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🌙 OpenSea Goes Multichain After 98% Drop in Volume

OpenSea has decided to go multi-blockchain, conduct an Initial Coin Offering (ICO)-style airdrop, and try to recoup losses from its 98% decline in trading volumes.

Author

Mike Gavela
February 13, 2025

Crypto Roundup - February 13

OpenSea, a leading marketplace for NFTs, has expanded its blockchain support in response to a dramatic 98% drop in trading volume. The platform has integrated several new blockchains to diversify its offerings and stabilize its market position. Meanwhile, Federal Reserve Chairman Jerome Powell recently testified before Congress, asserting that he will not resign from his post despite potential pressure from the incoming Trump administration. Powell's testimony also included discussions on the economic outlook, hinting at possible rate cuts later this year due to a robust labor market and controlled inflation rates. Finally, a CFTC commissioner has advocated for the permanence of election prediction markets, highlighting their growing acceptance and potential regulatory stability.

Top Stories

  • OpenSea Adopts Multichain Strategy: Following a sharp decrease in transaction volumes, OpenSea has broadened its blockchain compatibility to attract more users.

  • Jerome Powell's Capitol Testimony: Powell emphasized his intent to remain as Fed Chair and discussed potential economic policies amidst changing administrations.

  • CFTC Supports Election Prediction Markets: A CFTC commissioner has publicly supported the ongoing operation and regulatory approval of election prediction markets, signaling a secure future for such platforms.

TOP STORIES

OpenSea goes multichain after 98% drop in volume

OpenSea is airdropping a token, relaunching its website, cutting fees, and adding blockchains. Trading volumes, however, are still declining.

protos.com/opensea-goes-multichain-after-98-drop-in-volume

Jerome Powell gets grilled on the Hill

Senators yesterday grilled Powell on everything from the dismantling of the CFPB to Trump’s tariff policies.

blockworks.co/news/jerome-powell-testimony-capitol-hill

CFTC Commissioner Says Election Prediction Markets ‘Are Here to Stay’ - "The Defiant"

Commissioner Summer Mersinger said in a policy seminar that the CFTC must take a more “pro-innovator” approach.

thedefiant.io/news/regulation/cftc-commissioner-says-election-prediction-markets-are-here-to-stay

FUNDRAISING

OTHER HEADLINES

Solana Proposal to Pay Full Priority Fees to Validators Goes Live - "The Defiant"

Solana Validators will now receive 100% of priority fees under the new model rather than 50%.

thedefiant.io/news/blockchains/solana-proposal-to-pay-full-priority-fees-to-validators-goes-live

NY State Senate Bill 2025-S4728

Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

www.nysenate.gov/legislation/bills/2025/S4728

News Explorer — South Korea's Financial Services Commission Will Start Lifting Ban on Institutions Trading Crypto - Decrypt

The next-generation media outlet navigating the intersection of culture and technology.

decrypt.co/news-explorer?pinned=922122&title=south-koreas-financial-services-commission-will-start-lifting-ban-on-institutions-trading-crypto

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