Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Recent reports by Coin Insider and askgamblers.com have found DOGE to be the most Googled token in the US, BTC the most popular token in Europe and SHIB the most popular token in the UK. According to askgamblers.com, SHIB, ETH, ADA and DOGE are the second, third, fourth and fifth most popular tokens in Europe respectively, in terms of Google searches. In fact, SHIB’s popularity has surged in the past year, not just in the UK but also in Russia, France, Spain, Ukraine, Italy, Hungary and Switzerland. In the US, SHIB is the fourth most popular token, having captured 7 states in the country, while DOGE has captured 23 states.
Cambodian authorities have released a joint statement saying no crypto firm has been granted a business license and that the country’s longstanding crypto trading ban will remain in effect. However, they also acknowledged the fintech industry’s rapid growth, and Cambodia is in the process of drafting its fintech development policy. Meanwhile, the Nepal Telecommunications Authority (NTA) has issued a warning that websites, apps and online networks related to crypto activities are prohibited in the country, with the Nepal Rastra bank citing higher fraud risk and illegal outflow of domestic capitals as the main reasons for the crackdown.
DeFi trading platform Hashflow (HFT) is introducing a new feature to enable bridgeless cross-chain swaps. The platform will enable native-to-native swaps, so users must not rely on problematic cross-chain bridges and will not receive ‘wrapped’ versions of tokens when they engage in cross-chain swaps. The new feature is currently in Alpha mode and when launched, will support swaps between Ethereum, Avalanche, BNB Chain, Arbitrum and Polygon.
Following the $600 million exploit of Axie’s Ronin sidechain last month, Sky Mavis will seek the help of “top-tier security experts”, audit contracts and roll out stricter internal procedures to tighten security measures. It will also increase its node count to 21 within 3 months to help decentralize the project while aiming for over 100 nodes in the long term. Additionally, it will launch bug bounties of up to $1 million for white hat hackers who can identify other vulnerabilities. Ronin hopes to have its bridge reopened by mid- to late May, with Binance providing withdrawal and deposit infrastructure for Axie users in the meantime. Currently, Ronin’s team is around 80% done upgrading its smart contracts.
Infamous whistleblower Edward Snowden secretly had a hand in creating the privacy-enhancing cryptocurrency, Zcash (ZEC), having been one of the 6 participants in a 2016 ‘ceremony’ that established ZEC’s “trusted set-up”. This information was revealed in a video by Zcash Media, which produces educational materials about ZEC. Snowden had used the pseudonym John Dobbertin to conceal his role in Zcash’s creation but recently agreed to make it public, so long as it was clear he “was never paid and had no stake”, and had gotten involved out of “public interest”. Co-creator Zooko Wilcox said he had also spoken to Julian Assange to ask for advice on designing ZEC; the WikiLeaks founder advised him to “emphasize and prioritize the part about air-gapping the compute nodes”, which he did.
14 months after the launch of its first NFT project, Time has made a profit of over $10 million from selling more than 20,000 individual NFTs. The profit margin can be partially attributed to the NFT’s resale in the secondary market, with each resale earning Time royalties. 60% of Time’s NFT sales, totaling $50 million, occurred on the secondary market, netting Time a revenue of around $10 million. Time has also earned blockchain-related revenue from 2 of its advertisers (both crypto investment firms) paying in crypto since it first offered the option in April last year, though it would not reveal what its total revenue was in this regard.
Show me the money
After across-the-board declines yesterday, several major cryptocurrencies saw a slight reversal in prices. Over the past 24 hours, BTC saw a 2.07% increase to $39,620.16, while ETH rose 2.1% to $2,932.85. Other major altcoins also rose within the same period: ADA was up 1.12%, SOL 1.36% and LUNA 1.56%. Conversely, meme tokens SHIB and DOGE saw a respective decrease of 0.11% and 1.07% in the last 24 hours.