Apple’s ambition to dominate the AI sector is facing significant obstacles in China, as stringent regulations and intense competition from local brands like Huawei are challenging its progress. 

The tech giant, which recently launched its innovative Apple Intelligence platform in the U.S., did not confirm the availability of these services in China, highlighting the complexities of operating in a heavily regulated AI market.

Regulatory and market challenges

In China, the regulatory landscape for artificial intelligence is notably stringent. Companies wishing to deploy AI technologies must navigate complex data protection laws and regulations concerning large language models (LLMs). 

For instance, any commercial use of LLMs requires prior governmental approval, and firms must ensure that their models do not disseminate prohibited content.  This environment poses a challenging scenario for Apple, which aims to integrate its AI technology across various devices through its Apple Intelligence initiative.

The challenge is further exacerbated by the existing competition in the Chinese smartphone market, where Apple’s market share dropped from 20% in the first quarter of the previous year to 15% in the same quarter of 2024. This decline occurs even as Apple introduces new AI-driven features that enhance user experiences, such as an advanced Siri and the capabilities to organize emails and transcribe audio.

Navigating through local partnerships

Due to the ban on ChatGPT in China, Apple faces additional hurdles. The company’s new feature, which allows Siri to utilize ChatGPT for processing requests, is unusable in China, forcing Apple to consider partnerships with local firms. Potential partners like Baidu and Alibaba, who have developed their own LLMs and voice assistants, could play a crucial role in adapting Apple’s AI services for the Chinese market.

IDC’s vice president of devices research, Bryan Ma, suggests that the regulatory challenges make China a unique case for Apple’s global AI ambitions. “Navigating this market will be complex due to the strict AI regulations in place,” Ma commented.

Privacy and server control concerns

Another significant challenge is the privacy and control of data. Analysts are keen to see whether Apple will manage to maintain control over its servers in China. “Operating fully controlled private compute servers in China under the current regulations will be difficult for Apple,” stated Neil Shah, a partner at Counterpoint Research.

The stringent regulatory framework in China necessitates that Apple comply with local laws and localize its AI offerings to align with Chinese customs and practices. CCS’s chief analyst, Ben Wood, highlighted the importance of localization, stating, “Adapting the Apple Intelligence experience for the Chinese market will not be straightforward due to the specific regulatory and cultural nuances.”

As Apple continues to adapt its strategies to the realities of the Chinese market, the tech world watches closely. The successful integration of Apple Intelligence into China could set a precedent for how global tech companies manage AI deployments in highly regulated environments.

The post Apple’s AI Strategy Faces Regulatory Hurdles in China first appeared on Coinfea.

Worldcoin, a cryptocurrency initiative by Tools for Humanity, has officially resumed operations in Kenya after the Kenyan police terminated their investigation into the project’s alleged illegal data collection practices. 

This development occurs amid widespread protests against corruption under the banner of Reject Bill 2024, positioning the project’s return as a significant event in Kenya’s tech and privacy landscape.

Police drop charges, paving the way for Worldcoin

In a notable turnaround, the Directorate of Criminal Investigations (DCI) in Kenya has decided to drop its probe into Worldcoin, which is linked to allegations of unauthorized data handling. The project, which aims to establish a global digital identity network, faced suspension last August due to concerns over privacy infringements. 

However, after a meticulous investigation, the DCI forwarded the case to the Office of the Director of Public Prosecutions, which concurred with the DCI’s findings and recommended closing the case without further action. Worldcoin’s legal team had sought clarity on the investigation’s progress in a formal communication to the DCI, with the final correspondence confirming the cessation of police action dated June 14, 2024.

Regulatory compliance and future operations

The Kenyan authorities have advised Worldcoin to align closely with local business and data protection regulations. The DCI emphasized the importance of proper registration with the Registrar of Business Registry and obtaining necessary approvals from the Office of the Data Protection Commission (ODPC) and the Communication Authority of Kenya (CAK). Additionally, they recommended thorough vetting and legal contracting of all third-party vendors in the country.

Worldcoin, through its operations director Thomas Scott, expressed gratitude for the impartial investigation and the subsequent decision. Scott emphasized that this resolution is not the conclusion of their efforts but the beginning of a renewed commitment to work within Kenyan regulations and to expand Worldcoin’s services, such as the World ID registration, across the nation.

Ongoing scrutiny in other nations

While Worldcoin can celebrate its reinstatement in Kenya, it faces legal challenges elsewhere. Germany remains the only European country where Worldcoin’s “Orbs” are listed as available. 

The Bavarian data protection authority is scrutinizing the company, which has temporarily halted operations in Spain until the investigation is concluded. Additionally, Portugal’s data protection authority has initiated an inquiry into Worldcoin’s U.S. operations, imposing a business ban during the investigation period.

This series of international investigations underlines the ongoing global concern over privacy and data security in the burgeoning field of digital identity and cryptocurrency. As Worldcoin navigates these challenges, its experiences in Kenya provide a crucial precedent for the project and the regulatory landscape confronting similar technologies worldwide.

The post Worldcoin Restarts Kenyan Operations Amid Reject Bill 2024 Protests first appeared on Coinfea.

Snapchat has introduced pioneering AI technology for real-time augmented reality (AR) enhancements directly on smartphones. 

During the recent Augmented World Expo, Snap co-founder and CTO Bobby Murphy showcased these innovations, which allow users to alter their backgrounds and apply realistic AR effects effortlessly.

On-device AI for augmented reality

Snap’s new AI tool leverages on-device image diffusion techniques to transform user environments with vivid AR experiences. This tool is part of Snapchat’s broader strategy to enhance its AR capabilities without needing server-side processing. 

The technology is crafted to be lightweight, enabling it to operate swiftly on mobile devices. This crucial feature allows it to re-render frames in real-time using text prompts. Murphy highlighted the importance of speed in AR technology, stating that enhancing processing times is essential for impactful AR experiences. The goal is to make these tools effective and accessible for everyday use by Snapchat’s vast user base.

Lens Studio 5.0: A game changer for AR creators

With the launch of Lens Studio 5.0, Snapchat is taking a significant leap forward in supporting AR developers. This latest update includes several generative AI tools that streamline the creation of AR content. 

Developers can now produce selfie lenses with highly realistic machine learning-generated facial effects and create detailed 3D assets from simple text or image prompts. Possible creations include fantastical characters, intricate face masks, and various textures, all crafted within minutes. This suite of tools is designed to save creators considerable amounts of time, weeks, or even months by simplifying the AR development process.

Enhanced creative capabilities and support

Lens Studio 5.0 incorporates an AI assistant capable of responding to developers’ queries, further enriching the AR creation experience. This addition is part of Snapchat’s continuous efforts to integrate AI into its services, enhancing user and creator engagement. 

Last year, Snapchat expanded its AI features by launching a ChatGPT-powered chatbot available to all users. This ongoing commitment to AI underscores Snapchat’s strategy to remain at the forefront of AR innovation and user interaction, facilitating a more interactive and immersive platform.

Snapchat’s latest advancements signal a significant shift in how AR content can be developed and experienced by users worldwide. With these tools, Snapchat enhances the creative possibilities for AR developers and ensures that these technologies are more accessible and efficient, aligning with the company’s vision of making AR a core part of everyday life.

The post Snapchat Unveils AI-Driven AR Tools for Enhanced Real-Time Effects first appeared on Coinfea.

The Jupiter DEX aggregator is considering a change in its tokenomics to enhance community benefits. 

The founder of Jupiter DEX, known on social media as @weremeow, has outlined a preliminary proposal to create a more sustainable economic model for the JUP tokens. Still in its early stages, this proposal suggests significant modifications, including reducing the JUP token supply and introducing new tools to prioritize community gains.

Token supply and community shifts

Jupiter DEX is exploring reducing the total supply of JUP tokens by 30% and gradually decreasing token issuance over time. This initiative is designed to align more closely with the community’s interests than large early investors. 

No time for an essay, so here’s the quick and dirty draft of the J4J plans:1. JUP Proposal– Propose 30% reduction in JUP total supply– Team will voluntarily cut 30% from their assigned allocation – Corresponding 30% reduction in Jupuary emissions – Possible because we don’t… https://t.co/rt5JA9UMb2

— meow 喵 (@weremeow) June 19, 2024

During a detailed live stream, @weremeow emphasized the project’s commitment to decentralization, revealing plans to transfer 50% of token control to its users. Despite this shift towards community governance, the Jupiter team will maintain considerable influence in adapting to varying market conditions.

In this crucial planetary call, we covered the past, present and future of JUP, including the proposal for supply reduction and future jupuaries and ASR.Here are the timestamps for the key topics covered – enjoy!——-04:04 – The Future of JUP05:45 – Key Ideas Behind $JUP… https://t.co/OqbjsRkfar

— Jupiter (@JupiterExchange) June 19, 2024

The proposed changes are part of a broader effort to transform Jupiter from a simple project into a critical player within the Solana ecosystem. Jupiter’s approach is highly community-focused and transparent, with the founder maintaining active engagement through various social media platforms.

Current status and market position

The proposal has yet to be finalized and will not impact JUP token holders immediately. However, a community vote is anticipated in July to decide on these proposed changes. Jupiter’s market performance is noteworthy; it ranks among the top aggregator services on the Solana blockchain. 

Although Jupiter DEX’s trading volumes lag behind Raydium’s, it has positioned itself as a competitive aggregator by offering optimal pricing and liquidity conditions.

Jupiter DEX has seen its value locked soar to over $915 million and has managed trading volumes up to $29 billion within 24 hours. Despite being a relatively new entrant operating solely on the Solana network, Jupiter is quickly closing in on capturing 10% of the total aggregator volume. This growth positions it just behind ODOS multi-chain aggregator and significantly ahead of 1inch in terms of value locked.

Prospects and community benefits

The JUP token currently has a fully diluted market cap of $7.49 billion and an active circulation of just over $1 billion. 1.3 billion JUP tokens are available for trading, fee collection, and other platform activities. Notably, Jupiter has a substantial token overhang with a supply of 10 billion, which could raise concerns as exchanges and traders increasingly scrutinize projects with considerable team and early investor benefits.

However, Jupiter has demonstrated a commitment to fair distribution practices. This includes a community airdrop held on January 31 and ongoing retroactive airdrops, which continue to distribute tokens to active participants in the ecosystem. Furthermore, the upcoming proposal by @weremeow may introduce additional lockup periods, potentially increasing rewards for long-term holders and further aligning with community interests.

JUP is trading at $0.77, reaching a peak of over $1.80 alongside the broader crypto market in April. The token is well-represented across major exchanges, with significant liquidity on platforms like Binance and Kraken. While Jupiter DEX permits free trades, it imposes fees on limit and DCA orders, with a 2.5% fee on certain transactions. These fees contribute to the community rewards, bolstering Jupiter’s position as a significant application on the Solana network and enhancing its potential to rival leading platforms like Raydium.

The post Jupiter DEX Announces Proposal for Revised Tokenomics first appeared on Coinfea.

Cebu, Philippines – August 23-24, 2024

The Universal Tech Expo 2024, set to be the most transformative technology event of the year, will take place on August 23-24 at the prestigious NUSTAR Resort & Casino in Cebu City, Philippines. This international event, organized by Knowlex, will bring together the brightest minds from around the globe to explore advancements in Blockchain, Forex, Fintech, Web3, AI, eSports, eGaming, and Cybersecurity. This is proudly supported by the Department of Information and Communications Technology (DICT) of the Philippines and Her Highness Princess H.H. Hesah Al Saud of Saudi Arabia.

Our MISSION is to bring together the brightest minds in digital technology to foster innovation, collaboration, and growth. We aim to create a platform where the latest advancements in Blockchain, Forex, Fintech, Web3, AI, eSports, eGaming, and Cybersecurity are not just discussed but experienced firsthand. Our goal is to inspire attendees, from industry professionals to aspiring students, to push the boundaries of what’s possible in the tech world.

A Global Confluence of Innovation

Designed to be a melting pot of innovation, the Universal Tech Expo will offer a unique blend of insightful keynotes, interactive workshops, and cutting-edge technology showcases. It promises to be a crucial platform for networking, learning, and sharing the latest technological advancements.

Why Cebu, Philippines?

The choice of Cebu as the host city aligns with the Philippines’ rising status as a tech hub in Southeast Asia. Known for its vibrant culture and burgeoning tech scene, Cebu offers the perfect backdrop for an event of this caliber. The Philippine government’s support further reinforces the city’s commitment to embracing and advancing technology.

Event Highlights

Keynote Speakers and Thought Leaders – Renowned figures from each industry will share their insights and experiences, providing a comprehensive overview of the future landscape.

Panel Discussions – Interactive sessions featuring industry experts will encourage dialogue, idea exchange, and audience engagement.

Exhibition Zone – Cutting-edge technologies, products, and services from leading companies will be showcased, allowing participants to explore firsthand innovations across various sectors.

Interactive Demonstrations and Startup Showcases – Witness live demonstrations and discover groundbreaking startups poised to revolutionize their industries.

Networking Opportunities – Business matchmaking and industry networking events will foster collaborations and partnerships, leading to potential business ventures.

Epic Afterparty and Closing Gala – Celebrate the achievements and contributions of participants, with awards for outstanding technological innovations and government contributions.

For Our Sponsors

The Universal Tech Expo offers a range of sponsorship opportunities, providing unparalleled brand visibility and engagement with a global audience. Sponsors will gain access to a diverse group of tech professionals, media, and business leaders.

About Knowlex

Embarking from a robust foundation in the UK and Europe, Knowlex extends its wings into the MENA region, aspiring to weave a seamless tapestry of experiences across the Blockchain, Forex, and Healthcare Expo segments. Our journey is illuminated by the presence of industry pioneers, wielding cutting-edge knowledge and insights into pertinent markets.

At Knowlex, our essence is encapsulated in our ability to curate vibrant platforms for training and networking, all while riding the wave of the most recent trends and technological advancements. Our dedication is unwavering, committed to orchestrating unparalleled events with a steadfast focus on reliability, exemplary customer service, and a unique flair that distinguishes us in the realm of event management.

Quote from Event Organizer

“We are excited to bring the Universal Tech Expo to Cebu and offer a platform for the tech community to come together. The expo is more than just an event; it’s a catalyst for innovation and collaboration,” said Dwain Elias, Head of Event at Knowlex.

Join Us in Cebu

The Universal Tech Expo is set to be a transformative event, bringing together a diverse group of professionals and enthusiasts from the finance and technology sectors. Don’t miss the chance to be part of this groundbreaking convergence of industries.

For more information and to register, please visit www.universal-tech-expo.com or contact us at info@universal-tech-expo.com.

Media Contact

Min Khant Aung @ Oliver

Marketing Specialist

Knowlex

+971 55 573 2365

Oliver@knowlex.ae

Melody Daquio

Senior Project Manager

Knowlex

+971 55 585 0016

Melody@knowlex.ae

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

The post REVOLUTIONIZING TECH: UNIVERSAL TECH EXPO 2024 IGNITES INNOVATION IN THE HEART OF SOUTHEAST ASIA first appeared on Coinfea.

Indonesia DIGITAL FINANCEFRONTIER: FINTECH UNLEASHED

jakarta,indonesia- 19/06/24

We TraiCon Events will be hosting Indonesia premier fintech event titled as “Fintech Revolution Summit” scheduled on 13th September 2024 in Jakarta City: The Financial Hub of APAC

This summit aims to bring together 400+ BFSI experts& fintech leaders to discuss and deliberate the trends around financial technology and investment opportunities for the finance sector. Fintech founders, central bank officials, FSI experts, regulators, policymakers, technologists, entrepreneurs, investors, academics, and media from around the world will come together to learn, discuss, debate and network.

Attendees Profile: Chief Financial Officer, Head of Digital Payment, Head of IT, Head of Fintech, Chief Information Officer, Head of Retail Banking, Heads of Customer Experience, Angel Investor, Head of AML, Head of Financial Regulatory

Many fintech and banking technology solution providers, cybersecurity companies, E-Payment & wallet companies, threat management, forex software and payment gateway companies would be participating in the Fintech Revolution Summit as Sponsors or Exhibitors who will be showcasing their host of solutions towards the future of finance.

Join us in Indonesia as it leads the way to the future at the Fintech Revolution Summit.

For more information regarding the event, please visit: https://fintech.traiconevents.com/jakarta/

For event inquiries:

Er. Prasanna | Event Producer | Traicon Events

prasanna@traiconevents.com | +0091 7708523918

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

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Table of Contents

Introduction

PawFury: The Future Contender

Ripple (XRP)

Polkadot (DOT)

Hedera (HBAR)

Conclusion

IntroductionFor those planning their 2024 crypto investments, this article highlights five must-have cryptos: PawFury, Ripple (XRP), Polkadot (DOT), and Hedera (HBAR).

PawFury: The Future ContenderPawFury has quickly emerged as a top contender in the crypto market, captivating investors with its unique blend of innovation and community support. The coin’s presale has raised $3.45 million. Investors can acquire tokens at $0.01006 before the price increases to $0.020 upon listing on major exchanges. With its growing community and innovative approach, PawFury stands out in the competitive memecoin space.

Key Highlights:

Community Growth: Over 33,560 active members on Telegram.

Presale Success: Raised $3.45 million during its presale phase.

Expert Predictions: Analysts forecast a 17,200% price increase once PawFury goes on public sale and hits major exchanges.

Ripple (XRP)Ripple is a well-established cryptocurrency focused on enabling fast and low-cost international payments. Despite regulatory challenges, Ripple continues to show resilience and potential for growth, especially with its focus on cross-border payments.

Polkadot (DOT)Polkadot focuses on enabling seamless communication across different blockchains. Its unique approach to interoperability and scalability sets it apart in the blockchain ecosystem. Polkadot’s vision of a unified and cooperative blockchain environment is gaining traction among developers and investors alike.

Hedera (HBAR)Hedera offers a unique public distributed ledger technology, providing a fast, fair, and secure infrastructure for decentralized applications. Hedera’s enterprise-grade performance and governance make it an attractive option for investors looking for long-term growth.

ConclusionPawFury, Ripple (XRP), Polkadot (DOT), and Hedera (HBAR) represent must-have cryptocurrencies for 2024. Each brings unique advantages and potential for substantial returns. Explore the possibilities with PawFury now.

While PawFury presents itself as an intriguing investment opportunity, it’s crucial for investors to approach their decisions prudently. Thorough research, staying informed about market trends, and carefully assessing their risk tolerance are essential steps before committing any funds.

Website: https://pawfury.com/Twitter: https://x.com/Paw_FuryTelegram: https://t.me/PawFury

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

The post Discover the Top 4 Cryptos That Could Change Your Life first appeared on Coinfea.

Tooting Market, located in South London, has taken a significant step towards embracing digital currency by allowing Bitcoin payments. 

As of June 18, eight vendors, including bars, restaurants, and a vinyl record store, have adopted Bitcoin as a payment method in the indoor marketplace. This initiative, supported by Bridge 2 Bitcoin, marks a notable advancement in Bitcoin’s adoption in the UK.

Bitcoin integration made it easy

Bitcoin enthusiast Hashley Giles masterfully orchestrated the integration of Bitcoin into Tooting Market’s payment system in collaboration with Bridge 2 Bitcoin. This initiative has drawn participation from significant players in the Bitcoin community, such as CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin core developers, Pleb Underground, and developers from the Lightning Network. 

Together, their concerted efforts aim to transform the Tooting Market into a crucial hub for Bitcoin adoption within the UK, aspiring to mirror the success of renowned Bitcoin adoption models like El Zonte in El Salvador. Their commitment underscores a significant movement toward broader acceptance and utilization of Bitcoin in mainstream commerce.

Bitcoin now accepted at South London's Tooting Market! Eight merchants at this historic market now let customers pay with BTC, blending tradition and innovation. #Bitcoin #BTC #TootingMarket #Adoption

— Ox HaK (@oxhak) June 19, 2024

The decision to embrace Bitcoin payments at Tooting Market is viewed as a strategic and forward-thinking move that could significantly influence the broader adoption of Bitcoin across the UK. Nicholas Gregory, a prominent leader at Mercury Layer & Civkit, strongly emphasized the potential benefits of this local initiative. 

He highlighted that traders’ increasing acceptance of Bitcoin could prompt the government to recognize Bitcoin as a legitimate payment method. Such official recognition could facilitate easier usage of Bitcoin and enhance tax efficiency for transactions involving this digital currency, streamlining financial processes and encouraging more widespread acceptance.

A rich history with a modern twist

Tooting Market was established in 1930, becoming the UK’s first food market. It has garnered acclaim for its excellence, securing the title of Best Small Indoor Market in 2017 at the Great British Market Awards. Additionally, it has been highlighted in Lonely Planet’s list of Favorite Lesser-Known Neighborhoods in the World’s Greatest Cities.

The recent introduction of Bitcoin payments injects a contemporary element into this venerable market, aligning it with modern technological trends and tackling the banking challenges that traditional cash-based businesses typically encounter. Lightning payments’ simplicity and permissionless nature are now significantly enhancing the transactional experience for merchants and customers within the market.

The post Tooting Market in London Adopts Bitcoin as a Payment Option first appeared on Coinfea.

Coinbase’s tokenless blockchain has rapidly become a frontrunner in adopting account abstraction. It revolutionized innovative wallet technology to resemble internet accounts while preserving the ability to manage and transfer tokens. 

In May, a significant increase in the usage of these wallets marked Base’s emergence as a critical player in the ERC-4337 upgrade on Ethereum. Although not the largest holder of wallets, Base has become the most active, attracting users with its low fees and integrating substantial inflows from the Ethereum ecosystem, indicating a potential shift in influential scaling solutions.

Surge in smart wallet adoption

The total number of smart wallets or ERC-4337 accounts has now surpassed 6.4 million. Various scaling blockchains have begun to implement this standard, each showing different levels of engagement. Base, however, stands out due to a sharp increase in May activity. Its wallets are among the highest gas consumption and lead in transaction production. 

#AccountAbstraction – wallet signing and repeat consent are essential. We will be making it easy for anyone anywhere to secure their DNA with a wallet.This is essential to onboard 1 billion users

— GenomesDAO Genomes.eth (@GenomesDAO) June 18, 2024

The trend known as “on-chain summer” could further enhance the popularity of Coinbase’s smart wallets despite only representing a small fraction of the more than 500 million wallets estimated across all blockchains. Since their introduction, account abstraction wallets have grown from 400,000 to millions in less than a year. Base and Polygon prominently drive this innovation by lowering transaction fees linked to DeFi, airdrops, and NFT activities.

Innovations in wallet technology

Previously, projects like the WAX wallet and games like Vulcan Forged attempted to simplify crypto wallet interfaces but faced challenges, including security vulnerabilities. Nowadays, venture capital fund startups focus on creating specialized abstracted wallets, foreseeing a potential hype in the crypto sector. 

The ERC-4337 standard, pivotal in this new era, provides robust tools for asset transfer, marking a significant stride toward the widespread adoption of user-friendly and secure smart wallets. The initial momentum for these wallets began in the second half of 2023, with chains like Optimism and Arbitrum initially leading. Still, Base has rapidly caught up, establishing itself as a leader in the field.

The current landscape of ERC-4337 wallets

Although Polygon remains the top blockchain regarding the sheer volume of ERC-4337 wallets, hosting over 5.6 million accounts, Base has demonstrated more substantial recent activity. With about 124,000 accounts, Base’s focus on transaction revenue and cross-chain activities peaked in May, overtaking other blockchains like Avalanche, Arbitrum, and Ethereum in active wallets, which total over 29,000. These ERC-4337 wallets facilitate User Operations as the basis of transactions, with each blockchain providing a Bundler service to check, verify, and process these transactions. 

These services are becoming major revenue streams for applications, underscoring the growing importance of this technology in the blockchain ecosystem. By streamlining the crypto experience and reducing operational costs, Base is enhancing its position and shaping the future of blockchain scalability and user engagement in cryptocurrency.

The post Base Leads in Deployment of Account Abstraction Wallets first appeared on Coinfea.

In a significant shift in strategy, Apple has decided to halt the development of its high-end Vision Pro 2 headset to focus on a more cost-effective mixed reality device. 

This change in direction, as reported by The Information, citing an employee from the device’s component manufacturer, aims to address the softer demand for the pricier model and cater to a broader consumer base.

Strategic shift to a more affordable model

According to insider sources, Apple has communicated to key stakeholders, including suppliers, that the company will now prioritize the development of a less expensive mixed-reality headset. This new model is expected to launch before the end of 2025 and will feature scaled-back specifications to keep prices down. 

Despite the pivot, Apple still plans to market its original Vision Pro in eight significant markets, including China and Japan, anticipating that this strategy will invigorate sales. Initially launched with much fanfare, the Vision Pro’s $3,500 price tag has since seen a dwindling interest, prompting this strategic redirection.

Cost-effective features and market positioning

The upcoming affordable model will only boast some of its predecessor’s high-end features. For instance, it might retain the high-resolution displays but compromise on other components like sensors and audio capabilities to reduce costs. 

Speculations suggest that the pricing could align with Apple’s top-tier iPhones, potentially around the $1,600 mark, similar to the iPhone 15 Pro Max’s price point. These adjustments aim to make the device more accessible and appealing compared to competitors like the Meta Quest 3, which is priced at $499.

Production shifts reflect market trends

Despite the ambitious launch of the Vision Pro, the market’s lukewarm response has led to adjustments in production plans. Reports from Techopedia suggest that if current trends persist, Apple might limit production to no more than 500,000 units of the Vision Pro by August 2024. This scaled production underscores Apple’s challenges in a market where price sensitivity is increasingly paramount.

The company’s broader AI and tech strategy was also highlighted during its recent annual developer conference, where partnerships with industry leaders like OpenAI were announced. This move, particularly the integration of ChatGPT into Apple’s services like Siri, sparked a positive reaction in its stock prices, showing potential recovery from earlier sluggish sales in key markets such as China.

By realigning its product offerings with market demands and price sensitivities, Apple continues to adapt its strategy in the rapidly evolving tech landscape. This strategic pivot to develop a more affordable mixed-reality device could help Apple capture a larger market share and meet the diverse needs of its global consumer base.

The post Apple Prioritizes Development of More Affordable Mixed Reality Headset first appeared on Coinfea.

Nomura’s cryptocurrency arm, Laser Digital, has obtained a second crypto broker license in the United Arab Emirates (UAE). 

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi’s ADGM (Abu Dhabi Global Market) awarded Laser Digital an FSP license, authorizing the company to offer broker-dealer and asset/fund management services for both virtual and traditional assets within ADGM.

Enhanced services under new license

This new license enables Laser Digital to extend its range of financial services in Abu Dhabi. The company, led in the UAE by Jez Mohideen with Ramin Shayesteh overseeing distribution, can now legally manage assets and provide broker-dealer services. This development came after the company received initial approval from ADGM last September. 

The leadership expressed their commitment to upholding ADGM’s high compliance and regulatory standards and contributing positively to its financial ecosystem. Before this new license, Laser Digital was already making inroads in the UAE’s virtual asset market with a full crypto license granted by Dubai’s Virtual Asset Regulatory Authority (VARA). 

This license allows the company to manage investments and offer retail and institutional clients broker-dealer services. Furthermore, Laser Digital has announced plans to introduce over-the-counter trading and new digital asset investment products aimed at institutional clients shortly.

Strategic investments and market development

In addition to expanding its licensing framework, Laser Digital is actively participating in the broader blockchain and digital assets industry. The company invested in MANTRA Chain, a Layer 1 blockchain solution designed for tokenizing real-world assets, in May. 

Earlier in March, MANTRA Chain secured $11 million in funding, positioning it near the final stages of its licensing process with VARA. Laser Digital also launched the Laser Digital Polygon Adoption Fund, which focuses on harnessing staking yields from the Polygon blockchain’s MATIC token, further underscoring the UAE’s role as a burgeoning hub for regulated cryptocurrency operations.

Commitments to compliance and market innovation

Jez Mohideen, CEO of Laser Digital, expressed enthusiasm about the new license, emphasizing the company’s dedication to maintaining the highest regulation and compliance standards. Arvind Ramamurthy, Chief of Market Development at ADGM, welcomed Laser Digital, highlighting its alignment with ADGM and the FSRA’s financial practices and regulatory framework standards.

The granting of this new license not only enhances Laser Digital’s service offerings and reinforces the UAE’s position as a leading regulated market for cryptocurrency exchanges and blockchain enterprises. With established players like Binance and OKX registered in the region, the UAE attracts significant global and regional investments in the crypto and blockchain sectors.

The post Laser Digital Secures Additional Crypto Broker License in the UAE first appeared on Coinfea.

The Sandbox, renowned for supporting virtual artists and creatives, has significantly invested in various meme coins, signaling a robust foray into the memecoin market. 

Announcing its significant holdings in PEPE, SHIB, MEME, DEGEN, DOGE, and BONK, The Sandbox aims to strengthen the communities behind these coins and enhance its influence within the Web3 ecosystem.

Strategic expansion through Meme coins

The Sandbox plans to introduce innovative initiatives to leverage its newfound meme coin portfolio. These projects are designed to benefit its platform users and the broader memecoin community. 

This strategy highlights The Sandbox’s commitment to inclusivity and unity, enhancing the dynamics within its diverse user base. Despite the recent downturn following the meme stock frenzy and heightened interest in Solana, meme coins have experienced varied market movements. 

DOGE, currently priced at $0.12, has dipped slightly by 0.2% in the past hour but has seen a 2.2% rise over the last 24 hours. Despite a 10.7% drop over the past week, DOGE maintains a robust market capitalization of $18 billion, backed by substantial trading volumes of $962 million in the last day.

SHIB also showed a minor decrease of 0.9% in the last hour, although it increased by 1.8% in the past day. The meme coin has a market cap of approximately $10.9 billion and a daily trading volume of $423 million. 

On the other hand, PEPE decreased by 0.9% in the last hour but jumped 7.8% in the previous 24 hours and 12.7% over the month, standing out with a market cap nearing $4.9 billion and a trading volume of $950 million.

Performance of other Meme coins

Bonk’s current valuation is $0.00002175, down by 1.2% in the last hour but up 2.5% over 24 hours. It has a market cap of around $1.44 billion and a 24-hour trading volume of $294 million. DEGEN shows a notable increase of 23.1%, though it has a smaller market cap of about $126 million. 

The coin’s trading activity remains high, with a trading volume of approximately $37 million, indicating vigorous trading. MEME coin has recorded a modest increase of 0.2%, with a market cap of $364 million and over $43 million in trading over the past 24 hours. This suggests sustained liquidity and engagement within the market despite the more minor fluctuation in price. 

The Sandbox’s strategic investment into meme coins marks a significant development in the cryptocurrency sector, especially within the Web3 space. By bolstering the meme coin market, The Sandbox supports the underlying communities and amplifies its role as a significant player in the digital creative economy. As the market continues to evolve, the impact of these investments will likely play a critical role in shaping the platform’s future and community.

The post The Sandbox Invests Heavily in Meme Coins to Empower Web3 Communities first appeared on Coinfea.

TikTok has introduced Symphony Avatars, a new addition to its digital tools. These tools enhance the capabilities of content creators and businesses on TikTok’s platform. 

This innovative feature is a part of TikTok’s Symphony suite, designed to bolster advertising solutions through advanced AI technologies. The company also unveiled Symphony AI Dubbing, a tool to break language barriers by offering translation and dubbing services in over ten languages and dialects.

Two types of avatars to boost global engagement

Symphony Avatars offers two distinct types of AI-generated avatars tailored to meet the diverse needs of TikTok’s user base. The first category, Stock Avatars, consists of pre-made models developed with the help of paid actors. 

These avatars are readily available for commercial use, allowing businesses to integrate a human element into their digital content swiftly. The second category, Custom Avatars, will enable brands and individual creators to craft avatars in their likeness or that of their representatives, capable of multilingual communication. 

This feature is particularly beneficial for reaching a broader audience by transcending language barriers. TikTok highlights the versatility of Stock Avatars, stating, “Stock Avatars allow businesses of all sizes to add a human touch to their content with quick and accessible global creators from a diverse range of backgrounds, nationalities, and over 30 languages.” This initiative reflects TikTok’s commitment to fostering inclusivity and broadening reach for content creators and businesses.

Symphony AI dubbing in breaking language barriers

Complementing the avatar tool, Symphony AI Dubbing is another significant enhancement within the TikTok Symphony suite. This feature supports content creators and marketers by enabling them to translate and dub their original content into more than ten different languages and dialects, including major ones such as Spanish, Portuguese, French, German, Thai, and Korean. 

The process automatically detects the spoken language in the video, followed by transcription, translation, and the production of a newly dubbed video in the selected language. Videos utilizing the Symphony Avatars or the AI dubbing tool will be marked as AI-generated to maintain transparency with viewers. However, TikTok has not disclosed the pricing details for these advanced AI advertising and marketing tools.

User reactions mixed

The introduction of Symphony Avatars has elicited mixed reactions among TikTok users. Some have expressed enthusiasm for these advanced features, like one user who commented, “waited an age for this stuff,” celebrating the innovative approach. In contrast, others have shown apprehension regarding the realistic nature of the avatars. A user expressed discomfort by stating, “This is MESSED UP,” pointing to potential concerns over the lifelike appearance of these digital personas.

These diverse reactions underscore the evolving landscape of digital content creation, where technological advancements continually reshape user engagement and content accessibility. As TikTok continues to expand its technological frontiers, the platform enhances user experience and sets new standards for digital marketing and cross-cultural communication.

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The South Korean cryptocurrency landscape is experiencing significant volatility due to the impending implementation of the Virtual Asset User Protection Act, scheduled for next month. 

This legislative move has sparked a widespread sell-off among altcoin holders, leading to a notable decline in coin prices across various exchanges.

Regulatory changes prompt market uncertainty

To enhance user protection and security, the South Korean government is set to enforce stricter regulatory measures on the trading of virtual assets. This includes the introduction of a new law mandating exchanges to review 600 cryptocurrency tokens. 

The review process is divided into two main categories: formal and qualitative standards. Formal standards assess the issuer’s credibility, user protection protocols, and technological security. Qualitative standards evaluate the volume of issuance, distribution strategies, and any alterations to the business model associated with the tokens. 

Despite the market’s reaction, South Korean financial authorities have clarified their stance, emphasizing that the government will not directly participate in the review process. Instead, individual exchanges will handle this responsibility per the Financial Supervisory Service’s Virtual Asset Supervision Bureau guidelines. These guidelines aim to standardize listing criteria across platforms, ensuring a more consistent and fair trading environment.

Exchanges address community concerns

In response to the turmoil and speculation within the crypto community, South Korean exchanges actively engage with their users to alleviate fears of mass delistings. Officials from significant exchanges have pointed out that the upcoming reviews are simply a continuation of existing practices, which have been in place to maintain market integrity. 

They stress that the new regulations do not significantly deviate from previous standards and should not result in the sudden removal of many tokens from the market. An official from the Korean Won Exchange reassured investors, stating, “This isn’t something new. It’s just a renewal of the transaction maintenance review. 

The chances of a mass delisting are very slim.” He further highlighted the role of investor responsibility and the need for awareness about the risks associated with coin investments. Moreover, the past has seen similar situations where lists of potential delistings have circulated, mainly targeting ‘Kimchi coins’ cryptocurrencies heavily traded domestically. These instances were often fueled by speculation rather than based on solid evidence, as noted by exchange officials.

Investor outlook and market adaptation

The crypto market will likely remain in flux as South Korea prepares for these regulatory updates. Investors are advised to stay informed and consider the stability and compliance of their investments with the new laws. 

Exchanges are taking a proactive approach to educating and updating their users, so once the new standards are fully implemented, the market is anticipated to stabilize gradually. This transition reflects South Korea’s commitment to fostering a safer and more reliable digital asset market.

The post South Korean Altcoin Market Faces Turbulence Ahead of New Regulation first appeared on Coinfea.

Deloitte, a global leader in professional services, predicts that losses from AI-enabled fraud could soar to $40 billion in the United States by 2027, marking a significant rise from the $12.3 billion reported in 2023. 

This escalation represents a compound annual growth rate of 32%, highlighting the growing challenge in combating technologically advanced fraud.

Rise in AI-enabled fraud tools

The projection by Deloitte’s Center for Financial Services underscores a worrying trend fueled by the proliferation of sophisticated AI tools. Criminals increasingly exploit these tools to orchestrate fraud against financial institutions and individuals. 

Deloitte indicates that there could be a less drastic yet substantial increase to $22 billion, but even this lower estimate underscores a significant concern in the finance sector.

The firm points to a burgeoning market of easily accessible fraudulent software as a critical driver of this trend. “Scamming software, ranging from as little as $20 to thousands of dollars, is now prolific across the dark web,” Deloitte’s report noted. This accessibility makes many anti-fraud measures less effective, as the technology democratizes capabilities previously only available to sophisticated operators.

Crypto fraud and deepfake concerns

The use of AI is not just limited to traditional fraud schemes but extends to more complex crypto-related frauds. For instance, a notable fraud involved a deepfake AI “gang” that successfully extracted $11 million from an OKX crypto exchange account by fooling the platform’s facial recognition systems. Star Xu, the founder of OKX, commented on the incident in a discussion with Cointelegraph Magazine, highlighting AI’s innovative yet malicious use in cybercrimes.

Strengthening defenses against AI frauds

Deloitte advises financial service providers to overhaul their defensive strategies. The firm recommends a robust investment in AI-based defense mechanisms and continuous threat detection and alert systems updates. “There is no single solution that can fully address the range of AI-enabled fraud risks,” Deloitte stated, stressing the importance of ongoing adaptation and learning for anti-fraud teams. Moreover, Deloitte suggests financial institutions should consider partnerships with third-party technology providers outside the banking sector. 

These collaborations can bring fresh perspectives and technologies to the fight against fraud, particularly in enhancing biometric and digital identity verification tools. Institutions like JP Morgan and Mastercard are already pioneering the development of AI-driven defenses to safeguard against the sophisticated threats posed by AI-enabled fraud. By integrating these advanced solutions, financial service providers can better protect themselves and their clients from the increasingly complex landscape of digital fraud, ensuring security in an era dominated by rapid technological advancements.

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In the serene early hours of February 7, 2021, the Dubai Creek canal was the scene of a grim discovery: Stanislav Drugalev, the brain behind the infamous Garantex crypto exchange, was found dead.

This tragic event marked a sinister chapter in cryptocurrency, sparking widespread speculation and investigation.

The ascent of Garantex

Garantex, under the leadership of Drugalev and co-founders Sergei Mendeleev and Alex Ntifo-Siao, rapidly evolved from a modest initiative in Estonia to a powerhouse in the cryptocurrency world. The platform capitalized on the global shift towards digital currencies during the COVID-19 pandemic, with its daily transactions peaking at a staggering 300 million rubles. 

The success brought its founders a lavish lifestyle filled with high-end real estate and luxury acquisitions. The narrative took a complex turn with Pavel Karavatsky’s entry. His history in Russian law enforcement and connections with the financial elite colored his involvement. Blavatsky, known for his ties to influential figures like Oleg Feoktistov and Ivan Tkachev from Russia’s security sector, aligned with Ntifo-Siao. 

Their partnership strengthened significantly in early February 2021, just days before Drugalev’s mysterious death. Karavatsky and Ntifo-Siao became beneficiaries of Fintech Corporation LLC, linked to Rosneft, signaling a move to seize control over Garantex. This strategic maneuver coincided with the troubling events leading to Drugalev’s demise.

Mysterious death and power struggles

Drugalev’s unexpected presence in Dubai and his subsequent death raised many questions. Theories about his end range from an accidental drowning to more nefarious motives, fueled by his connections and the critical data reportedly missing from his laptop. Following his death, Garantex plunged into chaos. 

Ntifo-Siao and Karavatsky quickly moved to consolidate their power, altering the company’s charter and reshuffling the board to secure their control. The aftermath saw Garantex’s governance shift drastically, with changes made to benefit a select few. 

These actions coincided with a legal challenge from Drugalev’s father, Konstantin Khazan, who fought against the unethical amendments to the charter that sidelined the legal heirs from their rights. After an initial defeat, Khazan’s persistence was rewarded by the Moscow City Court, which restored a significant portion of ownership to Drugalev’s family.

Government shadows and legal labyrinths

Beyond the personal tragedies and corporate battles, the Garantex saga suggests deeper state involvement. Karavatsky’s rise within the company and his connections imply a broader strategy by Russian governmental entities to leverage Garantex for state interests. 

This hypothesis is supported by the opaque nature of the ownership changes and the strategic legal maneuvers that followed. Parallel to the main events at Garantex, the Flip Animation Studio, which is involved in the animation industry, emerged as a front for questionable financial operations, potentially including money laundering. 

The intricate connections between Garantex, the animation studio, and Russian power brokers underline the complex interplay of business and politics in the shadows of the crypto world.

The unfolding story of Garantex offers a cautionary tale about the intersection of technology, finance, and power, where the lines between legal enterprise and governmental overreach become blurred. The true impact of these events continues to unfold, influencing the cryptocurrency landscape and the regulatory challenges it faces.

The post Cryptocurrency Undercurrents: Exposing Deceit at Garantex first appeared on Coinfea.

Blockchain protocols have witnessed significant user growth, driven by varying factors from Ethereum-based re-staking to the continuous expansion of older networks like Polygon. 

Notably, June 14 marked a peak in activity, with 181 protocols engaging 588 million token holders. Despite the buzz around these networks, the newer Base blockchain has yet to be included in this rising trend. 

Protocols with the biggest 7d uptick in tokenholder count.Why are investors buying into these protocols specifically? pic.twitter.com/fCt0ph8Pl2

— Token Terminal (@tokenterminal) June 16, 2024

Driving factors behind user influx

The recent uptick in user engagement can be attributed to hype and genuine performance improvements across these networks. Protocols like Aerodrome and Ondo have shown consistent user growth, setting new records almost daily. In particular, the re-staking Layer 3 protocol Pendle has seen its token holders double since March. Moreover, Ether. Fi has broken new ground by reaching 70.8K token holders, highlighting its increasing appeal among blockchain users.

Polygon’s gradual growth illustrates a broader adoption across games and DeFi protocols, necessitating MATIC ownership for participation. Similarly, smaller projects like Morpho are gradually increasing their user base while experiencing a rapid uptick in transaction fees. Additionally, COW Protocols has gained attention on social media, increasing stable user activity across its applications.

Trends in gaming and DeFi sectors

Gaming protocols, as reported by DappRadar, have seen a notable resurgence, marking a shift away from the play-to-earn model to more sustainable incentives like airdrops and whitelisting. In May alone, gaming applications expanded their user count by 7%, contributing to an overall retention of more than 10 million monthly active wallets. Daily active wallets in the gaming sector have grown to 3.13 million.

1/ The DappRadar x @BGameAlliance Games Report for May 2024 is live!In May, gaming dapps hit a new ATH with 3.13M dUAW, led by strong performances from @Ronin_Network and @Immutable.Overview in the thread Read the full report https://t.co/X6KwS0KK1M

— DappRadar Insights (@InsightsByDR) June 13, 2024

Despite this growth, the DeFi sector has experienced a decline from a peak of 6.9 million users in March to 5.4 million in May. The DeFi wallets increased from 35 million at the beginning of the year to 59 million by the end of May, although this number may not reflect unique users.

Blockchain performance and user engagement

On the broader blockchain landscape, Ethereum continues to dominate in scalability and diverse product offerings. In contrast, blockchains like Avalanche C-Chain have remained stagnant. Near Protocol, Telegram (TON), and Polygon have shown stable performance based on wallet count in recent months. 

Arbitrum has emerged as a noteworthy performer among newer blockchains, experiencing significant growth over the past three months. Despite this, the blockchain space struggles with genuine user engagement, overshadowed by automated bot activity and DeFi speed trading. Solana, TRON, and Near Protocol lead in terms of active wallet counts, although the focus remains mainly on a few smart contracts, such as those for stablecoins and MEV bots.

The blockchain sector continues to evolve, with growth being driven by a mix of hype, strategic incentives, and genuine performance improvements across various networks. Understanding these dynamics will be crucial for users and investors navigating the blockchain space as the ecosystem matures.

The post Top Protocols Experience Significant Growth Over the Past Week first appeared on Coinfea.

Raydium, Solana’s principal decentralized exchange (DEX), has experienced a significant increase in trading activity, recently surpassing Uniswap in 24-hour trading volumes. 

BREAKING: @solana-based @RaydiumProtocol becomes the #1 DEX, surpassing Uniswap V3 (Ethereum) in 24-hour volume. pic.twitter.com/GgJQ2Z0DPd

— SolanaFloor (@SolanaFloor) June 14, 2024

This shift highlights a growing preference for Solana-based assets, propelling Raydium to a short-term lead over its competitor. While it’s still being determined if Raydium can maintain this lead, its current 24-hour trading volume stands at $822M, a figure still below those of major centralized exchanges.

Dynamic trading on Raydium

Raydium often experiences fluctuating daily volumes, typically around $400 million. Its on-chain order book is a key factor driving these volumes, which enables rapid transaction execution. 

Despite a 20-25% transaction failure rate, the Solana network has effectively coped with most of this traffic. Comparatively, Uniswap V2 and V3 record daily trading volumes of around $192 million and $633 million, respectively. Raydium’s advantage lies in its ability to consolidate more trading activity into a single DEX platform, unlike Uniswap’s multiple versions.

Strategies against dishonest tokens

Raydium distinguishes itself by handling two main types of token activities. Some projects aim for extensive social media engagement before listing and setting high expectations. Others launch liquidity pools with minimal entry barriers, as low as 3-6 SOL, attracting automated traders eager to capitalize on potential breakout tokens. 

Recent boosts in activity were influenced by the launch of the Daddy Tate (DADDY) token by influencer Andrew Tate, with the SOL/DADDY trading pair constituting 22% of Raydium’s volume, driven mainly by bots. The prevalence of automated trading bots on Raydium, both buying and selling, poses risks and opportunities. June saw an increase in sell bots, outpacing buy bots by up to 30%.

These bots facilitate early access to newly launched tokens and enable quick profit-taking, contributing to the volatility of token values on the exchange. Additionally, Raydium faces challenges from pump and exposure bots that artificially inflate activity and liquidity pools that are vulnerable to attacks.

Leading in Solana’s ecosystem

Raydium accounts for 50% of all trading volume across Solana’s network, overshadowing other Solana DEXs and even Jupiter DEX aggregators. With over $900 million in total value locked, it is the fourth-largest DeFi protocol on Solana. 

1/Been a crazy 1st half of 2024 – time for quick Raydium run-down TLDR:– >275k pools created– ~50% of Solana trade volume– daily avg vol. >$1b– ~30% of Solana organic vol. – >11m RAY ($17m) buybacks– pool creation fees -> Raydium validator– new CPMM program– V3 UI

— Raydium (@RaydiumProtocol) June 13, 2024

This growth is partly due to the influx of funds into the Solana ecosystem, particularly after the downturns of 2022 and 2023. Despite the broader recovery, Raydium’s native token, RAY, trades at approximately $1.70, significantly below its peak of $16. Meanwhile, SOL, critical for liquidity in Raydium, has decreased to $146.14 after recent highs of over $170.

Raydium leads in capturing a substantial portion of Solana’s DEX activity. Its reliance on bots and the transient nature of meme tokens indicate potential volatility and security challenges. The platform’s capacity to manage these risks while sustaining growth will be crucial in maintaining its position in the competitive DEX landscape.

The post Raydium Overtakes Uniswap in Solana DEX Volume first appeared on Coinfea.

Rocket Pool (RPL) experienced a significant rally, pushing its price above $30. 

This surge, characterized by the second-highest trading volume in its history, has placed RPL near its upper trading range. Despite a subsequent retreat to $27.25, community enthusiasm remains strong, fueling hopes for another rally. 

The Rocket Pool project has garnered attention due to its potential involvement in the liquid re-staking trend, a significant value driver in DeFi. Although re-staking rumors remain unconfirmed, the community is actively discussing the possibility. The immediate catalyst for RPL’s rally is the Houston upgrade, which is set to go live on Monday.

Is @RocketPool_Fi launching its own restaking https://t.co/7Bi1lCxcxV

— taetaehoho (@0xtaetaehoho) June 14, 2024

Houston upgrade and re-staking possibilities

The Houston upgrade addresses several technical issues related to addresses and transactions within Rocket Pool. A vital component of this upgrade is the implementation of OnChain pDAO. This RPIP-32 proposal allows an address to deposit ETH to a node, enabling the node to make deposits using the provided tokens. 

While the Houston upgrade has not detailed specific use cases for this staking mechanism, potential applications include third-party pools and smart contracts for ETH deposits. Other possibilities are staking-as-a-service, DAO treasuries, and custodial intelligent contracts. These developments could increase the value locked in Rocket Pool and facilitate the creation of re-staking protocols. 

Any ETH deposited will be accounted for separately and can be withdrawn at any time. This new protocol aims to boost Rocket Pool’s value, currently at $4.45 B. Rocket Pool has been trending since May, driven by the appreciation of Ethereum (ETH) and anticipation of the Houston upgrade.

Tokenomics overhaul

Rocket Pool is preparing to update its tokenomics, removing RPL as a reward for node operators and reducing inflation from 5% to 1.5%. Node operators will no longer need to hold RPL stakes. Instead, they will hold RPL selectively for voting rights. Fees in RPL will be either redistributed to the DAO or burned. 

Rocket Pool’s requirement for RPL holdings drove demand for the token over nearly three years. Now, RPL must rework its inflows and value proposition. Some predictions suggest that RPL could become more valuable despite not being a requirement for running nodes. This tokenomics overhaul aims to position Rocket Pool competitively within the Ethereum network, which already supports multiple nodes among more than one million validators. Rocket Pool is outperforming other Liquid Staking Token producers by offering re-staking options.

Imagine the scenes after both #Houston and #Saturn are live completely overhauling @Rocket_Pool and shedding all capital inefficiencies. https://t.co/iKfVg5DCyT

— jasperthefriendlyghost.eth (@drjasper_eth) June 16, 2024

Rocket Pool hopes to expand its influence and value following the Houston update and the upcoming Saturn update. As of June, ETH has a supply exceeding 500,000 and trades at a premium of $3,965.03. After the tokenomics update, supporters anticipate a rise in RPL prices with the introduction of token burns.

Future ambitions and competitive landscape

Rocket Pool aims to outpace other protocols securing the Ethereum network, a goal dependent on the value locked and the potential introduction of Layer 3 or re-staking. Based on market capitalization, RPL is the second-largest liquid staking protocol after Lido DAO. 

The recent rally, which saw RPL’s price increase by 35% in the past week, reinforces the token’s strong market position. Rocket Pool’s continuous developments and strategic updates are poised to maintain its relevance and competitive edge in the evolving DeFi landscape. The community’s response to these changes and the technical advancements from the Houston upgrade will be crucial in determining Rocket Pool’s future trajectory.

The post Rocket Pool (RPL) Soars with High-Volume Rally, Speculation on Re-staking first appeared on Coinfea.

Binance, the largest cryptocurrency exchange by trading volume, announced the listing of zkSync’s ZK token on Monday, June 17th. 

This listing will feature multiple trading pairs, marking a significant milestone for the zkSync community. Binance also revealed plans for a ZK token distribution program to address ongoing concerns within the community.

The ZK token will debut with trading pairs, including ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Withdrawals for the ZK token will be available starting Tuesday, June 18th, a day after the listing. 

The ZK ticker will represent zkSync’s native token, a layer 2 scaling solution for the Ethereum network. This event aligns with the scheduled zkSync token airdrop, anticipated today, June 17th, with the Binance listing set for an hour later.

ZK token distribution program

Binance Will List @zksync (ZK) with $ZK Token Distribution ProgramListing Time: 2024-06-17 08:00 (UTC). #Binance ZK Token Distribution ProgramBinance is offering 10,500,000 ZK tokens to up to 52,500 Binance users who meet all of the following criteria… https://t.co/eVrl64hjUs pic.twitter.com/CyVKKalAmK

— Ethereum Daily (@ETH_Daily) June 17, 2024

In addition to listing the ZK token, Binance is launching a ZK token distribution program. This initiative will distribute 10,500,000 ZK tokens to up to 52,500 users. To qualify for this program, users must have completed at least 50 transactions on the zkSync Era initiated from their address. 

These transactions should have occurred between February 2023 and March 2024, spanning 14 months. Furthermore, users’ addresses must have been active for seven months, and the transactions should not be self-transfers. Eligibility also requires that users’ addresses have not received airdrops from the official ZK Nation airdrop. Addresses linked to contracts, centralized exchanges, or bridges are also excluded.

 Eligible users must deposit a minimum of 0.02 ETH into their Binance.com account. However, the total ETH deposited will not influence the ZK tokens received. The distribution will be on a first-come, first-served basis, with each eligible user receiving 200 ZK tokens. The first distribution from this program is scheduled to begin on June 25th.

Addressing airdrop concerns

zkSync airdrop is out. Most farmable and farmed airdrop ever probably. Almost no sybil filtering as far as I can see.Anyone who knew the criteria could've easily farmed the shit out of it.Makes you appreciate what LayerZero is trying to do with sybil filtering.

— Mudit Gupta (@Mudit__Gupta) June 11, 2024

ZK Nation has responded to community concerns regarding the airdrop. Some community members voiced frustrations, noting that the airdrop lacked effective Sybil filtering, potentially allowing bots to exploit the process and farm multiple ZK tokens. 

ZK Nation acknowledged these issues, highlighting the challenges of conducting airdrops and the sophisticated methods used by bot farms that mimic real users. In a public statement, ZK Nation expressed their awareness of the dissatisfaction among community members who received fewer tokens than expected. 

They emphasized their commitment to investigating reports and double-checking data to ensure accuracy and fairness. ZK Nation has released a set of FAQs to address these issues to provide clarity and support. Additionally, they are working on developing better methods for the community to provide feedback and prioritize concerns.

Community Commitment

Binance and zkSync are demonstrating their commitment to the community through the ZK token distribution program and their responses to airdrop concerns. They aim to build trust and support within the ZK community by ensuring a fair distribution process and addressing issues transparently. 

The listing of the ZK token on Binance and the subsequent distribution program are significant steps in promoting the adoption and growth of zkSync’s layer 2 scaling solution on the Ethereum network. This strategic move by Binance enhances the visibility of the ZK token and provides a structured approach to resolving community concerns, fostering a more robust and engaged ecosystem. The ongoing efforts to improve the airdrop process and ensure fair distribution reflect a dedication to maintaining the integrity and trust of the ZK community.

The post Binance Lists zkSync (ZK) with Token Distribution Program first appeared on Coinfea.