This week, huge news, including major altcoin projects, shook the market. Facebook is taking another step towards the transition to the virtual world. Polygon today surpassed Ethereum in the number of active addresses per day. Cardano and Flow Blockchains also complete their expected integrations. We take a look at 11 altcoin projects. Let’s start with Facebook’s million dollar investment…
Facebook allocates $50 million to Metaverse developments
According to an official announcement, Facebook has set aside $50 million in investment funds for Metaverse developments. This investment will be used over the next two years through XR Programs and Research funding. As stated, the team will work with government and industry experts to work on issues and possibilities in the Metaverse. This Metaverse will allow people to interact with each other, digital objects and the physical world through their avatars in a virtual environment. Additionally, Facebook has collaborated with multiple universities and nonprofits such as the University of Hong Kong, Women In Immersive Tech, and more, to distribute this Metaverse ethically.
Altcoin project Fantom collaborates with Republic of Tajikistan
The Fantom Foundation announced that it will create a Central Bank Digital Currency (CBDC) for the Republic of Tajikistan in cooperation with OJSC Orienbank. Additionally, Phantom is fast, scalable, customizable with near-zero transaction precision, making it ideal for DeFi applications and real-world uses.
Cryption Network brings gas-free, fast, cross-chain AMM
Cryption Network has announced the launch of an advanced decentralized exchange. According to the tweet, users can now enjoy a completely gas-free, instant, cross-chain AMM DEX with yield farming. Additionally, the team has unveiled their new yield farming program to take advantage of PolyDEX’s cross-chain interoperability.
Unbound Finance’s Sandbox Mainnet is now live on Ethereum
Unbound Finance announced that it will be built on the Ethereum mainnet. This protected mainnet launch will allow liquidity providers in Ethereum-based AMMs to leverage their LPTs to generate higher returns on their DeFi investments. According to the announcement, this will help create the first-ever decentralized, cross-chain stablecoin UND. The project will also add a more substantial number of pools supported by multiple Ethereum-based AMMs, increasing liquidity and removing curbs on UND mining.
LABS Group started LABS Academy
According to the tweet of LABS Group, the academy aims to educate its new users with basic crypto knowledge such as Blockchain, NFT and Real Estate. According to the announcement, the community will have access to the latest kidollarse funding projects. It also plans to invite the team’s guest speakers and blockchain experts to the LABS Academy. LABS Group facilitates an end-to-end Blockchain-based real estate investment ecosystem. Hence, this Academy launch will attract new users to the LABS platform.
Crypto. com launches interface for UK users
Crypto. com announced the launch of the tax calculator for UK users. According to the tweet, this service is built-in with a country-specific automatic tax calculator interface. Therefore, users can seamlessly calculate and file complex crypto taxes using this app. This service is free and users can generate crypto tax reports with just a few clicks. The team also works with professional tax advisers and legal guidance for filing crypto taxes in the UK. In addition, users Crypto. It can import crypto transaction notifications from supported exchanges and wallets, including the .com app.
Excellent developments from Altcoin Cardano
Cardano announced the integration of Chainlink price feeds (price feeds) to increase its security and get reliable and accurate prices while performing transactions. With this integration, Cardano developers will use Chainlink’s robust Oracle solution. As a result, information feeds for real-time market prices will be linked to Cardano. The team also plans to integrate data streams related to insurance, sports, weather, gaming and NFTs.
On the other hand, Cardano announced that it will launch a new stablecoin on Blockchain. According to official reports, COTI will be the issuer of this new DeFi-focused stablecoin named DJED. Also, this new stablecoin is designed to ensure price stability and provide a tool for decentralized finance (DeFi) operations. Additionally, users can also pay the network’s transaction fees through this stablecoin, which will help to avoid high transaction fees.
Derivatives exchange DYdX surpasses Coinbase
Decentralized derivatives exchange DYdX recorded higher trading volume than Coinbase’s spot markets for the first time. According to CoinGecko, DYdX has processed over $4.3 billion in transactions in the last 24 hours. In contrast, Coinbase has raised roughly $3.7 billion in volume. DYdX offers a number of perpetual contracts on a variety of cryptocurrencies. It allows traders to take advantage of leveraged positions without a fixed expiration date. In particular, Antonio Juliano, the founder of DYdX, tweeted about this milestone on his Twitter account. So, this milestone will encourage more user bases to take this exchange to the next level.
e-Money’s stablecoin listed on Osmosis
e-Money announced that it has listed the European stablecoin eEUR on the Osmosis Decentralized Exchange (DEX). This will encourage European region users to use Osmosis DEX and facilitate transactions using local currency. The e-Money protocol offers a wide variety of interest-bearing, currency-based stablecoins. Each token is backed by a specified reserve of assets in the base currency. Hence, this feature will increase its adoption in the European region. Additionally, users can enjoy secure trading with their local currencies.
Altcoin Polygon and Lossless partnership
Cryptocoin. com In the last part of the hottest news, there are important developments from Polygon Blockchain. According to a tweet, Polygon is known as Ethereum’s Internet of Blockchains, developing and participating in Ethereum compatible networks. Meanwhile, Lossless offers a DeFi hack mitigation tool for token creators through fraud identification methods. This integration helps Polygon Network prevent users from committing any fraudulent transactions and sweepstakes. It also temporarily freezes funds until suspected cases are thoroughly investigated. This will help developers and projects focus on product development.