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Read in the Digest;
The Shiba Army had their expectations from the much-anticipated announcement met, as the developers behind the project revealed its virtual reality project dubbed “SHIB: The Metaverse.”
The developers behind Shiba Inu announced that its metaverse will come with 100,595 land plots, released in four phases. Landowners will be able to generate passive income, gather in-game resources, and generate rewards.
The Shiba metaverse is launching as a competitor to leading projects like Decentraland and looks to make Shiba Inu more than a meme project.
With Revolut and other crypto firms looking to exit the U.K. over the March 31 expiry of its temporary FCA registration, the regulatory agency has given the firms more time to complete their registration.
The update of its policy will allow crypto firms, Revolut and Cooper will be allowed to continue operating in the U.K. even after the temporary registration regime closes on March 31.
In the United States, Governor Jay Inslee of Washington state has passed a bill to establish a blockchain workgroup in the northwest state. The move aims to accelerate the adoption of blockchain in Washington.
The bill, according to Senator Sharon Brown, will see the state collaborate with the private sector to advance blockchain technology for the benefit of all Washington residents, employers, and workers.
As more favorable laws are passed, the adoption and use of crypto and blockchain have been predicted to increase alongside.
According to the on-chain data tracker, IntoTheBlock, crypto whales, and institutional investors have been gulping up significant amounts of ADA to their portfolios.
IntoTheBlock also reports that the volume of on-chain transactions of Cardano (ADA) above $100k has increased by 50 times since the beginning of 2022. On January 1, the volume of ADA traded was 1.35 billion ADA (at a price of $1.34).
Large Transactions Volume of ADA: IntoTheBlock
Since then, the volume of ADA traded has only increased, peaking at 76.55 billion ADA on March 20. Over 61 billion ADA has been traded over the last 24 hours.
The rising institutional demand for Cardano has helped the ADA close its first month in the green after seven consecutive losses. ADA opened for trades in March at $0.9599 but looks to close the month above $1.17 – a 21% price rise.
The March 2022 trading chart of Cardano (ADA). Source: Tradingview
Whales continue to amass ADA as Cardano builds towards the full smart contract and dApp functionality.
With security becoming an integral part of the cryptoverse, the layer 2 scaling solution, Polygon, has launched a new self-sovereign, zero-knowledge proof (ZKP) identity service – Polygon ID.
The Polygon ID is designed to give users greater privacy and sovereignty when accessing dApps and DeFi services. Polygon says that it is the first web3 identity platform to adopt cryptographic-based ZKP technology.
Polygon ID will help users proof of their identity when engaging in airdrops, initial coin offerings (ICOs), decentralized exchange (DEX) trading, or those in which strict Know Your Customer (KYC) requirements apply.
However, Polygon boasts that the Polygon ID will allow users to verify their credentials and identity without revealing any personal information. The service is expected to debut in Q2 and become fully operational in Q3 of 2022.
The Polygon ID service seeks to allow users fully embrace web3 while retaining control of their digital identities.
The world’s largest crypto exchange, Binance, has rolled out the Binance Bridge 2.0 – a service that will allow users to bridge assets from any blockchain (including tokens not listed on Binance) to the Binance Chain.
The Binance Bridge 2.0 also supports almost all Ethereum-based native tokens. This new feature will allow more users to tap into the growing defi industry while enjoying the seamlessness of centralized finance (CeFi).
Benefiting from the developments, the native token of Binance, BNB, has been on a strong uptrend, setting a new 60-day high in the process. Binance coin rose as high as $452 before settling down at $433.8.
The seven days price chart of Binance Coin (BNB). Source: Tradingview
Over the last seven days, the price of BNB has risen by 12% and looks set to rise even further. With buying pressure pushing BNB up from the hypotenuse of an ascending triangle on its weekly chart, the token looks set to retest the $523 resistance level.
The launch of the Binance Bridge 2.0 increases the utility of the BNB Chain and could lead to the revolution of bridge networks.
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