately saw nearly 20,000 digital land plots sold to investors and prospective players. Illuvium’s land NFTs run on Immutable X, a layer-2 scaling solution for Ethereum that enables cheaper, faster, and more energy-efficient transactions.

Illuvium’s game world ultimately will feature 100,000 total land plots, holders of which will receive access to various in-game benefits, such as extracting fuel that can be sold to other players for a potential profit. Illuvium is set to launch later this year.

“The Bored Ape Yacht Club (BAYC) Discord server was hacked on Saturday, with the attacker making off with 200 ETH ($360,000) worth of NFTs, according to Yuga Labs. The hack took place after the project’s community manager, Boris Vagner, had his Discord account compromised, which the attacker then used to post phishing links.

Discord isn’t working for Web 3 communities. We need a better platform that puts security first.”

Introducing DESK, CoinDesk’s New Social Token