Crypto weekly roundup, 6th - 12th June!

Oliver Moon at Team UMushroom

15 Jun 2022

We are now officially into a bear market and crypto appears to be feeling it too.

We are officially into a bear market. BTC’s, and the crypto space in general’s, strong correlation with the S&P500 (0.59) and NASDAQ (0.82) continues, as tough weeks are experienced all round. The overall crypto market cap dropped to around 1.15 trillion USD, experiencing a 7.4% weekly fall.
This week was tough for all the top 10, with all non-stable coins dropping at least 10% in price. Ethereum, Solana and Dogecoin were particularly affected dropping around 20% each. Dogecoin’s fall was just a small part of a wider “shitcoin” sell off.

Solana, Polygon, Avalanche, and others attempt to entice Korea’s ex-LUNA developers.
- After LUNA’s collapse last month, many crypto developers, especially in Korea, have been left without a network to develop on.
- Solana, Polygon, Avalanche, and others are attempting to bring these developers into their own networks.
- To entice developers, Solana has committed to invest $100 million into Korean crypto start-ups.

The Ethereum Ropsten test network successfully completed a proof-of-work (PoW) to proof-of-stake (PoS) merge with Ethereum’s Beacon Chain.
- Ethereum is transitioning from a proof-of-work consensus mechanism to proof-of-stake one.
- To do this, it has created a chain called the Beacon Chain that runs in parallel to the main network. This chain is a PoS co-ordination chain.
- The Ethereum chain will eventually merge with the Beacon Chain to complete its transition.
- This week, a test merge took place between a branch of the Ethereum chain and the Beacon chain.
  - This provided a simulation as to what the main merge could look like.
  - It was successful and is a very significant step in the transition.
Mastercard has taken massive steps to aid the DeFi revolution.
- A San-Diego based start-up has partnered with Mastercard to create a crypto debit card that needs no personal identification to setup.
- Mastercard has also partnered with several NFT marketplaces to enable users to purchase NFTs and digital art in fiat currencies.
UFC has named VeChain, a blockchain focused on supply chain tracking, as its first official Layer 1 Blockchain partner.