Ethereum Layer 2 network Optimism (OP) announced that its community, through the Optimism Collective, has allocated 8,519,578 OP tokens to core Ethereum developers via Retro Funding. The distribution includes rewards for various teams, such as Protocol Guild, Go Ethereum, Solidity, and the team behind the ERC-4337 account abstraction standard, among others.

Retro Funding acts as a key component of the Optimism Collective’s economic model, aimed at recognizing contributions and promoting engagement within the Superchain. By rewarding these contributions, Retro Funding helps increase the demand for blockspace on the Superchain. This, in turn, provides additional revenue for sequencers and supports the continuation of future Retro Funding rewards.

Recently, Optimism concluded the fourth phase of this initiative, allocating tokens to various projects such as Zora and Sound.xyz, Mode network, and Layer3. These projects then distributed the tokens within their respective communities.

8,519,578

is the number of OP that Optimism Collective has rewarded core Ethereum developers through Retro Funding so far.@ProtocolGuild, @go_ethereum, @solidity_lang @erc4337 and many more teams pic.twitter.com/vcEhqakH4S

— Optimism (@Optimism) August 8, 2024

Optimism To Initiate Retroactive Public Goods Funding 5 To Reward OP Stack Contributors 

The upcoming Retroactive Public Goods Funding 5 initiative will focus on incentivizing contributors to the OP Stack. This includes those involved with core Ethereum infrastructure that supports the OP Stack, advancements in OP Stack research and development, and tools that enhance its accessibility and usability.

The initiative will allocate 8 million OP tokens to recognize the contributions of OP Stack supporters. The Foundation will determine the sizes for Retro Funding 4 and 5 and will propose the funding amounts for Retro Funding 6 and 7, which will be subject to approval by the Citizens’ House.

The registration period for this phase will be open from August 15th to August 29th. Following this, the application review process will occur from August 30th to September 13th. Voting is scheduled to begin in mid-September, with results and grant distributions starting on October 3rd.

The program recognizes contributions and impacts made from October 2023 to August 2024, focusing on Ethereum core contributors, OP Stack research and development, and OP Stack tooling.

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GPU cloud network io.net announced a partnership with the image-generation platform Leonardo AI aimed at enhancing its computational capabilities. Under this partnership, io.net will provide enterprise-grade L40S GPUs, enabling Leonardo AI to scale efficiently and meet the increasing customer demand for its generative AI content production services.

Leonardo.ai represents an advanced AI art generation platform that allows users to create images in various styles quickly using simple prompts. The platform supports video creation, AI-assisted sketching, and custom model training with user-specific datasets. Recent advancements encompass the introduction of the Phoenix foundational model, which enhances creator control with improved prompt accuracy, coherent text integration in images, and the capability to produce high-quality assets efficiently.

The new partnership will build on the existing use of A100 GPUs by Leonardo AI from io.net. The A100 GPUs will now be supplemented with a set of NVIDIA L40S models, which are specifically designed for high-performance generative AI and large language model (LLM) inference.

By providing advanced GPUs for image processing, io.net will help Leonardo AI manage its increased customer demand effectively. Access to this expanded fleet of enterprise-grade GPUs will support continued growth and ensure that customers experience the reliability and speed they expect from the platform.

Io.net’s Cloud Fuels Leonardo AI With Its GPUs

io.net is a decentralized physical infrastructure network (DePIN) that provides and manages on-demand, distributed GPU clusters from various geographic locations. The network currently offers access to hundreds of thousands of GPUs, designed to support low-latency and high-processing-demand applications such as AI and machine learning (ML) operations, as well as cloud gaming.

The recent development demonstrates the production-ready capabilities and growing demand for io.net’s distributed GPU network. It also highlights the potential monetization and distribution opportunities available to compute providers within the io.net ecosystem.

At present, the io.net Cloud offers over 300,000 verified GPUs and 37,000 cluster-ready GPUs, many of which will be utilized by Leonardo AI. Furthermore, io.net’s DePIN represents the largest GPU network of its kind, maintaining low latency, high availability, and global distribution.

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Mobile game developer and publisher Azur Games announced a partnership with the gaming platform PixelVerse aimed at enhancing Telegram mini-games. As part of this collaboration, Azur Games will introduce a new mobile game featuring PixelVerse characters on the PixelVerse Telegram mini-game platform.

PixelVerse recently reached notable milestones, including the successful listing of its PIXFI token and raising $7.5 million from prominent investors. The platform’s impressive growth in June was notably marked by the popularity of PixelTap, a widely played clicker game. Overall, both the platform and the game have attracted 75 million players and garnered more than 14 million social media followers.

“This year, Telegram mini-games have surged in popularity, particularly clicker games. PixelTap introduced an enhanced version of the clicker game popularized by Notcoin, integrating real-time PVP battles driven by clicking,” said Kori Leon, Co-Founder and COO of PixelVerse.

“Our next step is to further refine the gameplay and offer a diverse library of hyper-casual games within Telegram,” he added.

The platform aims to develop more engaging and sustainable gameplay that does not depend on airdrops to maintain player interest. According to Kori Leon, with Azur Games contributing their Web2 expertise, the goal is to create enjoyable and innovative gameplay experiences on Telegram that go beyond just clicker games.

Additionally, the partnership will aid in developing Telegram mini-games with advanced gameplay features. Specifically, Azur Games aims to attract more mainstream users to Web3 gaming through this collaboration, utilizing the combined strengths of both companies to bring new players into the fold.

Azur Games Exceeds 8B Downloads And Migrates Data To AWS ClickHouse Cloud

The company develops and publishes high-performing titles across various genres, including midcore PVP and hyper-casual games. In 2023, the studio exceeded 8 billion downloads and was ranked as the top global mobile game publisher by downloads, with 250 million monthly active users. Its recent expansion into the Telegram mini-games space aims to extend its reach to a major Web3 audience.

This year Azur Games has migrated all 120 TB of its game analytics data to ClickHouse Cloud on Amazon Web Services (AWS). This fully managed service enables the company to efficiently operate and scale high-performance analytical workloads without the complexities of managing the underlying infrastructure.

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Technology company Microsoft announced that it has partnered with the software company Palantir Technologies to enhance the capabilities of AI and large language models (LLMs).

Palantir Technologies is a software company specializing in data fusion platforms that allow both machine-assisted and human-driven data analysis.

Due to this partnership, the companies plan to enhance the United States Defense and Intelligence Community’s ability to leverage cloud, AI, as well as analytics capabilities. This will enable key national security missions to utilize Microsoft’s LLMs via the Azure OpenAI (AOAI) Service, integrated within Palantir’s AI Platform (AIP) in Microsoft’s government.

Additionally, Palantir will implement its suite of offerings, namely, Foundry, Gotham, Apollo, and AIP, within Microsoft Azure Government, encompassing the Azure Government Secret and Top Secret cloud environments.

This solution, combining Microsoft’s Azure cloud compute and LLMs with Palantir’s Foundry data incorporation and ontology capabilities, along with AIP’s use case development tools, will allow operators to create AI-driven operational workflows. These workflows will support various tasks, from logistics and contracting to prioritization and action planning and beyond.

Meanwhile, the Palantir Federal Cloud Service, which includes Palantir’s Gotham, Foundry, AIP, Apollo, and FedStart Mission Manager platforms, is authorized for deployment on Microsoft Azure within IL5 environments.

Furthermore, as part of the collaboration, Palantir and Microsoft will also offer bootcamp experiences to the Defense and Intelligence communities, allowing them to test the technology.

Microsoft Fuels AI Progress, Partners With OpenAI To Advance AI Model Training  

The company develops AI-powered platforms and tools to provide innovative solutions that address the changing needs of its customers. The company is dedicated to making AI widely accessible.

With the rapid advancement of AI, Microsoft has been actively involved in driving technological progress. Recently, Microsoft partnered with the AI research organization OpenAI, allowing OpenAI to use its OCI Supercluster for training and deploying next-generation AI models. This technology provides one of the fastest and most cost-effective AI infrastructures, supporting the development of large language models (LLMs).

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Indian cryptocurrency exchange WazirX announced that, after careful consideration and in response to community feedback, it will restore the balances of all accounts and reverse all trades executed on its platform after withdrawals were halted at 1 PM IST on July 18th.

According to the announcement, all users will have their portfolio balances on the WazirX platform restored to their state as of that time. This restoration will occur over the next few days, and affected individuals will receive an email detailing any trades that were impacted.

This move is intended to maintain the platform’s integrity and ensure a fair resolution for users following the disruption caused by the cyberattack.

Important Update:

We are actively listening to your feedback and taking decisive action to address your concerns! After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo… pic.twitter.com/Bmp6GqvPfr

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 8, 2024

WazirX Experiences Security Breach, Leading To A Loss Of $230M

Founded in 2018, WazirX’s exchange has over 16 million users and is integrated within the Binance ecosystem. The platform is designed to make cryptocurrencies accessible throughout India.

The exchange was exploited in July, leading to the loss of nearly $230 million, which represents about 45% of its total assets. The bad actor siphoned more than $100 million in Shiba Inu tokens, along with 20 million Matic tokens, valued at $11 million, 640 billion Pepe tokens worth $7.5 million, 5.7 million USDT, and 135 million Gala tokens, equivalent to $3.5 million. After the incident, WazirX suspended trading activities.

WazirX subsequently announced a plan for a “socialized loss strategy,” which includes two main approaches: pursuing legal action and socializing the loss while working on rebuilding. 

Additionally, the exchange initiated a poll asking customers to choose between two options: accessing 55% of their funds without the ability to withdraw but with priority for any potential recovery funds or accessing their funds with withdrawal rights but receiving second priority for recovery, with the remaining 45% converted to USDT and locked. This plan has faced a backlash from the community.

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CEO of cryptocurrency exchange Gate.io, Dr. Han Lin, delivered an insightful presentation at the Asia Blockchain Summit 2024, discussing the evolution of the cryptocurrency industry. In his speech, he reviewed the current state of the sector, noting that despite the growth, there is still considerable potential for further development.

In his presentation, Dr. Han Lin highlighted the improvements and technological advancements in the sector over time, which have enhanced the efficiency of blockchain technology. He further delved to examine the evolution of cryptocurrencies across various aspects, including their launch, tokens, exchanges, trading platforms, trading volume, market capitalization, blockchain development, and user engagement.

Initially, Bitcoin was mined using computers, and this approach was later adopted by altcoins. Subsequently, blockchain projects began using ICOs, which initiated a new era of cryptocurrency fundraising. This was followed by IEOs, which boosted credibility through established exchanges, and IDOs, which enabled projects to launch directly on decentralized exchanges. All these stages facilitated the project’s launches during that period.  Dr. Han Lin observed a growing trend towards community-driven launches within the cryptocurrency industry at present. He noted that memecoins, for example, have gained traction and engagement due to their strong reliance on community support and viral marketing. He also pointed out that ICO launches have decreased as the industry moves towards community-centric approaches such as airdrops.

Before 2017, the primary focus was on BTC and ETH tokens. This shifted towards stablecoins, followed by a rise in the popularity of centralized exchange (CEX) tokens. In 2020, DeFi gained prominence, and in 2022, GameFi emerged as another trend. Additionally, there has been an increasing number of tokens launched each year.

The CEO of Gate.io continued by saying that trading platforms are currently providing security and liquidity to millions of users worldwide. He noted that Solana and Base have become popular choices for launching new tokens due to their cost-efficiency. Dr. Han Lin also mentioned that industry veterans remember Mt. Gox cryptocurrency exchange launch and subsequent hack, as well as the rise and fall of another platform, FTX. According to him, prior to 2018, launching a CEX was relatively inexpensive, but increased competition and higher entry barriers since then have made it more difficult. In contrast, the decentralized exchange (DEX) sector remains more accessible, with lower costs associated with launching a DEX. Although the market share of DEXs compared to CEXs is still relatively small, it is expanding. CEXs continue to dominate the market, holding a larger share of the overall trading volume.

Dr. Han Lin Highlights Market Trends: BTC’s Growth, Solana’s Ambitions, And Fast Increase In Cryptocurrency Users

Dr. Han Lin noted that trading volume for coins outside the top 10 at present is diminishing, as most trading activity is concentrated in the leading cryptocurrencies. He advised caution to those investing in smaller coins, warning that they may face liquidity challenges if they need to sell. Overall, trading volume remains heavily concentrated in BTC, ETH, and stablecoins.

Discussing the current state of market capitalization, Dr. Han Lin noted that Bitcoin’s market capitalization is nearing that of Facebook. He projected that Bitcoin could surpass Facebook’s market capitalization within the next one to two years. While those of Bitcoin declined from 2022 to 2023 due to the bear market, it has been increasing this year. Notably, despite fluctuations, Bitcoin continues to dominate, accounting for over 50% of the total cryptocurrency market capitalization.

Additionally, Dr. Han Lin pointed out that Solana is currently leading in the blockchain space and aims to surpass Ethereum as the most popular blockchain. However, Ethereum still maintains the highest trading volume and total value locked (TVL) on DEXs and has the most active developer community.

Dr. Han Lin’s presentation also observed that while the number of internet users has grown over the past two decades, the rate of growth for cryptocurrency users has been even faster. He noted that there were only 1 million cryptocurrency users 11 years ago, but now, cryptocurrency is widely recognized, with over 500 million people considered active users.

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Bitcoin Layer 2 interoperability platform MAP Protocol (MAPO) unveiled its integration with the TRON, aiming to introduce advanced cross-chain messaging capabilities to TRON. Additionally, it plans to expand the reach of MAP Protocol’s ecosystem and offer TRON users and builders decentralized cross-chain interaction options, enhancing overall interoperability.

TRON represents an EVM-compatible Layer 1 blockchain that employs the TRON Virtual Machine to facilitate the creation and deployment of smart contracts for decentralized applications (dApps). Its token, TRX, is available for builders to use within their applications.

The integration offers several benefits, encompassing the ability to perform cross-chain smart contract calls and simplified integration with other ecosystems. It also supports decentralization without privileged roles and facilitates connectivity with both Ethereum Virtual Machine (EVM) and non-EVM blockchains.

The integration will leverage MAP Protocol’s zero-knowledge (ZK) and Light Client to foster interoperability between multiple blockchains. This will facilitate connections between the BTC ecosystem, EVMs, as well as TRON. Specifically, it will support the multi-chain transfer of the USDT stablecoin, enhancing the overall interoperable ecosystem, as noted by the project’s core developer in a written statement.

MAP Protocol Integrates with TRON to Facilitate Enhanced Cross-Chain Interoperability

MAP Protocol is thrilled to unveil an integration with the TRON blockchain.@MapProtocol will provide advanced cross-chain messaging capabilities to @trondao. The integration will broaden the… pic.twitter.com/tMYlb5SyBi

— MAP Protocol (@MapProtocol) August 8, 2024

MAP Protocol Creates Cross-Chain Messaging Solution For Solana And TON

It functions as a platform focused on Bitcoin Layer 2, prioritizing cross-chain interoperability. It offers the infrastructure and tools required for dApps to establish compatibility between Bitcoin Layer 2 networks and various public blockchains.

Its solution, based on ZK light-client, operates in a peer-to-peer manner avoiding the need to rely on trusted third-party entities. This method integrates previously isolated Bitcoin Layer 2s that rely on third-party bridges, creating a unified and decentralized ecosystem that is well-suited for application development platforms along with Web3 user interfaces.

Recently, MAP Protocol revealed that it is building cross-chain messaging modules for Solana and TON blockchains to meet the rising need for cross-chain smart contract interactions.

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In this interview, Mathias Beke, Partner & Co-Founder at Kairon Labs, shares his journey from traditional finance to the crypto market making. With over a decade of experience and a keen eye for market inefficiencies, Beke offers a unique perspective on the challenges and opportunities in the rapidly evolving cryptocurrency landscape. From ethical practices to technological innovations, he provides a comprehensive look into the intricacies of liquidity provision in both bull and bear markets.

Can you elaborate on your journey to Web3? 

I started working in traditional finance 12 years ago as an engineer in the engineering department of a bank in Belgium. In 2016, I was already investing a bit in crypto as a retail investor. In 2017, I decided to quit my job in traditional finance and fully focus on web3, mainly because I was interested in trading activities and saw a lot of inefficiencies in the market.

My current co-founder and I, together with somebody else we know, started investing in projects and advising projects. We kept seeing that market making was something that had a high necessity in crypto, and there were so many inefficiencies that we decided to fully focus on market making. That happened in 2019.

The last part of 2019 is when the actual market really started. It was a pretty tough ride for us, but we kept on building Kairon Labs and kept focusing on market making and helping token projects provide quality and launch into the market. We kept scaling Kairon Labs, and today we’re around 50 people. Our focus is still on providing liquidity and making sure we support token projects in launching their tokens on different exchanges and providing liquidity for them.

How do you ensure ethical market-making practices while still meeting the liquidity needs of emerging crypto projects?

First, we need to define what ethical market making is. In my opinion, ethical market making involves providing orders that others can execute and ensuring the avoidance of unethical practices. For example, in traditional finance, wash trading is considered illegal, so we apply the same standards. Spoofing or taking orders is also considered illegal, so it’s something we don’t do.

Ethical market making is crucial, and then secondly, no matter what the market is, you need to provide that liquidity. Whether it’s for high-volume tokens like BTC and Ethereum or smaller coins, for us, it’s almost exactly the same. Obviously, the more traded coins have more counterparties, so it makes trading simpler for us but more competitive, while lower traded coins are less competitive but more complex.

Being ethical throughout the chain is crucial, and making sure that you apply those practices throughout the cycle is essential.

Do you have different market-making strategies for bull and bear markets?

The strategies themselves are more or less the same. What you see in a bear market is that the inefficiencies are less apparent and also less available to trade on. It’s pretty hard at that point to take opportunities, so that is a difficult thing in a bear market. There are fewer opportunities because there’s less volume, and the more volume there is, the more opportunities there are, the more volatility there is – it’s like a snowball effect.

In a bear market, we use those times to enhance the strategies, improve strategies, and do research on the strategies. You don’t have time in bull markets to do that. In bull markets, there are a lot of inefficiencies, which is great, but then you see smaller players coming back in and starting to trade, so the competition is a bit higher.

Our strategies remain the same, and it’s about understanding the market so that you can configure the algorithms properly and provide liquidity. During extreme market events, it’s crucial to have your algorithms in circuit breaker mode and ensure your portfolio risk is managed. So you’re a bit more cautious of these things, and they’re really enhanced in our systems.

Is your approach different for various crypto assets?

It is different. For example, stablecoins are a whole different type of liquidity provision, so you need to stay in the peg. That’s not really something we focus on unless there are inefficiencies.

For DeFi coins, in a lot of cases, the liquidity is on decentralized exchanges, so the opportunities and the counterparties are on-chain and not off-chain. Your algorithms need to source the liquidity or your counterparties on a different level.

For layer-one tokens, you often need to source liquidity on their native chain. So technology-wise, you need to integrate with those chains and be prepared to find counterparties there. It’s more about the technology stack and which type of protocols you’re integrating with.

How are market makers addressing the challenges of providing liquidity for cross-chain assets and interoperability protocols?

That’s one of our biggest challenges. When we go to on-chain liquidity provision, especially on mature protocols and blockchains, the weaknesses in these protocols or smart contracts will always be there. If we provide liquidity on a centralized exchange, the counterparty risk is the exchange. But if we trade on a decentralized exchange, we’re integrating with smart contracts, and we don’t really know who’s behind it or what legal entity is behind it.

Counterparty risk is a big thing for us, and we’re very careful with it. There’s a balance we need to find. If we know these projects or blockchains well, maybe it’s worth deploying capital there because we have done due diligence on the team working on it. But the risk always remains – humans develop smart contracts, and humans can make mistakes.

How has the growing institutional adoption of cryptocurrencies influenced market-making practices and liquidity depth?

Institutional adoption is really on high market cap coins like Bitcoin, Ethereum, Solana, and Ripple. That means there is a lot of liquidity, more counterparties, and more volume coming in. This actually decreases volatility, although we have had a very volatile day yesterday. In general, it does decrease volatility.

The disadvantage is that because volatility decreases, the opportunities also decrease a bit. So you need to be creative as a market maker to find more opportunities in different markets and different products. This institutional adoption affects the top 20 coins or so, impacting volatility, liquidity, and the need for creativity in finding edges or alpha in our trades.

How do you balance the need for liquidity provision with the potential risks of market manipulation?

Of course, there’s no real framework today to define market manipulation in crypto. Luckily, that exists in traditional finance, and we try to implement those rules. As we speak, we are implementing a trade surveillance system on all the trades that we do to make sure that the algorithms are not manipulating the markets.

Trade surveillance helps us a lot. A small change in configuration could mean that trading is happening a bit differently, and we need to monitor that to ensure it’s within the framework that exists in traditional finance.

In the end, liquidity provision means you’re not taking the market, so you’re not really influencing markets. You’re providing liquidity and allowing people to take your orders. However, we also need to take orders from time to time to hedge our risks and manage our portfolio, and we need to do that diligently.

What measures do you take to prevent or mitigate the impact of flash crashes or sudden market shocks?

It’s a lot of experience that guides us. In our algorithms, we have different systems that capture certain risks, from inventory skews to portfolio skews, big P&L drawdowns, liquidation or margin thresholds, and counterparty risk. We even track the outflows of exchanges and observe behavior.

For example, if we see a lot of outflows, that will trigger an alert for our traders. The Jump offloading that happened yesterday and over the weekend – those are also triggers for us. Within the algorithms, we have a lot of fail-safes and mitigations based on things we’ve seen in the past to protect our algorithms and portfolio.

Do you use ZK proofs, or are there any other ways you provide security and privacy for transactions?

For on-chain transactions, Kairon Labs does not use ZK proofs today. What we do use are proxy blockchain distribution networks, which we utilize so that when we post our more important transactions, they are protected and executed as fast as possible.

Depending on the trade we do, we might want to directly send our transactions to miners or these distribution networks to protect our transactions from being in the mempool. These measures are mainly focused on privacy and speed.

What innovations is Kairon Labs currently working on to improve its market-making services?

It would be extremely sexy to say that we use AI, but we don’t use AI today. We use AI for our development to streamline our processes, but we don’t use AI to improve our algorithms. What we do use a lot is machine learning, which helps us make a near real-time analysis of what we feel is happening and ensure our inventory skews are managed properly.

I believe in making things as simple as possible. It’s a very competitive world, and the simpler you can make it, the faster you are. So actually, being innovative means making it as simple as possible.

From a technology point of view, the most advanced thing we do is making use of machine learning and a lot of data that we use close to real-time or for quantitative research. That requires some technological advancement to ensure that data is structured properly and extracted as fast as possible.

How do you see the intersection of AI and blockchain in the future, particularly for trading?

Machine learning is crucial for understanding your algorithms better, understanding the market better, segmenting markets better, and segmenting actors in the market. I think AI itself will have an impact in the years to come, but the question is what and how.

The finance ecosystem, whether traditional or crypto, is very complex and has many actors and players. I think AI can help in segmentation, but there always needs to be a counterparty. AI can streamline a lot for retail and help better understand what is happening, but for algorithms and high-frequency algorithms, I feel human interpretation is always necessary to have an edge on the market, at least for now.

What do you think stands behind the popularity of the tokens people get while playing clicker games?

You see these narratives in crypto – DeFi, gaming, NFTs, move-to-earn, play-to-earn, social-fi, and now these clicker games being a bit of a narrative within a bear market. From my personal perspective, I think it’s more of a distraction than anything else. I don’t see real value behind it, to be very frank.

I strongly believe in GameFi, and I strongly believe crypto has a fundamental strength in supporting GameFi. But I don’t really see these clicker games. I see it more as a narrative used by projects or founders to have a distraction for retail because, let’s be honest, the altcoin market is extremely dry and challenging right now.

What do you think will be the major developments in the market-making industry over the next few years?

Market making will become more and more like market making in traditional finance, in our opinion. Although it’s crucial that within the crypto industry, there are a lot of nuances – you have different blockchains, different ways to integrate with blockchains, and the dynamics of the blockchain itself about block time sizes, block sizes, and so on.

Off-chain, you have all these centralized exchanges. There are so many of them. We’ve already consolidated our integrations. It’s a bit different on that part, tech-wise. I think it’s much more different, and today it’s also much more open – you can stream order books as a retail trader, you could see all the things that are happening, literally everything, free of cost, which is amazing to see in crypto.

I do feel that traditional finance will take over a bit, especially on the big coins like BTC and Ethereum, and it will be extremely competitive. We will also see more consolidation of altcoins. There are so many altcoins right now, and it actually drives up the liquidity because every day, there’s a launch of a new token. But where do you find all the retail interest in investing in it? So that’s also something I see being consolidated in the future.

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CEO of Ripple (XRP), Brad Garlinghouse, shared a post on the social media platform X regarding the recent fine imposed on the firm by the United States Securities and Exchange Commission (SEC). In his message, he noted that the agency demanded $2 billion in the first place, but the Court lowered this amount by more than 94%, acknowledging that the agency had overreached. He expressed respect for this move and outlined Ripple’s intention to continue developing the company.

Brad Garlinghouse also noted that this development represents a positive outcome for the company, the entire cryptocurrency sector, and the rule of law, as the SEC’s challenges against the XRP community were addressed.

The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.

This is a victory for Ripple, the industry and the rule of law. The SEC’s…

— Brad Garlinghouse (@bgarlinghouse) August 7, 2024

On Wednesday, Ripple was imposed with a $125 million fine as part of litigation. The measure resulted from the discovery that the entity had conducted 1,278 institutional sale transactions violating the securities law. Additionally, the firm was ordered by the court to discontinue such breaches further.

Ripple Faces Mixed Rulings In SEC Case Over $1.3B XRP Sales

The SEC blamed Ripple for accumulating $1.3 billion due to the sales of its token, which it classified as an unrecorded security, in 2020. The recent order on remedies comes following the judge’s July 2023 decision, which unveiled that Ripple had disobeyed federal securities laws via its direct sale of the token to the institutional clients. Nevertheless, the judge also ruled that Ripple’s programmatic sales of XRP to retail clients via exchanges did not break any laws.

Subsequently, in October, the regulator decided to drop its legal case against Brad Garlinghouse and the firm’s co-founder, Chris Larsen, regarding the executives alleged engagement in unlawful securities sales.

As of this writing, the price of XRP is over $0.60, reflecting an increase of 18.42% in the past 24 hours, according to data from CoinMarketCap.

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Ethereum Layer 2 scaling solution Arbitrum announced a partnership with financial services company Circle to integrate Circle’s bridged USDC, as a custom gas token on Arbitrum Orbit blockchains. This collaboration enhances transaction processes within the Arbitrum ecosystem, offering users greater convenience, price stability, and accessibility.

This development will also allow users to pay transaction fees using bridged USDC as a custom gas token, removing the necessity to hold various types of tokens just for covering gas fees, aiming to simplify the transaction process and enhance user-friendliness.

Furthermore, as a digital US Dollar, USDC will offer price stability, pegged one to one to the US Dollar, which is essential for both users and developers. This stability ensures a predictable and reliable medium for covering gas fees. With over $1.6 billion in USDC already on Arbitrum, adopting USDC as a gas token reduces entry barriers for new users and projects on Arbitrum Orbit blockchains. This integration will simplify user interactions with the Arbitrum ecosystem by eliminating the need to convert assets.

For developers, this integration will provide an additional option for customizing Orbit blockchains and open up opportunities to apply for development grants from Circle. It also will allow for quick setup with Arbitrum Orbit Rollup-as-a-Service (RaaS) providers such as AltLayer, Caldera, and Conduit, with additional support from Ankr and Alchemy expected in the near future.

How This Layer 2 Transforms Ethereum

Arbitrum is a Layer 2 scaling solution for Ethereum aimed at improving scalability and efficiency. It employs rollup technology to boost transaction throughput and lower costs while preserving Ethereum’s security. Arbitrum comprises a suite of Layer 2 scaling solutions for Ethereum, including two active blockchains: Arbitrum One and Arbitrum Nova.

Meanwhile, its Arbitrum Orbit is an open-source framework enabling builders to deploy customized Arbitrum Rollup and AnyTrust chains. It is tailored for the Ethereum ecosystem, providing high performance, cost efficiency, and compatibility with Ethereum.

Recently, Arbitrum Orbit has become a platform for both testnet and mainnet deployments for the on-chain infrastructure providers Ankr and Asphere, as well as the Decentralized Physical Infrastructure Network (DePIN) protocol Destra Network. The partnership between these initiatives aims to develop a DePIN environment for Web3 projects on this network.

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Developer of the decentralized finance (DeFi) protocol for the USDe stablecoin, Ethena Labs, announced an integration with the Solana blockchain. This integration aims to deploy USDe on Solana (SOL) and introduce Layer Zero OFT. Additionally, it involves the inclusion of SOL as a backing asset for USDe, a move currently under governance review, along with the launch of Solana Sats Campaign. 

This deployment enables Solana users to conduct USDe transactions and earn rewards in sUSDe from Ethena Labs. Currently, more than 90% of the $3.5 billion stablecoin supply on Solana does not offer users the opportunity to earn rewards.

Furthermore, Ethena Labs has proposed adding SOL as a backing asset for USDe, with this proposal set to be reviewed by governance next week. This addition is anticipated to unlock an additional $2 to $3 billion in open interest across major exchanges, which will enhance the scalability of USDe.

SOL perpetual contracts began trading at a later date, and there is less historical data on funding rates. However, year-to-date, in 2024, SOL funding rates have surpassed those of both BTC and ETH, even after ETFs for BTC and ETH were launched. Pending governance approval, Ethena Labs plans to gradually increase its exposure to SOL while monitoring funding rates.

USDe is live on Solana as of today, August 7th

Read below for a list of our app integrations with USDe and sUSDe pic.twitter.com/vik1qESbN5

— Ethena Labs (@ethena_labs) August 7, 2024

Ethena Labs Introduces Solana Sats Campaign

Ethena’s integration with Solana also introduces new opportunities for earning Sats on Solana through a new campaign. Key highlight Sats integrations of this initiative include partner protocols such as Kamino, Orca, and Drift.

USDe has officially launched on Solana’s Kamino money market, which currently holds over $1 billion in total value locked (TVL), enabling users to earn 5x Sats on sUSDe collateral and 20x Sats on USDe collateral. Apart from that, one of Solana’s most active decentralized exchanges (DEXs) hit $1.5 billion in daily volume earlier this week, now offering users the opportunity to earn Sats by providing liquidity to USDe and sUSDe pairs against PYUSD at a rate of 30x Sats per day.  

Similarly, Drift, having achieved $1 billion in daily derivatives volume earlier this week, is a major player among derivative DEXs, allowing users to margin their positions with USDe or sUSDe while earning 5x for sUSDe collateral and 20x for USDe. Additionally, JitoSOL is under consideration for governance decisions related to onboarding SOL as a backing asset for USDe. Ethena Labs is also planning to integrate USDe with its restaking infrastructure once it becomes operational.

The post Ethena Integrates With Solana, Expanding Access To USDe And Adding SOL As Supported Asset appeared first on Metaverse Post.

We want to announce the launch of our Airdrop Calendar, our new project designed to provide you with a comprehensive and user-friendly resource. For the last few years, airdrops have become an essential tool for both projects and users, offering opportunities to engage with new tokens and communities. Our Airdrop Calendar aims to simplify this process, offering detailed insights, step-by-step guides, and real-time updates to help users navigate the world of airdrops with ease and confidence.

Overview of the Airdrop Calendar

Our Airdrop Calendar is meticulously structured around three main components, each designed to offer a complete and intuitive user experience:

Archive Table. This feature provides a historical record of both past and new airdrops, allowing users to explore trends and results over time.

Individual Pages. Each airdrop featured in our calendar has its own dedicated page. These pages provide in-depth information about the airdrop, including project details, distribution stages, and participation requirements. Users can access essential resources and links, making it easy to understand the scope and goals of each airdrop.

Guides. Our guides are designed to help users participate in airdrops effectively and safely. These comprehensive guides offer step-by-step instructions tailored to each airdrop, ensuring users can confidently engage with the process from start to finish.

Archive Page: Sharing and Subscription Features

The Archive Page serves as the central hub for users to access data on airdrops. This feature is designed with user engagement in mind, offering several functionalities to enhance the user experience:

Users can easily share airdrop information on popular platforms such as Twitter and Telegram, facilitating community interaction and discussion.

People can subscribe to receive updates on new airdrops and changes to existing ones, ensuring they remain informed about the possibilities.

These features are designed to foster a collaborative environment where users can share insights, learn from each other’s experiences, and stay updated with the latest developments in the airdrop landscape.

Airdrop Table Features

The airdrop table is one of the most important tools within our Airdrop Calendar, offering users a comprehensive overview of current and past airdrops. The table is divided into two distinct tabs: Current and Finished. This separation allows users to easily distinguish between ongoing and completed airdrops, streamlining their research and participation efforts.

The table is equipped with several unique features:

Direct Links to Guides. Individuals can access detailed guides directly from the table, providing instant access to valuable resources and instructions.

Accordion Features for Chains and Investors: Expandable sections reveal additional information about the blockchain chains and investors involved in each airdrop. Users can click on these sections to explore more details and access direct links to their websites.

FAQ Section

Our FAQ section is specifically designed to support newcomers and those entering the crypto world. This section offers clear and concise explanations of key concepts related to airdrops, helping to demystify the process for users who may be unfamiliar with it. Topics covered in the FAQ section include:

How to participate in airdrops?

Are there any tax implementations?

Understanding Risks and Safety 

By providing newcomers with the information and resources they need to succeed, our FAQ section aims to lower the barriers to entry and empower users to confidently engage with the crypto world.

Related News

The Related News section is an integral part of our Airdrop Calendar, automatically pulling relevant news from our website to keep users informed about the latest developments in the crypto space. This section ensures that users have access to timely information and insights related to airdrops.

The news updates in this section are also featured on individual airdrop pages, providing users with a comprehensive view of the market landscape and helping to drive traffic to our news content. By offering a seamless integration of news and data, we aim to provide users with a holistic perspective on the crypto industry.

Individual Airdrop Pages

Each airdrop in our calendar has its own Individual Page, offering users a wealth of information and resources to help them make informed decisions about their participation. Key features of these pages include:

An overview of the airdrop, including key details about the project.

Users can vote for the airdrops that they like.

Direct links to the project’s platform and social media channels, providing individuals with instant access to the latest updates and announcements.

Overview Section and Interactive Features

The Overview section on individual pages provides users with a snapshot of key metrics and information related to each airdrop. This section includes:

Clickable icons that lead to the blockchain’s website allow users to explore the technology and infrastructure behind the airdrop.

Information on the current stage of the event.

Details on the amount collected during the airdrop, providing insights into the project’s success and community support.

Users can visit the websites of investors. This solution offers transparency, and fosters trust within the community.

Additionally, users can share information on their social media, promoting engagement and discussion within the crypto community.

Guides 

It is a valuable resource for users looking to participate in airdrops effectively and safely. These guides offer step-by-step instructions tailored to each airdrop, ensuring users can confidently engage with the process from start to finish.

Each guide features a detailed header with relevant information duplicated from the individual page, ensuring users have quick access to necessary resources. The body of the guide provides comprehensive instructions, complete with representative screenshots, links, and descriptions of each stage of the airdrop process.

This detailed approach is designed to help users navigate the complexities of airdrops with ease and confidence, providing them with the tools and resources they need to succeed in the crypto world.

A Final Word About the Calendar on Mpost

Our Airdrop Calendar is a gateway to boosting awareness about this kind of event and it provides visitors with an ability to participate. By providing detailed guides, and intuitive navigation, we’ve created a platform that empowers individuals to make informed decisions and seize opportunities in this field.

We invite you to explore the Airdrop Calendar and discover the wealth of information it has to offer. Whether you’re a crypto veteran or a newcomer, this solution helps you be among the first to find out about the hottest airdrops in the space.

The post Introducing Our New Airdrop Calendar: A Comprehensive Resource for Easy Drops appeared first on Metaverse Post.

Cryptocurrency asset management firm Grayscale announced the addition of Bittensor (TAO) and Sui Network (SUI) to its range of investment products, marking the launch of Grayscale Bittensor Trust and Grayscale Sui Trust. These trusts are single-asset funds that exclusively hold their respective cryptocurrencies and are available to qualified individual and institutional accredited investors.

The Grayscale Bittensor Trust exclusively invests in TAO, the token that supports the Bittensor protocol, which uses tokens to promote the development of open-source AI. As of the latest data, the Net Asset Value (NAV) per share is $5.15, with a 1-day NAV per share change of 17.58%. The current assets under management (AUM) for this trust are approximately $1,216,735.27.

Bittensor is a digital asset generated and transferred through the peer-to-peer Bittensor Network, a decentralized system of computers that functions using cryptographic protocols. This network enables users to exchange tokens of value, referred to as TAO, which are recorded on the blockchain.

Meanwhile, Grayscale Sui Trust exclusively invests in SUI, the token that supports the Sui protocol, a Layer 1 blockchain designed to facilitate scalable decentralized applications (dApps). As of the latest data, the NAV per share is $8.97, with a 1-day NAV per share change of 12.69%. The trust currently has AUM totaling $219,764.90.

SUI represents a digital asset generated and transferred via the peer-to-peer SUI Network, a decentralized system of computers that utilizes cryptographic protocols. It facilitates the exchange of SUI tokens, recorded on the blockchain.

Both products allow investors to gain exposure to the project’s digital assets in the form of a security, circumventing the direct purchases, storage, as well as safeguarding of the assets. Shares are designed to track the market price of the asset minus any associated fees and expenses.

We are proud to announce the creation of two new single-asset crypto investment funds, available through private placement: Grayscale Bittensor Trust $TAO and Grayscale Sui Trust $SUI.

Available to eligible accredited investors.

Press release: https://t.co/Xplh81KI9W

1/3 pic.twitter.com/pGcLhcZSdD

— Grayscale (@Grayscale) August 7, 2024

Grayscale Offers Trusts For Near, Stacks, Solana Among Other Crypto Assets

It offers investors access to the digital economy via a variety of innovative investment products.

On May 23, it introduced two new trusts focused on Near and Stacks. These trusts provide accredited institutional and retail investors with the opportunity to access daily subscriptions and a diversified cryptocurrency portfolio. In addition, Grayscale offers trusts for other cryptocurrencies, encompassing Solana, Litecoin, Stellar, Zcash, Chainlink, and Decentraland, among others.

Recently, Grayscale launched the Grayscale Decentralized AI Fund, specifically designed for qualified investors.

The post Grayscale Unveils Two New Investment Products: Bittensor Trust And Sui Trust appeared first on Metaverse Post.

The potential trajectory of Bitcoin and the broader cryptocurrency market may significantly hinge on the outcome of the upcoming U.S. presidential election. The intersection of politics and digital assets has never been more pronounced, with former President Donald Trump and other prominent political figures actively engaging in the crypto discourse. 

The political undertones at the recent Bitcoin Nashville conference highlight the increasing relevance of cryptocurrency in the political arena.

Trump’s Evolving Stance on Cryptocurrency

Notable news has emerged on the recent policy change by former president Donald Trump towards Bitcoin. Trump has made a big change from his earlier negative views on digital currencies while he was president. 

While speaking at the Bitcoin Nashville conference, he pledged never to sell the government’s BTC holdings and to keep a strategic reserve of Bitcoin. Trump also said he would put in place crypto-friendly officials and establish an advisory council on the topic of crypto.

If Trump is elected president, these promises may have a major influence on Bitcoin’s value and market dynamics, according to analysts Joe Dickstein and Jonat Petersen.

Trump isn’t the only one who backs Bitcoin. One solution to the national debt, according to U.S. Senator Cynthia Lummis, is for the government to buy one million Bitcoins. Lummis says that Bitcoin’s long-term promise as an asset that goes up in value could give the country a big cash boost. These ideas, along with Trump’s strategic plans, show that more and more people are realizing Bitcoin could play a big part in the national and global financial systems.

Growing Support from the Market

Lots of people in the cryptocurrency sector are on board with Trump’s positive attitude toward Bitcoin. About 80% of crypto investors surveyed by AMBCrypto think Bitcoin’s value is set for a rise if Trump returns to office. The price swings of Bitcoin after Trump’s speech in Nashville mirrored this confidence before the $2B movement created some uncertainty in the market.

Nevertheless, the limited trading volume that followed this surge suggests that market participants are being cautious despite the confidence. The market activity and price changes in Bitcoin were accompanied by Trump’s plan to declare it as a strategic asset for the U.S., according to CoinSwitch Markets Desk.

Implications for the Market

Trump’s plan to establish a national Bitcoin reserve, similar to the United States’ gold and petroleum reserves, shows that he views Bitcoin as a strategic asset. As a hedge against economic uncertainty, this approach has the ability to stabilize or even boost the value of Bitcoin. 

A lot of money has been moving around in the market because many are expecting Trump to win. Traders in cryptocurrency have started placing bets on the U.S. presidential campaign using PolitiFi tokens, with tokens associated with Trump seeing significant price fluctuations. In response to reports of Trump’s attempted assassination, for example, the MAGA token had a 51% surge. 

There is a lot riding on the election result, and the general market sentiment clearly shows that. According to CoinDCX Founder and Partner Mridul Gupta, a Trump victory may send Bitcoin and the cryptocurrency market as a whole soaring to new heights.

On top of that, he highlighted that they are “confident” about BTC’s future and that they expect more “growth and stability” for the whole sector within the country and also in every country around the world.

While BTC is still struggling at this point, there are already some optimistic predictions out there. For instance, some analysts suggested that if Trump is elected, Bitcoin might soar to new heights, even rising as high as $150,000 by the year 2024. The prediction is based on the belief that the economic and regulatory reforms proposed by Trump will inspire market optimism.

A Calmer Future for Crypto?

The regulatory landscape for cryptocurrencies could undergo a significant transformation depending on the election results.

The cryptocurrency business is holding out hope that the next U.S. presidential election will bring about a more lenient stance on enforcement since it has been engaged in protracted conflicts with the SEC. Currently, given the Republican candidate’s public support for the $2.5 trillion industry, many believe that his reelection would put a stop on SEC’s rather aggressive policies.

Trump also stated that he plans to cut ties with the SEC chairman Gary Gensler “on day one” because of his aggressive approaches towards the whole sector.

According to legal analysts, if Trump were to become president, he would endeavor to improve conditions for the cryptocurrency business while also ending active enforcement operations.

This is in line with Michael Selig’s comment that a Trump victory could mean a reset on the SEC’s attitude towards the sector. As the partner at Willkie Farr & Gallagher LLP, he stated that this could resolve many of the existing cases. 

Since the crypto exchange FTX went down in 2022, the SEC has been cracking down harder on the crypto business as a whole under President Joe Biden and now in the new Harris administration.

Broader Implications for the Crypto Market

The broader implications of the U.S. presidential election on the crypto market are profound. The election outcome could determine the regulatory framework, market sentiment, and investment landscape for cryptocurrencies. A Trump victory, with his pro-crypto stance, could lead to increased institutional interest and investment in Bitcoin, fostering a more stable and growth-oriented crypto market. Conversely, a continuation of the current regulatory approach under Biden could maintain the status quo, with ongoing scrutiny and enforcement actions shaping the market dynamics.

The Future Remains to be Seen

The future of Bitcoin is intricately tied to the political landscape, particularly the outcome of the upcoming U.S. presidential election. The evolving stances of political figures like Trump and their potential policies could significantly influence Bitcoin’s trajectory, market sentiment, and regulatory environment. As the election draws closer, the crypto community and investors will be closely watching the political developments, understanding that the stakes for Bitcoin and the broader crypto market are higher than ever.

The post Does Bitcoin’s Destiny Hinge on the U.S. Election Results? appeared first on Metaverse Post.

The $2B movement of BTC assets from a Silk Road-related wallet made the headlines in the last couple of days. Interestingly, this happened only two days after Trump’s speech in Nashville, promising to establish a national BTC reserve after returning to the office. 

Let’s get a full recap of the event.

Silk Road BTCs in Movement

The U.S. government moved a whopping $2B in Bitcoin, money that belonged to Silk Road, a dark web platform that mostly dealt illegal drugs until the police took it down in 2014. The government took away the Bitcoin that people used to utilize on the platform.

Arkham’s data showed that a wallet labeled “U.S. Government: Silk Road DOJ” sent 29,800 BTC linked to the Silk Road website to an address that had never been used for a transaction before. After that, the wallet sent 19,800 BTC and 10,000 BTC to two distinct addresses. 

With the move, BTC fell below $67,000 and has continued to drop to around $50,000. Investors had hopes that Bitcoin would finally reach new record levels, but the dump dashed those hopes.

Probably, this action was taken because of changes to operations, a transfer of funds, or steps linked to future sales. The magnitude of the transfer makes it very improbable that these Bitcoins would be immediately offloaded into the market, as doing so can slide BTC into a much steeper nosedive.

Moving funds around is a common part of security measures. This is done to make sure that such massive sums are not kept in one place, minimizing any potential risks.

According to Arkham experts, the $10,000 BTC transfer could be a payment to a custody organization. There has been no indication that the coins would be sold just yet, but historically, similar moves have led to major sales.

Another theory is that the government is hoarding BTC for possible future sales, either to pay for expenses or to stimulate the economy. Big sales that happen all of a sudden are typically prevented so as not to upset the market.

Trump’s Bitcoin 2024 Speech

This move is especially interesting because it happened only two days after Donald Trump said he would set up a “national BTC reserve” if he won the election.

There was a rapid reaction from the crypto community, the majority of whom were critical of the transfer’s timing. Mike Novogratz was among the first to condemn such a move, calling it a “dumb” move that happened only two days after Trump’s speech.

Yet, venture investor Adam Cochran cautioned that people should remain cool since such moves are common and do not always mean a sale is imminent. 

At the Bitcoin 2024 conference in Nashville, Trump assured that the government would retain all of its 210,000 Bitcoin holdings, increasing market sensitivity to government actions. His speech, along with Senator Cynthia Lummis’ subsequent announcement of legislation, aimed at preserving the Bitcoin reserves. It triggered a weekend rally that saw Bitcoin approached $70,000 before a decline set in.

Catherine Chen, Binance’s head of VIP and institutional services, told Cointelegraph that the recent attention from Trump and other senior U.S. officials was a positive development for digital assets. She noted that it was significant for politicians and key industry figures to publicly acknowledge Bitcoin’s value in the monetary system and emphasize its importance in their agendas. Chen suggested that this could lead to clearer regulatory guidance as governments seek to define their positions on cryptocurrency.

She added that Binance had recently introduced what it calls the Capital, People, Technology (CPT) Framework to isolate specific structural factors that influence market dynamics.

“The establishment of strategic Bitcoin reserves will drive structural conditions under all three categories of our CPT Framework and advance the crypto market for the long term,” she said.

People have asked the DOJ to say whether the moved Bitcoin is meant to be sold, but they have not yet done so. The U.S. Marshals Service (USMS), on the other hand, just recently hired Coinbase Prime to handle and get rid of its large-cap crypto, which suggests that the move may not suggest a sale. 

There are some people who don’t think Bitcoin will become a critical reserve asset for the country. BlockTower CIO Ari Paul is optimistic about the short- and medium-term performance of BTC but suggests that the asset is still far from being a reserve asset. He said that in the next five years, there’s only a 10% chance for Bitcoin to become a U.S. strategic reserve currency. 

What Does it Mean for the Market?

A while ago, the price of Bitcoin was approximately $66,000, but it took a free fall below $50,000 this Monday. As long as the market feels that this massive move may indicate an approaching sale, it’s unlikely that the coin’s value can surpass the $70K resistance. 

Over the short term, however, the market may not be affected significantly if these funds are only being moved around for practical or security reasons. The current trend in Bitcoin’s price indicates that investors are becoming cautious after the failed effort to surpass the $70,000 barrier.

In 2024, traders have seen such tendencies in prices. After the introduction of spot ETFs in January, Bitcoin’s price spiked above $47,000—a level not seen in many years—but it quickly fell back down to $40,000 a few days later. After briefly surpassing $70,000 in early March, it swiftly dropped below $60,000. That same month, there was another record that briefly surpassed $73,500, but then another repeated downfall. 

But, despite all of this volatility in value, many experts claim that we should all remain optimistic about BTC’s performance in the coming months, particularly if the new government takes a more relaxed and supportive approach towards the whole sector.

The post U.S. Unloads $2 Billion in Bitcoin from Silk Road Seizure appeared first on Metaverse Post.

Digital product extension platform Aventus collaborated with Airport Perishables Handling (APH) at Heathrow Airport to release the pilot study titled “Web3 Takes Flight in Aviation: 2024 Aviation Supply Chain Outlook Report,” which suggests that airlines could achieve an overall cost reduction of 7% in their cargo handling operations by utilizing Web3-based solutions, among its key findings. 

In addition, the current tools for global Unit Load Device (ULD) management have not been updated since the 1990s and depend largely on manual data entry. This has led to critical issues with data visibility and accuracy, secure information sharing, and costly ULD losses, damages, and delays, which collectively cost airlines over $1.6 billion each year.

Meanwhile, Web3, utilizing blockchain technology, offers a strong solution to the issues and challenges with traditional ULD management. It can provide immutable, tamper-proof records that serve as a single source of truth, which helps eliminate disputes and enhance regulatory compliance. Additionally, it reduces administrative overhead and minimizes errors by automating manual processes through self-executing smart contracts. Web3 also enables real-time visibility into ULD location, custodianship, and condition while streamlining data sharing to help airlines optimize their operations.

Aventus’s Solution To Enhance Data Visibility, Accuracy, And Operational Efficiency Of Cargo Handling Sector 

Furthermore, the study conducted by Aventus highlighted that its end-to-end blockchain-based cargo handling solution enhances data visibility, accuracy, and operational efficiency in the cargo handling sector. Specifically, it achieves a 90% reduction in communication and error incidents due to digitized data capture, an 83% decrease in manual documentation time, and an 81% reduction in the time required for ULD stock updates, cutting it from 3-4 hours to just 30 minutes, thereby enabling real-time decision-making. Additionally, it results in a 28% decrease in loading times through optimized ULD loading processes.

“These results are truly remarkable, underscoring the transformative potential of blockchain for not only the aviation industry but for supply chains globally,” said Alan Vey, Founder at Aventus, in a written statement. “We are proud to be empowering enterprises to enhance data accuracy, reduce operational inefficiencies, and achieve greater transparency. As we expand our partnerships across North America, Europe, the Middle East, and Asia, we anticipate these results will only improve through network effects,” he added.

Aventus develops Web3 solutions for brands, aiming to enhance experiences and improve traceability, transparency, and product authentication. Its digital product extension platform provides a reliable Web3 environment for customers to launch various programs and product activations.

Its aviation solution establishes partnerships with major enterprises within the Polkadot ecosystem, including APH at Heathrow Airport, Vodafone’s Digital Asset Broker, and various major airlines across Asia and the Middle East.

“Aventus’ technology is fast and responsive, which is key in our busy airport environment,” said Michelle Roosevelt, Director at Aviation Perishables Handling, in a written statement. “We’ve seen huge improvements in productivity. The app is more than a tool – it’s reshaped how we manage and track our aircraft containers, and the Aventus team’s support and expertise in meeting our needs has been outstanding,” she added.

The post Aventus Supply Chain Solution Demonstrates Blockchain’s Transformative Impact On Aviation Industry appeared first on Metaverse Post.

Native token of the decentralized finance (DeFi) solution Nexera, NXRA is currently trading at $0.03627, reflecting a decline of over 40.83% in the past 24 hours, based on CoinMarketCap data. This drop follows a recent security breach that resulted in an estimated total loss of approximately $1.5 million.

Earlier today, blockchain security company Cyvers issued an alert about a suspicious transaction involving Nexera’s proxy contract. The company reported that an address assumed control of the proxy contract and upgraded it. Subsequently, this address used the withdraw admin function to transfer all NXRA tokens.

Subsequently, the accumulated tokens have been sold for ETH, and a portion of the funds has already been transferred to the BNB blockchain.

ALERTHey @Nexera_Official,
Our system has detected a suspicious transaction involving your proxy contract.
An address took ownership of your proxy contract and upgraded it. Shortly after, the address used the withdraw admin function to transfer all the $NXRA tokens.

The… pic.twitter.com/Of4bAD7UiP

— Cyvers Alerts (@CyversAlerts) August 7, 2024

After detecting the breach, Nexera began an investigation and paused the NXRA token contract, which halted trading on decentralized exchanges (DEXs). The company is also currently collaborating with centralized exchanges (CEXs) to suspend trading and has advised all users on the platform to cease trading activities, as noted in a post on the social media platform X.

Announcement

The team is investigating an exploit involving smart contracts containing NXRA tokens.

While we are still finalizing our findings, there are already a couple of things that we can share:
1⃣ The $NXRA token contract has already been paused. Trading is halted on…

— Nexera (@Nexera_Official) August 7, 2024

Nexera: What Is It?

The Nexera Foundation’s infrastructure integrates blockchain to streamline both on-chain as well as off-chain operations. Thereby, aiding in the operations of digital, financial, and real-world assets (RWAs). Meanwhile, NXRA functions as the utility token central to its infrastructure.

The platform’s objective is to connect traditional financial markets with DeFi by offering a variety of instruments and solutions for the tokenization, issuance, management, as well as trading of assets inside of a regulatory-compliant framework.

Nexera relies on the security measures provided by the Nexera Protocol, which integrates decentralized digital identity (DID) solutions, compliance workflows, auditing processes, and strategic partnerships.

The post DID-Powered Nexera Witnesses 40% Drop In NXRA Price Following $1.5M Security Breach appeared first on Metaverse Post.

Decentralized exchange (DEX) dYdX, which facilitates trading perpetual futures contracts, unveiled a new feature called MegaVault. This instrument allows dYdX Chain users to deposit USDC, offer liquidity to different markets, as well as secure yield in return. The deposited funds subsequently are set to be utilized to implement automated market-making strategies throughout the dYdX Chain markets.

With MegaVault, individuals have the option to deposit and withdraw USDC at any period of time and begin generating yield right away. Essentially, deposits can be viewed as owning a share of the vault’s net equity. However, in its primary version, users might encounter “slippage” due to the current status and positions of MegaVault, along with prevailing market conditions.

Meanwhile, the yield could be earned from profit and loss (PnL) on vault positions, shares of trading fee revenue, and potential rewards created by the community members and software developers.

Furthermore, the MegaVault may involve some manual operations, as, for instance, transferring USDC between market-specific “sub-vaults” or adjusting parameters within these “sub-vaults” that govern the vault’s quoting strategy and behavior. These tasks will be managed by an “operator,” who is selected through governance processes.

dYdX Chain Upgrades To 5.1.0 Version, Surpasses $200B In Total Transaction Volume  

It operates as a permissionless exchange for perpetual futures trading and features two main offerings, encompassing dYdX Chain and dYdX V3. dYdX Chain functions as a Layer 1 network utilizing Delegated Proof-of-Stake (DPoS) consensus, built with the Cosmos SDK and secured by the CometBFT mechanism. Recently, dYdX upgraded dYdX Chain to version 5.1.0, incorporating performance enhancements, Slinky updates, and improvements to the Vault user experience.

Its dYdX V3 represents a perpetual futures trading exchange that operates on a Layer 2 protocol created jointly by dYdX and StarkWare. This protocol leverages StarkWare’s StarkEx scalability engine and integrates dYdX’s Perpetual smart contracts.

Recently, the project announced that the total transaction volume on dYdX Chain has reached $200 billion, surpassing the previous milestone of $100 billion achieved in April.

The post dYdX Introduces MegaVault, Enabling USDC Liquidity Provision On dYdX Chain appeared first on Metaverse Post.

The cryptocurrency landscape is evolving, with numerous new crypto projects emerging that promise to revolutionize various aspects of technology and finance. This article explores several hot crypto projects, analyzing their technical aspects, unique features, founders, and future prospects to understand why these are considered some of the most promising crypto projects in the current market.

Nosana: Decentralized GPU Powerhouse

Nosana is one of the best upcoming blockchain projects, standing out as a decentralized platform on the Solana network, aiming to democratize access to GPU cloud computing for executing AI algorithms. Co-founded by Jesse Eisses and Sjoerd Dijkstra, Nosana addresses the GPU shortage in traditional cloud infrastructures by leveraging community computational power. This approach reduces costs and enhances accessibility for developers and researchers, making it a good new crypto project.

Nosana provides a decentralized marketplace for GPU resources, enabling users to rent computing power without committing to long-term contracts. This innovative blockchain initiative plans to incorporate major machine learning frameworks like PyTorch, HuggingFace, and TensorFlow, improving accessibility and functionality for AI developers. Built on Solana’s proof-of-history and proof-of-stake technologies, Nosana guarantees strong security and high performance.

Future developments for Nosana include phases like Triangulum (v1.X – H2 2024) and Whirlpool (v1.X – H1 2025), which focus on integrating key machine learning frameworks and supporting a wide range of GPUs. These efforts aim to establish Nosana as the world’s largest compute grid, making it a notable cryptocurrency project to keep an eye on.

Polygon: Ethereum’s Scalability Savior

Polygon is a top crypto project for developers seeking efficient and secure multi-chain systems. Initially known as Matic Network, Polygon is a layer-2 scaling solution for Ethereum, co-founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Polygon transforms Ethereum into a full-fledged multi-chain system, improving scalability and reducing transaction costs.

Utilizing a customized Plasma framework and proof-of-stake checkpoints, Polygon processes up to 65,536 transactions per block, enhancing scalability. Its multi-chain system empowers various applications, from rollup chains to standalone chains, providing a versatile and secure infrastructure. Security is maintained through PoS consensus, where validators stake MATIC tokens and participate in network governance.

Polygon’s future prospects include the AggLayer initiative, aiming to unify L1 and L2 chains with ZK-secured solutions, addressing fragmentation and scalability issues in blockchain networks. This makes Polygon one of the biggest blockchain projects.

Starknet: Ethereum’s ZK-Rollup Pioneer

Starknet, developed by StarkWare, is a Layer-2 solution for Ethereum using zero-knowledge rollup (ZK-Rollup) technology. Co-founded by Eli Ben-Sasson, Uri Kolodny, Alessandro Chiesa, and Michael Riabzev, Starknet leverages STARK cryptographic proofs to offer unparalleled security and scalability.

This technology allows Starknet to batch thousands of transactions into a single proof, verified on Ethereum, providing high security and efficiency. Starknet’s unique features include its use of the Cairo programming language for smart contract development, promoting a seamless environment for NFTs, DeFi, and other decentralized applications.

The network’s future enhancements aim to reduce costs and improve performance, including transaction parallelization and Cairo-native integration. These developments position Starknet as one of the promising crypto projects.

Ethena: DeFi Innovation

Ethena is a new cryptocurrency project that focuses on enhancing the capabilities and usability of DeFi protocols. Launched in late 2023, Ethena offers innovative solutions for staking, lending, and governance, making DeFi more accessible and efficient for users. This interesting crypto project quickly gained traction due to its offerings and strong security measures, attracting a growing community of users and developers.

Jupiter: Comprehensive DeFi Solutions

Jupiter, launched in 2024, is a cool blockchain project providing a comprehensive suite of tools for yield farming, liquidity provision, and decentralized exchanges (DEXs). Jupiter aims to simplify DeFi operations and make advanced financial services accessible to a broader audience. Key features include an intuitive user interface, security measures, and support for multiple blockchain networks. Jupiter has quickly become one of the largest DEX by daily trading volume, reflecting its adoption and trust within the DeFi community.

Pyth Network: Multi-Chain Oracle Solution

Launched initially on the Solana blockchain in 2021, Pyth Network is a big crypto project that has evolved into a multi-chain oracle solution providing high-frequency, accurate pricing data for DeFi applications. Pyth aggregates real-time data from financial institutions and trading firms, ensuring reliability and accuracy. The network’s key features include high-quality data, cross-chain compatibility, and decentralized governance.

DeepFakeAI: Democratizing Deepfake Technology

DeepFakeAI, although launched in 2023, gained prominence in 2024 by democratizing access to deepfake technology. This new crypto project allows users to create realistic AI-generated videos and personas without advanced technical skills. The FAKEAI token, built on the Ethereum blockchain, facilitates transactions within the platform, ensuring a scalable and efficient infrastructure for AI-driven media creation.

Conclusion

Nosana, Polygon, Starknet, Ethena, Jupiter, Pyth Network, and DeepFakeAI are among the most promising crypto projects in 2024. Each of these projects offers unique solutions to current blockchain challenges, from decentralized GPU power for AI to enhanced scalability for Ethereum and innovative DeFi solutions. Their advancements could redefine various sectors, making them. By staying updated with these crypto project news, one can better navigate the dynamic landscape of cryptocurrency and blockchain technology.

Moreover, on our Hot Projects page, you’ll find other noteworthy projects. This information is updated weekly. For your convenience, we highlight key aspects such as industry sector, market cap, investors, and more.
We believe that informed decisions are the best decisions. That’s why, if a project catches your eye, you can dive deeper with a detailed report from our analysts. These reports provide a comprehensive review, covering everything from the project’s social media presence to its tokenomics. We also include all the relevant links to the project’s networks, from their White Paper to their Twitter, so you have direct access to the most important resources. Our goal is to equip you with all the information you need.

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