Web3🌕Monday Roundup: Thailand’s Crypto Sandbox, Canto’s Outage, Tether’s Lawsuit Battle & $10M for ZK-Powered DEX
1. Thailand unveils a regulatory sandbox for crypto services
2. Canto Blockchain experiences a 2-day outage due to consensus issues
3. Tether dismisses Celsius lawsuit as a 'shakedown' and vows to contest in court
4. ZK-powered DEX secures $10M in funding and launches its mainnet
Read on for more insights!✨
Happy Monday! As we kick off the week, let’s dive into the latest happenings in the Web3 world. Today’s news brings a mix of regulatory developments, technical hiccups, legal battles, and major funding rounds. Stay tuned as we explore these stories and their implications for the future of Web3!
1. Thailand unveils a regulatory sandbox for crypto services
Thailand’s Securities and Exchange Commission has introduced a regulatory sandbox for cryptocurrency businesses, aiming to strike a balance between regulation and innovation. The sandbox is designed to facilitate real-world experimentation and development of digital asset services. Open for applications, it targets six key areas: digital asset exchanges, brokers, dealers, fund managers, advisors, and custodial wallet providers. The SEC will assess applicants based on criteria like capital adequacy and management structure. This move follows several crypto-friendly initiatives by Thailand, including a VAT exemption on crypto trading and updated regulations for professional investors.
Helen Partz
2. Canto Blockchain experiences a 2-day outage due to consensus issues
Canto, a Layer-1 blockchain, has been offline since Saturday due to a consensus issue, causing its token, $CANTO, to drop by 21% before partially recovering. The team announced that an upgrade to fix the issue will occur on August 12. Despite its initial growth, with Total Value Locked (TVL) exceeding $200 million in March, Canto's on-chain activity has significantly declined, with TVL dropping to just $13.7 million. The $CANTO token has also seen an 83% decrease since May. The blockchain's future hinges on the success of the upcoming fix.
Oliver Knight
3. Tether dismisses Celsius lawsuit as a 'shakedown' and vows to contest in court
Tether Limited is fighting back against a $2.4 billion lawsuit filed by Celsius Network, calling the case a "baseless shakedown." The lawsuit, filed on August 9, claims that Tether improperly liquidated Bitcoin before Celsius' bankruptcy. Tether argues that it acted within the terms of a 2022 agreement, liquidating the Bitcoin at Celsius' request to cover an $815 million debt. Tether also questioned the legal basis of the lawsuit, emphasizing that it remains financially strong. The legal battle now heads to court, with Tether vowing to defend itself vigorously.
Matthew Sainsbury
4. ZK-powered DEX secures $10M in funding and launches its mainnet
Vessel Finance, a ZK-powered decentralized exchange (DEX), combines the speed of centralized exchanges (CEXs) with the transparency and security of DEXs. Utilizing zero-knowledge proof technology, Vessel ensures fast, verifiable transactions while maintaining user self-custody. Backed by a $10 million seed funding round from prominent investors like Sequoia and the Avalanche Foundation, Vessel aims to develop a comprehensive Layer-3 DeFi network. This network will address key challenges like liquidity fragmentation and cross-chain compatibility. Vessel’s hybrid model enhances liquidity and fee potential, marking a new era in decentralized finance.
Emre Günen
And that wraps up today’s Web3 highlights! From Thailand's innovative regulatory approach and Canto’s technical struggles to Tether’s legal stand and the exciting launch of a ZK-powered DEX, there’s a lot shaping the landscape of decentralized finance and blockchain technology. As always, we’ll keep you updated with the latest developments and insights in the Web3 space. Have a fantastic start to your week, and check back soon for more news and analysis. Until then, stay curious and engaged with the ever-evolving world of crypto!
