USDC gets new chains, Musk’s idea, and more from the week

Author

Logan Cloak
September 30, 2022

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Get caught up from the past week in crypto in 10 minutes or less. Here's what we're covering today.

  • USDC is going omnichain ⛓

  • Elon Musk considered a blockchain-based Twitter 🐥

  • Other stories from the week 📰

USDC IS GOING OMNICHAIN

At its annual conference on Wednesday, USDC creator, Circle, announced that USDC will become available on five new blockchains by early next year, bringing it to 14 blockchains in total.

On top of its expansion, the company also announced a new cross-chain transfer protocol to allow users to transact USDC across blockchains. The new Omnichain Fungible Token Standard (OFT) is supported by Layer Zero.

A demo of the new protocol can be found here.

ELON CONSIDERED BLOCKCHAIN BASED SOCIAL NETWORK

In a series of text messages released as part of the ongoing case surrounding the Twitter acquisition fallout, messages revealed that Elon Musk had considered a blockchain-based social media platform.

After being connected with FTX CEO Sam Bankman-Fried, the young CEO mentioned his own Twitter post about how to incorporate blockchain on the social media platform posted the same day:

Musk mentioned in another text the need for a new social media company that is “based on blockchain and includes payments”. He also discussed the idea with his brother Kimbal who seemed to be all in on the idea.

Ultimately, Musk offered to buy Twitter outright and the deal has since died. However, blockchain based social media platforms are still a hot topic, with many competitors coming down the pipeline. Be it Musk, Twitter, Meta, or someone else, blockchain is certainly coming to social platforms.

HOT OFF THE PRESS - More stories from across the web

Crypto founder behind $60 billion collapse says he is not hiding after Interpol issues arrest notice - TerraLabs Founder Do Kwon is wanted by South Korean authorities after the Terra/Luna Collapse in May of this year. Now, those authorities are saying that Interpol has issued an international arrest warrant for the ex-founder. Other outlets have claimed that Kwon tried to cash out large amounts while on the run but Kwon has refuted these claims on Twitter. We will certainly keep our eye on this story as things progress.

New Cosmos white paper repurposes ATOM token and refines vision - The interoperable blockchain network released the new whitepaper at its conference in Medellin, Colombia. For an in-depth dive into the whitepaper, check out Route 2 FI's twitter thread.

Solana NFT Game Star Atlas Launches Playable Demo on Epic Games Store - Game developer ATMTA also released a developer toolkit that allows other studios to connect games built on Epic's Unreal Engine to Solana.

Fed Chairman Confirms That A U.S. CBDC Would “Not Be Anonymous” - The comment by Jerome Powell was made in response to an audience question. However, he did not confirm that the Federal Reserve has made a decision to move forward with a Central Bank Digital Currency (CBDC).

Chipotle mirrors Ethereum’s Post Merge and offers 99.95% off - The food chain offered 99.95% off a steak entrée when spending ETH using Flexa at the restaurant. The promotion was called "Proof-of-steak".

California Governor Newsom Vetoes Crypto Bill - Referred to as a "bitlicense" bill, the regulation would have required crypto companies to obtain a license to offer services in the state.

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