📉Digital Asset Markets Erase Mid-Week Gains
Happy Friday! The crypto markets reversed the remainder of Tuesday's gains, with Bitcoin tumbling 4.6% and ETH slumping 3.7%. The downturn suggests investors have quickly turned bearish despite the U.S. court system delivering a blow to the SEC's crusade against crypto earlier this week.
Swift, the interbank payments network, published its findings from a CBDC pilot program using Chainlink to transfer tokenized assets between it and an Ethereum testnet. The news follows a recent cross-border CBDC pilot from the Bank of International Settlements on an Ethereum testnet, signaling increasing adoption among global economic institutions.
Plus, the foundation behind Starknet, an emerging Ethereum L2, announced a deal with crypto wallet provider, Argent, to launch a web3 venture studio. Argent's CEO told The Defiant that the newly-formed Hito Studios will assist emerging web3 startups to ship products and secure funding.
✍️ In today’s newsletter:
- Weekly gains erased by Thursday's crypto crash
- Swift leverages Chainlink and Ethereum for tokenization pilot
- Starknet and Argent team up on web3 incubator
📈 Markets in last 24 hrs:
Learn more about Arch Indices here.
THANKING OUR NEWSLETTER SPONSORS
| Newsletter continues below |
Welcome to a new era of Ethereum scalability. Build faster, more user-friendly Ethereum dapps with Linea's developer-ready zkEVM rollup. Explore 100s of partner creations and start your own journey today at linea.build
Davos Protocol seamlessly bridges traditional and decentralized finance, empowering access to robust yields via liquid staking tokens as collateral. Harness the power of our omnichain stablecoin, DUSD, and pioneer the future of financial inclusivity.
Markets Erase Weekly Gains After SEC Delays Bitcoin ETF Decisions
TLDR Yesterday's bearish market action erased the gains that came following a U.S. courts ruling against the SEC on Tuesday, with the combined crypto capitalization falling $40B in 24 hours. Despite the market volatility, Layer 2 networks are booming, with ZkSync closely trailing the Ethereum mainnet by 30-day transaction throughput.
SO WHAT The renewed volatility comes as crypto asset prices slumped to their lowest level since Q1 just two weeks ago. With Tuesday's gains evaporating in just a few hours, some investors are bracing for another leg to the downside.
Swift Could Support Interconnected CBDCs Via Chainlink
TLDR Swift, the major interbank settlements network, reported a succesful pilot leveraging Chainlink's technology to transfer CBDC tokens on an Ethereum testnet. Top financial institutions from around the world participated in the initiative, including BNY Melon, LLoyds Banking Group, BNP Paribas, and Australia and New Zealand Bank.
SO WHAT Despite the recent hostility towards crypto from U.S. regulators, several global institutions are using Ethereum's public testnets to develop and trial Central Bank Digital Currencies. The news comes three months after the Bank of International Settlements published its findings from a pilot using Curve's bonding curve to trade testnet CBDC tokens on the same network.
.X makes anything cool.
Web3 domains, like yourname.x, are having a major moment. More than 230,000 .x domains have been minted, and they’re a favorite of celebs and crypto enthusiasts alike.
What makes them so cool? Web3 domains, like sandy.x, give you an identity for the Internet that you fully own and control. They’re iconic, super memorable and can replace your wallet addresses for easy crypto payments – no more worrying about memorizing a long, alphanumeric wallet address.
Best of all, with no renewal fees, you never have to worry about losing your .x domain. Once you buy it, you own it for life. On the flip side, once your preferred name is registered, it’s gone forever – so be sure to get yours before someone else does.
Get your .x domain at Unstoppable Domains, starting at only $10.
Starknet Foundation and Argent Form Startup Studio
TLDR Starknet, an emerging Ethereum L2, and Argent, a Starknet wallet provider, are joining forces to launch an incubator for web3 startups. Hito Studios, the new venture, will focus on helping new Starknet-based projects ship products and source funding.
SO WHAT New teams often struggle to find support and secure long-term runway in a bear market, making them susceptible to unfavorable deals from venture capital investors that could hurt them over the longer term. Starknet and Argent hope to offer an alternative for fledgling projects deploying on Starknet, also bolstering the network's growth.