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Welcome to TechCrunch Crypto, previously generally known as Chain Response.
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Hey and welcome again to the TechCrunch Crypto publication.
I hope you all “choose rich” this week, which could be the latest slogan the crypto neighborhood adopts, due to Nick O’Neill, co-founder and CEO of Nifty Portal, who stated it in a parody video on Friday. That is arguably a extra empowering message, against the long-time crypto catchphrase of telling folks to “have fun staying poor.”
Will this assist deliver extra folks into the area? Uh, let’s get a rain verify on answering that query.
It was an eventful week within the crypto world: bitcoin’s value hit a brand new all-time excessive, Solana jumped to early 2022 ranges as memecoins on its chain spiked, Sei Labs created a brand new framework to assist Ethereum, Nigeria is at odds with Binance and Worldcoin faces warmth in Spain.
Extra particulars under.
This week in web3
- Solana’s price rises to $160, highest level since January 2022 as memecoin mania rises
- Blockchain startup Sei Labs creates an interesting solution to make Ethereum faster
- Nigeria demands Binance disclose top users, executives remain detained
- Worldcoin fails to get injunction against Spain’s privacy suspension
- And…Worldcoin says it’s paused services in Spain, after filing legal challenge to temporary ban
- Bitcoin hits new all-time high of $72,700 but one index warns we’re in ‘extreme greed’ territory
- NFT platform Zora is offering a novel way for AI model makers to earn money
Crunching numbers
As talked about, this week the crypto area noticed all-time highs for bitcoin, once more. It’s up 8.5% on the week at $72,500 and 40.4% increased on the month, on the time of publication. The second-largest crypto, ether, is up 3.8% on the week to $3,900, in keeping with CoinMarketCap data. The total crypto market cap elevated 8.3% throughout the identical timeframe to $2.75 trillion.
Memecoins throughout the Ethereum, Solana and Avalanche blockchains have seen an enormous rally because the crypto market continues to broaden.
Mog coin, a self-proclaimed “tradition coin” on Ethereum, has a market cap of $435.3 million and is up 4% on the week. Solana-based dogwifhat, which relies on a Shiba Inu in a knitted beanie, is up 79% over a seven-day interval, and Coq Inu, on Avalanche, is up 36% throughout the identical interval.
It’s essential to do not forget that whereas some memecoins will retain value help for an prolonged time frame, some can plummet inside days, or hours. So, DYOR.
The most recent pod
Chain Response is doing a month-to-month collection diving into totally different matters and themes in crypto. This month we’re specializing in blockchain and AI integrations.
For this week’s episode, I interviewed Melody Hildebrandt, CTO of Fox Company, and Mike Clean, COO at Polygon Labs.
Why these two corporations? Nicely, Polygon Labs, the layer-2 blockchain targeted on scaling Ethereum, and Fox Company, the well-known media conglomerate, joined forces in January to tackle deepfakes as synthetic intelligence turns into extra prevalent.
Fox launched Confirm, an open supply technical protocol for media corporations to register content material and grant utilization rights to AI platforms, whereas additionally permitting shoppers to confirm content material by means of Polygon’s tech.
We talk about:
- The Fox and Polygon partnership
- Defending content material from misuse
- What position blockchain know-how can play with verifying information
- How deepfakes can have an effect on the U.S. 2024 election
Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the most recent episodes, and please go away us a evaluation in case you like what you hear!
Observe the cash
- Former web3 gaming founders raise $2.5 million for their NFT marketplace to retain users even when there ‘isn’t money to be made’
- Netherlands-based institutional change D2X raised $10 million in Sequence A led by Point72 Ventures
- Web3 infra supplier Polyhedra Community raises $20 million at $1B valuation
- ClearToken raises $10 million from institutional buyers to enhance regulated clearing infra
- UXLINK raised $9 million for its web3 social platform and infra to assist dApps develop
This checklist was compiled with data from Messari in addition to TechCrunch’s personal reporting.
What else we’re writing
Wish to department out from the world of web3? Listed here are some articles on TechCrunch that caught our consideration this week.
- OpenAI’s deals with publishers could spell trouble for rivals
- Amazon now lets sellers create listings through a URL by using AI
- SpaceX aiming to launch massive Starship for the third time early Thursday
- Creators are frustrated but energized as TikTok ban gains momentum
- Quick commerce is making fast inroads in India
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