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.

The post Bulls vs. Bears: Unveiling the Adaptive Strategies of a Top Crypto Market Maker appeared first on Metaverse Post.

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.

The post Ripple CEO Highlights End Of SEC’s Resistance To XRP Community In Latest Legal Move appeared first on Metaverse Post.

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.

The post Arbitrum Partners With Circle To Integrate USDC As Custom Gas Token For Orbit Chains appeared first on Metaverse Post.

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.

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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.

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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.

The post The Evolution of Crypto: Must-Watch Hot New Projects in 2024 appeared first on Metaverse Post.

Decentralized smart contract platform, Sonic Labs announced a partnership with Sentio, a development platform for cryptocurrency applications. This collaboration will facilitate the distribution of 190,500,000 S tokens to the community. Additionally, Sentio will be responsible for developing and managing the points tracking system and frontend dashboard on the Sonic network.

Sentio serves as an indexing service that simplifies point tracking by retrieving historical user positions and updating points with each interaction. Its database processes queries at high speeds, facilitating the efficient onboarding of new users.

Sentio also plans to collaborate with Open Block to oversee all activities and identify malicious actors. Additionally, it aims to develop a high-quality frontend portal where users can view their airdrop points and access comprehensive historical data for all Opera and Sonic applications.

Announcing @SentioXYZ as one of the key partners for our airdrop on Sonic with 190,500,000 $S across multiple phases!

Sentio will help create and oversee our points tracking and frontend dashboard on #Sonic.

Learn more about them pic.twitter.com/GOTMEuJDpn

— Sonic Labs (prev. Fantom) (@0xSonicLabs) August 6, 2024

Fantom Rebrands To Sonic Network and Introduces S Token 

Previously known as Fantom, the project was recently rebranded to Sonic Network, as announced in May. The rebranding marks a shift in focus towards developing decentralized applications (dApps), while the Sonic Foundation will oversee governance and treasury functions. As part of this transition, the FTM token will be upgraded to the new Sonic native token, S. Existing FTM holders will have the opportunity to convert their tokens to the new S token on a one to one basis.

The Sonic Network is a Layer 1 blockchain with a built-in Layer 2 bridge connected to Ethereum. It supports up to 2,000 transactions per second (TPS) with near-instant finality, representing a notable upgrade from the Fantom Foundation’s existing Opera network, which handles only 200 TPS. The new network is capable of processing over 180 million transactions within a 24-hour period, delivering real-time confirmations in less than a second.

The Sonic protocol is anticipated to launch by November or December this year. The S token is projected to play a key role within the ecosystem through various mechanisms. Among them are airdrops, staking options, incentive programs, and other strategies.

The post Sonic Labs Collaborates With Sentio, Allocating Over 190M S Tokens To Community appeared first on Metaverse Post.

AI solution gmAI, developed for the Solana ecosystem, announced the integration of the Allora network‘s forecasting model as a key plug-in for GM-featured stores. This integration allows decentralized applications (dApps) to effortlessly connect with the gmAI software development kit (SDK) and utilize the forecasting indicators for future applications.

The Allora Network is an advanced protocol that leverages decentralized AI and machine learning (ML) to generate and deploy predictions within its ecosystem. It provides a structured mechanism for users to access predictions from ML models on-chain and compensates the operators of AI or ML nodes that produce these forecasts. The network bridges the information gap between data owners, data processors, AI or ML predictors, market analysts, and end-users, helping to enable the practical application of these insights.

.@AlloraNetwork @gm_dot_aihttps://t.co/ard5gukMTL is excited to integrate the forecasting model from the Allora network, making it a flagship plug-in for GM-featured stores.

Dapps can seamlessly integrate with the https://t.co/ard5gukMTL SDK to utilize the forecasting… pic.twitter.com/2WQX6zsWG3

— gm.ai (@gm_dot_ai) August 6, 2024

GmAI Utilizes AI Models To Offer Builders API And SDK For Integrating AI Into Their DApps

GmAI aims to enhance dApps by enabling a range of functionalities, encompassing executing on-chain transactions, providing insights, and managing complex actions such as yield farming. The goal is to make dApps more accessible and user-friendly.

Furthermore, it leverages pre-trained AI models that continuously process real-time data streams to provide developers with strong APIs and SDKs for easy integration of AI features into their dApps. The platform is structured around three main components—Data, Decentralized Computing, and dApps for AI—each contributing to its overall functionality.

With its extensive knowledge of the Solana ecosystem and thorough understanding of publicly available source codes, gmAI is capable of addressing complex and detailed questions related to Solana, including those about memecoins. It can also execute on-chain swaps based on user commands in a fully trustless and non-custodial manner, as well as carry out a series of on-chain transactions according to predefined objectives.

Recently, the project announced that its GM token will be launched on the Solana blockchain on August 14th. An airdrop for pre-sale participants is scheduled to begin approximately 24 hours before trading starts. The list of centralized and decentralized exchanges, along with launchpads that will list the token, will be gradually revealed in the coming days.

The post GmAI Integrates Allora’s Forecasting Model To Enhance DApps With Advanced Indicators appeared first on Metaverse Post.

Singapore-based cryptocurrency trading firm QCP Capital released its latest market analysis, noting that overnight, the United States provided crucial support and liquidity to the anxious market. This support was especially noticeable in the cryptocurrency sector, with strong spot buying observed on cryptocurrency exchange Coinbase order books.​​

Furthermore, by the end of the United States trading session, Bitcoin had recovered to $56,000 and ETH to $2,500. Simultaneously, the macro market saw a strong rebound, with the Japanese stock market rising 9% today after a 12% drop yesterday. United States futures also indicated a potential rebound following ISM data showing expansion in the service sector in July.

The company noted that it is still too early to determine if the market has stabilized. Although the VIX index has decreased from its peak of over 65 yesterday, it remains above 30. Additionally, asset prices are expected to remain volatile, and market conditions will be turbulent until the Federal Reserve and the Bank of Japan provide further clarity on their policies. The Deputy Governor of the Bank of Japan is anticipated to make a key announcement this Wednesday, while the Federal Reserve will hold the Jackson Hole meeting from August 22nd to 24th.

QCP views the rumors of an emergency rate cut as unlikely, arguing that such a move could damage the Federal Reserve’s credibility, heighten market panic, and lead people to believe that a recession is imminent.

The company also pointed out that yesterday’s risk-off trend led to a considerable reduction in leverage. With prices falling sharply, it suggests that this might be an opportune time to consider accumulating BTC and ETH spot positions.

Bitcoin Rebounds To Trade Near $55,000 Mark, ETH Surpasses $2,400  

As of the current writing, Bitcoin is trading at $54,975, reflecting an increase over the past 24 hours. Its 24-hour low and high are recorded at $49,751 and $56,245, respectively. Additionally, Bitcoin’s dominance has decreased by 0.28% over the past day to 55.78%, suggesting that altcoins have performed better today.

At present, the price of Ethereum is $2,438, marking an increase of over 7.70% in the past 24 hours. The 24-hour low and high for ETH are recorded at $2,190 and $2,546, respectively.

The overall cryptocurrency market capitalization has increased by 9.09% to $1.95 trillion today. Additionally, the total cryptocurrency market volume has decreased by 29.01% over the past 24 hours, amounting to $147.18 billion, according to CoinMarketCap data.

The post Crypto Market Volatility To Persist Until Federal Reserve And Bank Of Japan Clarify Their Policies, Warns QCP Capital appeared first on Metaverse Post.

Yield aggregator NX Finance, operating on the Solana blockchain, announced that it has achieved a milestone of $10 million in total value locked (TVL). This achievement was reached along with its integration protocols. In particular, NX Finance has partnered with several cryptocurrency exchanges, such as Jupiter and Backpack, and forged collaborations with Mad Lads, The Vault, Pyth Network, and Switchboard.

The platform also plans to launch a leveraged Gold Mining Strategy (GMS) soon, with more details to be released in the coming week along with introducing a new campaign and the Xcellerator boost.

GMS provides an opportunity for borrowers and lenders to increase their profits through point farming pools. Lenders will earn considerable interest, while borrowers will receive all the points, meeting the high demand in the pre-market and benefiting both parties.

The Xcellerators are point boosters that allow users to increase their points. Currently, NX Finance offers users a 5% boost for one month, along with a customized avatar. Additionally, there is a 20% boost available to POAP holders for one week, available starting this week.

We made it Fam! It's 10M milestone!
​
But we are still early.
​
Don't forget about our ultimate DREAM – becoming the yield layer in Solana, achieving everything leverage within the ecosystem.
​
SPOILER ALERT
– More details about Gold Mining Strategy (GMS) will be released in… pic.twitter.com/4G5YzEtD51

— NX Finance (@NX_Finance) August 2, 2024

NX Finance Launches Point Adventure Campaign, Enabling Participants To Earn Vault Points

NX Finance represents a yield layer on the Solana blockchain, offering yield leveraging and point farming strategies. It helps individuals optimize their returns based on specific financial goals, providing user-centric financial solutions. These services are tailored to accommodate various risk preferences and investment objectives, allowing users to improve their returns.

Furthermore, it offers up to 10x yield leveraging on premium interest-bearing assets and up to 10x point leveraging for airdrop farmers. Lenders can deposit SOL or USDC without the need for active management and receive additional yield with their principal protected.

The project initiated the Point Adventure campaign in June, and it is currently ongoing. This campaign enables participants to earn vault points by utilizing any product on the NX Finance platform. Additional points can be earned through the referral system, teamwork, and other activities.

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Decentralized administrative system Dmail Network (DMAIL) announced the launch of its staking platform. As part of the release, Skale Network, the first partner to join the staking ecosystem, has contributed 500,000 SKL tokens as rewards for stakers. Users who stake DMAIL tokens now will be able to earn SKL tokens and gain airdrops in future seasons. Furthermore, users staking DMAIL are now eligible for airdrops from partner projects.

Skale Network is a decentralized blockchain network compatible with Ethereum and designed for decentralized applications (dApps). It offers zero gas fees, instant finality, and modularity, enabling developers to build and operate high-performance blockchains customized to their specific requirements.

Dmail Network introduced a staking feature as part of its product offering to encourage community engagement and user activities in June. This feature allows users who stake DMAIL to earn Dmail Points and secure airdrops from reputable and rapidly developing projects within the ecosystem, encompassing SPACE ID, CyberConnect, Analog, Boba Network, SKALE Labs, Maverick, and Questflow Labs, among others. Additionally, stakers may have the opportunity to receive DMAIL airdrops in future seasons.

Dmail Network Partners With SKALE Network To Advance Its Capabilities 

It represents a decentralized communication system aimed at connecting traditional email services with Web3 technologies. It allows for secure and anonymous messaging via blockchain, focusing on improving interactions between users and developers by using wallet addresses for communication. This platform supports information exchange within the cryptocurrency and blockchain sectors, ensuring data ownership and enabling users to benefit financially.

With more than 14 million registered users and 1.5 million active monthly users, the community has created over 3 million non-fungible token (NFT) domains, which will soon be available for trading on the Dmail marketplace.

Dmail Network integrated with Skale Network in March. By leveraging Skale Network’s onboarding process, eliminating gas fees, and ensuring compatibility with AI technologies, Dmail Network is advancing its Web3 messaging platform.

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IoTeX, a blockchain platform that focuses on DePIN and the Internet of Things, has released IoTeX 2.0, its most recent version. With this update, the Layer 1 blockchain that was initially intended for DePIN apps has undergone major changes into a comprehensive, modular system.

With the new system, DePIN builders’ needs will be met, and the adoption of decentralized technologies in the real world will be sped up.

The Transition to a Modular Infrastructure

IoTeX 2.0 goes away from monolithic structures by introducing a modular approach to DePIN evolution. This change is intended to improve the usability, economy, and accessibility of developing DePIN applications. When developers can choose and incorporate particular components that best fit their project demands, the modular architecture lowers the complexity and resource requirements associated with bringing DePIN solutions to market.

Key Components of IoTeX 2.0

The IoTeX 2.0 consists of several essential elements that come together to form a strong ecosystem for DePIN development:

The DePIN tech stack is covered in these modules in a number of ways, from off-chain processing and storage to hardware abstraction and connectivity. The IoTeX core team develops some DIMs internally, while partners and builders who stake IOTX tokens to be part of the ecosystem create other DIMs.

With the help of IOTX and other mainstream assets, the MSP acts as a single trust layer for the whole network. It serves as a dApp and DIM security anchor for activity. DIM providers can become members of the MSP, and their states will be periodically anchored to the IoTeX L1 blockchain.

The focus of IoTeX 2.0 is on freely accessible open-source resources for integration and use. These comprise developer tools like integrated development environments, network-wide resources for funding and governance, and user-facing tools like the DePINscan explorer and ioPay DePIN wallet.

With the introduction of new utilities, the platform expands the use of the IOTX token across multiple DIMs, including W3bstream, ioID, and ioDDK. By distributing rewards according to the value that various stakeholders contribute, this strategy seeks to establish IOTX as the primary currency for the DePIN industry.

The uppermost tier of the technology stack facilitates a network of DePIN applications and Layer 2 solutions that utilize diverse DIMs. Many different verticals’ worth of DePIN use cases can be supported by this infrastructure.

The DePIN Tech Stack and Modular Approach

To connect physical devices to blockchain networks, DePIN projects usually need a sophisticated tech stack. For many teams, this intricacy can be a major barrier to entry. In order to meet this challenge, IoTeX 2.0 provides a modular infrastructure that enables projects to choose and construct the necessary components from a variety of pre-built modules.

This modular strategy seeks to democratize DePIN development by increasing its usability for small groups, lone inventors, and well-established businesses. Through the reduction of technical obstacles and resource needs, IoTeX 2.0 aims to promote a more inventive and varied DePIN platform.

Tokenomics and Economic Model

IoTeX 2.0 announce several changes to its tokenomics model to support the expanded role of the IOTX token within the ecosystem:

Inflationary Rewards for Staking

IoTeX 2.0 uses inflationary rewards to maintain competitive staking returns and promote network participation. This strategy seeks to give stakeholders steady incentives, much like other significant blockchain networks.

Mechanisms of Deflation

Deflationary burning mechanisms are incorporated into IoTeX 2.0 to counteract the inflationary pressure. These consist of burning IOTX for new on-chain identities, burning gas fees, and recurring burns that depend on the uptake of modular products like W3bstream.

Enhanced Functionality

These days, the IOTX token is used in the ecosystem for a variety of purposes. It powers transactions, acts as a staking asset for network security, and allows users to join the Modular Security Pool.

Management and Involvement in the Community

Staking in IoTeX 2.0 gives users voting power in the network’s governance in addition to rewards. This model gives the community the ability to propose projects, weigh in on important choices, and determine the platform’s future course. The Marshall DAO, which enables token holders to suggest and decide on funding for DePIN projects and initiatives within the IoTeX ecosystem, further strengthens community-driven growth.

IoTeX 2.0 has many potential benefits, but it could also have drawbacks. The new model’s success is contingent upon broad adoption and engaged community involvement. The allure of staking rewards and the IOTX token’s overall value proposition may be impacted by the erratic nature of cryptocurrency markets. In addition, IoTeX needs to keep coming up with new ideas all the time to stay ahead of the competition given how quickly the blockchain market is developing.

Long-term success will depend heavily on overcoming technical obstacles like guaranteeing scalability and keeping a user-friendly experience as the network expands. Furthermore, changes in regulations in different jurisdictions may have an effect on how blockchain networks, such as IoTeX, function and expand.

Future Outlook for the IoTeX

Within the upcoming several years, IoTeX 2.0 plans to welcome 100 million new users and unlock trillions of dollars worth of real-world value on the blockchain. These are lofty ambitions for the future. The platform’s emphasis on accessibility and modularity makes it a possible catalyst for the broad adoption of DePIN.

IoTeX 2.0 aims to facilitate the development of DePINs and open up new application possibilities that connect the digital and physical realms. The platform’s capacity to draw developers, encourage creativity, and produce real value for users across a range of industries and use cases will determine whether this vision is successful.

The post Tokenizing the Physical World: IoTeX 2.0’s Innovative Strategy to Unlock Trillions in Real-World Value appeared first on Metaverse Post.

Decentralized exchange (DEX) aggregator Jupiter (JUP) announced an increase in its default gas and slippage settings for the time being. This adjustment is intended to help users complete their transactions more smoothly.

Usually, these settings are kept conservative to help individuals save money during stable periods. However, during the current volatile conditions, they seem to be too low, leading to issues for users. Additionally, in a social media announcement on platform X, Jupiter expressed regret and stated that its team intends to further review and change the settings as needed.

Our default gas and slippage settings are conservative to help save users money during regular times.

However, these are too low during volatile periods, causing some users to encounter issues.

We are very apologetic for this, and have adjusted these upwards for the time being…

— Jupiter (@JupiterExchange) August 5, 2024

Slippage constitutes a difference between the anticipated trade price and the actual price recorded when the trade is executed. It can happen at any time but is more common in periods of high volatility, especially with market orders. Slippage can also occur if a large order is placed and there isn’t sufficient volume at the selected price to sustain the bid and ask spread. Meanwhile, gas refers to the fee that users of specific blockchain protocols pay to network validators whenever they perform a function on the blockchain.

The DEX aggregator’s undertaken measures represent a response to the recent decline in the broader markets, which has raised severe concerns among market participants.

What Is Jupiter? A Solana-Based DEX Aggregator

Jupiter provides multiple services, encompassing a Swaps tool, a Payments Application Programming Interface (API) for setting output token amounts, Limit Orders, as well as Dollar-Cost Averaging (DCA) options. The platform’s native token, JUP allows community members to participate in the approval, sanctioning, as well as voting processes related to all aspects of Jupiter’s operations.

Recently, the platform announced that its community has voted in favor of a suggestion to decrease the JUP supply by 30%, receiving a 95% greenlight rate. As a result, the total supply of JUP tokens will be lowered from ten to seven billion.

The post Jupiter Temporarily Raises Default Gas And Slippage To Address Market Volatility appeared first on Metaverse Post.