Wed 14/03

Good Morning. Our Referral program is live. Please see the bottom of the letter for more details 😀 . In news today; Maggi launches its NFT collection, Namaste Web3 brings out the lawmakers, Signature bank closure was not related to cryptos and the EU will regulate smart contracts.

💥 MAGGI Unveils Its NFTs In OneRare Foodverse: MAGGI, a popular brand in the culinary industry, has launched its first-ever NFTs on the OneRare Foodverse platform. The brand, known for its innovative and experimental approach to food, has partnered with OneRare to offer its iconic products, including recipes made with MAGGI Noodles, MAGGI Masala-ae-Magic, and MAGGI Hot and Sweet, as NFTs in the Foodverse. This move allows MAGGI to utilize blockchain technology to connect with its fans and food enthusiasts in a new and exciting way. The NFTs will provide an immersive cooking experience, bringing to life the pleasure of cooking without any physical cooking involved. Rajat Jain, Head of Foods Business at Nestlé India, expressed excitement about the partnership and the opportunity to offer unique and exclusive NFTs to MAGGI enthusiasts.

🙏🏻 Namste Web3 Brings The Lawmakers To The Table: On Saturday, CoinDCX, organized an event called "Namaste Web3" that attracted lawmakers. The conference was attended by senior leaders from India's ruling party, including National Vice President Baijayant Panda and former Law Minister Ravi Shankar Prasad, as well as opposition members, such as the chairperson of the parliamentary standing committee on commerce and a deputy leader of the parliament's lower house. Prasad, who has been a former IT minister, emphasized the importance of Web3, but also cautioned against crypto, saying that "in crypto, there are issues of financial sovereignty of India." He called for Web3 to find its own ways of separating from crypto. Singhvi, who chairs the country's parliamentary committee on commerce, agreed that the blockchain narrative needs to shift from crypto to the transformative changes that can be achieved with the application of Web3.

📏 The EU Has Approved A Data Act That Includes the Regulation Of Smart Contracts: On March 14th, the EU Parliament passed legislation as part of the Data Act that covers smart contracts and the internet of things (IoT). The provisions in Article 30 state that smart contracts must offer the same level of legal protection and certainty as other contracts created using different methods. The legislation also outlines the need to safeguard trade secrets, archive data, and ensure transactions can be halted and terminated as necessary. Furthermore, the legislation specifies that strict access controls must be in place to protect smart contracts at the governance and contract layers. The new regulations require smart contracts to comply with harmonized standards established by the Data Act. The final version of the bill reintroduces strict compliance requirements for smart contract developers, including a declaration of EU conformity that was previously removed.

📌 Shanghai Upgrade Executed On Testnet But With Issues: The Shapella hard fork has been successfully executed on the Goerli testnet, which is the last trial before Ethereum validators can withdraw their ETH from the Beacon Chain. However, there were some issues during the process, as some testnet validators didn't upgrade their client software before the Goerli fork, leading to delays in the deposit process. According to Ethereum core developer Tim Beiko, this could be due to the fact that the testnet ETH has no real value. Nonetheless, Beiko expects validators to make necessary adjustments before the Ethereum mainnet fork. On the Goerli testnet, it took 15 epochs for Shapella to be forked due to low network participation. Ethereum researcher "terence" explained that under the Ethereum Investment Proposal EIP-4895, staked ETH from the Beacon Chain will be transferred to the execution layer.

👎 NY Regulators Say Signature Bank Closure Not Related To Cryptocurrency: Although Signature Bank had worked closely with cryptocurrency companies, a representative has denied any relation between the bank's shutdown and its involvement with crypto. The representative stated that the decision was made based on the bank's current status and ability to operate safely and soundly. The closure will likely cause several crypto firms to seek out a new banking provider, as about 30% of Signature's deposits were estimated to come from these types of companies. Previously, former US representative and Signature board member Barney Frank had alleged that the bank's closure was related to crypto and was intended to send an anti-crypto message. However, the bank denied these claims.

What Is Shanghai Upgrade: The Ethereum Shanghai Upgrade is a hard fork and the protocol’s first major upgrade since ‘The Merge’ in 2022. This network upgrade is scheduled for March 2023, and its main purpose is to allow stakers and validators to withdraw staked ETH from the Beacon Chain.