Weekly Update: 16 Mar 2023
1) Shanghai upgrade executed on testnet but not without issues [Cointelegraph]
– Ethereum validators are now one step away from being able to unstake their Ether from the Beacon Chain.
2) Circle to ‘cover any shortfall’ in USDC reserves, sparking stablecoin rally [CoinDesk]
– The company plans to use corporate resources to fill the gap, including external capital.
3) Aave freezes stablecoin trading on v3 Avalanche as activity surges on CEXs [Cointelegraph]
– The trading freeze follows an analysis from DeFi’s risk manager firm Gauntlet Network considering different scenarios for the USD Coin price.
4) Coinbase pauses conversions between USDC and U.S. Dollars as banking crisis roils crypto [CoinDesk]
– Circle earlier confirmed it has $3.3 billion backing its USDC stablecoin parked at now-shuttered Silicon Valley Bank.
5) NFT artist Beeple opens digital art gallery in Charleston, SC [CoinDesk]
– Mike Winkelmann, also known as Beeple, has opened the 50,000-square-foot Beeple Studios in Charleston, South Carolina, to showcase his art and to build a community of fellow creators.
6) MakerDAO weighs using emergency switch to prevent future DAI depegging [CoinDesk]
– The community proposal comes just two days after DAI followed stablecoin USDC in slipping beneath the one-dollar mark.
7) Web3 startup helps Indonesia’s tourism economy survive [Blockworks]
– Indonesia’s cultural heritage is at risk due to a lack of investment, access to finance, digital transformation and global distribution, says Quantum Temple founder.
8) Working to address SVB collapse, but not looking at bailout, says Yellen [Reuters]
– Janet Yellen on Sunday said she was working closely with regulators to respond to the collapse of Silicon Valley Bank and protect depositors, but a major bailout was not being considered.
9) Crypto-friendly Signature Bank shut down by state regulators [CoinDesk]
– Signature said it intended to limit its crypto exposure last year.
10) Believer, a new approach to gaming, raises $55M from Lightspeed, a16z and more [TechCrunch]
– Believer has very big ambitions to take on the big players and bring something new into the mix, particularly in large multiplayer “open world” games.
