Crypto Report - Thursday June 14th, 2023
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Summary
Blockchain Developer Platform Alchemy Releases AI-Powered Tools for Web3 Builders
P2P.org’s Ethereum Staking Application Is Now Available on Popular Wallet Provider Safe
Brazil Appoints Central Bank and Securities Commission as Crypto Market Regulators
DeFi Platform EigenLayer Rolls Out Restaking Protocol on Ethereum Mainnet
Strike Expands Lightning-Powered Cross-Border Payments to Mexico
Blockchain Developer Platform Alchemy Releases AI-Powered Tools for Web3 Builders
Blockchain developer platform Alchemy has unveiled AlchemyAI, a suite of AI-powered tools designed to assist web3 developers in accelerating product development and accessing on-chain data more rapidly. The suite will include two main products: ChatWeb3 and Alchemy ChatGPT Plugin, which are set to become available in the coming weeks. ChatWeb3, currently in beta, is an AI chatbot powered by ChatGPT that has been trained on over 1,000 Alchemy documents and other crypto resources to help developers build software more efficiently. Alchemy claims that AI assistance will allow developers to access predefined code snippets, templates, and best practices, reducing time spent on repetitive tasks. Developers can treat ChatWeb3 as a pair programming partner for debugging on-chain errors. The standalone ChatGPT plugin, available through OpenAI’s Plugin Marketplace, enables both developers and non-developers to obtain real-time blockchain information using natural language and Alchemy API endpoints. The plugin currently supports multiple blockchains, including Arbitrum, Ethereum, Polygon, and Optimism, with plans to expand to all chains supported by Alchemy.
P2P.org’s Ethereum Staking Application Is Now Available on Popular Wallet Provider Safe
P2P.org has introduced its Ethereum staking service to Safe, a decentralized custody protocol holding over $38 billion in assets, streamlining the process for users to stake ETH without needing physical infrastructure. With P2P's application, Safe users can stake their ETH effortlessly while retaining complete ownership of the staked amount, according to P2P CEO Alex Esin. Those staking 32 ETH, the minimum required, will receive slashing protections guaranteed by P2P. Slashing occurs when a validator faces financial penalties for not fulfilling duties, often due to being offline. P2P has had no slashing incidents and will cover any slashed amounts based on user coverage options, as stated by P2P's communication representative Rick Bagshaw. Over 22.8 million ETH, valued at nearly $40 billion, is currently staked on Ethereum, as per Nansen's data. P2P's integration with Safe aims to simplify staking participation for crypto users. The launch of P2P's "first-ever direct staking app on the Safe Apps ecosystem" represents progress towards offering "non-custodial staking services to a growing DeFi community."
Brazil Appoints Central Bank and Securities Commission as Crypto Market Regulators
Brazil's executive branch has assigned the Central Bank and the Securities Commission to regulate the nation's growing crypto market, as per a recent decree. The Securities Commission will supervise assets deemed securities, while the Central Bank will outline rules for exchanges, including licensing requirements. This development follows former President Jair Bolsonaro's approval of a crypto regulation bill in December 2022, which saw the creation of a "virtual service provider" license and established legal penalties for fraud involving virtual assets. Brazil has emerged as a regional crypto hub, boasting high stablecoin adoption rates and attracting major crypto companies and protocols like Coinbase, Bitget, and Metamask to establish operations within the country.
DeFi Platform EigenLayer Rolls Out Restaking Protocol on Ethereum Mainnet
Seattle-based DeFi platform EigenLayer has launched its restaking protocol on the Ethereum mainnet, enabling users to restake ETH by depositing liquid staking tokens like Lido stETH (stETH), Rocket Pool ETH (rETH), and Coinbase Wrapped Staked ETH (cbETH). Developed by EigenLabs, which raised $64.5 million at a $500 million valuation through investment rounds including a $50 million Series A, the protocol sets participation parameters for liquid and native restaking. Liquid restaking allows a maximum of 3,200 of each token type and a 32-token deposit limit per address, while native restaking will pause after 9,600 ETH is added. Liquid staking has gained prominence since Ethereum's transition from proof-of-work to proof-of-stake in September, with $16.92 billion staked across the top five Ethereum liquid staking protocols, according to DefiLlama data. Restaking lets staked ETH be utilized on other protocols in return for fees and rewards.
Strike Expands Lightning-Powered Cross-Border Payments to Mexico
Digital payments firm Strike is launching its Lightning Network-based cross-border payments service, Send Globally, in Mexico on June 14. This expansion aims to cater to the largest market for remittances from the U.S., which constitutes about 95% of total remittances received by Mexicans from abroad. The Lightning Network, a second layer payment system for the Bitcoin blockchain, enables cheaper and faster transactions compared to the base network. With this service, U.S. dollars sent across the border can be received as pesos in the recipient's bank account. Strike's expansion into Mexico comes less than a month after it established a headquarters for its global arm in El Salvador and expanded to over 65 countries. The move seeks to provide a better alternative to 12 million Mexican Americans, addressing issues such as high fees, slow settlement, and lack of innovation in incumbent cross-border payments services.
