The Web3 Watch: 1st Edition

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Whether you are in Dubai or in FOMO, we have got you covered with the top Web3 news and alpha 🚀🚀

Cryptocurrencies took a hit as traditional markets turned cautious due to increased geopolitical tensions, affecting digital assets as well. The overall value of the crypto market dropped by more than 20% in the last week.

What caused this drop? 🤔📉

The crypto market saw a significant decline over the weekend, hinting at potential challenges ahead. Concerns about a possible attack by Iran on Israel and statements from regional Federal Reserve banks regarding US monetary policy have unsettled investors. These events led to Bitcoin prices falling to $61,000, the lowest they've been in a while.

What do analysts say? 🧑🏻‍🏫

Analysts see similarities to a "bull flag" pattern, suggesting the market might rebound. However, the impact of Bitcoin's Halving remains uncertain.

Berachain is an EVM-compatible L1 blockchain built on Cosmos SDK. It runs on a new consensus mechanism called Proof-of-Liquidity.
Let’s understand how the Proof-of-Liquidity consensus works:

Instead of having a common token for gas/on-chain activities and staking, berachain leverages multiple tokens, primarily BERA-for gas (on-chain activities) and BGT- Bera Governance token for governance. Users deposit BERA tokens in a liquidity pool to receive BGT tokens. BGT holders can delegate their tokens to validators, who produce blocks, manage BGT inflation, and distribute rewards ("bribes") to delegators (Similar to Delegated Proof-of-Stake).

Some possible Benefits:-

1. Improved Liquidity: BERA can be solely used for transactions on the blockchain, enhancing on-chain liquidity.

2. Fair Staking Rewards: The system ensures fair distribution of staking rewards among Validators and Delegators

3. Validator-Protocol Alignment: Validators are incentivized to act in the best interest of the protocol, promoting network security and stability.

   

Indian-American entrepreneur and investor Naval Ravikant launches Airchat, focusing on building authentic connections and having great conversations. The app leverages AI and combines the best of Tiktok, Clubhouse and Instagram.

Airchat feels pretty familiar and intuitive, with the ability to follow other users, scroll a feed, reply, like and share. The only difference is that, posts and replies are voice recordings or like mini podcasts(just like Clubhouse). Ravikant said "Humans are all meant to get along with other humans; it just requires the natural voice."

Naval

@naval

Social media isn’t social - it’s performative.

Where’s the chitchat, the banter, the easy laughter?

We made something new.

Push-to-talk, whenever you want.

With perfect transcripts and AI art.

A dinner party in your pocket.

Follow @getairchat

Never feel alone again.

3,497

3:30 AM • May 22, 2023

Spain's data protection authority, AEPD, has banned Worldcoin from collecting personal data using an eye-scanning device called "the orb". The regulator demanded a stop to data collection and usage.

Worldcoin's use of personal data from eye scans has raised concerns among customers and the media across other parts of the world as well.

Over $4 billion of crypto funds have been lost due to bridging-related exploits. On top of that, bad UI and Slow transfers make things worse.

Chainlink co-founder Sergey Nazarov said, "Having a secure way to move both value and data across chains is something the blockchain industry has needed for years."

The transporter is built on Chainlink’s Cross-Chain Interoperability protocol and is first available on Arbitrum, Avalanche, base, BNB, Ethereum, Optimist, Polygon, and WEMIX. The platform also offers global support and a real-time visual tracker to follow the status of transfers between chains.

Coinbase has won a lawsuit in which the United States Court of Appeals for the Second Circuit confirmed that secondary sales of cryptocurrencies on the platform do not violate the Securities Exchange Act.

The legal battle was centered on whether the crypto traded on a coin base qualified as security.
This court ruling provides much better clarity- at least for secondary market trading.

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