Issue 006: Weekly Web3 Newsletter by Sujith Godavarthi

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This Week in Web3

1. An ETH domain sold for almost $900k. And it’s not an ENS domain. sold for $851,919.30 in an auction. [Tweet]

2. Poolin, one of the largest providers of Bitcoin mining-pool services, has suspended all withdrawals currently as they facing some liquidity problems due to the recent increase in the demand for withdrawals. [BloombergTweet]

3. Bitcoin traded below $19,000 on Wednesday, hitting its lowest level since June. Currently back to $21,000+.

4. All is well with Bellatrix Fork, the last upgrade before ‘The Merge’. It happened on September 6th and the update went smoothly. But there are some numbers that we must keep our eye on. Anyways, we are all set for the merge!!

5. LG (Life is Good) electronics company launched an NFT platform titled ‘LG Art Labs’. Users can now trade NFTs directly on their LG smart TVs. [TechCrunch]

6. A flash loan attack on the Avalanche blockchain has extracted $370,000 in USDC from a smart contract. Another week, another exploit 😢. [FinancialExpress]

7. Netflix put a ban on crypto-related advertisements and commercials. We aren’t new to these crypto ban stuff, but just saying. [Bitcoinist]

8. French startup Sorare, well known for blockchain based fantasy games signed a deal with the NBA to launch an official NFT based fantasy game ahead of the new season. [Tweet]

9. Daily transactions on Arbitrum are on fire!! This week we saw 3rd day in a row Arbitrum transactions has hit a new ATH! [Tweet]

10. 4150 metaverse trademarks have been filed this year. Only 1866 was filed last year. [Tweet]

11. Coinbase proposed MakerDAO. No, it’s not a love proposal!! On Wednesday, Coinbase proposed that MakerDAO deposit 1.6B USDC in its institutional platform, called Prime, in exchange for an annual yield of 1.5%. If passed, the deal would provide Maker with an additional $24M in yearly revenue. [TheDefiant]

12. Coopahtroopa who is a well-known investor and innovator in music NFTs announces Coop Records Fund. How much? A $10M early-stage fund investing in the next generation of music. [Tweet]

13. Stat: 19,080 $BTC ($396 million) has been taken off exchanges in the last 30 days. [Tweet]

14. European Union is working on a project to fight counterfeiting and forgery by using NFTs. Now that is some ‘real utility’. [Bitcoin]

15. Coinbase has funded a lawsuit brought by six people (including 2 Coinbase employees) challenging the U.S. Treasury Department’s sanctions on the Tornado Cash smart contracts. This is an excellent move!!! And probably the best I’ve seen happening in web3 this week. Remember when Brian Armstrong, the CEO of Coinbase tweeted “Sanctioning a technology (as opposed to an individual or entity) seems like a bad precedent to me, and it should probably be challenged”? Well, now here is the continuation to that in a blog post directly from Brian.

16. BSC (Binance Smart Chain) announced a Layer 2 (L2) rollup network built on top of it using Zero Knowledge proofs. And hence the name ‘zkBNB’. [Twitter Thread]

17. Coinbase and P2E game??? Enthusiast Gaming will build out a browser-based first-person shooter P2E (Play To Earn) game called EV.IO. Coinbase will provide Enthusiast Gaming the crypto wallets, blockchain nodes, fiat-to-crypto payment ramps, and other tools via its Coinbase Cloud developer platform. [TheBlock]

18. Stat: The ETH/BTC ratio briefly crossed 0.085 on Wednesday (a 9-month high), its highest level since 10 December 2021. The Merge is coming!!

19. A new film about a tech titan starring Anthony Hopkins (just googled about him and turned out he is a pretty famous actor) is being released next month. Ok, but what’s so web3 here? Well, the movie isn’t releasing on Netflix or in theatres but on an NFT platform. Yes, multiple NFT drops are arriving soon from Vuele and each NFT gives the HODLer some associated perks. Innovative, but sustainable? [Dot.La]

20. We all know that Ethereum is going greener with its merge update coming in a couple of days. But do you know how much greener? Ethereum’s 99.95 % drop in energy usage will be equal to 15 big nuclear reactors, or 11 000 wind turbines. [Reddit]

21. MicroStrategy, well known for holding almost 130k Bitcoins is now planning to sell up to $500 million of stock to buy more bitcoin. Big gets bigger. More becomes morer(?). [Coindesk]

Interesting Reads Of The Week

Do You Know?

In 2021, NFTs worth $100M were stolen

Web3 Meme Of The Week

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