Wed 03/01

Good Morning. WazirX shuts down its NFT marketplace, Vitalik feels eth gas issue needs fixing soon, and Israel & Telangana continue to take big leaps in web3 adoption.

🤐 WazirX Shuts Down NFT Marketplace Due To Extremely Less Activity: WazirX announced on its blog that it is closing down its NFT marketplace due to low volume and traction. The platform acknowledged that this may come as a disappointment to many creators and collectors who invested their time and passion into the platform and expressed gratitude for their continued support. WazirX recognized that NFTs are a way of life for many, a form of self-expression, and a means of connecting with like-minded individuals. While the closure may bring up a range of emotions, the platform encouraged its community to continue creating, collecting, and supporting each other. WazirX believes in the transformative potential of NFTs and urged its community to not let this setback dampen their spirits or diminish the value of their work. The platform concluded by thanking its community for being a part of it and for the joy and inspiration it brought.

🤝 Telangana Partners With Bharat Web3 Association To Aim For Leadership In Emerging Technologies: The Telangana government has partnered with Bharat Web3 Association (BWA) to create a flourishing Web3 ecosystem in the state. BWA, which represents Web3 technology companies in India, has signed an MoU with the Telangana government's Information, Technology, Electronics, and Communication Department (ITECD) in the first-of-its-kind collaboration. Jayesh Ranjan, Principal Secretary to the Government of Telangana- Industries & Commerce (I&C) Department, expressed his excitement and praised BWA for uniting the blockchain industry to advance the ecosystem.

🇮🇱 The Tel Aviv Stock Exchange Is Taking Steps To Provide Crypto Trading Services: The Tel Aviv Stock Exchange (TASE) has released a draft proposal for expanding crypto trading activities to non-banking members. This is the first time that TASE has made such a proposal. According to an announcement on Feb. 27, the proposal would allow customers to deposit fiat money for investment in digital assets. Non-banking members would be authorized to provide licensed crypto trading and custodial services if the proposal is approved. To facilitate crypto trading activities, customer funds would be placed in an "omnibus account" as an intermediary. This structure would also enable clients to withdraw funds from the sale of crypto, although the process is somewhat complicated. The purpose of these measures is to reduce risks and improve consumer protection, as stated in the announcement.

⛽️ Vitalik Says That There Is Still More Work To Be Done To Solve The High Transaction Fees Issue On The Ethereum Network: Buterin believes there are still problems on the Ethereum network, despite recent improvements. One issue is the risk of high transaction fees and transactions not being accepted during periods of high activity. Poor user interfaces compound this problem. Buterin also highlighted other challenges, such as internet reliability, the need for offline proof of transaction data, and the fragility of certain wallet recovery methods. He argues that work is still needed to improve the user experience and tackle these issues on the Ethereum network. Buterin had to deposit 0.01 ETH (around $40 at the time) to pay for tea with friends in Argentina in 2021, due to the coffee shop owner's exchange account minimum deposit requirement. Buterin treated the overpayment as a tip. In 2022, he encountered UI glitches in his mobile wallet and the need for extra gas to process a transfer when attempting to pay for tea at another location, resulting in two failed transactions.

Web3 Engineering Lead At Lumos Labs

Ethereum Gas Fees for Dummies: (Ethereum) Gas is the fee paid for executing transactions on the Ethereum blockchain. Want to move ETH between different addresses? That transaction requires gas. Want to mint some NFTs? That requires gas too. What about exchanging ETH for different tokens? You guessed it, more gas!