Thursday, Nov. 7
Cytonic, Layer-1 Chain With 'MultiVM' Design, Raises $8.3M in Seed Round
Cytonic, a layer-1 blockchain known as "MultiVM" designed to be open to all technologies used in Web3, has closed its $8.3 million seed round, co-led by Lemniscap and Lattice. According to the team: "Developed by MultiVM Labs, Cytonic is the first layer 1 that runs multiple VM's within the same network layer using shared storage, addressing blockchain compatibility challenges. Cytonic is compatible with most blockchains like Bitcoin, Ethereum, and Solana, enabling different transaction types to be processed together in a single block. The goal is make on-chain interactions easier while reducing transaction fees and waiting times when moving assets between chains."
Algorand Preps December Launch of 'Crypto’s Most Inclusive Staking Rewards Program'
The Algorand blockchain is preparing to roll out what it describes as "crypto’s most inclusive staking rewards program." According to the team: "Scheduled to go live in December after a consensus mechanism upgrade, ‘block rewards’ will start to be paid, in real-time, to validators successfully proposing blocks to the layer-1 blockchain. The rewards begin at 10 ALGO per block and will decay by 1% every 1 million blocks. Validators will also receive 50% of the transaction fees of the blocks they successfully propose." {{ALGO}}
Hyperbridge, Polkadot-Based Blockchain Interoperability Protocol Relying on 'Coprocessor Model,' Launches Mainnet
Hyperbridge, a blockchain interoperability protocol, has launched its mainnet on Polkadot, and supports Ethereum, Optimism and BNB Chain. According to the team: "With $2.5 million in seed funding led by the Web3 Foundation and Scytale Digital, it provides secure & scalable cross-chain solutions. Key features include the Gateway token bridge, which leverages zk-proof security for asset transfers, instant multichain liquidity and cross-chain messaging. Hyperbridge supports use cases like unified liquidity pools and multichain expansion for DAOs and stablecoins, positioning itself as a robust infrastructure for DeFi." According to the project documentation, Hyperbridge relies on the "coprocessor model, where the verification operations are performed offchain and the results are securely reported back on-chain alongside cryptographic proofs of correct execution."
Solv Protocol Introduces Classification System for Underlying Assets of SolvBTC Reserve
Solv Protocol, a Bitcoin staking platform, has introduced a classification system for the underlying assets of its SolvBTC reserve, dividing them into Core Reserve (native BTC, Binance-backed BTCB) and Innovative Reserve (wrapped assets like WBTC, cbBTC), according to the team: "This setup enhances stability and risk management through minting caps and cross-chain rate limits on the Innovative Reserve. Now one of the largest multichain BTC liquid staking token issuers, Solv spans 10+ networks, including Ethereum and BNB Chain, with over 24,000 BTC ($2 billion) in reserves, offering secure, yield-generating opportunities in DeFi."
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