Welcome back to your weekly edition of Altcoins at a Glance, where we try to summarize the most important news about the altcoin space. We save you time by scouring the internet for the latest weekly updates, so you have more time to enjoy your crypto gains.
Shiba Inu Brings NFTs to Life with Shibacals
- Shibacals allows creators to turn their 2D creations into 3D products in real life.
- The Shibacals team will produce 3D products made from 2D samples submitted by creators. The physical product will be embedded with Near Field Communication (NFC) Chips.
- Each NFC tag can be used to link websites, marketplaces, and the Metaverse.
- Information on the NFC tags is stored on the Shiba Inu blockchain, which makes them tamper-proof.
- This technology can verify a product’s authenticity and verify ownership.
- At the moment, Shibacals can create products like clothing, toys, and plushies.
NEAR Foundation Partners with Alibaba Cloud
- The NEAR Foundation, the institution behind the NEAR protocol, is partnering with Alibaba Cloud to accelerate WEB3 Development in Asia and the Middle East.
- NEAR protocol developers can now have access to Alibaba’s cloud computing services.
- This partnership will allow developers to use Alibaba’s cloud services instead of using dedicated nodes. Developers will only pay for what they use, saving them from the upfront cost and maintenance cost of dedicated hardware.
- Developers can also take advantage of the cloud’s security.
- Alibaba Cloud also partnered with Avalanche (AVAX) earlier this year.
Polygon 2.0: A Game-Changer for Altcoins
- Polygon Labs announced a proposal for the Polygon 2.0 architecture, which is designed to give the blockchain unlimited scalability and unified liquidity. It aims to make Polygon the value layer of the internet, which would enable users to create, exchange, and program value seamlessly and securely without intermediaries.
- The proposal is seen as a solution to WEB3’s fragmented liquidity and poor experience.
- The proposed architecture is composed of four layers, namely, the staking layer, Interop Layer, the execution layer, and the proving layer.
- Polygon Labs promised deep dives into Polygon 2.0 in the future.
Celsius May Convert Its Altcoins to BTC, ETH
- Bankrupted Crypto Lending Platform Celsius was allowed by the court to sell its altcoins on July 1.
- Its holding includes Cardano (ADA), Polygon (MATIC), and Solana (SOL). The estimated worth of these altcoins is $170 million.
- Celsius may exit its altcoin positions in favor of BTC and ETH.
- Proceeds will eventually be distributed to creditors who are waiting to claw back their funds from the company.
- Market watchers are monitoring this closely since it has the potential to move the prices of all the assets involved.
Altcoins worth $42 Billion minted by Poly Network Hackers
- Hackers were able to exploit Poly Network, a global cross-chain protocol.
- The hackers minted multiple altcoins, which include 24 billion Binance USD (BUSD) and BNB on the Metis Blockchain, 999 Trillion Shina Inu (SHIB), and other tokens.
- The estimated value of the minted tokens is $42 billion.
- Lack of liquidity prevented the hackers from taking profits from their BUSD and BNB haul.
- However, the hackers were able to exchange some of the tokens for ETH.
- Poly Network was also hacked last August 2021. Hackers were able to take assets worth $600 million.
- This is a developing story.
Thank you for reading Altcoins at a Glance. Please join us again next week.
Featured Image from Pixabay
