Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community. Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for …

The music industry has undergone a massive transformation in recent years. We have seen the advent of the internet leave its mark on music, and most notably, 1999 spelled the coming of Napster. This then-revolutionary peer-to-peer online streaming service defined a whole generation and enabled musicians to share their creations with the world. Streaming has become the dominant format for music today, through Apple, Amazon, Tencent Music and the clear category winner — Spotify. The goal of distribution services and platforms like Spotify is to enable and empower artists to create more without worrying about anything besides honing their craft. …

Nonfungible tokens (NFTs) are evolving from a niche interest to a mainstream conversation. The variety of NFT art — from cuddly to edgy to menacing — is drawing in a new audience of enthusiasts. Beyond the art, NFTs are providing a glimpse into a new layer of social interaction. When framed as micro-social networks, NFTs could lead the way to a new form of social media based on creativity, ownership and contribution. Groups serve as epicenters of NFTs projects Every week, dozens of Discord and Telegram groups appear in support of new NFT projects. These groups serve as the epicenter …

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. ETH is burning at a rapid rate! Read on to discover the statistics behind Ethereum’s pursuit of deflationary mechanics. What you’re about to read is a shorter, more succinct version of the newsletter. For a comprehensive summary of DeFi’s developments over the last week, subscribe below. $4.24 billion in ETH burned since EIP-1559 event Blockchain analytics platform CryptoRank shared quantitative data this week that revealed an excess of 1 million Ether (ETH), worth approximately $4.24 billion, has been burned since August’s implementation of the Ethereum Improvement Proposal 1559. Also referred …

DappRadar, a popular platform that provides analytics and portfolio tracking for the decentralized application (dApp) and nonfungible token (NFT) markets, has announced an upcoming company restructuring to a decentralized business model, in addition to releasing a native governance token, RADAR. Founded in 2018, the site currently boasts over 4 million global users, 600,000 of which are uniquely active on a monthly basis, as well as playing host to over 8,300 dapps and 27 protocols. The news was announced during a metaverse event in Somnium Space on Thursday. The purpose behind the evolution is to expand DappRadar's ecosystem to a global …

Crypto investment giant Grayscale has published a bullish report on the Metaverse, estimating that the “market opportunity” for bringing the Metaverse to the mainstream may be worth over $1 trillion in the next few years. The November report titled “The Metaverse, Web 3.0 Virtual Cloud Economies” was authored by Grayscale Head of research David Grider and research analyst Matt Maximo. The duo explores the burgeoning sector primarily from the perspective of open Metaverse worlds backed by an “interconnected crypto-economy” such as Decentraland. The report highlights that Metaverse platforms integrated with crypto tokens, decentralized finance (DeFi) services such as staking and …

Ontology, a developer of self-sovereign identification systems on the blockchain, announced a partnership with decentralized mobility platform bloXmove on Tuesday morning in a bid to accelerate the development of its decentralized credentials. The decentralized digital identity protocol, or DID, will enable blockchain participants to share their personal information, such as a driver's license, in a private, secured, and encrypted manner. DIDs may one day be required for complex decentralized finance applications, such as urban transport apps, decentralized health insurance, or decentralized car insurance. Simple smart contracts would not suffice in processing, for example, where a decentralized insurance underwriter covers a …

Senator Jane Hume has stated that decentralized finance (DeFi) “presents huge opportunities” for Australia to cement its place as a “front-runner for innovation and economic progress.” Senator Hume spoke at the Australian Financial Review Super & Wealth Summit in Sydney on Monday, Nov. 22. She is the Minister for Women's Economic Security of Australia, representing the Liberal Party and the state of Victoria. The conference was primarily about super and government retirement funds — both notoriously slow and steady investments. The comments on DeFi are more notable in this regard. Senator Hume called for industry and government to acknowledge that …

Blockchain tech has come a long way. It wasn’t that long ago that crypto remained at the fringes, evangelized by a vocal minority. The narrative shifted once the COVID-19 pandemic pushed people into their homes with plenty of time to dive into new interests. Crypto benefited from the increased attention, entering everyday conversations among friends, family and colleagues. Even so, it’s still early in crypto. Widespread adoption remains elusive and traditional tech gatekeepers maintain their grip on the digital economy. To loosen that grip, those of us building the decentralized internet, or Web 3.0, have to do a better job …

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. Read on to discover why almost half of the liquidity providers on Uniswap v3 are losing capital due to impermanent loss. What you’re about to read is the smaller version of this newsletter. For the full breakdown of DeFi’s developments over the last week, subscribe below. Acala wins Polkadot’s debut parachain auction Decentralized finance protocol Acala was announced as the winning project in Polkadot’s inaugural parachain auction this week, beating fellow competitor Moonbeam to the finish line with a seismic total of 32.5 million DOT ($1.28 billion) raised from 24,934 …

Decentralized finance (DeFi) protocols have gained significant traction in the cryptocurrency sector, with a total value locked surpassing $271 billion, based on data from DefiLlama. One exceptionally popular category of DeFi services is that of decentralized borrowing and lending, where users can pledge their crypto as collateral and take out stablecoin loans (or vice versa) to pay for everyday expenses while their investment continues to grow. Such protocols typically charge a spread or difference between deposit and lending rates as a service fee. But then there are protocols like Minterest that seek to distribute a vast majority, if not all, …

As outlined in a prepared statement obtained by Cointelegraph, Game7 is an upcoming $500 million blockchain ecosystem acceleration decentralized autonomous organization, or DAO, with the goal of onboarding gamers worldwide to the blockchain ecosystem. Entities backing the proposal include BitDAO, Forte, Alameda Research, Mirana Ventures, Warner Music Group, Aleo, Avalanche, Interchain Foundation, Offchain Labs, OP Games, Polygon Studios, and Solana Ventures. Meanwhile, Forte Labs and Magnus proposed its creation. 1/ BIP-5 has passed! @Game7_Official will be established by a diverse group of gaming and technology industry veterans, and will help create a future where blockchain and gaming unites! https://t.co/dZxqjMwpIk pic.twitter.com/Nxd5L4fgyD …