Guess who showed up to the metaverse? 🙈

Good morning folks!

And welcome to Switch Daily. 🤗

Let's face it. The market’s been acting like a moody teenager off late. But don't let that dampen your day, coz we got a truckload of cool news coming your way.

Here’s what we have for you today:

• Market pulse

• Ambani shows up on the metaverse

• Freshly pressed morning news

• Meme of the day

Market pulse 📈

Crypto market turns green

We turned pink with glee after the crypto market turned green this week. The global crypto market cap saw over 3% increase in the past 24 hours. Following this, the top two digital assets by market cap, Bitcoin and Ethereum, are trading above the psychologically important levels — $20,000 and $1,500, respectively. Overall, this week is already beginning to appear comparatively less stressful for the crypto community.

The metaverse has a new visitor! 👔

After Zuckerberg, Eminem, and Snoop Dogg, guess who made an appearance on the metaverse?

India’s very own Bade Bhai, Ambani ji 😎.

Yesterday, Reliance Industries held its 45th AGM to address its shareholders. And this time, they took it to the metaverse.

Whaaat?

Yep, Reliance Industries Chairman Mukesh Ambani conducted the company's annual general meeting (AGM) from an "immersive and interactive 3D world" called the Reliance AGM virtual reality (VR) platform. This version of the metaverse was powered by GMetri, a metaverse facilitating platform that provides immersive experiences without XR code.

The Virtual platform showcased a stage with four doors. Each one led to Reliance Foundation, Jio, Reliance Retail, and Reliance Industries. You could click on each door to get a detailed report of the business last year.

The best part is — using the metaverse, he could address ~640 crore shareholders from every corner of the country. Mindblowing no?🤯

Psst... Reliance also took an interest in the metaverse six months ago by investing $15 million (around 112 crores) in Silicon Valley-based deep tech start-ups.

And since we like to talk about modern money, here are some highlights from the AGM:

• RIL wants to take India’s fixed-line broadband from 138th position to the top 10 globally. They want to introduce something called ‘true 5G’. Apparently, this can be used without depending on the existing 4G structure.

• They are already working with Google to deliver affordable smartphones for Indians.

• Big news — RIL is now venturing into the FMCG business. That means we might soon see the likes of Jio biscuits, Jio noodles, etc. (if they plan to call it Jio, that is).

What’s making headlines today 📻

😱Ethereum to lose access to a critical cloud host

Web hosting service Hetzner, which hosts about 10% of Ethereum nodes, has taken a strict stance against offering services for crypto-related activities, including staking and mining. Losing Hetzner would mean Ethereum stands to lose 10% of its node spread. Read more.

🔻Inflation rate concerns drag down Ether metrics

While most crypto assets took the hit, it turned out to be a double whammy for Ethereum. Along with the ETH prices which were corrected over the weekend, the ETH funding rate too dropped. For perspective, the current funding rate is the lowest in the past 14 months, signifying bearish sentiments among ETH traders. Read more.

🆕Compound’s new DeFi lending platform ticks the right boxes

A new version of the existing Compound protocol— Compound III— is now live following a successful governance proposal. Conceptualized in 2018, Compound is one of the DeFi pioneers that made collateralized borrowing popular. Read more.

🙅‍♂️AVA Labs dismisses charges; denies wrongdoing

Ava Labs chief executive Emin Gun Sirer has categorically dismissed charges leveled against it by CryptoLeaks, terming it “conspiracy theory nonsense.” Read more.

Meme of the day:

Well, that's a wrap for today!

See you, tomorrow folks, 👋