"Web3's Slowdown: Interoperability, Infrastructure Hinder Adoption"

Web3's development has been slower than expected, with several factors contributing to this dynamic. One key issue is the lack of interoperability between different blockchain networks, making it challenging for users to interact seamlessly across platforms. Additionally, the complexity of blockchain technology and the need for significant infrastructure development have hindered widespread adoption.

However, several recent developments suggest that the pace of Web3's growth may be accelerating. For instance, ZK International, a China-based company, has announced plans to launch a crypto banking wallet and credit card, xSigma Wallet, which will allow users to purchase memecoins and cryptocurrencies directly using Google Pay, Apple Pay, PayPal, and Visa/MasterCard credit cards. This move aligns with the growing trend in the memecoins market and aims to establish xSigma as a relevant player in the blockchain industry.

In another development, Uphold, a cryptocurrency trading platform, has resumed its staking services in the United Kingdom following a change in local regulations. The UK Treasury recently amended the Financial Services and Markets Act 2000 (FSMA) to clarify that arrangements for qualifying crypto asset staking are not considered collective investment schemes. This regulatory clarity has allowed platforms like Uphold to reintroduce staking services to their UK customers.

Meanwhile, THORChain, a decentralized exchange, has passed "Proposal 6" to convert nearly $200 million of unserviceable debt into equity via a new token, TCY (Thorchain Yield). This action was taken after suspending THORFi services due to financial uncertainties. Holders of TCY will receive 10% of THORChain's revenue indefinitely, providing a long-term incentive and recovery mechanism for those affected by the debt crisis.

The Securities and Exchange Commission (SEC) of Thailand has announced plans to introduce a distributed ledger technology (DLT)-based trading platform specifically for securities firms to engage in the trade of digital tokens. This development is part of the regulator's strategy to leverage technology in enhancing the efficiency of the capital market by promoting an electronic securities ecosystem.

Russia plans to establish a cryptocurrency mining equipment mandatory registration authority. The Russian Ministry of Energy announced that it plans to establish a single registry for cryptocurrency mining equipment, requiring all cryptocurrency mining operations to register. This move aims to better identify domestic mining activities, especially mining activities held in areas where