- The global cryptocurrency market capitalization has increased by 1.3% over the past 24 hours.
- Decentralized gaming platform The Sandbox has announced the launch of its decentralized autonomous organization (DAO), The Sandbox DAO.
- Wallet-as-a-service provider Magic and non-custodial, EVM-compatible Tezos Layer 2 solution Etherlink have announced their integration.
Stay updated with the latest developments in the crypto world, from market trends to groundbreaking integrations and new governance models.
Why is Crypto Up Today?
The global cryptocurrency market capitalization has seen a 1.3% uptick in the last 24 hours, reaching $2.72 trillion. Most top 100 coins by market cap are in the green, with meme coins leading the charge. Dogwhifhat (WIF) tops the list with a 20.4% increase, followed by Celestia (TIA), Shiba Inu (SHIB), Book Of Meme (BOME), and BONK. On the flip side, Arweave (AR) experienced a 4.3% drop, the largest among the top 100. Despite minor setbacks, Bitcoin (BTC) and Ethereum (ETH) have shown resilience, with BTC trading at $68,468 and ETH at $3,855. According to QCP Capital, the recent movement of coins from the defunct exchange Mt. Gox is a temporary setback, not a significant shift in market trajectory.
The Sandbox DAO: A New Era of Decentralized Governance
The Sandbox has launched its decentralized autonomous organization (DAO), aiming to create a new digital nation where users can propose and vote on projects to grow The Sandbox ecosystem. The DAO will roll out in three phases, starting with the DAO Debut on May 28. This phase will allow SAND and LAND owners to propose and vote on Sandbox Improvement Proposals (SIPs). The subsequent phases will grant more autonomy to the DAO, culminating in a full launch where community voting will ensure inclusivity and transparency.
Magic Integrates with Tezos’ Layer 2 Etherlink
Magic and Etherlink have integrated to enhance the development and user experience of decentralized applications (dApps). This collaboration combines Etherlink’s scalability and security with Magic’s wallet SDK’s simplicity. According to Siddharth Singhal of Trilitech, this integration unlocks the full potential of Web3 by enabling developers to create scalable and accessible dApps quickly. Sean Li, CEO of Magic, added that Etherlink offers fast block times, cheap transactions, and on-chain governance, making it a robust Layer 2 blockchain solution.
Dutch Startup Klayr Labs Takes Over Lisk’s Layer 1 Platform
Klayr Labs will take over the Layer 1 platform of the Lisk blockchain following its upgrade to the Optimism Superchain. Starting in June, Klayr Labs will run operations, maintenance, and ecosystem development for the Layer 1 platform. The aim is to provide digital ownership to a million people by 2030. The Colecti team, which developed Lisk’s first digital asset and NFT marketplace, will provide technical support and funding to Klayr Labs for at least two years, ensuring the continued existence of the Layer 1 technology and support for its developers.
Conclusion
The crypto market is experiencing a positive trend, driven by significant developments like the launch of The Sandbox DAO and the integration of Magic with Etherlink. These advancements highlight the growing importance of decentralized governance and user-friendly dApp development. As Dutch startup Klayr Labs takes over Lisk’s Layer 1 platform, the future looks promising for digital ownership and blockchain innovation. Stay tuned for more updates as the crypto landscape continues to evolve.
