DeSpace Newsletter Digest
Fed Raised Interest Rate, Recession, Ethereum Merge, and More
Despace Weekly Newsletter #1 - August 1, 2022
Dear Despace community members, we have an exciting newsletter this week. In it we cover all the important things that happened last week in the crypto market as well as within DeSpace Protocol itself.
What Happened in the Crypto Market Last Week:
Ethereum blockchain move from PoW to PoS
Last week saw some critical news from the cryptocurrency world. In particular, progress continued on Ethereum’s merge, which will see the Ethereum blockchain move from Proof-of-Work to Proof-of-Stake.

After the merge, which is expected to be completed this September, Ethereum will still only be roughly 55% complete, according to Ethereum’s co-founder Vitalik Buterin.

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Changpeng Zhao’s Ponzi Scheme
Binance CEO Changpeng Zhao (also known as CZ) has charged Bloomberg's Modern Media Company over a cover title that read "Changpeng Zhao’s Ponzi Scheme". CZ is taking Bloomberg’s Chinese subsidiary to court over the controversial headline.

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Kraken Exchange under investigation
Crypto exchange Kraken is reportedly under investigation by the U.S. Treasury Department on the suspicion it allowed Iranian users to utilize the site's services in violation of federal sanctions.

The New York Times reported Tuesday that the Treasury Department was likely to impose a fine against the exchange, though it did not suggest a timeline for the enforcement action.

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Fed Hikes 75 Basis Points Second Time, Signals Third Is Possible
Moving to crypto markets, last week macroeconomics took the center stage. The U.S. Federal Reserve raised interest rates by 75 bps for the second time. The crypto market became much more volatile around the announcement hours, as they did with the previous rate hike announcements.
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GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal
The highly anticipated Q2 GDP report from the U.S. was released on Thursday. GDP fell 0.9%, the second straight decline, and is considered a strong recession signal. And just like the Fed’s interest rate announcement, the GDP report also triggered more volatility in the crypto market.

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What Happened at DeSpace
Last Week:
Product launches: Our DeSwap DEX - an AMM that allows near-instant swaps for low fees - launched on the Cube mainnet! We have added liquidity to several pairs, meaning users can now enjoy the DeSwap experience.

Also, DeSwap is coming soon to Polygon and Binance Smart Chain.

We started exploring OpenSea’s marketplace contracts. Integrating OpenSea’s data into DeSpace’s marketplace will lead to a more powerful, upgradable platform.

Meanwhile, staking development has been completed, the DeSwap Farm is close to launch and mobile responsiveness for our dApps is scheduled to be completed next.

You can check the staking page.

Staking App
Partnership Update
We announced a partnership with PlayPoseidon, a multi-chain NFT Play-to-Earn blockchain game. PlayPoseidon will bring their NFTs to the DeSpace ecosytem through our NFT Auction and Lottery Pad. In return, DeSpace will be adding PlayPoseidon’s marketplace to our aggregator when it goes live.

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Events Update
We had a community quiz on our Telegram group last Friday. The winners received a $50 reward.

If you intend to participate in our upcoming community quiz, don’t forget to follow our Telegram announcement group for all the latest news

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This is the first of our newsletters where we plan to bring you the latest from both crypto and DeSpace directly to your inbox each week. Make sure you’re also following our social channels so that you don’t miss any news the moment it goes live.
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