Through their partnership with Binance Academy, PowerPool and the Learn and Earn program, users are introduced to PowerPool’s DeFi automation network. Through participation in this campaign, participants may learn more about PowerPool’s CVP cryptocurrency and get incentives. The program’s objective is to improve members’ comprehension of the DeFi while offering real rewards.

PowerPool & Binance Academy Learn and Earn Event!

Dive into the world of #PowerPool's #DePin automation network and earn $CVP while expanding your #DeFi knowledge!

Course Link : https://t.co/LIZkYMaMWN

Start learning and earning today with @BinanceAcademy! https://t.co/gsyVjGR2ir

— PowerPool (@powerpoolcvp) June 21, 2024

What Is PowerPool (CVP)?

PowerPool provides Transaction Signing as a Service (TSaaS) using its dePIN. It enables protocols, AI agents, and end users to execute operations on the chain automatically. Users may assign PowerPool the task of automating their on-chain activities, including trading and incentives farming.

The Keeper bots that make up PowerPool’s network, referred to as PowerAgents, carry out transactions that are prompted by both on-chain and off-chain events. Ethereum, Arbitrum, Gnosis, and Polygon are among the chains on which the service is now operational. Additional networks are planned for the future. For further functionality, PowerPool interfaces with Gnosis Safe and supports Account Abstraction.

Learn & Earn Event Overview: What Should We Expect?

The Learn and Earn event centers on PowerPool’s function in carrying out AI, user, and protocol automation requirements. Participants will learn more about the PowerPool network’s use of the CVP coin and its ecosystem.

Participants will investigate PowerAgent, PowerPool’s decentralized network of Keeper bots. Transaction Signing as a Service is offered by this network, allowing on-chain activities to be automatically executed in response to certain triggers. The topic of flows, or transaction sequences that may be carried out automatically, will be covered throughout the process.

Additionally, PowerPool’s interoperability with Ethereum L2s, Bitcoin L2s, L3s, and parallelized EVM chains will be taught to the students. There will also be talks about the current implementation on the testnets for Ethereum, Arbitrum, Gnosis, Polygon, and Sepolia.

The program will go over how users don’t need to manage their own infrastructure since PowerPool automates scheduled transactions.

An overview of PowerPool’s network architecture, including Jobs, Keepers, and the central Agent contract, will be given as well. Students will learn about PowerPool’s partnerships with other blockchain projects, including SupremeDAO, DappNode, Gitcoin, Partitura, Gnosis Chain, and Breadchain.

How to Participate in the Event?

Individuals can join the Learn and Earn program through the Binance Academy platform. Detailed instructions for enrollment and participation are provided on the official event page.

For taking part in this event, participants can expect generous rewards:

Participants will gain a comprehensive understanding of PowerPool’s technology and its role in DeF;

If participants complete the learning program successfully, they have a chance to earn CVP tokens as rewards;

Individuals will acquire valuable insights into the future of automation in Web3 and DeFi.

For the most up-to-date information and to participate in the event, you should visit the official Binance Academy website or PowerPool’s communication channels.

The post Level Up Your Crypto Skills: Dive into PowerPool’s DePIN Network and Reap Rewards appeared first on Metaverse Post.

Layer 1 gaming blockchain Tabi (TABI) shared an announcement on social media platform X for its users from its partner channels from legally protected regions, encompassing China, the United States, Canada, and others who participated in the presale for Captain Node VIP Ticket. According to Tabi, these users are subject to Tabi Node’s Know Your Customer (KYC) restrictions. Individuals failing to pass KYC verification will be unable to claim rewards generated through mining activities on the platform. 

Tabi maintains a commitment to complying with the regulatory frameworks across different countries and regions. Consequently, the platform will assist affected users in applying for refunds for their Captain Node VIP Tickets. 

Users who are unable to pass KYC verification can submit refund applications until June 30th. If users from countries not supported by KYC fail to request a refund by the deadline, they will assume personal responsibility for any resulting consequences. 

To facilitate the refund process, users are advised to submit the Ethereum address used to purchase the early bird voucher along with the front side of their ID card via email to Tabi. Upon receipt, Tabi will process the refund within seven days from the application deadline.

Refund Notice for Captain Node VIP Ticket

Dear Voyagers,
We previously opened a presale for Captain Node VIP Ticket through some channels.

We have found that some users from our partner channels are from legally protected regions (including but not limited to China, the United… pic.twitter.com/S0S5ajcjwn

— 𝗧𝗮𝗯𝗶 (@Tabichain) June 21, 2024

Tabi Conducts Presale Of Captain Node VIP Tickets And Public Sale Of TABI Tokens

Tabi operates as a gaming-oriented Layer 1 blockchain developed using the Cosmos SDK. It utilizes PolymorphismVM, enabling developers to deploy games in diverse execution environments. These environments support Web3 languages like EVM, SVM, MoveVM, as well as traditional Web2 languages and runtimes. 

PolymorphismVM features customizable gas tokens and payment methods to streamline signing and onboarding processes. Additionally, PolymorphismVM supports multiple login methods such as wallets, DIDs, and SSO logins and  facilitates integration with various languages and frameworks for versatile development. Its Voyager II Testnet campaign is currently ongoing.

Recently, Tabi conducted a presale of Captain Node VIP Tickets through selected channels. During the sale, Captain Nodes were made available to the public, with 40% of TABI’s total supply allocated to node mining rewards. Additionally, it held a public sale for TABI tokens, allowing users to acquire seedTABI, which are non-transferable assets on the Ethereum blockchain. These tokens can be converted into TABI tokens after a designated period as specified by the project.

The post Tabi Enables Users Subject To KYC Restrictions To Apply For Captain Node VIP Ticket Refunds Before June 30 appeared first on Metaverse Post.

In light of the highly anticipated Hack Seasons Brussels event, we had the opportunity to sit down with Ramani Ramachandran, the visionary CEO of Router Protocol. Ramani provides in-depth insights into the architecture of Router V1 and V2, the concept of modularity, and Router Chain’s approach to liquidity fragmentation and security. 

Can you elaborate on your journey to Web3? How did you start, and what was your first project?

Previously, I was in finance, working in private equity and investment banking. After my MBA at MIT Sloan, I worked on Wall Street, then in London, and eventually in Singapore.

In Singapore, I was running an investment bank and advisory firm. We were involved in a lot of secondary market assets and infra projects in Southeast Asia. We also worked with unlisted securities of companies like Uber, Alibaba, and Airbnb. 

I had an idea to create a marketplace for these securities. That’s how I started my journey into Web3. We raised a small amount of money and built a Bitcoin marketplace to trade pre-IPO and private securities. The main challenge wasn’t the technology or economics but the regulatory aspect, especially dealing with US and Singapore regulators. However, this venture got me hooked on the Bitcoin space, and I’ve been building and investing in this space since 2016.

What are the key differences between Router V1 and Router V2 (Router Chain) in terms of architecture?

V1 was essentially a bridge conceived around early 2021. At that time, there were a few chains like Polygon, Ethereum, and Avalanche. The idea was to help users transfer assets across these chains. V1 had a bridge called Voyager, which was a proof-of-asset bridge using multi-sig, which was quite advanced for its time. It was fast and optimized, but the conversation around bridge security has since evolved. 

V2 is a more comprehensive interoperability-focused L1 chain built on the Tendermint consensus on Cosmos. V2 includes a crypto-economic security layer around the Cosmos blockchain. This is a major upgrade because V1’s bridge security model, while effective, was limited compared to the more sophisticated security measures we see now. 

V2 allows for a broader interoperability layer, including token transfer and messaging, and has a bridge called Nitro as one of its applications. Nitro is very fast and cheap, leveraging the cross-chain intent framework we developed, which makes it stand out in terms of speed and cost.

Can you explain how modularity works for the Router and what your vision is for modularity in the future?

Modularity in the Router Chain involves separating the execution layer, consensus layer, and data layer, similar to how the automobile industry evolved. Initially, cars were basic, but now they have diverse engines and standardized controls. In blockchain, this modularity means you can choose each component of your tech stack, such as crypto-economic security (POS, ZK), data storage, and execution layers. This allows for greater flexibility and customization based on specific use cases. For example, you could have a ZK roll-up for execution and a separate data layer like Celestia or Avail. 

How does Router Chain propose to tackle liquidity fragmentation? What mechanisms are in place to ensure seamless liquidity across multiple networks?

Liquidity fragmentation is a challenge, for sure. Traditional bridges rely on TVL (Total Value Locked), which has high costs and security risks. Our approach with the CCIF (Cross-Chain Intent Framework) involves solvers who act as market makers. They listen to incoming requests on gateway contracts and fulfill trades immediately, then submit proofs to the blockchain. 

This eliminates the need for TVL and reduces security risks as solvers manage their liquidity based on market dynamics. This method ensures that liquidity is not locked in vaults, which can be a security vulnerability.

The whitepaper outlines plans for future work to improve interoperability with private blockchains. Can you discuss these plans and the potential impact they could have on the blockchain ecosystem?

Private blockchains are enterprise blockchain frameworks. While the white paper might reference them, the trend is moving towards recognizing that private blockchains often don’t require the decentralized consensus that public blockchains offer. They might as well use traditional databases for their purposes. 

However, Router Chain can support communication between private blockchains, providing a more efficient interoperability solution than others like Axelar. Our modular approach allows private blockchains to leverage Router Chain’s interoperability features without compromising their specific requirements.

Could you describe the multilayer security approach employed by Router Chain and how it ensures the protection of cross-chain transactions?

Router Chain’s security starts with the proof-of-stake (PoS) Tendermint consensus, which is our primary security layer. We are also working on an auxiliary ZK (Zero-Knowledge) layer for applications that require additional security. This modular security approach means that applications can choose their security model based on their specific needs. 

Beyond the core PoS security, they might add a ZK-based layer or even an optimistic approach. This flexibility allows for a more tailored security solution for different use cases. Additionally, we are exploring the use of AVS (Automated Validation System) and restaking mechanisms to enhance security further. 

Have you faced any challenges or issues while implementing your solutions?

The question of governance is definitely solvable. Right now, if you look at these systems, such as Handshake or Interact, there’s a pool. We stake tokens and encourage community participation. But if you look at the numbers, even for platforms like Uniswap, they are very fragmented and low and focused on just one chain, Ethereum.

With the development of chains, especially across L2s, many holders will have their governance tokens spread across multiple chains, and this is becoming a big problem. Cross-chain governance is a very interesting problem to solve because while we talk about Web3, 90% of people are more interested in yields, meme coins, and other assets rather than participating in governance. This leaves only a small community actively engaged in governance.

Cross-chain governance can address some of these problems by building incentives and ensuring that holders of significant governance tokens in non-Ethereum chains can also contribute. Router Chain makes it very easy to deploy cross-chain governance due to our interoperability layer and the chain abstraction we’ve built. Users can have one interface to participate from any chain, making the voting process effective and unified.

Are you more of a consumer-focused or developer-focused chain?

We are an infrastructure protocol, so we care about developers. However, what gets developed needs to be consumed. We collaborate with developers to build consumer-facing apps to make it easy for them. Whether B2C or B2B2C, we aim to solve real problems for end-users.

Huge events are coming. So, what are your plans for the Hack Seasons Brussels?

We are most excited about our restaking panel with partners like EigenLayer and Lido. We are also looking forward to interacting with other amazing projects during Hack Seasons Brussels, which will be a large-scale event. Additionally, we are excited about collaborating with MPost to create a long-term partnership for future events.

The post Router V2 Unveiled: A Revolutionary Leap in Blockchain Interoperability, Promising Lightning-Fast Transactions and Enhanced Security appeared first on Metaverse Post.

Cryptocurrency exchange Binance announced that it has partnered with the Brazilian Football Confederation (CBF) to launch the first Binance Free Pass for the nation’s premier football league.

Binance users residing in Brazil who possess the Brasileirão Betano 2024 non-fungible token (NFT) will be eligible to acquire the Binance Free Pass. This pass grants them free access to any game throughout the season, along with the option to attend matches with a companion.

The initiative will offer 4 Free Passes, enabling holders to select one match per round in advance, up to 7 days beforehand, with home supporters nationwide, irrespective of clubs or stadiums. The NFT is available at no cost to all Binance users who opt to redeem it.

The league’s NFT was first launched in 2023, followed by its second edition released in April this year. Holders of the token enjoy tangible benefits, including the opportunity to earn points throughout the season for redeeming tickets, VIP experiences at games, and rare football collectibles like trophies, autographed club shirts, and balls. Additionally, the NFT provides discounts on transaction fees on Binance and courses offered by the CBF Academy’s School of Management and Business.

In order to participate, individuals are encouraged to follow several steps, encompassing registration on the CBF Fanverse, completing identity verification on the Binance platform, redeeming the free NFT of the season, and signing up for the promotion on the Binance website.

Binance Launches HODLer Airdrop And Futures Grand Tournament With 3M USDT Prize Pool

Binance is recognized as a one of the major cryptocurrency exchanges, facilitating transactions with over 350 cryptocurrencies and virtual tokens. It offers competitive transaction fees and enhanced liquidity to its users.

Recently, the exchange initiated the HODLer airdrop aimed at rewarding BNB holders. Users subscribed in Binance Simple Earn can get airdropped tokens from projects with substantial circulating supplies that are expected to be listed. Additionally, it launched the Futures Grand Tournament as part of the Binance World Championship, providing its participants with an opportunity to compete for a portion of a 3 million USDT prize pool.

The post Crypto Exchange Binance Partners With Brazilian Football Confederation To Release Free Pass For Nation’s Main Football League appeared first on Metaverse Post.

Layer 1 relational blockchain platform Chromia (CHR) announced an update to its Incentivized Testing Program, incorporating the QuestNet network alongside already operating HackNet and ProjectNet, all of which are now fully active.

CHR token stakers on Ethereum or Binance Chain can claim tCHR and open containers through Chromia’s staking page. After creating a wallet and navigating to the ‘container lease’ tab, users can access the faucet and initiate a container launch. Additionally, stakers are automatically enrolled to participate in the QuestNet dashboard.

Non-stakers can also take part in QuestNet. If a user connects an Ethereum Virtual Machine (EVM) address with ten or more total transactions on Ethereum or Binance Smart Chain, they can create a Chromia account and begin participating in quests.

Our Incentivized Testing Program is out in full force!

From quests for users to #dapp creation to developers to hacking challenges for programmers, there's something for everyone!

Check out this thorough recap for the highlights so far!
https://t.co/AvypzfyAlg pic.twitter.com/HGAs1SlNRf

— Chromia | Power to the Public (@Chromia) June 21, 2024

Chromia Launches Incentivized Testing Program Offering 250,000 CHR In Rewards For Participants

The Incentivized Testing Program comprises three separate activities, each running on a distinct network that operates Chromia’s mainnet release candidate. Participants can earn awards of 250,000 CHR tokens for their involvement.

HackNet, tailored for coders and power users, offers to probe edge cases on a sandbox network and examine Chromia’s code repositories. Participants stand to receive 100,000 CHR tokens for their engagement. HackNet is currently active and will remain open until June 28th.

Furthermore, ProjectNet hosts a Demo Dapp Contest offering a total prize of 50,000 CHR allocated to the three leading submissions. Participants can join before July 26th. Meanwhile, QuestNet is crafted for all individuals, featuring a convenient dashboard that guides interactions with key network capabilities, Chromia Vault, and specific decentralized applications (dApps). Participants can earn 100,000 CHR tokens for interacting with it. QuestNet participation ends on August 30th.

Chromia represents a blockchain platform focused on addressing scalability challenges for dApps. Its network comprises nodes connected in a blockchain, with each node employing its relational database. The CHR token serves as a block reward and is utilized for covering transaction fees.

The post Chromia Adds QuestNet To Its 250,000 CHR Incentivized Testing Program, Rolling Out In Full Force appeared first on Metaverse Post.

Cryptocurrency investor and decentralized finance (DeFi) analyst Miles Deutscher shared his insights on whether cryptocurrency projects necessitate the use of tokens or not.

In a post on social media platform X, he emphasized that 99% of projects may not require a token. He noted examples like Base, Arbitrum, LayerZero, and Wormhole, which had fully functional products before introducing their tokens.

However, he acknowledged a nuanced perspective, highlighting the compelling arguments in favour of having a token, such as decentralization, governance, bootstrapping, liquidity, and community building. These factors are undoubtedly crucial. Yet, the analyst pointed out that often, the primary motivation lies in the ease of capital raising or profit extraction compared to traditional revenue models.

Therefore, many cryptocurrency projects would likely struggle to raise funds and establish themselves initially if not for this dynamic, as these businesses might not be profitable enough solely on revenue. While these projects can operate without a token, the industry relies on new tokens as a catalyst for innovation, Miles Deutscher concluded.

Clear disadvantages include arbitrage between private and public markets, token dilution, and liquidity fragmentation. However, the notable benefit is increased innovation, as teams can secure capital for development, and developers are motivated to create new products and decentralized applications (dApps).

99% of projects don't actually NEED a token.

Study Base, Arbitrum, LayerZero & Wormhole (before token launch) etc.

All amazing products – all fully functioning with no token (Base still is, and thriving).

But let me add more nuance.

There are obvious arguments FOR having…

— Miles Deutscher (@milesdeutscher) June 21, 2024

Role Of Tokens In Layer 1 Blockchains And Digital Resource Networks

Presently, only a few use cases and product categories indeed require a token to function. These encompass Layer 1 blockchains and digital resource networks, which cannot offer its key functionality without a token.

For Layer 1 blockchains, a native monetary asset is essential to secure the network. This asset incentivizes validators or miners and aligns incentives across various consensus algorithms. Additionally, tokens are utilized to pay transaction fees, as seen with Bitcoin and Ethereum.

Meanwhile, digital resource networks offer decentralized resources and require tokens to balance supply and demand for services like storage, compute, as well as data connectivity, which can be exemplified by Filecoin for storage and Uplink, a mesh network for decentralized connectivity.

The post Crypto Analyst Miles Deutscher: Project’s Token Issuance Is Optional But Key For Easy Financing appeared first on Metaverse Post.

On-chain Trading Terminal and Telegram decentralized exchange (DEX) trading bot Unibot X announced the launch of perpetual contracts backed by Orderly Network.

Orderly Network serves as a trading platform that provides various financial instruments, including perpetual contracts.

Users of Unibot X can now engage in trading perpetual contracts across various blockchains, offering up to 50 times leverage without the need for bridges or wrapped assets. Additionally, Orderly Network’s omnichain infrastructure is optimized for low-latency, high-frequency trading (HFT), making it suitable for advanced trading strategies with execution speeds comparable to centralized exchanges. Moreover, Orderly Network’s shared liquidity model enhances liquidity depth for traders, which is particularly beneficial for high-volume cross-chain perpetual trading facilitated by Orderly Network. The trading terminal now allows users to instantly view charts and trade with leverage, enhancing the trading experience with seamless efficiency.

Alongside the partnership with Orderly Network, Unibot has announced that the Orderly Network’s airdrop will be available to users of Unibot’s perpetual. This event is currently underway and is scheduled to conclude on June 27th.

Unibot Achieves $1B In Trading Volume, Sustains Daily Active User Base Of 10,000

It is an advanced cryptocurrency trading bot that enables trading directly within the Telegram messaging application, operating as a Leveraged Liquidity Provision (LLP) platform. Having recently achieved a notable milestone of over $1 billion in trading volume and maintaining a daily active trader base of 10,000 users, Unibot remains committed to enhancing its platform to better serve its expanding community.

Meanwhile, its Unibot X enhances trading activities by streamlining processes, optimizing decision-making, and improving overall trading experiences. The platform integrates a range of functionalities designed to meet the needs of both beginners and experienced traders. 

It offers an intuitive interface and includes features encompassing limit order functionality, live blockchain scanners for real-time tracking of new token launches, and a built-in honeypot checker for comprehensive token analysis, among others.

The post Unibot X Trading Terminal Launches Perpetual Contracts Powered By Orderly Network appeared first on Metaverse Post.

This week has seen a flurry of significant investment deals across various sectors, from blockchain and gaming to defense technology and cloud computing. Major players such as Oracle, NATO, and South Korean agencies have announced substantial funding plans aimed at driving innovation and enhancing technological capabilities worldwide.

South Korea Reveals $14.5 Million Blockchain Program

With a capital of 20 billion won, or around $14 million, the Korea Internet & Security Agency is starting a blockchain support initiative. This program intends to assist six public sectors: digital badges, online referendums, digital vouchers based on digital currencies provided by central banks, and battery life certification services.

Innovative projects will receive backing, such as CP Labs’ distributed ledger support for website platforms, Oasis Business’ accounting support services, and AhnLab Blockchain Company’s electronic wallet service. These efforts are part of a broader strategy to foster ledger innovation and integration across different sectors in South Korea.

Mirror World, a Solana game studio, has raised $12 million

The first game rollup on Solana that enables developers to build Solana Virtual Machine (SVM) chains for their GameFi projects is the company’s Sonic protocol, which debuted in March. With the money, the Sonic protocol will be developed more quickly and include features like extensible data types, sandbox settings, and modifiable game primitives.

Sonic will assist in integrating new creators into the Solana gaming community and facilitating current game makers’ use of the Sonic SVM and HyperGrid Framework. As the first distribution nodes, 50 gaming clients have been deployed with the Sonic protocol.

NATO Launches €1 Billion Defense Innovation Fund

NATO has launched its inaugural investments in European defense technology as part of a groundbreaking €1 billion fund aimed at tackling challenges in defense, security, and resilience. This initiative, set to span 15 years, is designed to foster NATO’s technological self-reliance by connecting innovative start-ups with government technology buyers.

Additionally, NATO has invested in four venture capital funds specializing in deep tech. The alliance’s investment strategy focuses on advancing key areas such as robotics, artificial intelligence, space technology, and cutting-edge materials and industrial processes. This substantial financial commitment underscores NATO’s determination to remain at the forefront of technological innovation in defense, ensuring its ability to address emerging security challenges in an increasingly complex global landscape.

Oracle Has Announced an Ambitious Plan to Invest Over $1 Billion in Spain’s Cloud Computing and Artificial Intelligence Infrastructure, With a Focus on Creating a Third Cloud Region in Madrid

This strategic expansion aims to empower Spanish businesses across all sectors, enabling them to migrate critical operations to Oracle Cloud Infrastructure (OCI) while adhering to important regulatory frameworks such as the EOG and DORA. 

The new cloud region is designed to serve both public and private sector organizations, offering comprehensive support for workload migration, application modernization, and cutting-edge innovations in data analytics and AI. By establishing this robust cloud presence in Spain, Oracle is positioning itself as a key player in the country’s digital transformation, facilitating advanced technological adoption and fostering innovation across the Spanish business landscape.

The post Top Deals of the Week: NATO’s €1 Billion Defense Tech Fund Leads Global Investment Surge in AI, Blockchain, and Cloud Computing appeared first on Metaverse Post.

Game software and venture capital firm Animoca Brands unveiled that it provided support for the Web3 game company Saltwater Games by taking part in the seed round of financing via Simple Agreement for Future Tokens (SAFT) for Saltwater Games’ XR tokens. The exact investment amount has not been disclosed.

The “SAFT round” denotes the financing activity under the SAFT protocol, typically used by startups during their seed round funding.

Saltwater Games represents a gaming studio and publisher composed of 3 distinct entities, encompassing Nexus Labs which specializes in developing and releasing Web3 community-driven live service games, Maze Theory that focuses on developing premium VR and spatial gaming, and Saltwater Labs, committed to advancing new technologies in Web3 and AI.

After it received a grant from the Arbitrum Foundation, the Saltwater.Labs collaborated on developing the XR One, utilizing Arbitrum’s technologies to build the Layer 3 Orbit blockchain. XR One offers hosted games within a customizable, scalable, and secure environment for gamers to manage digital assets. It aims to seamlessly onboard traditional gamers unfamiliar with Web3. It will be powered by the XR token. Furthermore, looking ahead, its roadmap includes integrating several live-operation Web3 titles in 2024 and 2025.

With the recent investment, XR One intends to integrate with different features of Mocaverse, aiming to deliver cross-community advantages tailored to enrich competition-focused live-operation gaming experiences.

We’re pleased to announce that we’ve invested in the seed SAFT round for Saltwater Games’ $XR token.@SaltwaterGames is a UK-based gaming studio and publisher made up of three games studios: Nexus Labs, which focuses on the development and publishing of Web3, community-led, live… pic.twitter.com/AdqM7LhExi

— Animoca Brands (@animocabrands) June 21, 2024

Animoca Brands Invests In CARV And Introduces NFT Launchpad SORAH For Japan Users 

Animoca Brands is a company that specializes in digital entertainment, blockchain technology, and gamification. It is dedicated to advancing digital property rights and fostering the expansion of the open metaverse. Its Mocaverse serves as a growth network comprising an interoperable infrastructure layer that includes Account, Identity, Reputation, and PointFi systems seeded by Animoca Brands.

Recently, Animoca Brands finalized a strategic investment in CARV, a modular data layer for gaming and AI, and has taken on the responsibility of operating CARV’s Tier 6 verifier nodes. This step is intended to bolster CARV’s decentralization initiatives of its data layer infrastructure. Additionally, Animoca Brands has introduced the non-fungible token (NFT) Launchpad SORAH specifically for users in Japan.

The post Animoca Brands Supports Saltwater Games To Propel XR One Integration With Mocaverse For Enhanced Gaming Experiences appeared first on Metaverse Post.

Cryptocurrency exchange Binance announced the integration of Tether (USDT) on The Open Network (TON), enabling users to now deposit and withdraw USDT on its platform.

Tether has recently introduced its USDT stablecoin, which is backed by the United States dollar, on the TON blockchain. This integration facilitates smooth value transfers, enhancing activity and liquidity while providing users with a financial experience comparable to traditional systems. Additionally, it enables broader access to decentralized applications (dApps) in various sectors, such as payments and gaming.

As of the latest update, the circulating supply of USDT has surpassed 112 billion tokens. Additionally, the stablecoin’s total supply, inclusive of authorized but unissued tokens, now exceeds 116 billion tokens.

Despite being available on numerous blockchains, the integration of USDT on TON emphasizes the increasing prominence of TON.

The blockchain ecosystem has seen significant growth recently, driven in part by efforts to attract Telegram messaging application users, resulting in over 1.7 million monthly active addresses. Furthermore, in March, Telegram began using the network’s native token, TON, for transactions on its advertising platform. In May, cryptocurrency-focused venture capital firm Pantera Capital made a substantial undisclosed investment in TON to support its further development, marking it as their “largest investment ever.”

Binance Launches HODLer Airdrop For BNB Holders And Introduces Futures Grand Tournament Trading Competition With $3M USDT Prize Pool

Binance is widely acknowledged as a prominent cryptocurrency exchange. It facilitates transactions for more than 350 cryptocurrencies and virtual tokens, providing users with competitive transaction fees and enhanced liquidity.

Recently, the exchange launched the HODLer airdrop program aimed at rewarding BNB holders. Participants subscribed in Binance Simple Earn can receive airdropped tokens from projects with large circulating supplies slated for future listing on Binance. Additionally, it introduced the Futures Grand Tournament as part of the Binance World Championship, offering participants the chance to compete for a share of a 3 million USDT prize pool.

The post Crypto Exchange Binance Integrates USDT On Ton, Opens Deposits And Withdrawals appeared first on Metaverse Post.

Decentralized governance infrastructure Tally, CEO, and co-founder Bertram Dennison announced on the social media platform X that Tally is planning to introduce the Tally Protocol. This new protocol aims to maximize the value of the systems that token holders own and engage with.

This protocol aims to enhance the economic potential of governance tokens by introducing a liquidity layer for governance staking and restaking. Additionally, it seeks to optimize the distribution of voting power, thereby reinforcing the economic security of blockchain protocols.

The protocol operates by establishing a smart contract layer, enabling DAO token holders to mint Tally Liquid Staked Tokens (tLSTs). This facilitates earning incentives while preserving voting power and providing extra yield opportunities. Additionally, it supports governance staking by allowing users to stake their governance tokens with Tally and receive a tLST in return, which can then be utilized in restaking systems. The voting power linked to the governance token remains effective.

Additionally, it enhances DAO security by reactivating dormant voting power held in DeFi smart contracts and centralized exchanges. This is achieved by returning undelegated voting power to the DAO for redistribution. Undelegated tokens staked in the Tally Protocol are similarly returned to the DAO for redistribution. This process enables DAOs to retain control over their security, simultaneously improving token utility.

Today, we're announcing the next step forward in onchain governance: The Tally Protocol.

The Tally Protocol fully actualizes the value of the systems that token holders own and participate in.

The Tally Protocol unlocks the economic potential of governance tokens by providing a… pic.twitter.com/xtAqIH6y7m

— Dennison is on farcaster (@DennisonBertram) June 20, 2024

The Tally Protocol promotes effective governance by eliminating the need for token holders to choose between governance and financial utility. It requires token holders to delegate their tokens to an active participant to earn staking rewards, ensuring that voting power remains with engaged DAO voters. This enhances security against malicious attacks and prevents passive governance. Additionally, the protocol provides a transparent method for rewarding active delegates. The modularity of the protocol enables DAOs to experiment with new mechanisms for compensation.

To roll out this protocol, Tally collaborated with ScopeLift, a governance smart contract development team. ScopeLift developed the Unistaker and Flexible Voting, foundations upon which the Tally Protocol is developed.

What Is Tally? 

Tally offers tools and infrastructure for establishing and managing on-chain DAOs on Ethereum and other Ethereum Virtual Machine (EVM) networks. Protocols such as Arbitrum, Optimism, ENS, Uniswap, AAVE, and many others utilize Tally to share control over their critical smart contracts. On Tally, individuals have the option to delegate voting power, make and approve proposals for DAO funds, manage protocols, and upgrade smart contracts, all performed on-chain.

Currently, DAOs on Tally manage over $30 billion, and more than $661 million has been transferred on the platform since its launch.

The post Tally Introduces Tally Protocol For Liquid Staked Governance appeared first on Metaverse Post.

Decentralized exchange (DEX) aggregator 1inch Network announced that it has partnered with the Web3 security firm Blockaid to bolster its security by unveiling 1inch Shield application programming interface (API).

The 1inch Shield API represents a comprehensive security tool designed to mitigate various potential threats effectively. It operates round-the-clock to monitor blockchain addresses, blocking any suspicious addresses identified through its screening process. Powered by TRM Labs, the screening mechanism employs both on-chain and off-chain data to identify and address potential security threats promptly. Furthermore, the new solution incorporates the blocklisting capability from Etherscan Pro, enabling the blocking of questionable blockchain addresses.

The Shield API will be gradually incorporated into 1inch products. It is currently accessible via the 1inch Developer Portal, alongside a suite of other tools tailored for Web3 developers.

Blockaid functions similar to a Web3 antivirus, employing data and machine learning to detect and mitigate malicious threats. When users link their wallets for transaction signing, Blockaid offers detailed previews of the transaction outcomes. It can simulate transactions involving wallets, dApps, or smart contracts across various blockchains, enhancing security measures for 1inch users.

Your security is enhanced with the #1inchShield API!

Transaction simulation, scam token detection, AML compliance, and suspicious address blocklisting are now available. Built in cooperation with @blockaid_, @trmlabs, and @etherscan Pro.

Explore the new feature overview pic.twitter.com/4TVvMH1spb

— 1inch Network (@1inch) June 20, 2024

What Is 1inch Network?

1inch Network operates as a decentralized finance (DeFi) platform that offers a variety of blockchain-based products and services. It aggregates liquidity from multiple decentralized exchanges (DEXs) to ensure users access the most favorable swap rates. Its core features encompass a DeFi wallet, protocols for liquidity and limit orders, as well as a tool for tracking portfolios.

Recently, 1inch Network deployed its 1inch aggregation protocol and 1inch limit order protocol on the Ethereum Layer 2 network, ZKsync Era. Moreover, it integrated its swap API for self-custodial asset swaps into the Web3 application marketplace, Magic Square, enhancing its discovery and routing algorithm.

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Program designed to bolster community engagement within the Avalanche (AVAX) network, Avalanche Ambassador DAO unveiled Snowfort, a new community bounty platform. This initiative allows ecosystem partners to create and offer bounties specifically for Ambassadors. Rewards for these tasks will be disbursed in the partners’ native tokens, as well as AVAX and USDC.

The newly launched platform operates on the blockchain business stack Pact, designed to enhance collaboration between Avalanche protocol partners and its ambassadors. The initial rollout of Snowfort encompasses partnerships with Avalaunch, Avvy Domains, Benqi, Colony, CoqInu, Gogopool, Pakt, Tech, Landslide Network, and Yield Yak.

In the future, Snowfort plans to expand its support to include contests, grants, and governance initiatives. It aims to evolve into a peer-to-peer collaboration platform where ambassadors can join forces to initiate and manage their own projects.

Avalanche Ambassador DAO was launched with the goal of empowering the Avalanche community to establish a leading DAO in Web3 in March. It represents a group of contributors dedicated to promoting the network and expanding user onboarding efforts.

In less than two months since DAO initiation, Ambassadors have coordinated numerous developer workshops, university meetups, and local Avalanche events across five continents.

Welcome to Snowfort, the all-in-one bounty platform designed to create ongoing engagement between ecosystem builders and the network’s top Ambassadors!

Help accelerate the growth of Avalanche projects and the network by getting paid to create educational content, edit videos,… pic.twitter.com/Lys5rWhLzs

— Avalanche (@avax) June 20, 2024

Avalanche To Power Resella NFT Platform From Japan’s Konami Group 

Avalanche is a decentralized platform designed for developing applications within a highly scalable and interoperable ecosystem. It utilizes a unique consensus mechanism to achieve near-instant transaction finality, making it suitable for global financial applications.

The network facilitates the deployment of decentralized applications (dApps) and enterprise blockchain solutions. Developers have the capability to establish customized blockchains or “Subnets,” which leverage a specific subset of Avalanche’s validator network to ensure network security. Subnets function as independent networks within the Avalanche ecosystem, featuring unique tokenomics, governance rules, and validator setups.

Recently, Avalanche entered a partnership with the digital division of Konami Group, Konami Digital Entertainment, to power its non-fungible token (NFT) platform, Resella. This collaboration aims to leverage the capabilities of the Avalanche subnet, offering zero gas fees and fast processing speeds through Ava Labs’ AvaCloud Web3 launchpad service.

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Decentralized AI-as-a-Service (DeAIAS) network NeurochainAI unveiled its platform designed to democratize AI development and simplify the creation, deployment, and utilization of AI-powered decentralized applications (dApps).

By combining advanced machine learning (ML) with blockchain technology, NeurochainAI improves scalability, transparency, and data security in AI applications. 

The platform encourages community involvement in AI model creation and validation, ensuring accuracy and enhancing model performance. Presently, it boasts 82,000 registered users and 48,000 connected wallets. Furthermore, It simplifies AI dApp development, reducing time-to-market by up to 24 times compared to conventional methods.

“Our platform brings the world a step closer to inclusive, democratic AI development,” said Julius Serenas, CEO of NeurochainAI, in a written statement. “We empower developers with a number of tools and resources from our decentralized AI infrastructure that places Consumer-grade GPU DePIN at the center of our operations to provide ever more precious GPU compute in the age of AI paired with other tools essential for streamlining AI solution development,” he added.

NeurochainAI Poised To Transform Global AI Landscape 

The global AI market, valued at $500 billion as of 2023 and expected to reach $1.8 trillion by 2030, is predominantly influenced by technological advancements and sector investments. NeurochainAI capitalizes on this growth by providing AI infrastructure that features the initial decentralized consumer-grade GPU DePIN for AI computing, community-driven data aggregation and validation, a streamlined AI model marketplace, and interoperability tools for seamless integration into any technology ecosystem across Web2 and Web3.

“Making a bold guess, by 2030, all digital solutions will be AI-based. It’s paramount that the platforms empowering this artificial intelligence transformation would be open-source and decentralized to ensure fair and just AI that doesn’t threaten the integrity of the world,” said Julius Serenas to MPost. “NeurochainAI is building such a decentralized AI platform that caters to a diverse range of needs of developers, businesses, and the community alike while addressing major AI-related concerns such as job market impact, data privacy, security, and equitable resource allocation,” he added.

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Developer of zero-knowledge (ZK) blockchain solutions, zkLink announced it has partnered with the decentralized exchange (DEX) platform ApeX to launch ApeX Omni, a multi-chain orderbook perpetual DEX.

ApeX is a non-custodial trading platform providing cross-margined perpetual contracts within a new social trading framework for its community. Its goal is to provide extensive access to the perpetual swaps market through its order book model, emphasizing speed, efficiency, security, and transparency regarding traders’ assets.

The new ApeX Omni represents an aggregated multichain liquidity trading framework based on a modular, intent-centric architecture. It delivers an experience tailored to precise needs of the individuals using it. Furthermore, ApeX Omni offers a decentralized trading environment featuring aggregated liquidity and a variety of trading products. Additionally, it provides a cost-effective solution with a multichain trading interface, similar to that of centralized exchanges.

ApeX Omni supports speeds of 3,000 transactions per second with up to 100x leverage on ETH and BTC, zero gas fees, low slippage, minimal taker fees of 2.5 basis points, and no maker fees. Additionally, it accepts deposits from various blockchains, including Arbitrum, Binance Smart Chain, and Ethereum.

According to its roadmap, it plans to introduce a spot trading platform, pre-market trading for perpetual pairs, community vaults for liquidity provision, and a social trading platform facilitated by Soul Bound Tokens (SBTs).

ApeX Omni Enhances Multichain Trading With zkLink Partnership

By partnering with zkLink it offers a platform where individuals have a chance to access and trade native tokens from various Layer 1 and Layer 2 networks through a single, unified interface.

It employs zkLink’s zkLink X technology for transaction execution and settlement. Using ZK proofs, zkLink X ensures that transactions are processed quickly and securely, offering a seamless trading experience throughout various blockchains.

zkLink develops ZK scaling solutions for the Ethereum ecosystem. Its primary solution, the Aggregated Layer 3 zkEVM rollup network zkLink Nova, aims to connect various Layer 2 rollup ecosystems to reduce liquidity fragmentation while enhancing security and scalability through ZK proofs. After its launch in 2021, zkLink secured investments from a range of backers, including Republic Crypto, Arrington Capital, DeFi Alliance, and Huobi Ventures.

Recently, zkLink Nova integrated with zkEVM rollup Scroll to improve capital efficiency and inter-chain connectivity for Scroll users.

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Decentralized finance (DeFi) lending protocol Aave‘s community introduced a new ARFC proposal aimed at securing votes for deploying Aave V3 on the ZKsync Era.

ZKsync employs zero-knowledge rollups to batch several transactions off-chain and validate them with a sole proof on Ethereum. This capability boosts transaction throughput and lowers gas expenditure. Additionally, deposit and borrowing operations benefit from these cost savings and enhanced efficiency. The deployment will provide benefits such as improved scalability and enhanced interoperability. It also will offer new possibilities for Aave DAO stablecoin GHO.

If the proposal gains a majority of votes, it subsequently will advance to the Snapshot phase. A positive outcome at Snapshot will lead to subsequent coordination with BGDLabs and Catapulta for deploying an Aave V3 instance on ZKsync Era. The voting is currently active and scheduled to conclude on June 21st. At present, the initiative has garnered unanimous support, with 100% of votes in favour.

Aave V3 introduces enhanced capital efficiencies, heightened security measures, and cross-chain capabilities, aiming to bolster decentralization throughout the protocol. Core capabilities include an isolation mode enabling Aave Governance to list new assets as isolated assets with specific debt ceilings and an E-mode optimizing capital efficiency when collateral and borrowed assets exhibit correlated prices.

Aave https://t.co/eAkGxO5b0E

— Aave Labs (@aave) June 19, 2024

Aave Launches Its Subgraph On The Graph, Enabling Developers And Users Access Decentralized Network With Multiple Indexers

Aave operates as a non-custodial liquidity market protocol in which individuals have the option to engage either as liquidity suppliers or borrowers. Suppliers contribute liquidity to generate passive income, while borrowers can borrow using perpetual or one-block liquidity methods.

Recently, Aave launched its protocol’s subgraph on The Graph. This integration allows Aave builders and users of its subgraph to leverage a decentralized network backed by multiple indexers, thereby bolstering support for their decentralized applications (dApps).

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In this discussion Christina Macedo, CEO of READYgg, shares her insights into the world of Web3 gaming, highlighting the shift towards true ownership of digital assets, the current state of the industry, and the challenges and opportunities that lie ahead. She delves into how Web3 can transform game development, player engagement, and monetization while also addressing regulatory considerations and the integration of emerging technologies like artificial intelligence.

Let’s start with the basics. What is Web3 gaming, and how is it different from traditional gaming?

Web3 gaming is really a shift, primarily in terms of ownership. In traditional gaming, when a player bought assets or created data, they didn’t actually own those assets or data. The evolution with Web3 gaming is that this changes. Now, when a player purchases something, they truly own it and can use it however they want. Additionally, when a player creates data on the blockchain, they own that data and can monetize it themselves rather than a third party monetizing it.

When we talk about community, for example, the community is elevated in Web3 because players really do identify as themselves within this ecosystem. One of our significant innovations is the concept of the on-chain player profile or player ID, which elevates the player’s digital identity.

Everything players own, and all the data they produce belong to them. This opens up new opportunities for players to monetize their assets by selling them or monetizing their data by sharing it with third parties or whomever they choose. In contrast, in Web2, companies like Facebook and Google sell your data for their benefit, and you get nothing in return.

What do you think is the current state of Web3 gaming? 

We’re still at a very early stage. There aren’t a lot of developers building in this space yet, which is why we created Readygg. Our goal is to enable every developer, from solo creators to large publishers, to enter the Web3 gaming space and innovate game mechanics. 

Currently, many developers are using our solutions to bring existing IP and Web2 games into Web3, essentially migrating them. This is powerful because it means that the proven game mechanics that players love can now be enhanced in Web3, elevating the game experience for players. 

The current status is very much about development and innovation, with tools now available to encourage developers to build. This is one of the most exciting times for Web3 as we’re seeing a variety of creators coming into the space to create content for traditional gamers and making the entry into Web3 gaming as seamless as possible.

What do you think are the challenges preventing further adoption of Web3 gaming?

The main challenge is that we don’t have enough developers building in this space. We need thousands of game mechanics built on the blockchain to offer a wide variety of products that can attract different types of players. For example, mobile survival games need to exist on Web3 for those players to be interested. 

Another challenge is creating a seamless experience for players. Wallets need to be integrated into games smoothly, and the overall game experience should be as if there are no Web3 obstacles. Players should just enjoy the game.

On the developer side, we need to make it incredibly easy for them to build Web3 games. This means providing seamless tools and support so they can create seamless experiences for players. Once we achieve this, I believe we’ll see organic growth and adoption in Web3 gaming.

What is the strategy to attract new developers to the industry?

Our approach involves leveraging our team’s extensive background in gaming. We’ve worked with multiple big studios, supported esports teams, and have experience as publishers. Our advisors, like Shawn Layden, the ex-CEO of Sony Entertainment PlayStation, and Strauss Zelnick, the CEO and chairman of Zynga, also bring valuable insights.

We explain to developers how they can optimize their games in Web3, improve monetization, and reduce user acquisition costs. Traditional user acquisition has become incredibly expensive, but we’re showing lower costs, higher retention, and higher average revenue per daily active user (ARPDAU). When developers see these KPIs and case studies, they become interested in trying Web3 because they see the benefits.

We also highlight the potential of integrating marketplaces into games, allowing developers and players to own, use, and trade assets in ways that were not possible before. This new e-commerce opportunity within games is very attractive to developers.

What problems in Web2 gaming can Web3 solve or mitigate?

Ownership is the main issue. In Web2 gaming, if a game shuts down, all the money and effort a player has invested disappears. In Web3, everything a player achieves or owns on-chain belongs to them, creating a permanent record of their accomplishments. 

Another issue in Web2 is the high cost of user acquisition due to multiple intermediaries. Web3 allows developers to connect directly with players, significantly reducing costs. Developers can incentivize players directly, resulting in much lower CPIs (cost per install).

Do you think the Play-to-Earn concept and tokenized rewards are the only ways to attract new people to Web3 gaming, or are there other methods?

Play-to-earn is just one genre of gaming. It still has room for innovation and optimization. However, we shouldn’t undervalue collections. People love to collect items they are passionate about, and Web3 offers true ownership and appreciation of these collections.

User-generated content (UGC) is another powerful driver. Allowing players to become creators and participate in the IP they love can significantly enhance the gaming experience. UGC-powered games will likely be a major trend, enabling players to create and sell assets within the game and creating new monetization opportunities for both players and developers.

How do you see the role of artificial intelligence in Web3 gaming?

AI has a significant role to play in Web3 gaming. For developers, we’re creating AI agents that act as additional engineering resources, helping to build and integrate our technology faster and more efficiently. 

On the entertainment side, AI can help players create content more easily. Not everyone is skilled at drawing or designing, but people have great ideas. AI can turn these ideas into assets through text-based creation tools, making it easier for players to become creators and contribute to the game’s content.

Besides AI, what other trends in blockchain and crypto could influence Web3 gaming?

The main trend is making everything very user-friendly. The last bear market taught us that without commercial adoption, projects struggle to survive. For gaming, popularity is driven by numbers, especially for mobile games, which dominate the market.

To achieve adoption, we need to make Web3 gaming accessible and user-friendly. This means embracing free-to-play models, focusing on mobile gaming, and ensuring seamless experiences for players. Commercial viability is crucial for the success of Web3 gaming.

Do you think Web3 gaming could face any legal issues, or is it free from regulatory concerns?

I believe some areas, like play-to-earn mechanics, could face regulatory scrutiny due to their pay-to-play nature. However, many aspects of Web3 gaming, like selling digital assets, are similar to existing markets like social casino gaming, which already have regulatory frameworks.

Developers need to consider taxes and other legal obligations, but these are issues they’ve likely encountered before. Regulatory challenges will depend on the specific game mechanics and how they are implemented.

It depends on the specific game mechanics. For play-to-earn models, there are complexities around pay-to-play and regulatory obligations like KYC (Know Your Customer). However, for other aspects, like selling digital assets, the issues are similar to existing markets, such as social casino gaming, which already have regulatory frameworks. 

Developers may need to consider taxes and legal obligations, but these are not new challenges. The key is to support developers and work with various blockchains to ensure compliance and innovation can coexist.

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Independent entity focused on advancing the EigenLayer (EIGEN) ecosystem, the Eigen Foundation, launched the second phase of the first season of the EIGEN stakedrop, marking the conclusion of the first season, during which approximately 113 million EIGEN tokens were distributed.

In the new phase, allocations are dedicated for each liquid restaking token (LRT) protocol corresponding to their interactions with EigenLayer, following the same criteria used in the first phase. No penalties are applied in this process. Each LRT protocol has determined specific allocations tailored to their end users.

Decentralized finance (DeFi) users who engaged with KelpDAO, Pendle, Equilibrium, or other protocols prior to March 15th, along with participants from the EIGEN stakedrop first phase, are eligible to make claims. The claiming window is currently open and will continue until September 7th.

Additionally, new users taking part in the second phase will receive 100 EIGEN rewards if they staked before the snapshot on March 15th. However, individuals will not receive rewards twice for their participation in both phases.

1/ We’re excited to announce that Phase 2 claims are now open! (Season 2 is coming)

Phase 2 marks the completion of Season 1, nearly 113 million EIGEN are now distributed.

Get started: https://t.co/ZjZJPW9JR4 pic.twitter.com/uGT7GDJdyY

— Eigen Foundation (@eigenfoundation) June 19, 2024

Let’s Check Out What Are EigenLayer And EIGEN Tokens 

EIGEN functions as an intersubjective fork token aimed at bolstering cryptoeconomic security across multiple protocols. Its purpose is to incentivize integrity, discourage malicious activities, and bolster Actively Validated Services (AVSs) for a range of applications.

Since its establishment in 2023, EigenLayer has enabled individuals to deposit and restake ETH through diverse liquid staking tokens, with the goal of using these funds to AVSs. Over time, EigenLayer has expanded to become the second-largest DeFi protocol, currently holding a total value locked (TVL) of $19.054 billion, according to DefiLlama.

The total EIGEN supply stands at 1.67 billion. The EigenLayer Foundation has allocated 45% of these tokens to the community, divided to 15% for stakedrops, 15% for initiatives, and 15% for ecosystem development. Furthermore, 29.5% of the tokens were distributed to investors, while early supporters are set to receive 25.5%.

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The computer giants Microsoft and Apple have been overtaken by Nvidia to take the title of most valuable publicly listed business in the world. The company that makes chips for AI and graphics processing has surpassed its rivals with a market valuation of $3.34 trillion.

When Nvidia first started out in 1993, it was a gaming firm that made high-performance graphics cards for video games. But when it realized artificial intelligence had the ability to change everything, the company’s path took an unusual shift, and it redirected its resources to build the necessary technology.

Photo: Companiesmarketcap

The AI Arms Race and Nvidia’s Competitive Edge

Nvidia’s graphics processors are being used by big tech firms like OpenAI, Google, Amazon, and Microsoft to create artificial intelligence systems and infrastructure. Nvidia’s processors, which were first created to display visuals for video games, have shown they can handle the computational demands of artificial intelligence (AI) algorithms and offer the processing power needed to run and train these models.

By early adopting AI and customizing its hardware and software for AI workloads, Nvidia was able to establish an advantage in the sector. Nvidia established itself as a supplier of an AI ecosystem including hardware, software, cloud services, and pre-trained AI models with specialized processors and software for AI development.

According to research firm Omdia, Nvidia dominates this growing sector, accounting for over 70% of sales of AI chips and playing a major role in generative AI model training. Due to its domination, demand has increased dramatically. Nvidia has exceeded Wall Street estimates by anticipating a 64% increase in quarterly sales in May 2023.

Photo: Companiesmarketcap

The AI Prowess of Nvidia: The Basis

Since releasing CUDA software in 2006, which allowed programmers to utilize its GPUs for purposes other than graphics rendering, Nvidia has been involved in artificial intelligence. This made it easier to use Nvidia’s CPUs for machine learning and image recognition, which helped to establish Nvidia’s place in AI.

Later, Nvidia made an investment in designing hardware and software specifically designed to handle AI workloads. As a result, it produced products like the DGX-1 supercomputer for AI training, which it gave to the AI research firm OpenAI in 2017.

AI processors from Nvidia, such as the H100, are said to be up to nine times quicker for AI training and thirty times faster for inference than the A100, which it replaced. These processors enable numerous artificial intelligence (AI) systems that power applications like language models and self-driving vehicle technologies, together with Nvidia’s software.

The Tipping Point: Artificial Intelligence and the “iPhone Moment”

Nvidia has been making steady progress in AI, but the emergence of generative AI recently has spurred this growth. The success of ChatGPT and other similar applications led to a spike in demand for Nvidia’s processors, as businesses needed the processing power to create and run these models.

This is the “iPhone moment” for AI, according to Nvidia CEO Jensen Huang, who compared it to how Apple’s smartphone ushered in a new era of computing. Huang thinks that generative AI will fundamentally alter the way that technology is utilized, with Nvidia leading the way in this transformation.

Due to its supremacy in AI chips, Nvidia has demonstrated outstanding financial success. In the most recent quarter, data center revenue increased by 427% year over year and accounted for 86% of total sales. According to Forbes, this helped Nvidia surpass IT giants Apple and Microsoft in terms of market value and raised Huang’s net worth to over $117 billion.

Market Situation for AI Chips

The market for AI chips has expanded significantly in recent years due to the growing need for AI-powered technology in a variety of sectors. This increase has been accelerated by the global AI boom, which started last year and is predicted to expand tenfold over the next ten years to reach $300 billion in revenue.

Artificial intelligence (AI) chips are specialized semiconductor devices that carry out intricate computations and operations needed for AI applications. This results in increased efficiency, reduced power consumption, and better cost-effectiveness. In the upcoming years, it is anticipated that the demand for these gadgets will explode globally.

Data from Statista and Market.us predict that the worldwide AI chip industry will reach $30 billion in 2024, a $7 billion increase over the previous year’s earnings. The market revenue is projected to more than quadruple over the following three years, culminating in more than $65 billion by 2027.

Photo: Statista

It is anticipated that the market would reach $100 billion by 2029, and by 2023, it will have grown to $260 billion. Revenues are predicted to increase by 1,000% to $341 billion in 2033 from this year. The amount of venture capital invested in AI chip startups has also increased dramatically; in 2023, over $20 billion, or $5 billion more than the year before, was invested in these companies.

This year’s investment activity is anticipated to be driven by investor involvement in the potential and applications of AI chips. By 2024, over $20 billion in new capital is predicted to enter the market, bringing the total three-year funding of AI chip companies to an astonishing $60 billion.

The Path Ahead: Sustaining Nvidia’s Dominance

Being the most valuable public business in the world, there are concerns about Nvidia’s ability to maintain its leadership in the face of growing competition and shifting AI trends.

With its extensive AI ecosystem and decades of GPU specialization, Nvidia creates obstacles to entry for firms like AMD and Intel trying to catch up in the AI chip market. Customers and partners are still drawn to it because of its integrated hardware, software, cloud services, and AI model libraries.

Nvidia plans new AI chip designs every year as part of its commitment to innovation. Its attempts to progress AI computing are demonstrated by the Grace Hopper platform, which combines GPUs and microprocessors.

However, with chip demand skyrocketing, Nvidia must guarantee product accessibility and affordability, which puts supply limits in place. Nvidia’s advantages may be disrupted by the emergence of open-source AI models and the focus on energy efficiency.

Nvidia has emerged as the industry leader in AI chips this year thanks to its early emphasis on technology and the creation of a wide range of AI product partners. Its success with generative AI has made it the most valuable public business in the world, yet maintaining this supremacy will require managing changes in the AI environment and competition.

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