GM, this is The Crypto Explorer, the only newsletter with headlines so hot our writer can't stand the heat! 🥵

Here’s what we got for you today:

• 🤯 Halt Blockchain with BNB chain's latest feature!

• 😟 Dapper labs duts Staff amidst NFT slump!

• 🧱 Around The Block: Blockchain group to push Philippines Web3 adoption via state partnership.

 🤯 Halt Blockchain with BNB Chain's Latest Feature!

The Binance-operated BNB Beacon Chain mainnet is gearing up for the "ZhangHeng" upgrade, and it's going to be a game-changer.

This upgrade, expected to occur on Jul. 19 at block height 328,088,888, will introduce a new feature that allows the blockchain to halt block production.

Yep, you heard that right!

The upgrade will implement Binance evolution proposal BEP-255, focusing on on-chain asset reconciliation.

Under the BEP-255, user balance changes will be tracked in each block and reconciled to identify any issues.

This could mitigate damage from potential cross-chain bridge exploits like the BNB Smart Chain exploit on Oct. 7, 2022. However, it will impact downstream services like bridges, deposits, and exchange withdrawals.

Is this a worthy sacrifice to protect the chain and its users?🤔 

Oh, and that’s not all we’re getting with this upgrade —The ZhangHeng hard fork will also include a bug fix to prevent “Rogue Key Attacks” and make the chain capable of handling more complex business rules and logic.

No action is currently required for BNB token holders that use Binance.com, other centralized exchanges, or cold wallets.

And for all you node operators out there, you can comply with the hard fork upgrade by following the instructions outlined by BNB Chain.

😟 Dapper Labs Cuts Staff Amidst NFT Slump!

Dapper Labs announces its third round of staff layoffs in less than a year!

The company has had two previous layoffs—an employee downsizing of 22% in November 2022 and a 20% staff cut in February 2023.

And this time around, they're bidding farewell to 51 employees, including full-time staff and C1 contractors.

According to data from Growjo.com, this latest staff reduction represents approximately 12% of Dapper Labs' total workforce.

The decision to implement the cut comes amidst a broader slump in NFT markets and trading.

Reports indicate that NFT markets were “out of balance,” with sellers dominating, and significant drops in floor prices have affected many prominent NFT collections.

However, Dapper Labs CEO Roham Gharegozlou has assured that Dapper Labs remains “well capitalized” but the cuts were necessary and the right thing to do to “ensure a lean and efficient” company.

Read his full statement here.

🧱 Around The Block: Blockchain group to push Philippines Web3 adoption via state partnership.

• 🤝 Web3 Partnership: Blockchain group to push Philippines Web3 adoption via state partnership.

• 📑 Report: Crypto scams are down 77% — but this exploit is making a huge comeback.

• ⚖️ Crypto Regulation: US industry watchdogs oppose draft bills on crypto market structure.

• 🕵️ Investigation: IRS investigating crypto traders using Puerto Rico tax breaks.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW”