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🚢 Sony Ships Testnet For Ethereum Layer 2

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Sony is making quick progress on its recently announced Layer 2 network, Soneium. Sony shipped the first Soneium testnet alongside opening applications for an incubator program targeting developers.

The Open Network (TON) went offline for seven hours amid a flurry of activity from users trying to claim the DOGS memecoin airdrop. The network failed to process more than 280 transactions per second while receiving 150,000 requests per minute.

Crypto markets dropped for a third consecutive day after Bitcoin ETFs ended an 8-day streak of inflows. BTC fell 5%, and ETH dipped 3%, while SOL and DOT plunged 7%.

Argentina’s crypto sector is booming, as illustrated by the month-long pop-up city hosted by Crecimiento, a grassroots web3 movement. “This technology is unstoppable – growing at an unprecedented rate – and as regulators, we have to take our role seriously so we aren’t left behind,” said Daniel Vitolo, Argentina’s General Inspector of Justice, who attended the event.

Also, OpenSea cops a Wells Notice from the SEC, StarkNet activity takes a hit post-airdrop, and Trump bags seven figures in 24 hours from his fourth NFT collection.

✍️ In today’s newsletter:

  • Soneium launches testnet and incubator program
  • DOGS airdrop traffic sends TON offline
  • Grassroots crypto movement makes waves in Argentina
  • SEC hits OpenSea with Wells Notice
  • StarkNet activity drops off after airdrop
  • Trump drops fourth NFT trading card collection
  • Alts plummet as BTC trades under $59,000

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️🆕 Sony Launches Testnet and Incubator For Soneium Layer 2

the-defiant

Sony launched the testnet for its upcoming Ethereum L2, Soneium, less than one week after announcing the network. The move coincided with Soneium opening applications for its incubator program, which seeks to attract DeFi, NFT, gaming, and social projects to the network.

🔌TON Goes Offline For Seven Hours Amid DOGS Airdrop

The Open Network was forced offline for seven hours as users scrambled to claim the DOGS airdrop. The incident conspicuously came as Telegram’s CEO remains in detention, but resulted from the network receiving 150,000 requests per minute.

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🇦🇷 “This Technology Can’t Be Stopped,” Says Top Argentina Regulator About Crypto

The Defiant visited Crecimiento, a grassroots Argentinian crypto movement that launched a month-long pop-up city in Buenos Aires. The event aims to push for favorable crypto regulations including the establishment of a digital asset sandbox, and attracted attendance from web3 industry representatives, business luminaries, and government officials.

📉 Ethereum Layer 2 Network StarkNet Struggles to Maintain Its Footing Post-Airdrop

Ethereum Layer 2 network StarkNet is struggling to recover from an airdrop that left most users disgruntled. Unique daily active users (DAUs) have plummeted 98% to 6,100 on Aug. 26 from 298,400 on Feb. 20, the day before the airdrop.

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🚨 SEC is Investigating NFT Marketplace OpenSea, CEO Says

OpenSea, a top NFT marketplace, said it received a Wells Notice from the U.S. Securities and Exchange Commission. “The SEC [is] threatening to sue us because they believe NFTs on our platform are securities,” said Devin Finzer, OpenSea’s CEO. “We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.”

💰 Trump's Latest NFT Collection Bags $1.7M In 24 Hours

Donald Trump sold more than $1.7 million worth of NFTs within 24 hours of dropping his fourth collection. Buyers that purchase at least 75 of the tokens, worth $99 each, will receive tickets to a gala dinner Trump will attend.

📉Bitcoin Price Drops Below $59,000 as ETFs End Eight-Day Winning Streak

Crypto markets dropped on Wednesday in response to Bitcoin ETFs recording outflows on Tuesday after eight consecutive days of positive inflows. Over $300 million of leveraged positions were liquidated as the ‘Crypto Fear and Greed Index’ indicates bearish sentiment prevalent in the market.

🌍 ELSEWHERE

  • Binance CEO Teng Rejects Allegations the Exchange Froze All Palestinians' Funds (CoinDesk)
  • Memecoin launched by address connected to Ethereum Genesis block rockets to top of Uniswap charts (The Block)
  • Solana Restaking Protocol Solayer Closes $12 Million Round Led by Polygon (Decrypt)
  • Bitcoin Restaker Lombard and Yield Protocol Veda Team Up To Launch New DeFi Vault (Unchained)

🔥TRENDING