Adoption Updates
In the realm of adoption news, a forthcoming edition of Monopoly is poised to shine a spotlight on cryptocurrencies. As per the official announcement, World of Women (WoW) and WS Game Company have unveiled unprecedented features for Monopoly, where the traditional currency will give way to Ethereum (ETH) in a new decentralized economy. The MONOPOLY: World of Women (WoW) Galaxy Edition board game is set to make its online debut on October 17, with the blessing of toy and game giant Hasbro. The game will also boast custom gold-toned tokens, paying homage to renowned Web3 communities like Board Ape Yacht Club (BAYC), VeeFriends, CryptoPunks, CloneX, and Cool Cats, all under the creative direction of World of Women's co-founder and Chief Creative Officer, Yam Karkai.
Gaming Developments
Technology firm Tokens.com has launched a tailor-made game within the popular Fortnite platform for the Canadian sleep tech company Polysleep. Tokens.com's subsidiaries, Metaverse Group and Hulk Labs, have collaborated to create and introduce a branded game for Polysleep called "Woolen Warfare," as per the press release. "Woolen Warfare" is a competitive multiplayer game developed using Fortnite Creative 2.0 in Unreal Editor For Fortnite (UEFN). Hulk Labs and Metaverse Group possess the capability to program on Unity and Unreal Engine, allowing them to develop activations across various online platforms, including Fortnite, Roblox, and more. The company is also gearing up to create games and apps for the upcoming Apple Vision Pro, slated for release in 2024.
Blockchain Insights
According to Messari's latest 'State of Ethereum' report, Ethereum's Layer-2 networks dominated the third quarter, driven by the launch of Base and the popularity of Friend.tech. These Layer-2 solutions accounted for nearly two-thirds of Ethereum transactions. Elena Sinelnikova, Co-Founder and Decentralization Coordinator of Metis, noted that the majority of Ethereum transactions are now being conducted via Layer 2 solutions for enhanced efficiency. Felix Xu, Co-Founder and CEO of Arpa Network, emphasized that Ethereum and its Layer 2 solutions are gaining momentum due to their robust emphasis on decentralization and security.
Security Breaches
A report by The Money Mongers team revealed that there have been 297 cryptocurrency hacks in 2023 so far, resulting in losses totaling $1.89 billion. This translates to a staggering loss of $216,000 every hour due to crypto hacks this year. The amount stolen has skyrocketed by a factor of 1,053x from 2011 to 2023, surging from $1.79 million to $1.89 billion. Over this period, crypto-related entities have incurred losses of $12.36 billion due to hacks, with 192 crypto exchanges falling victim and suffering $3.80 billion in losses. Contract vulnerabilities and flash loan attacks have been common hack vectors, leading to an aggregate loss of $2.75 billion since 2011, according to the report.
Regulatory Developments
The European Securities and Markets Authority (ESMA), the EU's financial markets supervisory authority, has released a statement on decentralized finance (DeFi), asserting that "DeFi does not present a significant risk to financial stability at this point, given its small scale, but this warrants continued monitoring as the phenomenon evolves rapidly." ESMA acknowledged some advantages of DeFi, including enhanced financial inclusion, the development of innovative financial products, and improvements in the security, cost, and speed of financial transactions. Risks highlighted encompass liquidity and counterparty risks, as well as susceptibility to scams and illicit activities.
DeFi Updates
Spark Protocol, a DeFi lending platform centered around DAI, has embarked on its multi-chain strategy by deploying on Gnosis Chain, a decentralized Ethereum Virtual Machine (EVM) sidechain, as stated in the press release. This deployment signifies Spark Protocol's expansion beyond the Ethereum network. The event marks the first deployment of a MakerDAO-powered DeFi product on a blockchain other than Ethereum, emphasizing Spark's commitment to innovation and accessibility for a broader user base.
