A SOL replacement?

Good morning! Welcome to The Daily Moon. Elon Musk crashed DOGE, again. No, he didn’t tweet anything this time. The memecoin sank after news broke that he isn’t the richest man anymore. We wonder how the cult of Elon mourned their genius god not being a genius anymore. 

The markets were shaky. Bitcoin was down to $17,530 and Ethereum slipped below $1,280.  Nasdaq fell in early trade. Back home, Sensex and Nifty ended lower.   

Is Polygon The Solana Killer?

Every mistake Solana makes takes it closer to irrelevance because Polygon’s waiting to take over. The gap between the two networks has widened wrt higher adoption of dApps and NFTs. 

MATIC risingPolygon is the 10th biggest crypto token by market cap. Solana stands 14th, with a big slide following FTX’s collapse. But it’s not just market cap that is driving this conversation. 

1. NFT users: Polygon had ~240,000 users while Solana had ~60,000. 

2. Network reliability: Solana has been suffering through a series of outages while Polygon’s been relatively stable. 

Going gaga on partnershipsNFT marketplace Magic Eden has integrated with Polygon, and crypto wallet provider Phantom, which was Solana-centric, will expand to Polygon in 2023 as well.

Polygon has also become the newfound hub for business, with Adidas, Meta, Reddit, Starbucks, Stripe, and Disney building on the network. Bermuda’s Jewel Bank will issue a stablecoin on the Polygon network. 

Hong Kong Going Dubai?

We told you there were green shoots. Now there is more evidence. Two crypto exchange-traded funds (ETFs) had a blockbuster debut on the Hong Kong stock exchange. 

Tell me moreContrary to bear market expectations, the ETFs raised $73.6 million. These funds track US-listed crypto futures. It’s big news for Hong Kong because these are the only crypto investments permissible in the region and happen to be the first ones of the lot. This is also a signal from Hong Kong that it’s open to crypto, as long as direct investments into Bitcoin aren’t involved. 

Change of stance? FTX’s bankruptcy has rattled Hong Kong, but it still envisions itself as Asia’s crypto hub. But what’s comforting is the fact that China hasn’t “cracked down” on crypto as it has on the mainland. It’ll be interesting to see if China is trying to create Hong Kong in the image of how the UAE created Dubai.

There’s Fight Brewing In The UK

If you’ve not been keeping up with the UK’s mind on crypto, we’re here to bring you up to speed. The UK has a new head of the regulatory body for crypto. And they’re not very excited about crypto.

What? Why?The body believes that crypto should be regulated further and there should be a crackdown on companies turning a blind eye to money laundering. A representative of the regulatory body had earlier said that 85% of crypto firms in the UK failed the anti-money laundering tests.

At odds with governmentThe regulatory body’s stance is interesting because the UK government aspires to create a high-quality crypto hub to foster innovation. The government also brought in stablecoin rules in October. And it aims to make them a recognised form of payment. 

A Whole Lotta NFT Love

Audio-focused NFT platform OneOf is doing some cool things. The latest involves eBay, Globe Entertainment, a new NFT collection around Led Zeppelin, and OneOf, of course. 

Stairway to heavenThe NFT collection is called Legends of Rock. It has a collection of photos from a 1969 photoshoot of the band. It took place at the iconic Hollywood hotel, Chateau Marmont. The photos have been provided by Globe, listed and managed for sale by eBay, and operate through OneOf’s platform for execution. 

Whose royalty is it?This is going to be an interesting one. How does royalty work in a partnership like this? Globe is providing unseen photos. But the draw for fans is Led Zeppelin. So who gets the royalty from the NFT sales? A question that haunts NFTs forever.

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