Weekly Digest: LUNA, Sandbox, Tezos, Avalanche

By CoinJoy | CoinJoy Magazine | 4 Mar 2022


Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.

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📌 LUNA Now The Second-Largest Asset in Staking Value

LUNA, Terra’s native token, has become the second-largest asset in staking value, outperforming both Solana and Cardano. LUNA’s price reached $93.88 and its market capitalization went up to $35 007 327 270. Earlier this week, Terra’s total value locked (TVL) hit $30.2 billion, surpassing Ethereum’s $28 billion at the time. LUNA has also outperformed BNB, which mainly gains momentum due to the direct connection between the BNB token and the largest crypto exchange Binance. 

📌 Australian Committee Lists Key Factors For Crypto Adoption

The Cyber Security Industry Advisory Committee alongside the Australian Department of Home Affairs has presented the roadmap for the Australian authorities to adopt cryptocurrencies in Australia. The country is moving towards a digital economy. Experts suggest paying attention to four key aspects of the safe cryptocurrency integration: cryptocurrency operators’ transparency, mass education on cryptocurrency, compliance with security standards, and implementing the “following the leader” tactic, meaning adoption of the best worldwide practices. The Australian committee highlighted the importance of security standards for crypto exchanges and businesses working with digital currencies and for crypto exchanges. Moreover, the public should be aware of any associated risks, threats, and security measures, therefore it is important to achieve full transparency. 

📌 The Sandbox Alpha Season 2 Launch

Late last year, The Sandbox, a Hong Kong gaming platform, announced the second-time launch of its metaverse for a limited number of users on March 3rd. Users can monetize their playtime in a Play-to-Earn manner via The Sandbox virtual world by purchasing land, creating NFTs, and completing various quests. On December 20th, 2021 users were able to explore the metaverse for the first time. This time the metaverse received several new updates and greater availability than the previous version. The Sandbox account holders are able to choose from 35 available experiences, including 17 new ones. 

📌 Coinbase Plans To Integrate Tezos NFT

Coinbase, one of the largest American cryptocurrency exchanges, intends to integrate support for NFT-based on the Tezos blockchain into its future platform Coinbase NFT Today. Coinbase held a poll where users were asked to choose between Solana, Polygon and Tezos blockchains. According to users, Tezos has numerous advantages, such as low network congestion, low fees, and extensive digital art creation opportunities. The Coinbase developers are positive Tezos will be a great addition to the platform. 

📌 Tribal Announces Partnership With Visa

Tribal Credit, a cryptocurrency-focused enterprise payment platform, has announced a partnership with a multinational corporation VISA. As part of the collaboration, the platform will issue credit cards for small and medium businesses in Latin America, including countries such as Chile, Peru and Colombia. Entrepreneurs will also be able to use digital assets and blockchain technology to make payments and transfer funds. The partners are working on creating a cross-border payment service using Stellar. According to experts, Tribal partnership with VISA alongside the adoption of Bitcoin as legal tender in El Salvador will increase the number of cryptocurrency users in South America. VISA has also been showing continuous interest in blockchain technology for several years. 

📌 Russia May Legalise Cryptocurrency to Reduce The Effects of US Sanctions

New stricter sanctions were introduced against Russia due to the ongoing Russia-Ukraine crisis. Russia said it has planned to legalize cryptocurrencies in an effort to reduce the effects of economic sanctions. Sanctions are one of the most powerful tools to influence a country's economy. However, digital assets can mitigate the effects of sanctions. Russia has several crypto tools at its disposal, which may help the country to avoid using the dollar. For international trade, the Russian government is developing the digital ruble under the supervision of the Central Bank. According to the representative of the Central Bank of Russia, the digital ruble will provide certain levels of resistance to sanctions. Besides, blockchain technology, used to implement cryptocurrency tools, can help hide the origin of digital currencies transactions. Thus, foreign companies might have an opportunity to trade with Russian organizations without being detected. 

📌 Avalanche Grabs Interest of Institutional Investors

Institutional investors are once again showing active interest in crypto investment products. One of them is Avalanche, created by Ava Labs. The platform positions itself as the fastest smart contract platform in the blockchain industry. Last year Avalanche became one of the top ten digital currencies in the world, increasing its value by 18 times. Experts point out a few factors that contributed to Avalanche’s popularity growth: support by BitGo, partnership with the authoritative organization Deloitte, a $230 million investment made by Three Arrows and Polychain. Moreover, The Bank of America announced that Avalanche is a worthy competitor to Ethereum. CoinShares published a weekly digital asset report indicating that the total inflow of investment in digital currencies is not declining, despite the ongoing crisis in Ukraine. According to experts, Avalanche is expected to increase its value steadily soon, as the platform has good technical parameters and will be popular among users.

 

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