- Following large intraday swings yesterday after Jerome Powell's speech at the Economic Club of DC, traditional indices have picked a direction, with the $SPY (-1.07%) and $QQQ (-1.72%) both falling today. $BTC (-1.30%) and $ETH (-1.36%) continue to trade around $23k and $1.65k as many altcoins are cooling off following impressive gains over the past month. Popular Arbitrum tokens $GMX and $MAGIC are down 9.05% and 13.83%, respectively. The Sandbox ($SAND) is the top gainer in the top 100 coins over the last 24 hours, gaining 15% after an announcement of partnering with the Saudi Arabia Digital Government Authority to explore potential metaverse opportunities. The partnership announcement comes before a large token unlock scheduled for February 14th, releasing 12% of the token’s total supply.
- Deso, a layer-1 blockchain network backed by Coinbase, has announced the launch of MegaSwap, a cross-chain swapping service. MegaSwap will allow users to easily swap crypto tokens across various blockchains with a frictionless zero login. A common problem across the crypto ecosystem is that liquidity is fragmented across different networks, and users have to transfer assets between chains or use a centralized exchange to access different tokens. Developers can utilize MegaSwap and make their dApps accessible from any blockchain by using one line of code to integrate MegaSwap’s API. The current version of MegaSwap supports swapping between Ether, Bitcoin, Solana, USDC, and Deso. MegaSwap plans to integrate other tokens like Near, Cardano, and Dogecoin in the near future. Demand for MegaSwap has been impressive in its limited release thus far, totaling over $5 million in cross-chain swap volume.
- Input Output Global (IOG), the development company behind Cardano, has officially launched its proof-of-concept public test-net of its Ethereum Virtual Machine (EVM) compatible side-chain. Users can now visit the test-net and begin transferring tokens, testing environments, and deploying smart contracts. The launch follows IOG’s announcement last month of a new developer toolkit that would help developers deploy custom side-chains on the Cardano Network. For now, side-chain smart contracts can only be written in Solidity, but IOG plans to work on more technical variations to add support for more coding languages potentially. IOG is hoping that the ability for developers to code in their native languages will attract more talent to the Cardano ecosystem, as developer growth has been a pain point for the layer-1.
Deso Launches MegaSwap, Cardano Releases EVM Test-Net
Feb 10, 2023
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