Ropsten Ethereum testnet ready for Merge ‘first dress rehearsal’

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The Ropsten testnet is one of many testing grounds for Ethereum clients. It mimics aspects of the Ethereum mainnet including the use of a valueless form of Ether (ETH) to execute transactions and the coding environment, but changes made there do not affect the mainnet.

Ropsten is also Ethereum’s longest-lived proof-of-Work (PoW) testnet which launched in 2016.

Ropsten beacon chain genesis was a success! Few validators are offline and expected due to testing, anyone can follow the progress here: https://t.co/ukRaNFpyzP pic.twitter.com/TU61t5lC78

— terence.eth (@terencechain) May 30, 2022 \n\n

When Ropsten finally undergoes its own Merge, it will be a first look at what the real Merge may look like on the Ethereum mainnet. The resulting effects on the testnet, its applications and clients will give developers first-ever glimpses into what they can expect to happen for the mainnet Merge and how to prevent problems from arising.

Beiko said that there are still several things developers and node runners must prepare for in the time leading up to the Ropsten Merge date. The Beacon Chain must launch the latest upgrade, and the mining difficulty, known as the TTD, of the PoW side must be determined.

The upgrade will come first followed by the TTD, which “should be chosen by June ⅔,” added Beiko. 

Related: Ethereum Beacon Chain experiences 7 block reorg: What’s going on?

The Merge is one of the most highly anticipated events in the history of the Ethereum network because it will accomplish several goals. It will convert Ethereum’s PoW consensus algorithm to PoS, will make the network vastly more energy-efficient and change the name of the network to the Consensus Layer, formerly known as Eth2. It is expected to take place in August this year.

Despite the hopes of thousands of Ethereum users, the Merge is not expected to reduce gas fees on the network.

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Creator Sky Mavis announced that it had accepted the first user-created projects in its Axie Infinity Builders Program. (Via @Bio_Chameleon) ",badgeSlug:g,badgeName:ae,fullText:"

On Tuesday, Sky Mavis, creator of the popular fantasy monster-battle nonfungible token (NFT) game Axie Infinity, announced that it had accepted the first user-created projects in its Axie Infinity Builders Program. Out of 2,000 applications submitted, just 12 were selected for the Builders Program.

Among the many perks, chosen teams will receive a minimum $10,000 grant — denominated in Axie Infinity's governance token, Axie Infinity Shards (AXS) — to fund project development. They will also receive permission to monetize their game using the Axie Infinity brand with a revenue-share model. Notable projects include Across Lunacia, a platforming adventure for Axie NFTs, and Mech Infinity, a battle royale game involving Axies and their unique abilities. Philip La, game product lead at Axie Infinity, commented:

“Community co-creation [...] will be a fundamental driver of scaled-value generation over time. The Builders Program is the first step in a new world where the community can make significant and meaningful contributions directly toward games and projects they love and is one of many initiatives that will allow players to gain more enjoyment from the Axies they own.” Axie Infinity Builders Program. Source: Sky Mavis 

Related: How will GameFi and P2E blockchain gaming evolve in 2022? Report

Axie Infinity is known for its play-to-earn game mechanic, where players can earn digital tokens, such as Smooth Love Potion (SLP), by completing in-game tasks with their Axie NFTs. However, the combination of an inflated token supply, the ongoing crypto bear market and a crowded player base has led to SLP falling 96% in value over the past year. As a result, players began to slowly leave the game as their earnings took a plunge. 

According to ActivePlayer.io, Axie Infinity’s daily active players peaked at 2.37 million in January before witnessing four consecutive months of declines. The number stands now at 1.86 million.

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BNB Chain has announced the launch of a technical roadmap designed with the intention to enhance the network's decentralized structure, infrastructural capacity for sidechains, and potential for developer-built decentralized applications (dApps) to improve performance and efficiency. 

Announced at BNB Chain Revelation Summit, the document also revealed the latest iteration of the Most Valuable Builder incubation programme for aspiring Web3 software engineers. 

In February this year, Binance Chain and Binance Smart Chain were merged to form what is now referred to as BNB Chain, a multi-chain infrastructure layer supporting the new ecosystem, as well as BNB governance mechanisms.

Related: Binance Smart Chain and Binance Chain become BNB Chain

Some of the more notable developments of the roadmap include the introduction of mainnet BNB Application Sidechains with META Apes and Metaverse World; near-doubling the number of decentralized validators to 41 via the BEP-131 proposal; and successively enhancing the Block Gas Capacity of the BNB Smart Chain to 200 million in Q3 to improve efficiencies of cost and speed, among others.

.@cz_binance on the future of blockchain pic.twitter.com/AuBNSI555n

— BNB Chain (@BNBCHAIN) May 31, 2022 \n\n

Executive director of the BNB Foundation, Uri Ferruccio, shared his assessment of how the roadmap's implementation can support the growth of the BNB Chain ecosystem, stating:

“These technological advancements are significant as they will bring substantial changes for both the developer community and end users [...] The emphasis will be on innovation, sustainability, strengthening the governance mechanism of BNB Chain, and investing heavily in security.” \n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87282.92c05b06-8176-4e29-baa9-4dbfacbd0dcd.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:934,shares:aA,tags:[{id:Z,slug:iO,title:ib,url:hP},{id:"3342",slug:"chain",title:"Chain",url:"/tags/chain"},{id:xl,slug:xm,title:xn,url:xo}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87282regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jG,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"singapore-to-explore-digital-asset-tokenization-on-public-chains",url:no,absoluteUrl:xp,title:kW,youtubeVideoIdCover:d,cover:np,datePublished:Y,dateHuman:jJ,humanDateTime:"2022-05-31 12:37",dateISOFull:"2022-05-31T11:37:50+01:00",publishedDateTimeObject:{year:F,month:v,day:N,hour:af,minute:k$,second:z,millisecond:e},categorySlug:O,categoryUrl:P,categoryName:Q,authorName:xq,authorUrl:xr,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/05c2887e73afe2a448d7867cc2990893.jpg",previewText:"The project will see MAS explore DeFi applications in wholesale funding markets by establishing a liquidity pool of tokenized bonds and deposits. ",twitterLeadText:"Singapore's monetary watchdog announces Project Guardian, a digital assets pilot using tokenization on public blockchains.",badgeSlug:g,badgeName:ae,fullText:"

The Monetary Authority of Singapore (MAS) has launched Project Guardian, a blockchain-based digital assets trial that will use tokenization. The project will include regulated financial institutions serving as \"trust anchors,\" with a pilot involving JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds.

The Project Guardian initiative, which was announced during the Asia Tech x Singapore Summit on Tuesday, was spearheaded by Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat. It will see MAS explore decentralized finance (DeFi) applications in wholesale funding markets by establishing a liquidity pool of tokenized bonds and deposits to execute borrowing and lending on a public blockchain-based network.

According to MAS chief fintech officer, Sopnendu Mohanty, lessons from Project Guardian will serve as a basis for informing policy markets on the regulatory guard rails that are required to utilize DeFi while also mitigating its hazards.

Both DBS and JPMorgan have experience developing digital assets and blockchain technology in their wholesale banking operations. Last year, DBS launched an $11 million digital bond in a security token offering (STO). Since its inception in 2020, JPMorgan's Onyx Digital Assets Network has completed over $300 billion of transactions.

Related: Singapore aims to streamline financial watchdog's authority over crypto firms

DBS Bank has been active in the cryptocurrency industry for several years, establishing its own institutional-grade crypto exchange in December 2020. The firm has been progressively enhancing the range of supported digital asset services on the exchange, with a crypto trust solution debuting in May 2021.

MAS has taken the lead in exploring the future of finance with DeFi protocols, becoming one of the few major regulators to do so. If it succeeds, it might help Singapore cement its position as a global financial center.

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The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government. The implementation of the document could bring the country of 14 billion people closer to the international regulatory consensus on digital assets. 

On Monday, May 30, during an event hosted by the Ministry of Labour and Employment, Economic Affairs Secretary Ajay Seth revealed that his department is finishing the work on the consultation paper, which would define the nation’s stance on crypto.

The document was crafted in cooperation with industry stakeholders, the International Monetary Fund (IMF) and the World Bank. Seth specified that the paper would strengthen India’s commitment to “some sort of global regulations”:

“Digital assets, whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together.”

Answering the question about the possible outright ban, the official acknowledged that any national-level prohibition wouldn’t work in isolation:

“Whatever we do, even if we go to the extreme form, the countries that have chosen to prohibit, they can't succeed unless there is a global consensus.”

Related: Indian government's ‘blockchain not crypto’ stance highlights lack of understanding

In recent years India has been demonstrating a rather militant posture when it comes to crypto. In 2017 the Reserve Bank of India (RBI) and the Ministry of Finance compared the digital currencies to Ponzi schemes and prohibited any operations with them for commercial banks and lenders.

In 2022, long after the ban had been formally lifted, the RBI warned about the threat of “dollarization” that crypto poses, while in his recent virtual speech at the World Economic Forum in Davos, the prime minister Narendra Modi called cryptocurrency a global challenge that demands a “collective and synchronized action” from all of the national and international bodies.

\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87278.7c5060a5-0838-48b8-bd67-b58e082f85af.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:514,shares:ld,tags:[{id:J,slug:le,title:ag,url:jK},{id:"1574",slug:"india",title:"India",url:"/tags/india"},{id:"6203",slug:"reserve-bank-of-india",title:"Reserve Bank of India",url:"/tags/reserve-bank-of-india"},{id:xz,slug:xA,title:xB,url:lf},{id:"9457",slug:"indian-government",title:"Indian Government",url:"/tags/indian-government"},{id:"9458",slug:"indian-crypto",title:"Indian crypto",url:"/tags/indian-crypto"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87278regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jH,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"philippines-to-explore-blockchain-use-cases-launches-training-program",url:wX,absoluteUrl:"https://cointelegraph.com/news/philippines-to-explore-blockchain-use-cases-launches-training-program",title:ns,youtubeVideoIdCover:d,cover:wY,datePublished:Y,dateHuman:jJ,humanDateTime:"2022-05-31 12:11",dateISOFull:"2022-05-31T11:11:30+01:00",publishedDateTimeObject:{year:F,month:v,day:N,hour:af,minute:af,second:jL,millisecond:e},categorySlug:O,categoryUrl:P,categoryName:Q,authorName:"Ezra Reguerra",authorUrl:"/authors/ezra-reguerra",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/b3f196ca08db938d691ee77699aaf4ff.jpg",previewText:"Enrico Paringit, an official at the Department of Science and Technology, said that the goal of the training is to build non-crypto apps.",twitterLeadText:"The goal of the training program is to produce blockchain development specialists that can support the government in various blockchain projects.",badgeSlug:g,badgeName:ae,fullText:"

The Philippines has started exploring blockchain technology use cases, launching a training program for researchers in the government’s Department of Science and Technology (DOST).

Enrico Paringit, a DOST official, said that the goal of the training is to see how blockchain can play a role in areas like healthcare, financial support and emergency aid. Paringit noted that the department is also looking at how blockchain can be used in the issuance of passports and visas, trademark registration and government records.

While cryptocurrency is a prominent application for blockchain, the DOST official highlighted that the department intends to “build non-cryptocurrency applications,” adding that it aims to produce blockchain development specialists that could support the government in various applications of the technology.

The program received funding that could cover the expenses of training information technology specialists and researchers. However, Paringit highlighted that the lack of local blockchain experts has given the department difficulties.

Fortunato de la Peña, the Philippines’ secretary of science and technology, also weighed in, saying that blockchain is “an important emerging technology” that the country needs to develop.

Related: The Philippines to launch pilot CBDC implementation

Back in April, PayMaya, a digital payment provider based in the Philippines, launched a crypto trading feature within its application. The app, often used by Filipinos for online shopping or transferring money locally, has listed Bitcoin (BTC), Ether (ETH) and other prominent cryptocurrencies for trading with the Philippine peso.

The same month, Voyager Innovations — the firm behind PayMaya — surpassed a $1 billion valuation after receiving funds to develop PayMaya’s recently added crypto offerings. The company recognizes that there are opportunities in serving the Filipino population when it comes to digital finance.

\n",audio:"https://s3.cointelegraph.com/audio/87277.c5d69311-a6b2-430a-8118-ca283eb264eb.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:517,shares:nC,tags:[{id:J,slug:le,title:ag,url:jK},{id:Z,slug:iO,title:ib,url:hP},{id:"373",slug:"philippines",title:"Philippines",url:"/tags/philippines"},{id:xC,slug:xD,title:xE,url:xF}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87277regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:iL,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"top-30-panama-bank-is-bitcoin-friendly-welcomes-crypto-services",url:nt,absoluteUrl:xG,title:kY,youtubeVideoIdCover:d,cover:nu,datePublished:Y,dateHuman:xH,humanDateTime:"2022-05-31 10:52",dateISOFull:"2022-05-31T09:52:27+01:00",publishedDateTimeObject:{year:F,month:v,day:N,hour:fO,minute:hQ,second:lg,millisecond:e},categorySlug:O,categoryUrl:P,categoryName:Q,authorName:xI,authorUrl:xJ,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/55f9557f49214370fa8d05204a18c6d3.jpg",previewText:"Panamanian bank Towerbank opens its doors to Bitcoin and crypto customers in a series of tweets and memes. ",twitterLeadText:"Bienvenidos a Bitcoin, Panama! A Panama city bank, Towerbank, wants crypto customers.",badgeSlug:g,badgeName:ae,fullText:"

Panama’s path to crypto adoption is stepping up a gear. Towerbank, a Panamanian financial institution with over 200 employees and 40 years of banking experience, has declared itself Bitcoin (BTC) friendly, paving the way for crypto accounts. 

In a series of tweets and leaks from a blockchain meetup in Panama’s capital, Panama City, the bank is opening the floodgates to the crypto community. During the blockchain meetup hosted by the Chamber of Digital Commerce and Blockchain of Panama on Thursday, representatives from Towerbank invited crypto enthusiasts to open accounts at the bank.

Reportedly, Gabriel Campa, ​​vice president of product for Towerbank, shared that crypto customers would not suffer “setbacks” that, ordinarily, Panamanian citizens would be subject to when executing crypto activities at the bank.

Cristobal Pereira, executive director of the Latam Blockchain Summit and an attendee of the meetup with Towerbank and Campa, shared, “Towerbank is crypto-friendly.” In a tweet, he stated that crypto enthusiasts can “come to open accounts and deposit withdrawals from exchanges without fear.”

Acá en Panamá en #meetup con @Towerbank y anuncian que son #crypto friendly, y pueden venir a abrir cuentas y depositar retiros desde exchanges sin miedo… primer banco en Latam que públicamente anuncia esto! Digno de compartir! pic.twitter.com/mVEKFfI8Uf

— Cristobal Pereira (@cristpereirag) May 26, 2022 \n\n

On Saturday, Towerbank’s official Twitter account shared: “hello, crypto community!” to confirm rumors that the Top 30 Panamanian bank had taken a shine to crypto enthusiasts in Latin America. The tweet has since been pinned to the profile.

¡Hola comunidad #Crypto !

— Towerbank (@Towerbank) May 28, 2022 \n\n

Reportedly, crypto-related transactions are limited to up to $5,000 per month and the bank is not offering direct crypto to crypto services. To date, the move is a gesture to the crypto community that digital assets under a certain amount can be used at the bank without obstacles.

Towerbank has since retweeted tweets suggesting that customers will be able to link their crypto accounts, such as Binance, directly to their Towerbank bank accounts, but no official statement has been made.

A groundswell of pro-crypto sentiment has stirred in Panama, but the president announced in May that a crypto bill won’t land any time soon. For some commentators, the bank’s pro-crypto move is not only a means to undermine the poor reputation that crypto endures but also to diversify its customer base, expanding to the money-oriented crypto community.

Related: Paraguay paves the way for crypto regulation despite internal opposition

Finally, the bank drove home its Bitcoiner credentials when the Twitter account retweeted a meme created by Bitcoiner Aldo Antinori. In the tweet, Towerbank’s flagship construction, located in Panama City’s financial district, wears Bitcoin-appropriate laser eyes.

¡Buenísimo Aldo! Te quedó a otro nivel https://t.co/U0waaZtOd4

— Towerbank (@Towerbank) May 27, 2022 \n\n

Cointelegraph has reached out to Towerbank for comment and will update the article as soon as possible.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87273.bfeff53d-4481-401d-adf9-badcbcaa15d1.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1571,shares:lh,tags:[{id:J,slug:le,title:ag,url:jK},{id:nF,slug:xK,title:nG,url:li},{id:"483",slug:"banks",title:"Banks",url:"/tags/banks"},{id:"714",slug:"transactions",title:"Transactions",url:"/tags/transactions"},{id:xs,slug:xt,title:nD,url:la},{id:"2123",slug:"latin-america",title:"Latin America",url:"/tags/latin-america"},{id:"5006",slug:"panama",title:"Panama",url:"/tags/panama"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87273regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:h$,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"luna-2-price-jumps-90-ahead-of-big-binance-airdrop",url:wZ,absoluteUrl:"https://cointelegraph.com/news/luna-2-price-jumps-90-ahead-of-big-binance-airdrop",title:nv,youtubeVideoIdCover:d,cover:w_,datePublished:Y,dateHuman:nH,humanDateTime:"2022-05-31 07:16",dateISOFull:"2022-05-31T06:16:29+01:00",publishedDateTimeObject:{year:F,month:v,day:N,hour:aA,minute:nI,second:nJ,millisecond:e},categorySlug:O,categoryUrl:P,categoryName:Q,authorName:xL,authorUrl:xM,authorAvatar:xN,previewText:"Overall, however, the price has tanked 56% since launching on the weekend at an opening price of $18.87. ",twitterLeadText:"LUNA 2 briefly spiked 90% over the past 24 hours to hit an intraday high of $11.33 but has since dropped down to the $8 region as Binance’s airdrop goes live today. ",badgeSlug:g,badgeName:ae,fullText:"

The price of Terra (LUNA) briefly spiked around 90% overnight to an intraday high of $11.33 ahead of Binance’s airdrop but has since dropped back to around $8.26 at the time of writing.

At current prices, as per CoinGecko data, the increase to $8.26 represents a 35% gain over the past 24 hours. Overall, however, the price has tanked 56% since launching on the weekend at an opening price of $18.87.

Members of the community posted screenshots of the price jumping as high as $12 on the MEXC Global exchange, with Twitter user bull_bnb highlighting some surging moments as they noted that the price jumped by around $2.00 in the space of 30 minutes.

In 30 minutes you apes pumped it 2 more dollars am loving it I love you do Con. @crypto_bitlord7 you should've nought with me bro this new $luna on fire https://t.co/Y9n6HT2mY6 pic.twitter.com/s2TJRYrl4J

— Bull of Binance Street (@bull_bnb) May 30, 2022 \n\n

Binance is one of several exchanges aiding the relaunch of the Terra ecosystem and is set to launch a multi-year airdrop campaign to eligible users from Tuesdat at 6:00 am UTC, along with opening the token up for trading.

While the project aims to re-establish itself under Do Kwon’s revival plan, onlookers in the short term have predicted the price will tumble further once the Binance drop goes live.

Related: Luna Classic (LUNC) pricing error leads to Mirror Protocol exploit

Numerous investors have taken to Twitter to vent their anger over other lackluster airdrops from Terra so far, with Twitter user cryptocevo tweeting on Monday that:

“Lost 50k on $LUNA and got an airdrop of $112 Prefer the complete rug. That small airdrop is like extra needle salt in the wound.”

Earlier today, the verified terra_money Twitter account acknowledged there have been issues with the airdropping so far and vowed to find a solution shortly.

“We are aware that some have received less $LUNA from the airdrop than expected are actively working on a solution. More information will be provided when we have gathered all of the data, so stay tuned,” the tweet read.

— Terra Powered by LUNA (@terra_money) May 30, 2022 \n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87266.01e2b8aa-d525-41b0-a58b-53b10ddcd1f5.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:10496,shares:aJ,tags:[{id:Z,slug:iO,title:ib,url:hP},{id:nF,slug:xK,title:nG,url:li},{id:xl,slug:xm,title:xn,url:xo},{id:"7680",slug:"price-analysis",title:"Price Analysis",url:"/tags/price-analysis"},{id:"7704",slug:"airdrop",title:"Airdrop",url:"/tags/airdrop"},{id:xO,slug:nK,title:aB,url:xP}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87266regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:iM,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"rival-blockchain-projects-angling-for-talent-from-terra-developers",url:w$,absoluteUrl:"https://cointelegraph.com/news/rival-blockchain-projects-angling-for-talent-from-terra-developers",title:nw,youtubeVideoIdCover:d,cover:xa,datePublished:Y,dateHuman:nH,humanDateTime:"2022-05-31 07:11",dateISOFull:"2022-05-31T06:11:14+01:00",publishedDateTimeObject:{year:F,month:v,day:N,hour:aA,minute:af,second:lh,millisecond:e},categorySlug:O,categoryUrl:P,categoryName:Q,authorName:wN,authorUrl:wO,authorAvatar:wP,previewText:"At least three blockchains have publicly announced that their teams’ arms are open wide, ready to accept any stray former Terra developers following the collapse of its ecosystem.",twitterLeadText:"The fall of Terra is causing a kind of diaspora of developers, but other blockchain projects are ready to fill the void and employ that talent. VeChain, Polygon, Kadena, and possibly others are all on the lookout for wandering talent.",badgeSlug:g,badgeName:ae,fullText:"

The collapse of the Terra ecosystem, which included most of its apps and protocols, has created a diaspora of developers from which opportunistic blockchain companies are hoping to snap up talent.

Polygon, one of the largest blockchains by total value locked (TVL), is actively seeking out Terra developers to add valuable expertise and support to their efforts.

Polygon launched a “relatively uncapped multimillion-dollar fund” designed to entice Terra developers to migrate over to the Ethereum sidechain scaling solution, according to Polygon Studios CEO Ryan Wyatt speaking to TechCrunch at the weekend.

Wyatt added that he wanted the fund to be big enough to ensure that it could accommodate any developers from the failed blockchain ecosystem.

The developer fund will be supported by the $450 million Polygon raised this February from Sequoia and other investors.

Enterprise-grade layer-1 smart contract platform VeChain has also publicly reached out to Terra developers at large. The platform tweeted earlier this month that former Terra devs who suddenly had a lot more time on their hands could apply for a grant and earn up to $30,000 if accepted to begin building on VeChain.

— VeChain Foundation (@vechainofficial) May 16, 2022 \n\n

Funds for the grants would come from the $1 million VeChain Foundation Grant Program which launched in February 2021.

The Kadena layer-1 blockchain set up a $10 million fund specifically to attract any Web3 developers to join its ranks. Although it doesn’t specifically mention Terra developers, its Friday tweet announcing the fund called to “blockchain developers affected by recent events in the Web3 space,” which suggests it is angling for Terra developers.

Kadena hopes its grant program, which provides an incubator, an accelerator, research and development support and access to venture funds, will be a sweet enough pot to draw former Terra developers.

— Kadena (@kadena_io) May 26, 2022 \n\n

Related: South Korean authorities reportedly probe staff behind Terra

Although Terra 2.0 has launched, the broader ecosystem, including Terra Classic, is still reeling from various calamities. Mirror Protocol has been suffering from an ongoing exploit since the price of Luna Classic (LUNC) and the new LUNA token were mismatched.

Validators on the old chain verified the price broadcast by the price oracle, which allowed an attacker to pilfer more than $2 million by exploiting and draining several pools on the synthetic assets protocol.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/87265.f88b4812-cfbd-4f52-9646-bdbc0d252f94.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1404,shares:lj,tags:[{id:Z,slug:iO,title:ib,url:hP},{id:"5424",slug:"developers",title:"Developers",url:"/tags/developers"},{id:"7852",slug:xQ,title:aK,url:"/tags/vechain"},{id:xu,slug:xv,title:lb,url:lc},{id:"9577",slug:xR,title:aL,url:"/tags/polygon"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=87265regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kZ,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"china-state-media-signals-tighter-crypto-regulations-in-terra-aftermath",url:xb,absoluteUrl:"https://cointelegraph.com/news/china-state-media-signals-tighter-crypto-regulations-in-terra-aftermath",title:nx,youtubeVideoIdCover:d,cover:xc,datePublished:Y,dateHuman:nH,humanDateTime:"2022-05-31 07:00",dateISOFull:"2022-05-31T06:00:21+01:00",publishedDateTimeObject:{year:F,month:v,day:N,hour:aA,minute:e,second:ic,millisecond:e},categorySlug:O,categoryUrl:P,categoryName:Q,authorName:"Jesse Coghlan",authorUrl:"/authors/jesse-coghlan",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/41e20950e4c848663c96a123dcfb9bed.jpg",previewText:"China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin. ",twitterLeadText:"The so-called “black swan” Terra collapse has caused Chinese state media to hint that even further regulations of cryptocurrencies and stablecoins could be on the cards in the near future.",badgeSlug:g,badgeName:ae,fullText:"

The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem.

In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and Luna (LUNA), explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to praise the Chinese government’s decision to ban cryptocurrency.

“My country has been cracking down on virtual currency trading speculation and a large number of trading platforms,” reporter Li Hualin wrote before adding, “this has effectively blocked the transmission of this risk in China and avoided investment risks to the greatest extent possible.”

Hualin explained that “many other countries” are looking to regulate stablecoins following the Terra collapse and quoted Zhou Maohua, a researcher at the China Everbright Bank, to make a case for further restrictions within China:

“In the future, our country will also speed up the completion of regulatory shortcomings, and introduce targeted regulatory measures for the risk of stablecoins to further reduce the space for virtual currency speculation, illegal financial activities and related illegal and criminal activities, and better protect the safety of the people.”

After banning crypto exchanges back in 2017, the Chinese government has been toughening its stance on crypto again since mid-2021. Multiple agencies warned of the risk of investing in crypto, and a major crackdown on mining within the country took place.

Colin Wu, a China-focused cryptocurrency reporter, cleared up the misconception around the ban, telling Cointelegraph that the laws don’t allow institutions to provide crypto services “but they don’t prohibit ordinary people from using cryptocurrencies — there is no clear law to prohibit it,” adding:

“Institutions and enterprises are completely banned from trading or owning cryptocurrency in China, but individuals are free to own, buy and sell, and some local courts even consider them to be legally protected as virtual property.”

Earlier in May, a Shanghai court found that Bitcoin (BTC) is subject to property rights, laws and regulations as its value, scarcity and disposability meet the definition of virtual property according to the court.

As for how traders obtain crypto in the first place, Cointelegraph previously highlighted the rising use of VPNs among Chinese traders. Following the last round of restrictions, traders began increasingly using offshore exchanges or peer-to-peer (P2P) platforms for all of their activities.

Related: City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spending

Wu says there is a “great possibility” that the Chinese government would impose even tighter restrictions or even complete bans on stablecoins to prohibit ownership, transfer, purchase and sale of the assets, “especially for Tether,” he added.

But, China may not stop at its own borders, as the Chinese Communist Party-owned outlet said that regulators in other countries should “strive to formulate global general rules” to tighten scrutiny on cross-border payments.

The Beijing regime outlet concluded that the move will “prevent virtual currency from becoming a tool for money laundering, fraud, and illegal fundraising.”

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Pseudonymous Shiba Inu (SHIB) founder Ryoshi has walked away from the community after deleting all of their Tweets and blog posts this week.

Similar to the Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin, much like Dogecoin (DOGE) founders Billy Markus and Jackson Palmer.

Lead developers such as Shytoshi Kusama have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem.

Ryoshi has hinted on several occasions that they would eventually walk away, as they often played down their significance and role in Shiba Inu. In a since-deleted Medium post, the founder reportedly said:

“I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my ‘identity’ even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi.”

As it stands, Ryoshi’s Twitter account is still up but with all activity wiped clean, while two blog posts bidding farewell to the ShibArmy are still up on Medium. However, some members have suggested that these posts may be from a scammer who created a new account under Ryoshi’s name.

The idea appears plausible, as previous reports linking to Ryoshi’s blog now bare the message “user deactivated or deleted their account,” despite another account being up using his same name and profile picture.

“I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” the first post reads, while the second one adds, “Every Shibarmy is Ryoshi. It does not represent someone, but the glory of Shibarmy! END.”

Definitely isn't the original @RyoshiResearch though tbhhttps://t.co/J2PCsuWqpx

— Oliver Barsby (@OliverBarsby) May 30, 2022 \n\n

Regardless of the potential tom-foolery on Medium, Shytoshi Kusama published a blog post on Tuesday, saying goodbye to Ryoshi and reiterating a commitment to the founder’s vision for the project moving forward:

“The ethos of Ryoshi to remain anonymous and have no input on the direction of Shib, makes our mythos even more mystic and impressive. We’ve built from nothing, never paid an exchange for a listing, and revolutionized ‘meme’ tokens by growing exponentially.”

“Shib, Leash, Bone, Treat, ShibaSwap, Shi, Shibarium. Note also the concept of LOCAL Shib areas (meetups) such as we see in ShibaZone, and eventually Shibacon. To me, these latter two aspects are part of our growth, and all of our other projects support or utilize one or more of the above,” the post added.

Related: Shiba Inu has a new use case — Buying land in SHIB: The Metaverse

Notably, the news hasn’t negatively impacted the price of SHIB, with the memecoin gaining 3.1% over the past 24 hours to sit at roughly $0.00001209.

While the asset is down a hefty 86% since its all-time high of $0.00008616 in late October 2021, somehow, SHIB is still up 54% overall compared to 12 months ago, which is something that has not been replicated across many major assets.

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Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","0.01","2022-05-31","11","0.03","17","26",79,138,"1.00","News",11,"Bitcoin","27","adbutler","23","18","21","0.93","0.79","2",10,"7","53","57","60","61","56","article","Ethereum","cointelegraph.com","72",6,"Terra",48,"52","0.08","0.09","0.05","en.LanguageType.1","Axie Infinity",51,"VeChain","Polygon","Tether","Dogecoin","Shiba Inu","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505",47,"/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank","34","19","28","38","39","35","64","1.34","1.06","6.35 b","0.37","4.74","48","BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","15","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","SOL","Solana","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","12","ADA","Cardano","\n\n ","/ada-price-index","13","\n\n\n\n \n","/neo-price-index","14","TRX","TRON","\n\n\n \n","/tron-price-index","16","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","\n\n\n \n","/tether-price-index","MIOTA","IOTA","\n\n \n","/iota-price-index","ONT","Ontology","\n\n\n \n","/ontology-price-index","20","MKR","Maker","\n\n\n \n","/maker-price-index","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","\n\n\n \n","/doge-price-index","ETC","Ethereum Classic","\n\n\n\n\n\n\n\n\n\n\n\n\n \n","/etc-price-index","24","XTZ","Tezos","\n\n\n\n\n\n\n \n\n \n","/xtz-price-index","XEM","NEM","\n\n\n\n \n","/nem-price-index","USDC","USD Coin","\n\n\n ","/usdc-price-index","CRO","Cronos","\n\n\n\n ","/cronos-cro-price-index","29","ATOM","Cosmos","\n\n\n\n\n\n\n\n \n","/cosmos-price-index","30","LEO","UNUS SED LEO","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n \n","/leo-price-index","54","UNI","Uniswap","\n\n\n\n \n\n\n\n\n \n\n \n","/uniswap-price-index","55","YFI","Yearn.finance","\n\n\n\n\n \n","/yearn-finance-price-index","33","MATIC","\n\n\n \n","/polygon-price-index","37","BAND","Band Protocol","\n\n\n \n","/band-protocol-price-index","LINK","Chainlink","\n\n\n \n","/chainlink-price-index","41","DOT","Polkadot","\n\n \n","/polkadot-price-index","COMP","Compound","\n\n\n \n","/compound-price-index","AAVE","Aave","\n\n\n\n\n\n\n \n\n \n","/aave-price-index","SUSHI","SushiSwap","\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n \n\n \n","/sushiswap-price-index","SNX","Synthetix","\n\n\n 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