Cryptocurrency-focused venture capital firm A16z has built a zero-knowledge virtual machine (zkVM) from scratch, which has recently been released in Alpha version. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Jolt, the A16z zkVM, is available in Alpha
📍A16z announces the initial release of its zkVM Jolt, arguably the fastest zero-knowledge virtual machine ever designed. This was expressed by Justin Thaler, research partner at A16z Crypto, who reported on his social networks about the launch of this new development.
In his post, Thaler said the new VM represents not only a leap in speed, but a paradigm shift for SNARK design. Jolt is a simpler VM that is easier to audit and scale, allowing it to significantly reduce the likelihood of errors and make it easier to create highly secure deployments. Significant improvements to the VM are still being made, he said. However, its initial release establishes a new approach to zkVM design.
Last year, A16z, which is primarily focused on funding projects in the crypto and Web3 industry, announced the start of a pair of projects centered around ZK technology. These, Jolt and Lasso, represent the company’s deepest foray into research and development of the underlying technology of cryptocurrencies.
In a publication In a blog post on Tuesday, Thaler explained that Jolt's performance and extensibility mean more people will be able to deploy the virtual machine in more applications more simply and conveniently.
VanEck anticipates SEC rejection of Ethereum ETFs
📍Asset manager VanEck CEO Jan Van Eck anticipates that the Securities and Exchange Commission will reject applications for Ethereum funding. VanEck is one of several US asset managers that have approached the SEC seeking permission to launch a cash Ethereum exchange-traded fund (ETF). However, with no comments from the regulator on the applications that have been submitted so far, several experts, including Van Eck, have become increasingly pessimistic about the possible approval of such funds next month.
According to CNBC, Van Eck said at Paris Blockchain Week, which kicked off on April 9, that the SEC is unlikely to approve Ethereum spot ETFs and that its application, which was the first to be submitted for an ether exchange-traded fund, will likely be rejected by the securities regulator.
Like Jan Van Eck, other fund issuers who have been authorized to create a Bitcoin spot ETF anticipate the SEC rejecting applications related to Ethereum.
India, the largest emerging market for Web3
📍According to venture capital fund Hashed Emergent, India has become the largest Web3 emerging market. In a recent report, the fund revealed that there are at least 1.000 startups related to the Web3 ecosystem in the country and that, to date, around 35 million exchange accounts have been created in the country.
The report, titled “India's Web3 Landscape 2023”, also highlights the growth that the blockchain developer base in India has experienced in the last year and the adoption that this emerging technology is having by local governments.
According to the report, Ethereum, Solana and Polygon Network blockchains are the most preferred in India for the development of decentralized applications (DApps), which are primarily focused on gaming, DeFi, real-world assets (RWA) and consumer solutions.
Source: Hashed Emergent
Uniswap trading volume skyrockets
📍Uniswap, the leading DEX in the crypto industry, has seen its daily trading volume exceed $3.500 billion. According to data from crypto analytics platform Dune Analytics, Uniswap's trading volume in the past 24 hours has reached a total of $3.550 billion.
Uniswap is currently processing the 55,8% of all trading volume that moves through DEXs, leading the decentralized finance ecosystem on the blockchain.
On the other hand, according to data consulted on the crypto analysis platform, Uniswap's trading volume in the last week has exceeded $20.000 billion, marking an important milestone for both the protocol and the growth of the DeFi ecosystem, as the launch of its next update, Uniswap V4, approaches.
They advocate for global regulation for stablecoins
📍Amid the growing use and adoption of stablecoins, the Financial Stability Institute (FSI) is advocating for the creation of a comprehensive framework to regulate the issuance and management of these digital assets. The organization published a report entitled “Stablecoins: regulatory responses to their promise of stability”, in which he is advocating for establishing a comprehensive framework for the regulation of stablecoins, so that countries worldwide use the same standard of categorization and regulation for these digital assets, in order to minimize potential risks.
The FSI noted that stablecoins are becoming increasingly integrated into the mainstream financial system, growing in adoption as alternative payment methods.
Continue reading: Web3 Infrastructure Provider Metaplanet Adopts Bitcoin as Its Primary Reserve Asset
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