Market insights: 2022/08/01

2023-03-03 by


[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none” gradient_type=”default” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_direction_desktop=”default” column_element_spacing=”default” desktop_text_alignment=”default” tablet_text_alignment=”default” phone_text_alignment=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_backdrop_filter=”none” column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]Like every year, the summer period is always quieter than the rest of the year. Still, there are plenty of happenings, some good and some bad for the blockchain sector.

MuKn-related news:

  • We released the first episode of our podcast, interviewing Antoine Toulme, senior blockchain engineer at Splunk. We plan to host many more episodes this year with many more intense and interesting guests, so make sure to watch for announcements.
  • We were excited to be at the ETHCC event in Paris, France this year, and thankful to meet so many intellectually inspiring people! There is so very much to learn, and innovation abounds.

Notable recent events in the sector:

  • Two weeks ago, the OpenSea marketplace laid off 20% of its staff signaling that the crypto winter is still on. For many actors in the industry it is a matter of survival to reduce funding for projects, slowing the pace of development and rebalancing organizational growth.
  • More and more commercial banks are entering the crypto space each month. This time, French bank BNP Paribas joined the field of Crypto Custody adding a whopping $13 trillion in assets under management. BNP Paribas’ partner Metaco is no novice in this field. They already have a tech deal with another important and prestigious French bank, Société Générale (GLE). Expect this trend to continue heating up.
  • The British Law Commission has published an important paper on property rights applied to crypto-assets and tokens. The document is quite long (549 pages!). But the substance of it is that the proposed legal framework is crypto-friendly: Digital assets are important, and property rights should fundamentally apply. So the intent of such a framework should be to keep England and Wales competitive on the World stage. More info here.
  • An historic event for both the blockchain industry and South American Soccer: the soccer team of São Paulo acquired player Giuliano Galoppo from an Argentinian club and paid with the USDC stablecoin using the Bitso exchange. There might be legal consequences for the Argentinian club, as restrictions on local foreign exchanges force exporters to convert their US dollars into Argentine pesos within five days of a transaction. Nevertheless, the event is a clear sign that, even amidst a crypto-winter, crypto and blockchain tech are gaining more and more adoption.
  • 10 days ago, Twitter influencer Zeneca was compromised, which led to a classic airdrop scam. The damage remains unknown, but we can salute the fact that the NFT community flagged Zeneca’s twitter account as compromised within less than an hour. The same week, Yuga Labs warned the community against coordinated attacks on assets.

Projects you might want to know about:

  • Decentralized: a nonprofit backed by Francis Ford Coppola, is using a currency named FILM to find and fund projects from promising filmmakers who otherwise might not be discovered. Users of the platform receive feedback about their projects, and more exposure to help them find producers and funding.
  • XX Network: the first quantum-resistant blockchain ecosystem is offering an ultra-secure messaging application named XX Messenger. You might have heard about its founder David Chaum, one of the most illustrious pioneers in the field of cryptography and digital currencies. The idea is simple: quantum computing could break the bitcoin blockchain’s safety protocols, strong as they can be. Someone could use quantum computing to impersonate Satoshi Nakamoto and crack open the private keys of important whales, just by using brute force. XX Network aims to make the blockchain “quantum-proof”. We think it’s either a solution arriving earlier than the problem, or, it’s already saving us from some technologies that do indeed exist, but are, for now, still highly secret. In any case, we find this project fascinating.
  • Ethereum competitor Matter Labs announced an EVM-compatible Zero-Knowledge rollup, set to launch in October 2022. This is yet another promising project to help the Ethereum ecosystem scale and reduce high fees.
  • Polygon also announced their own ZK-rollup, Eyes’ mainnet launch set for 2023. Expectations are high, with transaction fees targeted to be reduced by 90%, and increases in the rate of transactions up to 3 times per second faster.


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