Sat - 13 May

13 May 10 AM

Good Morning & Happy Saturday! As always you can find your personal referral links at the bottom 🫡. All those who received your referral rewards, please tweet and tag web3samaj!

Headlines for today: ZebPay Teams Up With Taxnodes To Simplify Cryptocurrency Tax Filing, CoinSwitch To Offer Mutual Funds, And Fds, One Of Britain’s Largest Newspapers Offers Free King Charles Coronation NFTs, Ethereum Bot Bags More Than $40 Million in Three Months

🗃️ ZebPay Teams Up With Taxnodes To Simplify Cryptocurrency Tax Filing: Crypto exchange ZebPay, has joined forces with TaxNodes, an expert-assisted platform for filing tax returns, to streamline tax filing for virtual digital assets in India. This partnership aims to assist ZebPay's users in accurately calculating and complying with taxes while staying updated on the latest developments in the virtual digital asset industry. The government introduced a tax on virtual digital asset investments in 2022, subjecting income from asset transfers to a 30% tax and 1% TDS. The complex nature of these new tax laws has caused confusion among Indian retail investors and traders. To address this issue, TaxNodes will empower ZebPay users to calculate, assess, and file their crypto taxes. Moreover, TaxNodes' comprehensive solutions will provide users with much-needed clarity on the taxes applicable to their investments, simplifying the taxation process for every crypto investor in the country.

💰CoinSwitch To Offer Mutual Funds And Fds: CoinSwitch, a cryptocurrency exchange, plans to offer mutual funds and FDs in addition to cryptocurrencies. The company will partner with leading mutual fund houses and banks to offer a wide range of investment options to its users. CoinSwitch will also offer a user-friendly platform that makes it easy to invest in mutual funds and FDs. The company believes that by offering these additional investment options, it can provide its users with a more comprehensive wealth management solution.

 🆓 One Of Britain’s Largest Newspapers Offers Free King Charles Coronation NFTs: The Evening Standard, a top British newspaper, is offering free non-fungible tokens (NFTs) to mark King Charles' coronation. These NFTs, featuring the St. Edwards Crown, are being minted on Nifty Gateway. Users can mint the NFTs for free by creating a Nifty Gateway account and connecting their Ethereum wallet, with only the gas fee required. After May 7, the NFTs will be available for sale on the secondary market. This move reflects the growing acceptance of NFTs in mainstream culture. The Evening Standard hopes to attract new readers and explore NFTs as a revenue stream while engaging with readers in innovative ways.

🤖 Ethereum Bot Bags More Than $40 Million in Three Months: A pseudonymous crypto user named Jaredfromsubway.eth has earned over $40 million in just three months using a technique called "sandwiching" on decentralized exchanges (DEXs). The bot places a buy order before a large buy order and sells immediately after, profiting from the price difference. Its success has caused concerns about increased transaction fees and calls for a ban. The bot's operator defends its use, claiming it improves efficiency by facilitating the quick execution of large buy orders. The debate continues regarding potential bans and the exploitation of decentralized exchanges by bots.

What Is Cross-Chain MEV: Web3 is increasingly multi-chain and that comes with implications for everything from data transfer to security, to, of course, MEV. As more DEXs increase their total value locked (TVL) on multiple chains, liquidity pools of the same asset pairs across multiple channels are formed but with different volumes and depths, creating new opportunities for trading and for MEV.