DAY LONG NEWS ROUNDUP: LATEST NEWS 26/11/21

• Avinandan Banerjee
• November 26, 2021

Living in the era of technology is a task in itself as it requires us to be constantly aware of the latest happenings around the world. So, here we are trying to upgrade your crypto knowledge with the most important news items. Have a look:

Panther (DeFi privacy project) took 1.5-hour to raises $22M in a public sale

Known for providing dedicated privacy solutions to the DeFi and Web 3.0 industry, Panther Protocol has announced the successful completion of his recent public sale event. Starting on 23/11/2021, the Panther Protocol public sale was closed within 90 minutes from its launch after fetching $22M for the firm. The funds raised will be used to create powerful privacy solutions for revolutionizing the working experience across the DeFi and Web 3.0 sectors.

According to the report, the recent public sale has helped Panther Protocol to expand its cluster on the financial as well as operational levels. The company has raised a total amount of $32M for fueling its growth and development plans. The public sale included 5% of the total ZKP token supply with different unlocking schedules. Another 15% of the total supply was sold through pre-seed, seed, and three private sale events. The firm pooled $10M via private funding rounds.

Launched in 2020, Panther Protocol has gained a lot of popularity and support from crypto fans ever since its inception. The protocol is designed using zk-SNARKs, a new-age privacy-focused mechanism. The term zk-SNARKs stands for ‘Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. The technology facilitates zero-knowledge cryptography encryption that is found in tokens such as Zcash. Panther uses zAssets that are 1:1 pegged representations of the underlying assets providing high-end privacy benefits to the users. The channel allows developers to infuse privacy features within their applications without requiring any help from professional cryptographers or techies.

Bitcoin surpassed Paypal on dollar value, now eyes on Mastercard 

Leading the financial domain as a true warrior, Bitcoin has yet again proved its potential as an irreplaceable tool for the digital era. This time, the virtual currency network has outshined the big fishes of the finance sector including Paypal. In a report, a market intelligence firm, Blockdata has revealed that the Bitcoin network processed nearly $489 billion per quarter in 2021 against the $302 Billion processed by Paypal.

The report was released on November 25, 2021, by Blockdata under the title of ‘When might the Bitcoin network process volumes like Mastercard and Visa?’ It highlighted the burgeoning success of the Bitcoin network achieved within a short span of 12 years from its launch in 2009. The data analyzed by the experts of Blockdata has reflected that Bitcoin manages about 27% of the total 1.8 trillion/quarter transaction volume of Mastercard and 15% of the total $3.2 trillion/quarter transaction volume executed on Visa.  

According to the data, three significant factors can help Bitcoin expand its network in the future while leaving behind Mastercard and Paypal. These include:

•       Total volume of transactions
•       Average amount of BTC sent per transaction
•       Surge in BTC price

It is believed that with continuous growth in operational capacities and popularity, the Bitcoin network would surpass Mastercard by 2026 in terms of processing volume. The most variable-dependent factor in this process is the volume of transactions executed on the BTC network. The report could not clearly define if the average amount of Bitcoin sent per trade is on a surge. However, an upswing in Bitcoin price at the same volume can bring Bitcoin at par with Mastercard. The Blockdata network has indicated a positive future for the Bitcoin ecosystem.

Axie Infinity raises 550 ETH by selling virtual land slots

Hailing from Venezuela, Axie Infinity, a popular Ethereum-powered NFT project has announced to pool $2.3 Million by selling a Genesis Land Plot for 550 ETH. The team released an official Twitter post sharing the celebratory news with its gaming community. The platform allows users to indulge in fights and compete in everyday quests using Axies, the main creatures of the Axie Infinity cluster.

As per the report, the Genesis Land that was traded by the team falls in the most unique virtual real estate present in the setup. There are only 220 Genesis land plots out of the total of 90,601 plots in the game. The ecosystem of Axie Infinity depicts a game world that is framed around a place called Lunacia inhabited by the Axie creatures. The entire setup is laid in a 301×301 square grid in which each part responds to a tokenized land called Terra. These virtual land plots can be purchased, sold, or rented out to other users easily.

Within the game, players have to defeat monsters called Chimeras that haunt the city of Lunacia. This helps the gamers to earn Smooth Love Potions or SLPs that can be quickly liquidated at crypto exchanges. After the defeat, Chimeras provide access to various resources that help to increase the earnings for the users.

The fast-growing industry of virtual real assets has witnessed a mixed reaction from people across the globe. Where some people fail to see it as an opportunity, others find it as a potent investment plan. The earnings offered by SLPs on Axie often cross the minimum wage level of developing countries which makes them quite popular amongst investors.