Ethereum Ropsten testnet planned for June 8 marks “huge milestone”

The Ropsten public testnet, a testing environment that is the closest replication of the Ethereum mainnet, is set to undergo its long awaited merge on June 8.

The merge will mimic Ethereum’s upcoming transition from using a proof-of-work consensus mechanism to a proof-of-stake one. This allows developers to test and finalise adjustments for Ethereum’s mainnet merge later this year.

Ethereum DevOps engineer Parathi Jayanathi submitted a pull request for the Ropsten...

A16z State of Crypto: “It is still early days for web3”

Andreessen Horowitz (a16z), a prominent venture capital firm investing heavily in the web3 sector, has published its first “State of Crypto” report exploring current trends in the market.

The overarching takeaway from the report is that web3 and the crypto market develop in cycles.

As prices climb, interest in the sector grows to the point where it can no longer be sustained. Following a (usually steep) falloff in prices, innovators develop new projects that revive...

Medha Parlikar & Niamh O’Connell, CasperLabs: Enterprise adoption in blockchain

CasperLabs is the overseer of the Casper blockchain, a proof-of-stake network optimised for enterprise and developer adoption that launched in early 2021.

The Zug-based company provides engineering and professional services to enterprise clients looking to migrate key business processes to a secure and scalable blockchain.

Following a recent partnership with Amazon Web Services and expansion into the Chinese market, The Block caught up with CasperLabs’ CTO and...

Tether depegs from $1 mark following TerraUSD and LUNA collapse

Tether (USDT)

It has been a rough week for crypto, but an even rougher week for stablecoins.

Tether (USDT), the stablecoin mainstay of the crypto space, snapped as low as $0.95 in the early hours of May 12 amidst wider market fears surrounding TerraUSD (UST).

Earlier in the week, UST depegged from its intended $1 mark, falling as low as $0.29. In a desperate bid to restore UST’s price, Terraform Labs have been printing and selling millions of its stabilising token, LUNA, causing it...

Terra network suffers massive losses as UST falls below dollar peg

Terra Anchor

Whilst the whole cryptocurrency sector is tanking to lows not seen since last summer, few coins are having a worse time than TerraUSD (UST), the largest algorithmic stablecoin on the market.

UST, which is supposed to always be worth $1, briefly fell to $0.98 on May 7 following a number of major withdrawals from decentralised finance (DeFi) protocols on the Terra network.

The situation worsened on May 9 when UST’s price plummeted to $0.68 amidst a wider market selloff...

Instagram to add NFT support in upcoming pilot

Instagram

Meta-owned Instagram is adding support for users to show off their non-fungible tokens (NFTs) from a number of the most popular blockchain networks.

In much the same vein as Twitter’s NFT integration late last year, users will be able to select their NFTs as display pictures, post their NFTs, and share them with their followers.

However, CoinDesk has confirmed that Instagram users will not be charged a fee for this service as Twitter originally did following its...

Entre launches on DeSo blockchain as web3 LinkedIn competitor

Entre, which describes itself as decentralised web3 LinkedIn competitor, has launched on the DeSo blockchain.

Michael Marra, the app’s founder, describes it as “a web3 professional network designed to help people connect and work in the web3 world”.

Whereas on LinkedIn one can post content with the end goal of building opportunities, on Entre users can cultivate opportunities and earn from their content right away.

With web3 jobs in high demand from both...

Algorand nets FIFA partnership as World Cup’s official blockchain

FIFA World Cup

Proof-of-stake blockchain Algorand has scored a partnership with football’s world governing body, FIFA, to become the official blockchain of the upcoming World Cup starting in Qatar in November.

In terms of sponsorship, Algorand will be a FIFA World Cup Qatar 2022 “Regional Supporter in North America and Europe” as well as a FIFA Women’s World Cup Australia and New Zealand 2023 “Official Sponsor”.

The technical partnership deal means Algorand will become the...

Central African Republic adopts Bitcoin as legal tender

Bitcoin

The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as legal tender, following on from El Salvador's decision in September last year.

Despite being rich in mineral wealth, CAR is one of the world’s poorest countries and has suffered from decades of conflict.

According to DataReportal, CAR has the lowest internet penetration rates of any country in the world – excluding North Korea – at just 7.1%. As such, the incentives...

Standard Chartered buys into metaverse with The Sandbox partnership

Sandbox

Global banking giant Standard Chartered is following other major competitors journeying into the metaverse by partnering with decentralised gaming platform The Sandbox.

The company’s Hong Kong subsidiary (SCBHK) bought space in The Sandbox’s Mega City district, an area announced in January alongside a number of Hong Kong partners from various sectors.

Led by SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, the partnership will seek...