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Crypto Flipsider News – Validators Support Terra Fork, South Korea Investigates the Crash, ETH Ropsten Prepares for June 8 Merge, a16z Invests $600M in Metaverse and Web3 Gaming Fund, Louisiana to Adopt Crypto

Read in the Digest:

  • Terra Validators Support Network Fork, South Korea Investigates Terra Crash, Mike Novogratz Breaks Silence on Terra Crash
  • Ropsten Ethereum’s Major Testnet Set for Proof-of-Stake Merge on June 8
  • A16z Launches $600 Million Investment for Metaverse and Web3 gaming
  • Louisiana on the Road to Crypto Adoption, Panama Delays Crypto Legalization

Terra Validators Support Network Fork, South Korea Investigates Terra Crash, Mike Novogratz Breaks Silence on Terra Crash

Do Kwon, the CEO of Terraform Labs, proposed a revival plan following the Terra ecosystem crash. Do Kwon’s governance proposal to fork the Terra blockchain has received early support from validators.

With 6 days to go, 80% of Terra node validators have voted in support of creating a fork from the Terra chain.

Regulators have now turned their attention to Terra following Terra and UST’s flash crash. Following its tax evasion charges on Terraform Labs, South Korea has revived the dormant Grim Reapers of Yeoui-do to investigate Terra’s ecosystem crash.

Mike Novogratz, the CEO of Galaxy Digital, has finally broken his 10-day-long silence on the Terra crash. Novogratz, a confirmed Lunatic with a tattoo to show, has called Terra “a big idea that failed,” as his firm is one of many investors to lose money from the crash.

Flipsider:

  • Pantera Capital, one of the high-profile backers of Terraform Labs, has revealed it escaped losses from the Terra crash.
  • Noticing the UST peg early, Pantera sold $1.7 million worth of LUNA “at an average price of $25.6.” Because Pantera got in early, the firm made profits from Terra.

Why You Should Care

According to Mike Novogratz, Terra’s crash was instigated by a brutal macro backdrop, which put pressure on Luna and the reserves held back UST.

Ropsten Ethereum’s Major Testnet Set for Proof-of-Stake Merge on June 8

On June 8, Ethereum’s major public testnet, Ropsten, will undergo “the merge” as one of the final preparations for the network’s transition into proof-of-stake.

Ethereum DevOps engineer Parathi Jayanathi in the Eth-clients GitHub repository suggested that the configuration code for upgrading the testnet is ready to go.

The merge will see the proof-of-work (PoW) network combined with a new proof-of-stake (PoS) consensus layer. The Ethereum network is now one step closer to the long-awaited ETH 2.0 network upgrade.

The process will take place in two phases. A genesis version of the consensus layer will be created on Ropsten on May 30. Then on June 8, the Ropsten testnet will go through the merge. 

Flipsider:

Why You Should Care

The announcement marks another major milestone for Ethereum in its journey to migrate to a Proof-of-Stake consensus algorithm.

A16z Launches $600 Million Investment for Metaverse and Web3 Gaming

Venture Capital giant Andreessen Horowitz (a16z) announced today the launch of GAME FUND ONE, which will invest $600 million dedicated to gaming start-ups that are focused on Web3 and metaverse applications.

The fund is the first by a16z solely dedicated to games. The funds will be concentrated on game studios, gaming-related consumer apps, and infrastructure. 

A16z remarking on the move into web 3 gaming, has noted the changes games have experienced over the last decade. A16z has also buttressed the success of popular online games like Fortnite, League of Legends, and Minecraft.

The GAME FUND ONE is backed by founders of game development companies and popular games such as David Baszucki, founder of Roblox; Jason Citron, founder of Discord; Marc Merrill, co-founder of Riot Games; Mike Morhaime, co-founder of Blizzard; the co-founder of Sky Mavis; and Kevin Lin, co-founder of Twitch, among others.

Flipsider:

  • Web 3 gaming has taken a major hit, with Unity firm trading over 80% lower than its November 2021 highs and Roblox down by more than 75%.

Why You Should Care

Explaining the rationale behind its massive investment, A16z says that it believes games infrastructure and technologies will be key building blocks of the metaverse.

Louisiana on the Road to Crypto Adoption, Panama Delays Crypto Legalization

State Rep. of Louisiana, Mark Wright, has introduced a resolution to create a committee on cryptocurrency adoption. Wright’s resolution was heard by the House Appropriations Committee on Monday and received a favorable response with no objections.

If passed by the Senate, Louisiana could begin accepting crypto. Wright has also filed another bill to permit political candidates in Louisiana to take crypto for campaign contributions.

Flipsider:

  • Panama’s President Laurentino Cortizo said he’ll only sign the law regulating the use of cryptocurrency when it contains tougher anti-money laundering controls.

Why You Should Care

If passed by the Senate, the state of Louisiana could become the first state to adopt cryptocurrency in the United States.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.