Wemade Reports Loss of $30.6M Despite All-Time High Quarterly Revenue

Upbit Operator Doubles Down on ESG ManagementDunamu, the operator of the popular Korean crypto exchange Upbit, issued a press release on Friday stating it will donate 500 million KRW (~$385,000) to the Korean Red Cross in support of recovery efforts for the recent wildfire damage in Gangneung, a city located east of Seoul.©Pexels/Matthias ZomerESG managementThis is part of its efforts to double down on its environmental, social, and governance (ESG) management, according to Korean economic media Biz World.Wildfire recovery effortsLast year, Dunamu also donated 3 billion KRW (~$2.3 million) to Hope Bridge, a disaster relief association in Korea, to support the swift recovery from wildfires that ravaged areas near the cities of Uljin and Samcheok.Metaverse and NFTs for plant conservationUnder the slogan “climate change action,” Dunamu is engaging in various projects. Last month, the exchange operator launched the 2nd foRest campaign in collaboration with the Korea Forest Service and the Korea Forest Welfare Institute.The purpose of this campaign was to encourage citizens to participate in recovering wildfire-affected areas. Every tree planted in Dunamu’s metaverse platform 2nd Block led to the actual planting of two trees in the ravaged areas. More than 30,000 trees were planted through the project, and moreover, 10,000 of the participants were rewarded with coupons that can be exchanged for saplings.Dunamu has also made endangered plant conservation efforts with the Korea Arboreta and Gardens Institute. Upbit NFT Marketplace showcased ten endangered plants in NFT editions.Veronica Star Light, one of the editions revealed during the first airdrop, sold out within a day, reflecting its popularity. Dunamu will use the fees collected from these transactions to establish a fund for endangered plant conservation.Protecting plant diversityDunamu Chairman Song Chi-hyung said the company has been studying various means to utilize its technology and resources to contribute to society, and that it will continue to make multifaceted efforts to protect plant diversity.

Cartesi Launches Inaugural dApp on Ethereum MainnetSingapore-based Cartesi, the app-specific roll-up protocol with a virtual machine running Linux distributions, has introduced its inaugural dApp.The decentralized application, aptly named Honeypot, has been designed to serve as a platform for developers and ethical hackers to rigorously scrutinize the security of the Cartesi protocol’s underlying codebase, all in exchange for lucrative bounties.Photo by Michael Förtsch on UnsplashHoneypot deploymentAccording to a press release published on Tuesday, Honeypot is set to fulfill the vital role of stress-testing Cartesi’s foundational code on the Ethereum mainnet. The successful deployment of Honeypot will pave the way for Cartesi’s technology to be employed in a multitude of other dApps. Notably, a unique aspect of Honeypot is the tempting incentive it offers. The first individual to successfully hack it will be entitled to drain the sum of 1.77 million Cartesi tokens, equivalent to $220,000, after one year without any constraints.Embedded within the Honeypot dApp’s backend code is an algorithm that only permits the Cartesi Foundation’s depositor account to make fund withdrawals. Participants who dare to take on this code-breaking challenge must successfully navigate the intricacies of the algorithm to claim the reward.Developer Advocacy contributor to Cartesi, Gabriel Barros, stated: “We want to welcome all developers to test Cartesi’s Rollup infrastructure — but in a gamified challenge.”Aiding dApp developmentCartesi stands as a Layer 2 network specifically designed to streamline the development of intricate and powerful dApps. Its mission is to bridge the gap between conventional development practices and blockchain-based solutions, attempting to offer a seamless transition for developers.At its core, Cartesi introduces a mechanism that enables dApps to execute resource-intensive computations off-chain within a Linux environment. Crucially, these off-chain computations are verifiable by the blockchain, ensuring that the final results remain consistent across all nodes. This approach empowers developers to harness existing software and tools while ensuring compatibility with the blockchain.Linux insideThe choice of a Linux environment is pivotal to Cartesi’s framework. Linux enjoys widespread usage worldwide, particularly in server environments, making it a familiar and well-adopted platform. This familiarity extends to the extensive array of tools and libraries available within the Linux ecosystem, which are leveraged by developers for a myriad of traditional web applications.Gabriel Barros underlined Cartesi’s mission, stating:“Cartesi’s goal is to eliminate the limitations Web3 developers face by enabling them to import decades of familiar programming tools, libraries, and languages to the blockchain. By doing so, Cartesi unlocks a new realm of possibilities, allowing developers to surpass what was previously imaginable with earlier web3 applications.”Cartesi’s introduction of the Honeypot dApp on the Ethereum mainnet signifies a significant step towards ensuring the security and robustness of its protocol. Furthermore, it demonstrates Cartesi’s intentions in attempting to foster a vibrant and innovative ecosystem for developers in the blockchain space.

Major Korean Crypto Exchanges Strengthen on NFT Projects Despite Crypto WinterDespite crypto winter, major Korean cryptocurrency exchanges Upbit and Bithumb strengthened on staff and included new non-fungible token (NFT) projects.US Tightening Policy Effects on Crypto MarketAccording to the electronic disclosure system operated by the Financial Supervisory Service, Upbit’s operator Dunamu saw a net income of 130.8 billion won last year, down by 94% from 2.21 trillion won. Bithumb also experienced a decline of 85% from 648.4 billion won to 95.4 billion won. This downturn is reportedly attributed to the tightening monetary policy by the US and weaker market sentiment on risky assets.Insights on Korean NFT MarketBoth exchanges, Upbit and Bithumb, having seen meager profitability in crypto trading, recruited more talent to embark on NFT projects. However, the picture is not so rosy for these new endeavors, considering the tepid NFT trade volume. According to The Block, the NFT trade volume last month reached $983.4 billion, which is lower than $1.4 trillion, the previous month’s record.The NFT trade volume on Upbit last month also experienced year-on-year and month-on-month decreases of 48.6% and 14.5%, respectively.Last week, Dunamu CEO Sirgoo Lee said in a shareholders’ meeting that its NFT projects are underachieving and that he is reconsidering the new projects from scratch. He added that Dunamu will build a solid foundation in Korea while promoting global businesses starting from the US through Levvels, a blockchain-based platform jointly established by Dunamu and the entertainment company HYBE.Outlook on the Korean MarketBithumb, on the other hand, will bolster new projects through Bithumb Meta and Rotonda. Bithumb Meta recently launched the beta service of its original metaverse Naemo Market where users can use NFTs to decorate their own personal digital space. Rotonda released Burrito Wallet last February to allow waller holders to store NFTs, cryptocurrencies, and fiat currencies.Meanwhile, there was a mixed outlook on the Korean crypto market. One person said in an interview with Hankooki that greater workforces in the country’s leading crypto exchanges could suggest the market’s growth, but also pointed out that their bigger sizes might hinder them from maneuvering when faced with other unexpected risks.