What started as a distributed digital ledger enabling a peer-to-peer network has now become a whole new dimension of the internet. Blockchain, the underlying technology of cryptocurrencies, evolved in an immense way over the last ten years. Bitcoin is its first real use case, and it is now recognized as a global monetary network with a fixed supply that several countries have accepted as legal tender. Yet, blockchain’s functionality doesn’t end with Bitcoin. There are many prominent use-cases of blockchain technology that helped the crypto market accrue over $1.8 trillion in market cap. That too, despite little or no attention and participation in the early days of growth. The Scope of Blockchain-Powered Disruption Blockchain technology will be a disruptive force across industries. For example, it can transform the venture capital industry, reshaping how companies raise money with the help of tokenization. This in turn will help companies increase capital efficiency exponentially while enabling decentralization. Security Token Offerings (STOs) are a working use case in this regard. With STOs, startups can freely distribute tokens in the form of equity and raise capital in an adequately regulated manner. Gaming is another prominent industry that blockchain disrupts. GameFi is emerging as the next era in gaming and entertainment, innovating in-game assets and NFTs. Thus, gamers have access to unprecedented revenue streams, which is substantiated by the immense popularity of Play-to-Earn (P2E) games. Moreover, unlike traditional video games, blockchain gaming enables players to retain asset ownership and derive value in open marketplaces. NFTs are critical to GameFi. But even beyond that, they facilitate several use cases, including those in digital art and entertainment. Moreover, DAOs or exclusive communities use NFTs to determine whitelists and for access control. Emerging artists and creators also use NFTs to tap into their fan bases and generate considerable revenue compared to what they are making on Web2 platforms. Having said that, however, blockchain has a bigger purpose overall. It solves the problems of fragmented monetary systems with digital assets. Stablecoin is one prominent example of such an asset that also addresses the volatility of ordinary cryptocurrencies. Since stablecoins are pegged to the value of some underlying fiat or cryptocurrency, they maintain a ‘stable’ price and become relevant for day-to-day transactions. This also makes stablecoins key to blockchain’s mass adoption, especially for cheaper and faster cross-border payments. Unlocking Blockchain’s Full Potential Blockchain disrupts existing industries in many ways. But for the technology to achieve its full potential, there’s a need for solutions that boost interoperability and cross-chain functionalities. Progress is already being made on this front, because of platforms like Konstellation Network. Built with the Cosmos SDK, Konstellation caters to the expanding decentralized capital markets through its cross-chain infrastructure. It strives to make asset management more seamless for users by operating under one umbrella. In doing so, Konstellation has integrated VegaX, an ASM known for its crypto investment products. Users thus have access to the index strategies of VegaX that can improve overall returns in DeFi. Moreover, the platform has a separate set of portfolio management tools, available on Taebit—a South Korean DeFi platform simplifying crypto investing and staking. Konstellation also gives investors exposure to the metaverse through the Solana-based NFT game, Squid Squad OG, and an integrated marketplace, Kambrian. People who own a part of this collection can earn high rewards by playing a simple game of rock, paper, and scissors. Furthermore, Konstellation recently went a step further to promote blockchain-oriented innovation by launching an incentive pool in collaboration with Osmosis Zone. The pool initially held 10 million $DARC — Konstellation’s native token — and has two equal sub-pools paired with $ATOM and $OSMO. This strategic partnership also sheds light on the significance of Cosmos as a whole, when it comes to shaping the future of blockchain. Towards Mass Adoption Besides strengthening decentralized capital markets, projects like Konstellation significantly enhance blockchain’s value proposition for individuals and institutions alike. They unlock cross-chain liquidity, which prepares the ground for scalable and sustainable markets. In turn, this initiates a positive feedback loop—innovation boosts adoption and adoption encourages innovation. As more sectors implement blockchain, the closer the world will get to Web3.
A widely followed crypto strategist says he’s accumulating an under-the-radar altcoin that has exploded by more than 850% in less than a week. Pseudonymous analyst The Crypto Dog tells his 747,200 Twitter followers that he’s loading up on Sweat Economy (SWEAT), a new move-to-earn cryptocurrency. According to Sweat Economy’s whitepaper, the crypto asset makes itself […]
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It’s not often that we see a DAO vote on a multi-year, $40M protocol spend on a sports sponsorship. Terra holders have been voting on just that this week, however, in what’s seemingly a first-of-its-kind event. Terraform Labs founder Do Kwon presented a new proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5M sponsorship with an unnamed team across one of the ‘big four’ sports leagues in the U.S. (MLB, NBA, NFL, NHL). It is seemingly the first time in sports sponsorship history that a DAO (or similarly structured organization) has had a collective vote to engage in a sponsorship. The proposal is the second of three major announcements that have fallen under the latest campaign for Terra, referred to as “[REDACTED].” Terra & It’s Three Serialized Announcements… What We Know The first piece of the three-part announcement came just a couple weeks ago, with Terra’s ‘Luna Foundation Guard,’ or LFG, announcement. The proposed funding is from the community pool, and the proposal itself pillars it’s pitch on a few major pieces: the first being the narrative, the idea that the leading decentralized stablecoin machine securing a sponsorship of this pedigree is emblematic of a broader “DeFi to the masses” movement. The second being the idea that being bold is essentially for growth. And the final justification is arguably best stated in the proposal itself: “inspiring the creativity of DAO governance to realize its full potential.” A club in the NBA is the likeliest target, with the MLB and NHL certainly being possibilities, and the NFL being a non-zero, but slim chance of featuring the team that this deal is with. Related Reading | McDonald’s Marks Local Bitcoin Bottom With Crypto Tweet Luna is the mechanic behind the UST stablecoin, and now looks to chew a big piece of exposure with the latest sports sponsorship deal. | Source: LUNA-USD on TradingView.com Decentralization Discussion The proposal has led to a heightened debate about the degree of centralization between the Terra network and the Terraform Labs team. The Terraform Labs wallet holds a substantial amount of LUNA, however Do Kwon and the TFL team has been doxxed, giving the community strong reason to believe that Kwon’s eventuality of full decentralization is a vision well on it’s way. Kwon has mentioned a ‘killswitch,’ commonly known as ‘Armageddon,’ that can send the Terra ecosystem into a fully-decentralized mode with no attachment from Terraform Labs required. It’s generally believed that these remaining funds in the aforementioned TFL wallet will be burned once that mode is in place. While today’s state of Terra might not be “as decentralized” as other players in the space, it’s clearly on it’s way – and it will be interesting to see how moves like this one impact this decentralization in the long run. Related Reading | Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any Featured image from terra.money, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.