Good times or dead cat bounce?
The overall market cap of the crypto ecosystem is above one trillion dollars after some tough weeks. Ethereum crossed the $1500 market for a while, there are green candles all around. Seems like either the good times are back or maybe it’s just a dead cat bounce.
But overall, the sentiment around the crypto market is turning for good and retail is finally seeing a light at the end of the tunnel after all. Venture funds are continuously funding, builders are building, retail is still bullish, and the Ethereum merge is right around the corner.
Will the momentum last for a while, only time will tell.
This week in web3 Wednesdays
- 😍Ethereum Merge expected to be completed on September 19
- 💃TIME Magazine's new cover: The metaverse will change everything
- 🏛️Reserve Bank of India wants to prohibit crypto
- 👀Sui Blockchain: new L1 player in town
- 💰Multicoin raises new $430M web3 fund
- 😄Fun Video: The Rise and Fall of Luna/UST
- 🤓 Good read: A stupid simple governance framework
😍Ethereum Merge is expected to be implemented on September 19
After numerous delays, in roughly 65 days, there’s a chance Ethereum’s highly anticipated transition from proof-of-work (PoW) to proof-of-stake (PoS), otherwise known as The Merge, could be implemented.
The information was shared via “a planning timeline” on Twitter, which noted the shift from PoW to PoS could happen on September 19. The source stemmed from Ethereum Beacon chain community director, Superphiz, who further stressed that The Merge “timeline isn’t final,” and that people should “look out for official announcements.”
Even though the timeline isn’t final, the market has already responded positively to the news and we’re already witnessing some green candles across the crypto market. Thus, starting the flurry of conversations about whether the market has already priced in ‘The Merge’ news or we’re going to see more green candles in the coming weeks. Only time will tell.
💃TIME Magazine's new cover: The metaverse will change everything
Since the storm of market downturns has settled down, there’s hopium all around. In addition to hopium by mainstream media, Time magazine has put metaverse on the cover of its latest edition.
Time magazine explains the concept of metaverse as a 3D internet. It mentions, “Think of the metaverse as a parallel virtual plane of existence that spans all digital technologies and will even come to control much of the physical world. This construct helps explain another common description of the metaverse as a 3D internet—and why establishing it is so hard, but also likely to be worthwhile.”
🏛️Reserve Bank of India wants to prohibit crypto
In the latest questionnaire in the Indian parliament, the reserve bank of India (RBI) has put forth its view that cryptocurrency should be prohibited. However, it’s worth noting that the RBI has been continuously cautioning retail users against the use of cryptocurrencies since 2013.
Additionally, it makes a curious case since the country’s finance ministry has been taxing cryptocurrency transactions, while the reserve bank on the other hand trying to prohibit the use of cryptocurrencies.
Meanwhile, Indians make up the biggest chunk of developers, investors, and traders in the web3 world. Let’s see if RBI can actually deter Indian users from actively participating in the crypto ecosystem.
Read the Parliamentary QnA here.
👀Sui Blockchain: new L1 player in town
Sui blockchain network has been making some buzz on CT lately. Sui is a new blockchain developed by @Mysten_Labs, founded by former Meta (FaceBook) engineers. The blockchain network has raised eyebrows with its backing from FTX Ventures and a16z.
According to its Medium post, Sui is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in web3. Sui is horizontally scalable to support a wide range of application development with an unrivaled speed at a low cost.
Learn all about Sui, in this Twitter thread by crypto analyst Miles Deutscher
💰Multicoin raises new $430M web3 fund
Even though we’re in a bear market but seems like web3 investments are not slowing down any day. Multicoin Capital, a crypto venture fund has recently raised $430 million to invest $500K-$25M in early-stage opportunities all the way up to $100M+ for later-stage projects.
As per Mutlitcoin’s latest announcement post, the venture fund has mentioned some key areas where the majority of its investments will go into. These key areas include:
- Creator Monetization
- Web3 Infrastructure
- Open Finance
- DAO Tooling
- Indian web3 products
- Consumer Products
- New Business Models for Collaborating on IP
😄Fun Video: The Rise and Fall of Luna/UST
"Life is a tragedy when seen in close-up, but a comedy in long-shot." - Charlie Chaplin
Just like Do Kown’s tweet, “Steady Lads, deploying more capital.” has become a meme on crypto Twitter. The crash of Terra has given more drama and memes than anything else. In the series of shit and giggles around Terra, there’s a new comic video on CT making rounds and we thought you wouldn’t want to miss it.
So here you go, but remember to take it lightly – Do Kwon: The Rise and Fall of Luna/UST
🌇Dubai government launches Dubai Metaverse Strategy
It seems like the Dubai government is really bullish on emergent technologies. For over a decade now, the government has been continuously increasing its emerging tech investment pie.
Keeping up with the same strategy, the crown prince of Dubai Hamdan bin Mohammed has announced the Dubai Metaverse Strategy aiming toward fostering innovation in new technology.
As per Hamdan, Dubai is home to over 1,000 companies operating in the metaverse and blockchain sector, which contributes $500 million to our national economy.
🤓 Good read: A stupid simple governance framework
In this week’s good read section, we have a good framework to understand the fundamentals of governance in crypto, written by Andrew Beal.
Governance can be a nebulous thing, especially in the context of DAOs, another nebulous thing. What we’re really talking about is the decision-making process. How does a DAO make decisions about anything?
To understand what goes into the heart of the decision-making process and various governance structures, read on – A stupid simple governance framework.