Highlights from the weekend:
- Coca-Cola launches first-ever special digital collectibles
- Binance card is now available in Argentina for paying bills with crypto
- PredictIt forced to close shop in the United States by CFTC
- Beanstalk Farms relaunches Ethereum-based algorithmic stablecoin
Words of Wisdom:
- Charles Lee
- Chris Dixon, Co-founder and Former CEO of Hunch
- Olaf Carlson-Wee
Coca-Cola has announced a fresh decision to hop on the crypto train with a brand new series of NFT collectibles. They recently released four unique NFTs for auction on OpenSea, and the proceeds will be dedicated to Coca-Cola's long term partner, Special Olympics International. Each NFT was designed to incorporate elements that are part and parcel to the Coca-Cola brand, reinterpreted for the virtual world in new ways.
The collection will feature multi-sensory NFTs housed inside a Friendship Box, which is an NFT packaged as a loot box. This idea was inspired by the idea of "mystery boxes" to engage users in a curious and creative manner. Coca-Cola will also be giving away a real-life retro fridge made in Italy, as part of their arsenal of surprises. The company has been closely eyeing cryptocurrency and NFT trends in the metaverse, and plans to be an active member of the emerging space.
Binance released a statement that their prepaid card will help bridge purchases through cryptocurrencies. The company aims to expand global crypto adoption and Argentina is the first Latin-American country to receive the Binance card. The product is currently in beta, and will be supported in more countries in weeks to come.
The card is issued by Credencial Payments, and will grant existing and new Binance users a valid national ID to make purchases with. Furthermore, the app and website conveniently allows users to track, manage, access customer support, and view payment history. Additionally, cardholders will earn 8% crypto cashback on all eligible purchases - with zero ATM withdrawal fees.
PredictIt, a New Zealand-based online prediction market - is closing its doors in the United States. PredictIt has held its ground in the US since October 2014, under the protection of a no-action letter. Their unwillingness to comply with regulations eventually lead to their closure in the country.
PredictIt allows users to purchase and trade shares, representing an outcome priced by public consensus. Traders will then view a larger payout after, if they place their predictions when the public disagrees and the shares for the outcome are priced lower. Once the trader guesses correctly, the value of the shares escalate - giving the traders a chance to sell or hold their shares until the market closes. However, if the trader guesses incorrectly - they lose some money.
Some regulators oppose PredictIt's actions, claiming it is an activity similar to gambling. The CFTC hasn't fully determined which rules PredictIt failed to follow in its statement. Although the security of trader funds won't be affected by this move, it will halt the addition of new markets. However, the platform can still accept new signups, deposits, and honor withdrawal requests.
Beanstalk Farms lost $182 million in collateral due to a malicious attack via its own governance protocol system. The exploit occurred on April 16 to governance proposals BIP-18 and BIP-19, which were issued to urge the protocol to donate funds to Ukraine. The company has decided to relaunch on August 6th in an event named "Replant" despite the recent attack. Root is a generalized marketplace protocol built on Beanstalk, it will facilitate the development of rent-free prediction, financial and commerce markets on Beanstalk. The Root Protocol reached $9 million during its seed round, with a plan to grow in the e-commerce and sports betting marketplace on Beanstalk.
In an announcement with Cointelegraph, they mentioned that they've emerged "stronger than ever." Beanstalk has also moved its protocol governance to a community-run multisig wallet until “a secure on-chain governance mechanism can be implemented.” They also highlighted that a new application development on the network is well underway. The project still has a long way to climb to reach its previous metrics, but that isn't hindering them from moving forward.
Blockchain Events and Conferences:
- Monday, August 8th (BC, Canada)
SIGGRAPH 2022: A Premiere Conference & Exhibition
- Tuesday, August 9th (Metaverse)
Crypto Meetup in Metaverse
- Wednesday, August 10th (ON, Canada)
Futurist Conference 2022
- Sunday, August 14th (Singapore)
World Blockchain Summit - Singapore
...and finally, some memes for your morning:
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