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- > Sony launches testnet for brand new blockchain Soneium
- > Donald Trump releases new NFT collection depicting the candidate as a superhero
- > US Federal Reserve prepares to cut interest rates in September
- > Telegram founder charged as Toncoin suffers outages
Sony launches testnet for brand new blockchain Soneium
The Japanese giants are launching a program to distribute US $100k to early developers and collaborators on the testnet, Minato.
Japanese multimedia conglomerate Sony is home to some of the world’s most revered products. The team created the world’s best-selling video game console, the PlayStation 2, alongside the revolutionary WM10 Walkman (which is still cool, by the way). So when Sony comes the party, you sit up and pay attention.
And that’s exactly what they are doing with the announcement of Sony’s new Ethereum L2 blockchain, Soneium. The goal of the open network is to address the over-centralisation of the internet and related services. Sony plans to leverage their immense status and IP to create a leading Web3 ecosystem that bridges the gap between current blockchain technology and fledgling adoption rates.
Soneium is slated to host a range of exciting dApps, including a host of games, DeFi opportunities, NFT marketplaces, social media platforms and more. In general, the blockchain intends to become a hub for all things Web3 – and Sony is looking at building infrastructure to support their umbrella of business services.
As part of the network’s launch, Sony has released a testnet for early adopters, Soneium Minato. Sony’s “Spark” program incentives developers to participate in the L2 protocol, with the company offering US $100k to collaborators.
Jun Watanabe, Head of Sony’s Web3 arm, spoke to the testnet’s release.
“We have opened our testnet as a first step to foster a fan community centered on creators that can connect diverse values through Soneium. We look forward to working with partners who share our vision and are willing to participate in collaboration with Sony Group.”
Donald Trump releases new NFT collection depicting the candidate as a superhero
Trump fans who spend tens of thousands on the digital trading cards will receive VIP access to a meet-and-greet with the presidential candidate.
It’s strange to say it, but Donald Trump is a full-blown crypto bro. The US presidential candidate has been on the warpath over the past few months, pushing digital currency into the political spotlight. And now, he’s looking to capitalise on his self-proclaimed title as the “crypto president” by releasing his fourth NFT collection called “Series 4: The America First Collection.”
Each NFT is valued at US $99 and depicts Trump in several interesting situations. One card portrays the ex-president as an Iron Man-esque superhero, while another has Trump holding a giant Bitcoin adorned with the “crypto president” title.
Trump fans with big pockets will get a little more than a couple of digital collectibles. Those who purchase five NFTs receive a pair of Trump-branded golden sneakers, while 15 NFTs get you a pair of high tops and a physical trading card with a piece of the Republican candidate’s suit.
But perhaps the most enticing reward for fans is the promise of a September Gala meet and greet. Those willing to cough up the cash for 75 cards (valued at US $7,425) receive a VIP ticket to an exclusive dinner at his “private club in Jupiter, Florida.”
As one would expect, crypto social media sunk into chaos upon hearing the news – with some supporting Trump’s move into the NFT game, while others bemoaning the collection as an obvious cash grab.
Some posters even had a bit of fun with the ongoing debate around SEC’s regulation of digital assets.
US Federal Reserve prepares to cut interest rates in September
Fed Chair Jerome Powell’s comments sent Bitcoin to the races, pushing BTC over US $65k before the market settled.
Interest rates are a huge deal in market sentiment. The global economy is currently teeming with high rates, due to hefty inflation caused by Covid lockdowns and supply issues. However, with cost of living beginning to make a dent in the livelihoods of many, Governments are starting to consider reducing interest rates.
US Federal Reserve Chairman Jerome Powell spoke to the public last week, announcing that a slight rate cut in September was almost certain. Bitcoin responded to the news with glee, shooting up to US $65k as the market geared up for a potential bull run following weeks of sideways movement.
Rate cuts are a big deal for cryptocurrency. As the digital currency market is widely considered speculative, when cash is “expensive” (e.g., it costs a lot to borrow money) investors tend to prefer safer assets like defensive stocks, bonds and high-interest savings accounts.
However, when money is “cheaper”, people tend to have a bit more discretionary cash – meaning they are more willing to invest in higher-risk, higher-reward classes like crypto. The injection of liquidity into the economy caused by falling rates could be the catalyst that sees Bitcoin break out of its current cycle.
However, we will have to wait until September to see if the market has already priced in the rate cuts, or if there is more room for growth in the short-term.
Telegram founder charged as Toncoin suffers outages
The troubles for Toncoin have “arrested” its upward momentum, although the native token TON is still up over 200% in the last year.
Toncoin has had a year to remember – but the blockchain project has encountered some roadblocks over the past fortnight. The bad news started when Telegram’s founder, Pavel Durov, was apprehended at a Paris airport following a French investigation into the messaging platform.
French police allege that Telegram has been a hub for criminal activity, including fraud and terrorism financing, and that the company hasn’t done enough to prevent these actions.
Telegram waved off the claims, calling them “absurd”:
“Telegram abides by EU laws, including the Digital Services Act…Telegram’s CEO Pavel Durov has nothing to hide…It is absurd to claim that a platform or its owner are responsible for abuse of that platform.”
Telegram has become synonymous with crypto over 2024 thanks to the GameFi explosion. Minigames like Hamster Kombat and Notcoin have raked in hundreds of millions of users, with these titles leveraging the Toncoin network.
Things got worse in the days following, as the Toncoin blockchain went down twice in 48 hours due to overwhelming network traffic. The launch of DOGS, a memecoin native to Telegram and Toncoin, has a community of over 17 million people – and the rush to be part of the airdrop resulted in an outage.
Although networks going down is never a good thing, there is a silver lining. The fact that Toncoin can attract such traffic, after being relatively obscure until recently, shows the incredible growth of the protocol.
Despite heavy weekly losses (around 15%), Toncoin’s native token, TON, is still up 224% over the past 12 months.
Ben Knight
