Starbuck rewards powered by Polygon☕
It’s not rare to hear the praises of the Polygon BD team Crypto Twitter circles and no doubt, the Polygon team continues to expand the wings of web3 with its partnerships. In the last couple of months, Polygon has partnered with web3 giants such as Meta, and with smartphone makers such as HTC & Nothing.
And now, there comes one of the hottest partnership announcements, this time with the largest coffeehouse company in the world, with 32,938 retail locations as of the first quarter of 2021. With this latest announcement, Starbucks will begin a non-fungible token (NFT)-based loyalty program with the blockchain technology provided by Polygon.
As Jonwu on Twitter has put forth his arguments for this partnership claiming it to be a huge deal, this partnership will bring a non-speculative, 1:1 drop-in replacement for typical loyalty programs. Thus, justifying the argument that the Starbucks x Polygon loyalty announcement is so boring it's revolutionary.
Check out the full thread here.
This week in Web3 Wednesday:
- 🐙Obvious’ guide to Ethereum Merge
- ☕Starbucks to offer an NFT-based loyalty program in partnership with Polygon
- 😌Good news for the Indian crypto ecosystem: ED unfroze WazirX’s bank accounts
- 💰Coinbase submits a proposal that could earn MakerDAO $24M annually
- ⚖️Curve Finance posts code for their stablecoin crvUSD
🐙Obvious’ guide to Ethereum Merge
Last week at Obvious, we covered a thread to cover key things that will happen after the merge.
As you all are aware, Ethereum Merge is right around the corner. But some of you still might have some uncertainties about what will happen to your assets & NFTs after the merge.
So, to answer all your queries and uncertainties around the merge, check out the thread for yourself.
☕Starbucks to offer an NFT-based loyalty program in partnership with Polygon
In one of the biggest announcements this week, the world’s biggest coffee chain Starbucks has begun a non-fungible token (NFT)-based loyalty program with the blockchain technology provided by Polygon.
The loyalty program which will be known as Starbucks Odessey will allow customers to purchase digital collectible stamps in NFT form that offer benefits and immersive experiences. As of now, the waitlist for the loyalty program is open to US customers only.
😌Good news for the Indian crypto ecosystem: ED unfroze WazirX’s bank accounts
WazirX which has been in trouble with Indian anti-money laundering authorities has finally got some relief. As per the latest announcements by the crypto exchange, the ED (Enforcement Directorate) has unfrozen the bank accounts of WazirX.
As per the company’s statement, in cooperation with investigators, WazirX provided all necessary details & documents of the alleged accused companies that used the WazirX platform.
💰Coinbase submits a proposal that could earn MakerDAO $24M annually
Coinbase has submitted a proposal that could see MakerDAO earn up to $24 million annually if passed.
According to the proposal, MakerDAO will transfer 33% of its $1.6 billion Peg Stability Module (PSM) — roughly $528 million — into a Coinbase Prime custody account to earn a 1.5% annual yield on savings.
However, some MakerDAO members argued that the proposal could affect the protocol’s decentralization and add another layer of regulatory attack.
Check out the proposal on the Maker governance platform.
⚖️Curve Finance posts code for their stablecoin crvUSD
As observed by a Twitter user chago0x, the developers of Curve Finance's upcoming overcollateralized stablecoin crvUSD uploaded its code onto GitHub.
Details around the stablecoin are minimal at the moment, but the new code shows several smart contract functions for the new overcollateralized stablecoin.
To remind you, Curve’s dollar (crvUSD) was confirmed by protocol founder Michael Egorov at a Web3 summit back in July.