# The Coinweb Weekly Spin

By [Coinweb.io](https://paragraph.com/@rukawin) · 2023-05-15

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\*\*The Weekly Spin. _Second Edition._ \*\*Questooors unite! Coinweb is proud to announce the launch of our Crew3/Zealy questboard, a fun and educational learn and earn platform – where we invite all of our community members to participate in order to receive XP and contribute to the growth and development of our project. The Zealy quest track not only ensures the best synchronization with our project communications, it is also the primary way to gain early access to the Coinweb Wallet (Alpha Tester Program) and may be used in consideration of any future retroactive airdrop campaigns! Community members who apply for and are selected to participate in the Alpha Tester Program will also gain exclusive access to our private Discord Channel, which grants new community roles beyond what we’re able to do via Telegram; and is a precursor to the planned future launches of our Guild.xyz page and Galxe.com communities. It’s Alpha on Alpha season, and we’re super excited to activate more channels to remain high-touch with our community as we grow – together.

Last week, we saw Bitcoin drop to 2-month lows amidst a small rally on the back of the CPI inflation print; as the US banking crisis continues to unfold, the national debt ceiling gets tickled and problems between the SEC and Congress, politicization of issues continue to poison the regulatory landscape of the world’s biggest economy. We are witnessing the exit of well-established crypto players en masse, the latest of which include Bittrex, Gemini, and the divestiture of Binance.US. Coinbase’s Brian Armstrong has been running around the world taking selfies with EU and Middle-eastern political leaders, sending a nice message to the incumbents in power. Outside of the US, the UK has roughly followed the same trajectory in raising interest rates, the EU’s MiCA continues to lead the way; France continues to riot, Erdogan getting chased out of office, and Pakistan’s former PM got thrown in the can and bailed out (similar to HRH Do Kwon, who was let out on bail at 400,000 EUR).

Most interestingly last week, significant events happened on both the Bitcoin and Ethereum networks – Ethereum failed to finalize blocks for two time periods within 24 hours, which devs are still investigating the cause for; and Bitcoin experienced a flood of transactions on the back of Elon Musk’s tweet of the Milady Ordinal, causing the mempool to skyrocket to 600k transactions and transaction fees to spike to over $20. The community is divided between whether Inscriptions are an net benefit for the king of blockchains (as it adds additional utility) or whether such transactions are more disruptive to the blockchain, departing from its original use case. Further controversy has risen since the rumor that BSV developers were behind the spike in usage, as users who ran into problems logically migrated to using Bitcoin Cash or Bitcoin SV… 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 is now Live on Zealy! \*\*Join our community of Questooors on the Zealy (formerly Crew3) platform to earn XP and special privileges – including an opportunity to participate in our Alpha Wallet Tester Program! [**https://zealy.io/c/coinweb/questboard**](https://zealy.io/c/coinweb/questboard)

\*\*The Coinweb Monthly Spin - Seventh 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)

\*\*Implementing Gas Fee Abstraction on Coinweb \*\*[https://medium.com/@Coinweb.io/implementing-gas-fee-abstraction-on-coinweb-c6843ec6613b](https://medium.com/@Coinweb.io/implementing-gas-fee-abstraction-on-coinweb-c6843ec6613b)

\*\*Coinweb’s Monthly Event Marks 1 Year Anniversary of Organising “The Best Events in the Crypto Space” feat. KuCoin Labs, Elevate Ventures, and Gangster All-stars  \*\*[https://coinweb.io/events/an-evening-with-the-bangkok-community/?utm\_source=coinweb.beehiiv.com&utm\_medium=newsletter&utm\_campaign=the-coinweb-monthly-spin-seventh-edition](https://coinweb.io/events/an-evening-with-the-bangkok-community/?utm_source=coinweb.beehiiv.com&utm_medium=newsletter&utm_campaign=the-coinweb-monthly-spin-seventh-edition)

\*\*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)

\*\*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\*\*

\*\*Bitcoin Miami Conference, May 18-20 (Miami) FED Chair Powell Speech, May 19 (Washington DC) **The Web3 Conference, May 19 (Amsterdam)** REDeFiNE Tomorrow, May 25-26 (Virtual) \*\*ETHDublin, May 26-28 (Dublin) Israel Crypto Conference, May 29-30 (Tel Aviv)

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)**

Among Bitcoin Developers, Debate Is Raging Over Whether to Censor Ordinals BRC-20s [https://www.coindesk.com/tech/2023/05/12/among-bitcoin-developers-debate-is-raging-over-whether-to-censor-ordinals-brc-20s/](https://www.coindesk.com/tech/2023/05/12/among-bitcoin-developers-debate-is-raging-over-whether-to-censor-ordinals-brc-20s/)

Ordinals, BRC-20 drive financial boon for Bitcoin miners [https://cryptoslate.com/research-ordinals-brc-20-drive-financial-boon-for-bitcoin-miners/](https://cryptoslate.com/research-ordinals-brc-20-drive-financial-boon-for-bitcoin-miners/)

Bitcoin drops to $26K as the result of Binance whales selloff [https://cryptoslate.com/insights/bitcoin-drops-to-26k-as-the-result-of-binance-whales-selloff/](https://cryptoslate.com/insights/bitcoin-drops-to-26k-as-the-result-of-binance-whales-selloff/)

Ethereum experienced a 2nd finalization delay but has since recovered [https://cryptoslate.com/ethereum-experienced-a-2nd-finalization-delay-but-has-since-recovered/](https://cryptoslate.com/ethereum-experienced-a-2nd-finalization-delay-but-has-since-recovered/)

PEPE market cap slides below $500M as community interest shifts [https://cryptoslate.com/pepe-market-cap-slides-below-500m-as-community-interest-shifts/](https://cryptoslate.com/pepe-market-cap-slides-below-500m-as-community-interest-shifts/)

BRC-20 tokens lose 600 million in market cap within four days [https://cryptoslate.com/insights/brc-20-tokens-lose-600-million-in-market-cap-within-four-days/](https://cryptoslate.com/insights/brc-20-tokens-lose-600-million-in-market-cap-within-four-days/)

Jump Earned $1.3B By Manipulating Terra, Lawsuit Alleges [https://blockworks.co/news/jump-crypto-terra-lawsuit](https://blockworks.co/news/jump-crypto-terra-lawsuit)

Solana Flips MATIC to Reclaim Top 10: Is Dogecoin Next? [https://blockworks.co/news/solana-flips-matic-top-10](https://blockworks.co/news/solana-flips-matic-top-10)

Lido Community Weighing On-Chain Vote to Deploy Version 2 on Ethereum [https://www.coindesk.com/tech/2023/05/12/lido-community-weighing-on-chain-vote-to-deploy-version-2-on-ethereum/](https://www.coindesk.com/tech/2023/05/12/lido-community-weighing-on-chain-vote-to-deploy-version-2-on-ethereum/)

Musk’s Milady Meme, Opening Up Ordinals [https://www.coindesk.com/web3/2023/05/12/musks-milady-meme-opening-up-ordinals/](https://www.coindesk.com/web3/2023/05/12/musks-milady-meme-opening-up-ordinals/)

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Competitive Landscape\*\*

Cardano’s hydra scaling solution goes live on mainnet as Ethereum gas fees surge [https://cryptoslate.com/cardanos-hydra-scaling-solution-goes-live-on-mainnet-as-ethereum-gas-fees-surge/](https://cryptoslate.com/cardanos-hydra-scaling-solution-goes-live-on-mainnet-as-ethereum-gas-fees-surge/)

Microsoft, Goldman Sachs, and Other Big Firms Back Launch of Financial Blockchain [https://decrypt.co/140082/microsoft-goldman-sachs-and-other-big-firms-back-launch-of-financial-blockchain](https://decrypt.co/140082/microsoft-goldman-sachs-and-other-big-firms-back-launch-of-financial-blockchain)

Decentralized Exchange Uniswap Trading Volume Outpaces Coinbase for 4th Consecutive Month [https://www.coindesk.com/markets/2023/05/11/decentralized-exchange-uniswap-trading-volume-outpaces-coinbase-for-4th-consecutive-month/](https://www.coindesk.com/markets/2023/05/11/decentralized-exchange-uniswap-trading-volume-outpaces-coinbase-for-4th-consecutive-month/)

Binance halting operations in Canada [https://cryptoslate.com/binance-halts-operations-in-canada/](https://cryptoslate.com/binance-halts-operations-in-canada/)

Binance.US Explores Ways to Decrease CZ's Dominant Share: The Information [https://www.coindesk.com/business/2023/05/11/binanceus-explores-ways-to-decrease-czs-dominant-share-the-information/](https://www.coindesk.com/business/2023/05/11/binanceus-explores-ways-to-decrease-czs-dominant-share-the-information/)

Bakkt to delist two-thirds of supported tokens [https://cryptoslate.com/bakkt-to-delist-two-thirds-of-supported-tokens/](https://cryptoslate.com/bakkt-to-delist-two-thirds-of-supported-tokens/)

Eigen What? How EigenLayer Is Putting $34B in Staked Ethereum Back to Work [https://decrypt.co/139897/eigen-what-how-eigenlayer-is-putting-staked-ethereum-back-work](https://decrypt.co/139897/eigen-what-how-eigenlayer-is-putting-staked-ethereum-back-work)

Assassin's Creed 'Smart Collectibles' Pair NFTs With 3D-Printed Physical Items [https://decrypt.co/139938/assassins-creed-smart-collectibles-nfts-3d-printed](https://decrypt.co/139938/assassins-creed-smart-collectibles-nfts-3d-printed)

MakerDAO Founder Proposes Plan for Upgraded Versions of DAI Stablecoin, Governance Token [https://www.coindesk.com/business/2023/05/12/makerdao-founder-proposes-plan-for-upgraded-versions-of-dai-stablecoin-governance-token/](https://www.coindesk.com/business/2023/05/12/makerdao-founder-proposes-plan-for-upgraded-versions-of-dai-stablecoin-governance-token/)

**US. Coordinated Regulation Failures**

US Secret Service to hold AMA to educate crypto users [https://crypto.news/us-secret-service-to-hold-ama-to-educate-crypto-users/](https://crypto.news/us-secret-service-to-hold-ama-to-educate-crypto-users/)

US Chamber of Commerce sides with crypto industry, blasts SEC [https://cryptoslate.com/us-chamber-of-commerce-sides-with-crypto-industry-blasts-sec/](https://cryptoslate.com/us-chamber-of-commerce-sides-with-crypto-industry-blasts-sec/)

McHenry to U.S. SEC: Which Crypto Firms Have Tried to Register? [https://www.coindesk.com/policy/2023/05/11/mchenry-to-us-sec-which-crypto-firms-have-tried-to-register/](https://www.coindesk.com/policy/2023/05/11/mchenry-to-us-sec-which-crypto-firms-have-tried-to-register/)

US lawmaker questions SEC about GBTC redemptions [https://cryptoslate.com/us-lawmaker-questions-sec-about-gbtc-redemptions/](https://cryptoslate.com/us-lawmaker-questions-sec-about-gbtc-redemptions/)

Ex-FTX compliance chief confirms celebrity promotional activity originated in Florida [https://cryptoslate.com/ex-ftx-compliance-chief-confirms-celebrity-promotional-activity-originated-in-florida/](https://cryptoslate.com/ex-ftx-compliance-chief-confirms-celebrity-promotional-activity-originated-in-florida/)

Florida bans ‘centralized digital dollar’ under state law [https://cryptoslate.com/florida-bans-centralized-digital-dollar-under-state-law/](https://cryptoslate.com/florida-bans-centralized-digital-dollar-under-state-law/)

Coinbase sets up advisory council including US lawmakers, private strategists [https://cryptoslate.com/coinbase-sets-up-advisory-council-featuring-us-lawmakers-private-strategists/](https://cryptoslate.com/coinbase-sets-up-advisory-council-featuring-us-lawmakers-private-strategists/)

SEC revises $22M punishment against LBRY, seeks $111K instead [https://cointelegraph.com/news/sec-revises-lbry-fine-to-111k](https://cointelegraph.com/news/sec-revises-lbry-fine-to-111k)

Franklin Templeton to List Blockchain Fund Targeting Institutional Investors [https://www.coindesk.com/business/2023/05/11/franklin-templeton-to-list-blockchain-fund-targeting-institutional-investors/](https://www.coindesk.com/business/2023/05/11/franklin-templeton-to-list-blockchain-fund-targeting-institutional-investors/)

House Democrats Consider New Stablecoin Bill Proposal: Source [https://www.coindesk.com/policy/2023/05/12/house-democrats-consider-new-stablecoin-bill-proposal-source/](https://www.coindesk.com/policy/2023/05/12/house-democrats-consider-new-stablecoin-bill-proposal-source/)

Sam Bankman-Fried's Ties to George Santos Are Just the Beginning [https://www.coindesk.com/consensus-magazine/2023/05/12/sam-bankman-frieds-ties-to-george-santos-are-just-the-beginning/](https://www.coindesk.com/consensus-magazine/2023/05/12/sam-bankman-frieds-ties-to-george-santos-are-just-the-beginning/)

**World**

An Update on the Banking Crisis [https://seekingalpha.com/article/4602707-an-update-on-the-banking-crisis?mailingid=31453366&messageid=must\_reads&serial=31453366.3176489&utm\_campaign=Must%2BReads%2Brecurring%2B2023-05-11&utm\_content=seeking\_alpha&utm\_medium=email&utm\_source=seeking\_alpha&utm\_term=must\_reads](https://seekingalpha.com/article/4602707-an-update-on-the-banking-crisis?mailingid=31453366&messageid=must_reads&serial=31453366.3176489&utm_campaign=Must%2BReads%2Brecurring%2B2023-05-11&utm_content=seeking_alpha&utm_medium=email&utm_source=seeking_alpha&utm_term=must_reads)

Do Kwon granted bail at €400,000 – against prosecutors wishes [https://cryptoslate.com/do-kwon-granted-bail-at-e400000-against-prosecutors-wishes/](https://cryptoslate.com/do-kwon-granted-bail-at-e400000-against-prosecutors-wishes/)

Twitter’s new CEO is former NBC advertising exec Linda Yaccarino [https://cryptoslate.com/twitters-new-ceo-is-former-nbc-ad-exec-linda-yaccarino/](https://cryptoslate.com/twitters-new-ceo-is-former-nbc-ad-exec-linda-yaccarino/)

EU Crypto Tax Plans Include NFTs, Foreign Companies, Draft Text Shows [https://www.coindesk.com/policy/2023/05/12/eu-crypto-tax-plans-include-nfts-foreign-companies-draft-text-shows/](https://www.coindesk.com/policy/2023/05/12/eu-crypto-tax-plans-include-nfts-foreign-companies-draft-text-shows/)

**Thought Leadership**

April Monthly NFT Report: Navigating the volatile NFT market [https://cryptoslate.com/april-monthly-nft-report-navigating-the-volatile-nft-market/](https://cryptoslate.com/april-monthly-nft-report-navigating-the-volatile-nft-market/)

LG Electronics Seeks Patent for TV Which Lets Users Trade NFTs [https://www.coindesk.com/business/2023/05/12/lg-electronics-seeks-patent-for-tv-which-lets-users-trade-nfts/](https://www.coindesk.com/business/2023/05/12/lg-electronics-seeks-patent-for-tv-which-lets-users-trade-nfts/)

Decrypt: GG, Top Gaming News and Analysis [https://decrypt.co/gg](https://decrypt.co/gg)

As Bitcoin Scales, We Need Better Custodial Solutions [https://www.coindesk.com/consensus-magazine/2023/05/12/as-bitcoin-scales-we-need-better-custodial-solutions/](https://www.coindesk.com/consensus-magazine/2023/05/12/as-bitcoin-scales-we-need-better-custodial-solutions/)

We Need Regulatory Clarity to Keep Crypto Exchanges Onshore and DeFi Permissionless (8mins) [https://www.coindesk.com/podcasts/markets-daily/weekend-story-we-need-regulatory-clarity-to-keep-crypto-exchanges-onshore-and-defi-permissionless/](https://www.coindesk.com/podcasts/markets-daily/weekend-story-we-need-regulatory-clarity-to-keep-crypto-exchanges-onshore-and-defi-permissionless/)

Fractional Reserve Banking Is a Fraud (but It's Genius) (4mins) [https://www.coindesk.com/podcasts/markets-daily/fractional-reserve-banking-is-a-fraud-but-its-genius/](https://www.coindesk.com/podcasts/markets-daily/fractional-reserve-banking-is-a-fraud-but-its-genius/)

![](https://storage.googleapis.com/papyrus_images/1b393ff9a5d37f22f566a124f478add2916dc9648d3e72791445a1c3e455423f.png)

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*Originally published on [Coinweb.io](https://paragraph.com/@rukawin/the-coinweb-weekly-spin-3)*