# The Coinweb Daily Spin By [Coinweb.io](https://paragraph.com/@rukawin) · 2023-04-20 --- \*\*The Daily Spin. _Tango Thursday Edition._ \*\*Yesterday Bitcoin saw a flash crash market correction from $30k to $29k in about 12 minutes, noting about $230m in open interest liquidations and a general pullback of the entire market. Many experts indicate that it appears to be a healthy correction, and as long as we can hold above the $28,600 support we are still trending to the upside. Ethereum gas fees spiked to abnormal levels as an MeV bot spent millions in gas over a 24-hour period, surpassing the gas fees of both major L2 networks Arbitrum and Optimism. Many of the transactions were sandwich attacks, as retail traders aped into memecoins such as PEPE and WOJAK – and were unsuspectingly front-run. Metamask denies the ongoing “OG wallet exploit” was specific to Metamask, leaving investigators to continue searching for the source of the vulnerability. Andressen Horowitz venture capital firm a16z’s reveals the launch of a new Layer 2 roll-up client, called Magi. The new roll-up client was developed in Rust and has been built on the Optimism Stack and aims to enhance latency, speed and create a blockchain dApp ecosystem centered around the Optimism Layer 2 network. Helium has halted its native blockchain and will migrate to Solana. All other noteworthy news came from outside the crypto ecosystem, with particular focus on the UK’s double-digit inflation print and the BoE’s challenges to tame prices as the market prices in a 75 basis point hike at the next meeting. Reuters gives a nice summary of the global markets and bond yield movements in the Morning Bid. Worldwide, Hong Kong recognizes crypto as property in the Gatecoin case; Russia announces plans to permit foreign crypto mining by law, and the UAE begins accepting applications for VASP licenses as is now mandated for all crypto firms… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane… **Ongoings at Coinweb** Coinweb Completes Integration of 4 New Blockchains Delivering Along its Roadmap for Cross-Chain Interoperability [https://finance.yahoo.com/news/coinweb-completes-integration-4-blockchains-154031366.html?guccounter=1](https://finance.yahoo.com/news/coinweb-completes-integration-4-blockchains-154031366.html?guccounter=1) Coinweb Prioritises Community Trust with Transparent Reserve Allocation [https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9](https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9) CWEB Token Usage and Utility [https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441](https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441) Coinweb has Closed $2 Million Fundraising Round from SAVA Investment Management [https://www.benzinga.com/pressreleases/23/04/a31637718/coinweb-has-closed-2-million-fundraising-round-from-sava-investment-management](https://www.benzinga.com/pressreleases/23/04/a31637718/coinweb-has-closed-2-million-fundraising-round-from-sava-investment-management) The Coinweb Monthly Spin - Sixth Edition: Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3 [https://coinweb.beehiiv.com/p/coinweb-monthly-spin-sixth-edition?\_gl=1\*1lv6vvu\*\_ga\*NjEwNTkwMjc0LjE2NzU3NTc5NjQ.\*\_ga\_E6Y4WLQ2EC\*MTY4MDQ5NDg4Mi4yMy4xLjE2ODA0OTU1ODcuMzguMC4w](https://coinweb.beehiiv.com/p/coinweb-monthly-spin-sixth-edition?_gl=1*1lv6vvu*_ga*NjEwNTkwMjc0LjE2NzU3NTc5NjQ.*_ga_E6Y4WLQ2EC*MTY4MDQ5NDg4Mi4yMy4xLjE2ODA0OTU1ODcuMzguMC4w) SoftServe, Ultra, Coinweb, ConsenSys, DSCVR and XDC Foundation on Blockchain Misconceptions [https://thefintechtimes.com/softserve-ultra-coinweb-consensys-dscvr-and-xdc-foundation-on-blockchain-misconceptions/](https://thefintechtimes.com/softserve-ultra-coinweb-consensys-dscvr-and-xdc-foundation-on-blockchain-misconceptions/) Coinweb’s Layer 2 marks 4 million transactions milestone [https://twitter.com/CoinwebOfficial/status/1638125472814092291?s=20](https://twitter.com/CoinwebOfficial/status/1638125472814092291?s=20) Coinweb Partners With Ceffu for Institutional Crypto Custody [https://www.ceffu.com/blog/coinweb-partners-with-ceffu-for-institutional-crypto-custody?utm\_source=twitter&utm\_medium=organic\_social&utm\_campaign=cweb0321](https://www.ceffu.com/blog/coinweb-partners-with-ceffu-for-institutional-crypto-custody?utm_source=twitter&utm_medium=organic_social&utm_campaign=cweb0321) Coinweb’s Fireside Chat Series, digitALL: Innovation and Technology for Gender Equality [https://twitter.com/CoinwebOfficial/status/1636676933361745920?s=20](https://twitter.com/CoinwebOfficial/status/1636676933361745920?s=20)“ A Thread on Refereed Delegation of Computation” by Kawin on Twitter [https://twitter.com/CoinwebOfficial/status/1635952081302589441?s=20](https://twitter.com/CoinwebOfficial/status/1635952081302589441?s=20) Coinweb to bring cross-chain tokenisation to Layer 2 [https://cryptoslate.com/coinweb-to-bring-cross-chain-tokenisation-to-layer-2/](https://cryptoslate.com/coinweb-to-bring-cross-chain-tokenisation-to-layer-2/)“ A Thread on L2 Scalability, Network Efficiency and Throughput/TPS” by Anton on Twitter [https://twitter.com/CoinwebOfficial/status/1633424957693915137](https://twitter.com/CoinwebOfficial/status/1633424957693915137) A Leading Layer 2 Platform Looking To Tackle Crypto's Interoperability Issue [https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue](https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue)“ The Reality of Large-scale Enterprises Adopting Blockchain Technology” an article by Toby Gilbert for CityAM Magazine [https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/](https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/) Coinweb Labs is proud to unveil LinkMint 📷📷, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander. [https://www.youtube.com/watch?v=CSKA3cAB15U](https://www.youtube.com/watch?v=CSKA3cAB15U)“ Toby’s full presentation at Token2049-London [https://youtu.be/pdtKx3vAs9c](https://youtu.be/pdtKx3vAs9c) **On the Radar** **Consensus 2023, Apr 26-28 (Austin, Texas)** Web3 Weekend, May 8-13 (Jakarta) Non Fungible Conference, Jun 7-9 (Lisbon) AIBC Asia, Jul 19-22 (Manila) **TOKEN2049, Sep 13-14 (Singapore)** \*\*Blockchain Events curated by CryptoNomad \*\*[https://docs.google.com/spreadsheets/d/1KtyFTb\_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit](https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit) **On the Block(chain)** Bitcoin breaks below $30,000 in flash crash event – altcoins bleed [https://cryptoslate.com/bitcoin-breaks-below-30000-in-flash-crash-event-altcoins-bleed/](https://cryptoslate.com/bitcoin-breaks-below-30000-in-flash-crash-event-altcoins-bleed/) Bitcoin’s dip to $29k may be a healthy correction based on historical trends [https://cryptoslate.com/insights/bitcoins-dip-to-29k-may-be-a-healthy-correction-based-on-historical-trends/](https://cryptoslate.com/insights/bitcoins-dip-to-29k-may-be-a-healthy-correction-based-on-historical-trends/) MetaMask refutes alleged wallet exploit claims – ‘not a MetaMask-specific exploit’ [https://cryptoslate.com/metamask-refutes-alleged-wallet-exploit-claims-not-a-metamask-specific-exploit/](https://cryptoslate.com/metamask-refutes-alleged-wallet-exploit-claims-not-a-metamask-specific-exploit/) MEV bot responsible for 7% of total gas on Ethereum network in 24 hours [https://cryptoslate.com/mev-bot-responsible-for-7-of-total-gas-on-ethereum-network-in-24-hours/](https://cryptoslate.com/mev-bot-responsible-for-7-of-total-gas-on-ethereum-network-in-24-hours/) CoinFLEX co-founder accuses Roger Ver of betrayal in near bankruptcy saga [https://cryptoslate.com/coinflex-co-founder-accuses-roger-ver-of-betrayal-in-near-bankruptcy-saga/](https://cryptoslate.com/coinflex-co-founder-accuses-roger-ver-of-betrayal-in-near-bankruptcy-saga/) ARB down over 12% – reversing recent price surge as altcoins bleed [https://cryptoslate.com/arb-down-over-12-reversing-recent-price-surge-as-alts-bleed/](https://cryptoslate.com/arb-down-over-12-reversing-recent-price-surge-as-alts-bleed/) \*\* Competitive Landscape\*\* A16z’s mystery ‘orange ball’ revealed — new L2 rollup client ‘Magi’ [https://cryptoslate.com/a16zs-mystery-orange-ball-revealed-new-l2-rollup-client-magi/](https://cryptoslate.com/a16zs-mystery-orange-ball-revealed-new-l2-rollup-client-magi/) Coinbase CEO says leaving the US for UK is ‘on the table’ [https://cryptoslate.com/armstrong-coinbase-leaving-the-us-for-uk-is-on-the-table/](https://cryptoslate.com/armstrong-coinbase-leaving-the-us-for-uk-is-on-the-table/) Coinbase obtains license to operate in Bermuda [https://cryptoslate.com/coinbase-obtains-license-to-operate-in-bermuda/](https://cryptoslate.com/coinbase-obtains-license-to-operate-in-bermuda/) Helium’s native blockchain halted as project shifts to Solana [https://cryptoslate.com/heliums-native-blockchain-halted-as-project-shifts-to-solana/](https://cryptoslate.com/heliums-native-blockchain-halted-as-project-shifts-to-solana/) DeFi Platform JustLend DAO Unveils Staked TRX and Energy Rental Features [https://cryptoslate.com/press-releases/defi-platform-justlend-dao-unveils-staked-trx-and-energy-rental-features/](https://cryptoslate.com/press-releases/defi-platform-justlend-dao-unveils-staked-trx-and-energy-rental-features/) Tesla kept $184M Bitcoin balance in Q1 2023 [https://cryptoslate.com/tesla-kept-184m-bitcoin-balance-in-q1-2023/](https://cryptoslate.com/tesla-kept-184m-bitcoin-balance-in-q1-2023/) Maple Finance offering allows global investors to access US Treasury bills [https://cryptoslate.com/maple-finance-offering-allows-global-investors-to-access-u-s-treasury-bills/](https://cryptoslate.com/maple-finance-offering-allows-global-investors-to-access-u-s-treasury-bills/) **US. Coordinated Regulation Failures** US congressman Emmer says SEC chair Gensler is ‘incompetent’ [https://cryptoslate.com/us-congressman-emmer-says-sec-chair-gensler-is-incompetent/](https://cryptoslate.com/us-congressman-emmer-says-sec-chair-gensler-is-incompetent/) President Trump NFTs floor price crashed 58% after ‘Series 2’ launch [https://cryptoslate.com/president-trump-nfts-floor-price-crashed-58-after-series-2-launch/](https://cryptoslate.com/president-trump-nfts-floor-price-crashed-58-after-series-2-launch/) Global shift away from the US dollar prompts offloading of US treasuries [https://cryptoslate.com/insights/global-shift-away-from-the-us-dollar-prompts-offloading-of-us-treasuries/](https://cryptoslate.com/insights/global-shift-away-from-the-us-dollar-prompts-offloading-of-us-treasuries/) Crypto blamed unfairly for Signature Bank’s liquidity crisis, says NY regulator [https://cryptoslate.com/crypto-blamed-unfairly-for-signature-banks-liquidity-crisis-says-ny-regulator/](https://cryptoslate.com/crypto-blamed-unfairly-for-signature-banks-liquidity-crisis-says-ny-regulator/) US judge rejects Do Kwon’s request to block SEC from accessing documents [https://cryptoslate.com/us-judge-rejects-do-kwons-request-to-block-sec-from-accessing-documents/](https://cryptoslate.com/us-judge-rejects-do-kwons-request-to-block-sec-from-accessing-documents/) \*\* World\*\* Inflation woes continue for UK, BOE faces tough decisions [https://cryptoslate.com/insights/inflation-woes-continue-for-uk-boe-faces-tough-decisions/](https://cryptoslate.com/insights/inflation-woes-continue-for-uk-boe-faces-tough-decisions/) Morning Bid: Crowded bonds unnerved [https://www.reuters.com/markets/us/global-markets-view-usa-2023-04-19/](https://www.reuters.com/markets/us/global-markets-view-usa-2023-04-19/) Russia plans to permit foreign crypto mining [https://cryptoslate.com/russia-plans-to-permit-foreign-crypto-mining/](https://cryptoslate.com/russia-plans-to-permit-foreign-crypto-mining/) UAE mandates VASP licenses for crypto firms, begins accepting applications [https://cryptoslate.com/uae-mandates-vasp-licenses-for-crypto-firms-begins-accepting-applications/](https://cryptoslate.com/uae-mandates-vasp-licenses-for-crypto-firms-begins-accepting-applications/) Hong Kong court recognizes crypto as property in Gatecoin case [https://cryptoslate.com/hong-kong-court-recognizes-crypto-as-property-in-gatecoin-case/](https://cryptoslate.com/hong-kong-court-recognizes-crypto-as-property-in-gatecoin-case/) **Thought Leadership** Big vs. small, Open-source vs. API based, the philosophical frictions of foundation models [https://open.substack.com/pub/thesequence/p/big-vs-small-open-source-vs-api-based?r=1ivajd&utm\_medium=ios&utm\_campaign=post](https://open.substack.com/pub/thesequence/p/big-vs-small-open-source-vs-api-based?r=1ivajd&utm_medium=ios&utm_campaign=post) We Must Slow Down the Race to God-like AI [https://www.ft.com/content/03895dc4-a3b7-481e-95cc-336a524f2ac2](https://www.ft.com/content/03895dc4-a3b7-481e-95cc-336a524f2ac2) Do We (Humans) Need an AI Rights Movement? [https://open.substack.com/pub/futrassets/p/do-we-humans-need-an-ai-rights-movement?r=1ivajd&utm\_medium=ios&utm\_campaign=post](https://open.substack.com/pub/futrassets/p/do-we-humans-need-an-ai-rights-movement?r=1ivajd&utm_medium=ios&utm_campaign=post) \*\* \*\* ![](https://storage.googleapis.com/papyrus_images/1b393ff9a5d37f22f566a124f478add2916dc9648d3e72791445a1c3e455423f.png) --- *Originally published on [Coinweb.io](https://paragraph.com/@rukawin/the-coinweb-daily-spin-16)*