May 2021 Community Update
It’s that time of the year! When crypto markets turn into a rollercoaster ride. Those that are new to the space may be overwhelmed with the shocking dips and flashes of red on their apps, but those that have seen the adjustments before will likely view it as part of the ever-going crypto cycle.
Whether the latest market fluctuations are the result of the market’s correction, or whether it can be attributed to regulatory updates or Elon Musk, or just a cumulation of all the above… the theories are endless.
We published a post early May with an overview of some of the key regulatory headlines that popped up over the last few months. It’s only been two short weeks since it was posted, but like the crypto cycle, the news cycle never stops. First there were updates about China’s latest crackdown on mining and trading, while our focus last week was Hong Kong’s proposed legislation. We believe that country regulators should pay close attention to what happens with digital assets and ought to work to ensure that investors are trading within safe spaces. However, when blanket regulation restricts the wider community of avid digital asset enthusiasts, consequences may affect the development in this space; innovation of platforms may hamper the progress of understanding and competitiveness.
But these are important topics and considerations for regulators. And on that note, it has also been a big month for our partners at Solidus Labs! The team raised $20M in their Series A funding for their developing work on tracking market manipulation across crypto currency platforms. A very big congratulations to the team! Since the beginning of our conversations with Solidus Labs back in 2019, we believe that their proposition will become increasingly important to market players as the market matures. As regulators seek to find a balance between the new ecosystem of digital assets and all of us strive for mainstream crypto adoption, the value that they can bring to the table will be critical.
For an additional take on digital asset regulation and how we can move forward in a productive way, Professor Syren Johnstone’s research papers can be found on our Resources page.
Those of you who have visited our website recently may have noticed an additional page that has popped up. We’ve spoken a lot about grants, and working with the community to move the industry forward. A lot of people have asked us for more information and details on how to apply for a grant. As a smaller company, OAX is lucky to have the opportunity to work closely with the ground teams that come our way and grants are given based on team discretion. But we’re working to create a better structure for our program, which you can find here. As always, we’re a work in progress, so any feedback and ideas you might have to make it better is welcome. If anyone reading this right now believes they have an idea that would fit the bill, reach out to us for a conversation, we can’t wait to hear from you!
Last but not least, this month we end with a PSA. Every time a fluctuation happens in the market, we see token holders taking more risks. With two higher profile hacks happening within the last week, we remind our community to take necessary precautions: DYR and remember to keep your keys and wallets safe!
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