Welcome to Switch Daily. 👋
Well, US inflation is ⬆️and markets are ⬇️. But HODLers aren’t shaken coz we just realized that we are mid-way through what would be the most significant moments in crypto history. 😇 Psst.. we’re talking about the ‘Merge’.
Anyway, let’s get down to business
- Market pulse
- Polygon the Powerstar
- Crispy news
- The Merge Corner (surprise, surprise)
- Just another meme
Market pulse 📈
The market is tumbling like Humpty Dumpty 🧗
High inflation reading, which came in above expectations, cast a pall over the US equity market, dragging down the crypto market as well. The US consumer price inflation peaked at 8.3% for August, despite it being termed “transitory” by the Federal Reserve 17 months back. Close on the heels of the inflation report, the market experienced an immediate pullback, cutting the week-on-week rally short with a quick 2% dip.
The crypto market has slid under the $1 trillion market capitalization, currently at $996.60 billion. The overall correction has extended up to 3.44% since yesterday, underlining its strong correlation with traditional markets.
💜 Polygon – A Web3 powerhouse 💜
So many brands are partnering with Polygon these days. Hotstar, Adidas, Dolce & Gabbana, Adobe, Meta, Stripe…
Honestly, it’s getting difficult to keep count. Even yesterday, the hipster coffee brand, Starbucks, announced that it is working with Polygon to build a Web3 experience — Starbucks Odyssey.
Starbucks is introducing a new Web3 Odyssey experience that will allow members to earn and buy digital collectible stamps (NFTs). It seems these NFTs will unlock access to new, immersive coffee experiences.
Plus, it looks like a big deal coz even Sandeep Nailwal, co-founder of Polygon, changed his Twitter image to a purple Starbucks logo. Maybe he can also try to convince Starbucks to rename Chai tea Latte (tea tea milk) to just Chai 🤣.
But who cares? We Indians are filter caapi or cutting chai kinda people who root for Atmanirbhar Bharat. So, let’s talk more about our homegrown Web3 powerhouse — Polygon (MATIC) .
Despite the bulls and bears, Polygon has been BUIDLing tirelessly since 2017. Growing beyond just being an L2 solution for Ethereum, Polygon reached for the stars in many ways.
Here are some stats:
🚀37,000+ dApps built on Polygon, i.e., 4x growth since Jan 2022.
🚀The number of active teams building on polygon has grown from 8k in March to 11.8k in July.
🚀74% of these are building on Polygon exclusively, while the rest are building on both Polygon and Ethereum.
🚀Polygon has recorded 142 mn+ user addresses and has processed over 1.6 billion transactions.
🚀Aave, Uniswap V3, OpenSea & Lazy.com, founded by Mark Cuban, are on Polygon.
🚀Launched Polygon studios in partnership with Hotstar.
🚀Starbucks, Meta, Adobe, Stripe, Telefonica, and Dolce Gabbana are some big brands building with Polygon.
🚀It has introduced a suite of products such as Polygon Supernets (which helps build app-specific chains), Polygon Avail (scalable data availability layer), Polygon ID (zero-knowledge identity), etc.
💚Also, the Ethereum merge is expected to reduce Polygon’s energy consumption by a whopping 99.99%, making it super green crypto.
Now tell me, isn’t Polygon a Web3 powerhouse indeed?
What else is brewing? ☕
🗓️Ethereum PoW- ETHW fork date announced
A new Twitter handle called @EthereumPoW has confirmed the official launch of ETHW, the Ethereum Proof-of-Work (PoW) fork, on September 15th. The announcement comes after much uncertainty about the fork. Read more.
💸VC funding in Web 3.0 gaming soars
Despite bearish market conditions, NFT and blockchain-based gaming platforms continue to attract institutional investors. NFT and gaming firms in August 2022 witnessed a 66% jump in VC funding, touching $842 million. Read more.
🇷🇺Russia moves closer to using crypto for international payments
Rostec, one of Russia’s leading tech companies, is working on a project to integrate digital assets into cross-border trade payment settlements. Read more.
✔️Tether’s USDT added on Near blockchain
Enlarging its footprint in the crypto world, Tether, the company behind USDT, has announced that it will now launch the world’s largest stablecoin on the Near network. Near is a smart contract platform that hosts close to 700 projects. Read more.
‘The Merge’ corner 🐼
Ethereum merge is happening yet ETH value keeps dropping! Here’s a piece on how Ethereum could be the beginning of the end of the bear market.
Meme of the day…
FYI: None of this is investment advice, we’re just Indians taking pride in another homegrown tech marvel.
Well, that’s a wrap for today!
See you, tomorrow folks, 👋