# Last Week in Web 3: September 11th - September 17th By [jay-albert.eth](https://paragraph.com/@jay-albert) · 2022-09-19 --- Potentially Notable News ------------------------ ### Cryptocurrencies * [The Ethereum Merge was successful in transitioning the chain from Proof of Work to Proof of Stake, reducing the network's electricity consumption by 99.8%.](https://thedefiant.io/the-merge-live) * [Due to its dominant market share, market capitalization, liquidity, scalability roadmap, and thriving digital economy, Ethereum's Merge is likely to result in strong institutional adoption of the blockchain's token, Ether (ETH), Bernstein predicted in a research report.](https://www.coindesk.com/markets/2022/09/15/bernstein-strong-institutional-adoption-of-ether-expected-following-the-merge/) * [Everscale community-led L1 intends to fix issues with Ethereum's current architecture. To scale its network, it combines data sharding (using "workchains") and execution sharding (using "threads").](https://messari.io/report/everscale-an-evolving-community-led-l1) * [The Layer 1 protocol Near started a crucial stage of its "sharding" upgrade designed to speed up the blockchain's processing speed and cut the cost for stakers wishing to participate in the network's operation.](https://www.coindesk.com/business/2022/09/12/near-blockchain-moves-ahead-with-phase-one-of-sharding-upgrade/?utm_source=tldrnewsletter) ### Decentralized Finance (DeFi) * [Compound, a Decentralized Finance (DeFi) lending platform, is offering a borrowing option for organizations that will take bitcoin and ether as collateral for stablecoin loans.](https://www.coindesk.com/business/2022/09/14/defi-lender-compound-takes-bite-of-institutional-crypto-loans-pie/) * [Ribbon Finance introduced Ribbon Lend, which can be viewed as an "uncollateralized Aave" and allows depositors to make unsecured loans to institutional market makers of their choice.](https://twitter.com/ribbonfinance/status/1570075802469019657) * [The first liquid staking marketplace for Ethereum, Swell Network, is operational on mainnet.](https://messari.io/report/swell-network-ethereums-first-liquid-staking-marketplace) * [A report by Nansen claimed that 64% of all staked ETH is controlled by five organizations.](https://cointelegraph.com/news/64-of-staked-eth-controlled-by-five-entities-nansen) * [Tether launched its USDT stablecoin on the Layer 1 proof-of-stake blockchain Near](https://tether.to/en/tether-usdt-launches-on-near-network) ### Non-Fungible Tokens (NFTs) * [China's "digital collectibles" are developed on closed networks and intended to placate regulators who disapprove of trading and speculation.](https://www.coindesk.com/layer2/2022/09/14/a-peculiar-flavor-of-nfts-is-thriving-in-china-one-regulators-can-abide/) * [According to the founder, Rentable, a non-fungible token (NFT) platform that enables users to rent out their jpegs, will be shutting down since "product market fit" has not been achieved.](https://medium.com/rentable/rentable-is-shutting-down-b80731ef4326) * [To increase the digital footprint of the Museum of Modern Art (MoMA) in New York and acquire the institution's first NFTs, the William S. Paley Foundation will auction off at least $70 million in works of art this fall.](https://decrypt.co/109672/moma-to-sell-70-million-art-collection-may-use-proceeds-to-buy-digital-art-and-nfts) * [Users can now purchase and trade NFTs from Gods Unchained, Guild of Guardians, Illuvium, and other well-known blockchain-based games built on Immutable X through the NFT marketplace Rarible.](https://www.theblock.co/post/169458/nft-marketplace-rarible-partners-with-immutable-to-sell-gaming-nfts) * [Starbucks has introduced Odyssey, a brand-new Web3-powered experience that will allow Starbucks Rewards members and US workers to earn and buy digital collector goods that will enable access to new benefits and immersive coffee experiences.](https://stories.starbucks.com/press/2022/starbucks-brewing-revolutionary-web3-experience-for-its-starbucks-rewards-members/) ### Metaverse * [Ford Motor Company has filed 19 trademark applications across its key auto brands as it prepares to enter the Metaverse.](https://twitter.com/KondoudisLaw/status/1567480586666741760) * [Spencer Tucker has been appointed as Yuga Labs' first chief gaming officer to direct the company's gaming initiatives, including its Otherside metaverse project.](https://www.businesswire.com/news/home/20220916005518/en/Yuga-Labs-Hires-Spencer-Tucker-as-first-Chief-Gaming-Officer) ### Decentralized Autonomous Organizations (DAOs) * [Messari published an update on the state of Optimism Governance.](https://messari.io/report/state-of-optimism-governance) * [A group of action sports enthusiasts called Gnars has established a DAO to reevaluate how extreme athletes are supported.](https://gnars.com/) * [To lessen its dependency on centralized stablecoins in the wake of Centre, the creator of USD coin (USDC), blacklisting 38 addresses connected to the sanctioned cryptocurrency utility Tornado Cash, MakerDAO doubled the debt ceiling of its staked ether (stETH) vault this week.](https://twitter.com/MakerDAO/status/1569400518639771648) ### Web 2 evolving into Web 3 * [The CME launched ether options contracts.](https://www.prnewswire.com/news-releases/cme-group-announces-launch-of-ether-options-301621757.html) * [The Linux Foundation has revealed ideas for a fresh cooperative project based on open source principles and intended to foster interoperability among digital wallets.](https://www.linuxfoundation.org/press/linux-foundation-announces-an-intent-to-form-the-openwallet-foundation) * [Financial messaging services provider SWIFT is undertaking a pilot project that tests the use of Symbiont's enterprise blockchain technology.](https://www.pymnts.com/blockchain/2022/swift-testing-use-of-blockchain-for-its-corporate-communications/) * [EDX Markets, a cryptocurrency exchange, was launched by Charles Schwab (SCHW), Citadel Securities, and Fidelity Digital Assets.](https://www.businesswire.com/news/home/20220913005367/en/) * [Fidelity, a major provider of financial services, is debating whether to permit individual brokerage customers to trade bitcoin (BTC)](https://www.coindesk.com/business/2022/09/12/fidelity-considering-offering-crypto-trading-to-brokerage-customers-report/) ### Weaving Web 3 * [By enabling data sources to manage their own Oracle nodes, the API3 protocol eliminates middlemen. Data suppliers can no longer remain anonymous because there are no middlemen; as a result, they are responsible and may face consequences if false data feeds are sent to customers.](https://messari.io/report/skin-in-the-game-feeding-accurate-data-with-api3) * [The Railway Wallet smartphone app, developed by Decentralized Finance (DeFi) privacy protocol Railgun, enables users to conduct DeFi activities on the Ethereum blockchain in private.](https://www.coindesk.com/business/2022/09/16/defi-privacy-protocol-railgun-launches-protected-mobile-wallet-app/) * [The Bitcoinist published an interview with Flavian Manea, the CEO of Bware Labs, a web3 infrastructure solutions company. The business seeks to provide what it believes to be the market's quickest and most dependable decentralized API solution.](https://bitcoinist.com/interview-flavian-manea-ceo-of-bware-labs-decentralized-apis-and-blast-testnet/) * [Third-party wallets like MetaMask, TrustWallet, and many more are now supported by the Web3-focused Opera Crypto Browser.](https://press.opera.com/2022/09/13/opera-crypto-browser-wallet-selector-the-merge-metamask/) * [The CEO of Celsius Network has started to lay out a strategy for the company's revival.](https://watcher.guru/news/celsius-network-ceo-plans-revival-after-crypto-crash) * [The crypto services company Abra is in the process of establishing Abra Bank, a U.S. state-chartered organization that may end up being the first regulated bank in the cryptocurrency sector.](https://www.abra.com/blog/abra-bank-and-abra-boost/) ### U.S. Laws and Regulations * [Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), reiterated his support for oversight following Ethereum's switch to Proof of Stake by stating that staked cryptocurrencies may be governed by federal securities laws.](https://www.coindesk.com/policy/2022/09/15/secs-gensler-signals-extra-scrutiny-for-proof-of-stake-cryptocurrencies-report/) * [To support the Federal Reserve's ongoing investigation into the potential for a central bank digital currency (CBDC) and to prepare the rest of the federal government should the Fed decide to establish one in the future, an interagency working group will start meeting regularly.](https://www.theblock.co/post/170664/biden-administration-takes-a-step-closer-towards-a-digital-dollar) * [The crypto policy initiatives of Coinbase will start to be integrated into its app. This is supported by some publicly accessible data from a company called CryptoActionNetwork.](https://twitter.com/brian_armstrong/status/1570133078022160384) * [Residents of the United States who have cryptocurrency stuck on Tornado Cash can now request for a permit from the U.S. Treasury Department to get their money back.](https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1079) * [To influence how the U.S. government debates digital assets, the Blockchain Association is launching a political action committee.](https://twitter.com/KMSmithDC/status/1569367263857512448) ### International Laws and Regulations * [The prototype of Norway's central bank digital currency (CBDC) is based on Ethereum technology, according to Norges Bank officials.](https://thepaypers.com/cryptocurrencies/norway-builds-cbdc-prototype-on-ethereum-infrastructure--1258364) * [The Chinese government still defends local cryptocurrency investors despite putting a significant restriction on cryptocurrencies a year ago because bitcoin is viewed as virtual property covered by the law.](https://cointelegraph.com/news/possession-of-bitcoin-still-legal-in-china-despite-the-ban-lawyer-says) * [A South Korean court has issued an arrest order against Do Kwon, the co-founder of the now-defunct stablecoin issuer Terraform Labs.](https://www.coindesk.com/business/2022/09/14/s-korean-court-issues-arrest-warrant-against-terra-co-founder-do-kwon-report/) * [The Financial Services Regulatory Authority (FSRA), which oversees the financial sector in the free economic zone of Abu Dhabi Global Market (ADGM), released its "Guiding Principles" on how it approaches the regulation and supervision of digital assets.](https://www.adgm.com/financial-services-regulatory-authority/guiding-principles) * [The Thai Securities and Exchange Commission (SEC) intends to forbid cryptocurrency platforms from offering or supporting depository services of digital assets.](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9606&NewsNo=151&NewsYear=2565&Lang=TH) * [Following "active collaboration" with India's Enforcement Directorate (ED) via ongoing anti-money laundering (AML) checks that barred "suspicious accounts," the bank accounts of the cryptocurrency exchange WazirX were unfrozen.](https://wazirx.com/blog/update-on-ed-investigation-wazirx-continues-cooperation-bank-accounts-unfrozen/) * [Eight new members, including the Central Bank of Nigeria and the Banque de France, have joined Hyperledger.](https://www.ledgerinsights.com/central-banks-of-france-nigeria-join-enterprise-blockchain-association-hyperledger/) Web 3 Resources --------------- * [Resources for Web3 to aid you in your journey.](https://www.notion.so/57ef9c8e732043bbb14080f2f5914866) * [Institutional-grade analysis and in-depth insights are offered by Binance Research.](https://research.binance.com/) * [Best practices on how to read from and write to memory using memory references with Solidity.](https://betterprogramming.pub/solidity-tutorial-all-about-memory-1e1696d71ee4) * [You can get news in context faster, manage on-chain reputation, add context to insights, and earn more through embedded platform monetization with the Finclout SaaS tool and community.](https://finclout.io/) Web 3 Tools ----------- * [Beoble is a Web 3.0 on-chain communication window with an API and SDK. Web 3.0 services may quickly add social functionality to their offerings using beoble.](https://www.beoble.io/) * [Decentralized Finance (DeFi), NFT collections, and Web3 gateway are all available through Plasma Wallet.](https://plasma-wallet.com/) * [The NFT-inator is a zero-code nft collection creator that allows users to create, export, and prototype artwork for free.](https://nft-inator.com/) * [Neon gives customers the ability to assess their knowledge of crypto investing and make wise investment choices. Investors can study current cryptocurrency trends, track price changes, and get paid for making accurate forecasts.](https://www.neoncoins.com/) * [Diamond is the place where creators and their audience can establish vibrant communities centered on incentives, content, and ownership.](https://diamondapp.com/) * [Web 2 notifications based on on-chain events.](https://web3notify.xyz/) * [Create an NFT store or marketplace without any code with Niftify.](https://www.niftify.io/) * [Magic is a user authentication and private key management solution for Web3 and Web2.](https://magic.link/) Writer’s Note ------------- None of the views expressed in any of the links are representative of Mix3d or Mix3d members. Many of the Web 3 tools are new and have not been vetted. I suggest testing tools with Web 3 wallets dedicated to testing and not your personal wallet. Want to hear from journalists and researchers on the ground of Web 3? Follow the new [Web 3 Researchers list](https://twitter.com/i/lists/1568412026703159298) on Twitter. Want to know about Web 3 events around New York City and online? Add our [Google Calendar](https://calendar.google.com/calendar/u/0?cid=ZDgwczdpMmg3MjNscXZkbGY4N29yc3ZvMWtAZ3JvdXAuY2FsZW5kYXIuZ29vZ2xlLmNvbQ). If you want to keep up to date with everything Web 3, subscribe and feel free to support the community at Mix3d.Eth. Want to join the community? Hop into our [Discord](https://discord.gg/47vgRxqCsT). --- *Originally published on [jay-albert.eth](https://paragraph.com/@jay-albert/last-week-in-web-3-september-11th-september-17th)*