The Winners, The Losers, The Surprises

GM Readers!📪 It's BitDegree Insider, and here's the good stuff.

⭐️Today's selection:

• 💭Super Big Wednesday Bubbles
• 🌥RIP Solana Spaces
• 👌Selected Meme of The Day
• 📰Bite-Sized News

WEDNESDAY'S BUBBLES & WHAT DO THEY TELL US

Today we're gonna do it differently. Similarly, but differently. The news are gonna be here alright. But. They'll explain the bubbles an what has happened.

So, here we go. Behold, the bubbles. They represent the last week's biggest winners and losers (the period of the last 7 days).

Let's begin with ANKR.

Tencent Cloud, the cloud services division of China's largest Internet company, has announced a full entry into Web3, announcing partnerships with Ankr, Avalanche(AVAX), Scroll and Sui (Tokens not launched yet).

So that has a lot to do with these numbers. But there's more.

In itself, ANKR is a platform that lets people share their unused computer power to support apps and other projects that run on the blockchain.

This helps developers and businesses access reliable, secure and affordable computing power without relying on centralized providers.

Thanks to this and 1 more partnership, Ankr's innovative blockchain technology is now compatible with Microsoft cloud solutions. In terms of integrating the two technologies.

Which means we may see this name even more in the future. Thus... The optimistic bubble.

Next stop - STX.

STX is the native token of Stacks. It's a blockchain protocol that allows developers to build decentralized applications and smart contracts on top of the Bitcoin blockchain.

And Stacks is a platform which provides the ability to acquire btc domains. And now, with Bitcoin NFTs gaining speed, the demand for them grows.

Therefore, the STX token is feeling great, and you can see it in the numbers.

KLAY.

It's not like it's a project that's on everyone's radar, but today they did something unusual.

Klaytn Foundation proposed to burn almost 50% of their tokens. The proposal calls for burning $5.28 billion KLAY, or about 48% of total tokens.

Klaytn is essentially an alternative to Ethereum for the large Korean community. It supports P2E games, metaverses, and a general feature set similar to Ethereum.

Okay. But time for the big boys. What is going on with CFX????

It has a lot to do with China.

China Telecom, China's 2nd largest wireless operator (390+ million mobile subscribers), begins collaboration with Conflux to develop blockchain-enabled SIM cards.

The two companies are working together to develop blockchain-enabled SIM cards, known as BSIM. This could have a major impact on the future of mobile payments and other blockchain applications.

In other news, Hong Kong has announced plans to invest $50 million in accelerating the adoption of Web3 technology.

This is a clear sign that the city is positioning itself as a leader in the crypto space, with unofficial support from China.

With this kind of backing, we're likely to see a surge in related projects and initiatives in the near future.

Yeah, this all looks promising. But - of course - this is not financial advice. Everything that goes up, must come down. And you can never tell when. Especially, in crypto.

So, you know. Just saying.

SOLANA SPACES

Solana Spaces. Real world Solana locations for enthusiasts to meet, learn, engage in blockchain-related stuff. Well, it sounds intriguing. But...

Unfortunately, it looks like it's time to pack up their 'real world Solana embassy' and head back to the digital realm.

After just seven months, Solana is shutting down its Miami and New York locations.

In a statement, Solana said they'd be focusing on their digital products like DRiP.

We're guessing they'll have more luck selling digital drops than physical ones.

The Solana Spaces project had some big names backing it, like Phantom and Orca, but even that wasn't enough to keep it afloat.

Apparently, not enough people were interested in learning about NFTs and cryptocurrencies in person.

Instead of serving 100,000 visitors a month as expected, the Solana Spaces stores were only getting 500-1,000 visitors per week.

Ouch. That's like throwing a party and only having your mom show up.

The stores offered a range of services, from connecting a cryptocurrency wallet to buying products to getting advice.

In the end, Solana Spaces was a noble experiment that just didn't pan out.

But hey, at least they tried something new. And who knows, maybe in the future, we'll see a resurgence of physical crypto stores. Until then, it's back to the digital world for Solana.

TL;DR: Solana shuts down their real world 'Solana Spaces' stores. These locations didn't see as many customers as it was expected.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Binance Partners with Ingenico to Allow In-Store Payments via Binance Pay. It's a win(ance) for Binance.
• Stablecoin Issuer Paxos is Reportedly Having "Constructive Discussions" with SEC. They're walking, so others could run.
• Security System Chaos Labs Raises $20M in Seed Funding Led by Galaxy and PayPal. Chaos in the name, Order in the numbers.