DeFi can be 100 times larger than today in 5 years

Decentralized finance (DeFi) is a natural product made possible by blockchain technology and has the right and ready infrastructure to propel the technology to a bigger playing field. The space has grown by leaps and bounds since the Ethereum network went live in July 2015, with Ethereum network transactions growing by 33x to 1.2 million per day currently, and blockchain transactions would exceed millions per day if other chains were included. Most of these transactions originated from the DeFi services such as Uniswap, which facilitates over $1 billion swaps each…

Enter the Margaritaverse: My Week at NFT.NFC

Wandering through the damp, grey streets of Brooklyn this past Tuesday, I encountered a paper sign, haphazardly taped to a street pole. “Missing Cat,” it read. But there was something off about the image of the cat itself – a sort of Halloween-themed caricature, rendered whimsically in midnight black, with a stitched-up mouth and a button for an eye, a la “Coraline.” Cautiously, I approached the sign. “After an experiment went awfully wrong, this Monsta Cat went missing from the Paw-X Lab on Wednesday, October 13th, 2021,” declared the fine-print.…

‘Overtime, we will see the NFT market broaden,’ says Ripple’s CTO David Schwartz

Nonfungible tokens, or NFTs, have been dominating the crypto market this year. With sales topping over $2.5 billion during the first half of 2021, it shouldn’t come as a surprise that both the crypto community and mainstream creators are launching NFTs in hopes of driving revenue and engagement. The rise of the Metaverse has also pushed the adoption of NFTs, demonstrating the value of nonfungibles for major brands and social media platforms alike.  While NFT sales soar, the Ethereum blockchain continues to rule the space. For instance, a recent report…

5 spectacular altcoin rallies with one thing in common

In crypto trading we often see entire sectors move in tandem. DeFi coins may all curve upwards together, while metaverse tokens soared on news that Facebook’s getting a Facelift. But this week’s group of top crypto performers have very little in common… except one trading indicator that lit up in pulsating green neon letters before their prices trended upward. We’re looking today at: Polygon (MATIC) — a layer-2 scaling solution for Ethereum Aave (imaginatively, AAVE) — a decentralized finance (DeFi) asset Voyager (VGX) — a crypto trading platform Koinos (KOIN)…

Will it be a decentralized haven or a centralized tyranny?

Last week, Facebook rebranded to Meta and announced its plans to kickstart the development of the Metaverse — an entirely new way of interacting and navigating the internet. Now, the Metaverse landscape has a multi-billion dollar corporate behemoth vying for the helm, which has made its future all the more uncertain. Whether we like it or not, major corporations will likely play a major role in how the Metaverse develops and evolves. But will it be plagued by the same problems faced by today’s social media giants, or will decentralized…

What to Do About the Looming Disaster for Crypto in 6050I

This episode is sponsored by NYDIG. Download this episode On this edition of “The Breakdown Weekly Recap,” NLW covers: SEC Chair Gensler’s recent comments on crypto enforcement The OCC concludes its crypto sprint Why the crypto community is so concerned about Infrastructure Bill amendment 6050I The vibe from NFT.NYC See also: Market Wrap: Bitcoin Could Break Out and Rise With Altcoins Next Week “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor…

Reddit to reportedly tokenize karma points and onboard 500M new users

American social media giant, Reddit, may soon convert users’ karma points into Ethereum-based (ERC-20) tokens and onboard 500 million new crypto users in the process, according to a newly hired Reddit engineer. A series of tweets made by Reddit engineer, Rahul, highlights Reddit’s efforts to improve user interaction through various cryptocurrency initiatives. As Cointelegraph reported in July 2021, the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points, named Community Points. According to the website: “Your Community Points exist on the blockchain, independently of Reddit,…

An inside look at the moral and technical considerations of crypto social media

Following Vitalik Buterin’s call for more social application use cases on Ethereum earlier this summer, multiple crypto companies voiced intentions to build decentralized versions of mainstream social networks like Twitter. However, to create and view crypto-centered social platforms as merely decentralized versions of Twitter is shortsighted. The moral and technical implications of creating truly decentralized social networks that abide by Web 3.0 principles extend far beyond what the idea of “decentralized Twitter” currently encompasses.  Beyond mere decentralization, there are four key themes central to the idea of crypto social development:…

House passes $1T infrastructure bill with crypto tax for Biden’s approval

The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens. The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport network and internet coverage. However, the bill mandated stringent reporting requirements for the crypto community, mandating that digital asset transactions worth more than $10,000 are reported to the IRS. As Cointelegraph reported, the bill was first approved by the…