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*Ninepoint Digital Asset Group, is a division of Ninepoint Partners LP.
(7 Day Change as of May 25, 2023 1:45PM ET)
Bitcoin Price: $26,357 (1.78%)
DeFi Total-Value-Locked: $46.57B
Ethereum Price: $1,803  (0.55%)
Crypto Market Cap: $1.11T
Bitcoin Range: $26,061 - $27,413
BITC.U Close: $7.95  (as at May 24, 2023)
Ethereum Range: $1,768 - $1,867
BITC.U NAV: $7.98
Bitcoin Dominance: 46.20% (0.22%)
BITC.U Discount: 0.38%
One-Click Gaming: Web3 Game STEPN Integrates Apple Pay for Easy In-Game Transactions

Web3 move-to-earn game STEPN has strategically integrated Apple Pay as a fiat onramp for seamless in-app purchases. This integration aims to enhance accessibility and attract a broader user base to the blockchain game. By leveraging Apple Pay, players can easily connect their credit cards, eliminating the complexity of using a crypto wallet for in-game asset purchases. Shiti Manghani, COO of STEPN, believes that fiat onramps such as Apple Play will catalyze the adoption of Web3 for its next 100 million users. The integration of Apple Pay positions STEPN as a pioneering blockchain gaming app, expanding its reach to a larger audience. STEPN's hybrid approach of combining Web2 and Web3 technologies may help facilitate user adoption and help drive mainstream growth in the Web3 space.

From America to the World: Bitcoin-Powered Payment App Strike Expands to 65 Countries

Strike, the Bitcoin-powered payments app led by Jack Mallers, is making significant strides in its global expansion. The company, aiming to be a crypto-powered alternative to Venmo or Cash App, is now available in 65 countries, in addition to its existing operations in the United States, El Salvador, and Argentina. Mallers emphasized Strike's user-friendly app and its ability to offer seamless Bitcoin and Tether transfers. The move to expand globally was partially enabled by relocating Strike's headquarters to El Salvador, which has established a regulatory framework for cryptocurrencies. Mallers also discussed Bitcoin's distinction as a commodity and the importance of competition within the decentralized ecosystem. Future plans for Strike include enhancing banking services, introducing a debit card, and addressing network congestion and higher transaction fees.

Crypto Regulation in the North: Coinbase Hails Canada’s Engagement-Based Approach

Cryptocurrency exchange giant Coinbase has praised Canada's regulatory approach to crypto, emphasizing its engagement with industry players, compared to the United States, which needs more clarity and primarily relies on enforcement for regulation. The recent U.S. regulatory crackdown has prompted companies and investors to consider relocating. While Canada's Pre-Registration Undertaking regime also applies pressure, Coinbase's VP prefers its engagement-based regulation. Having been invested in Canada for years, Coinbase plans to enhance the fiat-to-crypto experience for Canadian customers by introducing Interac payment rails. Canada's regulatory clarity and the departure of competitors like Binance make it an appealing environment for Coinbase.

Sky Mavis Expands “Axie Infinity: Origins” Reach with Apple Store Launch

Sky Mavis, the creator of Axie Infinity, expands the availability of its card-based strategy game "Axie Infinity: Origins" by launching on the Apple App Store. This opens access to Apple users in Latin America and Asia. Previously limited to specific regions on Google Play and Mavis Hub, the game now reaches countries like Argentina, Colombia, Peru, Mexico, Venezuela, Indonesia, Malaysia, and Vietnam. With 1.5 million installations across platforms, Axie Infinity targets mobile users on Google and Apple platforms for further global expansion. This expansion is another pivotal step in fueling the growth of Web3 game adoption by introducing a broader audience to its gaming experience.

Decentralizing the Internet: Jack Dorsey’s TBD Unveils Web5 Toolkit to Fuel New Applications

TBD, a Jack Dorsey's Block division, has unveiled a new open-source toolkit at the Bitcoin 2023 conference in Miami Beach. This toolkit is part of the Web5 project and aims to simplify the creation of decentralized Internet applications (dApps) for developers. The toolkit includes decentralized identifiers that function like email addresses or usernames, verified credentials for secure digital certificates, and decentralized web nodes for decentralized data storage. The complete Web5 platform is set to launch later this year, but developers can already start building decentralized apps on TBD's developer platform. TBD plans to introduce a remittance app using Bitcoin and stablecoins as a near-term application for their Web5 platform.
Casting an Encrypted and Compliant Blockchain with Elena Nadolinski of Iron Fish
Join Alex Tapscott and Andrew Young as they decode the world of DeFi with special guest Elena Nadolinski, Founder and CEO of Iron Fish. Listen in as they discuss Elena’s incredible journey from working at Microsoft and Airbnb to in Web3, private yet compliant-friendly protocol designs, exciting types of potential new use cases and applications, Iron Fish’s asset issuance functionality and tokenomics, $IRON utility, the network’s node running sustainability, and more!

Iron Fish is a proof-of-work (PoW), open-source, and community-focused blockchain project that shields sensitive asset information through encryption in a censorship-resistant and compliant manner. The privacy-enabled platform allows individuals to perform everyday crypto transactions with maximum security; by providing users with “read-only view keys,” they can easily grant access and share account information for compliance and proof of transaction purposes on an as-needed basis. In November 2021, Iron Fish caught the attention of dominant industry investors, raising $27.7M in a Series A round led by the prominent Andreessen Horowitz (a16z), with Sequoia Capital and MetaStable Capital also participating. Elena is a nationally recognized computer scientist, receiving awards from the White House and CIA; she worked at Microsoft, Tilt, and Airbnb before founding Iron Fish in 2018.

Tune in to the 97th DeFi Decoded episode to hear Alex, Andrew, and Elena discuss all things DeFi and Iron Fish. What is compliance, and who needs to be compliant? How is Iron Fish designed, and which role in the ecosystem does it fulfill? What are some exciting new forms of applications that can be built with this privacy embedded into the chain?
Source: The Block
Chart #1: Decentralized Exchange Revolution: Memecoin Mania Drives Dominance to All-Time High
Decentralized exchange (DEX) dominance is at an all-time high, with DEX to CEX Spot trade volume peaking at an impressive 22.47%, surpassing the previous record of 16.93%. While centralized exchanges struggle with a liquidity slump and the exit of major trading firms, DEXs continue to thrive. Despite centralized exchange volumes hitting a yearly low, decentralized counterparts are on track to match their noteworthy April levels. The rise in DEX popularity can be attributed, in part, to the memecoin frenzy, prompting traders to gravitate towards DEXs that swiftly embraced these assets.
Chart #2: Cracking the Code: What Bitcoin’s Stock-to-Flow Model’s Variance of -0.69 Indicates
Bitcoin's Stock-to-Flow Model reveals an intriguing forecast, with a projected price of $53,755 compared to the current price of $26,862, suggesting a substantial undervaluation with its -0.69 variance. Since November 2021, the model's variance has consistently been negative, hitting a low of -1.20 in November 2022 before rising to its current level. This forecasting tool estimates Bitcoin's price based on the ratio of available Bitcoins to annual production. Notably, Bitcoin has closely adhered to the projected path, confirming the model's accuracy; as Bitcoin production decreases over time, the model anticipates a notable price increase.
Source: The Block
Chart #3: Unstoppable: Blur Reigns as Ethereum’s NFT Volume Leader for Four Straight Months
The Ethereum NFT marketplace landscape has undergone a remarkable transformation, with Blur seizing the lead, commanding 55.47% of the volume last week. OpenSea, once the dominant player, trailed with 28.53%, followed by LooksRare at 10.17%. A year ago, OpenSea held a staggering 81.52%, with LooksRare at 8.94% and X2Y2 at 6.49%. Despite a decline in Ethereum NFT volume since its peak of $5.35 billion in January 2022; currently, May's total Ethereum NFT marketplace volume is just $500.86 million. Blur's rapid rise can be attributed to its tailored offerings for professional traders, including a sleek interface, advanced analytics, and seamless trading capabilities, along with zero platform fees and optional royalties. This shift signifies the dynamic nature of the NFT ecosystem.