🤔 The future is not necessarily multi-chain according to Polygon's CEO 💡 BlackRock introduces ETF for those who still can't get enough metaverse 🏚️ Solana is shutting down its Solana Spaces stores

GM, frens.

It's the third week of our TG community event, this time we're rewarding the creative ones out there! 🎨 Create an image that can be used as a sticker in the VEMP TG, tag us and include the hashtag #CompoundVEMP. The best one will receive an exclusive NFT 🖼️ as a prize for our final week! Show us your creative side and share your work with the VEMP fam.

Now, for what's been happening in the space lately:

🤔 The future is not necessarily multi-chain according to Polygon's CEO 

💡 BlackRock introduces ETF for those who still can't get enough metaverse

🏚️ Solana is shutting down its Solana Spaces stores

The future is not necessarily multi-chain according to Polygon's CEO

In a recent interview with Ran Neuner on the Crypto Banter YouTube channel, Polygon co-founder Sandeep Nailwal predicted that Ethereum would come out on top as the dominant smart contract protocol in the future. He suggested that all other competing layer 1s would eventually fall by the wayside.

Neuner then asked him to clarify if this meant the likes of Solana, Aptos, Avalanche, and Cardano would disappear. Nailwal responded that these protocols have not yet demonstrated significant traction and that no other chain could compete with Ethereum.

Immediately, crypto community members jumped into the comments section to point out that layer 2s exist for a reason - to patch up the failings of the base layer - and criticized him for being short-sighted. But is he that wrong?

The fact remains that Ethereum is the most popular smart contract protocol right now and going forward if we were to remove the speculative aspect and just focus on the fundamentals, would you need all those other chains? Nailwal's bold prediction might be closer to the truth than we think. Plus it's kind of funny that he's FUD'ing his own chain.

BlackRock introduces ETF for those who still can't get enough metaverse

BlackRock, one of the biggest investment firms, has just introduced an exchange-traded fund (ETF) focused on tech companies exposed to the metaverse, even though the investors are way less interested in the concept.

The fund, called "iShares Future Metaverse Tech and Communications ETF", will focus on companies that are expected to contribute to the metaverse in various areas, such as virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality.

The fund is traded on the New York Stock Exchange and currently has a net asset value of around $5 million. Surprisingly, there won't be any cryptocurrency investments within it, contrary to what one might expect from a fund focused on digital assets. Instead, the ETF will focus on firms that facilitate the use of payment systems or digital assets in the metaverse.

While the rest of the world is trying to get away from the metaverse, BlackRock appears to be the one still clinging on. Wonder if this is a sign of the times, or if BlackRock knows something the rest don't.

Solana is shutting down its Solana Spaces stores

Solana Spaces, previously popular crypto stores (of sorts) in NYC and Miami are closing their doors to customers.

The stores opened in July 2022, offering a unique onboarding process for Phantom Wallet and free NFTs. It also provided tutorials on platforms like STEPN and Magic Edens. After hosting over 75,000 people, Norby (the founder) has decided to close the stores and focus on DRiP, the free NFT product. Norby said that while the stores onboarded between 500 and 1,000 people per week, DRiP does that daily, making it a more efficient model for growth.

He also offered anyone interested in carrying on the mission of Solana IRL stores to open source the software and give them the brand. He also mentioned that people should visit the stores one last time to pick up the merch, and take part in the final events before it shuts down for good.

Overall, Solana has not been feeling very good since the FTX crash, FTX being the biggest backer of Solana. The market has recovered a bit, but Solana is still down by almost 30%. This news only adds to the gloom of the Solana ecosystem, leaving many in the community wondering what will come next.