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• KuCoin Community Chain (KCC) V.1.4.0 upgrade went live on the test net on March 29, with an aim of improving performance.
• The KuCoin team encouraged the community members to offer feedback about the new upgrade based on their experiences of the testing phase.
• KCC recorded 74,557 weekly transactions, with an average of 10,651 transactions per day and an average gas fee of 0.00033528 KuCoin Token (KCS).

KCC Upgrade to Enhance Performance Goes Live on Testnet

Upgraded Version

The fan-built KCC V.1.3.0 upgrade focuses on merging upstream code, enhancing performance, and resolving bugs. On March 29th, the KCC V.1.4.0 upgrade went live on the test net exclusive and will target the merge of upstream code with a goal to improve performance and resolve bugs as well.

Invitation for Testing

The KuCoin team called upon their entire KCC community to participate in testing for this update and encouraged them to give feedback based on their experiences during this period before deploying it onto mainnet with no specific date mentioned yet but saying that stability would be their focus point when doing so.

Weekly Transactions

The report also noted that there were 74,557 weekly transactions recorded with an average of 10,651 transactions per day and an average gas fee calculated as 0.00033528 KuCoin Token (KCS).

Deployment
Apart from this update deployment process which is taking place right now ,the official v .05 version of ERC 4337 EntryPoint Contract has been successfully deployed onto both mainnet and testnets providing more flexibility through enhanced capabilities while Paymaster and Bundler services are soon to be deployed as well .
< h2 > Conclusion < / h2 >
KuCoin Community Chain (KCC) V . 1 . 4 . 0 upgrade had gone live on testnet aiming at improving performance while inviting community members to test it out before officially releasing it into mainnet by focusing mainly on its stability . Apart from this , 74 , 557 weekly transaction have been noted with an average gas fee calculated as 0 . 00033528 KuCoin Token ( KCS ) along with other deployments such as ERC 4337 EntryPoint Contract being successfully deployed onto both mainnet & testnets providing more flexibility through enhanced capabilities while Paymaster & Bundler services are soon to be deployed as well .

• Bitcoin open interest has dropped by 15% in the past two weeks, with roughly 300,000 BTC worth of contracts unwound since October 2022.
• The current OI level is similar to that seen in early 2022.
• This trend will continue if OI continues to decline while spot Bitcoin accumulates.

Bitcoin Open Interest Drops Almost 15% In Past Two Weeks

The total amount of funds allocated in open futures contracts, known as Open Interest (OI), peaked in October 2022 at 667,000 BTC. Now, only 368,000 BTC are allocated in OI contracts – a decrease of 300,000 Bitcoin and a drop of almost 15% in the past two weeks.

Price Increase Of Bitcoin Alongside Leverage Unwinding

Bolstered by this significant decrease in OI, Bitcoin’s price has jumped from $19,000 to $26,000 during this period. This increase is indicative of an extremely healthy market structure due to the unwinding of leverage alongside an increased price for the cryptocurrency.

Continuing The Trend

For this trend to continue and sustain itself over time–OI must continue to decline while spot Bitcoin accumulates. With more investors entering into the market and taking up long positions without having to borrow money or use leverage–the trend should persist over time if buyers keep their positions open and do not close them out quickly.

James Van Straten’s Take On The Situation

James Van Straten–Research Analyst at CryptoSlate–describes his take on this situation as “extremely healthy” as it allows for “freedom and technology maximalism” with Bitcoin being labeled as “the greatest invention of the 21st century”.

Disclaimer

CryptoSlate reminds its readers that no content within this article should be considered investment advice nor does CryptoSlate endorse any project mentioned or linked to within this article. Investing and trading cryptocurrencies should always be done with caution due to their volatile nature; CryptoSlate takes no responsibility should you lose money trading cryptocurrencies

• Gaming accounts for 45% of web3 industry active wallets in February, despite a 12.33% decrease in activity.
• Two games – Oak of Peak and Trickshot Blitz- increased their on-chain user counts, while DeFi’s dominance rate increased to 24%.
• WAX (WAXP) was the only major gaming blockchain to increase its DUAWs numbers in February.

Gaming Dominates Web3 Industry in February

Despite a decrease in Daily Unique Active Wallets (dUAW) of 12.33%, gaming still accounts for 45.43% of the decentralized application (dApp) industry as of the end of February, according to a recent DappRadar report. This marks an increase from January’s 48%, but it is still nearly double the amount of DeFi’s dominance rate which increased to 24%.

Games Increase On-Chain User Counts

Two games – Oak of Peak and Trickshot Blitz- have bucked the trend and recorded increases in on-chain user counts. Additionally, game developer Unity has entered the field by offering 13 blockchain-based software development kits (SDK).

WAX Records Increase In DUAWs

The overall decrease in dUAWs affected all major gaming blockchains apart from WAX (WAXP), which recorded an increase with 342,764 dUAWs at the end of February – 3.26% higher than January’s figures.

Other Blockchains Record Decrease In DUAWs

HIVE (HIVE) recorded the most significant shrink at 36%, followed by Polygon (MATIC), BNB Chain (BNB), and EOS (EOS) who shrunk by 35%, 12%, and 3.44%, respectively.

Conclusion

Despite recording a decrease in activity, gaming remains dominant over web3 industry with more than 45% market share compared to DeFi’s 24%. However, two games – Oak Of Peak and Trickshot Blitz– managed to go against this trend and record increases in their user count while WAX was the only major gaming blockchain that increased its DUAW number

• Hong Kong has become a major hub for financial services, blockchain and cryptocurrency.
• The government of Hong Kong has introduced a licensing regime for Virtual Asset Service Providers (VASPs).
• The updated Anti-Money Laundering Ordinance is in line with the Financial Action Task Force (FATF) Recommendation 15.

Hong Kong’s Growing Crypto Scene

Hong Kong has been a major financial hub for many years, and in recent years, it has shown increasing interest in blockchain and cryptocurrency technologies. The government of Hong Kong has indicated its support for the industry’s development, and many initiatives are underway to help create a favorable environment for crypto and blockchain businesses. Hong Kong also boasts active blockchain and cryptocurrency communities that provide support and resources for businesses and developers in the industry. Many events and conferences related to blockchain and cryptocurrency in the city help create networking opportunities and promote the industry’s growth.

New Regulatory Framework

In December 2022, the Legislative Council of Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), introducing a licensing regime for virtual asset service providers (VASPs). This new regulatory framework requires all VASPs operating in Hong Kong to obtain a license from the Securities and Futures Commission (SFC). Without such a license, individuals or businesses cannot offer VA services or declare themselves as VASPs.

Benefits of Stricter Regulations

The implementation of stricter regulations is expected to benefit both investors as well as companies involved in crypto trading activities. It will help protect investors by ensuring that only legitimate companies are able to operate legally under these regulations. On top of that, it will also increase investor confidence since they know that their investments are secure under these laws. In addition, it will also make it easier for legitimate companies to conduct business without fear of legal repercussions due to lack of compliance with existing regulations.

HKMA’s Initiatives

The Hong Kong Monetary Authority (HKMA) has launched several initiatives to support the development of blockchain and digital currencies. For example, the HKMA is working on developing a central bank digital currency (CBDC), as well as launching a blockchain-based trade finance platform which can facilitate more efficient transactions between parties worldwide.

Conclusion

Overall, stricter crypto regulations implemented by Hong Kong have been met positively by both investors as well as companies involved in this space since they enable better protection against fraudsters while creating an environment conducive for legitimate businesses operating within this space. With increased investor confidence due to strict regulations coupled with initiatives from HKMA towards encouraging further adoption of cryptocurrencies, we can expect great progress from this country when it comes to digital assets going forward into 2023!

• The U.S. Federal Reserve has denied a request from Custodia Bank, formerly known as Avanti, to become supervised by the government agency.
• Caitlin Long is the CEO and founder of Custodia Bank and it obtained a charter in Wyoming that allows it to operate a special-purpose depository institution and call itself a crypto bank.
• Kraken also obtained the same charter to operate similarly, and both companies have complained about federal regulation in recent weeks.

Custodia Bank Rejected By Federal Reserve

The U.S. Federal Reserve announced on Feb. 23 that it had denied a request through which Custodia Bank sought supervision from the government agency. The bank, formerly known as Avanti, is led by CEO and founder Caitlin Long who obtained a charter in Wyoming that allows it to operate a special-purpose depository institution and call itself a crypto bank.

Reasons For Rejection

The Federal Reserve justified its original rejection on Jan. 27 by stating that Custodia does not have federal deposit insurance and by highlighting the risks of its various cryptocurrency-focused activities. The government agency said that Custodia’s application, as originally submitted, is „inconsistent with the required factors under the law.“

Kraken Also Obtains Charter

Crypto exchange Kraken has also obtained the same charter to operate similarly as Custodia Bank has done. Both companies have complained about federal regulation in recent weeks due to their involvement with cryptocurrencies which are not yet fully regulated or accepted by governments around the world for transactions and investments..

Caitlin Long’s Reaction

In response to this decision from the Fed, Caitlin Long has expressed her disappointment at what she sees as an unnecessary barrier for companies seeking to innovate within cryptocurrency industries regulated under existing laws: “I am disappointed but remain hopeful that there will be progress over time“.

Conclusion

Custodia Bank’s application was rejected based on its lack of federal deposit insurance and risk associated with its cryptocurrency activities; however, despite this setback there remains hope that progress can still be made towards further development within this industry going forward

• Two of Mt. Gox’s largest creditors, Bitcoinica and MtGox Investment Funds (MGIF), have chosen an early lump sum payment option that will be paid out in 90% Bitcoin.
• This payment is scheduled for September 2023 and allows creditors to receive their payments sooner and avoid any potential market impact from a large-scale Bitcoin sell-off.
• Creditors who choose the lump sum option can elect to receive their payment in a mix of BTC, BCH, and yen, or they can ask for the entire amount to be given in fiat.

Mt. Gox’s Leading Creditors Opt for Bitcoin Payment

Two of Mt. Gox’s largest creditors, Bitcoinica and MtGox Investment Funds (MGIF), have opted for an early lump sum payment option that guarantees them 90% of the funds owed. The payment is scheduled for September 2023.

Avoiding Potential Market Impact

This option allows them to receive their payments sooner, while avoiding any potential market impact from a large-scale Bitcoin sell-off.

Payment Options

Creditors who choose the lump sum option can elect to receive their payment in a mix of BTC, BCH, and yen, or they can ask for the entire amount to be given in fiat.

Settlement Litigation

The other alternative is to wait for all Mt. Gox litigation to settle which may offer higher payouts but could take another 5-9 years.

Background Information on Mt. Gox Hack

In 2014, hackers stole 850,000 BTC valued at $460 million at the time from Mt. Gox exchange following which it was left with roughly 142,000 BTC , 143,000 bitcoin cash (BCH) ,and 69 billion Japanese yen .

Summary

• The US topped Coin Journal’s list of most successful crypto countries, with an estimated value of $46.95 billion.
• In the US, 1,992 crypto-related businesses employ 5,691 people.
• Other top countries in the list include the UK, Germany, France and Vietnam.

The US Leads Global Crypto Industry

The United States sits atop Coin Journal’s list of most desirable crypto countries, garnering a 9.94 score out of 10. The US crypto industry is worth an estimated $46.95 billion and employs 5,691 people across 1,992 crypto-related businesses. This dwarfs that of other countries on the list such as the UK ($8.16 billion), Germany ($4.6 billion), France ($5.7 billion) and Vietnam ($2.7 billion).

Factors Used in Ranking

Coin Journal’s report took multiple factors into account when ranking these countries including the number of cryptocurrency owners by country, investment companies, crypto startups and average gains from crypto per country. Other reports such as Chainalysis‘ annual Geography of Cryptocurrency Report also include wider issues like macroeconomic environment and policy/regulatory conditions when making its recommendations.

Money Talks in Crypto Industry

In the cryptocurrency industry money talks with capital driving geographies with more potential to work with it. For instance Switzerland is home to Zug’s famous „crypto valley“ canton; while UAE is home to Binance and Estonia has been referred to as „digital capital of Europe.“ These places have made various top five lists but none have come close to competing with the U.S., which still remains at number one for now.

No Single Metric Captures All Factors In Rankings

Though money obviously plays a key role in determining success for any given country or region’s cryptospace it does not necessarily reveal all factors necessary for a complete picture. Therefore while rankings are useful they should be taken only as part of a larger analysis taking into account all relevant factors such as quality of life or cost of living when considering investments opportunities in different regions around the world .

Conclusion

• Mastercard NFT product lead Satvik Sethi announced on February 2nd that he has resigned from his position due to harassment and distress from management.
• Sethi tokenized his resignation letter as an NFT and is selling it for 0.023 ETH ($38.00) to support himself.
• Mastercard has not commented on Sethi’s resignation, but it is likely that their cryptocurrency plans will remain unaffected.

Mike Dalton was surprised to hear the news on February 2nd that Satvik Sethi, the Mastercard NFT product lead, had resigned from his position. Sethi had been with the company for the past year, and was responsible for fielding all questions about Web3 from partners, clients, and regional teams.

Sethi announced his resignation in a series of tweets, citing harassment and distress from management as the primary reason. He stated that his salary had been denied to him, his employment contract had been overridden, and that he had been blocked from online accounts. In order to support himself, Sethi tokenized his resignation letter as an NFT and is selling it at 0.023 ETH ($38.00). This token is being sold on Manifold, and has been met with 38 mints at the time of writing.

In addition to selling his resignation letter, Sethi stated that he will air drop additional artwork to his supporters in the future. Despite his key role in the company, Mastercard has not commented on Sethi’s resignation. However, it is likely that their cryptocurrency plans will remain unaffected. Last June, Mastercard had partnered with various NFT marketplaces, including ImmutableX, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway, allowing cardholders to buy NFTs with their cards.

It is uncertain if Mastercard will be able to find a suitable replacement for Sethi’s role, or if they will instead choose to divide the responsibilities between different members of the team. Nevertheless, Sethi’s resignation is a reminder of the importance of creating a respectful and supportive work environment for all employees.

• Conflux native token (CFX) has surged up to 60% in the last 24 hours, following the protocol’s successful integration with the Chinese app called Little Red Book.
• Little Red Book announced on Jan. 24 that it has integrated with Conflux to allow its users to mint their non-fungible tokens (NFTs).
• NFTs minted on the Conflux network can be displayed on their profile page in the digital collection section called R-Space.

Conflux, a layer 1 blockchain protocol, recently announced its successful integration with the Chinese app Little Red Book, causing the price of its native token (CFX) to surge up to 60% in the last 24 hours.

Little Red Book, which has over 200 million users, announced on Jan. 24 that it has integrated with Conflux to allow its users to mint their non-fungible tokens (NFTs). As a result of this integration, users are now able to mint their profile pictures on the Conflux blockchain. The NFTs minted on the Conflux network can be displayed on their profile page in the digital collection section called R-Space.

This integration with Little Red Book further solidifies China’s pro-NFT position, according to the press release. The move was met with enthusiasm by the crypto community, as the price of CFX has surged to nearly 100% in the last seven days.

The team behind Conflux is optimistic about the integration, and believes that it will bring more attention to the blockchain and its potential applications. They hope that this integration will help to expand the reach of the protocol, and bring more people into the blockchain space.

The integration of Conflux with Little Red Book is an exciting development for both the blockchain and NFT space. It is a sign of more widespread adoption of blockchain technology, and could potentially open the door to more innovative use cases in the future.

Bulletpoints:
• The US10Y-US02Y yield curve is deeply inverted, similar to the 1980s levels.
• The 2/10 spread has inverted almost 30 times since 1900, leading to a recession 22 times.
• The 3m10y spread has reached a -100 bps inversion, the deepest in several decades.

The US bond market is showing signs of inversion, which could indicate an impending recession in the latter half of 2023 or early 2024. The US10Y-US02Y yield curve is deeply inverted, similar to the levels seen in the 1980s. This inversion from 3 months to 10 years is double as bad as the levels seen during the Global Financial Crisis.

The 2/10 spread has inverted almost 30 times since 1900, and in 22 instances, a recession has followed. This means that there is a high probability of a recession occurring in the near future. Furthermore, the 3m10y spread has reached a -100 bps inversion, which is the deepest in several decades. This inversion points to a major policy error that the Federal Reserve has made, as they have broken inflation but could also break the economy.

The deep inversion of the yield curve could have huge implications for the economy. It could mean that the US economy could be heading towards another recession, and it could also mean that monetary and fiscal policies will have to be adjusted in order to prevent this from happening. The Federal Reserve has already made a number of moves to try and stabilize the economy, but it remains to be seen if these will be enough.

It is important to keep an eye on the US bond market, as it could be an indicator of what is to come. If the inversion continues and deepens, then it could be a sign that a recession is on the horizon. It is up to the Federal Reserve and other policy makers to take the necessary steps to prevent this from happening.