Bitcoin closed the week 7.98% higher as crypto markets begin to recover after months of sideways price action. Bitcoin’s 30-day correlation to the S&P 500 has also declined to 0.78, from 0.93, which is indictive of cryptoassets decoupling from traditional assets.
Ethereum Foundation engineer Tim Beiko hopes to deploy the Merge by September. The Merge will switch Ethereum from an energy-intensive proof-of-work consensus mechanism to a more efficient proof-of-stake system. To read more about the Merge, check out our previous newsletter.
Polygon climbed by roughly 80% after Disney selected the Layer2 solution for its accelerator program. The program aims to develop technologies that enhance storytelling experiences through innovations such as NFTs, augmented reality, artificial intelligence, and more.
Dubai has unveiled its Metaverse plan and targets to add 40,000 new jobs over the next five years. The nation hopes to become a leading metaverse economy under the new strategy that will develop global standards for accelerating digital asset adoption.
MakerDAO has voted to launch a $30M collateral vault made up of OFH bonds issued by Société Générale. The initiative is an expansion of Maker’s real-world asset (RWA) strategy which now has an allocation of $630M.
On-chain metrics suggest that investors are increasing engagement with decentralized applications amid a surge in gas consumption. Check out the quantitative section for an in-depth analysis.