The current crypto winter is unlike any other. The market has lost more than $2 trillion in value since its peak at the end of 2021. Bitcoin (CRYPTO:BTC), the largest cryptocurrency by market capitalization, is down 57.3% over the year. In fact, the second quarter (which ended in June) was the worst for Bitcoin in a decade.
Because people were not ready for such a sharp trend reversal, several crypto tokens and related companies went bankrupt. The Collapse of the Stablecoin TerraUSD and the liquidation of Three Arrows Capital – a hedge fund that has further fueled fears 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 Is Betting Over $10 Million To Bolster The Future Of ETH Strike
Shared Secret Validator (SSV) Decentralized Autonomous Organization (DAO) is a distributed validation framework for developers. He is known for developing the ssv.network for secure and high quality decentralized construction Ethereum (CRYPTO:ETH) disable apps.
The main goal of SSV DAO is to make ETH staking relatively simpler and more accessible through out-of-the-box solutions from multiple validating operators. To that end, the organization has pledged $10 million to developers working on the staking infrastructure.
The main SSV sponsors funding this grant are Digital Currency Group, Coinbaseand OKEx. Development teams that design methods to decentralize the consensus layer of ETH before moving to a revolutionary proof-of-stake model are eligible for the grant.
Approximately $3 million of the total grant is earmarked for deploying infrastructure developers and bug bounties, as appropriate. The remaining $6 million is intended to incentivize early adopters and testers.
The game studio “The Game Storm” enters the world of Web3
Last week, The Game Storm Studio teamed up with Ready Games to jointly explore Web3 game development. With over 1 billion cumulative downloads, The Game Storm is a leading name in the game industry and Ready Games is known for its efficient technology stack and fast execution strategy.
Both companies are expected to unlock new web-based games and gaming experiences within a month, giving them a competitive advantage over their competitors.
Martin Cormier, CTO of Ready Games, said: “We provide a highly efficient and easily customizable game infrastructure toolset that enables game developers to create or scale their games on the blockchain with the least possible friction, within 30 days of integration, no need to hire additional Web3 resources, compatible with Apple and Google, and access to over 40,000 beta testers, developers finally feel like they have the tools to get into web3.
Solflare integrates FTX to allow users to manage Solana CeFi and DeFi accounts
Leader in high-performance blockchain At Solana’s (CRYPTO:SOL) native wallet Solflare recently announced an integration with the popular crypto derivatives exchange FTX.
As part of this development, the Solfare wallet will integrate 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 by far one of the most popular platforms for decentralized financial (DeFi) transactions. According to Solana founder Filip Dragoslavic, this integration should pave the way for new, regulatory-compliant web3 capabilities.
At the end of the line
As blockchain companies and developers push for more innovation, the cryptocurrency space is proof that decentralized platforms are here to stay. As recent recession fears have intensified in recent months, cryptos are expected to rise along with the global economy in the near future.