Immutable, in partnership with the Digital Worlds Foundation, has launched The Quest Program, a Web3 gaming rewards initiative with $50 million in token rewards. The program encourages player engagement with the Immutable ecosystem, which currently hosts over 270 gaming titles. Starting from April 25th, players can earn rewards by exploring quests, playing games, and owning collections on Immutable. The company anticipates additional token commitments from games built on Immutable. The Quest Program features major blockchain gaming projects including Pixelmon, Illuvium, Guild of Guardians, Space Nation, and MetalCore. Immutable President and Co-founder, Robbie Ferguson, described the program as the largest rewards program in web3 gaming.

Movement Labs has secured $38 million in a Series A funding round led by Polychain Capital. The round also saw participation from Hack VC, Placeholder, Archetype, Maven 11, Robot Ventures, Figment Capital, Nomad Capital, Bankless Ventures, OKX Ventures, dao5, and Aptos Labs. The funds will be used to bring the Move Virtual Machine (MoveVM) to the Ethereum ecosystem.

The company aims to address smart contract vulnerabilities within the Ethereum ecosystem and is introducing an execution environment capable of handling over 30,000 transactions per second. The MoveVM will be brought to Ethereum through its flagship L2 and connected rollups with the Move Stack.

Movement Labs is also introducing Move Stack, a multi-chain execution layer framework compatible with Optimism, Polygon, and Arbitrum. This is part of the company's long-term plan of scaling smart contract execution for users on all networks and unifying them with a shared sequencer implementation.

The company's co-founder, Rushi Manche, stated that the two biggest issues in blockchain infrastructure are poor user experience and smart contract exploits. He believes that Movement Labs can address these issues and increase the velocity of innovation in the crypto space.

Stablecoin activity is experiencing a surge in 2024, driven by the increasing demand for decentralized finance (DeFi) applications. Ethereum's monthly stablecoin trading volume is set to cross the $1 trillion mark for the first time this April, with the trading volume already exceeding $989 billion as of April 25. Ethereum-based stablecoins make up 55% of the total stablecoin market, with Tron and other chains also gaining significant market share.

The total supply of Ethereum stablecoins has bounced back to its highest level since March 2023, standing at $92 billion. The overall stablecoin supply is at its peak since June 2022, exceeding $165 billion. Tether's USDT continues to lead the sector with a record market cap of $115 billion, constituting 70% of the total market cap.

Algorithmic stablecoins on Ethereum are witnessing a revival, with the total supply soaring to nearly $10 billion, the highest since October 2022. Ethena's USDe has been a significant driver of this activity, quickly rising to $2.4 billion. However, concerns are brewing in the crypto community over a recent bipartisan bill introduced by US Senators Cynthia Lummis and Kirsten Gillibrand, which could potentially ban algorithmic stablecoins.

Blockchain gaming firm Merit Circle is shifting its focus from launching new games to enabling developers to integrate Web3 gaming elements into their existing games. The company's co-founder, Marco van den Heuvel, believes that in five years, blockchain technology will not be heavily advertised but will be naturally integrated into games. He sees the future of blockchain gaming as an underlying technology that developers can choose to incorporate into their games, rather than a standalone category. This shift in focus is part of a broader trend in the Web3 industry, with more startups focusing on the technological side of the industry.

Solana-based decentralised exchange (DEX) aggregator platform Jupiter has acquired self-custody crypto wallet provider Ultimate Wallet. The move is part of Jupiter's mobile expansion strategy, aiming to onboard "tens of millions of users" to its platform. Jupiter is currently the largest DEX platform on Solana, processing over $10 billion in transactions weekly. The announcement comes ahead of Jupiter's beta release in May.

Jupiter plans to leverage Ultimate Wallet's technology and team to enhance its mobile platform. The company's vision for its mobile DEX platform is to simplify user experience, reducing complexities such as gas, slippage, or re-trying transactions. Jupiter believes its focus on Solana and Swapping will provide the best user experience with zero fees.

Ultimate Wallet, described as one of the "best DeFi mobile apps," will sunset its app on May 22, 2024. Until then, users can continue using the wallet as usual, with the company guaranteeing the security of their funds.

Prime Intellect, a company building a decentralised AI infrastructure platform, has successfully raised $5.5 million in a funding round. The round saw participation from Distributed Global, CoinFund, Compound VC, Collab + Currency, Protocol Labs, and several angel investors. The platform enables collective ownership and governance of AI models by aggregating global compute, allowing researchers to collaborate and train AI models through distributed training. The fresh capital will be used to accelerate the development of its platform, which is currently live in beta and aggregating supply from leading GPU providers. The company aims to provide access to clusters of 16-128+ GPUs and develop a framework for distributed training across clusters.

Merlin Chain, a newly launched Bitcoin Layer 2 network, has seen a significant increase in total value locked (TVL), reaching nearly $1 billion across its eight supported dApps. The TVL surged from $15 million at the end of March to a record $980 million on April 23, according to data from DefiLlama.

Merlin Chain supports Bitcoin tokens that leverage the Ordinals protocol and the new Runes protocol. The Ordinals protocol gained popularity last year for its mechanism that enables the creation of non-fungible tokens (NFTs) directly on the Bitcoin mainnet. In the past two months, Bitcoin NFTs accounted for over 50% of the total NFT trading volume, as per CryptoSlam data.

Merlin Chain also plans to enhance scalability and efficiency for tokens built on protocols like BRC-20 or BRC-420, which are used for metaverse NFTs. It employs zero-knowledge (zk) rollups to settle transactions off-chain for improved efficiency, similar to Polygon's approach with Ethereum.

On April 19, Merlin launched its governance token on BRC-20, securing over $2 billion through the Merlin's Seal event. Bitcoin made up over 80% of the staked crypto assets, which included BRC-20 tokens like STONE, SATS, ORDI, and RATS. Merlin Chain is now the 10th largest chain by DeFi TVL, surpassing Polygon and OP.

Magic Eden, an NFT marketplace that originally operated on Solana before expanding to other chains, has launched its Runes platform ahead of schedule. The launch follows the recent introduction of the Runes Protocol, a new token standard that enables faster NFT inscriptions on Bitcoin at lower gas fees. Magic Eden's Runes platform allows users to swap for BTC and purchase runes and ordinals using their Magic Eden wallet. It also features a function that enables users to set the amount of BTC they wish to spend on Runes during a transaction. Last week, Magic Eden collaborated with CyberKongz to launch the BTC pre-runes collection Prometheans, which has already generated over 316 BTC in TVL, approximately $20.8 million.

Web3 orchestration platform Othentic has raised $4M in a seed round co-led by Finality and Breyer Capital, with participation from Coinbase Ventures, Collider VC, HashKey Capital, Bankless Ventures, Robot Ventures, Everstake, PunkDAO and several angel investors. The funds will be used to accelerate the development of Othentic's abstraction layer for shared security primitive. The platform enables AVS developers to self-deploy custom computational services over trustless execution environments, reducing engineering overheads. Othentic is also introducing "Stateless Rollups", offering AVS access to decentralized compute scalability. These rollups are compatible with both EVM and non-EVM blockchains and provide services to other networks and applications.

Shiba Inu, the popular meme coin, has successfully raised $12 million in a pre-seed and seed round through a token sale. The funding round saw participation from notable Web3 companies and investors outside the US, including Polygon Ventures, Mechanism Capital, and Animoca Brands. The funds will be utilized to develop Shiba Inu's privacy-focused layer-3 blockchain, Shibarium, which will use TREAT as its utility and governance token. This follows Shiba Inu's recent integration of fully homomorphic encryption (FHE) technology into its ecosystem, offering unparalleled privacy for its holders. The new blockchain aims to address privacy and trust issues in the crypto space, while ensuring compliance with international regulatory requirements.

Telegram has announced the introduction of creator tips, on-chain stickers, and in-app crypto purchases of digital goods and services, expanding earning opportunities for content creators. Creators will receive 70% of tips and in-app sales of digital goods and services. Additionally, artists who create stickers will earn 95% of the revenue generated from their sales.

In a partnership with TON Foundation, Telegram's crypto wallet will also support USDT. The integration of USDT into the Telegram crypto wallet and the TON Foundation aims to attract more non-crypto native users to the world of Web3, creating a less volatile avenue for new crypto users to join the TON Network.

With a user base of more than 900 million, Telegram's integration of Web3 technologies presents a significant opportunity to onboard hundreds of millions to the layer-1 blockchain. The company continues to prioritize privacy and emerging technologies that empower digital creators.

Hedgey Finance, an on-chain token infrastructure protocol on Arbitrum, has been exploited for nearly $45 million, according to Cyvers Alerts, a real-time crypto security alerts platform. The platform detected multiple transactions by a suspicious address on Arbitrum worth $42.8 million of ARB tokens. The attacker has reportedly deposited some of the crypto on the Bybit crypto exchange platform.

This is not the first time Hedgey has been targeted. The platform had previously been hacked for $1.9 million in crypto on the Ethereum network, with the address funded by token exchange platform, ChangeNow.

In response to the latest attack, Hedgey has urged users to revoke all transaction approvals and has launched a refund campaign for those affected. The company is currently working with auditors to understand the nature of the attack and prevent any ongoing threats. Hedgey has also warned users against clicking any links posted under the thread on X, due to potential scam accounts impersonating the company.

Linea, an Ethereum layer 2 solution developed by Consensys, has seen a significant surge in total value locked (TVL) on its platform. The TVL on Linea apps has nearly doubled in April to $234 million, marking a 400% increase since the start of the year. This growth is largely attributed to ZeroLend, a lending protocol that holds the majority of Linea's assets in decentralized finance (DeFi). ZeroLend's TVL on Linea has soared over 8,000% in the past month, contributing significantly to Linea's rapid expansion.

Linea's growth is also fueled by the support of Renzo, the second-largest liquid restaking protocol after Ether.fi. Renzo has a TVL of over $3 billion across seven chains, including $150 million on Linea. Renzo's ezETH token accounts for more than half of all assets on ZeroLend. Other popular DeFi apps on Linea include Mendi Finance and Lynex, Linea's native decentralized exchange (DEX).

Linea's daily active addresses and transaction figures have also reached record levels at the beginning of April, with over 600,000 active addresses conducting over 4.6 million transactions. This growth suggests a rapid expansion of layer 2 solutions in the blockchain space.

Near Protocol has seen a significant increase in active addresses, reaching a record high of over 2 million on April 6, 2024. This represents a 100% increase since the start of the year. The surge in active addresses aligns with a rise in daily transactions and a revival of total value locked (TVL) in Near-based DeFi protocols.

On April 4, daily transactions on Near surpassed 10 million for the first time, before adjusting to the current level of 8 million. Meanwhile, Near's TVL figure has jumped from less than $100 million at the start of the year to over $308 million on April 8, the highest level since August 2022.

The rapid increase in Near activity is largely attributed to stablecoin transactions. Burrow Finance, the most popular DeFi app on Near, has seen its TVL increase from less than $65 million at the start of 2024 to about $200 million. The lending protocol enables users to deposit popular stablecoins like USDC and USDT, and earn high APYs, attracting many investors from Ethereum and other chains. The launch of the FRAX stablecoin on Near in mid-March has also contributed to the increased activity.

Magic Eden has emerged as the largest NFT platform by marketplace users, according to data from NFT analytics platform NFTpulse. The Solana OG marketplace recorded a transaction volume of over 230k in the past 30 days, surpassing OpenSea's 170.9k and Tensor's 113.4k. In the past year, Magic Eden has seen nearly 800k NFT traders use its platform, closing in on OpenSea's nearly 1 million users.

The platform's rapid growth is attributed to its focus on bitcoin Ordinals, with 61% of its users trading Ordinals. Amid the upcoming Bitcoin halving event, Ordinals have seen a surge in transaction volume. Data from a Dune Analytics dashboard by obchakevich shows that the Ordinals market BTC volume for Magic Eden has already surpassed $690 million in 2024.

In terms of blockchain usage, Bitcoin remains the top chain with nearly 178k users in the past month, followed by Solana with 159k. Ethereum has slipped to third place with 108k users, while Polygon is fifth with 46k users, below Coinbase’s Base with 81k.

EduTech simulation platform Banksters is rewarding its most active players with NFTs worth a total of $100,000 in a two-week campaign. The top 1,000 players will be eligible for the airdrop, with the NFTs being vested for 60 days following the game's official launch. In addition to the airdrop, Banksters is also selling 2,000 Minting Scroll NFTs on Magic Eden to enhance player engagement and gaming experience. The platform's CEO, Alexandru Carbunariu, emphasized the educational aspect of the game, stating that it offers unique opportunities for players to acquire new skills in the world of cryptocurrency. This announcement precedes Banksters' planned $BARS token sale on April 24, which will take place on BullPerks, Games Pad, and other leading launchpads.

Digital asset social trading platform Zignaly has launched ZIGChain, a layer-1 blockchain built on the Cosmos network. The company also announced a $100 million ecosystem development fund, led by digital asset market maker and Web3 investment firm DWF Labs. The fund aims to develop an accessible wealth-generation infrastructure.

Zignaly recently secured a crypto license in South Africa, expanding its digital asset investment ecosystem. The platform enables traders to copy trades from professionals, simplifying crypto investing.

DWF Labs Managing Partner Andrei Grachev commented on the launch, stating that ZIGChain will allow developers to focus on building, with wealth managers acting as a bridge between the protocol and its user base.

Zignaly aims to democratize access to decentralized finance, enabling users with varying levels of digital asset knowledge to engage in the sector. UDHC partner Torben Jorgenson added that the wealth-management layer in ZIGChain will provide an effortless user experience by building a wealth management service on top of any DeFi protocol.

Ethereum layer 2, Blast, has seen a surge in its total value locked (TVL), reaching $1.7 billion on April 11, before settling at $1.4 billion. The layer 2 solution, developed by the team behind NFT marketplace Blur, uses optimistic rollups and offers native yield, attracting investors' attention.

One month post-mainnet launch, Blast has secured a 1.65% market share in decentralized finance (DeFi), surpassing chains like Avalanche and Polygon. Popular DeFi apps on Blast include Juice Finance and Thruster, each with a TVL exceeding $320 million.

However, Blast's reputation took a hit when RiskOnBlast, a project on its platform, performed a rug pull, exiting with about 500 ETH. Despite this setback, Blast continues to gain market share and plans to launch its own token next month.

PayPal has revised its buyer and seller protection policies for non-fungible tokens (NFTs). The global payments giant will now exclude NFTs from its Purchase Protection Program due to "uncertainty around proof of order fulfilment and other variables." NFT transactions exceeding $10,000 will also be excluded from protection against false claims and chargebacks. However, transactions equal to or below $10,000 will be protected if the buyer claims it was an unauthorized transaction and meets all other eligibility requirements. These amendments will take effect from May 20, 2024. This policy update follows PayPal's announcement in March to stop protecting some NFT transactions.

Binance US is ramping up its compliance efforts following a $4.3 billion penalty from the SEC last year. The crypto exchange recently announced the appointment of Martin C. Grant, former Chief Compliance & Ethics Officer at the New York Fed, to its board of directors. Grant's role will include overseeing financial reporting processes and internal controls. This follows the appointment of Lesley O’Neill, former Chief Compliance Officer at Prove Identity, as Binance US's Chief Compliance Officer in January. Both O’Neill and Grant bring extensive experience in regulatory compliance, anti-money laundering, and risk assessment. The appointments reflect Binance US's proactive approach to regulatory compliance in the crypto industry.