#2 - This Week in Web3
The Good, The Bad and the Wagmi.
In the news this week, Sol got its Soul ripped, BAYC got hacked again and Japan took a bold step.
Solana Network goes down temporarily
The Solana network was down for four hours on Wednesday after a bug blocked consensus: the ability to form new blockchains.
The Twitter team first reported the problem, resulting in downtime that led to a team of validators restarting the entire network.
Since Solana hosts the second-largest NFT ecosystem by blockchain (only bested by Ethereum), the shutdown affected quite a bit of artists and collectors trying to trade both non-fungible and fungible tokens via platforms like Magic eden and Solsea.
It was like Thanos…with the Sol Stone.
Finally, one of the cofounders tweeted about the cause and its fix, calming nerves across the metaverse. Fingers crossed it doesn’t happen again! 🤞
Japan legally recognizes stablecoins as a digital currency
Stablecoins are now legally recognized as digital money in Japan following the bill passed by the parliament on Friday. This attracts even more attention to Japan as it was one the first big economies to facilitate a legal framework for stablecoins.
Bloomberg reported that the stablecoins are mandated to be backed by Japanese fiat currency Yen or another legal tender. However, this bill doesn't signify an immense adoption of Tether (USDT) as it doesn't acknowledge stablecoins backed by overseas currency assets like Tether.
Following the passing of the bill on legal framework for stablecoins, it is expected to be in full effect in about a year.
Senate Candidate reveals plans to make Dogecoin 'Legal tender' in California
Well, well, well. Great news for doggy fans everywhere as one of the candidates for the US Senate, Timothy Ursich has disclosed his plans to make Dogecoin 'legal tender' in the city of California. The senate candidate who is a chiropractor and sports medicine specialist is very enthusiastic about blockchain technology.
Following his claims, Ursich has made contact to top Dogecoin investors including Tesla CEO Elon Musk and Doge co-founder Billy Markus as he garners support and seeks endorsement from the DogeCoin community.
During the primary ballot, the candidate from California revealed that if elected, he will draft a bill to endorse Dogecoin as legal tender in California and promote the mass adoption of cryptocurrency and the new financial technology.
Bored Apes Yatch Club hacked again.
As security continues to be a threat in web3, the most famous project in NFTs keeps getting the short end of the stick. This week, hackers got into the blue-chip project discord through a moderator, siphoning over 145ETH ($255,000).
This calls into question the security surrounding the project as an earlier hack led to losses of around $2.7M earlier in April, this time through a phishing attack via Instagram.
Binance Labs Unveils $500M Fund For Blockchain And Web3
The exchange's project funding arm Binance Labs revealed the commencement of a $500 million investment fund in partnership with DST Global Partners and Breyer Capital. Other family offices, private equity funds, and corporations are apparently associating with the fund as limited partners.
Binance cited that the fund is set to dispense capital in three various phases which are incubation, early-stage, and late-stage. It is to concentrate on the embracement of Web3 and blockchain technologies.
According to Binance CEO Changpeng Zhao:
"In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto. The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more."
Binance Labs is currently a prominent player in the crypto VC funding platform, having provided capitals to various successful projects such as Axie, Infinity, STEPN, Audius and so on.
According to its press release, investments in the early-stages will include all crypto categories such as NFTs, DeFi, gaming, metaverse, as well as social and crypto adoption platforms. Additionally, late-stage investments will concentrate on more matured companies that aim at a strategic partnership in Binance.
See ya next week!
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