Chain Reaction - Issue 19 - 28th March 2022
Welcome to this 19th issue of the Chain Reaction newsletter for the week commencing 28th March 2022.
In the news last week we saw the completion of Blockchain Week here in Australia which was the culmination of 5 days of talks starting in Sydney then Melbourne, Brisbane and Perth. It started with talk about new regulation with ministers Hume and Bragg outlining new digital asset regulation that is now under public consultation and we also got a major crypto market announcement with FTX announcing plans to open up shop here in Australia.
Additionally, we had our 2nd hybrid meetup with people coming to the Crypto Hub studios and more joining online last Wednesday (see the video and social media sections below for more).
What you can expect in this newsletter
In the News
Videos of the week
Charts and Data
Around the world of social media
In the news
Forbes-Cardano's Ada Token Just Reached Its Highest Since Mid-February ...Cardano finally sees a price boost thanks to a massive uptick in projects being developed on its blockchain.
Finance Magnates-Binance Launches First DeFi Project on Mobile Platform - Giving the fact that Defi isn’t for the average Joe , Binance took a step further in lowering the barriers by bringing the pancakeswap into their mobile platform.
Cointelegraph-Coinbase to track off-platform crypto transfers in Canada, Singapore - As a centralized exchange Coinbase is implementing even tighter protocols ,requiring their users based in Canada , Singapore and Japan to provide more extensive information while sending cryptocurrencies to a non Coinbase wallet .
Newsbtc-Here's Why Zcash Could Trend Upward, ZEC Prepares for Major …Under the current situation between Russia and Ukraine, along with the sanctions imposed by the U.S. Monero and Zcash could have benefited from this trend as the need for secret currency spikes in demand .
CoinDesk – FTX Continues Global Expansion, Creates Unit in Australia - Sam Bankman-Fried , founder of FTX announces their coming to Australia for Blockchain week .
CoinDesk - Ray Dalio’s Bridgewater Investing in Crypto Fund: Sources - the world's largest hedge fund, Bridgewater looking to invest in crypto , as it actively researches the space.This will be via investment in an external fund rather than running their own. Watch this space.
Decrypt-ApeCoin Launches for Bored Ape Ethereum NFT Holders With Reddit, FTX, Animoca Execs on Board - Ape coin to be the first social token introduced by ape coin DAO and adopted by BAYC Yuga Labs.
Dailycoin-Meta – Formerly Facebook – Submits Eight Crypto Trademarks -Meta has officially filed for their trademark application that reveals their strategy moving forward to the metaverse.
Decrypt-Block Tackle Raises $5M to Develop Solana NFT Skateboarding ...-Gaming startup Block Tackle shared that it is developing a NFT skateboarding game on the Solana protocol, after raising $5M in funding.
#Regulation and Government
AFR - Wyoming’s Custodia Bank model for Australia’s crypto custody law -
The chief executive of one of the United States’ first crypto banks says it will help to modernize the US financial system by allowing securities transactions to be settled in real-time, reducing the amount of capital tied up as the traditional system takes days to complete transactions.
Cointelegraph-Bitcoin mining could be good for US energy independence: -Despite recent energy concerns in the world,congressman Pete Sessions of Texas, sees that the continuous bitcoin mining growth in the U.S. will eventually push towards renewables.
AFR - ASIC warns influencers: get a licence or risk five years’ jail - ASIC Exec Director Greg Yanco announces the agency's crackdown on not only financial advice but also affiliate links in a move that will drastically affect how influencers get paid.
Medium - OECD Tax Reporting Framework challenges DeFi - looks at the Crypto Asset Reporting Framework (CARF) proposal out for public comment. It references FATF guidance which is well known in this space and this article looks at things like who is affected, when, how and the expected impact on DeFi.
You can check out more from the OECD announcement on their website here.
Cryptoslate-Government of Malaysia proposes Bitcoin, crypto as legal tender -Maybe another nation state is going to adopt crypto as a legal tender: the Malaysian government announced it will look into ways to legalize and help the youth adopting digital currencies as it is “the future of finance”.
Charts and Data
Top 10 cryptocurrencies by market cap as of March 27th 2022 9:46pm AEST on CoinGecko. A continued trend up during the week for BTC and ETH with both climbing to $44.5k and $3.1k respectively.
Number of addresses with a non-zero balance (7day exponential moving average) - In this chart from Glassnode, we look at unique addresses holding a positive (non-zero) amount of coins and can see that as this has dropped or risen, so too has the price of bitcoin also increased. One of a few bullish signs being seen in this space. Link above is to the chart but you may need a subscription to Glassnode to be able to see this. Otherwise, check out the chart below.
Videos of the week
Aus DeFi Association Meetup March 2022 - This is the full length video from our latest meetup on 23rd March where we looked at a variety of projects including GiveTree, Angel Alliance, Web3 Academy, MetaTrees and more. 1hr53mins
Munecat - Web3.0: A Libertarian Dystopia - In the world of crypto, it’s important to consider that things are not perfect, which is why it’s necessary to highlight the FUD (fear, uncertainty and doubt) type videos out there. This one is from Muscat and as many critiques are of this space, there’s a lot of one sidedness. Still waiting for that balanced report and no, Line Goes Up was not it either. 1 hr 42 mins
How to generate an NFT collection in 10 minutes - In this how to guide, we see Robin take a step by step guide through AutoMinter, a service that can help you get your NFT collection created and then allow others to mint these on services like OpenSea.15mins
The Defiant - There are NFT’s buried in the Arctic. We went to find out why - In this video, Robin from The Defiant heads to the arctic circle to find out why there are NFTs buried in the ice. It has to do with the permanency problem as well as the arctic vault built to protect records of human endeavour, and now digital art and NFTs as well. 21mins
Social post of the week
Aus DeFi Association March 23rd Meetup - In this post we highlight some photos from our latest monthly meetup which was held at our Sydney studios (CryptoHubOz). It was great to see a few new products being launched including MetaTrees, AngelAlliance, GiveTree, Cryptoape ,Web3Academy as well as getting some insights from our community.
Also, there was also this piece describing a wire fraud issues with the operators of Frosties NFTs - another rug pull. Check it out here https://twitter.com/exlawyernft/status/1507194315675643925?s=2
This week's newsletter edited by NORAL H BENMELHA
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