The current cryptocurrency winter is unlike any other. The market has lost over $ 2 trillion in value since it peaked in late 2021. Bitcoin (CRYPTO: BTC), the largest cryptocurrency by market cap, is down 57.3% year to date. In fact, the second quarter (which ended in June) was the worst for Bitcoin in a decade.
As people weren’t ready for such a stark turnaround, several crypto tokens and related companies went bankrupt. The collapse of the stablecoin TerraUSD and the liquidation of Three Arrows Capital, a hedge fund, has further fueled fears among cryptocurrency investors.
However, this hasn’t dampened the enthusiasm of specific organizations and companies focused on cryptocurrencies. The most significant crypto developments of the past week are detailed below.
SSV DAO commits over $ 10 million to solidify the future of ETH staking
Shared Secret Validator (SSV) Decentralized Autonomous Organization (DAO) is a distributed validation framework for developers. It is known for developing ssv.network for secure, high-level decentralized construction Ethereum (CRYPTO: ETH) staking app.
SSV DAO’s main goal is to make ETH staking relatively easier and more accessible through turnkey solutions from multiple validation operators. To this end, the organization has committed $ 10 million to developers working on the core development infrastructure.
The main SSV sponsors funding this grant are Digital Currency Group, Coinbaseand OKEx. Development teams designing ways to decentralize ETH’s level of consensus before it moves to a revolutionary proof-of-stake model are eligible for the grant.
Approximately $ 3 million of the total grant is reserved for staking infrastructure developers and bug rewards, where applicable. The remaining $ 6 million is intended to incentivize early adopters and testers.
The Game Storm game studio enters the world of Web3
Last week, The Game Storm Studio partnered with Ready Games to explore Web3 game development together. With over 1 billion cumulative downloads, The Game Storm is a leading name in the gaming industry. At the same time, Ready Games is known for its efficient technology stack and fast execution strategy.
Both companies are expected to unlock new Web3-based games and gaming experiences within a month, giving them a competitive edge over their peers.
In this regard, Martin Cormier, CTO of Ready Games, said: “We have revealed a number of very effective and easily adaptable gaming infrastructure tools that help game developers create or have their games rated on the blockchain with as little friction as possible, within 30 days integration, no need to hire additional Web3 resources, compatible with Apple and Google and access to over 40,000 beta testers Developers finally feel they have the tools to get into web3.
Solflare integrates FTX to allow users to manage Solana CeFi and DeFi accounts
Leader in high-performance blockchain From Solana (CRYPTO: SOL) Native Solflare Wallet recently announced an integration with the popular crypto derivatives exchange FTX.
As part of this development, the Solfare portfolio will be integrated with FTX.com and FTX US. Therefore, Solfare users can manage or transfer their FTX custody and non-custodial funds directly via web extensions and / or mobile wallets.
FTX is by far one of the most popular platforms for decentralized finance (DeFi) transactions. This integration should pave the way for new, regulatory-compliant web3 opportunities, according to Solana co-founder Filip Dragoslavic.
At the end of the line
As blockchain companies and developers strive for more innovation, the cryptocurrency space is proof that decentralized platforms are here to stay. As recent withdrawal fears have intensified in recent months, cryptocurrencies are expected to pick up with the global economy in the near future.