Web3 🌑 Friday Buzz: Doge NFTs, Mergers on the Horizon, Stablecoin Growth, and Brazil Tax Reform

Today's newsletter brings a mix of hot topics: Doge joins the NFT craze with its own collectibles, experts predict a wave of mergers in the crypto space, and Brazil considers simplifying crypto taxes.
Keep reading for the latest in the ever-evolving world of cryptocurrency!

1/ Doge joins the NFT Craze with Doge Runestones.

Inspired by the Bitcoin Ordinals project "Runestone," Dogecoin now has its own version featuring collectible NFTs. Over 30,000 Doge Runestones were airdropped and are now trading on a marketplace. This is the first project of its kind for Dogecoin, paving the way for more advanced media on the blockchain. The creators are even building a new protocol to support this! This follows a trend of similar projects on other blockchains, blurring the lines between cryptocurrencies and digital collectibles.

Dogecoin Now Has Its Own Version of Buzzy Bitcoin Ordinals Project Runestone - Decrypt

An airdrop of 30,272 Dogecoin NFTs this week mirrored Runestone’s own “free and fair” distribution last month.

DecryptJason Nelson

2/ Is Crypto Facing a Consolidation Wave?

Consolidation in the cryptocurrency space through mergers and acquisitions (M&A). There are too many crypto tokens because venture capital has funded an excessive number of similar projects. Experts believe that M&A activity will create a smaller number of stronger tokens. Sectors likely to see this consolidation include decentralized finance (DeFi), non-fungible tokens (NFTs), and memecoins. Traditional finance institutions may also acquire innovative Web3 projects.

Crypto Has ‘Too Many Tokens’ and Mergers Are Coming

M&As could give birth to tokens such as ‘ShibaPepes’ and ‘FlokiDoges,’ according to one expert.

CoinDeskAoyon Ashraf

3/ Ethena Scales USDe Stablecoin with Bitcoin Backing.

Ethena Labs is planning to scale their stablecoin, USDe, by adding Bitcoin as collateral. This move is expected to increase USDe's capacity to grow by more than 2.5 times. The growth of Bitcoin in derivative markets is one of the reasons behind Ethena Lab's confidence in this approach. MakerDAO is also reportedly considering a significant investment of $600 million in USDe.

Ethena Labs to Scale USDe Stablecoin with Bitcoin Backing

Ethena Labs plans to use Bitcoin as backing to expand the stability of USDe stablecoin, currently backed by ETH liquid staking tokens.

CryptonewsHongji Feng

4/ New Bill Eyes Simpler Crypto Taxes in Brazil.

The Brazilian government is considering changes to cryptocurrency taxation. Currently, cryptocurrencies are taxed as goods, with a variable tax rate depending on the amount traded. A new bill proposes taxing cryptocurrencies similarly to stocks and capital instruments, with a flat tax rate of 15%. This change is expected to be implemented in 2025. The new tax regime is part of the government's increased oversight of the cryptocurrency market.

Brazil Eyes Crypto Taxation Changes in New Bill – Taxes Bitcoin News

Brazil is on the verge of presenting a new crypto taxation scheme in a bill to be presented to Congress in the coming days.

Bitcoin NewsSergio Goschenko

The world of crypto is buzzing with activity! From Dogecoin's foray into NFTs with Doge Runestones to potential consolidation across the market, innovation and change are afoot. Meanwhile, stablecoins are gaining ground with Ethena's USDe leveraging Bitcoin, and Brazil looks to streamline crypto taxes. Buckle up, the future of digital assets is anything but dull!

Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.

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