The biggest news in the Cryptoverse on February 21st was Polygon’s announcement of mass layoffs. Meanwhile, wireless hotspot project Helium has set a date to migrate to Solana. Additionally, it includes news about Web3 games, his NFT charity project in the UK, and the Friendies NFT.

CryptoSlate Top Stories

Polygon lays off 20% of staff but says it remains financially sound

Ethereum (ETH) Layer 2 protocol Polygon (MATIC) has revealed that it has laid off about 20% of its staff, according to information on February 21. statement.

Polygon added that the job cuts affected about 100 positions in the company. The affected employee will receive three months’ severance pay regardless of position.

“Earlier this year, we consolidated several business units under Polygon Labs. shared.”

Polygon said it remains financially sound, with a balance of over $250 million and holding 1.9 billion MATIC tokens.

Helium Announces Transition Date to Solana, One Million Hotspots Worldwide

Solana (SOL) surged in price following the announcement that helium (HNT) would transition to the platform from March 27th.

and blog post Starting in February, Helium announced a move.

“Migrating the network to the Solana blockchain and deploying Oracles is the most significant upgrade to the scalability and reliability of the Helium network.”

Helium’s distributed hotspot network totals nearly 1 million as of February 2023.

News of the transition date caused the price of both tokens to rise last week. Following this news, Solana’s value rose more than 21%, from her $22.34 on February 16th to her February 17th high of $27.11.

Web3 games get off to a strong start to 2023 with on-chain surge

new report DappRadar has outlined that the Web3 gaming industry is off to a strong start in 2023, raising $156 million in 10 investments in January.

Among notable developments, TreasureDAO emerged as a platform for building Metaverse projects, Square Enix launched its first NFT game, and Courtside Ventures focused on sports, collectibles, wellness, and gaming. Invested $100 million in third venture capital fund. His total investment in web3 games and metaverse projects reached $156 million.

The crypto gaming sector also saw an increase in on-chain activity, with daily active wallets (dUAW) up 1.31% to 858,621, accounting for 48% of dApp activity in January. On average, the market cap of the top gaming tokens has risen by 122%, with GALA leading by 218%.

UK MP Matt Hancock launches NFT charity project for Ukraine

UK MP Matt Hancock continues his mission to support blockchain technology through a new NFT collection called “From Ukrain with Love”. crypto slate.

The NFT collection, consisting of pre-war works painted by Ukrainian artist Oleg Mychenko, will go on sale on Monday 27th February at the NFT Gallery in Mayfair, London. Proceeds will go to CARE International UK’s Humanitarian Appeal for Ukraine. The collection From Ukraine With Love was curated by Irina Korobkina, who fled Kiev with her 5-year-old daughter after the Russian invasion of Ukraine.

Friendsies NFT Collection Rugs Pulled, Twitter Deactivated

Popular NFT collection Friendsies tweeted on February 15 that it was pausing development, citing “challenging” market conditions as the main reason for the hiatus.

“We had the best intentions of creating a true digital companion for the future,” the company tweeted. It is becoming increasingly difficult to proceed in a way that meets the standards of

Former Binance Executive Aims to Raise $100 Million to Start VC Focused on Crypto Adoption

Bill Qian, former head of venture capital investments and acquisitions at Binance Holdings Ltd., said it aims to raise more than $100 million through a new cryptocurrency venture capital fund.

Qian said bloomberg He recognizes the need for a significant increase in users as one of the most important challenges of the crypto industry and a key factor in founding Cypher Capital.

As chairman of Dubai-based Cypher Capital since leaving Binance in June, Qian told Bloomberg that he plans to back startups focused on web3 and decentralized internet using blockchain technology. said.

Investments in digital assets record over $30 million outflow in one week

According to a recent CoinShares report, digital asset-based investment products saw an outflow of $32 million between February 13th and February 19th.

According to CoinShares, Bitcoin (BTC) investment products recorded an outflow of $24.8 million over the same period. reportand accounted for 77.5% of the total. Short bitcoin investment products, on the other hand, registered $3.7 million inflows.

Ethereum (ETH) and Polygon (MATIC) based investment products also saw outflows of $7.2 million and $800,000, respectively. Meanwhile, investments in Binance and Ripple (XRP) recorded $300,000 inflows each.

crypto market

Over the past 24 hours, Bitcoin (BTC) has dropped 1.2% to trade at $24,494.65 while Ethereum (ETH) has fallen. 1.96% $1,669.88.

Biggest Gainers (24 hours)

  • Uncle (ANKR): 35.8%
  • Conflux Network (CFX): 15.46%
  • UMA (horse): 15.45%

Biggest Loser (24h)

  • IOStoken (IOST): -14.62%
  • FLOKI: -12.99%
  • Keep Network (KEEP): -11.11%

By Jules

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