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.

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Cryptocurrency exchange HTX announced a new campaign for users, which will allow them to deposit funds and potentially win up to 10,000 USDT, with a total prize pool of 1 million USDT available for new users. This campaign is designed to provide newcomers with the chance to begin trading under challenging market conditions, while offering substantial rewards.

The newly registered users on the exchange can make deposits and begin trading to earn up to 104 USDT. They can also deposit into their Futures accounts to qualify for up to 10,000 USDT in futures trial bonuses, a Prime 10 Trial Membership, and exclusive one-on-one service for life. 

The campaign has already started and will continue until 07:00 UTC on August 16th.

Campaign Features Three Activities For New Users With Rewards For Engagement

It includes several activities for participants. The initial activity provides benefits for new users who make their first deposit of 100 USDT or more, giving them a chance to earn a 2 USDT futures trial bonus. Additionally, users who complete their first trade can receive up to 100 USDT, and those who trade with USDT-M futures have the opportunity to receive a 2 USDT futures trial bonus.

In the second activity, users can win up to 3,000 USDT through the Futures Deposit Promotion. This event encourages users to transfer funds to their USDT-M futures account, with the chance to earn trial bonuses and receive additional exclusive services upon reaching certain deposit thresholds. The total prize pool for this promotion is 1 million USDT.

Furthermore, users can benefit from a 48-hour promotion for BTC and ETH spot trading. New users who trade BTC-USDT or ETH-USDT in the spot market between 04:00 UTC on August 6th and 07:00 UTC on August 8th are eligible to receive a 5 USDT cash reward.

HTX functions as a comprehensive ecosystem providing a range of blockchain-related services, including digital asset trading, financial derivatives, wallet services, research, investments, and incubation. The platform supports over 700 virtual assets, manages a daily trading volume of more than $4 billion, and serves over 45 million registered users.

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Chief Legal Officer at Coinbase, Paul Grewal, issued a statement addressing the recent complaint filed by the consumer advocacy group Public Citizen. Paul Grewal clarified that the seized cryptocurrency assets are not funds appropriated by Congress and noted that there is no minimum threshold required to file such a complaint. He suggested that the complaint essentially functions as a press release under a different name.

Paul Grewal highlighted that the company collaborates closely with federal law enforcement and is committed to fulfilling the United States Marshals Service’s cryptocurrency service needs. He also noted that this initiative is funded through the sale of assets forfeited to the Department of Justice’s Assets Forfeiture Fund rather than through taxpayer dollars taken by Congress.

Additionally, the company has made equal donations to Democratic and Republican super PACs, contributing $500,000 to both House and Senate funds to both parties for this year. White and Public Citizen seem to be attempting to report a political bias, although, he notes, there is no bias. The Chief Legal Officer concluded by stating that the perspective presented by these researchers in the document does not reflect the current legal standards.

Seized crypto assets are not Congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director, but it is notable that there is no minimum bar to file such a complaint, and this one…

— paulgrewal.eth (@iampaulgrewal) August 5, 2024

Public Citizen Files Complaint Against Coinbase With The Federal Election Commission

Last week, consumer advocacy group Public Citizen and writer Molly White filed a complaint with the Federal Elections Commission, alleging that Coinbase violated campaign finance laws. The complaint claims that the firm donated $25 million to the pro-cryptocurrency group Fairshake Super PAC while simultaneously negotiating government contracts with the United States Department of Justice (DOJ). It suggests that these actions were in breach of campaign finance regulations. This summer, the United States Marshals Service, a division of the DOJ, announced a $32.5 million contract with Coinbase Prime for custody services.

In 2010, the United States Supreme Court decided in Citizens United versus the Federal Election Commission that corporations and other external organizations are permitted to spend unlimited amounts of money on elections.

In their complaint filed on August 1st, White and Claypool contend that Coinbase qualifies as a federal contractor due to its current contract with the United States Marshals Service (USMS), a federal agency within the DOJ. The document asserts that the Federal Election Campaign Act restricts federal contractors from contributing, either directly or indirectly, to any political committee, party, or candidate.

The post Coinbase’s Chief Legal Officer Responds To Campaign Finance Violation Allegations appeared first on Metaverse Post.

With the price of Bitcoin falling below the mentally important $50,000 barrier, the cryptocurrency market is at a turning point. This recent decline is not merely a passing trend; rather, it is the result of a number of intricate factors coming together to transform the cryptocurrency market and how it interacts with traditional finance.

Photo: CoinGecko

The recent market correction highlights how developed the cryptocurrency ecosystem is becoming. Cryptocurrencies are no longer a niche market; instead, they are becoming more and more interconnected with geopolitical developments, monetary policies, and global economic trends. This integration presents challenges as well as opportunities. 

On the one hand, it represents the adoption of crypto assets by the general public, which could lead to a rise in adoption and institutional participation. Conversely, it leaves the market open to more regulatory scrutiny and wider economic vulnerabilities.

The Bitcoin Solution: Trump’s Vision for America’s Financial Future

The proposal from the former president is indicative of the growing interest political figures have shown in cryptocurrencies. Trump, who had previously voiced doubts about Bitcoin, has since modified his opinion and will even be speaking at the Nashville-based Bitcoin 2024 conference. He promised, if re-elected, to turn the US into the global Bitcoin superpower and the capital of the cryptocurrency industry.

As part of his plan, Trump intends to create the first strategic Bitcoin stockpile in the country, using roughly 210,000 Bitcoins worth roughly $13 billion that the federal government has legally seized. With this action, the US government would rank among the world’s biggest Bitcoin holders.

BREAKING: DONALD TRUMP PLEDGES TO NEVER SELL #BITCOIN AND HOLD IT AS A STRATEGIC RESERVE ASSET IF ELECTED PRESIDENT pic.twitter.com/bbPRxlZfGZ

— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024

Trump is not the first to propose using Bitcoin to address the nation’s debt. Robert F. Kennedy Jr., an independent candidate for president, has also proposed creating a Bitcoin reserve to aid in debt management. Going one step further, Wyoming senator Cynthia Lummis has introduced legislation to establish a strategic Bitcoin reserve in the US.

NEW: US Senator Cynthia Lummis Strategic Bitcoin Reserve bill will see the US accumulate 1 million Bitcoin if enacted into law

"This Bitcoin is going to be transformative for this country" pic.twitter.com/XUwpub6OIc

— Bitcoin Magazine (@BitcoinMagazine) July 31, 2024

This strategy’s proponents contend that Bitcoin’s limited supply and growth potential could act as a hedge against inflation and the depreciation of the US dollar. They argue that if Bitcoin’s value rises over time, it might provide a means of offsetting the national debt without the need for massive tax increases or money printing.

Challenges and Criticisms: The Potential Pitfalls of a Bitcoin-Based Solution

Critics point out that there could be dangers associated with linking the nation’s finances to a relatively new and erratic asset class, in addition to the volatility of the cryptocurrency markets. They contend that doing so might put the nation at serious risk of financial instability and jeopardize the US dollar’s standing as the world’s reserve currency.

The proposal also calls into question the US government’s cryptocurrency regulations. Trump has promised to establish a board that is supportive of cryptocurrencies, create rules for the sector, and increase energy production in the US to facilitate Bitcoin mining. Additionally, he has threatened to “fire” Gary Gensler, the chair of the US Securities and Exchange Commission, who is thought to be antagonistic toward the cryptocurrency sector.

“On day one I will fire Gary Gensler.”

“I will immediately shut down operation chokepoint 2.0”

“I will immediately order treasury to cease and desist all activities to create a CBDC”

“We will create a framework to operate the safe expansion of stablecoins”

“You never sell… pic.twitter.com/DcmC8Q1ti0

— Bill Barhydt (@billbarX) July 27, 2024

These suggested legislative adjustments demonstrate the increasing convergence of politics and cryptocurrencies. Digital assets are becoming a bigger campaign issue as they become more widely used. Since May 2024, Trump’s campaign has already raised $25 million in cryptocurrency, including Bitcoin, suggesting a change in political fundraising tactics.

The discussion concerning the future of money and financial systems is further highlighted by the possible application of Bitcoin to pay down the nation’s debt. Cryptocurrency proponents contend that their technology opens up new financial possibilities and may provide answers to persistent problems in the economy. They view digital assets like Bitcoin as instruments to encourage financial independence and lessen dependency on centralized banking systems.

Conversely, opponents are concerned about how mining Bitcoin may affect the environment, how it might help with illegal activity, and how difficult it will be to incorporate digital assets into current financial systems. They contend that although cryptocurrencies might play a part in finance in the future, they cannot solve complicated problems like the nation’s debt.

The Future of Cryptocurrency in American Politics and Economics

The idea that the national debt can be paid off with Bitcoin also calls into question the government’s role in overseeing and controlling digital assets. The ideological gap on these issues is highlighted by Trump’s promise to end the current administration’s “anti-crypto campaign” and to oppose efforts to create a digital currency backed by a central bank.

It’s evident from the ongoing discussion that cryptocurrencies are playing a bigger role in American politics and economic policy. Whether or not Bitcoin turns out to be a solution for the country’s debt, the debate about it is bringing up significant issues regarding the direction money will take, the role of government in financial markets, and the difficulties facing the American economy.

The technology tightened to cryptocurrencies and the legislation surrounding them are expected to continue to advance in the upcoming years. The relationship between digital assets and national finance will continue to be a vital topic of discussion and innovation as policymakers, economists, and technologists work through these challenges.

Even though some may find Trump’s plan to use Bitcoin to reduce the national debt radical, it actually reflects an increasing understanding of the potential influence cryptocurrencies could have on world finance. The place of digital assets in national economic strategy will surely continue to be a hotly debated topic as the United States navigates its ongoing fiscal challenges.

The post Trump’s Bitcoin Ambition: Can Crypto Solve America’s National Debt Crisis? appeared first on Metaverse Post.

Decentralized virtual world platform, The Sandbox announced the launch of the Rise of the Memecoins airdrop. This initiative aims to reward memecoin enthusiasts for their creativity and involvement in interactive experiences within the platform.

The Rise of the Memecoins event, running until September, promotes the cross-chain use of SAND and offers rewards such as creative contests, immersive gaming experiences, and exclusive avatars inspired by memecoin communities, including PEPE, DOGE, SHIB, BONK, and DEGEN.

The event features a limited edition collection of memecoin-inspired avatars, with one unique avatar per memecoin. These avatars are available exclusively to holders of each memecoin who have a The Sandbox account and SAND in their wallet, with a maximum of 10,000 avatars per collection. The top 2.5% of participants will receive a Diamonds skin, the top 17.5% will receive a Gold skin, and the top 80% will receive a Normal skin.

Furthermore, the event includes two contests for creators: a VoxEdit contest and a Game Jam. These contests invite participants to design experiences and wearables inspired by memecoins.

The VoxEdit contest invites creators to design distinctive and visually appealing wearables inspired by different memecoins. Meanwhile, the Game Jam allows users to develop and present meme-themed game experiences. The top entries from the Game Jam will be selected for inclusion in the live event, with a minimum of five experiences being featured.

To be eligible for participation, users must hold at least five SAND on Polygon or five SAND on Ethereum and own at least one of the specified memecoin tokens. Avatars for each community come in three different skins, with rarer skins airdropped based on the USD value of users’ holdings in SAND, LAND, and memecoin tokens. Additionally, users must be among the top 10,000 holders of the specified memecoin tokens at the time of the snapshot, as each of the five collections will be limited to a maximum of 10,000 avatars.

AIRDROP INITIATED Eligible holders check your wallets! #RiseOfTheMemecoins pic.twitter.com/SYrXyACWTK

— The Sandbox (@TheSandboxGame) August 5, 2024

The Sandbox: A Virtual Platform For Creation, Owning, And Monetization Of Gaming Experiences  

The Sandbox is a virtual platform where users can create, own, and monetize gaming experiences through blockchain technology. It includes key elements such as gaming content, LAND, non-fungible tokens (NFTs), and the utility token SAND.

SAND serves as the primary utility token within The Sandbox ecosystem, facilitating transactions and interactions. It is an ERC-20 token based on the Ethereum blockchain. LAND, on the other hand, represents digital real estate within the metaverse, allowing users to design and build virtual experiences.

The post The Sandbox Initiates Airdrop To Reward Participants Of ‘Rise Of The Memecoins’ Event For Creativity appeared first on Metaverse Post.

Blockchain asset issuance platform Noble introduced its new user-facing application, Noble Express. This new application is crafted for USDC stablecoin, facilitating transfers across Ethereum, Layer 2 networks, Solana, Cosmos, and inter-blockchain communication protocol (IBC) blockchains.

Noble Express provides efficient transfers with zero slippage and includes a transaction history feature. Furthermore, it utilizes the Cross-Chain Transfer Protocol (CCTP), developed by Circle, to enable the smooth transfer of native USDC across different blockchains and Cosmos via the IBC Protocol.

Additionally, the new solution incorporates user experience enhancements from the Noble blockchain, such as the forwarding module, which allows users to switch between multiple blockchains with a single click. The primary aim is to simplify the process of moving funds across any blockchain.

Starting today, Noble offers a beta testing option for the application, enabling individuals to complete transactions between Ethereum, Arbitrum, Avalanche, Polygon, Base, Solana, and Cosmos IBC blockchains. Notably, though this represents a beta release, Noble Express users can anticipate upcoming features encompassing faster CCTP transactions, Ledger support, swaps for assets beyond USDC, a mobile application, as well as additional enhancements.

1/ Introducing Noble Express, the easiest way to transfer USDC between @ethereum, major L2s, @solana & @cosmos IBC chains!

1-click transfers
Zero slippage
Txn history viewhttps://t.co/AmARF2ru7M pic.twitter.com/Sau4cfKR48

— Noble (@noble_xyz) August 5, 2024

Noble: What Is It?

It represents a blockchain created specifically for native asset issuance in the Cosmos ecosystem. It aims to improve the efficiency and interoperability of native assets, starting with USDC. Leveraging the Cosmos-SDK, a versatile toolkit, Noble allows builders to incorporate existing and add custom modules, providing extensive functionality for asset issuers on its blockchain.

Recently, Ondo Finance, a cross-chain decentralized finance (DeFi) platform focused on tokenizing real-world assets (RWAs), announced the launch of its yield-bearing stablecoin USDY. This stablecoin is a tokenized note backed by short-term United States Treasuries and bank demand deposits, and it is now available on the Noble mainnet, marking the introduction of the first tokenized Treasuries product in the Cosmos ecosystem. It is now usable on platforms such as Injective, Osmosis, Kujira, and Pyth Network.

The post Noble Introduces Noble Express App For USDC Transfers Across Ethereum, Layer 2, Cosmos, And Other Blockchains appeared first on Metaverse Post.

Bitcoin News & Macro

One word: bloodbath. And nobody saw it coming… or did they? Let’s break it down. 

Source: TradingView

As last week kicked off with high hopes, Bitcoin flirted with the $70,000 mark, buoyed by positive vibes and a surge in Ethereum-based ETF inflows. The buzz about a potential “macro summer” rally fueled dreams of new all-time highs by 2025. But as the week rolled on, the mood took a turn.

As July drew to a close, the air grew thick with tension. Whispers of Bitcoin hitting an “inflection point” swirled, driven by rising open interest and looming regulatory news. The market was on edge with the introduction of new ETF products and chatter about a Bitcoin Strategic Reserve Bill in the Senate. Optimism mingled with caution as global economic jitters and possible rate hikes started casting long shadows.

August 2 hit like a cold shower. Bitcoin tumbled below crucial support levels, nosediving from close to $70,000 to around $65,000. The catalyst was a wave of leveraged long positions that got liquidated, erasing over $600 million in value. The sudden drop sent shockwaves through the market, sparking fears of an even steeper drop. And, as fate would have it, those fears turned out completely justified. 

As the market continued to unravel, Bitcoin sank further, bottoming out near $53,000. And – historians take note – It was the biggest three-day meltdown in the crypto space in a year, wiping a jaw-dropping $500 billion off the market cap. The culprits are likely a toxic mix of over-leveraged bets, macroeconomic anxiety, and overall regulatory uncertainty.

#Bitcoin traded below $50K. It's down about 22% since Friday's U.S. stock market close, and It's now down 45% priced in #gold since its Nov. 2021 high almost three years ago. It's back above $50K now, but wait until the stock market opens and ETF holders can finally sell too.

— Peter Schiff (@PeterSchiff) August 5, 2024

Analyst Peter Schiff came out with a grim prediction that, once the stock market opens, ETF holders are going to start selling as well, adding to the bearish drama. So, traders buckle up. 

Source: Alternative.me

The Fear & Greed Index is showing – you guessed it – extreme fear, with the current value being around the lowest historical points. So, more action to come, eh? 

Source: Alternative.me

As we speak, the market finds itself in deep red, and for now there’s no sign of recovery anywhere on the horizon. Bitcoin’s dominance is climbing as altcoins and stocks take a hit, leaving everyone wondering if we’ve hit bottom or if there’s more pain to come.

BTC Price Analysis 

Now let’s zoom in on Bitcoin’s price action, (blue box on the charts). Let’s dive into the daily (1D) chart first. 

Source: TradingView

At the beginning of the week, BTC made an ambitious run at the $70,000 mark, a significant resistance level that had been tested and rejected before. The initial surge looked promising, but it quickly unraveled into a classic fakeout. The rejection was swift and harsh, resulting in a cascade of drops that blew past previous support levels.

The $65,000 support, which had been a reliable floor, was smashed in a fierce sell-off. The daily EMAs tell the same story: the 20-day EMA crossed below the 50-day EMA, signaling a bearish trend. This so-called “death cross” accelerated the decline, showcasing the sellers’ strength. The sell-off didn’t just pause at $60,000, another key support; it plowed right through, with heavy volume indicating panic and forced liquidations. 

Source: TradingView

Zooming in on the 4-hour (4H) chart, the decline looks even sharper, with little to no consolidation. A brief head-and-shoulders pattern popped up, with the neckline hovering around the $65,000 support. Once that gave way, the drop was relentless. The RSI tickled with overbought territory, but the bearish momentum was unstoppable. As we speak, we’re in some of the deepest oversold zones seen to date. Key levels like the $53,000 mark, which held strong during dips earlier this year, were revisited and quickly shattered. 

The action around the weekly open was a big tell. After a feeble attempt to reclaim higher ground, the price closed much lower, setting a bearish tone. Daily closes kept hitting lower lows, highlighting a strong downtrend. 

The $50,000 level is now a key battleground. Holding it could stop further losses, but if it breaks, we could see a drop to the $44,000 to $42,000 range. However, if the $50,000 level holds firm, we might see a relief rally, though any upward movement is likely to face tough resistance. 

Ethereum News & Macro

Needless to say, Bitcoin’s crash absolutely dominated the market, and Ethereum has been tightly tethered to its big brother’s whims. Despite a flicker of hope with the launch of Ethereum ETFs, the enthusiasm quickly fizzled. Grayscale’s Ethereum Trust reported significant outflows, signaling a lack of strong investor conviction. 

Source: SoSoValue

Even with some bright spots, like Celestia gaining ground in data storage, Ethereum couldn’t break free from Bitcoin’s gravitational pull. The crypto world’s attention was laser-focused on Bitcoin, leaving ETH and other altcoins in the shadows.

Adding to the gloom were unsettling headlines – like WazirX’s massive $266 million hack and ongoing regulatory uncertainties. These, coupled with the underwhelming reception of Ethereum ETFs, made ETH particularly vulnerable to the drop. 

Technically, Ethereum desperately tried to hold the $2,860 support level. But as Bitcoin stumbled, Ethereum tripped right after, with selling pressure pushing prices further down.

The recent nosedive isn’t just a number on a chart; it’s a stark reminder of Ethereum’s dependency on Bitcoin’s moves. The “Ethereum following Bitcoin” narrative has never been clearer, and the plunge has left investors jittery, casting doubts on ETH’s short-term outlook. 

ETH Price Analysis

In the daily chart, the blue box captures Ethereum’s sharp drop mirroring that of Bitcoin. Initially, ETH was clinging to the $3,000 mark, with $3,250 acting as a key support-turned-resistance from previous swings. 

Source: TradingView

But as Bitcoin stumbled, Ethereum couldn’t hold its ground, tumbling past $2,860, a critical psychological and technical support level. The 20-day EMA’s slide below the 50-day EMA only confirmed the bearish vibe. We saw red candles stretching out, signaling not just a dip but a full-blown capitulation, worsened by Bitcoin’s deeper cuts.

Source: TradingView

On the 4-hour chart, the picture gets even starker. Ethereum was locked in a range between $3,250 and $2,860, bouncing within these bounds until it hit a wall – a strong bearish engulfing pattern that shattered the lower support. And, sure enough, the engulfing did happen, sending the price of ETH down into the long-forgotten yearly lows. 

As of this writing, the price of ETH is dangling around $2,350 – that’s over 30% down since last Monday, with not a single higher high or higher low made during that time. 

Now, when we compare Ethereum’s selloff to Bitcoin’s, one thing stands out. Bitcoin dropped like a stone, a straight plunge that rattled the market. Ethereum, on the other hand, seemed to hesitate, breaking down from a drawn-out consolidation phase. This suggests that even before the drop, Ethereum had its own set of issues – perhaps an underlying lack of confidence among traders. So, investors will likely re-asses how much Ethereum they should keep in the near-term. 

The key $2,400 mark is now a line in the sand. If that doesn’t hold, $2,000 may be the next stop. Reaching back above $2,500-2,800 could signal a turnaround, but hey, we all know that things are looking heavy right now.

Toncoin News & Macro 

Meanwhile, Toncoin had a pretty still week. Not much has happened save the odd integration and/or partnership here and there.  

A major highlight was the integration news from CurioDAO, which now allows TON users access to RWA markets. This significant expansion of Toncoin’s utility could potentially boost its value by bridging digital and real-world assets.

Adding to the momentum, Trust Wallet announced a partnership with The Open Network (TON), aiming to enhance GameFi and DApp integration through Telegram’s vast user base. This collaboration promises to streamline TON transactions and expand its use cases, further supporting its price potential.

However, despite these strides, Toncoin did not (and could not) withstand the tsunami caused by the broader market shockwaves. And with that in mind, let’s move over to the charts. 

Toncoin Price Analysis

When Bitcoin falls, major coins will follow. TON has been no exception to this rule. However, while Bitcoin and Ethereum were on a bungee jump without a cord, TON took a more scenic route down, albeit still ending up in a steep plunge.

Source: TradingView

Starting with the daily (1D) view, TON’s descent kicked off with a slip from around $6.85 – a level that tried and failed to act as a trampoline. This tumble, highlighted by our blue box of doom, set off a chain reaction of sell orders, plummeting the price down to $4.77 before bouncing back. The 20-day EMA couldn’t catch the falling knife, and the subsequent bearish crossover below the 50-day EMA sealed the deal for a bearish outlook. The whole thing felt like a slow-motion disaster movie, complete with a dramatic volume spike. 

Source: TradingView

On the 4-hour (4H) stage, TON’s price action took a more drastic turn. It was comfortably cruising in a narrow range before hitting turbulence and breaking down. The support at $6.40 crumbled, sending the price diving. The RSI screamed “oversold,” just like in Bitcoin and Ethereum, hinting at panic. But unlike a plot twist, there was no surprise recovery; the price remained locked below the 50-EMA, which now felt more like a brick wall than a support line.

What’s next? For TON, the $5.26 level is the current lifeline, with eyes nervously watching if it will slip further to $4.50. If TON can rally above $6.40 and make a dash for $6.85, we might see a flicker of hope. But for now, the vibe is decidedly bearish. 

The post Crypto Carnage: The August Bitcoin Bear Run Explained appeared first on Metaverse Post.

Businessman and investor Elon Musk filed again a complaint in the federal court in Northern California against the AI research organization OpenAI, reigniting a six-year-old dispute that originated from a power struggle within the company. According to the filing, OpenAI and its founders, Sam Altman and Greg Brockman, violated the company’s founding agreement by prioritizing commercial interests over the public good.

Initially, Elon Musk filed a lawsuit against the company in January in a state court in San Francisco, alleging that Sam Altman and Greg Brockman knowingly misled him when they collaborated to create OpenAI. However, the arguments supporting the previous claim were deemed insufficient.

In a blog post responding to Elon Musk’s initial lawsuit against OpenAI, Sam Altman and others at the company stated that they planned to request the dismissal of the claims. They emphasized that the company’s goal is to serve the public good by developing artificial general intelligence (AGI), a machine capable of performing any task that the human brain can do.

Subsequently, Elon Musk withdrew his initial lawsuit seven weeks ago, without providing an explanation, just one day before a judge was scheduled to decide on its dismissal.

New Lawsuit To Assess OpenAI’s AGI Technology 

The new lawsuit is more assertive, arguing that OpenAI‘s contract with technology company Microsoft stipulates that the firm would lose its rights to OpenAI’s technology once OpenAI achieved AGI. It requests the court to assess whether OpenAI’s latest systems have reached AGI and to determine if the contract with Microsoft should be invalidated. 

Notably, most experts contend that OpenAI’s current technology does not qualify as AGI, and scientists have not yet determined how to develop such a system.

OpenAI positions itself as an organization dedicated to advancing research and development in AGI and generative models and is well-known for its chatbot, ChatGPT. In late May, the firm announced that it had begun developing a new AI model intended to succeed the GPT-4 technology behind ChatGPT, with expectations to deliver “the next level of capabilities.”

The post Elon Musk Initiates Another Lawsuit Against OpenAI And Its CEO Sam Altman appeared first on Metaverse Post.

Digital asset investment firm DeFiance Capital‘s founder and CEO, Arthur Cheong, shared a commentary on the latest decline in the cryptocurrency market. In a post on social media platform X, he noted that the current cryptocurrency downturn resembles the dramatic crash of March 2020, driven by weaknesses in traditional finance (TradFi), though this one appears to be somewhat less severe in scale.

He further suggested that the cryptocurrency market is likely to experience a period of low liquidity over the next few weeks. However, this could present some of the best investment opportunities for traders who have cash available. Arthur Cheong anticipates that, subsequently, some major players who missed out on entering the market earlier this year may take advantage of this opportunity to invest.

Eerily similar to March 2020 great crash of crypto driven by macro tradfi weakness albeit slightly smaller in magnitude.

Market will go into low liquidity period over the next few weeks but generally you find the best investment opportunities here if you have cash to buy.

Some…

— Arthur (@Arthur_0x) August 5, 2024

In March 2020, Bitcoin abruptly fell from $8,000 to $3,867. This crash was triggered by multiple factors, including the coronavirus outbreak, which impacted global markets and drove investors toward the safety of cash. Additionally, an uptick in equity markets, which may have been a chart-driven bounce, and the Federal Reserve’s decision to inject $1.4 trillion into the financial system influenced the situation. The dip also occurred during a period of volatile trading on Wall Street.

Justin Sun Purchases 16,236 ETH Amid Market Decline 

The recent decline also occurred against a backdrop of multiple strong factors, including macroeconomic updates, asset movements by Jump Crypto, and the increasing likelihood of Kamala Harris winning the upcoming United States election over pro-cryptocurrency candidate Donald Trump.

As of the current writing, Bitcoin is trading at $51,511, reflecting a decline of over 15.39% in the past 24 hours. Meanwhile, the price of ETH is currently $2,256, marking a 22.61% decline over the past day, according to data from CoinMarketCap. This continues the downward trend that began over the weekend.

Notably, some market participants are already taking advantage of the current conditions. Cryptocurrency entrepreneur Justin Sun has reportedly used 37 million USDT to purchase 16,236 ETH. According to on-chain analysts, the address was created today and withdrew 38 million USDT from the HTX cryptocurrency exchange.

The post DeFiance Capital: Upcoming Weeks To See Low Liquidity, Presenting Excellent Market Entry Opportunity appeared first on Metaverse Post.

A new wave of AI startups is starting to appear, each offering creative fixes for challenging issues in a range of sectors. Some of the most useful AI startups that are creating new opportunities for the tech industry are examined in this article.

Anthropic and OpenAI: the Rise of Language Models

OpenAI and Anthropic have made a name for themselves as pioneers in huge models at the forefront of the AI sector. These businesses have achieved great progress in developing AI systems that can analyze images, summarize large amounts of text, and respond to intricate queries. They are constantly pushing the limits of natural language processing and understanding through their competition with tech behemoths like Meta Platforms and Google’s Alphabet.

Suno: Transforming the Production of Music

Suno has created technology in the field of creative AI that can produce intricate-sounding songs, complete with vocals. A larger audience can now create music, but this innovation has also generated controversy. The company has been sued by major record labels for allegedly violating copyright, bringing to light the intricate legal issues that arise when AI enters creative fields.

ElevenLabs: The Forerunner of Voice Cloning

ElevenLabs’ innovative voice-cloning software has attracted attention. Although this technology has the ability to assist users who struggle with speech, there are worries about possible misuse, such as the production of false audio content. ElevenLabs’ innovation has two sides, which emphasize the need for responsible AI development and application.

DeepL: Overcoming Linguistic Obstacles

DeepL has become a very strong player in the language translation market. In response to the growing need for AI-powered language solutions in international business communications, their platform provides incredibly accurate translations in a variety of languages. The market’s confidence in AI-driven language technologies is demonstrated by the company’s recent huge funding, which valued it at $2 billion.

Frame AI: Interpreting User Data

Frame AI is using its innovative platform to address the problem of customer comprehension. Their “Voice of the Customer engine” assists businesses in finding recurring themes among their clients, spotting trends in customer acquisition and retention, and converting qualitative feedback into useful quantitative information. This method is completely changing how companies perceive and address the needs of their clients.

Uizard: Democratizing Design

With its AI platform, Uizard is creating an impact in the design and prototyping industry. Uizard is democratizing the design process by letting users build designs for web pages and apps with little to no coding knowledge. Their technology turns diagrams and drawings into functional code and concepts, streamlining the prototyping procedure for users as well as companies.

Moveworks: Increasing Productivity at Work

With the use of machine learning, AI, and natural language understanding, this AI platform is tackling problems in the workplace. Moveworks wants to make the workplace more responsive and efficient by handling everything from paper approvals to common questions and troubleshooting them. This could change the way businesses manage their internal operations.

Databricks: Combining AI and Data Analytics

Databricks has established itself as a leader in the field of data analytics and artificial intelligence deployment. Businesses in a variety of industries are using their unified analytics platform, which incorporates AI solutions capabilities, to make data-backed decisions.

Synthesia: Customization of Video Content

An AI-powered system for mass production and personalization of video materials has been developed by Synthesia in response to the growing trend of video content dominating digital strategies. Synthesia is changing the way businesses approach video production by creating videos with human-like avatars. These videos can be used for marketing campaigns or e-learning, and they also help businesses create engaging content.

Codeium: The AI Assistant

With its AI-powered coding assistant, Codeium is leading the way in the field of software development. Codeium is potentially reshaping the coding process by offering code search functionality, online code suggestions, and IDE. These features could make the coding process more accessible and efficient.

Cohere: Promoting Linguistic Comprehension

Cohere has become a prominent player in the creation of sophisticated AI and expansive language models for commercial use. Their recent $500 million funding round at a $5.5 billion valuation shows that their technology, which enables businesses to comprehend and produce text that appears human, is finding apps across a variety of industries.

Soundful: Crafting the Future of Music

Soundful is using artificial intelligence in the audio content creation space to help companies produce and personalize excellent soundtracks for their digital content. Media producers can improve the audio quality of their works by utilizing the company’s algorithms to work with emotions, tone, and context.

Dialpad: Transforming Intelligence for Users

With its extensive platform, Dialpad is changing customer engagement and communication. Dialpad is assisting businesses in streamlining their communication processes and gaining insightful information from customer interactions by integrating different artificial intelligence instruments for consumer involvement, earnings intelligence, and teamwork.

Anduril: Using AI to Improve Defense

Anduril has transformed the defense and security industry by creating AI-driven defense technologies. Their major funding draws attention to the growing role that artificial intelligence is playing in military and national security applications, which could change how nations formulate defense plans.

Insitro: Accelerating Drug Discovery

Insitro is using artificial intelligence to find new drugs in the pharmaceutical and healthcare sectors. Insitro is an example of how artificial intelligence can speed up medical research and enhance patient outcomes by potentially changing the way new treatments are created and introduced to the market.

All these startups are influencing the direction of AI and its uses in a variety of industries as they develop and innovate. There are still obstacles to overcome, especially in the areas of ethics, privacy, and responsible development, but there is no denying that AI has the power to drastically change the world.

The post Modern AI Startups Solving Real-World Problems: From Language Models to Music Creation appeared first on Metaverse Post.

Bitcoin scaling solution Fractal warns about a delay of one hour for the upcoming reset to ensure proper configuration and deployment. As per the revised schedule, the reset will begin at 09:00 AM UTC on August 5th and is anticipated to take approximately one hour.

This reset will be the second-to-last phase before the anticipated full testnet launch in August. Fractal has already completed several resets in the previous month, with the most recent one being available only to initial builders who are testing essential functions.

Fractal Bitcoin Testing Phase Reset Update

To ensure proper configuration and deployment, we regret to inform you that the reset time will be delayed by one hour. The reset is now scheduled to start on August 5, 2024, at 09:00 AM (UTC) and will last for approximately one… https://t.co/fEgxnEzZ0U

— Fractal Bitcoin (@fractal_bitcoin) August 5, 2024

The project is preparing to introduce its mainnet in September. Once fully operational, it will use the SHA256 Proof-of-Work (PoW) algorithm, guaranteeing compatibility with Bitcoin’s merged mining. This will provide smooth integration for miners while upholding the established security standards of Bitcoin.

Fractal initially launched its beta testnet in June, enabling a select group of builders and miners to test its operations using testnet tokens.

How Fractal Functions?

Currently under development, the project is a Bitcoin scaling solution that integrates Bitcoin Core code into a virtualized software environment. This setup aims to support scalable, limitless layers built on top of Bitcoin.

The project proposes a unique native scaling solution that utilizes Bitcoin Core code to recursively scale unlimited layers on top of the Bitcoin main blockchain. Rather than establishing separate lanes like sidechains, it aims to create additional, unlimited lanes directly on the existing Bitcoin blockchain.

Fractal is designed to be fast, native, dynamic, and consistent. Block confirmations occur in approximately 30 seconds or less and can process up to 20 times more transactions than the main Bitcoin blockchain. Its use of Bitcoin Core code ensures compatibility with existing Bitcoin wallets, tools, and miners. Each new layer integrates with the main blockchain, allowing transactions to be traced back to Bitcoin. This approach maintains integrity and security, ensuring that every transaction is traceable and the system remains reliable.

Additionally, Fractal employs the same PoW consensus mechanism used by Bitcoin, allowing miners to validate transactions and add Fractal blocks with their ASICs, GPUs, and other hardware without needing additional equipment. It also introduces a new mining method, Cadence Mining, which balances merged mining with permissionless mining. In this method, for every 3 blocks mined, 2 are permissionlessly mined, and 1 is merge-mined.

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I’m happy to introduce you to our newly launched Hot Projects section, a project that I’ve been deeply involved in creating. I’m excited to give you an insider’s perspective on what makes this feature a standout resource for professionals and enthusiasts alike. Our goal was to create a comprehensive and user-friendly platform that provides valuable insights and data on the most exciting projects in the industry. 

Overview of the Hot Projects Section

The Hot Projects section is meticulously designed to cater to the needs of various users, offering a structured and detailed approach to project evaluation and discovery. The product is built around three core components:

Tables. The foundation of our Hot Projects section, these tables provide a quick overview of key project metrics and data points, allowing users to swiftly compare and contrast different projects.

Individual Project Pages. Each project has its dedicated page, offering in-depth information, links, and resources to help users gain a comprehensive understanding of the project’s scope, goals, and impact.

Reports. Detailed reports provide analytical insights and evaluations based on a wide range of parameters, offering a deeper dive into the performance and potential of each project.

Our intention was to ensure that the Hot Projects section is both informative and intuitive, enabling users to effortlessly navigate through a wealth of information and identify the most promising opportunities.

Archive Page and Engagement Features

One of the key features of the Hot Projects section is the Archive Page. This page serves as a repository of  projects, offering users the ability to explore data and trends. A key highlight of the archive is the option to subscribe and share content, enhancing user engagement and community interaction.

The archive’s design allows users to stay updated with the latest project developments and insights while also facilitating knowledge sharing across social media platforms. This feature underscores our commitment to fostering a collaborative environment where users can learn from each other’s experiences and insights.

Table Features and Project Categorization

The tables within the Hot Projects section are a powerhouse of information. Each table is meticulously organized with headers that categorize projects based on various metrics. The inclusion of accordion features and fund links allows users to delve deeper into specific areas of interest.

Moreover, there is one important feature –  the project categorization, which will enable users to filter projects by type, streamlining the search process and ensuring that users can easily find projects that match their interests.

The Rate column represents the culmination of our analytical efforts, providing users with a succinct evaluation of each project’s potential and performance based on our proprietary analytics.

Attracting Newcomers to the Industry

We recognize that the current market environment is ripe for attracting newcomers to the industry. Our FAQ section provides valuable insights for those new to the field, emphasizing the opportunities and favorable conditions for entry.

By offering guidance and resources tailored to newcomers, we aim to lower barriers to entry and support the growth of fresh talent in the industry.

Interlinking with Other Products

Our Hot Projects section is seamlessly integrated with other products, creating a cohesive ecosystem that enhances user experience and engagement. The Other Projects block highlights this interconnectedness by linking to related products and initiatives.

These interconnections are curated manually, ensuring that users are presented with relevant and valuable content. 

Individual Project Pages: Information at Your Fingertips

The individual project pages are designed to be a one-stop shop for users seeking comprehensive information about specific projects. Each page features a detailed description block that distills essential information, making it easy for users to grasp the fundamentals quickly.

These pages also include links to the project’s website and social media channels, providing users with direct access to the latest updates and announcements.

Project Overview and Shareability

Within the individual project pages, the Project Overview block offers users a snapshot of key metrics and information. This block is designed with user interaction in mind, featuring options for sharing insights across social media platforms.

The overview includes market cap data sourced through API integration, as well as evaluations drawn from our detailed reports. A link to the full report is also available, ensuring users have access to the complete spectrum of analytical insights.

Comprehensive Reports

Our reports are a hallmark of the Hot Projects section, offering a deep dive into the nuances and intricacies of each project. Prepared by expert analysts, these reports evaluate projects across multiple dimensions, providing a thorough assessment of their potential and performance.

Social Media & Docs

The Social Media & Docs section evaluates the project’s online presence and the quality of its documentation. This includes engagement on social platforms like Twitter and Discord/Telegram, the comprehensiveness of the pitch deck, the professionalism of the website, the thoroughness of documentation, and the frequency and quality of blog posts.

Project Overview

The Project Overview section provides a detailed assessment of the project’s product and architecture, backing and partnerships, team and advisors, market positioning, and business model. This holistic view helps users understand the project’s viability and strategic approach.

Tokenomics

The Tokenomics section evaluates the distribution strategy, metrics, utility, and overall value of the project’s token. This analysis is crucial for understanding the economic model and long-term sustainability of the project.

Each report culminates in an overall project rating, offering users a clear and concise summary of the project’s standing within the industry.

Conclusion

The Hot Projects section is more than just a resource; it’s a gateway to understanding the dynamic landscape of the industry. By providing users with comprehensive insights, detailed analytics, and intuitive navigation, we’ve created a platform that empowers users to make informed decisions and seize opportunities in this field.

Our commitment to innovation and user-centric design ensures that the Hot Projects section remains an invaluable tool for industry professionals and newcomers alike. We invite you to explore this section and discover the wealth of information it has to offer.

The post An Insider’s Guide to the new Hot Projects Section appeared first on Metaverse Post.

Cultural and entertainment platform Matr1x announced the burn of 200 million MAX tokens, constituting 20% of the total supply. This burn includes 50 million tokens from the Team and Investors allocation, 80 million from the community allocation, and 70 million from the platform contribution. In a post on social media platform X, Matr1x announced plans to further continue with additional token burns.

Last month, Matr1x revealed the tokenomics for MAX, with a total supply of 1 billion MAX tokens. The distribution includes 30% allocated to the team and investors, 27.6% for contributions, 16% for the Ecosystem, 10% for the community, 9.4% for non-fungible token (NFT) airdrops, 5.5% for early bird activities, as well as 1.5% for advisors.

MAX functions as a governance token on Matr1x, facilitating applications and services within the ecosystem. Its primary utilities include community governance participation, which enables individuals to propose and vote on governance parameters and expansion features, ecosystem value capture via treasury distributions, participation in the Matr1x Launchpool, and eligibility for airdrops from other projects.

In addition, MAX provides holders with rights to publish games, vie for club seats, vote on activities, and utilize MAX in different projects. It also supports staking, thereby enhancing the network security, and offers incentives for individuals who help sustain the network. Furthermore, the token allows for governance decision-making on the Matr1x blockchain, allowing individuals to influence the development direction.

The token was recently listed on several major cryptocurrency exchanges, encompassing OKX, BingX, Bitget, HashKey Global, Kucoin, Gate.io, and Backpack.

Voice of the team behind the destruction of 200 million tokens:

1. The founding team has full confidence in the development of Matr1x

2, we believe that ecological products have the ability to produce blood

3. We will continue to burn MAX in a series of ways

4. Play Web3… https://t.co/bCWLRhIvzz

— Saku (@saku_web3) August 5, 2024

Matr1x Participates In HashKey Global’s Launchpool As Sixth Project With 350,000 MAX In Rewards   

Matr1x represents a platform that merges gaming, AI, and esports with blockchain. Its aim is to transform gaming and digital content sectors via the application of blockchain and AI. The project has raised $20 million in funding from various investors, including Hana Financial Investment, HashKey Capital, as well as OKX Ventures, among others.

It is currently featured as the sixth project in HashKey Global’s Launchpool. Participants can earn a share of 350,000 MAX tokens as rewards by maintaining net positions in futures or by locking up MAX tokens.

The post Matr1x Burns 200M MAX Tokens, Reducing Total Supply By 20% appeared first on Metaverse Post.

Custody services provider ChainUp Custody announced a strategic partnership with the Bitcoin staking protocol Babylon. This joined effort aims to offer institutional investors an innovative method for engaging in Bitcoin staking.

Babylon is a protocol that allows Bitcoin holders to participate in staking, thereby contributing to over $1.3 trillion in economic security for other networks in exchange for a staking yield. This facilitates a secure and profitable way for BTC holders to support the broader blockchain ecosystem.

As part of their partnership, ChainUp Custody has incorporated the Babylon protocol into the ChainUp multi-party computation (MPC) wallet, creating a convenient staking platform.

Furthermore, through this partnership, Babylon will offer a new way for users to earn money by integrating Bitcoin into the Proof-of-Stake (PoS) mechanism, enhancing security and decentralization while attracting more users. The partnership is expected to ensure asset security by minimizing the risk of asset loss and improving operational efficiency. Babylon’s simple API will allow customers to manage their Bitcoin staking efficiently, saving both time and costs. Additionally, it provides increased income opportunities, allowing institutional customers to earn stable passive income and optimize their asset allocation.

Users will be able to access the Babylon Staking service via the Babylon Staking API, allowing them to stake Bitcoin and earn returns. The API supports staking, unstaking upon maturity, and early redemption. In the next phase, the ChainUp MPC wallet will introduce a console staking function.

A Blockchain Solutions Provider Empowering Businesses With Blockchain Technology  

ChainUp Custody represents a comprehensive blockchain solutions provider dedicated to empowering businesses via blockchain. It offers services and solutions that assist customers in mitigating risk and optimizing the capital efficiency of their digital assets. The firm has a variety of compliant solutions, encompassing digital asset exchange, Know Your Transaction (KYT), non-fungible token (NFT) trading, wallet services, liquidity management, Web3.0 infrastructure, digital asset custody, security token offerings (STOs), and more.

Last year, the firm secured the “Best Institutional Custody & Asset-Service Solution” award in the Digital Assets category. This recognition highlights its cryptocurrency solutions, which offer bank-grade security architecture and enhanced legal and compliance controls tailored to meet the needs of regulated entities.

The post ChainUp Custody Partners With Babylon To Enable Institutional Participation In Bitcoin Staking appeared first on Metaverse Post.

Price of the decentralized cryptocurrency Bitcoin (BTC) dropped significantly below the $53,000 level recorded earlier this morning. It is currently trading at $51,619, marking a decline of over 14.91% in the past 24 hours. This is the lowest level BTC has reached since February.

Furthermore, Bitcoin experienced volatility over the past 24 hours, with its price reaching a low of $49,513 and a high of $60,890, indicating substantial fluctuations.

At the same time, Bitcoin dominance increased to 56.39%, up by 0.74% over the past 24 hours. The global cryptocurrency market capitalization fell by 16.76% to $1.79 trillion today. However, the total cryptocurrency market volume surged by 155.91% to $166 billion, according to data from CoinMarketCap.

Cryptocurrency Market Faces Sharp Decline Amid Global Selloff And Political Uncertainty

Following Bitcoin’s downturn, Ethereum (ETH) also experienced a decline of approximately 21.36%. Currently, ETH is trading at $2,301, marking its lowest level since January. Over the past 24 hours, ETH’s price has fluctuated between $2,171 and $2,922. The altcoin market mirrored the bearish trend. Among the top 10 cryptocurrencies by market capitalization, BNB fell by 17.64%, while XRP decreased by 16.35%.

The cryptocurrency market experienced a sharp decline during a widespread selloff, driven by investor reactions to several factors. These included macroeconomic updates, asset movements by Jump Crypto, and the increasing likelihood of Kamala Harris winning the upcoming United States election over pro-cryptocurrency candidate Donald Trump.

Over the weekend, Jump Crypto, the cryptocurrency division of Jump Trading, began transferring hundreds of millions of dollars in cryptocurrency assets, including ETH and USDT. This activity prompted speculation that the firm might be liquidating its holdings in response to an ongoing investigation by the U.S. Commodity Futures Trading Commission.

Another contributing factor to the rapid decline is the global spread of stock market sell-offs. Japan’s Nikkei 225 and Topix indices dropped approximately 7% in the morning trading session and are approaching bear market territory, according to CNBC. This decline followed the Bank of Japan’s decision last week to increase its key interest rate to around 0.25%, up from a range of zero to 0.1%.

At the same time, the approaching United States presidential election is introducing uncertainty for cryptocurrency investors, as Vice President Harris’s approval ratings have been rising. While former President Trump is a strong advocate of cryptocurrency, Harris has not demonstrated the same level of support for the industry. Some analysts suggest that increased support for Harris could be unfavorable for cryptocurrency markets, noting that, despite Democrats being relatively neutral towards cryptocurrency, the broader equity and cryptocurrency markets seem to favor a Trump victory.

The post Bitcoin Falls Below $50,000, ETH Under $2,200 Amid Market Selloff appeared first on Metaverse Post.

We are pleased to share with you our discussion with Vasily Sumanov, Head of Research at PowerPool, regarding the innovative DePIN layer. From the initial focus on meta-governance to the latest advancements in automated DeFi solutions and AI agent integration, Vasily offers insights into the current challenges and future directions of the Web3 market, emphasizing the transformative potential of automation and AI in blockchain technology.

Many entrepreneurs are drawn to their field by a specific moment or event. What sparked your interest in this industry, and how has your passion evolved over time?

It was a long time ago, in 2013, when I discovered Bitcoin on one of the developers’ forums. I was particularly interested in what it was and started to dig into it. Since that day, in October 2013, I have developed a real interest in it. I started exploring how to mine and participate in all of this. 

I bought some GPUs and started mining Litecoins because it was too late to mine on video cards. But Litecoins were still a promising project, so I started mining Litecoins. I built a mining farm with 120 video cards at that time. I began mining and understood how all this works.

For the first several years, it was more of an enthusiastic vibe. I didn’t consider it as a main business or a full-time work activity; it was more like a hobby that generated some money. I did it with my friends and brother, and we shared all the responsibilities for different tasks. 

However, in 2017, when the ICO boom started, I saw how the space had grown over the years. I understood that I wanted to work on this full-time and dedicate all my efforts to growing in this field. In early 2017, I fully pivoted my career and started working in this space.

My first project was more about the direction of work that I decided to pursue. I have a PhD in chemistry and am an academic researcher in this space. I decided to focus on research activities because I understand and like them. 

This is my passion. I focused on token engineering and the economics of decentralized systems. After that, all my work was tied to the economics of decentralized systems, such as PowerPool and other projects, token designs, token analysis, and similar tasks.

Can you tell us about your journey to PowerPool 2.0? We know you started in 2020 as one of the pioneers in DeFi indices. How was that experience?

PowerPool started in 2020 during the COVID pandemic. I was early in the community there. In 2021, the DAO officially hired me as the Head of Research because I contributed much to the project. I was particularly interested in the meta-governance concept because it was one of the first token engineering ideas in space. PowerPool started as a meta-governance protocol.

After that, we moved towards indices influenced by Delphi Digital and other top-tier VCs. We had a governance forum. Over the years, the team and the community found that the index is a complicated product to deliver to the market. People like it when indexes grow, but nobody wants to invest in it if the index doesn’t grow. Particularly in crypto, this is even more specific due to the high volatility. It can grow fast or drop fast, and nobody likes that.

This is why the PowerPool community and team started to focus on what could be the next big narrative for PowerPool. We didn’t start with what was popular but with what we could do really well. We identified a gap in the market that we could fill with our services. We found that we could excel in automation – automating smart contracts or triggering contracts according to certain conditions. 

This is a significant market, and many projects and retail users need it. Many big protocols, like Yearn Finance, started by automating the compounding of yield in Yearn, for example. This automation is widespread and in demand across different ecosystems, projects, and users.

This is why we focused on automation and built PowerAgent V2, a new version of the automation network or Keeper bot that can automate transactions based on different on-chain and off-chain conditions. 

Recently, we updated our vision and made it even more specific. We focused on AI agents because we believe that transaction execution on behalf of AI agents is significant. It can complement the narrative we already have. We are still building the DeFi network, which helps automate protocols, strategies on-chain, and some user activities. At the same time, this DeFi network is suitable for powering the whole AI sector.

This is really big. Almost all AI agents making some decisions and generating triggers to execute transactions need someone to specifically execute the transaction. There is a gap at this moment, and PowerPool can fill it. 

Our journey has started from meta-governance to indexes, to PowerPool automated V1, and now to PowerPool 2.0, which focuses on AI agents and multiple roll-ups. It’s a big expansion of the concept.

How does the configurable execution conditions feature of PowerAgent benefit both routine and high-value tasks?

In Web3, tasks that need automation can be categorized as routine tasks and high-value tasks. Routine tasks are those you want to automate but don’t have significant risks of losing money if the automation isn’t successful at a certain point in time. 

For example, if you want to compound interest in a wallet, but if you compound this interest a little bit later, say two minutes after the desired time, you won’t lose a lot of money. Many such tasks need automation only because you don’t want to spend time on them, but there’s no significant risk of execution failure.

High-value tasks, on the other hand, involve the protection of positions in the lending market from liquidation, where users can lose money if the task isn’t executed on time or under specific conditions. This could be really bad for the user. That’s why in PowerAgent, we created a wide range of conditions and parameters that you can tune to ensure that your high-value task will be executed properly.

First, you can set the stake range for the Keeper to cut off keepers with low stakes, meaning Keepers with low responsibilities. Only those with high stakes, who have higher responsibility and will lose tokens if they don’t execute your task, will be able to execute your high-value task. 

We also have a diversified Keeper set, so if some Keepers fail to execute the transaction on time, another one will take over and execute it. They act as watchdogs for each other to protect the system.

Additionally, you can set execution conditions like gas limits for your task. For high-value tasks, the gas price doesn’t matter because if you risk losing significant amounts of money, you’re willing to pay any gas cost to ensure the task is executed. The configurable execution conditions benefit users by providing flexibility. 

For routine tasks, you can set a gas limit, so if gas prices are high, the task will be postponed to save on costs. For high-value tasks, you can pay more for keepers and set specific gas ranges and execution conditions. The main idea of PowerPool is to make it flexible for different kinds of tasks, allowing users to automate both routine and high-value tasks efficiently.

What were your last and next milestones? What is your current strategy, and in which direction do you want to move forward?

We launched some roll-ups on the Base network. We also developed a GitHub random function that allows PowerPool to be deployed on various new systems. This is more technical but essential for PowerPool’s operation on new roll-ups and chains where GitHub’s random function or Ethereum’s post-consensus isn’t available for random generation.

The DAO approved a proposal for treasury restructuring, and we focused on a growth strategy for different roll-ups. We have massive growth planned for PowerPool on various roll-ups, which is a significant milestone for the DAO. 

We also have a new vision involving AI agents and their automation. This vision focuses on PowerPool 2.0 and its value proposition for the AI agents market, aiming to be a service network for AI agents and DeFi. We are working with partners and projects from the AI sector to implement this vision practically.

What is your perspective on the current Web3 market’s challenges and benefits since 2020?

Web3 is quite big now. When I joined crypto, even the term “Web3” wasn’t widespread. It was mainly about Bitcoin. Now, it’s a huge industry with many subsectors, like ZK and others, forming large sub-industries. 

Web3 lacks user convenience. Currently, users need to manage multiple wallets and switch between networks, which can be quite cumbersome. The user experience is really poor for the average non-crypto user.

Automation can significantly improve this experience because most users don’t want to perform many manual actions on-chain. They just want to make a trade, buy tokens in portions, or automate payments. 

Web3 needs better UI, well-designed automation services, and on-chain agents to facilitate these processes. These agents can help users perform tasks by understanding their needs and executing transactions automatically. This level of automation and user-friendliness is crucial for consumer adoption.

Do you think the focus is shifting from DeFi to AI or other topics?

The focus is shifting for both users and developers. Users mainly use integrators like MetaMask, Zapier, or 1inch, which provide multiple services and simplify actions. AI could become an alternative by using human-readable prompts to achieve similar results. Developers are drawn to AI because it offers higher valuation and funding opportunities than DeFi. AI agents in Web3 represent a blue ocean with less competition and more room for innovation.

Building new solutions in DeFi is now complicated due to the established competition and the ability to easily fork main DeFi primitives. Competing in TVL (Total Value Locked) with large projects is challenging. Therefore, spending time on AI seems more valuable as it involves adapting existing AI models to specific tasks and goals in crypto.

Which market segments and narratives are currently relevant? Which products have reached their Product-Market Fit (PMF)?

In the blockchain space, several products have achieved product-market fit. From an infrastructure perspective, the graph industry is essential for building, and various dev tooling projects have also found a strong fit. Some RPC projects have similarly succeeded. Within DeFi, DEX aggregators and lending markets have demonstrated brilliant product-market fit. DEXs, in particular, have achieved significant success.

Regarding AI agents, while some protocols have good market valuations, they aren’t yet at a stage where they are fully complete and reliable products. Unlike a new car from a reputable brand that works well without constant updates, AI projects in Web3 are still evolving and being developed. Therefore, while they show promise, they haven’t reached the same level of product-market fit as some established blockchain and DeFi products.

How do you see the current state of the DePIN ecosystem? Why has it recently attracted venture capital interest?

DePIN wasn’t the first or second year of this narrative. It’s been around for a while. You can remember the Orchid protocol for decentralized VPN. If I’m not mistaken, it even launched in 2018 or 2019. Other networks have tried to make decentralized VPNs, CDNs, and video streaming, like Livepeer, which was already operational in 2019. I think this was one of the earliest practically operating DePIN networks on the market.

I think there was a big problem for DePIN in 2018, 2019, and 2020, because there was only Ethereum. There were no big variety of rollups or networks with really low gas fees and opportunity to make a lot of transactions without paying significant costs. The absence of layer-one scalability and options for a lot of cheap transactions was a big limiting factor because you need to make proof of work.

All DePIN networks are physical nodes distributed somewhere on the Internet. They all do some physical work. Of course, it’s digitized. It can be video streaming, data transmission, file storage, or something else. However, the DePIN network needs to prove the correct operation of nodes. 

For example, if you store files, you make proof that your files are still stored. Or if you provide other services, you make proof that your services are done. This requires a lot of transactions sometimes. Also, you need to implement staking and slashing mechanics to protect the DePIN network. So, you have a lot of on-chain interaction that is necessary for the correct operation of a DePIN network. And it was not possible to do it on this scale before.

With the introduction of Solana and all these roll-ups and stuff, it’s much easier to launch something new. So, you have some nodes off-chain and some on-chain components, for example, staking or registered workers or proof that the service is running correctly.

The rise of DePIN is connected with the availability of Layer 1s and Layer 2s for operation without significant cost. The community also grew a lot because more and more ordinary users joined crypto and started to think, “Okay, we need VPN. We need this. We need that.” So, when there are more traditional users outside of crypto geeks, people realize that all these digital-physical services are really needed.

So, I think this is a combination of market demand and availability to build and deliver. And the industry is mature enough to make all this vision like it was in the Silicon Valley series, right? We want to build decentralized storage or something. 

This idea is not new. For example, let’s discuss Siacoin. It existed almost 10 years ago. It was just a proof of work mining and also with file storage. You could also make file storage there. Then Filecoin came along. Of course, Filecoin is not a purely DePIN network. They have their own blockchain layer, which is much more complicated. But the idea of DePIN is really old. It’s not something new, but the implementation and the combination of factors to implement the product and deliver it to the market and get all the attention and users to the product likely happened two years ago.

The concept of “proof of physical work” is central to many DePIN projects. Could you explain this concept in depth and compare it to traditional blockchain consensus mechanisms like proof of work or proof of stake? 

For example, in PowerPool, the node does the transaction. The proof of work is the transaction itself because you can find it on-chain. You can easily verify that the transaction was made according to the time or condition and that some job was executed. This is a transaction. So, the transaction itself is a result of the work. In PowerPool, the proof of physical work is essentially a result of this work and the product that the PowerPool node delivered. It’s just a case in which it works this way.

For some other DePIN networks, like video streaming, you need to deliver the files you transcoded using your GPU farms. You also need to prove that these transcoded files were delivered, so you need to post a hash. I don’t know exactly how it works in video streaming because I’m not in this development sector.

But from the basic point of view, you always need to have some simple proof on-chain that is verifiable by everyone that the work was delivered. So, it is done just to monitor. The idea of DePIN is that some physical nodes execute some tasks.

They receive tasks from the end users. Sometimes, they receive them directly. Sometimes, the network itself receives the task and then distributes it to the other nodes. For example, in Livepeer, they just split the video clip or small pieces of this video information and split it across the nodes according to the staking rules. Then, all the nodes do their work, and they collect it back and send the result to the user. So, that’s how it works.

The proof of physical work is needed just to see that all nodes behave correctly and deliver the results, and other nodes can verify them and slash them if necessary. So, this proof is like a cryptoeconomic security mechanism. 

It’s a piece of the mechanism only, and the total cryptoeconomic security mechanism is based on the work that the node needs to stake in order to participate in the network and in exchange, the node receives the cash flow from executed tasks rewards. But if a node performs some malicious actions or does not execute the service, it will be slashed. So it’s a very simple design.

What are the main differences between ChatGPT and true AI agents?

There are not many differences, but some key distinctions exist. First, the AI agent landscape is quite vast, and I can’t say I’m a professional in developing AI agents, particularly. I am an experienced user trying to integrate AI agent decisions into the Web3 blockchain-centric transaction environment. I’m working on the interface between AI and Web3, aiming to settle AI decisions on-chain and facilitate on-chain actions.

With ChatGPT, from the user’s perspective, you write something and receive an answer in text form or links or use some plugins, possibly getting additional functions like video output or images or accessing additional services. Essentially, you’re receiving content. You prompt information, make a request, and receive content back. This is the basic functionality.

In Web3, you might make a prompt or provide your needs in some other way. For instance, you could send the contract name of a token, and the AI agent would assist you in purchasing it. Here, you make a prompt and receive actionable results. The AI might not advise you to buy a certain token but could directly execute the purchase based on market analysis. This approach simplifies the process significantly, especially for non-experienced users who might find the traditional steps cumbersome and confusing.

In essence, AI agents in Web3 should provide advice and direct task execution. They should work seamlessly, much like ChatGPT does in its domain but within the Web3 ecosystem. PowerPool, for instance, aims to bridge the gap from advice to executed transactions, ensuring users don’t just get recommendations but actual results.

What are use cases or examples of routine tasks that can be automated via blockchain and AI technologies?

One clear example involves Uniswap, where an AI agent could assist in trading. Another promising project is called POND. They perform cluster analysis of token holders for specific tokens. You provide a contract address for a token, and POND offers trading strategies based on the analysis of token holder behavior. They identify whether wallets are speculative or long-term investors and provide strategies like buying or selling based on these insights.

In Web3, AI agents mainly process on-chain data but also need off-chain data to understand concepts like decentralized exchanges (DEXs). The unique feature of AI in Web3 is the deep integration with on-chain data alongside available off-chain information. For instance, understanding how a DEX operates requires both on-chain transaction data and off-chain definitions and standards.

What are the important conditions in L2 and L1 networks for easier onboarding and automation of DePIN and AI solutions?

The main conditions include low transaction fees and scalability to support numerous transactions without high costs. This is critical because high transaction fees can deter users from engaging with the network frequently. Scalability ensures the network can handle a large volume of transactions efficiently.

Another essential factor is having a substantial user base and liquidity. Automation won’t be effective if a roll-up is empty or lacks liquidity. A robust user base and high liquidity drive the usage of automation, enabling users to utilize their liquidity more efficiently. This can involve various strategies like litigation protection, advanced limit orders, or smart strategies for capital allocation, such as moving capital between different vaults or staking projects to maximize yield.

User base and liquidity are crucial as they determine the effectiveness of automation. Automation allows users to interact more efficiently with the network, making more transactions and benefiting the network by increasing transaction volume and fees. This, in turn, compensates validators or sequencers in the roll-up and supports the network’s overall health.

How do you see the role of AI in DeFi in the future? What is PowerPool’s role in this context?

I think that there can be AI agents that will help users manage their portfolios, to analyze their assets, to automatically provide all the data on what’s growing, what’s going down, what yield is available from different strategies, pools, and so on, and to seek other opportunities in the market to get more from these assets. So I think now it’s more like a personal assistant or trading AI.

We will not have something more advanced soon. So, from the user’s perspective, it’s like a personal assistant, but what is interesting is from the developer’s perspective. For example, launching new protocols and new products with AI, with code developed and audited by AI, is a big thing for implementation, and now it works.

I know developers who are using ChatGPT or other AI products to develop code faster, perform audits or security checks, or build interfaces. So, from the developer’s perspective, AI will provide much faster go-to-market opportunities.

What do you think about the concerns in the AI and blockchain business regarding centralization problems and monopolies in computing power?

This is a real problem, but from another point of view, how can you train really big AI models like ChatGPT, like groundbreaking AI products, without having huge computing power and huge resources that you need to pay for? 

The thing is that to get AI training properly on this scale of data and computations, you need to put a lot of resources in one place and use them. And there are really only several corporations in the world that can afford that so far.

So, this is why I’m not surprised that it’s all centralized. Nobody really is worried from there because they have money and they have resources to train AI. Some crypto geeks are spreading around with, “Oh my God, this is all centralized, this is all centralized.” Of course, but how will you be able to create this computing power and decentralize it already? Where will you get the money? Where will you get all this?

Because of the number of video chips and computing power that is produced, you know that I want four factories there. This is the whole worldwide production of video chips and graphical processors. So, the whole computing power production process is entirely centralized. There’s a company that is making designs for all graphical processors and chips. And this is their monopoly. 

Еhere were some projects that tried to pool the computing power from GPU farms and get it for AI development and training. They have some success, but of course, the scale of these projects, which we see on the scale of Microsoft, Google, or other corporations, is impossible to compare.

And because it’s economically impossible to obtain, it’s almost impossible to gain as much power as Google or Microsoft can based on their money and opportunity to get those chips and other stuff.

What about the electricity concerns and regulations in AI, especially in Europe?

I understand there are regulatory issues similar to those in crypto. Regulations can limit the wider usage of AI, especially concerning data privacy, ethical considerations, and resource consumption. For instance, Europe has strict regulations to ensure AI systems are transparent and ethical and do not misuse personal data. These regulations can pose challenges to the development and deployment of AI technologies.

How do you foresee the development of blockchain in the next three years?

I think that blockchain development is a complicated question because there are a lot of things going on, and blockchain is a very wide term. It includes all the DeFi, all the real-world assets, maybe 30 or 40 sectors, each of them multi-billion dollar sectors. I think that we will have a really well-developed and diversified rollup ecosystem.

We already have many rollups, and we’ll have even more. We will have a really competitive market for transaction fees, so we’ll always have opportunities to have networks with low transaction fees, which will be really good for users because they will spend less on transactions. 

We will possibly have a much more regulated DeFi and much more complicated financial products in terms of regulation and ability to use them because everybody will implement KYC and AML stuff on the chain and try not to cut off some users that they think are high-risk, so we’ll have, I think, huge regulatory steps.

We will also have a lot of AI that will really assist users. In three years, AI for portfolio management or doing some simple actions will be like using DeFi or Zapier now. So, it’s just some common knowledge: you just access something and run it.

Of course, people will want to get some ZK agents, for example, to have more privacy and not get all this information from AI developers. Of course, because of the privacy issue in AI, nobody wants other people to know what you’re asking AI, right? It’s your private information. So I think this will also rise.

We will have a lot of ZK-proofs, prover markets because ZK-proofs can add a lot of, you know, trustless components to different cross-chain and like operations and some strategies and stuff. So you don’t need oracles, for example, you can make some proofs. And we’ll find these proofs and use these proofs instead of oracles, as I understand.

But I also think that we will have maybe 40 or 50% of user transactions automated. They will be automated through some strategies, like jobs at Gelato, or they will be automated because people will ask AI to do it for them. Anyway, it will be automated.

I published a vision almost one year ago that 40% of block space in some networks will be consumed by automation networks like Gelato, which will make transactions on behalf of the users. In other words, users will not send transactions themselves anymore in the majority of cases. And now I’m feeling even more confident that this vision was correct.

But now I understand that this vision will be realized because of AI agents’ expansion, as users don’t even want to do the transaction and think about how to do it.

They just want to make a prompt and get the results. I think that AI agents will eliminate this barrier to the adoption of basic functions in Web3 and automate transactions using automation networks like Gelato. So, we will have this vibe in the market.

The post The Future of DeFi is Automated: PowerPool’s Head of Research Predicts 50% of Transactions Will Be AI-Driven Within Three Years appeared first on Metaverse Post.

Video infrastructure network Livepeer announced the launch of its AI Video Startup Program, aimed to accelerate the development of decentralized AI video technologies and applications. The program will focus on integrating advanced generative AI features into the network and will provide selected startups with $20,000 in grant funding, infrastructure credits for AI inference and transcoding, and expert mentorship from the Livepeer technical team.

Participants will also receive early access to Livepeer’s advanced AI video infrastructure, along with opportunities for co-marketing and partnership activation. The program will conclude with a showcase at Token2049 in Singapore and a digital Demo Day in October, where each team will present their solutions.

The program is a three-month initiative aimed at accelerating the development of decentralized AI video technologies and applications. The first cohort of eight startups—Flipguard, Katana, Newcoin, Operator, Origin Støries, Refraction, Supermodel, and StreamEth—was already selected by the Livepeer tech team for their dedication to open-source and decentralized technology, their focus on developing agile, user-centric products, and their strong interest in utilizing the Livepeer network for AI inference tasks.

Startups will concentrate on incorporating generative AI features into their applications, including text-to-image, image-to-image, image-to-video, upscaling, and speech-to-text capabilities. Meanwhile, builders will have the option to use existing pipelines or develop and deploy their own, collaborating closely with the Livepeer AI engineering team.

Livepeer is launching the AI Video Startup Program: a bespoke program to accelerate the development of decentralized AI video technologies and applications.

Keep reading to find out more pic.twitter.com/BEx9HQ5Ttc

— Livepeer (@Livepeer) August 2, 2024

Livepeer: What Is It?

It is a decentralized video infrastructure network designed for both live and on-demand streaming. It offers a distributed marketplace where users can access video services such as transcoding or streaming integrations for applications. 

Infrastructure providers can contribute computing resources to the network and handle video streaming requests from individual users or developers for a fee. Originally launched on Ethereum, Livepeer has since been redeployed to Arbitrum.

It has incorporated AI Video Compute capabilities–AI Subnet–by utilizing its extensive GPU network. This Subnet challenges the centralized control of traditional compute providers by leveraging the thousands of GPUs available on its network. This approach reduces costs and facilitates on-demand AI video generation.

The post Livepeer Launches AI Video Startup Program, Offering $20,000 Grants To Selected Projects appeared first on Metaverse Post.

Liquid staking protocol Lido announced the launch of Lido Institutional, a liquid staking solution designed for institutional use. This new offering integrates the reliability and security essential for enterprise-grade staking with the liquidity and versatility needed for various institutional strategies. The introduction highlights Lido’s commitment to delivering a high-quality staking solution that meets the rigorous standards of custodians, asset managers, exchanges, and other institutions.

According to the announcement on the social media platform X, the Lido protocol is at present trusted by a number of prominent institutional partners and is recognized as a leading option for institutions interested in Ethereum staking.

Its current total value locked (TVL) exceeds $30 billion, and it offers an annual percentage rate (APR) of 2.9%. The middleware solution supports over 100 decentralized finance (DeFi) integrations and has over 300,000 active wallet addresses. It currently holds $150 million in liquidity within a 2% depth, and more than $10 billion is used as collateral, as per its webpage.

Furthermore, the Lido middleware represents an open-source software and is not required to perform Know Your Customer (KYC) or anti-money laundering (AML) assessments. The technical design of this liquid staking solution is fully non-custodial at the node operator level and is self-managed by users.

Introducing Lido Institutional.https://t.co/Ucs9oIL0i0 pic.twitter.com/TlCA9hRJQS

— Lido (@LidoFinance) August 2, 2024

Lido: Liquid Staking Platform For Ethereum And Polygon

Lido functions as a liquid staking platform for Ethereum and Polygon. It provides derivative token contracts for liquid staking and additional smart contract infrastructure to support native token staking services. Through its smart contracts, users can stake ETH on Ethereum and ERC-20 MATIC tokens on Polygon, receiving liquid staking derivative tokens in return.

These staked tokens are then used by the protocol to operate validators on the respective networks, thereby supporting the Proof-of-Stake (PoS) consensus mechanism. Its stETH represents a prominent Ethereum liquid staking token (LST) known for its strong security, deep liquidity, and attractive rewards.

Since its launch in 2020, the project has operated without major security incidents and currently facilitates approximately 30% of all ETH staking.

The post Lido Introduces Institutional-Grade Liquid Staking Solution, Lido Institutional appeared first on Metaverse Post.

Web3 financial and tax organization TaxDAO announced that its FinTax platform, FinTax MetaMask Snap, and FinTax Telegram Mini-App now offer cryptocurrency asset management and tax reporting services for Australian users, enabling them to manage assets across major cryptocurrency exchanges and wallets.

Notably, FinTax supports the Bitcoin ecosystem, allowing for the straightforward management of ordinals, runes, and anatomicals. It also facilitates the generation of Australian tax forms and drafts.

In order to utilize FinTax for tax reporting, users are advised to enter their wallets and exchange API data, select the cryptocurrency income type from several options, as well as indicate specfic transactions if they are involved in professional trading or getting income in cryptocurrencies. Following these procedures, tax reports can be finalized and exported. Additionally, users have an option to optimize their taxes by selecting from the first-in, first-out, last-in, first-out, or weighted average approaches. The platform’s team will subsequently validate the calculations.

Furthermore, the product offers personalized financial tax services tailored to specific jurisdictions, including financial management and tax filing. Its enterprise edition offers corporate clients customized services to improve management efficiency and decision-making.

Get Started Now | FinTax Officially Supports Crypto Assets Tax

See more: https://t.co/oYC1wXMphU

As the Australian tax season approaches, FinTax platform, FinTax Metamask Snap and FinTax Telegram Mini-App now fully support crypto assets management and tax reporting services for…

— TaxDAO (@TaxDAO_DC) August 2, 2024

FinTax Unveils Telegram Mini-App And FinTax Snap

The company offers cryptocurrency asset financial management services and provides extensive backing across key compliance regions globally.

The service launched its Telegram Mini-App and MetaMask Snap earlier this summer, introducing new products to improve user convenience. The Telegram Mini-App, available on the messaging application Telegram, extends the major functons of FinTax’s software to mobile devices, offering individuals accessible and efficient services for their cryptocurrency assets.

Meanwhile, FinTax Snap, built on MetaMask, securely imports wallet data using the Snaps mechanism. It consolidates all transaction records from MetaMask wallets and integrates them accurately into the FinTax software while maintaining user anonymity and privacy. The FinTax system facilitates thorough cryptocurrency asset management and tax reporting, allowing users to handle complex asset management and tax reporting tasks seamlessly.

The post FinTax Expands To Australia Now Supporting Crypto Tax Management And Reporting Across Its Services appeared first on Metaverse Post.