Here are some of the major developments from the world of crypto over the past few days.
Mirror World Labs, a Solana game company, has raised $12 million in its first Series A fundraising round, led by Bitkraft, Galaxy Interactive, Big Brain Holdings, and others, to further develop its gaming rollout, Sonic. We've helped hundreds of Web3 games monetize and list over the last two years, according to Chris Zhu.
The funding will be used to speed the Sonic protocol, including sandbox environments, customized gaming primitives, and flexible data types. According to developers, while Solana has profited from the memecoin boom and the expansion of the decentralized application market, its game side has not seen "comparable levels of success."
The Sonic protocol was originally introduced on March 29. It has been distributed to 50 gaming clients as initial distribution nodes. Mirror World Labs founded in 2022, focused on developing Solana gaming infrastructure, focusing on all stages of the game lifecycle, including onboarding developers, gamers and technical solutions.
The TON blockchain DEX prioritizes user ease by streamlining cross-chain transactions without the need for sophisticated tools. The lack of interoperability among blockchain networks restricts access to DeFi's new trading prospects. Additionally, converting cryptocurrency assets can be expensive, and security precautions can cause transactions to be delayed or stopped entirely.
STON.fi, a decentralized exchange (DEX) built on The Open Network (TON) blockchain, plans to develop solutions to overcome cross-chain swap problems. Farmers gain incentives by supplying liquidity, whereas stakers profit by locking their assets to support network operations.
HTLC protocols, often known as atomic swaps, guarantee that both parties receive the desired assets or that the transaction fails. The platform also received funding from an undisclosed round headed by CoinFund, with participation from Delphi Ventures, Karatage, and TON Ventures.
Asset management firm Bitwise revised its spot Ether ETH $3,554 exchange-traded fund (ETF) Form S-1 registration statement, which included a potential $100 million investment in the ETF upon its trading launch. A Form S-1 is a SEC filing before public trading, detailing financials, operations, and risks.
The SEC Chair Gary Gensler anticipates that the spot Ether ETFs will be openly traded "sometime over the course of this summer," and the filings are the last step in the approval process.
On the same day that the SEC concluded its inquiry into Ether's securities status, the updated filing was made. Accordingly, the SEC will not file charges claiming that sales of ETH constitute securities transactions, the business clarified.