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• The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active NFT traders, according to DappRadar.
• Since the beginning of March, NFT trading volume has fallen 51%, with sales declining about 16%.
• Projects from NFT issuer Yuga Labs, including Bored Ape Yacht Club and CryptoPunks, saw their floor prices dip slightly on Saturday.

Tanked NFT Trading Volumes

The day after the Federal Deposit Insurance Corp. took control of Silicon Valley Bank, there were only 12,000 active non-fungible token (NFT) traders – a number not seen since November 2021 – according to DappRadar. Additionally, single NFT trades totaled 33,112 on that day – the lowest daily tally so far this year – and since the beginning of March, overall NFT trading volume has fallen by 51%, with sales declining about 16%.

Yuga Labs Project Performance

Projects from NFT issuer Yuga Labs fared better than most during this period: their floor prices dipped slightly on Saturday but recovered quickly afterwards. One Twitter user even compared CryptoPunks to USDC stablecoin in terms of stability; USDC had lost its peg to the U.S. dollar following Silicon Valley Bank’s collapse.

Animoca Brands Co-Founder Reacts

Animoca Brands co-founder and Executive Chairman Yat Siu reacted to this report and discussed his outlook for the Non Fungible Token market as well as broader state of Web3 technology; he also shared insights into Animoca’s backing of Nuqtah, Saudi Arabia’s first ever NFT marketplace platform.

Industry Outlook

While these numbers are concerning and paint a bleak picture for the current state of affairs in regards to Non Fungible Token markets and Web3 technologies generally speaking, industry experts remain optimistic that things will turn around in due time; given its rapid growth over such a short period thus far it isn’t difficult to understand why some view this momentary setback as an opportunity for innovation rather than cause for concern or despair.

Conclusion

Overall it appears that while recent events have caused significant disruption within the Non Fungible Token marketspace at present time many within the industry remain confident for a positive turnaround moving forward as new opportunities arise out of these unexpected circumstances allowing more innovative avenues through which individuals may engage with digital assets and blockchain technology alike in exciting new ways!

• Bitcoin (BTC) dropped 6% in the past 24 hours to sink below $21,000 for the first time in seven weeks as investors continued to fret about the fallout from crypto-friendly bank Silvergate Bank’s implosion.
• Silvergate Capital (SI), the parent company of the lending focused bank, said that Silvergate Bank would „voluntarily liquidate“ its assets and shutter operations.
• Other major cryptocurrencies declined, with ether sinking 7%.

Bitcoin Dips Below $21K After Silvergate Bank Shutdown

Cryptocurrency markets were shaken as news of Silvergate Bank’s closure caused a ripple effect across other major coins. Bitcoin (BTC) dropped 6%, sinking below $21,000 for the first time in seven weeks as investors reacted to the news. Ether also experienced losses of 7%.

Silvergate Bank Shutdown

The crisis began when Silvergate Capital (SI), parent company of the lending focused bank, announced that it would be „voluntarily liquidating“ its assets and shutting down operations. This is expected to have a profound impact on crypto markets as customers scramble to find new sources of liquidity.

Reaction from Investors

Tactive Wealth Advisor Eddy Gifford shared his reaction to the news: “This remains a tough environment for crypto given the fallout from Silvergate’s closure.“ The sentiment was echoed by many other investors who are concerned about how this event could affect cryptocurrency prices going forward.

Consensus 2023 Conference

Head of Firmwide Research Alex Thorn will speak at Consensus 2023 on “Bitcoin and Inflation: It’s Complicated” — an important topic considering recent events and their potential impact on inflation rates around the world.

Conclusion

Overall, cryptocurrency markets have been shaken by news of Silvergate Bank’s closure and there are still many unanswered questions about how this event will affect prices going forward. With market volatility likely to remain high over the coming days, investors should proceed with caution until more information becomes available.

• Ethereum developers are referring to the upcoming hard fork as „Shapella“
• The upgrade is split between the execution and consensus layer, and referred to as Shanghai and Capella respectively
• Developers are merging the two names together to create „Shapella“

What Is Shapella?

Shapella is a clever way of referring to the upcoming hard fork of Ethereum. This upgrade is split between two layers, known as the execution layer (Shanghai) and consensus layer (Capella). By combining these two names, Ethereum developers have created the term ‘Shapella’.

What Are Execution and Consensus Layers?

Before Shapella, Ethereum underwent its last upgrade called Merge. This involved transitioning from a proof-of-work blockchain to a proof-of-stake chain. The proof-of-work chain was known as the execution layer while the proof-of-stake chain was known as the consensus layer. By merging these two chains together, developers created what we now know as Shapella.

When Will Shapella Happen?

The Shapella hard fork is expected by next month and will involve both Shanghai on the execution side, and Capella on the consensus side of Ethereum. It’s important for Ethereum users to stay informed about this upcoming update so they can prepare in advance for any changes it may bring.

What Does Shapella Mean For Crypto Traders?

Shapella will be an important event for crypto traders because it could lead to changes in price movements or trading strategies going forward. As such, traders should keep an eye out for updates regarding this hard fork so they can stay ahead of any new opportunities or challenges that may arise once Shapella goes live next month.

Conclusion

In conclusion, Shapealla is an important upcoming hard fork of Ethereum which involves both Shanghai on the execution side, and Capella on the consensus side. This could mean big changes for crypto traders so they should make sure they stay up to date with all updates concerning this event before it goes live next month

• Coinbase has announced that it is building its layer 2 blockchain using the OP Stack in collaboration with Optimism.
• Optimism’s native token, OP, rose 6.5% following the announcement.
• The layer 2 blockchain, called Base, will not have a native token unlike other layer 2 blockchains like Polygon (MATIC).

Optimism Token Price Rises 6.5% Following Coinbase Announcement

Coinbase recently announced they are building their layer 2 blockchain using the OP Stack in partnership with Optimism. The news caused optimism’s native token, OP, to rise by 6.5%.

What is Layer 2?

Layer 2 is an additional protocol built on top of a base-level blockchain such as Ethereum or Bitcoin that allows for faster and more efficient transactions than what’s possible on the underlying network. It works by offloading some of the processing power from the main chain onto another network which can handle larger transaction volumes and lower costs for users.

Base – A Layer 2 Without Native Tokens

Coinbase’s layer 2 blockchain, called Base, will not have a native token like other layer 2 blockchains such as Polygon (MATIC). The first stage of Base will be a testnet but it is expected that when its mainnet launches, it will support features such as decentralized exchanges (DEXs), lending protocols and dapps with better performance than similar products running on protocols like Arbitrum, Polygon and Optimism.

NFT Marketplace Launched Last Year

In addition to its involvement in Layer-2 scaling solutions, Coinbase also launched an NFT marketplace last year but its volume has been low compared to competitors OpenSea and LooksRare according to Dune Analytics data.

Conclusion

Coinbase’s foray into Layer-2 solutions and NFT marketplaces makes them one of the most innovative players in crypto today. As they continue to develop new technologies and applications within this space, we should expect further growth from both Optimism tokens (OP) as well as Coinbase itself.

• Sam Bankman-Fried, founder of FTX, has been accused of criminal fraud and was released on bond.
• During a recent hearing to discuss the case, Federal Judge Lewis Kaplan warned that he could potentially revoke Bankman-Fried’s bond if he continues violating court orders.
• The judge expressed doubt that Bankman-Fried was using a VPN to watch football as originally stated by prosecutors.

Sam Bankman-Fried Accused of Criminal Fraud

Sam Bankman-Fried, founder of FTX cryptocurrency exchange, has been accused of criminal fraud and was released on bond.

Judge Warns Revocation Proceedings Possible

During a hearing to discuss the case earlier this week, Federal Judge Lewis Kaplan warned that he could potentially revoke Bankman-Fried’s bond if he continues violating court orders. Prosecutors had alleged that Bankman-Fried had violated a previous court order against using encrypted technology when he used a virtual private network (VPN) to watch the Super Bowl. They urged the court to consider stricter measures such as blocking Bankman-Fried from using cellphones, computers or any internet-connected devices except in limited, case-related circumstances.

Defense Argues Against „Draconian“ Measures

Bankman-Fried’s lawyer Mark Cohen pushed back against the measures proposed by prosecutors calling them “draconian.“ He argued that his client needed access to the internet and applications like Google Docs in order to effectively prepare for his coming trial.

Judge Expresses Doubt Over Reason For VPN Use

However Judge Kaplan seemed unconvinced and even suggested that the government’s proposed measures might not be enough. He questioned why someone would need to use a VPN in order to simply watch a football game on TV which can be done for free.

Conclusion

Regardless of what happens next with Sam Bankman-Fried’s case, it is clear that Judge Lewis Kaplan is taking it seriously and will not hesitate to take action should any further violations occur in regard to bail conditions set by the court.

• The SEC Commissioner Hester Peirce expressed concern that the regulator did not consult with the crypto industry before enforcing charges against Kraken’s staking service.
• According to Peirce, the SEC’s decision to settle was “arbitrary” and their restriction of Kraken’s settlement terms is unacceptable.
• Peirce suggested that this case could become a wider war over the legality of staking services in the US, as other entities like Coinbase also offer such services.

SEC Did Not Consult Industry Before Staking Charges

The U.S. Securities and Exchange Commission (SEC) commissioner Hester Peirce expressed her concerns on Friday, saying that the regulator did not consult with the crypto industry before enforcing charges against Kraken’s staking service. This comes after Kraken settled with the SEC on Thursday for $30 million and shutting down its U.S. staking business after being accused of violating federal securities law.

Regulation-By-Enforcement In Crypto Space

Peirce said that this case was another example of regulation-by-enforcement in digital assets space, as the SEC had known about staking for a long time but decided to move now without consulting anyone in the industry first. She said that “we had not tried to sit down with people in the industry” and added that “yesterday’s decision basically said, ‘Let’s just shut it down.‘ That can’t be an answer.“

Kraken Settlement Terms Unacceptable

In particular, Peirce was unhappy about the restrictive terms of Kraken’s settlement which states that they will never relaunch their staking business for U.S customers again even if they go through all motions required by law to operate legally again. This raises questions about what would happen with other entities like Coinbase who also offer such services in U.S despite legal ambiguity around them right now?

Wider War Ahead?

Peirce warned that this case could become a wider war between regulators and crypto businesses offering services related to staking or DeFi protocols in general as most such activities are currently unregulated by various jurisdictions including United States at least partly due to lack of proper guidance from regulators themselves leading many companies to guess their way around laws or simply ignore them altogether till now when regulators have started taking action against them one by one recently starting out from Kraken first which has been forced into settling now but who knows may be Coinbase is next!

Conclusion

Ultimately, It remains too early yet to tell how this would play out for both sides but it does seem likely that more cases like these will follow soon enough as regulators are clearly serious about bringing compliance back into crypto space whether companies like it or not so everyone should make sure they remain up to date with all new regulatory developments related to cryptocurrencies from here onward!

• NounsDAO is creating an NFT comic book series with Titan Comics and ComicsDAO.
• The comic books will be minted as NFTs and buyers can redeem their digital tokens for a physical copy.
• The project hopes to expand the brand’s IP and creativity by building out the narrative of its NFT collection.

NounsDAO Creating NFT Comic Book Series

NounsDAO, in collaboration with Titan Comics, ComicsDAO, and 4K Protocol is creating an NFT comic book series titled „Nouns: Nountown“. The series will feature a storyline about the tokens within the Nouns ecosystem and will be authored by David Leach (senior editor at Titan) and illustrated by Danny Schlitz.

Minting of Digital Tokens

The comic books will be securely vaulted by Web3 security provider 4K Protocol. Post-mint, buyers can redeem their digital tokens for a physical copy or purchase the physical book in stores. This way, traditional content categories such as comics can enjoy a new life with Web3 technologies.

Expanding Intellectual Property

The project also aims to expand the intellectual property (IP) of it’s brand through this collaboration; operating under CC0 copyright classification. Anonymous co-founder of Nouns 4156 said that releasing a digital and physical comic book would inspire community members to seek new ways to extend the brand’s creativity.

Adam Fortier’s Take on Project

Adam Fortier, comic industry veteran and founder of ComicsDAO expressed his enthusiasm about Web3 technologies bringing a new life to classic categories of content; stating that comics were totally interested in different stories but also had the collectible aspect which embodied the essence of NFTS in the physical world.

Conclusion

In conclusion, this collaboration between several projects is allowing for more creative expansion into open-source brands through storytelling via comics as well as offering buyers access to both digital & physical versions which supports wider adoption of blockchain technologies into traditional products & services.

• Azuki’s Twitter account was hacked on Friday, prompting a malicious link to be sent out.
• The co-founder of the popular anime-inspired project is in touch with Twitter to resolve the issue.
• Hackers have previously used the Azuki name and branding to trick unsuspecting users.

Azuki’s Twitter Account Hacked

Azuki, a popular non-fungible token (NFT) collection, had its official Twitter account hacked on Friday afternoon. The account tweeted a malicious link, asking followers to „claim land“ in The Garden, the collection’s native metaverse platform. Hoshiboy, the co-founder of Azuki, told CoinDesk that they are in contact with Twitter to resolve the issue.

Previous Azuki Scams

This isn’t the first time hackers have attempted to use the Azuki name and branding to trick unsuspecting users. In April 2021 a hacker took over India University Grant Commission’s official Twitter account and promoted an airdrop of fake Azuki NFTs. Fortunately, officials were able to recover the account shortly after.

The Garden Platform

Azuki recently introduced The Garden as a meeting platform for holders of its NFTs. According to data from secondary marketplace OpenSea, Azuki’s current floor price is 14.76 ether (ETH), or about $23,600 USD, and the project has done 274,510 ETH ($4.4 million USD) in total sales since its January 2022 launch date.

Emily Rose Warns Followers

Azuki community manager Emily Rose tweeted out following news of the hack informing followers not click any links in recent tweets from their official twitter page which has been deleted as of Friday afternoon moderators on Discord still warned users not click on any links within their bio which still lead too some sort scam site

Advice From Hoshiboy

Hoshiboy advised all those impacted by this hack not to click on any unknown links or share personal information with anyone online without verifying it first through official sources like social media or email accounts associated with Azuki’s team members or affiliates .

Understanding the Need for Regulations

• Leverage amplifies gains and losses, but increases risk exponentially.
• Centralized exchanges take on trades and settle them as a counterparty, so they can have access to information that the rest of the market does not have.
• Regulations are important to promote orderly markets and protect investors from abuse.

The Benefits of Crypto and Web3 for Policy

Crypto offers an alternative approach with ‘dry code’ – computer code that can be used to encode rules in verifiable, permissionless and self-custodial protocols. This approach relies on incentives and transparency of technology itself.

The Best Tool for Designing Effective DeFi Policies – Web3 Itself

Web3 provides powerful tools that can be used to create policies that are more effective than traditional laws, as it allows users to digitally enforce certain rules via smart contracts or other decentralized applications (DApps). This means that developers can create policies which are less prone to manipulation or censorship by centralized powers, while also allowing for greater flexibility when it comes to policy design.

Incentivizing Good Behavior Through Code

By using code-based policies instead of law-based ones, developers have the opportunity to incentivize good behavior through rewards or punishments written into the protocol itself. This could range from providing rewards for users who abide by certain terms of service all the way to punishing those who do not adhere to them — something which would otherwise require human intervention or legal action in a traditional system.

Conclusion

Overall, Web3 is an invaluable tool for designing effective DeFi policies due its ability to provide trustless digital enforcement of rules. By creating incentives for good behavior in addition to punishments for bad behavior, developers can ensure their protocols remain secure without relying on cumbersome legal regulations and processes – making them more efficient and resilient in the long run.