The Coinweb Monthly Spin - Eighth Edition

Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3

Author

Kawin Rungsimuntakul
June 03, 2023

Hello Coinwebbers! “Sell in May and Go Away” as the adage says, we saw Bitcoin fade from its previous support level at $28k down to $27k amidst a pantheon of headwinds – both in the regulatory arena and the macroeconomic arena. However, that was just the tip of the iceberg: never before has the “King of Blockchains” held dominance above the 45% level for such a long time, and data shows that even Ethereum is holding its relative dominance at 19%+. This is all encouraging statistics, especially in the light of the US Debt Ceiling uncertainty, higher than anticipated inflation numbers creeping up, and the wrath of Gary Gensler setting in upon the biggest players in the industry. But as one door closes, another one opens – and Asia, specifically Hong Kong, Japan, and Singapore, are welcoming the opportunity to cater to crypto-enthusiasts by providing regulatory clarity.

“Nothing to fear! The Wallet is almost here…” and Coinweb has officially begun accepting applications to become an early-access Alpha Wallet Tester! Coinciding with our Zealy questboard launch and running weekly meme contest, all members of our beloved community are welcome to participate in the quest program and earn XP, special roles, and other as-yet unannounced rewards for engaging with our protocol. We truly hope you enjoy our carefully crafted quest experience and have every faith that it will be a fruitful and positive collaborative experience for the project! Thank you to everyone for being with us throughout this wonderful journey, we are all looking forward to the bright future ahead… and we’re not going away anytime soon!

The Monthly Spin is the newsletter dedicated to our progress as a fast-moving, exponentially-growing project that is committed to being high-touch with our community and providing value in as many ways as we can. So, every month you can find not only our progress, but also general value in the form of blockchain affairs, adoption, education, as well as a thought leadership section for your own personal exploration. You can no longer find The Daily Spin, but now The Weekly Spin, every Monday on our subreddit for curated news and opinions from the world of Blockchain, designed to keep you informed of the most trending, in-the-know, and controversial topics. We strive to keep you informed, connected, curious, inspired, and of course… clinically sane in these crazy yet exciting times that we share today.

Kawin Rungsimuntakul
Editor of The Monthly Spin

Coinweb Community Updates - May

Events:

“Interoperability vs. Security” at The Soho House feat. Animoca Brands, Valhalla Ventures, and Alkia, June 1st

Interoperability vs Security — Coinweb

“Coinweb does it again,” another wildly successful night with the international tech community in Bangkok, packed to a full house and the most attendees we’ve ever hosted…

Coinweb 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!

Zealy - Join the movement

A simple, fun & creative way to join trendy communities, make an impact and earn rewards.

Content Releases:

Venture Alpha Podcast by Contango: Episode 7
Making Blockchain Accessible with a Revolutionary Cross-Chain Ecosystem

#7 | Coinweb: Making Blockchain Accessible with a Revolutionary Cross-Chain Ecosystem

Listen to this episode from Venture Alpha Podcast on Spotify. Follow Contango: @ContangoDigitalFollow Mike: @MikeGrantisFollow Coinweb:@CoinwebOfficial Follow Toby: @TobyCoinwebHey, everyone. I'm excited to share with you my conversation with Toby Gilbert, founder and CEO at Coinweb. The team is building an innovative cross-chain computation platform that solves some of Blockchain's biggest challenges. But most importantly, they're building usable blockchain technology that's accessible for everyone. Their cross-chain layer2 allows users to mint cross-chain tokens without any coding knowledge needed.Their white-label wallet solution allows brands to easily create their own customizable wallet and create their own token economies. Their licensed on-ramp solution makes it easier to convert fiat currencies into crypto. CoinWeb is pioneering research and development in the space, and they've invented and deployed this cross-chain technology from scratch. They continue to push the boundaries of what's possible in web3 and will undoubtedly be an entry point for millions of new users in the space.Coin Web already has a working proof of concept, and they're already responsible for about 40 basis points of daily transaction volume on BNB. They're looking to launch their mainnet in Q1 of 2024. So with that in mind, here is my conversation with Toby Gilbert.

Coinweb Prioritises Community Trust with Transparent Reserve Allocation

Important notice on wallet allocations

$CWEB Token Usage

$CWEB (L2 Native CWEB) anticipated utility & example use cases.

Implementing Gas Fee Abstraction on Coinweb

Requiring users to hold tokens as gas fees native to the blockchain they want to use has always been an obstacle for adoption. Coinweb eliminates this barrier entirely with Gas Fee Abstraction!

Giveaways and Quiz Games:

Coinweb’s Zealy community launched to become ranked #354 with over 200 members and features more than 50 quests!

Zealy Top Ten Leaderboard:

  1. DavidG12 76 quests 4989 xp

  2. Omarhazem 75 quests 4489 xp

  3. Dothithanhthuy 74 quests 3635 xp

  4. YunasMF 74 quests 3630 xp

  5. Max_Dalmatov 73 quests 3625 xp

  6. MoonSun 75 quests 3590 xp

    Brahma9527 75 quests 3590 xp

    Thops 75 quests 3590 xp

    Cexar 75 quests 3590 xp

    Suhendra_YT 72 quests 3575 xp

Weekly meme competition winners from our Zealy quest:

Week #1
@DavidG121212 @Omar16509001 @Jacquesauniere1

Week #2
@YunasMF @DavidG121212 @Max_Dalmatov

Coinweb General Statistics and Milestones:

Coinweb Protocol has 565K Unique Users

Coinweb has completed over 4.4M transactions

303M CWEB Tokens Staked

$373M Total Coinweb Stable Tokens Issued

Coinweb Technology Updates - May

Dev-team General Stats:

  • Merge requests: 158 created, 121 merged

  • Issues: 117 created, 139 closed

Front-end:

  • Added feature to download csv with data of analytics page in LinkMint

  • Bonding curve control panel is improved further with new options and respective UI elements in LinkMint

  • Staking UI is optimized to make it more robust to errors

  • Improved support for WASM-related components

Back-end:

# Core

  • Implemented validation mechanism for L2 reorgs

  • Added feature to track L2 errors in the scope of validation

  • Improved signing mechanics and made it extendable with 3rd party features

  • Shuffler and block-queue are refactored & simplified, respective DB queries are optimized, custom metrics are implemented to better track performance

  • Caching for block-queue prepared statements is also added

  • Writer service processing is adjusted to be more sustainable, L2 “store op” command is optimized & performance issues are fixed

  • UTXO issuing strategy is adjusted

  • Improved support for WASM-related components

  • Various fixes and stability improvements

# Infrastructure

  • @Rose assistant bot is further modified to monitor broadcaster wallet balances and staker functionality while operating with shards in different environments (development, production). UI panel for basic data visualization is added

  • Successfully tested and shifted to a more cheaper HDD storage model, which shall be considered an advantages over other L1/L2 solutions that require usage of costy SSDs for running a system

  • Shuffler is made a separate service

  • Various optimizations for k8s resources usage

# Security, Scalability, & Performance

  • Refactored liveness/readiness strategy for numerous back-end core components

  • Fixed performance & resync issues in shuffler

  • CI/CD is adjusted to add more ui_tests & custom shuffler tests

  • Back-end GraphQL APIs are refactored for better security and extendability

  • Added GraphQL-inspector job in CI/CD

# Wallet & Tokenization Platform

  • Wallet service / cstdl-wallet / phone-app are put in a loop of continuous testing

  • Transaction mechanics is optimized, including: fixing stuck transactions by swapping data, adding issuer to UnfinishedTxs, signing partially funded transactions using AuthAndFund, etc.

  • Improved support for WASM-related components

  • Additional ui-command vector-tests added

On The Radar

Interoperability vs. Security Coinweb Event, Jun 1 (Bangkok)*
US Jobless Claims Report, Jun 1 (Washington DC)
US Debt Ceiling Vote, Jun 1 (Washington DC)
Apple Worldwide Devcon, Jun 5 (Cupertino)
Crypto Expo Asia, Jun 7-8 (Singapore)
Non Fungible Conference, Jun 7-9 (Lisbon)
AIBC Asia, Jul 19-22 (Manila)

TOKEN2049, Sep 13-14 (Singapore)*

* Anticipated events that Coinweb team will attend

Crypto-Industry Headlines

Data says crypto markets corrected in May, NFT market slow

The crypto market experienced a month of widespread corrections, adjustments, slow NFT marketplace activities, and more, in the month of May, according to on-chain data released by The Block.

Data suggests bull run for bitcoin despite the price decline

Bitcoin has been moving in uncertainties as the exchange reserves started declining in the first week of May. New data, however, suggests that a bull run might be on the way for the digital gold

Security firm exposes $500m vulnerability in TRON's multisig accounts

Security researchers have recently disclosed a critical zero-day vulnerability in the TRON blockchain that could potentially expose $500 million worth of cryptocurrency to theft.

Tether's market cap surges to new all-time high, reaching record levels

Tether (USDT), the stablecoin pegged to the U.S. dollar, has reached an all-time high (ATH) market capitalization exceeding $83 billion, demonstrating its continued market dominance.

Circle to launch USDC natively on Arbitrum

Circle said on June 1 that it will launch a native version of its USDC stablecoin on the Arbitrum blockchain this week.

Digital asset market faces headwinds amid persistent outflows, market uncertainty

Explore the resilience of the digital asset market amid six consecutive weeks of outflows, market headwinds, and the influence of traditional finance on cryptocurrency trends. Get insights into Bitcoin and altcoin performance, futures contracts, and the potential impact of rate hikes.

Adoption | Regulation

UAE and Hong Kong central banks collab on bolstering crypto regulations

The central banks of the UAE and Hong Kong join forces to enhance regulatory frameworks through collaborative efforts on financial infrastructure and digital assets legislation.

Silvergate to submit shutdown plan in coming days after Federal Reserve order

The Federal Reserve Board said on June 1 that it has issued a consent order against the failed crypto-friendly bank Silvergate.

Bybit becomes the latest crypto company to leave Canada

Major crypto derivatives exchange Bybit has decided to cease offering its products and services to customers in Canada

US lawmakers introduce bill to prevent digital dollar pilot program

US lawmakers are taking an increasing stand against the introduction of a digital dollar, highlighting the dangers attached to it.

Coinbase CEO considers China's digital payments industry an 'ambitious adversary'

Coinbase CEO Brian Armstrong said on May 30 that the U.S. crypto industry faces a strong challenge from China's digital payments industry.

Crypto.com secures Major Payment Institution license in Singapore

The global crypto exchange has secured official approval of a critical license from the country's Monetary Authority.

Education

Maturity structure of U.S treasuries: 30% matures by end of 2023

Over 50% of the outstanding U.S. debt matures by Jan 2026, figures from the end of 2022, reveals $23.8 trillion worth of outstanding debt that needs to be rolled over for different durations.

OKX introduces BRC-30 token standard for bitcoin and BRC-20 token staking

OKX, a leading web3 company, has proposed the industry-first BRC-30 token standard, which enables users to stake BRC-20 tokens and bitcoin, allowing them to earn BRC-30 tokens.

Thought Leadership

Don't overload Ethereum's consensus

The purpose of this post will be to explain in detail the argument why, in my view, a certain subset of these techniques brings high systemic risks to the ecosystem and should be discouraged and resisted.

A Critique of Softwar Concepts

Do the "Softwar" and "Bitpower" concepts make sense, or is this just a compelling story with logical gaps?

This newsletter distributed by Coinweb does not represent its views or endorsements of any products or services found herein. This content is intended for educational and entertainment purposes, and does not constitute financial advice of any kind or nature. When making investments please do your own research and invest responsibly, as doing so may result in the partial or complete loss of funds invested. Beware of scams and fraudulent actions, and always check your sources when making financial decisions or transactions. Coinweb is not a security, and will never ask you for your private information such as your password or seed phrases in all cases. For more information, please refer to our website at http://www.coinweb.io or feel free to contact us through any of our social media channels found in the QR code presented here:

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