TLDR Crypto 2022-10-06

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Middle East and North Africa-based users received $566 billion in cryptocurrency between July 2021 and July 2022. The region is the fastest-growing market for crypto adoption in the world. Egypt saw the largest increase in usage, with crypto transaction volume more than tripling compared to the previous period. Turkey, which experienced 80.5% inflation in the last year, accounted for $192 billion out of the $566 billion, the largest share by one single country in the region.

There were 437,000 new Ethereum Name Service domain registrations in September. ENS domains are being traded for millions of dollars on secondary markets like OpenSea. This article looks at the top five ENS domain sales of all time. The most expensive domain so far has been paradigm.eth, which sold for more than $2 million in October 2021. The other top domains are pyfi.eth ($463,200), ooo.eth ($317,000), abc.eth ($254,000), and 09jul.eth ($249,000).

Yuga Labs has assembled a community council made up of notable Ape collectors to help grow its web3 presence. The council will provide a more formal, efficient, and consistent process for Yuga leadership to get community feedback and advice. It currently consists of seven long-term Bored Ape owners and will grow over time. Yuga plans to assemble more NFT councils to help grow its brands.

The deSwap Liquidity Network is a new paradigm for limitless, zero slippage cross-chain value transfers with zero total value locked. Classical approaches to bridging require locked liquidity pools that become targets for hackers. Bridges have lost over $2 billion in hacks this year. The deSwap Liquidity Network introduces a 'liquidity on demand' approach that doesn't require continuously locked liquidity. It can generate sustainable rewards on idle liquidity without token incentives.

WeChat, a super app in China, is used for everything digital in the country. Silicon Valley has yet to achieve the success that WeChat has seen. web3 technology offers a way to achieve super-app-like dominance with lower barriers to entry and horizontal integration. The West's WeChat will likely be a super dApp that consists of one or more web3 apps or platforms that integrate with a growing set of permissionless protocols, standards, and cloud solutions.

Crypto Market Fit is Product Market Fit for web3-native products judged by web3 metrics and mechanics. Using web2 metrics to measure web3 apps will result in incorrect conclusions. Many of the best examples of PMF in web3 are highly financialized use cases, which have completely different engagement patterns to social networks. This article looks at the PMF for Coinbase and Robinhood and compares them to Uniswap to show why web2 and web3 products should be judged by different metrics.

The NFTs belonging to Three Arrows Capital through its Starry Night Capital fund are now in liquidator Teneo's custody. The Starry Night Capital fund spent at least $35 million acquiring NFTs in 2021. Teneo will sell the NFT collection to cover Three Arrows Capital's losses. The value of the collection has dropped significantly since the time of purchase.

SWIFT has unveiled a framework for a global central bank digital currency system. The company claims it has solved the challenge of interoperability between different networks. It says it can link blockchain networks for cross-border payments through a single gateway. SWIFT's infrastructure can be used to create and trade tokens across tokenization platforms.

Binance and FTX have announced plans to list the token for decentralized exchange GMX.

A lot of DeFi founders are focusing on token designs rather than on improving primitives as incentives make founders feel like they've found a product market fit.

Two Sigma Securities is now a data provider on the Chainlink network.

ERC3525 introduces semi-fungible tokens to unlock new use cases for NFTs.