MEXC Weekly Report – Key events for 3-9th of January

MEXC Weekly Report

The MEXC Weekly Report is a recap on some of the biggest news in the blockchain world, in the Around the Blockchain Universe segment. For the week of January 3 to January 9 according to MEXC Global, the hottest news in the crypto world are:

Reddit is working with investment banks to prepare for IP0 at a $15 billion valuation

Social media platform Reddit has started working with investment banks to prepare for IP0, which will be valued at around $15 billion, according to The Spectator Index.

PayPal plans to introduce a regulated Stablecoin

PayPal plans to launch its own Stablecoin, a project spearheaded by PayPal subsidiary Curv, according to CoinDesk. If PayPal wants to officially launch Stablecoin, it will work closely with the relevant regulators, the project leader said.

Gray’S CEO issued a letter to investors for the first half of 2022, saying there are five key trends to watch

Michael Sonnenshein, CEO of Greyscale, issued an investor letter for the first half of 2022, highlighting five key trends to watch for in 2022: 1. Crypto infrastructure development: The digital economy requires cryptocurrency-related tools and services. Cryptographic infrastructure such as platforms, wallets and analytics software will be a key area. 2. More projects than ever: Grayscale will continue to look for the best opportunities and expand its product range accordingly, including launching products focused on specific tokens, as well as more diversified funds. 3.Web3 and meta-universe expansion: The next iteration of the Internet will be decentralized and the meta-universe will provide opportunities for the digital age to become a social focal point, covering commerce, gaming, entertainment, news and social networking. Users will be able to control their data, and Web3 will empower them in a revolutionary way. 4. NFT use cases beyond digital art: In the coming years, NFT will evolve more and more complex use cases from its current limited offerings such as digital art. As the physical and digital worlds converge, especially around authenticity and ownership, NFT use cases will span industries, including fashion, music, games, real estate, and ticketing. The Grayscale team is closely watching the evolution of NFT. 5. New regulatory policy: Gray believes that regulation is inevitable but beneficial to the industry.

Solana’s total transaction volume topped 50 billion

On January 7th, according to SolanaFM, the total number of Solana transactions has exceeded 50 billion. Solana has 1,878 transactions per second with an average transaction cost of $0.00025 and 1,362 validator nodes.

Terra’s new proposal proposes over $139 million USDT and LUNA for major DeFi projects

On January 7th, Terra announced a new proposal to extend its UST Stablecoin cross-chain deployment to five major DeFi projects on Ethereum, Polygon, and Solana, More than $139 million in UST and LUNA. Terra’s January 6 study UST Goes Interchain: Degen Strats Part 3 details how the $139 million UST and its native stable currency LUNA will be used, and on which platforms it will be used if the proposal passes. In each proposed deployment, Terra will deposit UST funds ranging from $250,000 to $50 million to improve the stability of each new partnership. The main goal is to “bring an excellent UST use case to Ethereum DeFi,” and governance participants will vote on the proposal later.

Total NFT on-chain sales topped $19 billion

On January 7th, according to the latest data, total on-chain NFT sales exceeded $19 billion, $19,133,933,174 at the time of this writing, and the total number of on-chain transactions was 45,855,423. Currently, the top three blockchains in terms of NFT sales are: 1. Ethereum: $12,954,888,118 in total sales and 5,241,407 on-chain transactions; 2. Ronin: $3,837,060,462 in total sales, 12,450,248 on-chain transactions; 3. Solana: Total sales of $924,986,483, total on-chain transactions of 669,185.

Dollar stablecoin USDC issuance is nearing a record high of $43 billion

On January 7th, according to USDC data, issuance of US dollar stablesoins has reached a record high of OVER US $43 billion, at US $43.12 billion at the time of writing. The current USDC circulation rankings by chain are as follows: 1. Circulation on the Ethereum chain was approximately $38,557,524,482 2. Solana chain circulation is approximately $3,622,842,389 3. Circulation on the Wave field chain is approximately $378,501,234 4. Algorand chain circulation is approximately $354,022,487 5. Distribution on the Stellar chain is around $141,530,448 6. Avalanche has an estimated circulation of $54,615,458 7. Hedera chain has an estimated circulation of $9,486,271

OpenSea (Polygon) sold nearly 2 million NFT in December, about 64% more than OpenSea (ETH)

OpenSea (Polygon) NFT sales reached an all-time high of nearly 2 million units in December, according to Dune Analytics. This is 64 percent higher than OpenSea’s (ETH) NFT sales of 1.22 million units in December.

U.S. bank BofA upgraded Coinbase to “buy” with a price target of $340

BlockBeats news, January 6, according to CNBC, BofA, a US bank, will buy Coinbase(NASDAQ: COIN raised its rating to “buy” from “neutral” with a price target of $340, a 45% premium to Coinbase’s current share price of $234.

Goldman Sachs released its 2021 return on Assets ranking, and BTC ranked no. 1

In its latest investor report, Goldman Sachs released a list of asset returns in 2021, showing that bitcoin ranked first with an investment return of 60%, followed by crude oil with an investment return of 55%, and the S&P 500 ranked third. The return on investment was 29 percent. Zach Pandl, co-head of global fx and emerging markets strategy at Goldman Sachs, predicts that if bitcoin’s value exceeds 50 percent of the store of value market, the price will rise to just over $100,000, with a compound annualized return of 18 percent

Celer cBridge has announced a partnership with OpenDAO to enable multi-chain scaling through the establishment of an open native asset standard

On January 5, cBridge, a cross-chain bridge launched by Celer, announced a partnership with OpenDAO, a decentralized autonomous organization, to achieve multi-chain scaling by establishing an open native asset standard and rejecting vendor lock-in. Users can now use cBridge to connect SOS across ethereum, Avalanche, BSC, Metis, Fantom, Moonriver, Celo, OEC, HECO, xDAI at high speed and low cost.

Google has invested $40 million in Huahan, a subsidiary of Hon Hai Group, to enter the meta-universe market together

Internet giant Google has acquired a 4.6% stake in BlockBeats for $40 million, making it the third largest legal shareholder in the company, according to huahan Technology, a subsidiary of Hon Hai Group, on January 4. The two companies will join hands to enter the metauniverse market.

Apple’s MR headset will be launched in 2022 with three monitors

According to a new research report released by Ross Young, an analyst at Display Supply Chain Consultants (DSCC), Apple’s MR headset, due out in 2022, will have three displays. The display system will consist of two Micro OLED screens and one AMOLED screen, the functionality of which is unknown. The device will be aimed at professionals and developers and will cost about $3,000.

OpenSea raised $300 million in Series C funding, led by Paradigm and Coatue

OpenSea has raised $300 million in series C funding at a post-investment valuation of $13.3 billion. Paradigm and Coatue led the rounds. OpenSea uses its funding for four goals: 1. Accelerate product development; 2. Significantly improve customer support and customer safety; 3. Invest in the broader NFT and Web3 communities; 4. A strong team. Shiva Rajaraman, Meta’s former commercial director, has joined OpenSea as vice President of New Products. Before joining Meta, Shiva worked at YouTube, Spotify, and WeWork.

Greyscale assets under management totaled $43.4 billion

BlockBeats news, according to gray official news, as of January 4, EASTERN time, gray asset management total scale of 43.4 billion DOLLARS. Bitcoin Trust Fund (GBTC) traded at $43.28 per share, up 1.14% from the previous day; The Ethereum Trust traded at $38.27 per share, up 4.17 per cent from the previous day.

Vitalik Buterin: Ethereum Layer 1 is not ready for direct mass adoption

In a recent Bankless podcast, Ethereum founder Vitalik Buterin discussed the evolution of the Ethereum network over the past year and plans for future expansion. Vitalik Buterin said that while ethereum made significant progress in 2021, such as the London hard fork, which included the expense destruction mechanism IP-1559, it still faces high gas charges. Vitalik Buterin also said that current fees are one of ethereum’s most pressing issues. Ethereum, known as Layer 1, is not yet a system ready for immediate mass adoption and still needs to use Layer 2 extension solutions such as Rollups to reduce transaction costs.

Panasonic has officially entered the “metasverse” with the release of three VR devices

BlockBeats news, January 4, according to Kyodo news, Panasonic announced on the afternoon of the 3rd local time, officially entered the online virtual reality space “metaverse” field. Panasonic will launch three new products, including a VR headset and a microphone, as early as spring in an effort to attract new demand. Panasonic’s VR headset “MeganeX” features a high-definition organic EL (also known as OLED) screen. The weight is said to be under 230 grams, and players who spend long periods of time in the metasverse can stay comfortable. It costs less than 100,000 yen. The other two products are devices that can experience temperature changes according to virtual space conditions by using a microphone that is fixed to the mouth with a strap and a device that is fixed to the back. Takuma Iwasa, CEO of Shiftall, a subsidiary in charge of the company’s development, stressed, “Panasonic will enter the metasomes mainly from a hardware perspective.”

Turkey’s official currency has depreciated significantly and USDT adoption has increased significantly

On January 4th, according to Bitcoin News, the inflation rate of Turkey’s official currency, the lira, has reached 36%, the highest level in nearly 20 years. Due to the rapid depreciation of the lira against the US dollar, USDT and other stablecoins have seen a significant increase in adoption in Turkey, with Turkish lira (TRY) currently accounting for about 29% of USDT-related transactions. Meanwhile, the lira accounts for 7% of BUSD’s total trading volume with other currencies. In addition, demand for bitcoin has increased significantly among Turkish users. The lira has lost 44% of its value against the dollar in the past year. In December 2021, the CPI in Turkey rose to about 14%. 2021 shows that. At the time of writing, TRY accounts for 0.69% of all BTC trades and 0.72% of all ETH swaps.

Italian bank Banca Generali has added a bitcoin trading business

Banca Generali, an Italian bank with $87 billion in assets, has partnered with crypto firm Conio to open up bitcoin transactions to more than 300,000 customers, We Wealth reported on January 4. Banca Generali’s customers can create bitcoin wallets directly in their bank accounts to buy and sell bitcoins. At the same time, the wallet will use multiple signature technology to ensure security.

South Korean presidential candidates have announced they will use NFT to raise money for their campaigns

Lee Jae-myung, the Democratic Party of Korea’s 2022 presidential candidate, will offer NFT to his campaign donors in a bid to attract the younger generation, Cointelegraph reported On January 4. This is despite earlier concerns that such fundraising might violate the Political Funds Act or the Public Officials Election Act. Donors will receive NFT, including a photo of Lee jae-myung and a list of his policies, as souvenirs for donation. Lee’s campaign said it was the world’s first use of NFT to finance a national presidential campaign.

Morgan Stanley: There is an $8 trillion market for metasurverse in the US

BlockBeats news, Morgan Stanley released a report, said metaverse in the US potential consumer spending market space (TAM) up to $830 million. According to the report, it is likely to become the next generation of social media, streaming media and gaming platforms, and similar to current digital platforms, it is likely to become an advertising and e-commerce platform for offline products in its initial phase, covering real estate, retail, automotive, gaming and other sectors.


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