Bridging the Gap - April 28, 2023
Happy Friday Bridgoors, welcome to another series of Bridging the Gap. Get ready to dive into the latest updates and developments in the crypto space, let's go!
Market
The worldwide crypto market valuation is now $1.21 trillion, up 1.57% from the previous day.
The overall cryptocurrency market volume during the last 24 hours is $46.06B, a 36.15% decline.
The overall volume in DeFi is currently $3.62B, accounting for 7.85% of the entire 24-hour volume in the crypto market.
The overall volume of all stable coins is now $40.30B, accounting for 87.49% of the total 24-hour volume of the crypto market.
Bitcoin's dominance is at 47.08%, up 0.24% from the previous day.
Top News
Google Cloud Partners with Polygon for Stronger Web3 Presence
Google just keeps on giving with Google Cloud's new partnership with Polygon, a Layer-2 scaling solution for Ethereum. The collaboration aims to boost Google Cloud's presence in the Web3 space by providing developers with easy access to Polygon's scaling infrastructure, tools and services. This move is expected to facilitate the adoption of blockchain-based applications and services, and accelerate the growth of the Web3 ecosystem.
Robinhood Introduces 'Connect' to Link its Crypto Wallet to DeFi Apps
Robinhood's recent launch of 'Connect', a feature that allows users to link their Robinhood crypto wallets to DeFi applications. This integration is intended to facilitate convenient and secure transactions between Robinhood and DeFi protocols. Robinhood aims to expand its offerings in the cryptocurrency space and enhance its position in the market.
Etherisc Launches Depeg Insurance for USDC Holders
Etherisc has launched a new insurance product called Depeg Protection, specifically designed for holders of the USD Coin (USDC). The product aims to protect USDC holders against risks associated with sudden and significant drops in the stablecoin's value. In addition, Etherisc has also introduced peer-to-peer USDT risk pools, which allow users to pool their funds and share the risk of loss due to the volatility of the Tether (USDT) stablecoin. These offerings are part of Etherisc's efforts to leverage blockchain technology to provide affordable and accessible insurance solutions.
Binance to launch "Binance JAPAN" in June 2023
Binance is set to expand its presence in Japan with the launch of a new platform called "Binance JAPAN", according to Sakura Exchange BitCoin (SEBC), which was previously acquired by Binance. While the official launch date and details are yet to be announced, SEBC plans to roll out the new service after June. "Binance JAPAN" is currently considered a provisional name.
Cross-Chain Corner
Catalyst
Catalyst is a cross-chain liquidity layer for the modular future meaning that any new blockchain can easily connect to it at launch, enabling seamless interoperability between different chains.
Stargate Volume Surges as Ssers Chase LayerZero Airdrop using Cross-Chain Bridge
Cross-chain bridge Stargate has experienced a surge in volume as cryptocurrency users seek to participate in an airdrop of the LayerZero token. Stargate allows for the transfer of assets between different blockchains, and users are taking advantage of its functionality to capitalize on the airdrop. The increase in demand has resulted in a surge in Stargate's volume, reflecting the growing interest in cross-chain interoperability and the potential for token airdrops as a means of distribution.
DeFi Spotlight
Cosmos' Shared Security Model Receives Vote of Confidence
Neutron, a smart contract platform focused on DeFi, has received almost unanimous support for its proposal to derive security from the Cosmos Hub, a blockchain worth over $3 billion. The Cosmos Hub will receive 25% of transaction fees and miner extractable value (MEV) from the Neutron chain, as well as 7% of the supply of its NTRN tokens. If approved, Neutron will be the first chain to use Replicated Security.
Ecosystem
Crypto Markets Plunge as Shapella Frenzy Fades
Over the past week, cryptocurrency markets fell sharply as the euphoria surrounding Ethereum's successful Shapella upgrade faded and regulatory and macroeconomic risks resurfaced.
Arbitrum Collaborates With AltLayer on Layer 3 Push
Arbitrum, a market leader in Ethereum Layer 2 scaling solutions, has launched Arbitrum Orbit, a Layer 3 blockchain using its technology. It has chosen AltLayer as the first provider supporting Orbit, with plans to integrate support for Orbit on its launchpad platform by Q3 2022. This will allow people with little to no coding experience to create a customized Layer 3 tethered to Arbitrum within five minutes. The move towards Layer 3 shows the rapid growth of Ethereum's Layer 2 ecosystem and its potential to become more accessible and user-friendly.
Bridge of Knowledge
This newsletter section will focus on providing guidance and assistance to newcomers in the crypto industry. You are welcome to share our Substack with anyone who may find it useful!
In this week’s episode we are going to cover Airdrops.
What are Airdrops in Cryptocurrency?
Airdrops are a marketing strategy used by cryptocurrency companies to promote their projects by distributing free tokens or coins to a targeted audience. These tokens are distributed for free or at a nominal cost to users who meet certain criteria, such as holding a certain amount of a specific cryptocurrency or completing a set of tasks.
Airdrops are a way to create awareness about a new project, generate interest and attract new investors. By giving away tokens or coins for free, companies can create a buzz and increase the demand for their tokens. This strategy can also encourage early adoption and increase the project's user base.
How do Airdrops Work?
Airdrops are typically announced through social media platforms like Twitter, Telegram, or Reddit. The project team will provide instructions on how to participate in the airdrop, which may include tasks such as joining a Telegram group, following a Twitter account, or completing a survey.
Once the tasks are completed, the user will receive the free tokens or coins directly in their wallet. The amount of tokens or coins received can vary depending on the project's objectives and the criteria for the airdrop.
Are Airdrops Safe?
While airdrops can be an effective marketing strategy, users should exercise caution before participating in an airdrop. Scammers have been known to create fake airdrops to steal personal information or cryptocurrency from unsuspecting victims.
It is important to research the project and the team behind it before participating in an airdrop. Users should also be wary of airdrops that require access to their private keys or personal information.
In conclusion, airdrops are a way for cryptocurrency companies to promote their projects and generate interest. While they can be a great way to get free tokens or coins, users should exercise caution and do their research before participating in an airdrop to ensure that it is legitimate and safe.
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