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.
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.
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.
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.
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.
Chainlink Launches Staking Service
Chainlink Staking v0.1 has gone live.
Coinbase Encourages Users to Switch to USDC
Coinbase released a blog post requesting to convert USDT to 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.
Previous Weekly Reports
- [Weekly Xangle] Latest Crypto News from FTX Chapter 11 Filing, Nike .Swoosh Platform, to Serum Emergency Fork
- [NFT Weekly] Pudgy Penguins, Starbucks Odyssey, Lawsuit Against Yuga Labs & On-chain Analysis