Are you sure you know everything about what’s been happening this week? Here are the answers to BeInCrypto’s weekly quiz, which will help you stay on top of what’s happening right now.
1. The Layer 2 solution is set to boost Ethereum’s (ETH) future scalability expansion. But which investor was amongst those that led its latest development funding round this week?
Answer: Union Square Ventures
Union Square Ventures (USV) was amongst a group of investors including Cloudfare, Twilio and Coinbase. The Layer 2 zkSync scaling protocol will soon include Solidity capabilities following the development.
2. Which famous Wall St. bank re-opened their cryptocurrency trading desk this week?
Answer: Goldman Sachs
Goldman Sachs took the decision to re-open its infamous trading desk next week, following increased demand from its own clients. It doesn’t want to miss out on trading fees!
3. Fan token platform Chiliz announced it was launching a $50 million expansion into a new market. Where?
Answer: The United States
Sports blockchain platform Chiliz has announced that it will be investing $50 million into expanding into the US market. Announcing the move, CEO Alexandre Dreyfus said:
“We head to the US with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organizations.”
4. As demand for cryptocurrency surges, so too does the demand for stablecoin liquidity. Which stablecoin doubled its circulating supply this year?
Answer: USDT
The total amount of tether (USDT) in circulation doubled this year to just under $36 billion, after the demand for cryptocurrencies reached new heights.
5. According to an analysis from The Block Research, which sector of the cryptocurrency and blockchain space is the fastest growing?
Answer: Decentralized finance (DeFi)
Overall, DeFi tokens saw more linear price growth this year than in summer 2020 according to the research, despite the average gain being 400%. This suggests that exponential growth for these tokens is becoming the norm.
6. Which Canadian artist sold an NFT collection called WarNymph on the Nifty Marketplace for $6 million last week?
Answer: Grimes
Canadian musician Grimes sold a collection of non-fungible token (NFT) art for $6 million over the weekend. The collection of NFT art pieces, called WarNymph Collection Vol 1, is based around the “WarNymph” avatar Grimes created for herself. This avatar came about with the release of her fifth album this past year, “Miss Anthropocene.”
7. Indeed, NFTs were popular this week, with a newly uncovered Banksy piece being destroyed and converted to an NFT. How was the original piece destroyed?
Answer: Burning
A group of “art and tech enthusiasts” bought an authentic art piece by pseudonymous England-based street artist, Banksy, and set it on fire in Brooklyn, New York. They digitized the art piece into an NFT before doing so.
8. Associated Press News entered the NFT space with a piece commemorating a special type of political event. Which type of event?
Answer: An election
American news organization, the Associated Press (AP) will be selling its first non-fungible token (NFT), a digital artwork commemorating the first time the results of a US election were called on a blockchain.
9. Towards the end of the week, a fork of popular DeFi platform Yearn Finance suffered a suspected “rug-pull” event, costing over $31 million. The fork in question is named after which animal?
Answer: A meerkat
Meerkat Finance (MKAT) — a Yearn Finance copy — went down after a supposed exploit, leading to a loss worth $31 million, comprising just under $14 million worth of BUSD and 74,000 BNB.
Some in the MKAT community suspect that the events are part of an internally planned exit scam often labeled a “rug-pull” in crypto-speak.
10. Finally, Square — a payments processor founded by Twitter’s Jack Dorsey — recently entered the crypto-space with a series of Bitcoin (BTC) purchases in excess of $200 million. But which artist’s music streaming company did the payments company spend on this time?
Answer: Jay-Z
Square announced it agreed to purchase a majority stake in music streaming service, Tidal, for $297 million.
Tidal, owned by famous rapper Jay-Z, will see its shareholders (which include Beyonce, Madonna, and Rihanna) continue to own pieces of the business within Square.
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