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According to the Bureau of Economic Analysis released on Thursday, the U.S. Gross Domestic Product (GDP) declined by 0.9% in the second quarter. Consumer spending, the key factor that plays a significant role in the country’s GDP growth, increased by only 1%. In comparison to Q1/2022, the hike rate is insignificant. It looks like a US downturn is good for cryptos prices, as the entire crypto complex is trending up as the recession bites. Recession And Crypto? The GDP result in Q1/2022 was also negative growth with a decline of 1.6%. With two consecutive quarters of negative GDP growth, the United States is technically in a recession. White House Press Secretary Karine Jean-Pierre, on the other hand, publicly stated that it is not how we define “recession.” It is indeed halfway true; we’re not officially in recession until the National Bureau of Economic Research NBER will eventually consider it one. The American private non-profit organization began its operation in 1920 with a ...

As was expected, the FED opted for a 75-basis-point interest hike to gain control over inflation. The Federal Reserve (FED) announced it will increase interest rates by 75 basis points. The interest announcement was made during the Federal Open Market Committee Meeting (FOMC Meeting) at 2 pm on July 27. The move marks the biggest rate hike that the agency has made since 2019, showing how serious inflation is at the moment. If the wake of the move, cryptos, gold, and stocks moved up. It looks like higher rates mean higher asset prices! The FED Lost Control Over the last few years, The FED usually only raised interest by 0.25%. In the meantime, the target range of FED funds officially lifted to 2.25% and 2.5%, the largest rate since the beginning of the pandemic. This is, however, unlikely to be the last hike. Many expected that FED would change policy and boost economic growth facing the potential recession after the 0.75% increase. But it’s noteworthy that inflation is now the...

The DeFi development space is alive and well, with the newly announced accelerator program from Orbs & Polygon: DeFi.org. The group announced that four projects will get support from the program. The four projects are Ithil, Prophet, CURL, and reBaked. The DeFi space was hit hard by the downturn in global markets, but there is still a lot of great stuff happening on the development end of DeFi. In time, there will be amazing tech developed in the space, as people look for more financial freedom in a world where central banks are using their power to move markets. It isn’t surprising to see good ideas in the DeFi space, as the global dev community understands that we need new systems without gatekeepers. The four projects will gain access to funding, and help from Polygon and Orbs. The two major platforms, Polygon and Orbs, have active development communities, and will be happy to mentor the four projects that were selected for the first round of the program. DeFi is Happenin...

Founded in late 2021, Aurigami is a decentralized, non-custodial, native money market on Aurora Network, the EVM chain of NEAR Protocol. It enables users to lend, borrow and earn interest with their digital assets in a fun, gamified ecosystem. What Is Aurigami? Aurigami’s inspiration come from the Japanese word “Origami”, the art of paper folding, which is a fun and creative activity. In Origami, the artist masterfully orchestrates the paper’s movements to create an art piece that is more than the sum of its parts. Similarly, the team behind Aurigami also wants to do the same for customers’ crypto assets, by allowing them to maximize returns while at the same time making it a fun and interactive experience through gamification. While depositors provide liquidity to the protocol to earn a passive income, borrowers are able to borrow in an over-collateralized fashion. In addition, Aurigami users may simply deposit assets that support the protocol to generate rates ranging from 8% t...

Sam Bankman-Fried was not bragging about his plan to “save” troubled cryptocurrency companies despite the crypto winter. Over the past few months, many companies have fallen into a difficult situation, some were even going bankrupt. FTX is on the road to rule as it was confirmed that the exchange was in talks to acquire Bithumb. Empire Expansion Vidente, the largest shareholder of Bithumb, revealed that FTX held discussions to capture Vidente”s dominant shares. In other words, FTX is close to Bithumb’s acquisition. However, Vidente did not give any further details on the acquisition. The official news was reported by Bloomberg. According to a source close to the issue, Sam is targeting the cryptocurrency exchange Bithumb. It was stated that the negotiations have been quietly going on for the past few months and are approaching the final stage. The Perfect Time to BUY A series of bad events such as the collapse of LUNA/UST or the bankruptcy of major hedge fund Three Arrow Ca...

All eyes are on Ethereum’s coming Merge – is ETH the next #1 token? While Bitcoin and Ethereum came onto the crypto scene with different purposes, there is constant competition between the two largest coins and Ethereum never wins. But the second-largest digital currency is close to its notable milestone – the Merge, which can not only transform its monetary policy but also rearrange its position in the cryptocurrency leaderboard. The Merge Opens Up A Chance For Power Shift Many started to envision a shift of power when the Merge succeeds. In an interview with Cointelegraph, Vivek Raman , an Ethereum researcher, said that the upcoming important upgrade is a chance for Ethereum to outperform Bitcoin. According to the researcher, the decisive factor is the effect of the supply shock. To wit, “Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin.” The principal distinction between Ethereum and Bitcoin is ...

We talk about the metaverse a lot these days. We debate what it will mean for the future of the world and how it should be approached. Every few years, the tech world has a few things that capture its attention and these days, it is the metaverse. But if you’ve stayed on top of its developments, you’ll notice that a lot of the metaverse is geared towards gaming. GameFi is one of the hottest digital trends these days and a reason for this is its connection to the metaverse. Picture it; playing hyper-realistic games with friends and winning tangible rewards while doing so. This might sound great but what about those of us who don’t want to conquer digital game landscapes? What about those of us who just want to hang out with friends and chill? Well, this is where Umetaworld comes in. What is Umetaworld? Umetaworld is the world’s first metaverse social media platform. Its whole purpose is to offer a place where people can just be social; no high stakes, just people meeting other pe...

Did you know that the metaverse market was worth $478.7 billion in 2020 and is expected double in the next four years? By 2024, virtual space will be worth $800 billion. This development shows that the world is transcending into digitalisation as there has been a massive surge in NFTs and metaverse adoption worldwide. NFTs were established in 2014. However, it recorded a massive increase in adoption between 2018 and 2020. In 2021, NFT sales hit over $41 billion, according to Chainalysis. In addition, the active wallets dealing with NFTs also increased from 545,000 in 2020 to 28 million in 2021. So what is driving the adoption of NFTs and Metaverse? While the traditional world system is filled with barriers, NFTs and the metaverse create an opportunity for you to interact in an active community without a central authority. Top influencers and artists also use NFTs to push their work to more worldwide audiences. Additionally, leading industries like games, music, health, media, and s...

“We can’t touch it!” That was what the Chief Technology Officer had to say at the beginning of the meeting. “It’s our protocol and we wrote the smart contracts, yet we can’t touch the $4 million in liquidity left on our V1 solution. That’s just the way it was designed.” Meanwhile, our latest iteration of the protocol, O3 Interchange, had just over $6 million in liquidity. That was enough to bootstrap our cross-chain bridge, but it didn’t exactly inspire wows and praise from the O3 faithful. We had decided on asking our users to move that original liquidity over; however, the technology we ourselves created was working to protect the users as opposed to our own interests. After all, that’s the way DeFi works and the way it should be. The problem still loomed. Due to the recent bear market a lot of our past users seemed to have simply exited our communities where we’ve interacted with them in the past or else lost interest in the crypto space altogether. We’d already set up a bot to pe...

Ethereum’s Vitalik Buterin shared the team’s next milestones after the Merge during the fifth edition of the Ethereum Community Conference (EthCC) in Paris. According to Buterin , Ethereum will have more important upgrades post-merge and the September-anticipated upgrade is an important part of a lengthy journey to the project’s goal. “Ethereum can go up to being 55% complete after the ‘merge,” Buterin stated, “We’re getting close, which is really amazing.” Earlier this month, the shadow fork focusing on the Miner-Extractable Value (MEV) was successfully activated – the team of core developers also tentatively set up for the first time the launch date of The Merge in September. Ethereum is Growing The transition from Proof-of-Work to Proof-of-Stake will set the scene for the platform’s evolution. Buterin discussed that the next upgrades of Ethereum would consist of four phases: The Surge, The Verge, The Purge, and The Splurge. Despite the fact that each upgrade comes literall...

Pioneering platforms like Sorare and Socios have done an excellent job of setting the groundwork for digital fan engagement. Now, Fanzee Labs is here to take Web3 fan engagement to the next level. Fans are a big deal, and with the internet age, making connections has never been easier. The goal of developing better fan engagement platforms motivated two entrepreneurs, Anthony and Serge, to create a new market that completely transforms fan power. That was the genesis of Fanzee Labs. As more individuals become interested in digital interaction, there is a growing demand for new ideas and products, as well as a space that is connected with services. The problem is that current fan engagement platforms are lacking. Let’s see how Fanzee Labs is changing the game. Ultimate Fan Power With Fanzee Let’s face it: creating a market for the immersive digital fan experience is a difficult undertaking. While people love to follow sports and celebs, there is no common market for fan engageme...

Hectagon is the world’s first DAO-governed Web3 VC funding platform. It is a financial platform with no entry barriers to entry: Anyone can join the Hectagon network, invest, and contribute value to projects that Hectagon invests with. Value contribution in Hectagon’s protocol is recognized through $HECTA token rewards . Hectagon The CEO and Founder at Hectagon is Linh Han who is honored on the Forbes Asia 30 Under 30 list (2020) with 10 years of proven track records in Investment, Finance, and Startups Development. He’s also the co-founder at VSV Capital, first Vietnam’s Accelerator and early-stage VC. In addition, VSV Capital was ranked #1 as the most active investor in Vietnam in 2022 by TechinAsia. Over the last 8 years, VSV has made over 80 investment deals from Pre-Seed to Series B into 70 startups with founders from 9 countries, such as Loship, Base.vn, Modmo, Ship60, Nerman, Loop, and Vibeji, with a total valuation of over $300 million. Hectagon has also received inves...

History always repeats itself: whether it’s fashion trends, economic patterns, or even business cases, the digital world is not an exception. Web1, and later Web2 became monetized at the early stages of development. Web3 is also on the way with Dynamic NFT Billboards in the Metaverse. Why dynamic NFT billboards matter for NFT monetization Grayscale Research has already estimated that Metaverse may grow into a $1 trillion business in the near future. Meanwhile, Bloomberg analysts declare that Metaverse may already be a market of $800 billion. The first one gets the oyster, the second gets the shell. Businesses such as Dolce & Gabbana, Gucci, and Nike create virtual stores and bid on ads on the Metaverse because such promotional content is more complex, immersive, and adaptive to future technologies. How to monetize Metaverse with dynamic NFT billboards Literally, any brand is welcome and should advertise via Dynamic NFT Billboards to reach the next-gen demographics and ensure...

The macroeconomic downturn has led to a growing number of layoffs across the cryptocurrency industry. Following Coinbase , BlockFi, and Crypto.com, crypto firm Blockchain.com was the latest name to join the list . Blockchain.com, a cryptocurrency financial services firm, announced this week that it would cut its workforce by around 25%. The firm cited turbulent market conditions as the main reason. That figure showcases a downsizing to 450 employees as the firm reached 600 employees over the past 16 months. Blockchain.com Makes The Cut In an interview with CoinDesk, a spokesperson of Blockchain.com said that the cutback will adjust the firm’s expansion strategies in other areas such as institutional lending, NFT, and blockchain gaming. After initially planning to expand to multiple countries, Blockchain.com has been forced to shift course. The representative office in Argentina is also closed. Blockchain.com has provided four to twelve weeks of severance pay to laid-off workers....

The crash won’t kill DeFi – instead, it creates a solid base for strong projects to thrive in the future. DeFi projects on Ethereum such as MakerDAO, Aave, and Uniswap, among others, may have different directions and goals , but they are united in their goals to survive the bear market and bring their blockchain-powered offerings to the masses. The Crypto Spring Will Come The prominent lending protocol Aave is planning to develop a decentralized stablecoin that supports collateral loans and is pegged to USD on Ethereum. The team called it GHO and the plan was already proposed to DAO. Stablecoin development is a risky bet, especially after a series of project collapses exposed by the iconic USDT. While Aave chases the promise of decentralized stablecoin, according to its belief in the role of a stablecoin in Web3, the plan could attract plenty of derision since the term “stablecoin” still reminds us of an underwhelming event. Many Connections Will be Made MakerDao, on the other ...

Three Arrow Capital is the name that Hollywood directors could keep in mind the next time they want to make a crypto film. The troubled lender Three Arrow Capital (3AC) is still in the spotlight . The case has become more complicated since the firm’s bankruptcy, with 3AC’s cofounders Zhu Su and Kyle Davies disappearing. New details of the case surfaced in the past 24 hours, with new parties revealed. It Just Gets Better Teneo Restructuring, 3AC’s designated liquidation unit, has published a 1,157-page affidavit submitted by creditors and drafted by liquidator Russell Crumpler. The document says that 3AC is liable for $3.5 billion in claims. Among the creditors are Genesis Trading, Celsius, Voyager, CoinList, Galaxy Digital, SBI Crypto, BlockFi, and Moonbeam, among others. Following the publication of the affidavit, the community believed that there were still more names tied to 3AC, such as BlockFi, Babel Finance, Deribit , DeFiance Capital, and Finblox. The paper also included...