Altcoins at a glance – Important news about SHIB, NEAR, MATIC, Celsius and a hack

Welcome back to your weekly edition of Altcoins at a glance, where we try to summarize the most important news about the altcoin space. We save you time by scouring the internet for the latest weekly updates, giving you more time to enjoy your crypto profits.

Shiba Inu brings NFTs to life with Shibacals

  • Shibacals allow creators to transform their 2D creations into 3D products in real life.
  • The Shibacals team will produce 3D products made from 2D samples submitted by creators. The physical product is embedded with Near Field Communication (NFC) chips.
  • Any NFC tag can be used to link websites, marketplaces, and the Metaverse.
  • Information about the NFC tags is stored on the Shiba Inu blockchain, making them tamper-resistant.
  • This technology can verify the authenticity of a product and verify ownership.
  • At the moment, Shibacals can make products such as clothing, toys and cuddly toys.

NEAR Foundation partners with Alibaba Cloud

  • The NEAR Foundation, the institution behind the NEAR protocol, is partnering with Alibaba Cloud to accelerate WEB3 development in Asia and the Middle East.
  • NEAR protocol developers can now access Alibaba’s cloud computing services.
  • This partnership allows developers to use Alibaba’s cloud services instead of dedicated nodes. Developers only pay for what they use, saving the upfront and maintenance costs of dedicated hardware.
  • Developers can also benefit from the security of the cloud.
  • Alibaba Cloud also partnered with Avalanche (AVAX) earlier this year.

Polygon 2.0: A Game Changer for Altcoins

  • Polygon Labs has announced a proposal for the Polygon 2.0 architecture, which is designed to give the blockchain unlimited scalability and unified liquidity. The goal is to make Polygon the value layer of the Internet, enabling users to seamlessly and securely create, exchange and program value without intermediaries.
  • The proposal is seen as a solution to WEB3’s fragmented liquidity and poor experience.
  • The proposed architecture consists of four layers, namely the stakeout layer, the Interop layer, the execution layer and the test layer.
  • Polygon Labs promised deep dives into Polygon 2.0 in the future.

Celsius can convert his Altcoins into BTC, ETH

  • Bankrupt Crypto Lending Platform Celsius was allowed by the court to sell its altcoins on July 1.
  • The holdings include Cardano (ADA), Polygon (MATIC), and Solana (SOL). The estimated value of these altcoins is $170 million.
  • Celsius may exit its altcoin positions in favor of BTC and ETH.
  • The proceeds will eventually be distributed to creditors waiting to recover their money from the company.
  • Market watchers are watching this closely as it has the potential to change the prices of all assets involved.

$42 Billion Altcoins Mined by Poly Network Hackers

  • Hackers were able to exploit Poly Network, a global cross-chain protocol.
  • The hackers smashed multiple altcoins, including 24 billion USD Binance (BUSD) and BNB on the Metis Blockchain, 999 Trillion Shina Inu (SHIB), and other tokens.
  • The estimated value of minted tokens is $42 billion.
  • Lack of liquidity prevented the hackers from profiting from their BUSD and BNB haul.
  • However, the hackers were able to exchange some of the tokens for ETH.
  • Poly Network was also hacked last August 2021. Hackers were able to steal assets worth $600 million.
  • This is an evolving story.

Thank you for reading Altcoins at a glance. Join us again next week.

Featured image from Pixabay

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