On Nov. 11, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Thomas Webb, the founder of the interoperable avatar game Worldwide Webb, to discuss the integration of interoperability in Web3 and the Metaverse. By definition, interoperability is a feature of Web3 whereby a product or system can work seamlessly across platforms with other products or services. Webb defines interoperability simply as "creating a token— a nonfungible token (NFT)" since, at its most basic level, no one can control it besides the creator. But how does interoperability function presently in Web3, and what is …

Attention is the lifeblood of Dogecoin (DOGE) and other memecoins. Much like earnings drive the price of corporate shares, the size and quality of attention captured by memecoins drive their price action. Successful crypto traders understand that DOGE and its kin are not just chips in the “great shitcoin casino” but are, in fact, tradable derivatives of human attention. They are tradable assets backed by zeitgeists. Trading memecoins isn’t just about spinning the wheel but about weighing the coin’s valuation against the amount of attention it’s receiving. As crypto influencer Cobie said, “Smart traders start selling as ownership and valuation …

The MakerDAO Risk Core Unit, a key group within the MakerDAO governance system, submitted an urgent request today to change collateral parameters for the DAOs stablecoin, DAI. Primoz, a member of the Risk Core Unit team, posted the request to the MakerDAO Forum. “In light of recent events in the crypto ecosystem and surrounding uncertainty regarding financial stability and asset liquidity of various entities and their possible relations with token governed protocols, we are proposing following temporary emergency measures” The message proposed that the debt ceiling for MATIC, LINK, YFI, renBTC vaults should be reduced by the following amounts: MATIC: …

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The second week of November could have been a bullish week, as consumer price index data released on Nov. 10 indicate lower-than-expected inflation. This resulted in a significant rally for traditional stocks, but the crypto ecosystem is currently fighting its own demon. The FTX turmoil has not just tanked the price of the native token FTX Token (FTT), but any token associated with Sam Bankman-Fried or his associate company. Solana, a top-10 cryptocurrency and …

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. For a short time, the cryptocurrency community wasn’t sure how the senators would respond to the FTX crisis — as the DCCPA bill is understood to have been strongly supported by FTX CEO Sam Bankman-Fried. But the members of the U.S. Senate Committee on Agriculture, Nutrition and Forestry confirmed their intentions in a Nov. 10 statement — stating “the events that have transpired this week …

When I worked for Riot Games as its head of player acquisition in the European Union, I learned about player onboarding and long-term retention. Both are crucial to the success of gamer acquisition. I’ve seen the mechanics of user retention in gaming, and what I’ve learned is that most cryptocurrency games today lack the mechanics to keep players interested for even a short period of time. Why haven’t more top-tier games introduced real-world rewards into their games? These are the titles where 99.9% of gamers are not professional esports athletes and enjoy no monetary rewards for the thousands of hours …

Chainlink Labs offered its Proof of Reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs asked “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?” #Crypto is at a crossroads. Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge? A better system is possible, & Proof of Reserve is one way #Chainlink is providing the transparency that users demand. — Chainlink (@chainlink) November 10, 2022 In …

Optimism developers jvmi and Kelvin Fichter released a new app called Magic Mirror on Nov. 9 that allows NFT holders to copy or “mirror” their Optimism NFTs to the Ethereum mainnet. NFT holders can now use their Optimism NFTs in a variety of verified apps, such as in Twitter’s profile badge system — where previously, only NFTs native to Ethereum Layer 1 could be used. Introducing Magic Mirror: a way to mirror your @optimismFND NFTs on Mainnet so you can have verified NFTs on apps like Twitter ✨ pic.twitter.com/GExcrDejtf — jvmi ❤️‍_❤️‍ (@jvmi_) November 9, 2022 Twitter introduced its NFT …

Decentralization is part of the cryptocurrency industry’s core, with various protocols trying over time to achieve the level of decentralization that Bitcoin (BTC) managed to get as it grew organically from a white paper published to a mailing list to a new asset class. Decentralized finance (DeFi) protocols have brought the idea of decentralization to a new level with the use of governance tokens, which give holders the right to vote on or submit proposals regarding issues that govern the development and operations of a project. Governance tokens often represent investors’ ownership in decentralized autonomous organizations (DAOs), which operate using …

Kris Marszalek, CEO of cryptocurrency exchange Crypto.com has become the latest crypto company promising to publish "audited proof of reserves," amid the downfall of rival exchange FTX. "We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves," said Marszalek, adding that his company "will be publishing our audited proof of reserves." We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.co/pFc4Pz9nFR will be publishing our audited proof of reserves. — Kris | Crypto.com (@kris) November 10, 2022 The idea for crypto companies …

The total value locked (TVL) on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem. According to DefiLlama, at the time of writing, Solana’s TVL has fallen to $423.68 million, down 32.4% in the last 24 hours, a far cry from its all-time-high (ATH) of $10.17 billion on Nov. 9, 2021. TVL measures the total value of all assets locked into DeFi protocols. As TVL increases that means more coins are deposited within the DeFi protocols, and can indicate bullish sentiment, while a …

Orthogonal Credit, an arm of the digital asset hedge fund Orthogonal Trading, disclosed on Nov. 9 it pushed to close Alameda Research's dedicated borrower pool on Maple Finance in the second quarter of this year, after identifying "key weaknesses" in a due diligence. On Twitter, the company announced it had identified a number of key weaknesses during a due diligence earlier this year — specifically, declining asset quality and unclear capital policy, among other reasons. The assessment led the firm to push Maple Finance to halt Alameda loans in May, after issuing $288 million in loans in a pool dedicated …