The current crypto winter is unlike any other. The market has lost over $ 2 trillion in value since peaking in late 2021. Bitcoin (CRYPTO: BTC), the largest cryptocurrency by market value, has fallen by 57.3% year-to-date. In fact, the second quarter (which ended in June) was the worst for Bitcoin in a decade.
When people were not ready for such a sharp trend reversal, several cryptocurrencies and related companies went bankrupt. The collapse of the stackecoin TerraUSD and the liquidation of Three Arrows Capital – a hedge fund that further aroused fear among crypto investors.
Nevertheless, this has not dampened the enthusiasm of specific crypto-based organizations and companies. The key crypto developments of the past week are discussed below.
SSV DAO commits over $ 10 million to strengthen the future of ETH venture
Shared Secret Validator (SSV) Decentralized Autonomous Organization (DAO) is a distributed validation framework for developers. He is known for developing the ssv.net network for safe and high-caliber decentralized construction Ethereum (CRYPTO: ETH) strike-apps.
The main goal of SSV DAO is to make ETH efforts relatively easier and more accessible through turnkey solutions from several validating operators. To that end, the organization has committed $ 10 million to developers working on the staking infrastructure.
The largest SSV sponsors funding this grant are Digital Currency Group, Coin baseand OKEx. Development teams that design methods to decentralize ETH’s consensus layer before moving on to a revolutionary proof-of-stake model are eligible for the grant.
Approximately $ 3 million of the total grant is set aside to target infrastructure developers and bug bounties where appropriate. The remaining $ 6 million is intended to motivate early users and testers.
The game studio “The Game Storm” enters the world of Web3
Last week, The Game Storm Studio partnered with Ready Games to jointly explore Web3 game development. 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.
About this, Martin Cormier, CTO of Ready Games, said: “We offer a highly efficient and easily customizable gaming infrastructure tool that helps game developers create or scale their games 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 go into web3.
Solflare integrates FTX to allow users to manage Solana CeFi and DeFi accounts
Leading in high-performance blockchain Hos Solana (CRYPTO: SOL) native wallet Solflare recently announced an integration with the popular cryptocurrency derivative exchange FTX.
As part of this development, the Solfare wallet will be integrated with FTX.com and FTX US. Therefore, Solfare users can manage or transfer their custodial and non-custodial FTX funds directly through web extensions and / or mobile wallets.
FTX is without comparison one of the most popular platforms for decentralized financial transactions (DeFi). This integration should pave the way for new law-abiding web3 capabilities, according to Solana co-founder Filip Dragoslavic.
At the end of the line
As blockchain companies and developers strive for more innovation, the cryptocurrency field is proof that decentralized platforms are here to stay. As fears of the recent recession have intensified in recent months, cryptocurrencies are expected to grow alongside the global economy in the near future.