Welcome to this week’s article on the most relevant crypto news. Keeping up with the latest industry news is key to making strategic moves with your crypto assets. With this new article series, we hope to help users catch all the important information conveniently. For this first edition, we will be covering all the market news you need to know in the week of 19 – 23 September 2022, including the Cardano Vasil update, post-Ethereum Merge developments, industry and adoption news, and more. Let’s dive in!

The Long-awaited Cardano Vasil Update Was A Success!

The highly anticipated Vasil update for Cardano blockchain has been deployed successfully, and the start of its first epoch will be on 27th September 2022! The Vasil update promises to bring major performance and capabilities enhancements to the Cardano network. This includes higher throughput, more powerful functionality for Plutus smart contract developers, better efficiency, and lower costs. At the start of the first epoch, which is in 5 days, full Vasil functionality will be available on-chain for users and developers, boosting the user experience and growth of the network in both community volume and application development. It is anticipated that this major development milestone will reflect positively on ADA market price, so let’s wait and see!

Ethereum Merge Received Mainstream Recognition Despite Underwhelming Price Development

Ethereum price hasn’t been looking any better since the Merge, but it is getting acknowledgement from both tech giants and the mainstream media. A few days before the Merge, Google set up an official countdown for this event and just this weekend, Star Trek star William Shatner tweeted to congratulate Vitalik on the successful completion of the Ethereum Merge. As the shift to Proof-of-Stake demonstrates Ethereum’s commitment to reduce emission, the Merge has received noticeably support from the mainstream, as environmental impact is a hot topic amongst opponents of cryptocurrency and blockchain, and this could only impact the future of crypto acceptance positively, as outlined in our insight piece.

Meanwhile, Ethereum PoW Forks Are Seeing Significant Selloffs

Not everyone in the development community was thrilled with the Ethereum Merge. Many miners and PoW believers organized plans to create hard forks of the network to maintain the Proof-of-Work Ethereum because of this and received noticeable traction. However, it seems that these PoW forks are quickly losing steam

The prominent ETHW ran into a brief technical issue during its hard fork resulting in some users not receiving free ETHW tokens and caused many scammers to sweep in to make a quick buck. As a result, its price has been dropping with no signs of recovery despite the issue having been fixed very quickly. Another major fork called EthereumFair (ETF) which claims to be the first forked PoW chain, experienced the same trading volatility shortly after the Merge, though seems to be seeing some recovery afterwards. Analysts concluded that this happened because these forks would produce free airdrops, many users only kept up with these forks to get the free money then quickly sell them off and tanked the price. It will be interesting to see if the demand for PoS Ethereum can keep up at this point, and our team will be keen to inform users of any developments for this community.

SWIFT Tapping into Blockchain for Corporate Efficiency

Global cross-border payment giant SWIFT has recently announced it is working with seven other securities companies to implement the enterprise blockchain solution of Symbiont in its corporate procedures. In particular, SWIFT is looking at maximizing the efficiency sharing information of events such as dividend payments, exchange offers, mergers, Dutch auctions, and others to investors, creditors and all other key stakeholders. The company also stated it is looking to eliminate the complicated chain of intermediaries involved in corporate actions, hence the interest in using blockchain technology. This is a major milestone for the growth and adoption of decentralized technology and something worth celebrating amidst the uncertainty of the current market situation.

Crypto Exchanges Are Expanding into Dubai, Signaling Strong Growth for the Market to Come

Binance recently disclosed that they have received an MVP License by Dubai’s Virtual Asset Regulatory Authority to offer their virtual asset services to qualified retail and institutional investors. This will also allow Binance to access local banking channels and provide open money accounts, virtual-fiat currency conversions, assets transfers, custody and management, as well as token offering and trading services. Other major exchanges like CryptoCom and FTX have also been granted provisional licenses and approval to open regional headquarters in the country. It seems that Dubai is trying to get ahead of other forward-thinking countries in the crypto adoption race with these recent developments, as long-time crypto-friendly nations such as Singapore, India, Estonia, has been tightening its grip on crypto regulation as of late. As always, increase global crypto adoption is welcome news for the industry and let’s all keep BUIDLing and expanding the uses cases, thus reach of crypto into the mainstream!

South Korea Looking to Relax Metaverse Laws to Foster Ecosystem Growth

Metaverse, play-to-earn, and blockchain gaming in general have always been topics of much debate in the mainstream in recent years with heated opinions from both sides. Just recently, the South Korean government has revealed plans to create special laws for the metaverse instead of imposing traditional video gaming laws for the industry. The goal of this decision is to incentivize growth for this budding ecosystem instead of deterring innovations, stated by the officials. This is great news for the crypto industry as the topic of metaverse can still be quite controversial amongst mainstream consumers and there are still many misconceptions being thrown around as facts. Receiving more regulatory support will do wonders for the development and eventually, acceptance of the metaverse and crypto gaming.

We hope you enjoy this carefully curated news roundup by Moonstake, as our team strives to only bring the most relevant information for your crypto experience. See you next week!

About Moonstake
Moonstake is the world’s leading staking service provider that develops and operates decentralized wallet services for businesses and individuals.

Since its launch in April 2020, Moonstake has partnered with 27 leading platform providers, including Cardano’s constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange.

Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools.

https://www.moonstake.io/

About Moonstake’s staking business

For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 17 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.

Welcome to this week’s article on the most relevant crypto news. Keeping up with the latest industry news is key to making strategic moves with your crypto assets. With this new article series, we hope to help users catch all the important information conveniently. For this first edition, we will be covering all the market news you need to know in the week of 12 – 16 September 2022, including updates on the Ethereum Merge, Bitcoin news, big mainstream adoption developments, and more. Let’s dive in!

The Ethereum Merge Was Finalized on 15 September 2022!

After a long period of wait and anticipation – as well as much controversy – the Ethereum Merge finally took place and was completed on 15 September. Ethereum network is now officially running on the Proof-of-Stake consensus after 7 years of being Proof-of-Work. Regardless of which part of the crypto community you’re in or what your feelings towards The Merge is, this is a monumental event in the history of crypto and will have a big impact on the market as a whole as well as every day users worldwide. Check out our insightful article on why the Ethereum Merge matters here, and rest assured that your funds were completely safe on Moonstake Wallet during The Merge!

Bitcoin Hashrate Hits New ATH, Next Halving Coming in Q4 2023?

As Bitcoin pushes past the $22,000 mark, the network’s hash rate has reached a new all-time high of 281.79 million. This puts the projected next halving event to take place as early as Q4 2023, as opposed to earlier predictions of May 2024. 

Bitcoin Halving is an event that takes place after every 210,000 blocks are mined and will reduce the reward distributed to the network’s miners by half. The next halving will reduce the miner reward to 3.125 Bitcoins, and this process will continue until all 21 million Bitcoin on the market has been mined. This makes Bitcoin a deflationary network, which means its value will be pushed up over time as argued by proponents of the network.

Web3 and The Metaverse Have Yet To Lose Momentum

A recent report by DappRadar revealed that Web3-based games and metaverse projects raised $748 million since August 2022 despite on-going market downturn. The total investments in blockchain games this year so far is around $7 million, which is already nearly double that of last year ($4 billion). If the momentum remains, it is expected that this number will soar to $10.2 billion by the end of this year. There are lots of ups and downs in different sectors of the crypto industry, but we’re still gaining significant traction over all! As always, keep calm and continue BUIDLing!

Singapore Banking Giant DBS Announces Metaverse Partnership with The Sandbox (SAND)

The largest bank in Singapore, DBS, has recently partnered with virtual world platform The Sandbox to create an interactive metaverse experience. The goal is to create DBS BetterWorld and highlight the importance of building a sustainable eco-friendly world. DBS BetterWorld will be located in the “SingaporeVerse” on The Sandbox, a special plot of land to showcase the culture of Singapore to the platform. This is great news for crypto adoption and will hopefully breathe more life into the market!

Starbucks Partners with Polygon Blockchain to Build Loyalty Program Web3 App, Starbucks Odyssey

The world’s largest coffeehouse chain, Starbucks, has recently joined hands with Polygon to build a Web3-powered experience for its loyalty program. The Starbucks Odyssey app will allow loyalty program members and Starbucks partners in the U.S. to earn and purchase digital collectible stamps in the form of NFTs, while also promising to enable access to unique merchandise, artist collaborations, and exclusive events. 

Starbucks stated that their focus is on long-term sustainability and felt that Polygon’s commitment to being carbon-neutral while also providing a fast and low-cost solution for users aligned with their vision when entering the Web3 space. With The Merge cutting down Ethereum’s energy consumption significantly, Polygon states that their network’s emission will be reduced even further, by 99.91%.

China’s Crypto Ban Proves Ineffective, Lower-Middle Income Countries Continue to Lead Crypto Adoption 

The 2022 Global Crypto Adoption Index by Chainanalysis has been published. The usual insights were featured as expected: lower-middle income countries populate the list, only the U.S. and the U.K. are featured as upper-middle income countries. Most notably, however, the ban on crypto in China doesn’t seem to be stopping crypto’s momentum in the country. In fact, China has re-entered the top ten of the index after being placed 13th in the ranking last year. Overall, global adoption of crypto has noticeably dropped since its current all-time high in Q2 2021, but remains well above the level prior to the bull market run in 2019. And with major developments in enterprise adoption as featured above, crypto adoption won’t be slowing down any time soon!

About Moonstake

Moonstake is the world’s leading staking service provider that develops and operates decentralized wallet services for businesses and individuals.

Since its launch in April 2020, Moonstake has partnered with 27 leading platform providers, including Cardano’s constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange.

Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools.

https://www.moonstake.io/   

About Moonstake’s staking business

For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 17 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.

 

Welcome to the first of our weekly article series on the week’s most relevant crypto news. Keeping up with the latest industry news is key to making strategic moves with your crypto assets. With this new article series, we hope to help users catch all the important information conveniently. For this first edition, we will be covering all the market news you need to know in the week of 5 – 9 September 2022, including the Ethereum Merge, Binance and Solana new movements, market predictions, and more. Let’s dive in!

Ethereum Merge Officially Has a Date

Ethereum founder Vitalik Buterin has announced on Twitter that the Ethereum Merge is expected to take place “around 13 – 15 September 2022”. Finally, this highly anticipated event is officially dated. The Ethereum Merge is where the Ethereum network will transition from its long-standing Proof-of-Work protocol to Proof-of-Stake.

This major milestone is expected to have a huge impact on the crypto market and bring staking to the forefront of the industry. Especially as Ethereum has always been the most popular blockchain for developers to build sidechains with different consensus algorithms (such as Proof-of-Stake). With Ethereum itself finally embracing Proof-of-Stake, the future is look bright, especially for the staking market.

As announced, Moonstake is actively monitoring the development of Ethereum network and we will work hard to start supporting the Ethereum Merge as soon as possible. Stay tuned!

U.K. Elects Pro-Crypto Prime Minister Looking to Accelerate Nation’s Adoption of Blockchain and Digital Assets

Liz Truss, the new U.K. Prime Minister, is a known proponent of cryptocurrency and blockchain. In a past campaign debate, Truss shared her plans to foster blockchain development in the country which include “ensuring that customs duties are not imposed on electronic transmissions and creating great opportunities in areas such as blockchain” for the goal of “creating a world-leading ecosystem that supports businesses of all sizes across the UK and leading the world in data and digital trade”. This is fantastic news for global crypto adoption and will hopefully liven up the spirits of the crypto market.

Crypto Market is Slow, But Adoption is Picking Up More Than Ever

Even though the market has been in a long slump, adoption has actually been picking up the pace. A trademark and patent attorney recently revealed that a total of 3,600 trademark applications for cryptocurrencies were lodged as of August. This is a 2.3% rise from the 3,516 total filings of the entirety of last year. For other fields in crypto, it is reported that more than 5,800 trademark applications have been filed for NFTs (280% increase) and 4,150 applications for the metaverse and Web3 (223% rise). With Facebook formally rebranding as Meta and Instagram enabling NFT-focused features on its platform, the growth of crypto is still looking to be unstoppable despite the price turmoil. Keep calm and don’t stop BUIDLing!

Solana to Use Move Programming Language Developed by Facebook for Protocol Development

As a popular emerging chain in recent years, Solana has been attracting much attention from crypto users and even the mainstream media. However, its trading volume has been declining recently due to a combination of mixed reception among some developer communities and the ongoing crypto winter. 

To combat critic-fueled FUD, the Solana team has recently announced a proposal to use Move, a smart contract programming language developed by Facebook that focuses on interoperability and security, in its protocol development from now on. Coupled with milestone DeFi collaborations, this could signal a new era of renewed interest and growth for Solana and SOL.

 

Are you currently a part of or interested in the Solana ecosystem? Would you like Moonstake to add support for SOL on our staking platform? Let us know!

Binance to Release New zkBNB Chain with “Zero-Knowledge Proof” Scaling Technology

Scalability has always been one of the biggest challenges in blockchain, and the market leader Binance has recently announced its plans to address this issue. zkBNB will be a new chain that utilizes “zero-knowledge proof” technology to solve long-running problems with blockchain networks including poor transactions per second (TPS), finality, transaction costs, and general scalability. Zero-knowledge proof isn’t a new technology, but its implementation in crypto is still relatively new. It will be exciting to see what this new development of Binance will bring to the crypto market!

KPMG Assesses the Current Crypto Market and Predicts Future Trends

One of the Big Four accounting associations, KPMG, has recently shared a report of the current crypto market as well as its assessments of potential future shifts in investor behavior. Most notably, the firm stated that in the second half of this year, crypto investors might try switching to different projects, turning away from NFTs and more towards blockchain infrastructure and blockchain financial technology. Specifically, they noted growing interest in compliance and transaction traceability-related products, as well as stablecoins due to their low-risk nature compared to the rest of the industry. 

With all this being said, how are you feeling about this year’s crypto market situation? Have you formulated any strategies for the rest of the year yet?

We hope you enjoy this carefully curated news roundup by Moonstake, as our team strives to only bring the most relevant information for your crypto experience. See you next week!

About Moonstake

Moonstake is the world’s leading staking service provider that develops and operates decentralized wallet services for businesses and individuals.

Since its launch in April 2020, Moonstake has partnered with 27 leading platform providers, including Cardano’s constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange.

Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools.

https://www.moonstake.io/   

About Moonstake’s staking business

For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 17 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year.