Here are some of the major developments in the world of crypto over the past few days.
Sonic's testnet has exceeded one million monthly active users, demonstrating the rising popularity of Web3 games. During its testnet, Sonic, the first gaming-focused Solana Virtual Machine (SVM) layer 2, processed over 600 million transactions from over a million users.
The testnet provided players with eight games to play, including the more popular Rage Effect, LowLifeForms and JogoJogo with the latter's prediction-based game getting over 250,000 registrations. Sonic is part of a new paradigm known as play-to-earn or Web3 gaming which seeks to compensate players for their time while also establishing player-owned economies with real-world value.
In terms of Web3 game creation, the most significant difficulty for developers is a lack of "soft" infrastructure. Support for go-to-market strategy, project bootstrapping services, and post-launch marketing methods are all examples of essential "soft" infrastructure. Sonic SVM completed a $12 million Series A investment round sponsored by Bitkraft Ventures at the end of June, increasing the total money received to $16 million.
The US Commodity Futures Trading Commission (CFTC) stated that a whistleblower who aided the financial regulator in an enforcement case involving digital asset exchanges will earn a $1 million award. On August 8, the CFTC launched an enforcement action against a digital asset business in response to a whistleblower tip of unlawful trading.
According to the CFTC petition, six claimants first applied to disclose information concerning the digital asset enforcement action. Only one person received a share of the monetary penalty imposed by the anonymous corporation for providing sufficiently precise, trustworthy, and timely information. According to the regulation, whistleblowers might receive between 10% and 30% of the monetary penalty imposed.
At the time of publishing, it was unknown which cryptocurrency business had been engaged in the whistleblower prize. The statement came the day after a court approved a $12.7 billion settlement between the FTX exchange, Alameda Research and the CFTC. In November of last year, the regulator and Binance reached an agreement to settle for $4.3 billion.
Franklin Templeton has announced the launch of its tokenized money fund on the Arbitrum network, as part of an ongoing attempt to bridge the gap between traditional and decentralized finance. The Franklin OnChain US Government Money Fund (FOBXX) was launched in 2021 and is now accessible on Benji.
Franklin Templeton's FOBXX presently has net assets of around $420 million and has generated yearly returns of around 5.25 per cent as of June 2024. The agreement is a big victory for Arbitrum since it demonstrates that US regulators see Arbitrum's public ledger as a viable tool for financial recordkeeping.
The Arbitrum launch is Franklin Templeton's latest endeavour to improve the accessibility of its tokenized real-world assets (RWAs). According to Bayston, asset management intends to expand into other chains and make its RWAs accessible through user-managed wallets. "Expanding into the Arbitrum ecosystem is an important step in our journey," Bayston stated.