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Daily Crypto News Jan 31, 2022: Top 3 crypto updates for today

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The first month of 2022 comes to an end, and the NFT trend has continued to blow our minds over the past month. Metaverse has gained momentum and various projects have been undertaken for the same. In today’s crypto news, We have done a brief analysis on why Ethereum 2.0 has been rebranded to the consensus layer by the core developers. It’s no more called ETH2.0 but consensus layer and here’s why?

Meta has filed a trademark registration in Brazil to undertake all crypto-related services in the region. It will be news to you that the company has decided to abandon Diem, its DLT-based stablecoin project. Read more on this crypto news below. 

NFT marketplaces are the hottest and most buzzing marketplaces of 2022. The new kid on the block, Looksrare has already surpassed Opensea in trading volume via wash trading. Wondering what wash trading is? A meticulous way to artificially inflate the prices of NFTs and thus get rewarded with more reward tokens. Wondering what’s happening in Looksrare? More on this crypto news below. 

Quick Crypto News Roundup!

Daily Crypto News  Jan 31, 2022

Ethereum 2.0 Rebranded. Why? 

Ethereum has been undergoing a lot of changes since the last year. The client team is constantly upgrading the protocol in order to scale the protocol and meet the global demand while not compromising with its decentralization and security. One of the most critical shifts in the project is from ETH1.0 to ETH2.0. As of late 2021, the core developers stopped calling it ETH2.0 and preferred to call it the consensus layer while calling ETH1.0 as the Execution layer. These layers together constitute what we entirely know as Ethereum. 

Although rebranding has been done to avoid confusion for the users, the roadmap to scale the decentralized network remains the same. The plan to deprecate the existing proof-of-work chain with the help of the difficulty bomb remains the same. ETH2.0 was regarded as the migrated network on which users and applications would run the entire network on proof-of-stake. 

Source: Ethereum.org 

Meta applied for trademark registration for crypto-related services in Brazil 

Meta, formerly known as Facebook, has started to play its cards in its long venture towards metaverse. Meta filed for trademark registration in Brazil according to which it shall offer several crypto-related services. This trademark registration was filed on January 25, 2022. According to this trademark registration, the social media platform is allowed to design, provide and develop software or hardware for various crypto-related services. According to reports, the trademark filing would also cover various activities such as crypto wallets, trading, and exchanges. 

The reports also say that Meta has decided to abandon its project, Diem. It is in talks of selling Dien to return capital to investors and pay the engineers who devoted their considerable time to the project. The aim of this project was to create a DLT-based stablecoin and build a metaverse of its own where its own crypto-related services shall be incorporated. We bet this crypto news would have added happiness to all the metaverse fanatics!

Source: Beincrypto 

LooksRare surpasses OpenSea in trading volume 

There’s a new kid on the NFT block called LooksRare. And it is astonishing that the platform has already done more trading volume than the largest player in the NFT market, OpenSea. The trading volume of LooksRarer exceeded $8 billion in wash trades yesterday. 

On this NFT marketplace, there are 2866500 LOOKS tokens being awarded to traders for trading certain NFT collectibles daily. These LOOKS tokens are allocated to traders based on the amount of trading volume being undertaken on a specific day. Since, its inception on January 10, 2022, it has delivered $20 million or more daily LOOKs rewards. Wash trading is helping the users artificially inflate the prices of the NFTs. 

Traders are sending NFTs between their own ETH wallets to inflate the prices. The more sales volume generated the greater is the reward of LOOKS tokens. 

Read: How to create NFT and sell it

Source: Beincrypto 

Crypto Market Trend January 31, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

Cryptocurrency  Price (latest by January 31, 2022)  Change in % 
Decentraland (MANA) ₹205.43 3.18%
Curve (CRV) ₹242.83 1.28%
PancakeSwap (CAKE) ₹587.39 2.04%

*Prices are latest by 11:30 AM January 31, 2022.*

Top 3 Crypto Losers 

Cryptocurrency  Price (Latest by January 31,  2022)  Change in % 
Terra (LUNA) ₹3557.84 12.01%
Theta Token (THETA) ₹220.54 10.68%
Phoenix Global (PHB) ₹21.73 9.92%

*Prices are latest by 11:30 AM January 31, 2022.*

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