[Weekly Xangle] Latest Crypto News from Starbucks Odyssey, Wemade's Injunction Request, Chainlink’s Staking Service and More

Xangle ResearchXangle

Dec 16, 2022

Translated by elcreto

Xangle’s Take on the Market This Week

Lacking momentum, the crypto market plunged on the 6th as the growing recession fears crushed investor sentiment
As an uptick in the price on dip buying fell short of offsetting such steep losses altogether, the indices of each sector ended this week with gains/losses sitting between +0.6% and -1.5%

Top Stories & Takeaways

Starbucks Odyssey Beta Goes Live on Polygon

On Dec 8, 2022, Starbucks launched the beta version of Odyssey available in the U.S.
Members of the Starbucks Odyssey Beta can participate in “Journeys” and collect “Journey Stamp” NFTs and Odyssey Points to unlock access to more perks
Minted on the Polygon PoS chain, the NFTs can be bought and sold in the Starbucks Odyssey market

Our Take: Once proven successful, the global coffee giant’s NFT rewards program will likely become the new norm in the retail market. Starbucks opting for credit cards instead of cryptocurrencies or crypto wallets as a payment vehicle to purchase the NFTs hints at the possible way forward for Web3 mass adoption—UX/UI enhancement for more seamless integration between consumer and NFT services. Apart from the collaboration with Starbucks, the Polygon network continues to team up with global heavyweights, leading the effort of blockchain mass adoption.

Link: The Starbucks Odyssey Begins

Court Denies Injunction Against Delisting of WEMIX

As the Seoul Central District Court dismissed WEMADE’s injunction request against four crypto exchanges for desilting WEMIX, the metaverse token has been removed from the exchanges
Aside from the fact that it respected the court’s decision, Wemade said it would continue to seek remedies to prove the injustice of the delisting decision, bringing the case to the Financial Supervisory Commission (FSC) as well as proceeding with a lawsuit on the merits
It added that, in response to delisting in the four exchanges, it would keep seeking listing overseas as well as domestically

Our Take: Although Wemade has since listed WEMIX on GDAC to support onshore transactions, the volume of trades remains in question as the token cannot be traded in KRW on the exchange. The company is attempting to turn the tide, announcing a buyback and burn plan. Listing on major exchanges in other countries and restoring the ecosystem will remain a matter of urgency going forward.

Link: South Korean Court Denies Injunction Against Crypto Exchanges for Delisting Metaverse Token Wemix

Mainnet

Gnosis Chain’s Switch to PoS Completed

As the Gnosis Merge—which replaces its PoA chain with PoS chain—is now complete, the chain became the second largest network after Ethereum in terms of the number of validators.

Link: Gnosis Chain to Undergo Its Own Proof-of-Stake Merge

DeFi

Uniswap Community Began Voting on Fee Switch

Uniswap’s fee switch proposal has finally been put to an on-chain vote, the final stage of the governance process.

Link: “Fee Switch” Pilot Update & Vote

SushiSwap Proposes to Redirect All xSUSHI Fees to Treasury

As opposed to Uniswap’s fee switch proposal, SushiSwap CEO initiated a proposal to divert 100% of the fees paid to xSUSHI holders into the treasury wallet. The proposal seeks a temporary, rather than permanent, 12-month period, stating that the project needs $5M to continue operating.

Link: SushiSwap Proposes to Direct 100% Of xSUSHI Revenue to Treasury Wallet

Macro/Industry/Corporate

Chainlink Launches Staking Service

Chainlink Staking v0.1 has gone live.

Link: The Chainlink Economics 2.0 Staking Protocol and Staking v0.1 Launch Details

Coinbase Encourages Users to Switch to USDC

Coinbase released a blog post requesting to convert USDT to USDC.

Link: Switch to the Trusted and Reputable Digital Dollar: USDC

Two-Thirds of the World’s Central Banks Consider Issuing CBDC in 10 Years

A report by the Official Monetary and Financial Institutions Forum (OMFIF) found more than two-thirds of central banks worldwide willing to issue a CBDC in 10 years.

Link: Some Central Banks Reportedly Looking to Issue a CBDC Within 10 Years

Previous Weekly Reports

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