State of Crypto

Manuel Olumorin
June 09, 2023

GM GM. Welcome to Lootbox.

Let’s get to it.

The state of crypto in May
Projects say they are not securities
The Sneakies

The State Of Crypto

It won’t be crypto if we don’t get good and bad news in the same week.

According to a16z’s State of Crypto Index, we hit an all-time high in the number of active wallet addresses (proxy for number of users) in the month of May.

And verified smart contracts (proxy for new applications launched).

When it comes to job-related searches, things seem to be holding steady, so people are still showing interest in getting crypto jobs.

Lootbringer’s take

All good things after the kind of week it’s been.

It would be interesting to see what happens in June. If we cracks another all-time high, crypto would have gotten free advertising from the SEC.

We Are Not Securities

Earlier this week, the SEC was dishing out lawsuits like Oprah dishing out gifts at her show.

In the process, it called out some tokens as securities. Among them are MANA, SAND, AXS, SOL and NEAR.

But projects are coming out to say, “SEC, you've got it all wrong. Our token is not a security!”

The Solana Foundation was one of the first to come out saying it strongly believes SOL is not a security.

And they are getting support from their developer community. One developer told CoinDesk that the devs aren't losing any sleep over it. It's not going to stop them from building on Solana.

The Sandbox (SAND) also said its token is a utility token that is used for purchases along with features like decentralized governance voting.

Go further to say it’s business as usual despite having about a third of their users in the US.

The Sneakies

Crypto Unicorns begins its expansion into mobile and casual gaming with a fun take on battle royale.
The Sandbox joined hands with Forkast Labs, a web3 intelligence company, to change the way the value of digital assets is measured. The combined product Forcast will produce metaverse indexes for fashion, gaming, music and more.

Funded Gems

The web3 Steam, Hyperplay raises $12 million Series A with Griffin Gaming and BITKRAFT Ventures leading the round.
Argus raised $10 million in seed funding from Huan Ventures and announces its blockchain gaming SDK, The World Engine.
Fiat to Crypto payment company, Transak bagged a $20 million investment from investors like Animoca Brands and CEiC.

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