The Wallet Report #11
Top Stories
PayPal has launched a stablecoin called PayPal USD (PYUSD), fully backed by U.S. dollar deposits and Treasuries. It can be used for transfers, person-to-person payments, purchases, and crypto conversions. PYUSD is an ERC-20 token on the Ethereum blockchain, aimed at connecting fiat and digital currencies. Reserves will be transparently reported by Paxos, the issuer. (link)
Stablecoin Regulation Debate : PayPal's introduction of the PYUSD stablecoin has reignited debates reminiscent of the Libra project. This comes as stablecoin legislation advances in Congress, with differing opinions on its implications. The move could spur Senate Democrats to engage further in these discussions. Regardless, it emphasizes the urgency for regulatory action and is expected to draw regulatory attention, impacting ongoing legislative debates. (link)
Coinbase's Layer 2 solution, Base, has attracted over $100 million in bridged assets, as users move tokens between the Base network and Ethereum. The official bridge release enables easy token transfers, showing Coinbase's expansion beyond trading. Despite ongoing development of its fraud proof system, Base's activity surged, resulting in increased profits and reflecting Coinbase's broader blockchain ambitions. (link)
Binance CEO Changpeng Zhao has announced that the exchange has reached 150 million registered users, showcasing its growth despite recent challenges. Despite a bear market last year, the exchange's user base increased by 30 million in a year. Binance's daily trading volume is $7.1 billion, far surpassing Coinbase's $1 billion. (link)
GameFi
Mojo Melee / Amazon Prime : Amazon Prime Gaming has teamed up with NFT game Mojo Melee, offering subscribers a free NFT champion character and in-game currency. This collaboration hints at Amazon's interest in the NFT market and its potential future plans in the space. (link)
The Sandbox game is launching 3,000 Elvis Presley NFT avatars. These avatars, based on his outfits and dance moves, are playable and grant access to metaverse content. The sale starts on August 9, with early access for some NFT holders. Holders will have governance rights in the Elvis Legacy Council DAO. (link)
Bandai Namco / Oasys : Gaming Giant Bandai Namco has joined forces with blockchain platform Oasys to launch an AI virtual pet game called RYUZO. Players nurture NFT creatures called RYU, which evolve through AI learning. The game is part of Bandai Namco's foray into blockchain gaming, following collaborations with publishers like Ubisoft and Sega on the Oasys platform. (link)
nWay / Yuga Labs : nWay, an Animoca Brands subsidiary, is teaming up with Yuga Labs to launch "Wreck League," a fighting game featuring NFT collections like Bored Ape Yacht Club. Players can battle with customizable avatars and own in-game NFT assets, bridging gaming and blockchain-based ownership. This partnership expands Yuga Labs' NFT brand into gaming while offering players a new digital ownership experience.(link)
New Bitcoin City is introducing games on the Bitcoin blockchain, allowing players to earn rewards in Bitcoin. The platform also offers NFT auctions and a marketplace within the Bitcoin network. To address transaction speed issues, a layer 2 network called NOS has been developed. This initiative aims to make Bitcoin more versatile by expanding into gaming and DeFi applications while combining the strengths of Ethereum and Bitcoin. (link)
NFTs
Fxhash : Generative art NFT platform fxhash has raised $5 million in seed funding led by 1kx. The funding will help grow the team and implement a major platform upgrade in the next six months. fxhash, a Tezos-based platform, enables artists to create and sell generative art NFTs, and the investment reflects the growing interest in this creative medium. (link)
NFT trader / Blur : A trader named Hanwe Chang outsmarted a bot on the NFT marketplace Blur, tricking it to buy Azuki NFTs at inflated prices and earning $1.5 million. Chang placed bids on his own NFTs to trigger the bot's higher bids. This incident has raised questions about the legality of such tactics in the NFT market, with opinions divided on whether it's clever strategy or potentially illegal activity. (link)
Vault : Solana Music Platform Vault is using NFTs to support indie musicians through its "Cassette Culture 3.0" initiative. Live concert recordings are sold as NFT albums on their Solana-based platform. The concept aims to replicate the old "cassette culture," helping indie bands earn from their music. Artists receive 70% of the sales, offering them an alternative revenue stream in addition to live shows. (link)
VeeFriends and Reebok are teaming up for a collaborative sneaker collection called the 'VeeFriends Aspiring Alpaca Classic Nylon'. Priced at $90, the special edition sneakers feature the VeeFriends character 'Aspiring Alpaca', symbolizing personal ambitions. VeeFriends Series 1 Aspiring Alpaca holders can claim the sneakers for free on August 3, and VeeFriends Series 1 and Series 2 NFT holders get early access to purchase on August 17 (link)
MarumaruNFT : How Japanese Nightclubs Are Revolutionizing NFT Industry. Koichi Hatta, founder of marumaruNFT, discusses integrating Japanese cabaret and host club culture into the NFT industry. The platform sells NFTs of club members, tapping into emotional desires. Hatta emphasizes practical NFT applications and user-focused business, rather than solely targeting investors. He believes NFT growth will arise from non-investment uses. (link)
DeFi
Dolomite, a DeFi protocol on Arbitrum, introduces Zap, a one-click collateral maximization solution. It simplifies leveraging assets and offers margin trading with stablecoins and AMM yield farming. Zap aims to enhance user experience and boost DeFi lending's growth. Launching on August 8, it streamlines borrowing and contributes to lending's evolution on Arbitrum. (link)
Aave : The Aave community is voting on the "aCRV OTC" proposal to acquire 5 million aCRV tokens using 2 million USDT from Aave DAO's vault. This move aims to enhance Aave's DeFi standing and benefit secondary liquidity for GHO. The voting window is open until August 11, and the decision will impact Aave's role in DeFi and the broader industry. (link)
Curve Finance has regained 73% of the funds lost in a hack that took over $73 million. Ethical hackers and bots returned stolen assets from different platforms. Curve, affected by a reentrancy attack, offered a 10% bounty for asset returns. A $1.8 million public bounty is now open for finding the remaining funds. If the attacker returns all funds, Curve won't pursue further action. (link)
Maya Protocol and Dash (DASH) blockchain have joined forces for cross-chain decentralized trading. Dash users can now trade across networks seamlessly, benefiting from increased trading options and yield generation. This partnership showcases the power of DeFi to transform finance. (link)
Ondo Finance, led by ex-Goldman Sachs associates, has launched USD Yield (USDY), the first tokenized note backed by US Treasuries and bank deposits. USDY functions like stablecoins and is over-collateralized by 3% equity to absorb short-term volatility. This reflects the broader trend of blockchain-driven asset tokenization, enabling fractional ownership and increased liquidity. (link)
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