Bridging the Gap 03/03
GM Bridgoors, you know what time it is! Welcome to this week's Bridging the Gap. As always, we are here to update you with the latest happenings in the Crypto space.
Market
The value of the worldwide cryptocurrency market is presently $1.03 trillion, showing a decline of 3.80% within the last 24 hours.
In the same duration, the overall trading volume for cryptocurrency has risen to $55.48 billion, indicating an increase of 22.25%.
Additionally, the trading volume for decentralized finance (DeFi) is $5.40 billion, representing 9.74% of the total 24-hour cryptocurrency market volume.
Stable coins contribute to $50.90 billion of the total trading volume, accounting for 91.73%.
Currently, Bitcoin holds a market dominance of 42.07%, with a 0.24% decrease from the previous day.
Top News
Ethereum Users May Soon Be Able To Retrieve Lost Private Keys
Yoav Weiss, a security researcher at the Ethereum Foundation, has reported that ERC-4337 has been launched with the successful completion of a security audit by OpenZeppelin. This new token standard was implemented as a smart contract, eliminating the need for significant modifications to the Ethereum protocol.
ERC-4337 is now accessible on all blockchain networks that are compatible with the Ethereum Virtual Machine, which is the essential smart contract engine of Ethereum.
Crypto.com has halted US dollar transfers through its banking partner, Silvergate Bank.
Silvergate Bank has faced increased scrutiny after it failed to file its annual report on time, leading to concerns about its ability to operate. The bank has been impacted by the fallout from the FTX exchange and reported a net loss of $1 billion in the fourth quarter of 2022.
Due to these concerns, several firms such as Coinbase, Circle, Paxos, Galaxy, and CBOE have suspended their operations with the bank as a precautionary measure. As a result, Crypto.com has also suspended US dollar transfers through its banking partner, Silvergate Bank. Following this event crypto futures worth over $200 million were liquidated.
Cross-Chain Corner
Community Questions with our Co-Founder, Sam.
Yesterday, our Co-Founder spent some time answering some of the community’s questions regarding Bridge Network’s position and future plans. For those who tuned in, we appreciate you and for those who missed it do not worry we will publish a Medium for you all to go back and read through. Hopefully this session has provided the community some insights to where Bridge is going and what to expect. The pace of innovation is constantly accelerating in the Crypto Space, and with so many exciting developments on the horizon, the future is looking brighter than ever for Bridge Network.
LayerZero
LayerZero has recently processed 2 million messages, indicating a growing integration of L0 in various projects. The Omnichain ecosystem is expanding rapidly due to this integration.
Keep3r Network
The Keep3r Network announced new updates and features including:
New multichain system
Mainnet Flow
Sidechain oracle solution
Sidechain Flow
New UI
Audits
DeFi Spotlight
![SPONSORED] Thales: Unleashing the power of positional markets - The Defiant](https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F64f67c3e-b8d5-4dc3-9f43-3744a7bc8551_602x339.jpeg "SPONSORED] Thales: Unleashing the power of positional markets - The Defiant")
Thales, a protocol for decentralized betting, has implemented its staking model on Arbitrum.
Thales has already deployed its staking model on Optimism, Polygon, and BNB Chain. The expansion of Thales' staking approach to Arbitrum aims to enhance the resilience of ThalesDAO governance by enabling governance voters or THALES stakers on multiple chains, as well as promote protocol adoption.
The US CFTC Advisory Group's Opening Session Will Examine DeFi.
The first topic to be discussed at the opening meeting of the Commodity Futures Trading Commission's Technology Advisory Committee on March 22 will be decentralised finance (DeFi), further cementing the cryptocurrency sector as a priority for the US derivatives regulator.
StaFi Protocol DeFi Cuts Commission Fees for Staking Nearly in Half
StaFi has made a commitment to continually enhance its products to provide its users with the best possible experience. To expand its reach in the competitive market for Liquid Staking Derivatives (LSD), the company has opted to revise its strategy. After conducting a thorough analysis of StaFi and other LSD protocols, the company has proposed a modification to its commission fee structure for its Staking Derivatives.
Ecosystem Update
Polygon Introduces Decentralized ID Service Powered by ZK Proofs
Polygon, a popular Ethereum scaling solution, has released its long-awaited zero-knowledge-powered ID protocol. The service employs zero-knowledge proofs (ZKPs), a sophisticated form of cryptography used to protect on-chain privacy, allowing users to verify their identity without publicly exposing sensitive information. According to Polygon, developers can use its ID service to launch exclusive content for verified users while also meeting regulatory compliance requirements.
Even as Ethereum developers move on, traders speculate on Goerli
Despite the replacement of the Goerli testnet with a new one, traders are still engaging in price speculation on Goerli ETH. Mudit Gupta, a representative from Polygon, observed that GoETH was being traded for $0.69 per unit on Sunday. Hayden Adams, the creator of Uniswap, shared information indicating that users exchanged GoETH worth $1.5 million within a 24-hour period.
Highlights
Bridge Marathon
Congratulations Olive, Theo and Mars on your incredible victory in the Bridge Marathon! Although not everyone may have emerged as the winner, you should all be proud! 💪