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.

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Web3 project initiated by the founder of ArbDoge AI, which is part of the experimental Arbitrum ecosystem, Commonwealth announced the launch of the Commonwealth Century Airdrop campaign on the Web3 community-building platform Galxe. The campaign offers 4,000 Jiang Bo Yue BOX non-fungible tokens (NFTs) valued at approximately $200,000. It is currently ongoing and will be finalized on August 15th.

The campaign features a total of 12 On-chain Achievement Tokens (OATs), each granting 100 Galxe points. Additionally, individuals who accumulate over 300 points by the end of the activity will be eligible for a draw to win one of the 4,000 Jiang Bo Yue Boxes.

Commonwealth Century Airdrop: Engage In Activities To Secure Torch, Mauser Rifle, Armor, Dagger And More   

As part of the event, users are encouraged to participate in activities such as following the project’s account on social media platform X, retweeting its posts, and obtaining a verified role in the project’s Discord server. Completing these tasks will earn users one target point Torch, one OAT, and 100 points.

In order to secure the Mauser Rifle, participating users are encouraged to complete the same activities on X and Discord, as well as visit a Google form to submit the required information. This will earn them 1 OAT and 100 points. Notably, memes can be claimed once the Google form has been reviewed and approved. Participants interested in receiving the Armor point must be Bond Token holders on Binance as of 12:59 UTC on August 1st, with the snapshot taken at that date. Additionally, they are encouraged to complete social media activities to earn 1 OAT and 100 points.

The call to arms has been sounded! Rally, revolutionary warriors!

Here are the details for assembly:

Event Link: https://t.co/y3Cz5gQAJP
The event features 12 OATs.
Each OAT earns you 100 Galxe points.
At the end of the event, users with over 300 points will have a…

— Commonwealth (@__Commonwealth) August 2, 2024

In order to secure Dagger, Bow, and Cannon target points, users must complete the same activities on social media channels and execute the required transactions and swaps. Rewards will be claimable once the wallet address has been reviewed.

The project announced that the Commonwealth OAT activity on Galxe is a part of the second stage of the Century Airdrop criteria. OAT transfers will not be accepted. Notably, users who receive three or more OATs will be eligible to participate in the BOX NFT lottery worth $200,000.

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Web3 game Pixels announced the launch of Guild Crop Wars, a new event where guilds compete to grow the most cave mushrooms for a share of an $85,000 PIXEL prize pool. The event starts today at 16:00 UTC and will conclude at 16:00 UTC on August 5th. It is open exclusively to Pixels Guild members, and participants must be pledged to a guild.

“When we launched Pixels Guilds in March of this year, our goal was to enhance social dynamics and gameplay, making Guilds a key element of the core experience,” said Luke Barwikowski, founder and CEO of Pixels. “We are thrilled to introduce Guild Crop Wars as a means to increase engagement and enjoyment within our community. We also plan to use the insights gained from this event to guide future LiveOps activities,” he added.

This event is the first in Pixels to incorporate guild teamwork and sabotage elements, encouraging players to strategize and work together within their guilds to achieve victory. Players will be involved in planting spores, watering crops, and harvesting mushrooms while also purchasing goo for offensive strategies against rivals. Additionally, Fertilizer can be bought to accelerate mushroom growth, and Water can be used to maintain crop development and defend against sabotage attempts.

The primary goal of the game is to deposit mushrooms into the Transmushtation Chute to earn Mushroom Points, sabotage competitors, reach specific milestones, advance on the leaderboards, and earn PIXEL rewards.

The event will include milestones for various individual and guild activities. These activities might involve using the most goo on other guild crops, earning the highest guano points, or accumulating the most spore points. Each activity will have a designated point value, and progress will be monitored on the in-game leaderboards.

Pixels Unveils Chapter 2 Aimed At Enhancing Its Game

Pixels is a play-to-earn (P2E) farming game built on the Ronin network, enabling users to develop land pixel by pixel. After its launch in February, the game raised $4.8 million in funding from investors, including Framework Ventures, Collab+Currency, Volt Capital, Yield Guild Games, Sky Mavis, and others.

Recently, Pixels has launched Chapter 2, designed to enhance the game by implementing systemic changes to resource generation and introducing new features such as resource tiering, Guilds, and Dungeons.

In Chapter 2, Guilds will play a more central role in Pixels gameplay, offering various rewards such as enhanced resource production, achievement of gameplay goals, and increased earning potential. Currently, there are 1,768 active Pixels Guilds.

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Decentralized exchange (DEX) DODO announced that its community has put forward the DIP-21 proposal, which suggests migrating and distributing 20 million DODO tokens to the Base Mainnet for future trading rewards aimed at attracting a broader user base and increasing protocol revenue. The voting process for the proposal will start today and conclude on August 7th.

Base represents an Ethereum Layer 2 blockchain designed to provide a secure, cost-effective, and developer-friendly environment for on-chain development. It is a Layer 2 solution developed in partnership with Optimism using its OP Stack.

The exchange was deployed across fifteen blockchains to date. However, the deployment itself is not enough to attract new traders and increase trading volumes. In order to more effectively utilize the value within the network ecosystems, DODO suggests migrating tokens and initiating reward campaigns.

Integrating DODO into the Base will offer users access to DODO’s Proactive Market Maker (PMM), which provides highly capital-efficient liquidity pools and SmartTrade, among other features. Meanwhile, rewards are anticipated to attract liquidity providers (LPs) and enhance trading volumes for protocols in their growth phase. Additionally, offering incentives in the form of DODO tokens on Base is anticipated to raise the amount of DODO holders, supporting the growth of the project’s community.

DODO’s DODOchain Launches Initial Phase Of Its MACH AVS Mainnet 

This project is a decentralized cryptocurrency exchange that employs a PMM algorithm. It offers solutions for liquidity creation, covering stablecoins, popular cryptocurrencies, and new tokens. The platform focuses on user-friendliness, enabling token creation, fundraising, and liquidity mining without the need for coding skills.

Recently, it announced that its omni-trading Layer 3 blockchain, DODOchain, has launched the first phase of its MACH Actively Validated Service (AVS) mainnet. DODOchain MACH, an AVS on EigenLayer developed by AltLayer, offers fast finality and is designed to enhance trading efficiency with fast transaction processing.

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Bitcoin Layer 2 network, Bitlayer (BTR) unveiled the release of the Bitlayer Track Pack, a new development and security toolkit co-developed with community builders, enabling developers to create projects while securing support, grants, and operational assistance.

Additionally, the new instrument is aimed at addressing issues encompassing scattered resources, lack of advanced materials, as well as the missing infrastructure. It features major modules, including boost tools, security, and operational support.

The boost tools provide essential development and support resources, including a facet for receiving the testnet tokens fast, an explorer for visualizing on-chain transactions, a multisig wallet for securing assets, and a graph for extracting on-chain data.

The security module offers manual security guidance for decentralized applications (dApps), including detailed instructions. It is set to introduce users to top-tier security audit services through its security network, and features open-source security testing instruments for initial contract code assessments.

The operation support module helps incentivize outstanding protocols with more than $50 million in rewards via the Ready Player One program. It also offers operational and marketing resources such as popular rankings, a dApp and user center, among others. Additionally, it supports ecosystem development initiatives, namely Mining Gala, The Voice of Bitlayer, and global conferences.

1/5
We're thrilled to launch the Bitlayer Track Pack, a comprehensive development and security toolkit co-developed with community developers.

Bitlayer Track Pack features three main modules:
– Boost Tools,
– Security,
– Operation Support

Aims to address common issues… pic.twitter.com/gLFAdb8jFx

— Bitlayer (@BitlayerLabs) August 1, 2024

Bitlayer Introduces Racer Center Enabling users To Connect Wallets And Check Out Rewards   

The project functions as a Layer 2 protocol built on BitVM, providing security of the same kind as offered by Bitcoin and Turing completeness. It aims to enable trustless asset transfers between Layer 1 and Layer 2, operate state transitions via a Turing-complete Layer 2 virtual machine, and guarantee the accuracy of Layer 2 state transitions via Layer 1. As per the project’s website, Bitlayer’s total value locked (TVL) at present stands at $562 million.

Recently, it introduced a new feature called Racer Center, which enables individuals to link their wallets and view the number of Bitlayer gems they have gained, track real-time Bitlayer points generated from on-chain engagement, and claim honor badges from previous Bitlayer activities.

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Cryptocurrency exchange HashKey Global introduced the cultural and entertainment platform Matr1x (MAX) as its sixth Launchpool project. Those participating in the Futures Mining Pool can now earn a portion of 350,000 MAX as rewards by maintaining net positions in futures or locked MAX tokens. Registrations for the Futures Mining Pool and locking MAX in the MAX Mining Pool will begin today at 10:00 UTC, with yield generation starting at 08:00 UTC on August 5th.

Simultaneously, the MAX token will be listed and made available for trading. Deposits will open today, spot trading with the MAX-USDT pair will start on August 5th, and withdrawals will commence beginning August 6th. Deposits and withdrawals will be accessible through the ERC-20 network.

The activity includes both the Futures Pool and the MAX Pool. The Futures Pool offers a total of 210,000 tokens in rewards without any minimum holding value requirements for net futures positions, and the maximum is capped at $50,000 USD. The MAX Pool is launched with 140,000 MAX tokens in rewards, while the minimum locking amount for it is set at 50 MAX and the maximum at 50,000 MAX.

Additionally, users who invite others to join the Launchpool have the opportunity to earn from an extra prize pool of 46,800 MAX tokens, receiving 50 MAX for each new participating user they invite.

What Is Matr1x And MAX Token?

Matr1x represents a platform that incorporates gaming, AI, esports, and blockchain infrastructure. Its goal is to revolutionize the global gaming and digital content industry through the usage of blockchain and AI.

MAX is central to the Matr1x platform, supporting various applications and services inside of its ecosystem. As both a utility and governance token, it allows users to take part in community governance, gain unique rights within the ecosystem, and capture value from the project’s activities. Additionally, it enables staking for network security and rewards and offers incentives to MAX holders who actively engage in maintaining the network.

According to MAX tokenomics, 30% of the supply is distributed to the team and investors, 27.6% to platform contributions, 16% to the ecosystem, 10% to the community, 9.4% to the NFT airdrop, 5.5% to early bird activities, and 1.5% to advisors. The maximum supply tokens is capped at 1 billion.

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Cryptocurrency exchange Binance announced plans to conduct a scheduled system upgrade, set to begin at 07:00 UTC on August 6th and expected to last around 10 minutes, though the duration may vary. The upgrade aims to improve data system performance and stability.

During the downtime, individuals leveraging the mobile application, website, and desktop platforms may be unable to access trade history for orders placed. However, API users will continue to receive trade history data for the orders.

Notably, throughout the upgrade period, traders will still be able to access Binance Spot and Margin. Additionally, there will remain a possibility to verify whether their orders have been filled by monitoring alterations in the asset balances within the Spot and Margin Wallets.

In regards to the upgrade’s procedures, the exchange plans to provide updates via its social media channels. However, there will be no additional updates after the process is finalized.

Binance: A Prominent Crypto Exchange 

It represents one of the major cryptocurrency exchanges known for facilitating transactions with more than 350 cryptocurrencies and digital tokens. The platform is recognized for its competitive transaction fees and strong liquidity options, serving a broad user base. Its ecosystem encompasses Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT, as well as additional services. According to CoinMarketCap, its trading volume exceeded $15.6 billion in the past 24 hours.

In June, the company obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) for its local entity, Binance FZE. This development includes transitioning user accounts from Binance’s global exchange to Binance FZE, which operates under VARA’s regulations specifically for residents of the UAE.

Recently, it has integrated Gravity (G) into its Simple Earn, “Buy Crypto,” Binance Convert, Binance Margin, and Binance Auto-Invest services, providing users with more opportunities to engage with the G token across different Binance platforms.

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Decentralized protocol AltLayer (ALT), which supports the deployment of native and restaked rollups, released a new design proposal for stateless rollup clients. The new design is focused on enhancing performance, security, and scalability. It involves developing a stateless client for rollups that utilize alternative data availability (DA) layers instead of relying on Ethereum.

In this context, a stateless client must verify that the rollup block has been published on the underlying DA layer. Additionally, once block availability is confirmed, the client must also ensure that the state resulting from executing the transactions in that block has been recorded in the rollup contract. The final step involves checking the validity of the new state against a previously validated state.

These outlined desired features must be implemented in a manner that enables stateless clients to store minimal state simultaneously maintaining the system’s general security.

AltLayer’s new restaked rollup fast-finality AVS product, ‘MACH,’ built on EigenLayer’s restaking mechanism, incorporates these features to enable stateless clients for rollups using an alternative DA layer. This design advances security and verifiability, optimizing performance and security for zero-knowledge and optimistic rollups.

Rollup stacks (@optimism’s OP Stack, @Arbitrum Orbit, etc.) have created a wave of app-specific rollups, many of which use alternative DA layers such as @Eigen_DA.

AltLayer has been working on a stateless client for rollups to easily verify the validity of rollup blocks.

— AltLayer (@alt_layer) August 1, 2024

AltLayer Launches AVS ‘MACH’ On Arbitrum One Mainnet

This project represents an open and decentralized protocol created for rollups. It presents the concept of restaked rollups that improve existing rollups—disregarding the underlying rollup stack, encompassing OP Stack, Arbitrum Orbit, ZKStack, Polygon CDK, and more—by offering better security, decentralization, interoperability, as well as crypto-economic fast finality.

Recently, AltLayer unveiled the release of the AVS “MACH” on the Arbitrum One mainnet. This update allows individuals and decentralized applications (dApps) to benefit from fast finality of under ten seconds, state verification with shared security guarantees, and improved interoperability.

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Company specializing in identity verification, location intelligence, and fraud prevention, GBG released a new report titled “Building Trust in Digital Channels: A Study of Banking and Finance in Asia.” Produced in partnership with Chartis Research, the study explores the hurdles and a progress in fraud detection and prevention in light of the region’s unprecedented digital adoption levels.

One of the major findings indicates that 8 in 10 Asian financial institutions and banks are encountering challenges with digital fraud detection. However, they are actively contributing in the technology and improving user experience to reduce these risks and maintain customer confidence.

The company has also highlighted a warning tendency of the growing complexity and frequency of fraud occurrences. Nearly 90% of participants identified evolving tactics and sophistication as the greatest challenges in fraud identification. Importantly, scams and phishing attacks have seen the most notable increases, with 59% and 57% of respondents reporting a rise in these two types of fraud, respectively.

When it comes to balancing security and customer experience, 97% of respondents acknowledged the challenge. This echoes the fast digital adoption across Asia, where real-time payments are now commonplace, enhancing the risk of fraud for financial institutions and their clients. Consequently, it is crucial for these organizations to implement strong security measures while ensuring a positive customer experience to maintain trust.

GBG Finds That Proactive Technological Investments Represent A Priority  

Among other findings, the report emphasizes that accurately detecting newer, more complex fraud types will necessitate a multi-layered approach that combines traditional anomaly detection techniques with advanced methods such as neural networks. However, the presence of legacy systems and technology complicates the integration of additional data into existing fraud practices, with 64% of respondents citing this as a primary reason for high false positive rates. This issue is further compounded by the prevalence of poor data quality, a concern shared by 52% of the respondents.

Additionally, the study found that while banks and financial institutions in Asia have traditionally relied on recruiting staff to address gaps in fraud detection, these organizations plan to increase their investments in machine learning (ML) and artificial intelligence (AI) over the coming years. Investment in these technologies is expected to rise from 16% in 2023-24 to 68% in 2025-26. This indicates a shift away from traditional anomaly detection methods towards automated solutions capable of managing more complex tasks. This transition aims to reduce the burden on staff and organizational costs while enhancing fraud detection efficiency.

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Multi-asset liquid restaking protocol Bedrock announced a partnership with the Binance Web3 wallet to launch a new feature that allows users to restake Bitcoin and earn rewards with uniBTC. This campaign is currently active and is scheduled to conclude on August 7th.

Users need to connect their Binance Web3 Wallet to Bedrock before pre-staking their chosen wrapped BTC token by minting uniBTC. By doing so, they will receive a 3x boost on the 21 Diamonds per hour for each uniBTC held. This results in a total of 63 Diamonds per hour for each uniBTC in their Binance Web3 Wallet, plus any additional rewards from Babylon staking.

The minimum amount of wrapped BTC needed to participate in staking is 0.0001 BTC. Users will receive their boosted Diamonds within two weeks after the campaign concludes.

In order to participate, users should access the Binance Web3 Wallet, go to the “Discover” section, and select “Exclusive Airdrop” to locate the Babylon Staking Campaign page. Next, they need to find Bedrock in the list and click “Stake Now.” When the page loads, users should select the “uniBTC” option from the menu bar at the bottom of the screen, which will then prompt them to connect their wallets.

After connecting their wallet, users must choose the type of BTC to stake and its corresponding network. Currently, Bedrock supports multiple types of wrapped BTC across various networks, including wBTC and FBTC for Ethereum, wBTC for Optimism, BTC and wBTC for Bitlayer, BTC and wBTC for the B2 Network, and BTC and MBTC for Merlin Chain.

Next, individuals need to enter the amount of BTC they wish to stake, click the approve button, and follow the instructions to approve and stake the assets. A confirmation screen will then appear, and users should click “Stake” once more to finalize the process.

Earn rewards on top of rewards with $uniBTC x @Web3WithBinance for restaking #Bitcoin
63 Diamonds per hour per uniBTC held
BTC staking rewards
Min 0.0001 BTC stake
Campaign duration: 1 week

Learn more: https://t.co/TyG27wAnao pic.twitter.com/Q2bhDrXOf0

— Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) August 1, 2024

Bedrock Unveils uniBTC, Offering Restaking Solution For wBTC On Ethereum

Bedrock represents a multi-asset liquid restaking protocol backed by a non-custodial solution developed in collaboration with RockX, a well-established blockchain infrastructure firm with a strong background in cryptocurrency staking. It supports uniBTC, uniETH, and uniIOTX assets for both restaking and staking activities.

It introduced uniBTC in May of this year as the first BTC liquid staking protocol based on the Bitcoin staking solution, Babylon Chain. uniBTC offers a restaking solution for wBTC tokens on Ethereum, allowing holders to receive multiple yields without needing to redeem their BTC.

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Decentralized initiative Data Ownership Protocol (DOP) announced plans to launch its mainnet on the Layer 2 network Polygon on August 5th. Along with the launch its non-fungible token (NFT) encryption feature will also be introduced on the network. Further details and specific timelines for the event will be provided at a later date, according to the project.

Polygon is a sidechain scaling solution that operates alongside the Ethereum blockchain. By redirecting transactions from the Ethereum mainnet to a sidechain and to a separate Layer 2 zkEVM network, Polygon is able to process transactions more quickly and cost-effectively in comparison with the Ethereum.

In addition, Data Ownership Protocol unveiled that, since the launch of its mainnet several months ago, it has made notable progress in developing the project. Achievements include collaborating with Polygon for the deployment of the DOP Mainnet, introducing an NFT encryption feature, enabling third-party gas fee payments through Relayers, and implementing lower fees along with an updated economic model.

In addition, the project has initiated the Grants Program for applicant evaluations, launched the first DAO voting for community governance, and introduced a token value and buyback program.

Since we launched our Mainnet a couple of months ago, we’ve been working around the clock, checking items off our new roadmap, sealing collaborations & adding new features to our protocol. DOP Project Director, Avidan Abitbol, is here to present the progress we’ve been making… pic.twitter.com/iMzqPqPnk9

— Data Ownership Protocol (@dop_org) August 1, 2024

DOP Partners With Polygon To Launch On Its Network 

The Data Ownership Protocol (DOP) is designed to improve data privacy and control in Web3 environments. By utilizing advanced cryptographic technologies such as zk-SNARKs and ECDSA, DOP facilitates individuals to operate and selectively reveal their on-chain activities, striking a balance between transparency and privacy. This capability gives users control over the information they reveal about their asset holdings and transactions, simultaneously guaranteeing compatibility with Ethereum decentralized applications (dApps) and preserving liquidity.

DOP partnered with Polygon earlier this month intending to deploy on its Proof-of-Stake (PoS) network, signifying an important step in expanding its ecosystem and offering more efficient solutions to individuals. Along with the deployment, the DOP token will be bridged to Polygon for fee payments. Additionally, a bridge between Ethereum and Polygon PoS will be integrated into the DOP user interface.

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Tokenized real-world assets (RWA) investment platform OpenEden unveiled plans to launch tokenized United States Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users.

The XRPL is crafted to support institutional-grade financial applications. It offers a solid foundation for RWA tokenization and advanced decentralized finance (DeFi) due to its Automated Market Maker (AMM), upcoming capabilities like Decentralized Identifiers (DID), Multi-Purpose Tokens (MPT), Lending Protocol, and more. Over the past ten years, it has hosted over 1,000 projects, processed more than 2.8 billion transactions without failure or security breaches since 2012, and at present supports over 5 million active wallets with a 120 validator network.

The assets backing OpenEden’s TBILL tokens are invested in short-term United States Treasury bills and reverse repurchase agreements secured by United States Treasuries. Those who mint these tokens undergo rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) screening to maintain high security and regulatory compliance standards.

Furthermore, Ripple will invest $10 million into OpenEden’s TBILL tokens as part of a broader fund. This fund is designated for tokenized Treasury bills issued by OpenEden and other providers.

OpenEden’s Tokenized T-Bills On XRP Ledger Mark Next Phase Of Project Development 

The project aims to integrate RWAs into DeFi to unlock significant value. Its Treasury Bills represent a smart contract-based vault that offers contributors direct access to a collection of short-term United States T-Bills and overnight reverse repurchase agreements via the TBILL token. This token is backed on a one-to-one basis by short-term United States T-Bills and a minor amount of United States Dollars.

Recently, the platform exceeded $75 million in total value locked (TVL) for its tokenized United States Treasury Bills, establishing itself as the largest issuer in Asia.

Jeremy Ng, Co-Founder of the OpenEden, noted that introducing tokenized T-bills to the XRP Ledger is the next phase in OpenEden development. According to him, buyers will soon be able to mint TBILL tokens using stablecoins, encompassing Ripple USD, when it becomes available later this year.

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Digital services are becoming more accessible, and industries are transforming as a result of decentralized technology. However, it might be difficult to transform creative concepts into profitable endeavors. 

Startups and developers frequently require assistance in order to obtain capital, become visible, and acquire the traction necessary to enter the mainstream market. Grants play a crucial role in assisting in the surmounting of these obstacles and promoting expansion and creativity within the Web3 ecosystem.

Empowering Growth Through Financial Support

Unlike more conventional financing sources like venture capital, grants provide crucial financial support throughout critical phases of a project’s growth. Grants, in contrast to equity investments, do not call for payback or equity dilution, freeing up inventors to concentrate on idea development without having to worry about money right now. For many, this special quality provides a lifeline, allowing them to go from conception to realization and reach a wider audience.

Grants enable developers to pursue creative ideas more freely by removing financial barriers. In the Web3 arena, where innovative solutions need significant resources and risk tolerance, this assistance is especially vital. Grants facilitate the investigation of novel technologies, protocols, and applications by entrepreneurs, hence promoting the progress of the entire ecosystem.

BNB Chain’s Comprehensive Support for Builders

BNB Chain is committed to fostering innovation within the Web3 ecosystem through a range of programs and initiatives. Its builder support program is particularly comprehensive, addressing needs at various stages of project development.

The Most Valuable Builder (MVB) program, the BNB Incubation Alliance (BIA), and hackathons are available for ideas that are still in the ideation stage. These programs support concepts in their early stages and offer prospective grants and investments to winners. These programs’ organized approach assists entrepreneurs in honing their concepts and being ready for market success.

Based on important performance indicators, BNB Chain offers incentives and subsidies to initiatives that have progressed past the first phase. These include of trade volumes, total value locked (TVL), and daily active users (DAU). This kind of assistance guarantees that initiatives succeed in the post-deployment stage and experience sustainable development.

Fostering a Culture of Experimentation and Risk-Taking

The Web3 ecosystem is built on a culture of innovation and risk-taking, where it is encouraged to push the boundaries of technology and explore new avenues. Grants are a major factor in promoting this culture since they give funding for initiatives with a high chance of success. Grant funding allows entrepreneurs to test new technologies and create creative solutions that might not be commercially viable right away but have long-term promise.

This assistance motivates developers to take on challenging tasks and make innovative discoveries that may influence Web3 in the future.

Accelerating Time-to-Market

Accelerating the time-to-market for novel solutions is one of the most noteworthy advantages of funding. Financial limitations can cause delays in the creation and implementation of innovative technology. Grants help entrepreneurs overcome this difficulty by giving them the tools they need to improve their goods, carry out in-depth research, and more skillfully negotiate regulatory environments.

Grants promote acceleration, which expedites the rollout of solutions addressing real-world problems.

Building a Supportive Community and Network

Grant programs give access to a network of mentors, advisers, and business professionals in addition to financial help. For developers and companies, this community-driven approach is priceless, providing advice and assistance that can increase their chances of success.

Taking part in a grant program frequently offers networking, cooperation, and knowledge-sharing possibilities. Through these conversations, companies are able to overcome obstacles more skillfully, draw in additional funding, and establish valuable alliances. Participating in a grant program may establish reputation, which can lead to opportunities and extra financing.

Driving Mainstream Adoption

In order for Web3 technologies to realize their full potential, widespread adoption is necessary. Grants are essential because they help with initiatives that tackle major obstacles to entry, such as scalability, security, and user experience. Grants facilitate the creation of solutions that improve usability and accessibility, therefore bridging the divide between early adopters and the broader public.

This kind of assistance is crucial to promoting Web3 technologies’ wider adoption and facilitating the development of safe, user-friendly apps that serve a larger user base. Thus, grants are essential for increasing the uptake of decentralized technologies and broadening their use.

Grants are a strategic instrument for fostering innovation, speeding up development, and promoting the mainstream use of Web3 technologies; they are more than just cash help.

Grants enable the Web3 ecosystem to reach its full potential by furnishing the necessary resources. This paves the path for a decentralized future in which technology enables people and enterprises to attain unparalleled achievement.

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Blockchain data infrastructure provider Covalent revealed its intention to initiate the partner ecosystem airdrop, allocating $100,000 in TAIKO tokens to CXT stakers. The tokens will be distributed automatically, requiring no action from users. Currently, users can check their eligibility for token distribution through the Covalent airdrop portal.

The ecosystem airdrop aims to reward loyal CXT token holders by providing them with incentives from a wide range of Covalent’s ecosystem partner networks.

In order to qualify for the airdrop, users must have staked CXT tokens before the snapshot date of July 30th. To guarantee a fair distribution, the airdrop amount is determined by the duration of the CXT tokens’ staking, a normalized staked amount, and rewards.

The Covalent Ecosystem Airdrop Program constitutes a part of the New Dawn initiative, which focuses on enhancing the network and decentralizing its infrastructure to ensure long-term data availability (DA). It is aimed at stimulating market dynamics and promoting greater engagement among members of the Covalent community.

The secret is out: our Partner Ecosystem Airdrop is here

First up on the list: TAIKO

Here’s the info:
Date: August 1st
Amount: $100K in TAIKO tokens
Eligibility: CXT stakers

The best part? No action needed –– tokens will magically appear in your wallet!

— Covalent (@Covalent_HQ) July 30, 2024

How Does Covalent X Token Staking Work?

Covalent functions a modular data infrastructure layer created to deal with the issues in blockchain and AI. Its primary focus areas are verifiability, decentralized AI inference, and long-term DA. Additionally, the Ethereum Wayback Machine (EWM) offers secure and decentralized access to transaction data on Ethereum.

Central to the Covalent ecosystem is the Covalent X token, essential for the decentralized long-term data availability network. It represents the native token of the network, utilized for all settlement transactions.

Staking Covalent X token involves engaging in the verification process of the Proof-of-Stake (PoS) consensus protocol, which is an alternative method for earning cryptocurrencies. By staking CXT, users contribute to validating transactions and supporting the decentralized network, and in return, they receive rewards in CXT. Consequently, staking X can be an appealing way to generate earnings and rewards.

Furthermore, CXT holders have the option to earn rewards either by delegating their tokens to a staking pool managed by others or by setting up and managing their own pool. The consensus mechanism for X utilizes the Ouroboros protocol, which involves both delegators and Stake Pool Operators (SPO).

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Zero-knowledge native blockchain protocol QED announced the release of a new opcode proposal for Dogecoin (DOGE) called OP_CHECKGROTH16VERIFY. This proposal aims to enable trustless scaling of DOGE, enhance smart contract functionality, and support decentralized applications (dApps).

According to the proposal, the QED protocol introduces an opcode for Dogecoin called OP_CHECKGROTH16VERIFY, that verifies a Groth16 zero-knowledge proof over BLS12-381. Specifically, QED suggests that this opcode will verify a Groth16 proof with two public inputs and support two operational modes controlled by the stack.

In the first mode, the opcode checks a proof with two public inputs and a verifier key, all stored on the stack. It will mark the transaction as invalid if the proof is incorrect and function like OP_NOP if the proof is valid. In the second mode, it verifies a proof with two public inputs and a verifier key, where the verifier key and the first public input are stored on the stack, and the second public input is represented by the transaction’s SIGHASH.

By incorporating this opcode, especially mode 1, it becomes feasible to verify trustless computations on Dogecoin, create recursive covenants, as well as develop smart contract functionality through SIGHASH introspection.

Apart from the proposal, QED has also developed a functional implementation forked from the Dogecoin core code base, along with a comprehensive end-to-end zero-knowledge rollup that demonstrates practical applications of the opcode for scaling DOGE.

QED Raises $6M To Enhance Performance Of Smart Contracts And Layer 2s 

QED serves as Bitcoin’s native execution layer, aimed at tackling the challenges associated with Web3 development. It is a horizontally scalable, secure, and user-friendly platform designed to serve both developers and users. QED supports a diverse array of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.

Earlier this month, the project secured $6 million in a funding round led by Blockchain Capital. This new funding advances QED’s goal of leveraging its innovative technology to enhance performance for smart contracts, Layer 2 solutions, and a broad range of Web3 applications.

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In this interview, we sit down with David Garrett, co-founder of dVIN, a pioneering company at the intersection of wine and blockchain. Garrett shares insights on the problems of the industry, the innovative solutions that should be developed, and his vision for the future of luxury goods in the digital age. 

Can you share why you decided to tokenize wine?

I’ve been in the wine business, with a bit of a tech background, but mostly in the luxury, investment-grade, rare side of the wine business for about 20 years. I didn’t come to this looking to tokenize something and picking wine. I came to this trying to solve a real problem in the wine industry, one that I’ve been unable to solve for 20 years until we started looking at blockchain. I saw the solutions inside blockchain technology.

What is the problem that you were trying to solve for 20 years?

The problem is twofold. First, when you’re a winemaker and you make wine, as soon as it leaves the winery, you have no idea where it is. You sell it, it goes somewhere in the world, but you don’t have any idea where it is. You don’t have any idea who’s consuming it or when they’re consuming it. Because of that, it’s very difficult to make decisions about product development, marketing, messaging, packaging, and supply chain.

In the wine business, you can only make a certain amount of wine every year. If you send too much to one place and not enough to another, it screws you for several cycles because you can’t just make more. You have to wait until the next year.

The second problem is that in the wine business, unlike most other products, there’s a significant time gap between purchase and consumption. If you buy a great bottle of wine, you might wait eight, ten, or twelve years before opening that bottle. This separation between purchase and consumption creates even more opacity for the winemaker.

Without this data, it’s really hard for winemakers to make intelligent decisions about their wines. The industry is still working the same way it did 20 or 100 years ago. Winemakers are left working blind, which makes it very difficult for them to run better businesses.

How is DePIN transforming the supply chain?

Wine is a product where it’s very important for it to be stored and transported in proper temperature and humidity conditions. About one in 10 bottles of luxury wine ends up being bad, usually because it wasn’t stored or transported correctly.

We’re envisioning a decentralized physical infrastructure network where every bottle would have RFID or similar technology. As the bottle moves through the supply chain, it would reach RFID interrogators that would update the blockchain with the bottle’s location, temperature, and humidity data.

This system would create an incentive for the supply chain to provide better storage and transportation of wine. It would allow tracking of the bottle from “grape to glass,” all the way from the winemaker to your door. We think this could help save the industry $10 billion a year by reducing spoilage.

What are the most significant barriers to entry for luxury goods providers in the DePIN and blockchain sectors?

For luxury physical goods, I think the barriers to entry mostly revolve around getting the supply chain to understand the value. For some luxury products, the value is really about anti-counterfeit and anti-fraud measures. For others, the benefits come from inventory management or supply chain efficiency.

Another barrier is the way we talk about blockchain in the industry. I think that over time, you’re going to see more adoption as we talk less about the actual technology and more about its benefits. We need to stop trying to convince people that blockchain is important and instead focus on the benefits it can provide.

The wine industry is quite conventional and traditional. How do you encourage people to adopt blockchain?

We’ve abstracted it all out. We don’t talk to anybody about blockchain when we’re dealing with clients, customers, or winemakers. We talk about the benefits: data, loyalty programs, supply chain efficiency, the ability to see where products are being consumed, and connecting with customers at the moment of consumption. These things get winemakers excited.

Have you faced any regulatory problems while working with wineries?

There are regulations, but they’re actually encouraging the use of blockchain in some cases. For example, the EU passed a new regulation that requires every luxury product that either terminates or originates inside the EU to be connected to a digital product passport, which is basically a blockchain digital deed of ownership.

What’s interesting is that wine has been traded in both primary and secondary markets for hundreds of years. There’s been paperwork involved with the sale of wine for centuries. We’ve been working with our lawyers, and we don’t feel like there’s really any regulatory issue with creating a digital deed of ownership for a bottle of wine and then having that digital deed be tradeable.

Do you think blockchain implementation can influence wine tourism and different experiences related to vineyards?

Yes, we’re doing a bunch of that now. We’ve built a system called the Devon Protocol, which includes mechanisms for putting wine on the blockchain. When you open a bottle, you can use your phone to “burn” that asset and create a new token we call a tasting token. This token is soul-bound, meaning you can’t trade or sell it, but it comes with status and rewards from the winery.

These tasting tokens can provide access to experiences like barrel tastings, winemaker dinners, harvest experiences, or even discounts on more wine. It builds a connection between the winemaker and the wine lover, providing more access and fair access to great wine hospitality experiences.

What are the current trends in the tokenization of luxury collectibles?

I think the most important trend is moving from stovepipe projects to standardized protocols. Instead of having many separate, small-scale tokenization projects, we’re seeing a move towards unified, industry-wide protocols. This standardization allows for the development of more sophisticated financial products and services around these tokenized assets.

In the next five years, by 2030, I believe we’ll start seeing most luxury products acquire digital product passports or digital deeds of ownership. The EU has already put regulations in place to encourage this, and the benefits are remarkable. We’ll have hit the tipping point where most luxury goods, at least the scarce luxury products, will have some sort of blockchain-based digital deed of ownership or digital product passport.

The post From Grape to Blockchain: How David Garrett and dVIN are Fermenting a New Era of Transparency in the Global Wine Trade appeared first on Metaverse Post.