What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
flourishing period Although the current weekly trading volume of USD 61 million on Solana shows significant growth, the platform still faces the challenge of growing its user base and establishing itself as a serious competitor to other blockchains in the long term.
Solana is experiencing peaks regarding the NFT trading and even managed to overtake Ethereum for a short period of time.
The recent security vulnerability in the Ledger Library has caused considerable furore in the crypto community. The Ledger Library, developed by the namesake hardware wallet provider, serves as a central interface that facilitates the interaction and integration of applications with various blockchain systems. Fortunately, the deliberately introduced flaw was quickly identified by attentive developers. Although the attackers successfully stole funds from individual wallets, the overall loss remained relatively low at an estimated amount of less than one million USD. Such incidents emphasize the importance of developers regularly testing their innovations and updates in secure environments and not neglecting security-relevant aspects. As a leading wallet provider, Ledger must ensure that the principle “Not your keys, not your coins” also applies in practice.
An exploit in the Ledger Library caused concern and market instability by injecting malicious code into decentralised applications.
Not only did it successfully close a USD 450 million seed funding round, but it has also achieved repeated success with new collections. This continued progress of Yuga Labs confirms that the trend towards digital collectibles and unique digital assets continues to gain traction. The ongoing support of the community and the inclusion of intellectual property not only incentivises existing investors, but could also attract new interested parties in the long term.
Yuga Labs is the company behind the best known and most profitable NFT projects, most notably Bored Ape Yacht Club, CryptoPunks and Meebits.
So-called “equity tokens” could soon revolutionize the traditional early-stage financing of companies through blockchain-based influence. Key benefits include maximizing efficiency, democratizing investment and increasing trust through the transparency and security of a blockchain. Furthermore, barriers to investment can be lowered so that young companies can gain easy and secure access to global capital. The technological potential for modernizing conventional financial structures is significantly increased by the technology.
The development of blockchain-based equity tokens has the potential to revolutionise early-stage funding phases in the future.
Furthermore: In November, the crypto markets recorded impressive growth, with total market capitalisation increasing by 13%. In addition to Bitcoin and Ethereum, other cryptocurrencies such as Solana and Avalanche also performed strongly in November. The election of a pro-Bitcoin president in Argentina and the increasing acceptance of Bitcoin in El Salvador show the growing interest in cryptocurrencies on a global level.
A summarizing monthly review of what’s happening in the crypto markets in cooperation with the Swiss specialist 21Shares AG.
