GM fellow Asterials. It’s Saturday and we are ready to party!🥳 But first let us update you on what is going on within the Web3 space.

Today we have some cool information to provide to you.🔥

• 👮‍♀️Do Kwon’s Bail has been accepted!

• 🌍Meta is still focused on the Metaverse?

• 📣Cardano scaling node Hydra released.

• 💰DeFi to be the next financial system?

Do Kwon’s Bail has been accepted. 👮‍♀️

Just after a day after his bail was rejected, Montenegro courts accepts a $436k bail.

Maybe that extra $36k did the trick…

Looks like the Terraform labs founder would be released on bail. It is most likely we would see him get extradited to the US to face his charges there. But there could be a chance where he would go to South Korea as well.

The cases made against him would be interesting to see. Whatever happens we can conclude this might happen to other founders within the space that have failed projects.

I am kind of worried that this case would uncover more dirt within the Web3 space or expose the centralised control of these institutions.

Meta is still focused on the Metaverse? 🌍

Meta believes that generative AI will play a key role in building the eventual metaverse, and the company's new AI Sandbox ad software suite is one step in that direction.

The suite uses generative AI to create ad copy for different demographics, automatically crop photos and videos, and even turn text prompts into background images for ads on Facebook and Instagram.

While it's currently being used for 2D ads, in the future, Meta's generative AI tech may be used to build 3D spaces instead. It's all part of the company's grand plan to create a fully immersive virtual world, but for now, at least we'll have some snappy ad copy to tide us over.

I’ve got to say Mark, isn’t a $13.7 billion loss enough to scare you?

However, I do like the commitment he has to embrace this new technology.

Cardano scaling node “Hydra” released 🔥

Something for the Cardano (ADA) fans out there.

According to a tweet from developers on Thursday, the Cardano blockchain's Hydra Head, a scaling tool designed to speed up transactions and lower fees significantly, is now active on the mainnet.

This tool is the first in a planned suite of products and functions as an off-chain "mini ledger" shared among a small group of participants.

Developers can use Hydra Heads to add specialized, complex decentralized finance (DeFi) protocols on top of Cardano. This node's release is the latest of several DeFi-focused upgrades on Cardano this year.

In January, the launch of the Cardano-based decentralized stablecoin djed took place, and in February, Cardano developer IOG proposed a way of improving cross-chain transactions.

This can be one of the solution’s to many Layer 1 blockchain problems right now as Bitcoin and Ethereum fees are high due to the network congestions.

DeFi to be the next financial system? 💸

Jamie Dimon, CEO of JPMorgan Chase, warns that unless the Federal Reserve takes proactive measures beyond simply creating more regulations, there could be more pain ahead for United States banks.

According to Dimon, it's “a supervision problem,” with the bank CEOs and board members the “people to blame,” as supervisors usually focus on if they are abiding by regulations.

However, more regulations to the Federal Reserve’s already 200,000-page long stress test is not the solution to the current banking crisis.

He proposed taking a holistic approach when modifying regulations. He further questioned the effectiveness of stress tests, as companies that completely focus on “that one stress test” could be overlooking issues, such as historical events that “always happen” again. 

He believes that focusing solely on one stress test gives a “false sense of security.”

In conclusion, Dimon warns that more banking regulations are not the solution to the current banking crisis.

Could this mean that people would start to turn to decentralised finance? Banks such as SVB has shook the confidence of the customers in the banking sector.

In the coming years, only time would tell that mainstream adoption of DeFi would be used.

ASTR Bonus✨

Google releases Bard.

With ChatGPT bringing the AI wave. Google has just released their own AI called Bard. Twitter has been going nuts over these comparing what Bard results are compared to ChatGPT.

Considering that Bard is still in development, i would say that it is pretty impressive from my personal experience of what it can do.

It is connected to the internet unlike ChatGPT who’s knowledge is stuck in 2021.

It can do quite a few things that ChatGPT cant:

• Give image results

• Export results in docs/gmail

• Multiple drafts unlike a single output

• Voice input

• SEO specialist

It’s exciting to see this technology get developed overtime.

Ultimately in the end…. Would it replace us all? I think not.

We would just be more efficient in our ways working, instead of doing a lot of tedious tasks.

• Robinhood crypto revenue reported a 30% decline. Could this mean that retail investors are getting less interested in crypto?

• EY launches a Carbon Emissions Tracking & Traceability. They have built this on the Ethereum blockchain. More firms are utilising blockchain technology.

• Silvergate begins delisting process. The full effect of the failure of banks in US right now is yet to be felt by the market.

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.