BTC NEWS

The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below the range throughout most of March. At present, the value locked in defi is approximately $50.34 billion, up 1.97% over the past 24 hours.

Defi Value Swells Close to 2% Higher to Over $50 Billion

With crypto assets swelling in value and the crypto economy rising 1.2% to $1.24 trillion, the total value locked (TVL) in defi on Wednesday was $50.34 billion. The defi platform Lido Finance dominates the top defi protocols with $10.76 billion, up 10.60% in seven days and up 24.61% over the past month. Makerdao’s TVL is the only defi protocol out of the top five that has seen a TVL reduction of 1.29%. Aave, Curve, and Uniswap have seen increases with Curve jumping ahead by 13.62%.

Most of the rise in defi has stemmed from the smart contract platform market capitalization rising 3.6% over the last day to $357 billion. The top five smart contract tokens have increased in value over the last week except for polygon (MATIC), which is down 3.9% over the past seven days. In terms of TVL by blockchain, Ethereum dominates the $50.34 billion by more than 59% with a total of $29.71 billion. Ethereum is followed by Tron ($5.35B), BSC ($5.1B), Arbitrum ($2B), and Polygon ($1.07B).

As far as liquid staking, the top protocol on Ethereum is Lido, on Tron it’s Neopin Staking, on BSC it’s Ankr, on Arbitrum the top liquid staking app is Tenderize, and the top staking protocol on Polygon is Thunderpokt. For Ethereum, there’s 7,843,929 ETH worth $14.29 billion locked into liquid staking protocols today, with Lido dominating the pack. Behind Lido is Coinbase ($2.15B), Rocketpool ($805.53M), Frax ($224.22M), Stakewise ($158.34M), and Stakehound ($118.85M). The top five bridges, as far as TVL is concerned, include WBTC, Justcryptos, Multichain, Poly Network, and Portal.

At 3:30 p.m. (ET) on March 22, 2023, after the recent Fed rate hike and bitcoin (BTC) dropping 3.4%, the TVL in defi has managed to remain just above the $50 billion range at $50.08 billion.

What do you think is driving the rise in defi and its TVL? Share your thoughts about this subject in the comments section below.

Following the fallout over the past two weeks in the U.S. banking industry, the Federal Reserve raised the federal funds rate by 25 basis points (bps) on Wednesday, citing the need for the inflation rate to return to 2% over the long run.

Fed Raises Rate Despite Calamity in the U.S. Banking Sector

It’s been a rough two weeks for the U.S. economy after the fall of Silvergate Bank, Silicon Valley Bank, and Signature Bank. After these bank failures took place, the Federal Reserve announced the creation of the Bank Term Funding Program (BTFP) and announced that uninsured depositors of Signature Bank and Silicon Valley would be made whole. After the turmoil in the banking industry, some experts suspected the Fed would not raise the benchmark rate this month.

On Wednesday at 2 p.m. Eastern Standard Time, the Federal Open Market Committee (FOMC) revealed that it would raise the rate by 25bps. “The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC said. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent. The committee will closely monitor incoming information and assess the implications for monetary policy.”

In addition, the Fed published the central bank’s “Summary of Economic Projections,” which suggests the inflation rate can reach 2.1% by 2025 and 2% over the longer run. By 2025, the FOMC projections see the federal funds rate reduced down to 3.1%. Following the FOMC’s statement and projections report, equity markets jumped higher on the news, with three out of four of the U.S. benchmark indices in the green.

Crypto assets dropped after the small increase from the Fed, with bitcoin (BTC) nearing the $29K range at $28,700 at 2:15 p.m. Eastern Standard Time on Wednesday. But by 2:45 p.m., BTC had quickly dropped down to the $27,876 per unit range. At present, BTC’s USD value is hovering just above the $28K zone.

While cryptos had a mixed reaction to the Fed news, precious metals held strong. Both gold and silver jumped on the Fed hike, rising 1.6% to 2.5% higher against the greenback. Overall, the FOMC statement noted that recent indicators have shown “modest growth in spending and production.”

Further, the Fed says that while “job gains have picked up in recent months and are running at a robust pace [and] the unemployment rate has remained low, inflation remains elevated.”

After the FOMC press statement, Fed chair Jerome Powell insisted the U.S. banking system “is sound and resilient with strong capital and liquidity.” Powell added, “we think our monetary policy tool works, and we think … our rate hikes were well telegraphed to the markets, and many banks have managed to handle them.”

What do you think the Fed’s decision to raise interest rates means for the U.S. economy? Share your thoughts about this subject in the comments section below.

According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner, however, believes the timing of the Fednow rollout is “suspicious,” and he suggests that “maybe it’s all about rolling out” a central bank digital currency (CBDC).

Fednow Payment Service Prepares to Facilitate Instant Payments, Economist Suggests Launch Could Lead to a CBDC

The U.S. central bank is preparing to launch the Fednow payment service, and the Fed explains in a recently published blog post that there have been many interested candidates that want to utilize the service. The Fed details that entities planning to use the Fednow program in July include a “diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.” According to Fednow program executive sponsor Tom Barkin, the president of the Federal Reserve Bank of Richmond, the launch is an “important milestone” for “instant payments.”

The Fednow system is allegedly able to facilitate payments and settlements instantly, “regardless of size or geographic location — around the clock, every day of the year.” With access to funds immediately, participants can manage their money in a more flexible fashion, according to the Fednow description. Access to the Fednow system will be granted via the Fedline Network, which already serves roughly 10,000 financial institutions and agents. “The Fednow Service will launch with a robust set of core clearing and settlement functionality and value-added features,” the announcement from the Federal Reserve explains.

Although, not everyone is excited about the central bank’s plans to enhance payments, as Florida governor Ron DeSantis recently revealed legislation that blocks a CBDC in the state of Florida. Speaking about the Fednow program, economist Richard Werner told Michelle Makori, the lead anchor and editor-in-chief at Kitco News, that the timing is “suspicious.” The Fednow rollout could pave the way toward surveillance capitalism and usher in a CBDC.

“The timing is suspicious,” Werner said to Makori during his interview. “Why do they roll this out now? The banking system has done its job well, in terms of making transfers of funds and payments, so why do we suddenly need to change it?”

Werner Insists the Government Wants to Eliminate Alternatives

Werner suspects that central banks will monopolize the banking industry and enforce “totalitarian control.” He emphasized that “we can’t really trust” central banks, and the main goal is to remove alternatives. Coincidentally, U.S. President Joe Biden’s recent economic report downplays crypto assets like bitcoin (BTC) and highlights that once the Fednow program is ready, there won’t be a need for alternatives. The White House claims that crypto assets fail to achieve the core aspects of sound money in contrast to fiat currencies like the U.S. dollar.

“They don’t want these alternatives,” Werner insists. “So they can just take your money. This is just the beginning, because the real totalitarian aspect comes into it when the programmability can be used, where it can be totally fine-tuned down to the person, and in real-time influence our behavior by restricting us from doing certain things … you’ll need the permission of the central planners.”

When a CBDC does eventually launch, Werner suspects that alternatives and cash will be eliminated gradually, and because CBDCs are programmable, control over one’s finances will not be difficult to achieve. Sure, you will be able to use the monetary ledger system, but in the end, the government’s “totalitarian control system” owns the funds.

“Once you put your money in the central bank, and the central bank issues your CBDC, legally they own the money,” Werner concluded. “You have a claim, but sadly this claim is subject to a number of conditions.” As of March 22, 2023, roughly 114 different countries are working on CBDC research and development, while 11 countries like China, Nigeria, and Venezuela have implemented such systems.

What are your thoughts on the Fednow payment service and its potential impact on the financial industry? What do you think about Werner’s opinions? Share your thoughts about this subject in the comments section below.

Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple’s case with the Securities and Exchange Commission (SEC). Cardano was also higher on Wednesday, hitting a one-month high.

XRP

XRP rose to its highest point since November, as markets continued to react to the latest news surrounding Ripple’s case with the SEC.

Following a low of $0.4199 on Tuesday, XRP/USD raced to an intraday high of $0.4914 earlier in today’s session.

This is the strongest point that the token has reached since November 6, when prices were retreating from a high above $0.50.

Overall, earlier gains have since eased, which comes as bulls failed to sustain a breakout on the 14-day relative strength index (RSI).

At the time of writing, the index is tracking at 65.14, which is below the aforementioned ceiling at 70.00.

The 10-day (red) moving average remains in an uptrend despite the marginal decline, which sees XRP currently trading at $0.4459.

Cardano (ADA)

Cardano (ADA) was once again higher in today’s session, as the token jumped to a one-month high.

ADA/USD moved to a peak of $0.387 on Wednesday, which comes a day after falling to a low at $0.349.

Today’s surge saw bulls push cardano to its highest level since February 23, when price was at a peak of $0.393.

Looking at the chart, it appears that the climb coincided with the 10-day (red) moving average crossing over its 25-day (blue) counterpart.

In addition to this, the 14-day RSI is now tracking at 60.93, which is its highest reading since mid-February.

A ceiling at 53.00 may await for bulls should momentum continue in this current direction, which could put a stop to the run.

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Could cardano begin to change direction in the upcoming days? Let us know your thoughts in the comments.

African countries’ debts totaling more than $20 billion were written off in the past year, Russian President Vladimir Putin said on March 20. Putin also revealed that trade between Russia and Africa had nearly reached $18 billion by the end of the year. According to the Russian leader, the majority of the world is opposed to the West’s “neo-colonial” ideology.

Putin Wants Trade Between Russia and Africa Bolstered

According to Russian President Vladimir Putin, in 2022 Moscow wrote off debts of African countries that totaled over $20 billion. During the same year, trade between the two sides nearly topped $18 billion.

Speaking at a recent international conference, Putin, whose country has been hit by Western sanctions, also talked about the possibility of increasing the value of trade between the two regions.

“It is unlikely that such a figure can fully suit us, but we know that this is far from the limit,” Putin reportedly said.

Besides bolstering direct trade between his country and the African continent, the Russian leader also spoke about his envisioned global financial system that is not dominated by the U.S. dollar. After Russia invaded Ukraine, Western countries responded by imposing sanctions on Moscow and cutting off the country from the global financial system.

To counter the West’s move, Russia has not only advocated for an alternative to the dollar-dominated financial system, but has signed bilateral agreements with countries like China and India. Under the terms of some of the agreements, national currencies are used to settle trades.

‘Counter-Commodity Exchanges’

Meanwhile, in his message to African countries, Putin also talked about the development of what he called “counter-commodity exchanges.” The Russian leader claimed that a “more energetic transition in financial settlements to national currencies” as well as “the establishment of new transport and logistics chains” may facilitate the development of the envisioned commodity exchanges.

Concerning what he termed the Western countries’ “neo-colonial ideology,” Putin claimed that the majority of the world still “upholds moral norms and social principles traditional for our peoples” and is opposed to ideals that are imposed from outside.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Authorities in the U.S. have announced charges against a former Onecoin executive for her alleged role in the notorious crypto pyramid scheme. Bulgarian national Irina Dilkinska, who was extradited on Monday, may face up to four decades in prison if found guilty on counts of fraud and money laundering.

Bulgarian Woman Handed Over to US to Face Charges Related to Onecoin

Judicial and law enforcement officials in the U.S. have pressed charges against a 41-year-old woman in connection with her participation in Onecoin, one of the largest scams in crypto history. Irina Dilkinska was extradited from Bulgaria, where the massive crypto Ponzi scheme was based.

Established in 2014, Onecoin offered investors a fake cryptocurrency by the same name, branded as ‘the Bitcoin killer’ at a point, through a global multi-level-marketing network. According to Onecoin’s own materials, more than 3 million people invested over $4 billion in the purported crypto by late 2016.

Dilkinska was the supposed head of legal and compliance at Onecoin, according to an announcement published by the U.S. Justice Department on Tuesday. Authorities claim that in reality the woman accomplished the exact opposite of her job title.

She is accused of enabling Onecoin to launder millions of U.S. dollars through shell firms. “As alleged in the charges unsealed today, Dilkinska helped her co-conspirator, Mark Scott, launder approximately $400 million in Onecoin proceeds,” FBI Assistant Director Michael J. Driscoll noted.

Companies created by the Bulgarian national were also used to hold property on behalf of Onecoin founder and mastermind Ruja Ignatova, a Bulgarian-born German citizen. The latter was last seen boarding an Athens-bound flight in Sofia, on Oct. 25, 2017.

Pyramid’s Founder ‘Cryptoqueen’ Ruja Ignatova Still Wanted

Dubbed ‘the missing Cryptoqueen,’ Ignatova disappeared less than two weeks after she was charged with fraud and money laundering in the U.S. District Court for the Southern District of New York. She is still wanted by Interpol, Europol, and the U.S. Federal Bureau of Investigation (FBI), with a recent Bulgarian media report suggesting she might have been murdered in 2018.

Irina Dilkinska has been charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. Each of them carries a maximum potential sentence of 20 years in prison.

She is accused of burning incriminating documents after Scott’s arrest in 2018, about which she texted Ruja’s brother, Konstantin. Ignatov was detained in Los Angeles in 2019, pleaded guilty to Onecoin-related charges, and sought witness protection in the United States.

Another Onecoin co-founder, Swedish and British national Karl Sebastian Greenwood, pleaded guilty in December, 2022. Last month, a report revealed that Ruja’s ex-boyfriend, Gilbert Armenta, has been sentenced to five years in prison for his role in laundering proceeds from the crypto Pyramid.

Do you expect more people to face charges related to the Onecoin case? Tell us in the comments section below.

Bitcoin moved closer to a fresh nine-month high on Wednesday, as markets prepared for today’s Federal Reserve interest rate decision. The Fed is expected to hike rates by 0.25%, despite inflation falling last month to 6%. Ethereum briefly rose above $1,800 in today’s session.

Bitcoin

Bitcoin (BTC) closed in on a fresh nine-month high in today’s session, as markets continued to anticipate today’s Federal Reserve rate decision.

Following a low of $27,785.11 on Tuesday, BTC/USD surged to an intraday peak of $28,439.56 earlier in today’s session.

The move sees bitcoin move back towards a recent nine-month high, which was recorded earlier in the week.

This latest surge in price comes as the 14-day relative strength index (RSI) attempted to break out of a ceiling at 72.00

As of writing, the index is tracking at 71.70, which is its highest reading since early-February, and deep in overbought territory.

Traders are likely waiting for this afternoon’s announcement prior to attempting to move beyond this point.

Ethereum

Ethereum (ETH) was also back in the green on Wednesday, following a brief stint of consolidation the day prior.

ETH/USD moved to a high of $1,836.29 on hump-day, which comes less than 24 hours after trading at a low of $1,761.67.

Similar to bitcoin, Wednesday’s rally in price saw ETH near a recent high of $1,846, which is its strongest point since last August.

The 10-day (red) moving average (MA) has continued to trend upwards, extending its crossover with the 25-day (blue) MA.

However, price strength seems to be a barrier to further gains, with the index now tracking below a ceiling at 64.00

In order for bulls to extend gains, there will likely need to be a breakout of the aforementioned resistance level.

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Could ethereum hit $2,000 following today’s rate decision? Leave your thoughts in the comments below.

PRESS RELEASE. Dubai, UNITED ARAB EMIRATES, March. 22nd, 2023, Undeads Metaverse, a highly anticipated AAA Web3 game, is excited to announce a competition for Undeads NFT holders.

The competition will be broken down into three prizes. The first prize is the coveted MAYC NFT, while the second prize is the Bored Ape Kennel Club NFT. The third prize is the Otherdeed NFT. Each prize is worth fighting for, as all three NFTs are blue-chip digital assets that any NFT collector would love to have in their portfolio. A total prize pool value exceeds 20ETH.

The competition is straightforward. To win the MAYC NFT, participants have to mint and reveal the 4th rarity level zombie with specific traits. The traits of required zombie will are listed in rules of the contest that ends on April 10. The BAKC NFT will go to the holder of another epic zombie, while the Otherdeed NFT will be awarded to the person who mints the rare 3rd level rarity zombie with specific traits.

The beauty of this competition is that it’s accessible to everyone. To participate, all you need to do is mint a specific zombie from the box/potion. With such desirable prizes at stake, we expect to see a high volume of mints from Yuga Labs NFT holders.

Undeads Metaverse is thrilled to offer this opportunity to NFT collectors around the world. The competition is an excellent chance for participants to get their hands on some of the most valuable NFTs in the market. We can’t wait to see who comes out on top.

The competition will run until April 10. Good luck to all participants!

Non-NFT Holders & holders of different zombies are also encouraged to enter a concurrent competition with a prize pool of 11ETH. If winners are current NFT holders, their prizes are x10 more than the standard prizes, giving entrants more incentive to mint for as little as 0.08ETH with a chance to win 100% cashback.

Visit Undeads.com for more information on all running, scheduled and completed competitions.

About Undeads Metaverse

Undeads is a next-generation survival MMORPG with a large selection of play-to-earn mechanics and over 10 types of playable NFT assets. Undeads is built to enable players to earn cryptocurrency while playing the game and interacting with others. Ultimately, Undeads aims to build a Web3 gamers community and player-driven economy full of engaging activities designed to create an ecosystem of engaged players and deliver the ultimate gaming experience that will exceed community expectations.

Undeads Web3 game has an isometric model with action-combat that takes place in a post-apocalyptic metaverse. The conflict focuses on a struggle for resources between two opposing factions: humans and zombies. Players are tasked with venturing into uncharted regions, establishing and guarding their own settlements, grinding for resources, constructing and enhancing their own gear, engaging in commerce, becoming skilled in trading, and developing their NFT characters. Undeads is also loaded with built-in entertaining VR games for true metaverse and virtual reality fans.

About Undead FZE LLC

Undeads was founded by Undeads FZE LLC, in February 2022. With over 70 industry veterans from the United States, Canada, Australia, Europe & Asia and a wide network of world-class partners.

Latest VR Trailer: https://youtu.be/TXpZf_tAKoU

Watch the trailer on YouTube now: https://youtu.be/LzAjMJ10qJ0
Website https://undeads.com/

Contact details: Ash Hodgetts
Email: [email protected]
Location: Dubai, United Arab Emirates

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

According to Claudio Riff, the CEO of Pooky, a sport prediction game powered by blockchain, gaming may be one of the more effective ways of getting users to experience the potential of blockchain and Web3 without dealing with the associated complexities.

Onboarding People to Web3 Through Gaming

Pointing to the gaming industry’s appeal and reported market value of over $200 billion in 2021, the CEO of Pooky postulated that having more blockchain-based games could potentially help “onboard a critical mass of users onto Web3.”

In written responses sent to Bitcoin.com News via Whatsapp, Claudio Riff, an early-stage investor, explained why using games to educate users about Web3 technologies is believed to be more effective than doing so the conventional way. He also highlighted the difference between sports betting and a new phenomenon known as sport prediction and why the latter is seen as a better game.

Below are Riff’s responses to the questions from Bitcoin.com News.

Bitcoin.com News (BCN): In your opinion, what is the biggest hurdle to the mass adoption of Web3 technologies?

Claudio Riff (CR): The biggest hurdle to increasing the adoption of Web3 technologies is the user experience. The need to interact with multiple interfaces, including wallets, exchanges, and Dapps, can be confusing and intimidating for users who are not familiar with blockchain and cryptocurrency. Additionally, the complexity of the vocabulary associated with Web3 technologies can be a significant blocker for potential users.

To increase adoption, we need to simplify the language and concepts associated with blockchain and cryptocurrency and create intuitive onboarding experiences that guide users through the process of getting started. We can also bridge the gap between crypto and fiat by creating seamless on-ramps and off-ramps that allow users to easily exchange between the two.

Successful Web2 platforms have created user experiences that are easy to understand and navigate even though the underlying technology (internet) is also complicated. By applying these principles to Web3 technologies, we can create a more accessible and user-friendly ecosystem that encourages adoption and growth.

BCN: What are the reasons to believe that gaming holds the key to the mass adoption of Web3 and in what ways do Web3 games help educate players about blockchain technology and Web3?

CR: Games are a powerful tool for engaging people because they provide a fun and interactive experience that can be easily personalised to a player’s interests and preferences. Games have been used for decades as educational tools to help people learn new skills, concepts, and behaviours. The success of educational games can be attributed to the fact that they make learning fun and engaging, which motivates people to continue playing and learning.

Furthermore, the gaming industry has the potential to drive mass adoption of Web3 technologies because of its massive and diverse user base. Gaming is a multi-billion dollar industry that reaches millions of people across the globe. By integrating Web3 technologies into games, developers can expose a wider audience to decentralised technologies and help drive adoption.

At Pooky, we believe that by linking our game to the world of sports, we can reach an even broader audience and help educate them about blockchain technology and Web3. Our players can learn about on-chain transactions, cryptocurrency wallets, and earning mechanisms while enjoying the excitement of predicting sports outcomes.

By making the gaming experience fun and interactive, we create a safe space for players to experiment and learn about Web3 technology. At Pooky, we are also committed to bridging the gap between gaming and Web3 technology, and we believe that by leveraging the power of play, we can drive the mass adoption of decentralised technologies.

BCN: Sports prediction can easily get confused with sports betting. What exactly is the difference here?

CR: A game like Pooky revolves around sports predictions, but it is not a traditional betting platform. Instead of risking money with incorrect predictions, players compete on weekly leaderboards for rewards. The goal is to offer an alternative to traditional betting platforms in the form of a game.

We have built Pooky using blockchain technology to enhance the gameplay and offer monetization possibilities to our players through the sale of non-fungible tokens (NFTs). Moreover, ours is a “free-to-play” game, meaning players don’t need to spend money to play, but owning a Pooky NFT is required to access higher earnings competitions.

Owning a Pooky NFT is not a financial sacrifice as it always holds value on the secondary market, which is different from traditional gambling, where the money staked is at risk of being lost. In short, in order for a game to be regulated as a form of betting or gambling, players typically need to have a financial stake or financial sacrifice in the game.

However, with a sport prediction game, players do not have either of these elements. Specifically, players cannot lose their NFT during the game, so there is no stake, and the NFTs are always tradable on the secondary market, so there is no financial sacrifice. Therefore, Pooky is not subject to the same regulations as traditional forms of betting or gambling.

BCN: What is a no-risk sport prediction model and how does it work?

CR: A no-risk sport prediction model is designed to eliminate the risk of losing assets during the prediction game. To participate in high rewards leagues, players need to hold a Pooky NFT also known as Pookyball which gives them the right to enter the game. If players use their skills and adopt the correct strategy, they can rank and earn rewards from a pool that is filled by taking a percentage of the different spendings in the app.

While there is a risk associated with the value of the NFT, this risk is limited because the more players engage with the Pooky game, the more PXP (experience points) they earn, which unlocks the possibility to upgrade their NFT by increasing its boost effect on points earned in the prediction game. Therefore not only skills but also the time invested in the platform is therefore rewarded. The value of the NFT depends on the offer and demand on the secondary market, which in turn will depend on the popularity of the game. We are convinced by the power of our game to gather the largest sports fan community in the world.

BCN: Compared to Web2, Web3 games introduce new elements like onchain assets and behavior, which makes it even more difficult to optimize for the best user experience. So how then do you ensure a great player experience and how has it improved the engagement?

CR: We ensure a great player experience by incorporating feedback from our players and continuously iterating on the game to add new features without complicating the experience. Our approach has improved engagement by simplifying the onboarding process and gradually introducing new features and new leagues to predict on. As a result, we have seen an increase in weekly engagement, with close to 5,000 active unique predictors in recent weeks.

Furthermore, we have observed a steady week-on-week growth in the number of predictions made by our users. Currently, the total number of in-app predictions stands at 700,000, and we anticipate surpassing the 1 million mark in early April. This trend is indicative of the platform’s increasing popularity and the engaging nature of the gameplay experience offered by Pooky.

Our engagement rate is further validated by the fact that players are participating in supplemental game loops, such as levelling up their NFTs, re-pressurizing their assets, and engaging in other activities. With over 30% of players having already levelled up within the game, this indicates a high level of engagement with the platform and serves to validate our game design.

BCN: Do you believe that app-specific blockchains like Polygon Supernets, Avalanche subnets, and Binance’s bnb application sidechain (BAS) have a role in accelerating the growth of Web3 gaming?

CR: App-specific blockchains have the potential to play a significant role in accelerating the growth of Web3 gaming. These blockchains are designed to provide a more efficient and scalable infrastructure for Dapps, which is critical for gaming platforms that require high throughput and low latency.

By leveraging these specialised blockchains, game developers can build more complex and sophisticated games that are not possible on the main Ethereum network due to its scalability limitations.

For example, we chose Polygon due to its fast and low-cost transactions that can enable seamless in-game purchases and asset trading. Overall, app-specific blockchains can provide the scalability, performance, and flexibility that are needed to drive the growth of Web3 gaming.

BCN: Now with respect to gaming guilds, it has been said that these have helped take blockchain games to the masses, yet we have not seen many successful Web3 games. Where are they failing?

CR: Overall, gaming guilds have played an important role in promoting the adoption of Web3 games, but there are still several challenges that must be addressed for these games to achieve mainstream success. These include improving the user experience, enhancing gameplay and content, and increasing interoperability across different platforms.

One significant challenge is the complexity of blockchain technology, which can intimidate and confuse users who are not familiar with it. This creates a high barrier to entry and a steep learning curve, discouraging potential players. To address this issue, we have prioritised making blockchain technology seamless and easy to use. We offer payment solutions through credit cards in addition to direct crypto payments, and we help users create wallets using social logins. We also plan to sponsor gas fees while educating users on these core concepts.

Another challenge is the lack of engaging gameplay and content in many Web3 games. This can make them feel repetitive and boring over time, limiting their appeal and longevity. To tackle this problem, we introduced supplemental game loops featuring new elements like energy and pressure. We also plan to incorporate metagame features, which will allow players to take on different roles and interact with each other in more meaningful ways, slowly shifting towards a creator’s economy.

Furthermore, to increase the social aspect of the game, we are soon introducing “Rivals” a feature that will allow players to compete directly against other players, and later on, we will offer the possibility to create customizable private leagues where players can compete with their community members.

Overall, by addressing these challenges, we are working towards creating a more accessible and engaging Web3 gaming experience for all players.

What are your thoughts about this interview? Let us know what you think in the comments section below.

The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures.

Central Bank of Venezuela Owes Public Four Months of Economic Data

The Central Bank of Venezuela has not published the economic data corresponding to the last four months, making economists worried about the cause of the delay. The institution still has not issued the inflation figures corresponding to November 2022, December 2022, January 2023, or February 2023, leaving consulting firms blindfolded and unable to make recommendations to their affiliated companies when it comes to economic strategy.

But according to Jesus Casique, a Venezuelan economist, inflation figures are just the tip of the iceberg regarding the missing data. Casique stated that the Central Bank of Venezuela is also hiding the numbers for the balance of payments (foreign currency input and output), Gross Domestic Product (GDP), and gold reserves.

On the possible purpose of this alleged opacity, Casique explained:

It is very possible that the central bank is not publishing inflation figures because the country is entering hyperinflation again.

According to unofficial sources, the Venezuelan inflation rate for 2022 reached 234%, the highest in all of Latam.

Recurring Behavior

One of the duties of the Central Bank of Venezuela, according to the law that regulates it, is to “collect, produce, and publish the main economical, monetary, financial, exchange, price, and balance of payment statistics.” However, this is not the first time that the central bank has lagged in its duties regarding informing about the economic performance of the government.

The bank had a hiatus of three years, between 2016 and 2019, in which did not offer any GDP or CPI figures. It was also during these years that the country entered into hyperinflation, with later official figures acknowledging a 130,060% inflation rate just in 2018.

Naudy Pereira, a local economist, believes issuing these figures is very important for companies and individuals alike. She declared:

These figures would indicate to an investor whether or not there are possibilities of continuing to invest. Consumers are interested in knowing the rate of inflation and the variation in prices because their family budget planning depends on that.

What do you think about the delay of the Central Bank of Venezuela in publishing economic data? Tell us in the comments section below.