Your Favorite Crypto Digest From TradeCrypto.com #113

Daily statistics update:

Today's market is red. BTC is now trading above $19,800, ETH is trading around $1,400.

💪 Bitcoin dominance: 40.67%

📉 Total Cryptocurrency Market Cap: $ 0.929 tr

😲 Fear and greed index: 24 (Extreme Fear)

🚀 Gainers (Top-100)

• eCash (XEC)+27.05%

• Huobi Token (HT)+4.72%

• PancakeSwap (CAKE)+2.66%

😭 Losers (Top-100)

• Avalanche (AVAX)-10.02%

• Chiliz (CHZ)-7.90%

• Cosmos (ATOM)-7.17%

Interesting idea. When unpacking his concept of a digital country, 🌎 Srinivasan pointed to Ethereum’s domain service as a key tool for building the Network State. Swap blockchain technology with legacy census tools, and you start seeing the foundation for what Coinbase’s former CTO Balaji Srinivasan calls The Network State.

“You can think of the population metric as an underlying table with 1,729,314 people, each of them, let’s say, have an ENS, and there is an oracle that’s reporting these are all humans,” 💬 said Balaji, explaining on-chain population’s census calculation. Network State or not, ENS activity is already booming.

Phil Spencer, the head of Microsoft’s gaming company Xbox is optimistic about the Metaverse but remains “cautious” about play-to-earn (P2E) crypto games 🎮 due to its economic and speculative aspects. “My view on Metaverse is that gamers have been in the Metaverse for 30 years. When you’re playing games, if you’re playing a World of Warcraft game, you’re playing in Roblox, you’re playing in a racing game where everybody’s in a shared world.” And no one had any idea.

Oops, next in line. The Enforcement Directorate (ED) has reportedly accused CoinSwitch Kuber, one of India’s largest crypto 💱 exchanges, of violating India’s forex laws. The agency also investigated five CoinSwitch location.

Financial watchdogs seized financial documents, collected information about foreign trades, and checked its compliance practices, all based on the suspected 🔎 forex violations.CEO Ashish Singhal said that this was not a raid and “not about money laundering,” but an inquiry into how the exchange operated, enforced its Know Your Customer (KYC) requirements, and onboarded new customers.

While revealing the protocol's inability to comply with regulators, MakerDAO co-founder Rune Christensen suggested that "we must choose the path of decentralization." 💬 “Physical crackdown against crypto can occur with no advance notice and with no possibility of recovery even for legitimate, innocent users. This violates two core assumptions that we used to understand RWA risk, making the authoritarian threat a lot more serious.” That's something to think about.

How adventurous. There’s a Solana smartphone, and a Solana IRL store—and now a Solana beer. Solana Summer Shandy just dropped but this alcoholic lemonade 🍺 shandy beverage doesn’t hail from the Solana Foundation or its core network contributors, Solana Labs.

The beer is the creation of barrelDAO, a brewery and distillery that is governed by users. Solana Summer Shandy is being released in limited quantities: just 333 total 16-packs of beer, each represented by a Solana NFT that can be purchased today and then redeemed 💸 to receive the beer.

Wow, what a twist. Zhu delivered the affidavit in person on Aug. 19. In it, Zhu states that Teneo “had not provided an entirely complete or accurate version of events” to the Singapore court ⚖️ , which granted Teneo’s request for access to 3AC records in Singapore on Aug. 22. Zhu stated that could lead to “potentially draconian consequences arising from the Liquidators’ exercise of their wide powers,” up to fines and the imprisonment of Three Arrows Capital Pte Ltd officers and representatives for contempt of court.

Major crypto exchange Binance has confirmed it restricted account access to $1 million 💰 in crypto for a Tezos tool contributor after being called out on social media. Binance said it had restricted the account of Tezos staking rewards auditor Baking Bad “as the result of a law enforcement request.”

“Binance is required to cooperate with such requests, the same as any other exchange 💱. There is a process to contest the seizure with the agency should you wish to pursue that path. But that is done through the agency, Binance has zero control over that process.” What have they done?

Conclusion: The market is bearish again. Maybe we'll see another drop soon. Projects are also wintering and now using the time to prepare for more profitable periods.

What is Crypto Ping Pong digest?

TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.

So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.