The crypto asset market is currently undergoing a correction after its largest single day gain on the last day of February. The global crypto market cap has declined by 3.3% in the last 24 hours and stands at $1.84 trillion. Bitcoin got rejected at $45,400, which has historically acted as a crucial resistance level triggering this market correction. Additionally, the escalation of Russia-Ukraine conflict which included seizure of a nuclear power plant has coerced investors to participate in a moderate panic sell off. In this article, we will take a look at the interesting crypto stories that took place around the world.
The Swiss city of Lugano has partnered with the provider of the Tether (USDT), the world’s largest stablecoin by market capitalization, to start accepting cryptocurrencies for tax payments. The partnership aims to illustrate the real world use cases of blockchain by experimenting with blockchain solutions on a larger scale. Tether plans to implement the Lightning network, second layer solution for Bitcoin, to address the scalability challenges of the city’s infrastructure. As part of the partnership, Tether will also create a multi-million dollar fund to help finance blockchain-based startups and blockchain services in the region.
Despite having just six decentralized protocols (DeFi) protocols on the chain, Cardano has accrued $134 million in the total value locked (TVL). Decentralized exchanges (DEX) have been emerging as a preferable protocol by developers. Currently, four of the six protocols on Cardano are decentralized exchanges. SundaeSwap leads the band with $120 million in TVL. Given the rise in DEX, Adaswap which has been in development mode, has raised $2.6 million in a funding round led by various investors including movie star Gal Gadot and Cardano stablecoin Djed’s issuer Coti.
According to its roadmap, Adaswap will work on the release of the ASW token to exchanges, introduce staking protocol, and launch the ADANFT marketplace. The DEX platform also intends on introducing the AMM (Automated Market Maker) interface for AdaSwap DEX, Stake & Forget protocols. Additionally, the Adaswap team plans on creating bridges for Cardano with Ethereum, BSC, and Casper tokens by March 2023.
The Sandbox metaverse game owned by NFT investment giant Animoca Brands has crossed a major milestone with 2 million registered users amid its play-to-earn season 2 alpha launch. The crypto game backed by NFTs and its native SAND token which has been in development for quite some time has launched season 2 after its long-awaited season 1 alpha launch in late November.
The game allows users to freely explore 35 different virtual experiences including a sneak peek of the “Snoopverse” in partnership with popular rapper and NFT supporter Snoop Dogg. There are 200 quests that players can complete to earn a chance of getting an Alpha Pass NFT, which will reward the owners up to 1,000 SAND worth roughly $3,000 at current prices.
Ekta Real Estate NFT marketplace, available in a decentralized format, provides early liquidity for real estate developers by enabling investors to own fractions of projects with their crypto assets. Fractional NFTs will be created and tied to real properties through which small scale investors can also gain ownership of large projects. This NFT platform will be available from late March, with major multinational real estate developers launching their first offerings in April.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.