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• TipTop is a new Move-to-Earn crypto token that has quickly gained $350M in market capitalization and 135 million users worldwide.
• The app allows users to earn cryptocurrency by walking and mints its own utility token, the $TIP.
• TipTop offers innovative features like gamification, NFT sneakers with varying performance scores, and sustainable user value.

Introduction:

Move-to-Earn crypto tokens have quickly gained popularity to reach a $350M market capitalization, with TipTop looking to challenge market leaders Sweatcoin and STEPN who currently hold 77% of the total Move-to-Earn market share. Over 135 million users worldwide are now united around these Web3 apps.

TipTop Features:

TipTop aims to build a self-sustaining ecosystem by enabling users to mint cryptocurrency through physical activity. It offers innovative features such as gamification, NFT sneakers with varying performance scores for minting $TIP tokens, and sustainable user value. Furthermore, unlike other leading walk-for-crypto apps like STEPN which offer relatively cheap NFT sneakers on Solana (SOL), TipTop’s exclusive sneaker collection provides an opportunity for users to gain more from their activity.

How it Works:

Users must first download the TipTop app for either Android or iOS devices before being able to start earning rewards through physical activity tracked via GPS technology on their device. They can then use their earnings towards collecting exclusive NFT sneakers or trading on exchanges if they wish to do so. Additionally, all TipTop sneakers come with three characteristics ascribed to them – Performance score; Aesthetic score; and Rarity score – all of which affect how much $TIP is earned during activities such as walking or running etc..

Conclusion:

TipTop is a great example of how Web3 apps are revolutionizing the way people earn rewards through physical activities while also allowing them access to exclusive products not available anywhere else. With its unique features and ever increasing user base it looks set to become one of the top players in this space over the coming years.

Takeaway:

TipTop presents an exciting opportunity for those looking for more than just rewards when engaging in physical activities – offering an entire experience centered around fashion and technology through its exclusive NFT sneaker collection!

• Formfunction, a Solana-based NFT marketplace, announced it will be shutting down on March 29th.
• The platform raised $5 million USD in NFT sales during its brief lifespan.
• Data reflects that the USD sales volume has dipped 31.94%, and the transaction volumes have seen a similar decrease.

Formfunction’s Demise

Solana (SOL) NFT Marketplace Takes a Hit by Monique Brelage March 17, 2023 │ 11:00 AM GMT Formfunction is closing up shop only 13 months after it opened. The news saddens the majority of community members, while others are suspicious. Solana remains the #3 ranked blockchain by NFT Sales Volume, accumulating upward of $77 million over the last month.

Formfunction Community Reacts

Formfuntion’s Head of Community and Marketing, Crypto Magellan, has shared an extended message in response to the platform’s closure. According to Magellan, the co-founders and team will pivot in a new direction, „likely outside of the crypto and SOL space.“ The official announcement does not disclose the specifics of why it’s closing up, only that the team „cannot continue to operate Formfunction.“ Despite the majority of community feedback reciprocating the despondency exhibited by the Formfunction team, some members are skeptical. Some commenters are suspicious of the reasons why Formfunction is closing up shop.

Solana NFT Landscape

According to data from Cryptoslam, the Solana NFT ecosystem has been in a steady decline over the past 30 days. Data reflects that the USD sales volume has dipped 31.94%, and the transaction volumes have seen a similar decrease. Buyer volumes have also decreased 18.45% from February 2023 . Nevertheless, Solana remains

• The market cap of the crypto market has dropped below $1 trillion, leading to over $300 million in liquidations.
• Bitcoin (BTC) has dropped to under $20,000 due to multiple negative news stories.
• Ethereum (ETH) suffered losses due to regulatory concerns and caused further liquidations totaling over $370 million.

Crypto Market Cap Plunges Below $1 Trillion

The total crypto market cap has recently broken down below the resistance level of $1.04 trillion after being unable to hold support. This decline has resulted in millions of dollars in liquidations, with Bitcoin (BTC) plummeting past the crucial horizontal support at $20,000.

Negative News Impacts Crypto Industry

The recent downturn can be attributed to a series of negative news stories affecting the sector, including the shutdown of Silvergate and a lawsuit against KuCoin regarding the alleged sale of unregistered securities. These events have had a significant impact on the overall market, with exchanges such as Coinbase and Huobi experiencing major decreases in value and lawsuits being filed against Kraken and KuCoin further destabilizing faith among investors.

Bitcoin Breaks Through Support Level

The leading digital asset, Bitcoin, has seen its price fall below important support levels resulting in a large crash across the entire market sector. Many other cryptocurrencies depend heavily on Bitcoin’s performance, so this drop has had an even greater effect on other coins causing massive losses for traders with long positions.

Ethereum Hit By Regulatory Concerns

The New York Attorney General’s suggestion that Ether may be considered a security combined with SEC Chair Gensler’s comments have caused fear among investors resulting in significant drops in ETH prices leading to more liquidations totaling over $370 million in just 24 hours alone.

Conclusion: Bear Trap Confirmed?

The crypto industry is currently facing tumultuous times as its liquidity remains low due to major sell-offs from panic selling following highly negative news stories and lawsuits against key exchanges like Kraken and KuCoin which have created instability within investor faith. With Bitcoin breaking through critical support levels and Ethereum succumbing to regulatory concerns it looks like we may be seeing another bear trap confirmed this time around with more losses likely before any recovery can occur

FTX Unveils Major Shortfall of Customer Funds

• FTX revealed a “massive shortfall” in crypto and fiat currency holdings.
• Billions in customer funds are missing from both FTX and its US subsidiary, FTX US.
• Alameda Research reportedly borrowed around $9.3 billion from customer accounts before the bankruptcy.

Liquid Assets Fall Significantly Short

FTX only had $694 million in liquid assets and a massive net deficit of $8.6 billion on its balance sheet. The exchange’s sister trading firm, Alameda Research, had allegedly borrowed around $9.3 billion from customer accounts prior to the bankruptcy, leaving only $475 million in cash in its accounts as of Jan 31st. This has left many customers with significant losses that may not be recoverable due to the lack of complete records or books available for review.

Chief Restructuring Officer Investigating

John J Ray III, who was formerly responsible for restructuring Enron, is now the chief restructuring officer and CEO of FTX. He has stated that the books and records are incomplete or totally absent which has made it difficult to ascertain exactly how much money is still available to customers who have incurred losses through no fault of their own. Despite this, he is continuing to work on uncovering all facts relating to this situation and ensuring that a transparent bankruptcy proceeding takes place so that customers can maximize their potential for recovering funds owed to them.

Impact On Crypto Space

The collapse of FTX has caused shockwaves throughout the entire crypto space with several major firms being affected by the fallout from this incident. Anthony Scaramucci—who was previously connected to Sam Bankman-Fried—was one such individual who was negatively impacted by this incident which serves as a harsh reminder about the risks associated with investing in cryptocurrency related companies or products.

Conclusion

It remains unclear how much money will be able to be recovered by former customers due to the lack of clear records or books available for review but it is important that those affected have access to all relevant information so that they can make an informed decision about what action they should take moving forward regarding any funds still owed to them by FTX or its subsidiaries.

• Dogecoin (DOGE) has overtaken Binance USD (BUSD) in the global market capitalization.
• The SEC has forbidden Paxos, the issuer of BUSD, from minting any more stablecoins.
• As a result, BUSD’s market cap has dropped -$2.45 billion and most of it has moved to USDT.

Dogecoin Flips Binance USD Stablecoin

Dogecoin (DOGE) reclaimed its spot in the TOP 10 by global market cap, surpassing the leading crypto platform Binance’s stablecoin – for the first time. Close competitors Circle informed the Securities and Exchange Commission (SEC) about Binance’s mismanagement of the Paxos-issued stablecoin Binance USD (BUSD). DOGE slipped by 2.2% despite this unusual achievement.

Circle Accuses Mismanagement

With over $3 billion of BUSD moved away in 6 days, Circle publicly admitted that quarterly losses and miscalculations in balance were directly attributable to Binance delisting USDC two months prior. Moreover, USDC and BUSD had a similarly sized global market capitalization before the SEC forbade Paxos from producing any more stablecoins.

BUSD Market Cap Drops 50%

The ban on minting new BUSD cut its market cap by 50%, dropping it -$2.45 billion from 16.1 billion to 13.7 billion as of now. Most of these funds have been transferred to Tether’s USDT token which saw an increase +$2.37 billion from 67.8 billion to 70.1 billion in market capitalization due to this shift in assets . Additionally, USDC also suffered a decrease -$739 million from 42.3 billion to 41.5 billion as a result of this landscape changeover initiated by Dogecoin’s surprise flip on February 17th 2023 .

Dogecoin Foundation Member Warns Holders

Interestingly, this happened ten days after one Dogecoin Foundation member warned all their holders about switching away from their CeFi platform’s default cryptocurrency solution into DeFi alternatives due to possible mismanagement issues with their asset management practices on behalf of Paxos and its issued tokens such as PAX Gold (PAXG), PAX Standard (PAX) or Tether Gold (XAUT).

Conclusion

It can be argued that Dogecoin made the most out of recent fuss surrounding Paxos‘ issued tokens and overthrew them with relative ease due to new SEC regulations released earlier during November 2022 which forbid any further production or minting of new coins under their brand name . As a consequence of this unexpected event , we are witnessing a major shift in digital asset distribution between different blockchain platforms such as Ethereum , Tron or EOS where newly created applications are being rapidly developed day after day .

• Japan plans to launch a pilot program for its central bank digital currency (CBDC) in April 2023.
• The pilot program will focus on the technical feasibility of the „digital yen“ and will include participation from private businesses.
• Japanese authorities are also considering lifting the ban on foreign stablecoins.

Japan Piloting Digital Currency in April

Japan has announced plans to commence a pilot program for its central bank digital currency (CBDC) in April 2023. This pilot includes participation from private businesses and will test a model of the CBDC ecosystem, focusing on the technical feasibility of the “digital yen” and not involving actual retail transactions.

Collaboration with Private Sector

The BoJ is actively collaborating with industry players to ensure a seamless transition, and has created a CBDC forum for feedback and communication between all parties involved. At least three Japanese megabanks and regional banks are expected to collaborate with the BoJ in this program.

Ban on Foreign Stablecoins

In addition to launching their own CBDC, Japanese authorities are also considering lifting their current ban on foreign stablecoins. If this ban were lifted, it would open up further opportunities for international payment solutions using cryptocurrencies such as Bitcoin or Etherium.

Proof-of-Concept Testing

The BoJ had conducted proof-of-concept testing prior to announcing their plans for this CBDC pilot program, which was highly anticipated by local media outlets who had reported these intentions as early as November 2022.

Opening Remarks by Executive Director UCHIDA

The executive director of the Bank of Japan (BoJ), Shinichi Uchida, opened his speech at a CBDC committee meeting on February 17th with remarks about consultation with private sector regarding design of future CDBCs and key components such as alternative data models and frameworks for offline payments.

•The SEC has issued a Wells Notice to Paxos, alleging that its BUSD stablecoin is an unregistered security.
•New York regulators ordered Paxos to stop issuing the BUSD.
•The SEC will take legal enforcement action if Paxos continues with the issuance of BUSD.

SEC Sues Paxos Over BUSD

The US Securities and Exchange Commission (SEC) has reportedly warned Paxos Trust Co., the issuer of the Binance USD (BUSD) stablecoin, that it could take legal enforcement action against them for violating investor protection laws. The SEC issued a Wells Notice which is a letter informing companies of planned enforcement action.

New York Regulators Order Stop Issuance

Shortly after receiving a Wells Notice from the SEC, New York Department of Financial Services (NYDFS) ordered Paxos to stop issuing their BUSD token and creating more tokens as well. However, they are still allowed to manage redemptions of the existing tokens.

Is the BUSD a Security?

The SEC has been using the Howey Test to determine whether any asset should be classified as security or not. According to this test, an asset can be classified as security if there is an investment of money with expectation of profits derived from efforts of others. Adam Cochran argued that anything can be called a security due to vagueness in definition and he made an argument (not one he agrees with but reasonable enough one) that these assets can be treated as securities because they hold underlying treasuries exposing holders to potential risk even though they don’t earn profits from it.

Binance’s Response

Binance released a statement saying that their partnership with Paxos created this issue as the BUSD is “wholly owned and managed by Paxos” and in light of regulatory uncertainty, they would review “other projects in those jurisdictions” so users are insulated from further harm due to such issues.

Conclusion

All in all, it remains unclear what impact this enforcement action might have on both companies involved in this situation but we can only expect some sort of regulatory clarity soon regarding crypto assets being treated as securities or otherwise.

• Whale activity and accumulation of Cardano (ADA) has increased since the beginning of January 2023.
• Santiment reports that over 405.85M ADA was accumulated by “key sharks and whales”, driving the price increase from $0.24 USD to $0.41 USD.
• Despite various developments in the Cardano ecosystem, the price of ADA is currently trading at $0.39 USD with no clear indication yet as to which direction it will take in the coming weeks.

Cardano (ADA) Whales Buy-in

The Cardano network has seen a notable increase in whale activity since the beginning of January 2023, with high-volume whale accumulation potentially indicating a significant price shift on the horizon.

Price Surge

Santiment has reported that the price of Cardano (ADA) has surged over 65% from the start of 2023, increasing from $0.24 USD on January 1st to $0.41 on February 2nd due to an accumulated total volume of $162.34M.

High Whale Accumulation

As reported by Santiment, addresses holding 100K to 100M ADA now hold the highest combined volume since November 8th, 2022, reflecting a 12-week high for whale transactions since FTX collapsed.

Market Capitalization Surge

Data from CoinMarketCap reveals that Cardano’s market capitalization surged from $8.6B USD TO $13.8 during January 2023, allowing it to preserve its #8 rank.

„Boost or Bust?“

• Floki, a meme coin project on Binance Chain, has completed a school building in Ghana in collaboration with Pencils of Promise, a non-profit organization.
• The project included six classroom blocks, with one of those blocks built as a computer lab.
• Floki has also pledged to build state-of-the-art schools in Laos and Guatemala.

Floki, a meme coin project on Binance Chain, continues its commitment to fostering education and impacting lives by constructing a school in Ghana in collaboration with Pencils of Promise, a non-profit humanitarian organization. This project comes just eight months after the protocol completed a similar project in Nigeria in partnership with the Tabitha Cumi Foundation, an NGO backed by the United Nations and the Embassy of Japan.

The Floki school project included six classroom blocks, with one of those blocks built as a computer lab. This initiative is part of the crypto protocol’s goal to promote crypto and metaverse education to boost their adoption. Apart from Ghana and Nigeria, countries like Laos and Guatemala will also have Floki schools.

The charity work of Floki is one of its three pillars, according to the project’s website. To fund this initiative, the Floki DAO approved proposals for burning at least 4.97 trillion FLOKI tokens on January 28. This is part of the tokenomics of the project, where the burning of tokens helps to reduce the token supply and increase the value of the token.

The Ghanian school, built by Floki, was officially inaugurated on January 30, 2023. The Floki team hopes that this initiative will help to promote education and provide opportunities to the local community. The team believes that access to education is a fundamental right and is committed to providing educational opportunities to people in need.

Bulletpoints:
• The inaugural Crypties Awards was held at Decrypt Studios in Miami on November 30.
• The show was won by Crypto Unicorns and was presented by Avery Akkineni of Vayner3.
• Veteran actor David Bianchi is set to star in the upcoming Web3 TV series „RZR“ to be distributed through Gala Films.

The inaugural Crypties Awards was a star-studded event held at Decrypt Studios in Miami on November 30. Hosted by Josh Ostrovsky („The Fat Jewish“), the awards were attended by a range of crypto projects, including Polygon, Filecoin Foundation, Lamina1, Async, BeetsDAO, The Gold Mask, Gem Set, Breakout, AnonymousMechanism, and many others. Nine awards were presented during the night, with the winner of the Game of the Year award going to Crypto Unicorns. The award was presented by Avery Akkineni of Vayner3 to Katrina Wolfe, who accepted the Cryptie on behalf of Crypto Unicorns. The other nominees in the category were Stepn, Zed Run, and Blankos Block Party.

The night also saw veteran actor David Bianchi preview his upcoming Web3 TV series „RZR“, which is set to be distributed through Gala Films. The dystopian future series will be set in Los Angeles and feature Ethereum and other digital assets as part of the plot. To build engagement from fans, Bianchi conducted two NFT drops.

In January 2023, a highlight reel from the Crypties Awards was released, providing an overview of the evening and featuring some of the most memorable moments.

Overall, the night was a huge success, with the Crypties Awards set to become an annual event. With top-tier talent, amazing projects, and a celebration of innovation, it is sure to be an event that will be remembered for years to come.