The current crypto winter is unlike any other. The market has lost more than $2 trillion in value since it peaked at the end of 2021. Bitcoin (CRYPTO: BTC), the largest cryptocurrency by market capitalization, is down 57.3% since the beginning of the year. In fact, the second quarter (which ended in June) was the worst for Bitcoin in a decade.
As people were not prepared for such a sharp trend reversal, many cryptocurrencies and related companies went bankrupt. stablecoin collapse TerraUSD And the liquidation of Three Arrows Capital – a hedge fund, has added to the fears of investors in the cryptocurrency space.
However, this has not dampened the enthusiasm of crypto-based institutions and companies. Below we discuss the most important cryptocurrency developments in the past week.
SSV DAO commits over $10 million to cement the future of ETH staking
Shared Secret Verifier (SSV) The Decentralized Independent Organization (DAO) is a distributed certification framework for developers. He is known for his development of the ssv network for secure and high-quality decentralized architecture Ethereum (CRYPTO: ETH) Staking Applications.
The main goal of SSV DAO is to make staking ETH relatively easier and accessible through integrated solutions from multiple validation operators. To this end, the organization has allocated $10 million to developers working on the storage infrastructure.
The main SSV sponsors funding this scholarship are the Digital Currency Group, Queen Pieceand OKEx. Development teams that design ways to decentralize the ETH consensus layer before moving to a revolutionary Proof of Stake model are eligible for the grant.
Approximately $3 million of the total grant is reserved for infrastructure developers and bug bounties, where applicable. The remaining $6 million is intended to incentivize users and early testers.
Game studio “The Game Storm” enters the world of Web3
Last week, The Game Storm Studio partnered with Ready Games to jointly explore Web3 game development. With over 1 billion cumulative downloads, The Game Storm is a leading name in the gaming industry. At the same time, Ready Games is known for its efficient technology stacking and quick execution strategy.
Both companies are expected to open new Web3-based games and gaming experiences within a month, giving them a competitive edge over their peers.
In this regard, Martin Cormier, Director of Technology at Ready Games, said: “We provide an efficient and easily adaptable gaming infrastructure toolkit that helps game developers create or scale their games on the blockchain with minimal friction, within 30 days. Integration, no need to hire additional Web3 resources, compatible with Apple and Google, and access to over 40,000 beta testers.Developers finally feel they have the tools to get into web3.
Solflare integrates FTX to allow users to manage Solana CeFi and DeFi accounts
Pioneering high-performance blockchain in Solana (CRYPTO: SOL) The original wallet Solflare recently announced its integration with the popular crypto derivatives exchange FTX.
As part of this development, the Solfare wallet will be integrated with FTX.com and FTX US. Therefore, Solfare users can manage or transfer trusted and trusted FTX funds directly through web extensions and/or mobile wallets.
FTX is by far one of the most popular platforms for decentralized finance (DeFi) transactions. This integration should pave the way for new regulation-compliant web3 opportunities, according to Solana founder Filip Dragoslavic.
at the end of the line
As blockchain companies and developers strive for more innovation, the cryptocurrency space is proof that decentralized platforms are here to stay. With the recent recession fears mounting in recent months, digital currencies are expected to rise along with the global economy in the near future.