Weekly digest: Shibnobi, Hydra, Dogecoin and STERN

By CoinJoy | CoinJoy Magazine | 8 Apr 2022


Weekly Digest

📌Shibnobi Launches Esports Betting Platform

 

Earlier this week, Shibnobi announced an upcoming release of its gaming platform. Shibnobi Gaming, available for both desktop and mobile users, is expected to launch in early summer this year. Users of the platform will be able to bet on their favorite video games using SHINJA, Shibnobi’s native cryptocurrency. According to the team, the prize pool of the platform will be formed using players’ entrance fees. Qualified referees will determine match winners. What’s more, Shibnobi is planning to launch a blockchain, providing the platform with additional functions of trading and an avatar system based on NFTs. Besides, the platform will host referral programs, advertising promotions, and tournaments. Shibnobi Games is expected to become an internationally recognized project  in the future. 

📌German Police Has Confiscated Hydra Servers & Seized BTC

 

On April 5th, German law enforcement officials shut down the servers of the  Russian-language darknet platform Hydra, also seizing 543 BTC (currently worth over $25 million). Hydra, launched back in 2015, is believed to be one of the biggest darknet markets worldwide used for selling drugs, counterfeit money and documents, as well as various illegal activities instructions. Hydra, run on the Tor encryption network, masks participants’ identities, making it possible for users to make fully anonymous purchases. Hydra operators are under preliminary investigation for running criminal online marketplaces, commercially acquiring or enabling illegal drug activities and money laundering. As of now, all transactions on Hydra are carried out in digital currencies, thus a good chunk of criminal origin’s cryptocurrencies came from Hydra, turning it into the largest hub for illegal cryptocurrency transactions in Eastern Europe. 

 

📌 Dogecoin Is Up Again Thanks to Musk

 

On Monday, DOGE’s price spiked from $0.143 to more than $0.156 minutes after it was revealed that Tesla CEO Elon Musk has taken a 9.2% stake in Twitter. DOGE is known for being Musk’s favorite cryptocurrency, and the entrepreneur is a long-time supporter of the project. In late December 2021, Tesla made an announcement that customers of the company would be able to make online purchases using Dogecoin’s currency, which resulted in boosting the value of the digital asset. Mask purchased Twitter shares after he found out that around 70% of his Twitter followers believe the social media company does not respect the freedom of speech principle.

 

📌Metaverse Tokens Not Affected Despite $625M Hack on Ronin

 

On March 29, Axie Infinity’s sidechain Ronin was hacked in what is now known as one of the largest attacks in the history of the DeFi sector, which led to stealing over $625 million worth of crypto. Sky Mavis, the company behind the play-to-earn game, stated that the criminals resorted to social engineering methods, gained control over five out of nine validators, exploited the system’s vulnerability, and accessed the assets. Ronin is currently undergoing a technical audit to identify weaknesses, and Sky Mavis has promised to reimburse users for their losses. Despite what happened, the prices of Enjin Coin and The Sandbox increased, whereas AXS and Smooth Love Potion declined a little, partially recovering their losses shortly after. 

 

📌STEPN is Up Over 200% in a Week

 

STEPN is a web3 application, which combines both GameFi and DeFi elements and uses GST (Green Satoshi Token) and GMT (Green Metaverse Token) for its main purposes. The project’s main goal is to create a healthy lifestyle through blockchain gaming technologies. Earlier this week, GMT rose by 24.32% in 24 hours, making it a weekly boost of 224.30%. GMT’s market capitalization reached $1,592,635,349. One of the distinctive features of GMT tokenomics is its unpredictability. The platform adds random sums to users’ earnings. STEPN’s development team is planning to introduce a burning mechanism once the project’s Twitter page reaches 200,000 followers, which is likely to result in boosting the asset’s value. 

 

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