Snapshot 94

Bitcoins keeps climbing, Paris Blockchain Week wraps up, receives Dubai regulatory license

Mar 24, 2023
Snapshot 94

Bitcoin keeps climbing. Bitcoin has held steady at around US$28,000, topping US$28,500 multiple times throughout the week. It is an almost 70% rally so far this year despite continued turbulence in the global financial market. Read on for more on what was hot in the world of crypto this week.

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Market Spotlight

Note: Market prices captured in US$ at the time of reading. Explore more on Crypto‌.com/Price.

News Snaps

Building Never Stops

Following a detailed review of its operations, Crypto.‌com confirmed earlier this week that it has received its MVP Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). This is the latest regulatory milestone for Crypto.‌com – the industry leader in regulatory compliance, security and privacy.

Au Revoir Paris!

This week marked the 4th edition of Paris Blockchain Week – one of the most influential global events in the blockchain industry. was proud to once again serve as sponsor, with our very own President & COO Eric Anziani speaking on the fintech revolution. Catch up on all the latest from the event.

Treasury Funds

DAI stablecoin issuer MakerDAO has elected to increase funds allocated to its current US Treasury investments. This increases the DAO’s real-world asset (RWA) vault debt ceiling to 1.25 billion DAI ($1.25 billion).

A New DAO Is Born

The Arbitrum Foundation airdropped its new governance token, ARB, to eligible community members on 23 March. ARB marks the official transition of Arbitrum to a decentralised autonomous organization (DAO), and was accompanied by wild volatility of the token’s price following the airdrop.

Rates Are Up

The US Federal Reserve raised interest rates by 25 basis points on March 22 despite recent banking sector turmoil, according to a strong majority of economists polled by Reuters.

What’s Ahead

Withdrawals Are Coming

Ethereum developers set a target date of 12 April for the Shanghai Upgrade, which will enable staked ETH withdrawals. Find a lowdown of what else the update entails here.

Research & Insights

Monthly Feature Report: Deep Dive Into Decentralised Derivatives

This report explored the key features and mechanisms of GMX and Gains Network, two derivatives protocols that gained traction throughout the 2022 bear market, even as the decentralised derivatives market shrank.

Key Takeaways:

  • GMX and Gains Network are DeFi protocols offering ‘perpetual swaps’:
    • GMX is arguably the largest decentralised derivatives platform, according to its TVL. GMX features a multi-asset pool that supports leverage trading with zero slippage.
    • Gains Network‘s most popular product is gTrade, a decentralised synthetic leveraged trading platform. Users can trade cryptocurrencies, stocks, and the forex market.
  • One of the key factors that enabled decentralised derivatives to rise during the bear market is their sustainability, boasting real utility, earning real fees, and delivering ‘real yield’, as opposed to the unsustainable and inflated yield offerings of other DeFi projects.
  • Decentralised derivatives trading is a double-edged sword for traders. On one side, it can generate real yield; on the other side, leverage can amplify both gains and losses.

The full monthly feature report is exclusive to our private members. Learn how to become one here.

NFT Spotlight

Coming next week — 31 March — is ‘TMK GEN 2’, Italian photographer Luca De Massis’s second NFT drop collection. Inspired by the 1990s, the collection includes 5,000 one-to-one 3D NFTs, each with its own distinct design gathered from over 400 traits that evoke the spirit and nostalgia of the decade responsible for the evolution of the World Wide Web.

The ‘90s was a decade that marked a shift in culture and lifestyle with its own unique style and values. From the rise of iconic music to the Internet connecting us all, it was an era defined by colourful fashion and a sense of unity that transcended age, race, and class. The GEN 2 collection is a celebration of the values that defined the ‘90s, like inclusivity, diversity, and the power of community. It features two NFT airdrops, a hoodie giveaway — and 70.000 CRO for one lucky person who finds the CRONOSKID NFT.

Tmk Gen 2 Collection Banner

We’re excited to launch the GEN 2 collection, which brings back the nostalgia and values of the ‘90s. We believe that the TMK GEN 2 collection will be another huge success, and we look forward to seeing the community come together to support the project.

Luca De Massis, representin’

Bust a move over to the TMK GEN 2 NFT page or holla atcha boy Luca.

Product Picks

Better Wallet Experience in the Crypto.‌com Exchange App

The Crypto.‌com Exchange App has revamped its Wallets interface, allowing users to easily review their asset performance at a glance. Key improvements include an animated line chart visualising asset values over 7-, 14-, and 30- day periods, an ‘Assets’ tab with a sleek donut chart and list of tokens, a ‘Transactions’ tab featuring recent transactions, and more. Find out more here.

Stand to Win Up to $500 by Trading FLOKI in the App

FLOKI is the latest meme coin offering an array of utilities, and now it’s available for trading in the Crypto.‌com App! Between now and 5 April, Crypto.‌com App users who trade FLOKI will also stand the chance to win a share of US$10,000 in a two-part campaign. Learn more about the trading competition and FLOKI here.

Crypto Level Up

What Is Cex centralised exchange

What is a centralised exchange (CEX)?
A centralised exchange (CEX) is a platform where users can buy and sell cryptocurrencies using either traditional fiat money or other cryptocurrencies. A CEX holds its users’ funds and facilitates transactions between buyers and sellers. Two examples of CEXs are the Crypto.‌com App and Crypto.‌com Exchange.

What are the benefits of using a CEX?
CEXs are generally easier to use compared to their decentralised counterparts. They typically have a more user-friendly interface and robust customer support. CEXs often boast a greater variety of trading pairs, too, granting more opportunities for users to diversify their cryptocurrency holdings.

How about the disadvantages of using a CEX?
As industry legislation gets shaped all over the world, a CEX might not be able to offer the full scope of its services in certain countries. Additionally, if a CEX suffers from the equivalent of a bank run and is unable to pay off its debt, users may lose access to their funds. Therefore, it’s important for potential users to thoroughly research if a CEX has Proof of Reserves before trading on it.

Learn More About CEXs.

Crypto IRL


Even in the snow, the Ruby Steel Visa Card is 🔥. Stay warm by the fire, @Kr4li.

Hashtag #CryptoIRL with your Crypto.‌com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!


Blockchain Oracle

Oracles are an essential part of every blockchain ecosystem. They allow Web3 systems to access legacy systems, existing data, and advanced computations. In addition, decentralised oracle networks (DONs) are essential because they allow for the creation of hybrid smart contracts.

These hybrid smart contracts offer blockchains the opportunity for on-chain and off-chain infrastructure that can aid them when supporting decentralised apps (dapps) that need to react to events in the real world and interoperate with traditional systems.

One issue that blockchains face is smart contract limitations: Smart contracts do not have the capabilities to interact with systems currently existing outside of the blockchain environment in which they reside. Oracles solve this limitation by allowing access to external data off-chain without affecting a blockchain’s security.

Live Video AMA With Lido Finance

Our live video AMA with Lido Finance, a liquid staking solution for ETH, MATIC, and other cryptocurrencies, wrapped up yesterday. Valerie Tetu, Lido Finance’s GTM Strategist, joined us to share her insights and answer questions from the community. If you missed it, catch the recap here, and stay tuned for the next AMA with us.

This Week in Crypto History

Switzerland Approves Motion to Regulate Cryptocurrency

In late March 2019, Switzerland’s parliament approved a motion to regulate cryptocurrency. The Federal Council was instructed to include cryptocurrency and its risks in existing legislation. It was the European nation’s first step in dealing with crimes committed using cryptocurrency, including money laundering and fraud.

Today, Switzerland is seen as one of the most proactive regulators of digital assets. It has four different licences available for cryptocurrency companies and a comprehensive Law on Distributed Ledger Technology. Additionally, the Swiss Financial Market Supervisory Authority introduced anti-money laundering laws specific to cryptocurrency in August 2019.

That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.

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