Hello and welcome back to TechCrunch Crypto, formerly known as Chain Reaction. In this fourth edition of our newsletter, we’ll dive into the latest news in web3, including Farcaster’s efforts to reach mass adoption through Web 2.0 techniques, Bluesky’s public launch, and SEC Commissioner Hester Peirce’s openness to new token proposals.
This Week in Web3
Decentralized social network Farcaster is trying to break into the mainstream by employing Web 2.0 strategies. Perhaps this is why we haven’t seen a significant surge in crypto prices yet, despite the approval of spot ETFs by the SEC.
Farcaster’s Attempt at Mass Adoption
Farcaster, a decentralized social media platform, is attempting to reach mass adoption by leveraging familiar Web 2.0 techniques such as viral marketing and celebrity endorsements. While some may view this approach as unorthodox for a decentralized platform, it could potentially help bridge the gap between web2 and web3.
SEC’s Hester Peirce Still Supports Token ‘Safe Harbor’ Plan
SEC Commissioner Hester Peirce is still committed to pushing forward with her token "safe harbor" plan. While some may view this as a radical approach, it has the potential to provide much-needed clarity for developers and entrepreneurs working in the web3 space.
Chris Dixon’s Perspective on Blockchains and Speculation
Chris Dixon, co-founder of Andreessen Horowitz, believes that focus should shift from speculation to blockchain use cases. While this may seem like an obvious statement, it highlights the need for more practical applications of blockchain technology beyond mere speculation.
Bluesky Now Open for Anyone to Join
After months of beta testing, Bluesky has finally opened its doors to anyone interested in joining. This platform promises a decentralized, open-source alternative to traditional social media platforms.
Why Bluesky Matters
Bluesky’s emergence highlights the growing demand for decentralized and community-driven alternatives to mainstream social media platforms. With its emphasis on openness and transparency, it may just be what we need to revolutionize the way we interact online.
Crunching Numbers
The global crypto market cap increased by 5.5% over a seven-day period to $1.72 trillion. The two biggest cryptocurrencies by market capitalization, bitcoin and ether, rose 5.7 and 6%, respectively, according to CoinMarketCap data.
Top 10 Tokens by Market Cap
Among the top 10 tokens by market cap, Solana saw the largest increase at 7.7% over a seven-day period.
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