Welcome to the 75th edition of ‘The Digital Asset Digest’. Today, we look at Chainlink’s potential to become the Google of crypto and outline 3 unique features that make Solana stand out from the crowd.
“Last month China’s central bank, the People’s Bank of China (PBoC), published a memo criminalizing practically all cryptocurrency activity. When the memo started circulating online, Bitcoin’s (BTC) price dropped over 6.5%. Soon after, however, industry experts suggested that the news may have been the ultimate dip-buying opportunity.”
Source: The Block
“Crypto lending firm Celsius Network has raised more than $400 million in a funding round led by growth equity firm WestCap, the company announced Tuesday. ”
“Celebrity investor Kevin O’Leary (aka “Mr. Wonderful” on ABC TV series “Shark Tank“) recently talked about how he thinks the U.S. will regulate stablecoins in the future.“
“Although the regulatory approval is still pending, the popular blockchain project Elrond Network has already agreed to purchase Capital Financial Services S.A – the company licensed to operate an Electronic Money Institution (EMI) in the Euro Economic Area.“
“Novel decentralized trading platform Derived Finance is going to change the game in the segment of crypto derivatives trading. It has successfully completed fundraising and is now eyeing an IDO.“
INDUSTRY WIDE SNAPSHOT
The digital assets sector has been around for more than a decade and is now worth more than most major economies. This $2 trillion industry has plenty of space for new projects and networks, but also plenty of competition for new entrants.
The most popular assets – Bitcoin and Ethereum – have cemented their lead. To challenge their dominance, new platforms need unique features and a completely reimagined framework. That’s what Solana – an Ethereum rival – seeks to offer.
Here are three ways the Solana network sets itself apart and why these unique features have been attracting more users and developers away from Ethereum in recent years.
EXPLORING NEW IDEAS
When the internet started gaining mainstream adoption, there was an explosion of data and utility across the global network. New websites, blogs and web tools were emerging nearly every day and there was simply no way an average user could keep up with it all.
That’s when Google’s search engine emerged to consolidate this ceaseless data. The ability to parse the infinite internet via keywords (and later artificial intelligence) helped make the worldwide web much more usable.
Now, the decentralized layer of the internet faces a similar conundrum. Developers are creating new tokens, decentralized platforms, smart contracts and new tools based on blockchain technology. However, all these innovative new assets are disconnected from data stored off-chain or on the regular web.
Smart contracts can easily execute based on the price of ETH or the quantity of USDC in a crypto wallet, but they cannot interact with Weather data published by the local meteorological department or stock market data published by Yahoo Finance. That’s where Chainlink comes in.
TOKEN OF THE WEEK
Community is integral for any blockchain project’s success. Bitcoin, for instance, wouldn’t have survived if a community of developers and users didn’t adopt it and help spread the word. The excitement and passionate promotion of these digital assets are part of the reason digital currencies can function.
However, this spirit of community sometimes goes too far. During the first few Bitcoin boom cycles, early adopters and enthusiasts overwhelmed social media with passionate endorsements of this new asset class. A few developers decided to parody the growing community by launching a “meme coin.” But the community’s eager embrace of this parody coin has now made it a mainstay digital asset.
THIS WEEK’S DEEP READ
“Crypto Briefing explains how to use dYdX, one of the fastest-growing platforms for decentralized perpetuals trading on the Ethereum blockchain.“
2 weeks ago, our final report in the series on Metaverse implementations came out. This 15+ page report on Upland is available to download, so give it a read before our State of the Metaverse Report comes out this Friday.