🎮 Axie Infinity Guilds Rush to Aid Players as GameFi Pioneer Craters
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Axie Players and Guilds Hope Origin Upgrade Will Revive Beloved Game
By Samuel Haig
MARKET VALUE Axie Infinity’s moment in the sun is over. That much is clear. In the last 12 months, the trailblazing play-to-earn gaming project has lost almost 90% of its market value and the days when players boasted about earning a living purely from their participation in Axie seem long ago.
REVENUES Axie’s weekly revenues have shrunk to a miniscule $11,000 from $17M last August, according to the data intelligence outfits TokenTerminal and Messari.
BREACH Now gaming guilds DAOs, revenue-sharing collectives that connect Axie asset owners with players in exchange for a cut of profits, are jumping into the breach to help players weather the downturn.
SCHOLARS Yield Guild Games (YGG), a Filipino P2E organization, said it is providing additional in-game assets to players — called scholars — as users decline and it has more resources at its disposal. The hope for Axie players and guilds is to hold on until the arrival of Origin, Axie’s new version of the game. It is currently in beta.
👮🏻♂️ Three Arrows is Under Investigation in Singapore for Providing False Information to the Country’s Central Bank
FOUL PLAY Authorities in Singapore are investigating troubled crypto hedge fund Three Arrows Capital, the country’s central bank announced Thursday. The Monetary Authority of Singapore in a press release “reprimanded” Three Arrows for “providing false information” regarding its assets under management and said it suspected further foul play.
BREACHES “In light of recent developments which call into question the solvency of the fund managed by TAC, MAS is assessing if there were further breaches by TAC of MAS’ regulations,” MAS said.
BAD BEHAVIOR It was not immediately clear what punishment Three Arrows might face for having allegedly misled regulators. But the news comes just one week after Sopnendu Mohanty, chief fintech officer at MAS, said Singapore would be “brutal and unrelentingly hard” on crypto companies that engage in “market bad behavior.”
ZetaChain is a public PoS-based L1 blockchain with built-in omnichain interoperability. Different from other solutions, ZetaChain natively connects with any chain and layer and will support omnichain smart contract development.
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By Owen Fernau
DEPTHS In a sign of the depths of the bear market, the Grayscale Bitcoin Trust, a bellwether security that has long provided investors with an easy way to bet on the No. 1 cryptocurrency, is trading at an all-time discount.
GAP Known as GBTC, the security is trading at a price 36.3% less than the spot price of Bitcoin, according to data provided by its issuer, Grayscale. This yawning gap is undermining the attraction of GBTC because investors now have myriad ways to trade Bitcoin at its market price.
DISCOUNT GBTC, which has $12B under management, has fallen 47% in the last 12 months. The discount comes as Grayscale, a pioneer in fashioning crypto products for traditional capital markets, is pursuing a legal fight against the U.S. Securities and Exchange Commission for denying its bid to convert the trust into an exchange-traded fund.
A strategist at JPMorgan predicts that the worst of the bear market could be over as stronger crypto firms have come in to bail out the industry in the midst of major deleveraging.
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. In this episode, Taylor Monahan, matriarch of Metamask, joins the show to discuss the contagion of major crypto firms.
2 AM. The adrenaline from having rallied a good portion of crypto’s investing society still pumping in. Without having met almost any of them in person.
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The great DAO test has begun. There were always bound to be challenges running a new kind of business that relies on democratic decision-making. Companies, after all, tend to run optimally when they have clear, hierarchical control from a senior management team and chief executive.
Allaying Regulators’ Concerns about MEV is Doable and Necessary On Jun 16, 2022, the Bank for International Settlements (BIS) released a well-researched bulletin titled Miners as intermediaries: extractable value and market manipulation in crypto and DeFi.
Fear and Reveling in Goblintown: A Savage Journey into NFT Land Just before midnight in Hell’s Kitchen, we snuck out the backdoor at Terminal 5 and boarded a slapdash, wooden bus befitting mythical creatures associated with dirt, bugs, and the macabre. We were, after all, among the “VERY few” who’d been chosen to go down, down to Goblintown.
🧑💻 ✍️ Stories in The Defiant are written by Owen Fernau, Aleksandar Gilbert, Claire Gu, Samuel Haig, Jason Levin, and yyctrader, and edited by Edward Robinson, yyctrader and Camila Russo. Videos were produced by Robin Schmidt, Daniel Flynn, and Alp Gasimov. Podcast was led by Camila, edited by Alp.
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