Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Robinhood is launching a non-custodial Web3 crypto wallet that will allow customers to “have total control of their crypto”. The wallet will launch as a standalone app customers can use to “trade and swap crypto with no network fees” and “earn yield using their assets”, and customers can sign up for a waitlist to gain early access. Robinhood said it would start inviting waitlisted customers to join its Beta program “later this summer”, and the wallet will be available to all customers by year-end.
With South Korean financial regulators already on his tail, Terraform Labs is facing even more legal troubles as the government revives the dormant Securities Crimes Joint Investigation Team (also known as The Grim Reapers of Yeoui-do) to investigate Terra’s collapse. The legal team at LKB & Partners will prosecute based on the Capital Markets Act, which regulates crypto’s financial aspects. According to firm partner Kim Hyeon-kwon, it has a personal stake in the case as some of its attorneys were Terra investors. Terra co-founders Do Kwon and Shin Hyun-seong, alongside core members of their team, are potentially at risk.
Following Coinbase’s recent disclosure that customers’ money would be affected in the event of the company’s bankruptcy, the Biden administration will reportedly push Congress to demand that crypto exchanges keep customers’ money separate from corporate funds. Coinbase, whose share price has dipped by over 80% since 2021, recently assured customers and investors that its latest SEC filing merely a response to a new SEC requirement and not indicative of impending bankruptcy.
Aave has launched the Lens Protocol, a social media project with apps built on the Polygon blockchain. While it shares similarities with Twitter, Lens’ profiles are linked to an NFT that can be ported into dApps. Aave announced yesterday that around 50 apps had debuted on the platform, from social apps to creator monetization tools. Users who have already minted their NFT profiles can access any of the apps, and protocol will provide them with tools to leverage full ownership of their “profile, content and relationships”.
Bitcoin Argentina, an NGO dedicated to promoting and expanding crypto in the country, will introduce Bitcoin education in high schools. The project, called Schools and Bitcoin, was launched in partnership with humanitarian initiative Built with Bitcoin. It will help educate high school students on Bitcoin’s relevance, as well as how crypto differs from TradFi. The NGO’s Jimena Vallone said the project aimed to reach over “4,000 high schoolers, with classes and the content” adapted to each region where the classes would be conducted.
The Ethereum ecosystem is set for a “huge testing milestone”, with the Ropsten testnet Merge to be conducted on 8 June. The testnet is considered the best replication of the Ethereum Mainnet as it follows a similar network structure, allowing developers to conduct realistic deployment testing before making updates to the actual mainnet. With genesis scheduled on 30 May, the Ropsten testnet Merge will see the PoW network combined with a new PoS consensus layer testnet to simulate what will happen once the actual Merge between Ethereum and the Beacon Chain happens and it becomes a PoS network.
Show me the money
BTC is continuing to decline, falling 2.37% in the last 24 hours to $29,137.37. Within the same period, ETH fell 4.24% to $1,948.11, while other major altcoins also saw decreases: ADA was down 8.38%, SOL 7.94% and AVAX 12.74%. Similarly, meme tokens SHIB and DOGE saw a respective decrease of 5.76% and 4.5% respectively over the past 24 hours. Expectedly, Terraform Labs’ LUNA and UST remain on a downward trajectory: the former saw a 20.85% decline to $0.000144 and the latter fell 6.03% to $0.089443 in the last 24 hours.