Web3 Watch: Naked in the metaverse

A new crypto-related lawsuit has landed in the Southern District of New York courthouse. 

A California resident named Luke Brown is leading a class action lawsuit against luxury fashion house Dolce & Gabbana over NFTs the company released in 2022. 

Brown’s suit alleges Dolce & Gabbana failed to deliver on benefits it promised for NFT buyers, and manipulated the initial and resale markets for the assets. Brown ultimately lost $5,800 on his $6,000 investment, the suit claims. 

The suit goes on to describe how the DGFamily project, released in collaboration with “digital luxury and culture” marketplace UNXD, failed to deliver on eight promised benefits meant to include digital…

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SAB 121 | Congress Overturns SEC Ruling

In a showdown in Washington, the U.S. Congress has taken steps to challenge the Securities and Exchange Commission (SEC) over a controversial policy related to digital assets.

The issue centers on the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), which has sparked fierce debate among lawmakers, the Bitcoin community, and banking executives.

SAB 121, introduced in 2022, requires banks and other publicly traded companies to account for customers’ digital assets on their balance sheets and maintain capital against them.

This rule aims to enhance transparency and protect investors by highlighting the obligations and risks associated with safeguarding these…

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LATEST: Ripple’s Q1 Report Shows a Healthy Growth in XRP

Ripple’s Q1 report shows a healthy upward trajectory in terms of the growth of the XRP ecosystem. XRP spot volumes rose 40% higher in Q1 to $865 million, and daily average open interest in XRP derivatives leaped five times to $500 million. Direct transactions on the ledger have also nearly doubled, which implies that the level of market participation is relatively healthy. In turn, XRP transaction cost efficiency has further improved, with the average fee per transaction falling 44%, even though the network performance improved, and congestion dropped. In the meantime, on-ledger transactions have doubled in XRP burned from onboard transaction fees.

Although the process of creating new wallets and the price of XRP had come down significantly, the activity in the overall market had been quite the same. And there is no lying that Ripple-XRP holds more than 4.8 billion XRP in wallets and another 40 billion that are locked up in escrow; in this case, the supply was staggered. The commitment to re-escrow is good financial management by Ripple for the future stability and growth of XRP.

Report

Layer-3s are the future of scalability

As the blockchain ecosystem grows, so does the demand for flexible, customizable tech.

Scalability is about making technology more accessible to Web3 builders and consumers. If developers can build scalable applications, they can reach more users without increasing their costs significantly or needing to multiply their resources. For those wishing to bootstrap a chain with limited resources, layer-3s could serve as a promising opportunity.

By cutting down on overhead operational and onboarding costs, layer-3s are quickly becoming an important piece of the blockchain ecosystem to give developers greater flexibility and growth opportunities. 

When layer-3s started trending, they were met…

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Check Out the Top Crypto Gainers of the Day

$1M – $10M MarketCap:

  1. cheepepe (CHEEPEPE): 209%
  2. Monkeys Token (MONKEYS): 90%
  3. Primate (PRIMATE): 77%
  4. Wrapped Accumulate (WACME): 42%
  5. Dark Frontiers (DARK): 42%

$10M – $100M MarketCap:

  1. SLG.GAMES (SLG): 67%
  2. Lifeform (LFT): 42%
  3. Ring AI (RING): 37%
  4. ForTube (FOR): 37%
  5. Lumerin (LMR): 32%

$100M – $1B MarketCap:

  1. PONKE (PONKE): 48%
  2. MANEKI (MANEKI): 46%
  3. 0x Protocol (ZRX): 22%
  4. Reserve Rights (RSR): 19%
  5. Aurora (AURORA): 17%

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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LATEST: Tether Now Holds More US Treasuries Than Germany, 19th Worldwide

Tether reported a huge $4.52 billion in profits made in the first quarter, confirming the huge footing the company holds in the global financial scene. The stablecoin giant holds $91 billion in U.S. Treasury bills, making it the 19th largest holder of treasuries in the world, right behind South Korea and Germany. Tether’s Bitcoin holding is also valued at $5.4 billion.

In a world in which even China has begun to pull back on its treasury holdings, Tether investments reinforce a new financial influence born by stablecoins. Former Speaker of the House Paul Ryan, for his part, sharply observed new demand for dollar-pegged monies and advocated for regulation to lock in the dollar’s place within the burgeoning field of digital assets.

This will change with major economies adjusting their treasury strategies, and the strong treasury engagement that Tether shows continues to solidify its market position and give additional strength to the US dollar in integration into the digital era, creating a reinforcing loop between the two.

CryptoSlate