Infinity Weekly: A Token of Appreciation

Infinity Weekly: A Token of Appreciation

Happy Sunday & Welcome to Infinity Weekly. Kudos to everyone involved in the Ledger & Tokenization working group (including us) regarding the ICRC-1 token standard. The proposal has overwhelmingly passed! 🎉. If this newsletter was forwarded to you, sign up here.

*Price data as of August 13th at 3 pm EST

What's in Today's Email?

  • IC Ecosystem News
  • This Week in our Blog
  • NFT Market Snippets
  • Around the World
  • Worth Watching
  • By the Numbers
  • Meme Time
  • Weekly Opinion Piece

IC Ecosystem News

♾ Community Standard: The DFINITY Foundation, along with other developer groups such as Distrikt’s and our own InfinitySwap devs, has been working together on an official token standard. The matter was put to an NNS vote, and the entire ICP community overwhelmingly voted in favor of the new ICRC-1 token standard for fungible tokens.

♾ Tool Time: The DFINITY developer team revealed their upcoming SDK (Software Development Kit) roadmap. Additionally, a detailed blog post on the XNET protocol for subnets (a communication protocol) explains how messages across subnets work on the Internet Computer blockchain. More tools for developers mean more dapps and unique protocols being built on the IC!

♾ Supernova Superstars: Supernova, the first global hackathon for the IC, was a massive event that highlighted many innovative projects. While the hackathon has concluded, DFINITY is hosting a series of Twitter Spaces to showcase and explore the winners in a more intimate setting. The first Space was on August 11th, focusing on the GameFi category. Eimolad, FaeFolk, ICKitties, and Galactic War were present to discuss their projects. If you missed the Space, you can listen to the recording below:

♾ Geek Out: More good news for devs this week! Configeek, a remote configuration tool, joins the Geek family lineup. Other useful IC dapps built by the Geek team include Usergeek (dapps product analytics), Canistergeek (canister monitoring), and NFTgeek (NFT analytics). Configeek makes it easy to turn features on and off without the need to run an update, allows changes to the appearance of a product using predefined assets, and can run product experiments to improve user experience.

♾ Less Discord, More Discourse: Catalyze, a Discord alternative being built on-chain on the Internet Computer Protocol, has opened up its private beta. Public beta is next, and you can sign up now to be one of the first to test it out.


This Week in Our Blog

🚩 One of the most anticipated updates to the Internet Computer is native Bitcoin integration. Yes, the tech is revolutionary, but what does it mean for the ICP community? And how will InfinitySwap harness this innovation? Read all about how InfinitySwap will supercharge your Bitcoin in our latest article.

How InfinitySwap Will Supercharge Your Bitcoin
When it comes to the world of cryptocurrencies, it’s common knowledge that Bitcoin is king. Having held the #1 spot for the most valuable cryptocurrency since its inception, Bitcoin is by and large where the most money in all of crypto is kept. In fact, if you were to

🚩 While DeFi hasn’t been around for very long, its growth has been explosive. With change comes opportunity, and our goal with InfinitySwap is to help deliver this new financial system to the masses so that everyone can benefit.

DeFi: How It Started. How It’s Going. And Where Do We Go from Here
Have you started to hear terms like DeFi and NFTs used in more natural settings outside of the internet? If so, you’re not alone. In fact, a recent article in Entrepreneur magazine quoted Mark Cuban on the topic. Basically, he compared the time we are living in with the

NFT Market Snippets

🎨 AI art is becoming the hot style on the Internet Computer, and pokedstudio wants to get us all in on the action. They are holding a contest to see some AI-generated pokedbots. The winner receives a free pokedbot, so as you can imagine, everyone is trying their skills at AI art (and getting hooked).

🎨 The development team behind the Dfinity Dragonz project has followed through on transferring ownership of the project to the community. This is the first project to let go of the reigns completely. The original team has committed to continuing to build everything promised in the roadmap, despite no longer controlling the project.

🎨 ICPuzzle has teamed up with JudgementDAO to help holders swap ICPuzzle NFTs #311-3110 for 3D NFTs. The other puzzle piece holders in the original collection will receive airdrops without having to swap their NFTs. Some pieces even receive 1/1 3D artworks. The original puzzle pieces are being referred to as Gen0 and the new ones as GenZ. You can join the ICPuzzles discord to learn more and see the rarities of the GenZ pieces. The snapshot for holders is August 24th, so you will want to swap your pieces before then if you hold anything in the #311-3110 range. After that date, you can still swap the Gen0 for a GenZ, but you’ll have to wait until a team member can do it manually, so there could be a delay of a few days. Collectors should keep in mind that some NFTs in the collection contain artwork that would be considered NSFW (mature).


Around The World

Euphoria: The crypto market has been rallying again in the wake of Ethereum's successful Goerli testnet merge. This was the final testnet merge before the official "Merge," expected to be sometime in September, which will switch Ethereum from proof-of-work to proof-of-stake, theoretically increasing speed and reducing the energy consumption of the Ethereum blockchain. ETH price went up 14% as the Goerli merge went live; other coins also showed positive price action. However, signs of crypto winter have not disappeared yet.

🌪️ Whirlwind Mess: A flurry of bad news involving Tornado Cash, a cryptocurrency mixer that was sanctioned by the US Government earlier this month: The Netherlands’ FIOD announced the arrest of a Tornado Cash developer in Amsterdam, rumored to be 29-year-old Alex Pertsev. While the official reason for the arrest is money laundering, the crypto community is in an uproar about privacy, the future implications of sanctioning code, and freedom. Tornado's Github, Discord, and other avenues of communication have been shut down.

AAVE (a popular lending platform) is blacklisting addresses that have interacted with ETH from Tornado Cash; known wallets of celebrities, influencers, and other notable persons are being sent "tainted" 0.1 ETH by an unknown individual, possibly to make a statement or just to troll. Among those affected are TRON's Justin Sun and Ethereum figure Sassal. Midst the chaos, Vitalik Buterin tweeted that he has used Tornado to anonymously donate to Ukraine.

🥶 Deep Freeze: India, a country with one of the largest cryptocurrency volumes, has been cracking down on crypto exchanges for allegedly helping foreign firms launder money. Earlier this month, authorities raided properties belonging to Sameer Mhatre, a director at WazirX, a Mumbai-based trading platform. Roughly $8.1 million dollars held in WazirX funds were frozen by the Indian government. On Friday, $46.4 million worth of assets held by crypto exchange Vauld were announced as frozen as well.

🐒 Monkey Business: Mailchimp, a widely-used email marketing platform, suddenly suspended crypto-related accounts this week. Affected customers included prominent entities like Decrypt (a popular news site) and Messari (a crypto market data and intelligence provider). Accounts were suspended without warning or reason. More alarmingly, these accounts can’t access their subscriber lists. This further highlights the need for decentralized web3 services, where customers can own their own data.


Around the World -  Worth Watching


By the Numbers

255,000,895 ICP

Circulating ICP supply, an increase of around 1.98 % from the previous week (as of 12:00 am EST, Aug 14th,2022 - dashboard)

1,533,176 ICP

Total NFT Trading Volume, an increase of around 1.16 % from the previous week (as of 12:00 am EST, Aug 14th,2022 - nftgeek)


Meme of the Week


A Matter of Opinion: InfinitySwap Editor

InfinitySwap developed the IS20 standard yet decided to take a prominent role in the Ledger & Tokenization working group by adding our expertise to collaboratively create the ICRC-1 standard. This has overwhelmingly passed the recent NNS vote, as explained by Bob Bodily in his recent thread highlighted at the beginning of this article.

Every developer has the conviction that their product is the best, and we knew the IS20 has distinct advantages that we set out here, mainly through a heavy focus on decentralization and interoperability.

However, after it became apparent that DFINITY would be looking to create its own standard, we had two choices- contribute our skill set and strengths for the greater good of the community or go it alone. We opted for the former and were delighted to work alongside some of the most talented teams on the IC and create a fungible standard that we all believe will power the growth of the IC.

It goes without saying that this required us to swallow our pride as we have put a lot of resources into the construction of the IS20; however, IS20 supports the ICRC-1 standard, so if you use the IS20, it is interoperable, yet also has additional useful features and will therefore still have its place in the ecosystem.

In the end, in the spirit of collaboration and community growth, we decided that it would be in everyone's best interests to put ego aside and create a token primed for mass adoption. After all, as the old saying goes, pride comes before a fall.


Connect with InfinitySwap

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Twitter | Website | Telegram | Discord | Github

*Disclaimer: Note that cryptocurrencies can be volatile and speculation should not be construed as financial advice in any capacity. All opinions of the author are their own and do not necessarily reflect the opinions or position of InfinitySwap or its staff.