AltCryptoTalk #4 – A rollercoaster weekend!

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In this issue:

  1. SpaceX will follow Tesla in allowing DOGE payments for merch: Elon Musk
  2. According to Do Kwon’s revitalization strategy, Terra (LUNA) 2.0 is relaunched.
  3. The Brazilian university USP will pursue metaverse-related academic research.
  4. Russia considers cryptocurrencies for international payments despite sanctions.
  5. Stepn to ban users from mainland China in compliance with regulatory requirements
  6. Former Binance officials announce $100 million venture fund


SpaceX will follow Tesla in allowing DOGE payments for merch

Just four months after electric vehicle maker Tesla began taking Dogecoin (DOGE) for product sales, Elon Musk stated his intention to add the payment option to SpaceX.

Musk, CEO of SpaceX and Tesla, has been a staunch supporter of the DOGE ecosystem since 2019 and has since expressed public interest in accepting meme coin payments across his multibillion-dollar businesses.

Historically, Musk’s pro-Dogecoin tweets have had an immediate and positive effect on DOGE’s market price as investors attempt to capitalise on the hype. Amid a bearish cryptocurrency market, SpaceX’s recent announcement that it would accept DOGE for merchandise purchases had no significant impact on the price.

After Musk confirmed that Tesla will accept DOGE for merchandise purchases, DOGE gained 25 percent in December 2021. Along similar timelines, the entrepreneur expressed his opinion that DOGE is a superior alternative to Bitcoin as a means of everyday payment (BTC).

Musk may eventually begin accepting DOGE payments for Starlink subscriptions if everything goes according to the plans of the world’s richest man.

According to Do Kwon’s revitalization strategy, Terra (LUNA) 2.0 is relaunched.

Do Kwon, co-founder and CEO of Terraform Labs, announced Terra 2.0’s relaunch, which promises to resurrect the Terra (LUNA) and TerraUSD (UST) ecosystems.

Kwon’s Terra rescue solution involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot taken before the death spiral drained the LUNA and UST markets, resulting in irrecoverable investor losses.

The Phoenix-1 mainnet for Terra 2.0 went live on May 28 and block creation commenced. Kwon said that public node services, wallets, and explorers would soon follow the mainnet.

Kown said that users should now be able to examine newly issued LUNA token balances, as recommended in the first proposal.

Investors who are migrating must create a new wallet with the same ledger and adhere to the wallet creation guidelines.


The Brazilian university USP will pursue metaverse-related academic research

The metaverse-centric study will be conducted at the University of Sao Paulo (USP) by research groups interested in 3D modelling, psychology and human behaviour, and the efficacy of virtual and augmented reality gadgets. These study fields will be studied in the context of the metaverse in order to determine how the new virtual environment affects user interactions.

This is the first time USP has gotten a nonfungible token (NFT) via a cooperation, according to USP professor Marcos A. Simplicio Jr. The contested token represents a unique plot of land in the United States of Mars (USM) metaverse, which is being constructed in partnership with other institutions.

According to Simplicio, “USP is the first institution in Latin America to establish a cooperation with USM to assist the building of its metaverse.”

Ripple is sponsoring the University Blockchain Research Initiative (UBRI), which will be the basis for the inaugural cooperation between the two organisations.


Stepn to ban users from mainland China in compliance with regulatory requirements

Stepn will limit Chinese users in accordance with Chinese law.

Concern has been created by rumours that the firm would quit mainland China. STEPN is a popular “move-to-earn” game created in Australia by two Chinese immigrants.

Stepn will delete all Chinese accounts on July 15 to comply with local regulations. Prior to that, the site advised consumers who want to reside in mainland China to sell their belongings.

Investors dumped investments at the news. In April, when Pandaily released Stepn, a “sneaker” cost 13 SOL, but it currently costs just 8 SOL.

Jerry, the firm’s founder, said that mainland Chinese users comprise around 5 percent of the platform’s whole user base, implying that the company’s withdrawal from this region will not impair its financial success. According to Stepn’s Twitter account, the number of daily active users climbed from 300,000 in April to over 500,000 in May.


Former Binance officials announce $100 million venture fund

Old Fashion Research’s (OFR) multi-strategy blockchain investment fund has completed its maiden closure. OFR invested in approximately 50 blockchain businesses in its first year, led by a number of former Binance employees.

Old Fashion Research, which was founded in late 2021 and has been functioning in secret mode since its inception, is officially exiting stealth mode, per a statement. Since then, OFR has invested in over 50 diverse firms, including WOO Network, Genopets, Metaverse Magna, MetaDerby, and ZetaChain.

Ling Zhang, the former vice president of mergers and acquisitions and investments at Binance, and Wayne Fu, the former head of corporate development at Binance, launched the fund.

OFR secured capital from a number of prominent limited partners inside and outside of the cryptocurrency sector. The major investor is gaming platform Wemix, which is backed by publicly traded gaming industry leader Wemade. Other noteworthy investors include Gang Wang’s family office, JUE Capital, the first investor in DiDi, and crypto wallet SafePal.


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