The week of July 24–30 brought significant developments across the cryptocurrency and blockchain landscape, from major project launches and platform upgrades to regulatory scrutiny and market shifts. This recap dives into the most impactful events shaping the industry, offering insights into emerging trends, key player moves, and what they mean for the future of Web3.
Worldcoin’s WLD Token Goes Live with Global Rollout
Worldcoin, the identity and financial network co-founded by Sam Altman, officially launched its native token WLD, marking a pivotal moment in its mission to build a globally inclusive digital economy. In a public letter signed by Altman, the project emphasized its vision: creating a privacy-preserving system where digital identity (WorldID) and cryptocurrency (WLD) work together to expand economic opportunity and lay the groundwork for an AI-funded universal basic income (UBI).
Users who verify their unique human identity through Worldcoin’s biometric orb receive WLD tokens as part of an ongoing airdrop. As of July 30, over 257,000 users had claimed more than 6.42 million WLD tokens, averaging about $54.72 per address, according to Dune analytics.
👉 Discover how decentralized identity is reshaping access to digital economies.
Major exchanges including Binance, OKX, and Huobi quickly listed WLD trading pairs, reflecting strong market interest. However, the project faces immediate challenges. The French data protection authority has initiated an investigation into Worldcoin’s biometric data practices, citing legal concerns over data collection and storage. Bavarian regulators are also involved in the probe.
Ethereum co-founder Vitalik Buterin weighed in with a detailed analysis titled “What Do I Think About Biometric Proof of Personhood?”, highlighting four core risks: privacy violations, accessibility barriers, centralization of control, and security vulnerabilities. He proposed potential technical mitigations but acknowledged that some issues—like preventing coercion or identity rental—may be fundamentally difficult to solve.
Despite controversy, Worldcoin continues expanding its global footprint, aiming to onboard millions while navigating complex ethical and regulatory landscapes.
RootData Enhances Platform with New Features and Localization
Crypto data platform RootData unveiled a comprehensive upgrade this week, introducing four major enhancements designed to improve user engagement and accessibility:
- Points Incentive System: Users earn platform points by contributing content, which can be redeemed for rewards.
- Wallet Login: A seamless Web3 login experience that supports future decentralized functionalities.
- Token Price & Economic Model Data: Real-time secondary market metrics and tokenomics breakdowns for better investment decision-making.
- Vietnamese Language Support: Expanded localization to serve one of Southeast Asia’s fastest-growing crypto markets.
RootData functions as a structured, visual database for blockchain projects, aggregating information on funding rounds, team backgrounds, news, and ecosystem connections. By organizing data through tags, collections, and ecosystem maps, it aims to become a go-to discovery tool for high-potential crypto assets.
The upgrade reflects a broader trend toward user-centric design in Web3 infrastructure tools—platforms are no longer just data repositories but active participants in community growth.
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Market Movements: Funding Cuts, Hacks, and Executive Shifts
Reducing Exposure: Sequoia Slashes Crypto Fund Size
In response to prolonged market stagnation, Sequoia Capital reduced its dedicated crypto fund from $585 million to **$200 million**, while also cutting its ecosystem fund from $900 million to $450 million. The move signals a strategic pivot toward supporting early-stage startups rather than scaling established ventures amid uncertain macro conditions.
This recalibration underscores institutional caution—even among top-tier VCs—as they await clearer regulatory frameworks and sustainable use cases before committing larger capital pools.
Security Breaches Hit zkSync Ecosystem
Two separate exploits targeted protocols on zkSync Era, raising alarms about smart contract risks in rapidly growing Layer 2 environments:
- EraLend, a lending protocol, suffered a $2.76 million loss due to a read-only reentrancy vulnerability exploited via manipulated oracle prices. The team paused USDC-related functions and is working with law enforcement to trace attacker funds.
- Kannagi Finance, another DeFi project, experienced a rug pull. Its official Twitter account was deleted, and attackers transferred 600 ETH (~$1.13M) to Tornado Cash—a privacy tool often associated with illicit fund laundering.
These incidents highlight ongoing security challenges in decentralized finance, especially for newer protocols launching without rigorous audits or insurance mechanisms.
Wintermute Expands Asian Presence
Crypto market maker Wintermute confirmed plans to relocate approximately 4% of its staff (about 3–4 employees) from London to Singapore within months. The firm already operates derivatives desks in Singapore and may open a third office in Dubai, according to co-founder Yoann Turpin. This shift reflects the broader industry trend of moving operations closer to supportive jurisdictions with favorable crypto regulations.
Notable Industry Developments
CoinDesk Acquisition Nears Completion
An investor group led by Matthew Roszak (Tally Capital) and Peter Vessence (Capital6) is close to acquiring CoinDesk for **$125 million**, according to *The Wall Street Journal*. Originally purchased by Digital Currency Group (DCG) in 2016 for $500K, CoinDesk now commands far greater value despite Genesis’ bankruptcy impacting DCG’s finances. The sale price represents equity value—not total company valuation—which sources suggest exceeds $200 million.
Robert F. Kennedy Jr. Confirms Bitcoin Holdings
U.S. presidential candidate Robert F. Kennedy Jr. confirmed on Twitter Spaces that he owns 14 BTC, purchasing two bitcoins for each of his seven children after attending the Bitcoin 2023 conference. At current prices (~$29,500/BTC), his holdings are worth around **$414,000**. He previously pledged to eliminate capital gains tax on Bitcoin-to-fiat conversions if elected—an idea gaining traction among pro-crypto policymakers.
Meta’s Reality Labs Loses $21.3 Billion Since 2022
Meta’s metaverse division, Reality Labs, reported a $3.7 billion operating loss** in Q2 2023 alone, bringing cumulative losses since early 2022 to approximately **$21.3 billion. Despite heavy investment in AR/VR development, revenue remains minimal ($2.16B in 2022). Meta expects these losses to grow year-over-year as it pushes forward with long-term ecosystem building.
Ant Group Restructures Blockchain Unit Ahead of IPO
According to Bloomberg, Ant Group is restructuring to separate non-core financial services—including blockchain and international operations—to comply with financial holding company regulations. This paves the way for a potential Hong Kong IPO, signaling renewed ambitions despite past regulatory setbacks.
Key Data Points From the Week
- Paradigm likely exited all MKR holdings, netting ~$17.16M in profit.
- a16z transferred over 30,900 MKR to Coinbase in 12 days; now holds only ~6,000 MKR.
- FalconX withdrew nearly $10.5M worth of MKR from Binance.
- USDC market cap dropped to $26.5B, lowest in two years.
- Azuki NFT floor price fell 63%, volume down 78% in one month.
- Rocket Pool saw record daily rETH redemptions: 6,720 rETH.
- Binance’s spot market share declined from 64% to 50% since January.
- StarkNet bridge surpassed 600,000 unique users.
Frequently Asked Questions (FAQ)
Q: What is Worldcoin’s WLD token used for?
A: WLD serves as both an incentive mechanism and governance asset within the Worldcoin ecosystem. It rewards users for verifying their unique identity via WorldID and may play a role in future decentralized decision-making.
Q: Is RootData free to use?
A: Yes, RootData offers free access to core data features like project profiles and funding history. Premium tiers may offer advanced analytics or API access in the future.
Q: Why did Sequoia reduce its crypto fund size?
A: Due to extended bear market conditions and fewer viable late-stage opportunities, Sequoia shifted focus toward early-stage startups requiring smaller investments.
Q: Can biometric identity systems like Worldcoin be trusted?
A: While promising for reducing fraud and enabling fair distribution, concerns around privacy, coercion, and centralization remain valid. Ongoing audits and regulatory compliance will be crucial for long-term trust.
Q: How does wallet login enhance Web3 platforms?
A: Wallet-based authentication eliminates traditional sign-up friction, enables true ownership of data and assets, and unlocks interoperability across dApps—core principles of decentralized web experiences.
Q: What does Ant Group’s blockchain spin-off mean for the industry?
A: It suggests increasing regulatory clarity in China regarding fintech separation and could lead to more transparent, compliant blockchain innovations emerging from previously restricted entities.
👉 Stay ahead of structural shifts transforming blockchain ecosystems globally.