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Week 35: Check out what happened in the Web3 world

The hype around the Merge of Ethereum continues to build in the crypto market as the scheduled day gets closer, the global crypto market cap is $998.07B, Polygon Wallet Suite, a unified platform, is launched, Stacked raises $12.9 million in Series A funding, YML Innovation Lab has launched ‘FIREWATCH’ - 1000 NFTs funding wildfire prevention in California minted on Solana - these and more in this edition of Friday Weekly Wrap-Up, by Shreya Rath and Varunika Dhar.

Crypto Market this week
The hype around the Merge of Ethereum scheduled to take place on September 15th continues to build excitement in the Crypto market. The price of Ether has surged. Bitcoin has also shown improvement over the last week, with the last price as of Friday above $20,000.
As per CoinMarketCap, the global crypto market cap is $998.07B, a 1.94% increase over the last day. The total crypto market volume over the last 24 hours is $62.92B, which makes a 3.41% decrease. The total volume in DeFi is currently $5.48B, 8.71% of the total crypto market 24-hour volume. The volume of all stablecoins is now $56.90B, which is 90.44% of the total crypto market 24-hour volume.
Bitcoin’s dominance is currently 38.96%, a decrease of 0.17% over the day.
Polygon Wallet Suite for safe and easy crypto transactions
Web3 is exciting, but it has its challenges, don’t you agree?
As a regular crypto user, you might generally not come across simple and streamlined experiences while navigating Web3-based products and Apps. This is where Polygon Wallet Suite, a unified platform, will help customers safely swap, bridge, and manage all of their assets in one place, regardless of where they are stored.
Polygon Wallet Suite intends to solve. It will provide users with access to a variety of powerful tools and functions, including:
  • Polygon PoS Bridge: The most popular bridge on Ethereum gives users the ability to bridge their assets from Ethereum to Polygon.
  • Swap & Swap for Gas: Safe and accessible token exchange and gasless transactions when the users’ swap for gas.
  • Enhanced User Experience: Streamlined onboarding, in-app support, transparent transactions, and a user-friendly interface.
  • Backend Enhancements: Indexing services powered by a subgraph to achieve accessibility to near-real-time transaction details and deeper bridge layer abstractions to seamlessly manage standard or custom token bridging needs.
Subscribe to Axetue’s weekly newsletter Friday News Wrap-Up for the latest news and insights from the world of Web3, Crypto, DeFi, and startups
Major changes in Crypto banking's competitive landscape: Blockdata report
Blockdata in its latest report - The State of Crypto Banks in 2022: How Market Volatility Has Impacted Them? - has brought key trends and developments in Crypto banking’s competitive landscape.
Users: From October 2021 to May 2022, saw its user base grow from 10M to 50M, an increase of 400%. Similarly, the number of Nexo users doubled from over 2M to over 4M from September 2021 to May 2022. Crypto lending has surged over the last two years and publicizes a vision of financial services where lenders and borrowers avoid the traditional financial firms that position themselves as the gatekeepers for loans or other products.
Company size: While some crypto banks are facing hiring headwinds, others are unperturbed amid market volatility. In June 2022, BlockFi announced a 20% layoff — the company headcount dropped from about 850 in January to about 680 by the end of July. Meanwhile, Nexo’s LinkedIn headcount has jumped nearly 60% since January 2022.
Interest and other earnings: Apart from pooling investments into cryptocurrency, most of these banks provide customers with earning opportunities in traditionally aligned frameworks.
For the entire report: click here.
Stacked raises $12.9 million in Series A funding
Pantera, a blockchain-only venture fund, has announced that they led $12.9 million Series A for supporting Stacked in their mission of building the future of live-streaming for Web3.
In its blog, it mentioned:
Stacked founder Alex Lin saw the potential for similar ownership and take rate disruption in an adjacent industry with less competition and huge market potential: live-streaming. Live-streaming hasn’t seen the same influx of Web3 competitors like gaming, music, and other industries, yet it still presents a multi-billion dollar market opportunity. This, combined with the fact incumbent live-streaming winners take nearly 50% of ad/subscription revenue, presents a huge opportunity for Stacked to disrupt the industry.
Stacked is taking on the challenge by building a live-streaming platform owned and operated by the community. Stacked gives power back to those who provide value to the platform by rewarding them with ownership and decision-making power, resulting in a more transparent and fair system that creates a symbiotic relationship between the platform and its creators.
Pantera Capital (pantera.blockchain)
1/ We're proud to lead the $12.9 million Series A for @StackedStudios and support their mission of building the future of live-streaming for Web3.
"Triple First" ETH merge-related events are launched by KuCoin
ETH Merge Gold Rush is KuCoin’s first event for the Ethereum Merge, allowing users to learn more about the latest Merge-related updates and providing convenient Spot, Futures trading services for assets associated with the Merge such as ETH, ETC, Matic, Op, and others.
It also encourages users to participate in ETH PoS mining with a single click. KuCoin’s ETH Merge Prophet campaign, which debuted on September 1st, is yet another first ETH Price Gain Prediction event designed to commemorate major crypto events.
According to the company, KuCoin has launched a series of ETH Merge-related events, allowing its users to easily learn more about this significant update of Ethereum and find potential investment opportunities.
Tech4Good: FIREWATCH: 1000 NFTs funding wildfire prevention in California
California Fires Series | The State of California | One Tree Planted
California Fires Series | The State of California | One Tree Planted
YML Innovation Lab has launched ‘FIREWATCH’ - 1000 #NFTs funding wildfire prevention in California, minted on @solana. This initiative is in partnership with One Tree Planted, a nonprofit focused on global reforestation. 100% of proceeds go to protecting California habitats.
The idea for began as a rallying cry — a direct-response to the changing landscape of California that the team members grew up enjoying, that provides funding for ongoing projects of vital importance to the future of the land.
The FITT Token Sale!
Fitmint has launched ‘Initial DEX Offering (IDO),’ or ‘token sale,’ for its native crypto token named ‘FITT token.’
Fitmint’s upcoming three-day token sale activity, according to the company, will put out 300 million FITT tokens for public sale with the goal of creating an open, decentralised, and community-driven game economy. The token sale, which will begin on August 30th at 07:00 UTC and run until September 2nd at 07:00 UTC, will be primarily focused on assigning a fair value to the FITT token and revealing its real-world utilities.
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Axetue is a publication focussing on emerging technologies specifically Web 3, Blockchain & the Metaverse.

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