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    Weekly Digest: NFT Frenzy & IOTA

    Coinjoy weekly march

    Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.

    Please enjoy and don’t forget to add your favourites to your CoinJoy Feed!

    Projects And Updates

    📌 Vexchange 2 testnet is planned for launch on March, 15

    VeChain’s decentralized exchange Vexchange 2 announced the launch of its testnet planned for March 15. Since the founding of the Vexchange in the beginning of October 2020, the main goal was to make it the Uniswamp of the VeChain network, which is likely to be achieved soon. According to the recent news, VeChain not only added Norsk Hydro, the world largest Aluminum Company to its DNV Assurance service made on VeChainThor, but also received a prestigious ‘Innovative Green Technology’ reward. That only means that it’s hard work on improving the supply chain management getting more and more widely recognized.

    “The announcement saw positive reactions from members of the VeChain community. This is a sign that a bright future awaits the enterprise blockchain project.” — Coinquora

    📌 Stimulus Check Invested In Cardano Now Worth Almost $45,000

    If the US citizens who received relief packages worth $1,200 last year invested them in Cardano, now they would have had $45,000. That’s the absolute record among other digital assets, such as Bitcoin, Ethereum, GME and also it’s much more profitable investment compared to the stocks or even popular stock market indexes. For the clarity, according to CryptoPotato’s data,  $1,200 put in Bitcoin returns as $9,493, in Ethereum ­­as $14,403, in AMC — as $4,631, Tesla – $4,628 and the same amount invested in gold will cause the loose of $22.

    📌 Ethereum developers prepare to scale ETH network by 100X

    The issue of congestion and increased transaction fees of the Ethereum, which made many users criticize the network and turn towards different options, are going to be solved soon. According to the Ethereum co-founder, Vitalik Buterin, the developers are getting the solution ready, and it is going to increase Ethereum’s transactional throughput by almost a 100 times. It comes as 2-nd layer solutions that will work on supporting the process and mapping the data on the side chains, before they will be realized in the mainnet, so the network is reinforced and the transaction fees are at the acceptable level while the sharding is being completed. Scalability in Ethereum 2 will be established by sharding.  

    “The thing to remember is that if you have rollups, but you do not have sharding, you still have 100X factor scaling, right? You still have the ability for the blockchain to go up to somewhere between 1,000 and 4,000 transactions a second, depending on how complex these transactions are.” – Vitalik Buterin, Co-founder of Ethereum

    📌 Binance BNB Staking Now Officially Live

    From March, 9 BNB stacking became available on Binance and users got a chance to earn up to 27.49% APY. Such a high interest shows that the project is quite profitable. This correlates with the recent growths of the assets that moved to the third position among the cryptos estimated by the market cap.  Interest will be paid to the users every day and will vary depending on the amount of tokens and the duration of ‘sealing’ the assets. Users are advised to use one of 4 stocking durations — 15, 30, 60 and 90 days, for each of them the maximum amount is determined and the minimum amount to stock is 0.1 BNB. The assets can be monitored at any moment on The Binance in the “locked assets'' section. 

    📌 Twitter Suspends PlanB, Willy Woo, And Major Crypto Accounts

    Despite the fact that Twitter was always considered as the most crypto-friendly social network, many major accounts related to cryptocurrency were blocked, including PlanB the creator of the Bitcoin Stock-to-Flow Model, Willy Woo – one of the best crypto financial analyst’s in the world and pro trader Carl ‘The Moon’ Runefelt. No explanations followed from the Twitter support team and users are still wondering if it was done intentionally or caused by the technical error. After a couple of hours part of the blocked profiles, including Willy Woo and Plan B were recovered, but with the huge losses in followers.

    “The development today is quite surprising, given that Twitter is considered the most crypto-friendly social media platform; needless to say, that Jack Dorsey is a big supporter too.” Cryptopolitan


    📌 IOTA: Schiener demands for clear legal regulations from the German officials

    During the roundtable discussion with the German politicians, Dominic Schiener made his point asking the officials to create a clear and legal regulatory environment for the crypto. He also answered the questions about the digital elections and assured that IOTA puts its main focus on the digital identity issue. That was supported by Matthias Hauer from the Committee for Digital Affairs & Finance in the German Parliament, who explained that German officials stand for building the European ecosystem with the digital identities and that IOTA in his opinion outperforms its competitors in a large number of points.

    “And there are good opportunities there through IOTA, of course. When I see, for example, that this is open source with a view to decentralization, feeless, also with a view to power consumption, then these are once again plus points for IOTA in this competition, from my point of view.” Matthias Hauer

    📌 Seychelles Regulator: Huobi Global Limited Isn’t Licensed Here

    The Seychelles’ Financial Services Authority (FSA) on March 8 on its official website had published a statement declaring that Huobi Global Limited isn’t licensed for any kind of activity on the Seychelles. They also added that the company might be connected with the crypto-trading platform Huobi Global, according to the data the regulator found on the public page. Along with that the FSA published the warning for the people to be conscious if they use this type of services provided by Huobi and other companies. The next day after the news about the statement was spread in the media it was deleted from the FSA website. 

    Mass Adoption

    📌 Visa Is Winning The Battle For Crypto Cards

    Among the largest payment companies, that are interested to invest in the crypto future, Visa takes a certain lead by expanding the capabilities of Crypto-as-as-Service to create broader possibilities for banks and other financial institutes to buy cryptocurrency. And this if not to remember that the company already established a global network for crypto cards in partnership with USDC and Anchorage. Against this background such giants as Paypal, Square, and Robinhood experience that crypto engages users way better than it was originally estimated.  

    📌 Dogecoin Accepted As Payment By NBA's Dallas Mavericks

    Impetuous rise of Dogecoin continues with token acceptance to NBA — Mark Cuban, the owner of Dallas Mavericks made it possible for DOGE to be accepted as payment for the tickets and online merchandise purchases. And it extends further as NBA is partnering up with one of the major crypto payment services BitPay to allow the fans to pay with DOGE. Additionally, earlier this week it was announced that Dogecoin will be available for buying in 1800 Coinflip ATM machines.

    “For those of you who would like to learn more about Dogecoin, we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you.” — Mark Cuban


    📌 DeFi: Hackers Drain $3.8 Million From Binance Smart Chain Project DODO

    Binance Smart Chain-based liquidity protocol and decentralized exchange, DODO suffered massive hackers’ attack this week, that caused the $3.8  million loss in WCRES, FDO, FUSDT, and USDT as the invasion affected most of V2 Crowdpools. DODO published a report, explaining that intruders used the bug in the affected pools, which allowed them to create fake tokens and re-utilize the smart contract through unit ()function and to put it in “reserve”, deploying sync ()function. That gave access to the real tokens that were taken out of the pools. To prevent a second attack, DODO temporarily prohibited setting up the pools on the platform. They also plan to recover all the stolen funds and assured the users that the exchange will continue to function as usual.  

    “It seems these protocols are too eager to commence operations due to the massive opportunities in the space that they forget to cover some major flaws in their project that could lead to loss of funds.” — Coinfomania


    📌 Lil Pump Themed NFT Collection Launches on Sweet

    Miami-born, extremely popular Soundcloud rapper Lil Pump introduced his NFT-collection on Sweet. There are several NFT’s, including jewelry-themed “Esskeetit Diamond VVS” NFT  priced at $10,000 and more economical Esskeetit Card priced just at $10. Though it’s his first interaction of this kind with NFT, the rapper was one of the first in the music industry to adopt the crypto as he started to accept payment in bitcoins in his online store since 2019. He is not the only one from the arts and entertainment industry, who recently distinguished the potential of NFT, which gained about 700% of value from 2018 and achieved $350 million in the last months only and the tendencies are only escalating.

    “It has become a lucrative business ground for many hotshots in the entertainment industry.” — Beincrypto

    📌 Twitter CEO To Donate In BTC After Selling His First Ever Tweet As NFT

    Twitter CEO Jack Dorsey announced that the money received from selling the first ever tweet made as NFT (non-fungible token) will be converted to Bitcoin and donated to GiveDirectly’s Africa campaign that supports African families affected by COVID-19.  Since Dorsey organized the auction on March 6 he got multiple offers, including the Bridge Oracle CEO Sina Estavi bid of $2,5 million. The auction will close on March, 21. 

    “just setting up my twttr” Jack Dorsey in the first ever tweet

    📌Justin Sun: Christie’s Tech Glitch Stopped Me Paying USD 70M for Beeple NFT

    The founder of Tron Justin Sun expressed his version of what was confirmed to be a thwarted attempt to buy the work named “Everydays: The First 5,000 Days”, the first digital only piece of art by Beeple at the Christie’s auction. As known, Sun's $69 million bid was outbid by undefined crypto art lover in the last 30 seconds. But the chief of Tron believes that the error of Christie’s system didn’t let him submit $70 million in the last 20 seconds. He posted video proof on Twitter, along with a 12-part long elucidation of his point and requested the explanation, which was sent as an official email from the auction house, saying that unluckily his last bid didn’t reach the system in time.

    ”My commitment and investment to art and NFT [and] to the Tron community won’t stop here. And I’m dedicated to finding the next Beeple and the next visionary digital artist!” — Justin Sun, The Chief of Tron  


    Weekly March prices

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    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.