Crypto News & DeFi Alpha. Catch up on all the top news of the… | by Velvet.Capital | Coinmonks | May, 2023

It has been an eventful week (isn’t it always?) for markets as they grappled with a triple whammy of significant data. From a Federal Reserve interest-rate hike that may mark the end of this cycle, to ongoing banking system turmoil and a crucial April jobs report, investors had a lot to digest. The Fed’s contemplation of a pause in its rate-hiking campaign raises questions about the potential impact of the previous increases.

We are already witnessing signs of this impact, including uncertainties in regional banks, tightening lending standards, and a softening in manufacturing and the housing sector. With all that markets have generally held strong and stayed in a bit of a controlled range over the last month.

· Binance will commence operation of its Japanese unit in June, rebranding Sakura Exchange BitCoin (SEBC).

· Morrison Hotel Gallery features a Deadmau5 NFT collection.

· Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung said the agency would issue guidelines on licensing for crypto exchanges sometime in May.

· Google Cloud enters web3 via Polygon partnership.

· Arbitrum selects AltLayer as the first rollups-as-a-service provider for Orbit, its Layer 3 solution that enables developers to create custom blockchains.

· Neutron proposed outsourcing its security to the Cosmos Hub blockchain, which if passed, would become the first chain to employ Replicated Security.

· Pro-BTC Sen. Ted Cruz (R-Texas) has stated that CBDCs could enable governments to infringe on personal privacy rights.

· Giddy has raised $6.9M to scale its self-custody wallet solution.

· The UK’s Financial Conduct Authority’s (FCA) executive director, Sarah Pritchard, has urged crypto firms to collaborate to create a framework for crypto regulations.

· AWS has announced a partnership with Cronos Labs to facilitate their web3 initiatives.

Circle Unveils New Method for Moving USDC Between Blockchains

Circle has introduced a new method for moving USDC between blockchains. The multi-chain USDC expansion supports multiple Layer 1 networks and allows USDC to be transferred seamlessly between those chains. It will increase access to liquidity and network effects, and the first USDC expansion pairs circled with Solana, SDN, and Arbitrum. The company also launched a cross-chain interface that facilitates moving USDC between blockchains.

Solana Labs Preps ChatGPT Plugin for Real-Time Blockchain Analysis

Solana Labs is developing a ChatGPT plugin that will provide real-time blockchain analysis to assist users in interpreting data in the blockchain. The plugin works by scanning incoming messages between nodes and identifying the relevant information, and then outputting that information in a chatbox format, thereby creating a more usable and understandable output for users. Once deployed, the plugin could be beneficial in providing analytics and insights for blockchain developers and traders.

US House Will Have Crypto Bill in 2 Months

US House Representative Patrick McHenry expects the US Congress to have a new crypto bill in two months that addresses concerns about regulatory clarity and guides the industry towards innovation. This follows a series of crypto-focused hearings in Congress, with legislators attempting to strike a balance between consumer protection and innovation. McHenry believes that the US should foster crypto innovation to maintain its status as a world leader in technology.

Polygon Announces Bridge for Polygon zkEVM

Polygon is launching a bridge for Polygon zkEVM, which allows interoperability between Ethereum’s Layer 2 scaling solution and Polygon’s Layer 1 blockchain network with zero gas fees. The new bridge will provide a seamless cross-chain experience for users while enabling developers to create new decentralized applications that leverage the strengths of both Polygon and Ethereum. Additionally, Polygon Bridge aims to improve the user experience by reducing gas costs and transaction times for users.

Arbitrum Initiates Token Distribution to Ecosystem DAOs

Arbitrum, a Layer 2 scaling solution for Ethereum, unveiled a token distribution plan for its ecosystem DAO. The DAO will receive 15% of all newly minted Arbitrum tokens (ARB), which will be used to fund grants and promote community initiatives. The team also plans to distribute 5% of all newly minted ARB as rewards for validators and stakers, while 20% will go to Sequoia Capital, a key investor and partner. The remaining tokens will be allocated to the Arbitrum core team, future employees and advisors, and early-stage investors.

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