Filecoin record losses continue, Solana below the $12 mark, and DAOs are officially recognized as LLCs in Marshal Islands. Here’s a quick look at what happened this week in the crypto space
Filecoin record losses continue
Filecoin’s record-breaking losses continued this week, after taking a big hit at the end of last week to drop below the $4 mark all the way to the $3 area, recording its all-time low of $2.6. The decentralized file storage service coin is heading towards ending the week with a drop of over 23% and massive annual losses of over 91%. A similar trend is hitting other crypto storage projects, like Storj, whose value dropped by over 16% in the last 7 days, and over 21% in the previous 30 days.
Solana below the $12 mark
Solana’s woes seemed to continue this week, after the new developments with the FTX crisis, scrapping all last week’s gains. SOL’s price dropped sharply on Saturday and went below the $12 support level several times starting from Tuesday, while heading to one of its worst weeks this year with a drop of over 11.7% Adding to its hardships, data from Terminal Token shows that the number of active developers of Solana’s software decreased by more than 90% in 2022 with the departure of 2,425 developers from the smart contract platform.
Twitter adds support for crypto charts
Twitter Business announced on Wednesday that browsing cashtags (which start with $ sign, like $BTC) will now include a display of price charts, helping users follow the latest price movements for cryptocurrencies and stocks. The new feature will provide the pricing graphs for major symbols. Also pressing on the graph through Android devices will lead the user to an interactive chart provided by TradingView. The TradingView charts will be available to iOS and web users soon, says the Twitter Business’s thread.
Aave integrates Chainlink’s Proof of Reserves
Decentralized lending platform Aave will start implementing a proof of reserve system to protect bridged assets on Avalanche. The decentralized autonomous organization (DAO) behind Aave approved Chainlink’s Proof of Reserve smart contract by a vote of over 99% in favor. This step is taken to provide users with more assurance of the safety of their bridged tokens and to tackle the trust issues the crypto industry’s facing since the collapse of FTX and its lack of transparency.
Marshal Islands recognizes DAOs as LLCs
The Republic of the Marshall Islands has passed the Decentralized Autonomous Organizations Act of 2022, which recognizes decentralized autonomous organizations and enables legal entities registered in the country to formally adopt DAO structures and governance tools, and for DAOs to be recognized as limited liability companies (LLC). Under the new law, both for-profit DAOs and nonprofit DAOs can register while providing definitions and regulations for DAO formation, agreements, and use of smart contracts.
Russia’s central bank to test crypto payments
The Bank of Russia plans to test the use of cryptocurrency for international payments within the regulatory sandbox framework, according to the First Deputy Chairperson of the Central Bank Olga Skorobogatova’s speech at the State Duma on Monday. Another official said earlier that the Bank of Russia is working to promote the use of digital financial assets, including the use of cryptocurrencies in international payments, amid the financial hardships the Russian economy is facing, and the limitations to international payments many Russian entities are facing.
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