3 Recent Developments in the Cryptocurrency Space to Watch

The current crypto winter is unlike any other. By the end of 2021, the market has lost more than US$2 trillion in value. Bitcoin (CRYPTO:BTC), the largest cryptocurrency by market cap, is down 57.3% year-to-date. In fact, the second quarter (which ended in June) was the worst for Bitcoin in over a decade.

As people were not ready to reverse a sharp trend, several crypto tokens and related companies went bankrupt. The decline of stablecoins TerraUSD And the liquidation of Three Arrows Capital – a hedge fund fueled more fear among crypto investors.

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Nevertheless, this has not dampened the enthusiasm of certain crypto-focused organizations and companies. The most notable crypto developments of the past week are outlined below.

SSV DAO has committed over $10 million to power the future of ETH staking

Shared Secret Validator (SSV) Decentralized Autonomous Organization (DAO) is a distributed validation framework for developers. He is known for developing ssv.network for secure and high-caliber decentralized architectures Ethereum (CRYPTO: ETH) staking application.

The main goal of SSV DAO is to make ETH staking relatively easier and more accessible through a turnkey solution from multiple validating operators. To that end, the agency has committed $10 million to developers working on the milestone development infrastructure.

The main SSV sponsors for this grant are Digital Currency Group, Coinbase, and OKEx. Development teams designing methods to decentralize ETH’s consensus layer before transitioning to a revolutionary proof-of-stake model are eligible for grants.

About $3 million of the total grant is reserved for infrastructure developers and bug bounties, where applicable. The remaining $6 million is intended to encourage early adopters and testers.

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 games and Web3-based gaming experiences within a month, giving them a competitive edge over their peers.

In this regard, Martin Cormier, CTO of Ready Games, said: “We have released a set of very effective and easily adaptable game infrastructure tools that help game developers build or evaluate their games on the blockchain with as little friction as possible, within 30 days. Integration, No need to rent additional Web3 resources, Apple and Google compliant, and access to over 40,000 beta testers. Developers finally feel they have the tools to get into web3.

Solflare integrates FTX to allow users to manage Solana CeFi and DeFi accounts

The leader in high performance blockchain Solanar (CRYPTO:SOL) native wallet Solflare recently announced an integration with popular crypto derivatives exchange FTX.

As part of this development, Solfare wallet will be integrated with FTX.com and FTX US. Therefore, Soulfair users can manage or transfer their custodial and non-custodial FTX funds directly through the web extension and/or mobile wallet.

FTX is by far one of the most popular platforms for decentralized finance (DeFi) transactions. According to Solana co-founder Filip Dragoslavik, this integration should pave the way for new regulator-friendly Web3 opportunities.

at the end of the line

As blockchain companies and developers strive for more innovation, the cryptocurrency space proves that decentralized platforms are here to stay. As recent pullback fears have intensified in recent months, cryptos are expected to rally in line with the global economy in the near future.

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