[{"id":"642814b569c3cb00017e579b","uuid":"df172c7a-3413-48db-be98-7ee81a41a747","title":"Bittrex Shuts Down US Business as Crypto Regulatory Crackdowns Deepens","slug":"bittrex-shuts-down-us-exchange-due-to-regulatory-crackdowns","html":"

Bittrex, the Seattle-based US top crypto exchange is \"winding down its US operations\" amid regulatory blows and an unfavorable business environment.

\"It's just not economically viable for us to continue to operate in the current US. regulatory and economic environment,\" Richie Lai, the company's CEO, says in a press release.

Thank you everyone.... <3 ;( pic.twitter.com/kq8nTRT0Aj
— Richie Lai (@richiela) March 31, 2023

\n\n

However, the CEO says customers' funds are safe and withdrawable until April 30, 2023, the winding date.

\"As a direct result of continued regulatory uncertainty and a lack of interest from U.S. regulators regarding sensible policies that will foster innovation and enhance the American economy, Bittrex U.S. has made the difficult decision to wind down and will close its U.S. operations, effective April 30, 2023. All customer funds are safe and can be withdrawn until that date.\"

Why These US Crackdowns Are Bad for Crypto

$\"US$

Most crypto businesses, especially exchanges, including the giant Binance, have had to face, by far, the harshest moment in the history of cryptocurrency regulations in the US.

\"Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,\" Richie Lai says.

Crypto operates in many countries of the world and faces scrutiny everywhere. But there's been a witchhunt by the US regulatory bodies. And it gives crypto a negative sentiment.

Investors and crypto businesses think these recent crackdowns are wrong and uncalled for since they seem like deliberately coordinated attacks against digital currencies and assets.

The market always reacts to different news differently and is unpredictable. In the face of regulatory crackdowns, there may be more supply than demand, as more investors are willing to liquidate, causing the price value to tumble.

For instance, there was a significant drop in the prices of Bitcoin, Ethereum, and BNB when the CFTC sued Binance. Coinbase was also forced to unlist BUSD due to the SEC crackdown on its parent issuer, Paxos, which stopped minting the dollar peg on February 21.

Similarly, Meta recently announced that it's stopping NFT support for unstated reasons. However, anyone could imagine it might have a link with the current regulatory crackdown.

Although even some negative news spike the crypto parabola, startup investors and old ones might lose interest in the crypto business altogether---should the crackdown continue.

Besides, community and participation are part of crypto's business heart. General interest in crypto by incoming folks might hit a roadblock as they perceive the risks enforced by unprecedented regulations.

Not to be on one side, though, regulators also have reasons for hunting down crypto businesses. The rigorous hunt down started after the Terra Luna crash and intensified since FTX went bankrupt. We've also seen many crypto businesses fail in the past year. But a transparent regulation might be ideal for all.

","comment_id":"642814b569c3cb00017e579b","feature_image":"https://moon.ly/blog/content/images/2023/04/SEC-logo.jpg","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-04-01T11:25:41.000+00:00","updated_at":"2023-04-01T13:03:09.000+00:00","published_at":"2023-04-01T12:58:26.000+00:00","custom_excerpt":"Bittrex crypto exchange set to close down its US business. Says business continuity in the US isn't \"economically viable.\"","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/bittrex-shuts-down-us-exchange-due-to-regulatory-crackdowns/","excerpt":"Bittrex crypto exchange set to close down its US business. Says business continuity in the US isn't \"economically viable.\"","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"SEC logo","feature_image_caption":null},{"id":"6424336d69c3cb00017e5785","uuid":"68e7a2cd-4233-4cc9-af85-3cd0889f8930","title":"Moonly weekly progress update #42","slug":"moonly-weekly-progress-update-42","html":"

So much great stuff should come out in the two next weeks. We are so excited, and we are working at the full speed on Moonly!
It doesn't matter how fast you go as long as you do not stop!

Weekly developer progress:

Fixed the historical low/high price issue of the update scheduler
Discuss the issue with Devnet staking feature
Make the simplest log storage on AutomatioWorker
Deployed PRs for UI
Discuss ways to get transactions, saving issues, planning
Fixed the issue of Moonly-bot's token verfication
Solved issue with queues not working after fallback from KeyDB migration
Solved the issue on some GraphQL queries
Debugging what is generating an insane load on the RPC server when running PT
Several deploys for UI on Moonly
Finished custom notification feature
Cloned production DB
Switched Live Feed to a separate Redis
Switch Stats Scraper to a separate Redis
Attempt to migrate the Portfolio Tracker

Staking (Locking):

Added Resolver For Extra Wallet
Created and refactored Wallet Management Popup
Created a database model for a wallet
Research on making the whole process secure
Research on adding the \"Backpack Wallet\"
Added functionality \"Add Another Wallet\"
Added functionality \"Unlink Wallet\"
Added functionality \"Make a Wallet Primary Wallet\"
Enabled login from multiple wallets to the same account
Show extra info, when signing the message
Partially fixed a logout bug with Phantom Wallet on Chrome
Created PR for \"Multi-Link Wallet\"
Created the improved model for attribute Trait&Value
Created a Seeding Script and tested it on a small scale
Created script for parsing Royalty Fee
Fixed Staking related issues by adding a trait
Fixed issue - Trait and reward not showing with authority staking
Fixed an issue with the link multi-wallet branch
Fixed backpack wallet PR build issue
Fixed an issue of not being able to add multiple attributes of the same trait

Work on the Ethereum collections market data:

Improved some codes & added an alert queue with ETH scraper
Deploy the ETH scraper
Trying to fix the Etherscan URL issue

Check out our latest blog posts:

https://moon.ly/blog/binance-temporarily-suspends-spot-trading-and-withdrawals/

https://moon.ly/blog/the-importance-of-communities-in-web3/

https://moon.ly/blog/crypto-plummets-as-us-regulator-sues-binance-and-ceo/

Upcoming NFT collections:

https://moon.ly/nft/kaimana

https://moon.ly/nft/shiba-doge

https://moon.ly/nft/the-junkyard

https://moon.ly/nft/alpha-heroes

Minted projects worth mentioning:

https://moon.ly/nft/bored-ape-yacht-club

https://moon.ly/nft/wrapped-cryptopunks

https://moon.ly/nft/otherdeed

https://moon.ly/nft/mutant-ape-yacht-club

","comment_id":"6424336d69c3cb00017e5785","feature_image":"https://moon.ly/blog/content/images/2023/03/Thumbs-for-the-blog--42.png","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-03-29T12:47:41.000+00:00","updated_at":"2023-03-29T12:49:09.000+00:00","published_at":"2023-03-29T12:49:09.000+00:00","custom_excerpt":null,"codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/moonly-weekly-progress-update-42/","excerpt":"So much great stuff should come out in the two next weeks. We are so excited,\nand we are working at the full speed on Moonly!\nIt doesn't matter how fast you go as long as you do not stop!\n\nWeekly developer progress:\n\n * Fixed the historical low/high price issue of the update scheduler\n * Discuss the issue with Devnet staking feature\n * Make the simplest log storage on AutomatioWorker\n * Deployed PRs for UI\n * Discuss ways to get transactions, saving issues, planning\n * Fixed the issue of Moonly-","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":null,"feature_image_caption":null},{"id":"6422ac2069c3cb00017e54d6","uuid":"63d65477-9dbb-4509-b45b-680816f9074e","title":"Crypto Plummets as US Regulator Sues Binance, CEO for Violating Trading Regulations","slug":"crypto-plummets-as-us-regulator-sues-binance-and-ceo","html":"

World's top crypto trading spot, Binance, is in a law feud with the US derivatives market regulator, Commodity Futures Trading Commission (CFTC), for allegedly violating trading regulations.

The CFTC filed the lawsuit against Binance, its CEO, Changpeng Zhao (CZ), for operating what the commission termed an \"illegal\" exchange and \"sham\" compliance program. However, the price of various cryptocurrencies has dropped since the lawsuit started.

While responding to the lawsuit, CZ describes it as an \"unexpected and disappointing civil complaint.\"

My Response to the CFTC Complaint | Binance Blog https://t.co/TadyotM7HN
— CZ 🔶 Binance (@cz_binance) March 27, 2023

\n\n

In one of its allegations, the CFTC alleges that despite Binance profiting from US citizens, it failed to register with the commission.

The CFTC says in its filing that \"Despite Binance's solicitation of and reliance on customers located in the United States to generate revenue and provide liquidity for its various markets, Binance has never been registered with the CFTC in any capacity and has disregarded federal laws essential to the integrity and vitality of the U.S. financial markets, including laws that require the implementation of controls designed to prevent and detect money laundering and terrorism financing.\"

Binance was founded in Shangai, China, in 2017 by Changpeng Zhao but later shifted to Tokyo, Japan, due to the crypto ban in China. Binance's CEO has never given a definite address for its headquarters. In one of his statements, CZ says, \"When we first started, we wanted to embrace the decentralized principles. No headquarters, work all around the world, no borders.\"

The commission also filed that the firm has failed to disclose its operating headquarters in an attempt to evade regulations.

\"While Binance has maintained offices in numerous locations, including Singapore, Malta, Dubai, and Tokyo, at various times during the Relevant Period, Binance intentionally does not disclose the location of its executive offices. Instead, Zhao has stated that Binance's headquarters is wherever he is located at any point in time, reflecting a deliberate approach to attempt to avoid regulation.\"

However, CZ states in his response to the CFTC's allegations that \"Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.\"

Earlier in March this year, three US senators, Warren, Van Hollen, and Marshall, sent a bipartisan letter to Binance, demanding the crypto firm be transparent about its finances, risk management, and regulatory compliance methods in response to potential financial crime allegations. Patrick Hillmann, Binance's Chief Strategy Officer, disclosed that the firm responded and shared its response openly on the Binance blog earlier today.

Since I and many of the company's new leadership team joined Binance over the past 2.5 years, we have worked around the clock at CZ's direction to be more open in our communication with regulators, to completely renovate what is now an industry-leading https://t.co/9q5oFPNQNm…
— Patrick Hillmann (@PRHillmann) March 28, 2023

\n\n

Binance has been on several regulatory radars since 2021. It went under the investigation of the United States Department of Justice and the Internal Revenue Service (IRS) in 2021 on allegations of money laundering—Reuters reported.

The Guardian also reported that the exchange platform received a stop order from UK's Financial Conduct Authority (FCA) in June 2021 for fear of weak customer protection.

Late last year, Binance releasing its proof of reserve (PoR) quenched the fire to questions about its solvency and balance sheet. The firm pulled through vindicated despite allegations that its PoR contains some loopholes.

There Has Been a Crypto Fall-Out Since CFTC's Allegations

Binance is undoubtedly a crypto giant. You can imagine what its collapse will spell for the cryptocurrency ecosystem. While regulatory bodies keep clamping down on crypto, this new move threatens Binance's business in the US.

According to CoinMarketCap, as of writing, the price of Bitcoin has dropped by 4.55% since the allegation and 4.03% in the last 24 hours, plummeting from $27,979.07 to a 24-hour all-time low of $26,606.69. Ethereum also recorded a 2.75% 24-hourly loss in price value. BNB, the Binance native cryptocurrency, also fell by 6.13% in 24 hours, slipping to a 24-hour all-time low of $306.45 from its all-time high of $329.33.

","comment_id":"6422ac2069c3cb00017e54d6","feature_image":"https://images.unsplash.com/photo-1624438253998-7bb8eca8a3f0?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=MnwxMTc3M3wwfDF8c2VhcmNofDF8fEJpbmFuY2V8ZW58MHx8fHwxNjgwMDAyNjI5&ixlib=rb-4.0.3&q=80&w=2000","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-03-28T08:58:08.000+00:00","updated_at":"2023-03-28T20:33:45.000+00:00","published_at":"2023-03-28T11:31:46.000+00:00","custom_excerpt":"As Binance faces the CFTC lawsuit, there's been some decline in the prices of popular cryptocurrencies.","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/crypto-plummets-as-us-regulator-sues-binance-and-ceo/","excerpt":"As Binance faces the CFTC lawsuit, there's been some decline in the prices of popular cryptocurrencies.","reading_time":3,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"Binance logo with paper and Bitcoin currencies ","feature_image_caption":"Photo by Kanchanara / Unsplash"},{"id":"641da64369c3cb00017e53c1","uuid":"2a8ceded-b8fb-4ef8-8cac-7ceed1c95fa1","title":"Binance Temporarily Suspends Withdrawals and Spot Trading","slug":"binance-temporarily-suspends-spot-trading-and-withdrawals","html":"

Crypto exchange giant, Binance has temporarily suspended all withdrawals and spot trading on the platform due to a bug that affected trailing stop orders in its matching engine.

Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.

Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏 https://t.co/mvtGQ3JlMA
— CZ 🔶 Binance (@cz_binance) March 24, 2023

\n\n

Being the most used trading platform, Binance records an average trading volume of $3.725 million on its Binance Smart Chain (BSC) network, according to YCHARTS. And it has recorded a total trading volume of $14.9 billion in the last 24 hours.

When answering why they needed to halt withdrawals and spot trading, Binance CEO Changpeng Zhao (CZ) says, \"The state of orders in the matching engine may affect available funds for withdrawal in user accounts. Our withdraw logic checks with the matching engine for security.\"

The state of orders in the matching engine may affect available funds for withdrawal in user accounts. Our withdraw logic checks with the matching engine for security.
— CZ 🔶 Binance (@cz_binance) March 24, 2023

\n\n

Some users had ordered while the matching engine stopped. However, CZ says there'll be a cancellation time-only period for affected users before reviving the engine. Invariably, your orders will automatically reverse if you've placed one during this time.

There's no need to panic, though. Your funds are safe, as the firm works spot-on to fix the bug responsible for the temporary downtime.

https://t.co/fvwkF1IWUe
— Binance (@binance) March 24, 2023

\n\n

While bug fixes are underway, the disruption also affected Binance's P2P trading services. Although the team didn't tell whether it's a direct result of the bug, it seems like it's seizing the opportunity to maintain its trading API.

The spot trading component was also glaringly down, and you would get a suspension notice if you tried trading at the time of writing.

Update:

Binance says its systems are now back online after some service went offline for about three hours. The company announced via its Twitter handle that it has completed maintaining its APIs and fixed the underlying bugs.

\"Temporary system maintenance is complete. All trading will resume at 2pm UTC. You can now cancel orders, process deposits, trade on P2P, and more. Withdrawals will be resumed shortly after spot trading starts. Full details in the link below.\"

Temporary system maintenance is complete. All trading will resume at 2pm UTC.

You can now cancel orders, process deposits, trade on P2P, and more.

Withdrawals will be resumed shortly after spot trading starts. Full details in the link below.https://t.co/bmVG5uQa2F
— Binance (@binance) March 24, 2023

\n\n

Don't panic if you still can't use some services yet. Binance clarifies that it solves all known problems in steps.

Hey there,
Please be informed that we have usual and spontaneous maintenance on our platform. Many problems have already been solved so far. We expect that the rest of the problems will also be solved soon. You can refer to CZ’s tweet from here: https://t.co/xEuhpwzJov
「SO」
— Binance Customer Support (@BinanceHelpDesk) March 24, 2023

\n\n

However, as of writing, most services, including withdrawals, spot, and P2P trading, are back online.

","comment_id":"641da64369c3cb00017e53c1","feature_image":"https://images.unsplash.com/photo-1625207897487-af5f478c1d7c?crop=entropy&cs=tinysrgb&fit=max&fm=jpg&ixid=MnwxMTc3M3wwfDF8c2VhcmNofDJ8fEJpbmFuY2V8ZW58MHx8fHwxNjc5NjY3MTA4&ixlib=rb-4.0.3&q=80&w=2000","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-03-24T13:31:47.000+00:00","updated_at":"2023-03-24T14:20:19.000+00:00","published_at":"2023-03-24T14:20:19.000+00:00","custom_excerpt":null,"codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/binance-temporarily-suspends-spot-trading-and-withdrawals/","excerpt":"Crypto exchange giant, Binance has temporarily suspended all withdrawals and\nspot trading on the platform due to a bug that affected trailing stop orders in\nits matching engine.\n\n> Initial analysis indicates matching engine encountered a bug on a trailing stop\norder (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise\nETA. \n\nDeposits & withdrawals are paused as a SOP (standard operating procedure). Funds\nare #SAFU [https://twitter.com/hashtag/SAFU?src=hash&ref_src=twsrc%5Etfw]","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"Binance logo with coins","feature_image_caption":"Photo by Kanchanara / Unsplash"},{"id":"641c4a8669c3cb00017e5396","uuid":"41e7536b-3067-49c0-b354-6a7b34abd4ea","title":"The Importance of Communities in Web3","slug":"the-importance-of-communities-in-web3","html":"

If the “community” is the backbone of a successful project… Why do so many teams suck at managing them properly?

Introduction

If you’ve been in the Web3, NFT or cryptocurrency spaces for any amount of time — you’ve probably gravitated towards one or more projects that interest you. You may have even taken the leap and joined one of their communities (via Discord, Twitter, Telegram, etc.) in an attempt to bond with like-minded people, get closer to the source of information, and have direct conversations with the team and founders behind the project itself. Sometimes, you get lucky and the projects team are openly (and frequently) engaging with their community — but this is the exception… Not the rule! Most projects teams show little interest in engaging with their communities!

“But Kai… What about all the Tweets from the team..? And the announcements in their Discord..? and… and…”

…I hear you… But No.

That kind of engagement is usually a means to give the community just enough information to get them to back off of wanting more communication from the team. It isn’t true engagement. The importance of a projects community cannot be understated. They are the lifeblood of your vision — taking the time to interact with them is something all teams and founders should strive to do better at. Think about it this way — if a projects team is great at communicating… Then, by extension, the community will be much more active organically!

I think you get the picture now… So how can we use this info?

The Complexities of a Network and Community

Community engagement is complex. The variance in what people deem to be “quality engagement” from a projects team can be huge from person to person. But there are some attributes that can be widely applied to differentiate good levels and attributes of community engagement from bad. The problem is quantifying them based on importance. Here are a few research-based attributes that separates good community engagement from bad:

Daily updates from the Founders of a project
Consistent levels of daily interaction by the Founders and team of a project (they make to be as visible and accessible as possible)
Ease of access: In-Discord AMA’s, Twitter Spaces, answering questions via tickets or in chats
Meaningful interactions: Founders and teams who regularly interact with their community start picking up on details of individuals that stand out to them
Announcements, Tweets and Newsletters with prudent information (and not just for farming engagement!)
Making community interactions fun and worthwhile: by hosting games, asking questions, requesting feedback, making small talk, etc.
Having the ability to be directly included in decisions made by the project (such as being part of a projects DAO)

This isn’t an exhaustive list — but should give you an understanding of a few aspects of community engagement that most people would find favourable. Quantifying these attributes is something entirely different! This is where it gets subjective and open to interpretation — but having some sort of a visual framework is something that usually helps!

I’ve spent hours in various Discords (both actively interacting and passively watching) and have a lot of criteria. However, I for the purposes of this article I have condensed and distilled everything into 3 general categories in order to assign a ranking:

How well does the community engage amongst themselves?
How well does the team engage with each other?
And how well does the team engage with the community?

To that end, I created a quick infographic that illustrates (in my opinion based on my personal experiences) where certain communities currently rank — from the “Gold Standard” (10) all the way down to “Red Standard” (1). Take a look and feel free to debate or discuss— that’s one of the joys of making lists like these!

Community Engagement Tier List — March, 2023 (by Kai “The King”)

What is “Gold standard” Community Engagement?

It’s a tall order to have high quality community engagement… Especially considering how busy a projects core team tends to be! But it’s easy to spot teams and founders that are really interested in engaging with their community. Boomlands is my current example of “gold standard” community engagement as their team and founders are constantly engaging with their audience! They make a point of consistent daily interactions, asking questions and getting feedback, hosting fun events, and releasing meaningful updates to keep their community engaged and up-to-date. Their approach constantly gets the community talking and their Discord is one of the busiest (and happiest) I’ve been a part of for a long time! Check out their Discord and get involved with their testnet game that’s currently live!

What is “Red Standard” Community Engagement?

Unfortunately, this is extremely common in Web3 (especially when it comes to NFT projects) due to the nature of the space. While anonymity and real control over our assets are some of the big factors that draw people towards crypto and NFTs — it also draws in people that have less than honourable intentions! The “red level” of community engagement can be much more difficult to spot, especially if you lack experience within a genuinely good community. However, there are some tell-tale signs to keep an eye out for such as:

Little-to-no engagement from the team or project founders within their community (e.g. poor levels of interaction in Discord)
Generic engagement (the infamous “coming soon” being overused when you ask questions about developments)
Engagement with no purpose or substance
Lack of responsiveness to feedback (and by extension a lack of willingness to take on board suggestions from their community)
Bad Discord etiquette (not clearing out offensive messages, allowing bots to run rampant, not responding to tickets, etc.)

Keep these things in mind when you venture into a project and start observing how the team interacts with their community. Quiet teams aren’t always indicative of a bad project — as some teams with amazing narratives are heavily focused on building which often leads to unintentionally leaving the community in the dark. However, you’ll quickly realise how much the team cares about its community by keeping an eye on the quality and levels of their interactions.

A Visual Representation of The Gold Standard Vs Red Standard

What can Projects do to Improve Their Engagement?

While communities involved in Web3 and NFT projects should demonstrate some understanding of how hard some of the teams in the space are working — this shouldn’t be used as an excuse for the projects teams to not be making an effort to communicate with their audiences. If you’re struggling to find ways to accomplish this (as a member of a community, a team member of a project, or a project founder) and want to ensure your community starts to flourish then here are some tips to help you improve your engagement:

Have More Meaningful Engagement: Fostering a great community is like trying to develop a relationship — people respond when they believe they are being listened to and their concerns are being addressed. If people have questions, do your best to answer them! If people want to know what the team is currently up to, update them in an appropriate way!
Practice Transparency: During my time in the space — I have noticed that almost nothing makes a community incite FUD more than a lack of transparency. This is especially true in the NFT space, as there are a large number of untrustworthy projects, which keeps peoples guards up. Being a bit more open about what you’re doing, when, how and why will transform how your community interacts with the project immediately! You may even find that they want to spread the word!
Be Reachable to your Community: Very little is worse than a projects team completely ignoring questions, conversations and suggestions from their audience. Make a point of being accessible and visible to the people in your community in order to foster better relations and build trust
Ask for Feedback: A powerful, yet underutilized, benefit of having an existing community is that they can see things you may not have thought about! Remember — Community is your biggest asset… Use them wisely!

Summary

There’s such a drastic difference between projects with teams that emphasise building a great community and those that don’t. As the Web3 and NFT spaces continue to evolve — there will always be one true constant: Community is the biggest asset you’ll ever have!

Projects often learn this fact too late and fail because of it. But those that succeed in this aspect usually succeed everywhere else. There are some traits that these projects exhibit (such as daily updates, meaningful interactions, asking for suggestions and feedback, etc.) that push them towards the “Gold Standard”. However, projects that neglect their community, or simply use them as a form of farming engagement, are the “Red Standard” and often fail because of it.

If you hope to run a successful community — be sure you treat them with respect and include them in the project. A few simple interactions go a long way to building the rapport you need to realise your visions of future success!

","comment_id":"641c4a8669c3cb00017e5396","feature_image":"https://moon.ly/blog/content/images/2023/03/Moonly-Title-Images.png","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-03-23T12:48:06.000+00:00","updated_at":"2023-03-28T08:03:50.000+00:00","published_at":"2023-03-23T12:54:15.000+00:00","custom_excerpt":"Community. It's one of the fundamental aspects of success in any business - and Web3 is no exception! But just how important is it to foster a good community?","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/the-importance-of-communities-in-web3/","excerpt":"Community. It's one of the fundamental aspects of success in any business - and Web3 is no exception! But just how important is it to foster a good community?","reading_time":6,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":null,"feature_image_caption":null},{"id":"6419b49c69c3cb00017e5389","uuid":"1c0c015f-b153-4796-af05-5fc6ac8eb5c9","title":"Moonly weekly progress update #41","slug":"moonly-weekly-progress-update-41","html":"

Hello, how is everyone? This week we are adding market data for ETH projects and we are adding over 40 thousand new ones which will be monitored.
Staking as a service and Portfolio tracker are still in the testing phase but this week we started experimenting with the new feature!
We have positive experiments and results, and after SaaS and PT are implemented, we gonna work on buying automation, AKA sniping bot. We are excited to see how that will work on Moonly.

Weekly developer progress:

Worked on adding currency filed on admin UI
Finished highlighting fields
Fixed the backend resolver issue
Find ways to save tons of data
Checking what is wrong with the Twitter Alpha scraper
Debugged the reasons for RPC server crashdown
Added collection address inside the NFT form for the Ethereum & Polygon chain
Fixed the merge issue for published NFTs on the MatchNFT page
Fixed the production currency icon issue

Holder Verification Bot (HVB):

Implemented metadata retry logic
Worked on Any-trait search
Fixed \"unauthorized error\" on search NFT
Implemented the search NFT feature on HVB
Changed DB structure to support any NFT on HVB
Resolved HVB issue, tested, and deployed to staging

Staking (Locking):

Created Special Staking Access for Moonly author
Implemented Stake Count Authentication on the server side
Fixed stack overflow issue on CollectionInfo>Attributes
Better info message for multiselect
Fixed reward not reduced after the claim
Fixed negative reward value when stake
Showing total loaded NFTs on the Page
Implemented \"verify NFT\" from DB metadata
Found & Fixed some issues related to authority staking
Fixed trait not loading issue

Portfolio tracker:

Added metrics server to Portfolio tracker
Add proxies logging to PT
Experiment with saving transactions to different backends
Fixed indexes on the Portfolio tracker
Experimented with saving logs
Found and removed a bug that led to endless crashes/restart
Tested saving logs into SQLite DB
Attempted to track issue causing runaway CPU consumption

Sniping Bot:

Worked on merging the buy NFT button and testing it in staging
Organized the code for the NFT Sniping bot
Added filter and support for old transactions

Work on the Ethereum collections market data:

Included auto-created & published NFT suggestion feature
Fixed admin MatchNFT's page

Check out our latest blog posts:

https://moon.ly/blog/moonly-is-testing-a-buy-button-releases-holder-verification-tool/

https://moon.ly/blog/sony-cross-system-nft-trading-framework/

Upcoming NFT collections:

https://moon.ly/nft/deer-club

https://moon.ly/nft/camp-cosmos

https://moon.ly/nft/iced-out-bulls

Minted projects worth mentioning:

https://moon.ly/nft/wolf-capital

https://moon.ly/nft/oogy

https://moon.ly/nft/the-bastards

https://moon.ly/nft/taiyopilots

","comment_id":"6419b49c69c3cb00017e5389","feature_image":"https://moon.ly/blog/content/images/2023/03/Thumbs-for-the-blog--41.png","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-03-21T13:43:56.000+00:00","updated_at":"2023-03-21T13:45:08.000+00:00","published_at":"2023-03-21T13:45:08.000+00:00","custom_excerpt":null,"codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/moonly-weekly-progress-update-41/","excerpt":"Hello, how is everyone? This week we are adding market data for ETH projects and\nwe are adding over 40 thousand new ones which will be monitored.\nStaking as a service and Portfolio tracker are still in the testing phase but\nthis week we started experimenting with the new feature!\nWe have positive experiments and results, and after SaaS and PT are implemented,\nwe gonna work on buying automation, AKA sniping bot. We are excited to see how\nthat will work on Moonly.\n\nWeekly developer progress:\n\n * W","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":null,"feature_image_caption":null},{"id":"6418085169c3cb00017e5297","uuid":"a272dce6-2a3f-4079-9112-57125385b499","title":"Sony Introduces Cross-System NFT Trading Framework","slug":"sony-cross-system-nft-trading-framework","html":"

Hands in the air for gamers as Sony, the official maker of the PlayStation gaming console, introduces a new web 3.0 framework that allows players to buy and sell digital assets (NFTs) across different gaming platforms.

According to a patent filed by Sony in September 2022 and published on March 16, 2023, the new framework will allow users to send gems, weapons, and other in-game assets collected on their game platform to players on other platforms. Hence, if you've acquired a new gun or upgraded your weapon in Apex Legends on PlayStation 5, for instance, you can now share or sell that to a friend playing a similar game on Xbox Series X using Sony's new whip.

In citing the reason behind this move, a statement extracted from Sony's patent summary says:

💡

\"As recognized herein, in some applications such as computer/video games, an NFT might represent the artwork or an asset in the game (such as a character or weapon or other game assets), but current systems are technologically inadequate for the owner to use the asset across different games and/or platforms. Accordingly, as further recognized herein, the functionality of the game may be enhanced by enabling gamers and/or spectators to exclusively use the asset and possibly transfer its rights to others via NFT.\"

Besides selling in-game collectibles, Sony also says players can sell off their levels or scores to other players regardless of their platforms. The recipient of the sold level can then continue from where the seller left off. In another usage example, Sony also says players who won a boss in a game can transfer or sell and use the hunter-damaging weapon in another game type (cross-game and cross-platform).

Interestingly, Sony also says in-game NFT transfer can be trans-generational; \"In some examples, the NFT can be used cross-generationally (e.g., from PS4 to PS5).\"

The possibilities seem endless, and we all look forward to trying out this new feature when it finally unrolls.

However, Sony hasn't released an official statement about implementing the initiative. This is still only a published patent and doesn't imply implementation. So you might not expect such functionalities in gaming yet.

Although Sony had earlier implemented a digital collectible rewards system for players in September 2022, according to the PlayStation blog, it doesn't back the innate picture of NFTs as rewards aren't sellable.

","comment_id":"6418085169c3cb00017e5297","feature_image":"https://moon.ly/blog/content/images/2023/03/Hand-holding-a-game-pad.jpg","featured":false,"visibility":"public","email_recipient_filter":"none","created_at":"2023-03-20T07:16:33.000+00:00","updated_at":"2023-03-20T16:26:41.000+00:00","published_at":"2023-03-20T12:23:57.000+00:00","custom_excerpt":"Hands in the air for gamers as Sony publishes a new web 3.0 framework that allows NFT exchange cross-platform. ","codeinjection_head":null,"codeinjection_foot":null,"custom_template":null,"canonical_url":null,"url":"https://moon.ly/blog/sony-cross-system-nft-trading-framework/","excerpt":"Hands in the air for gamers as Sony publishes a new web 3.0 framework that allows NFT exchange cross-platform. ","reading_time":2,"access":true,"og_image":null,"og_title":null,"og_description":null,"twitter_image":null,"twitter_title":null,"twitter_description":null,"meta_title":null,"meta_description":null,"email_subject":null,"frontmatter":null,"feature_image_alt":"Hand holding a game pad","feature_image_caption":null}]