Here are some of the recent major developments from the world of crypto over the past few days
MakerDAO co-founder Rune Christensen has proposed a fork of the Solana codebase for the forthcoming native chain of the decentralised financial project. He said the Solana codebase and not the Ethereum Virtual Machine (EVM) should be the foundation for MakerDAO’s upcoming Blockchain, as it is optimised for building “highly efficient Blockchains.”
The full re-implementation of the Maker protocol into a new stand-alone Blockchain will take place during the final phase, which is anticipated to take about three years to complete. The fifth and last stage of the MakerDAO “Endgame” upgrade, nicknamed “NewChain,” was first unveiled in May this year.
Christensen wrote in a September 1, 2023 post on X (formerly Twitter): “After some research, I believe the Solana codebase should be considered as the basis for NewChain.”
Bored Ape Yacht Club creator Yuga Labs has announced that it will roll out the open beta for its upcoming Otherside metaverse-based Legends of the Mara (LoTM) game later this month.
The game will be developed in LoTM by adding a new antagonist known as “The Shattered” to the metaverse and by adding additional context to the existing non-fungible token (NFT) Koda characters.
Otherside is a 3D virtual environment, but Yuga describes LoTM as a collection-based 2D strategy game that lets players exploit their virtual land plots to gain rewards and new NFTs.
The company added that the game will change throughout the ensuing months as it moves closer to a complete launch.
Former chair of the US Securities and Exchange Commission (SEC) Jay Clayton has said that spot Bitcoin investment vehicles by big financial institutions in the form of exchange- traded funds (ETFs) is inevitable.
He said in an interview with CNBC that though the SEC has delayed judgements on a number of ETFs that hold spot Bitcoin, the permission will eventually be granted, adding that such spot Bitcoin investment has marked a change in the way regular investors could gain exposure to cryptocurrencies.
On its part, the SEC had on August 31, 2023 extended the review period for applications for spot BTC ETFs from BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity. With the publication of the notification in the Federal Register, the SEC now has another 45 days to approve, deny or delay spot Bitcoin ETF applications from these seven major firms.
Incidentally, the SEC may keep delaying the application deadlines up until March 2024.
Clayton said that he anticipates “progress on this going forward.”
“An approval is inevitable. The dichotomy between a futures product and cash product can’t go on forever,” he added.