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🔥Shib's Long-Awaited Layer 2 Launch Ends In Tears
The Defiant Daily
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Shibarium, the long-awaited Layer 2 from the team behind the SHIB memecoin, is off to a disastrous start. The network's highly-anticipated launch was marked by eternally pending transactions and unrecoverable bridged assets.
By contrast, Sei Network, a Cosmos-based Layer 1 designed to facilitate high-frequency order book trading, sucessfully completed its mainnet beta launch. However, early adopters are upset with the project's airdrop allocation, which only refunds the gas expenses for the majority of users.
And in regulatory news, Singapore announced the finalization of its regulatory framework for stablecoins. Locally-issued stablecoins must track the Singaporean dollar or a G10 fiat currency, with issuers required to demonstrate they have the funds available to wind down operations if need be.
✍️ In today’s newsletter:
- Shibarium's launch results in trapped funds and stuck transactions
- Sei deploys on mainnet but airdrop recipients aren't happy
- Singapore updates incoming stablecoin guidelines following public consultation
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $29,170 | ↙ -0.78% |
| ETH | $1,827 | ↙ -0.9% |
| S&P 500 | $4,404 | ↙ -0.76% |
| GOLD | $1,896 | ↙ -0.34% |
| Arch WEB3 | 0.82pts | ↙ -6.6% |
| ↳ FINANCE | 0.88pts | ↙ -6.15% |
| ↳ INFRA | 0.74pts | ↙ -6.57% |
| ↳ CONSUMER | 0.97pts | ↙ -7.83% |
Learn more about Arch Indices here.
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Watch our video on Base going live. And check out our podcast with Erick Calderon, the founder of Art Blocks.
THANKING OUR NEWSLETTER SPONSORS
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Layer 2
Shibarium Botches Launch With Bridged ETH Unrecoverable
TLDR The launch of Shibarium, a Layer 2 from the team behind the SHIB memecoin, culminated in disappoint for many dog token investors. Nearly $1.8M worth of bridged ETH getting stranded and transactions stuck pending across the network.
SO WHAT Shibarium was long sold as the remedy to SHIB's declining market share and relevance within crypto after the once booming dog tokens markets fell out of fashion with last year's bear trend. However, with such a tumultuous launch, Shibarium may not be the source of bullish momentum many investors were expecting.
Technology
Sei Network Launches Token and Mainnet Beta
TLDR Sei, a Layer 1 designed to support high-throughput applications, completed the anxiously anticipated launch of its token and mainnet beta. Despite the token already trading at an enormous fully-diluted valuation of nearly $2B, early adopters are unhappy about the project's airdrop, which largely divvied out gas fee refunds for its users.
SO WHAT Sei promises to shake up the decentralized exchange landscape by claiming to harness the throughput needed to support high-frequency order book trading on-chain. The SEI token has already secured listings on leading centralized exchanges, with SEI driving $679M worth of 24 hours trade.
SPONSORED SHOUTOUT
ETHWarsaw, the biggest web3 conference and hackathon in the CEE region, is back with its II edition! Organised by dedicated local Ethereum enthusiasts, this event unites a dynamic global community of visionaries, creators, and educators in the realm of web3. Calling all BUILDERS, SPEAKERS, FOUNDERS, and LEARNERS – join to be part of the authentic, community driven conference & hackathon in the capital of Poland, Warsaw.
Regulation
Singapore Finalizes Regulatory Framework For Stablecoins
TLDR Singapore has finalized its incoming regulatory framework for stablecoins after considering feedback received during a public consultation last October. The rules include mandating that stablecoin must trade the Singaporean dollar or the currency of a G10 member states, and impose strict reporting requirements for issuers.
SO WHAT Singapore and Hong Kong are in a heated battle for regional dominance as a hub for web3 and blockchain. The news follows Hong Kong introducing regulations for stablecoin issuers in June.
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Bitcoin Drops to Lowest Level Since June (CoinDesk)
- FTX seeks $175M settlement with Genesis entities to resolve dispute (Cointelegraph)
- Philippine National Police Issues Warning Against Play-to-Earn Crypto Games (Decrypt)
