Arithmic is the world’s first universal and scalable Layer-2 with native staking, that aims to enhance decentralized computation and unify liquidity across L2 networks through its Gen 2.0 VM and network-powered staking, In an exclusive interview with BitcoinWorld, We discuss what is Arithmic , Is All About!!

 

Can you explain what Arithmic is and how it distinguishes itself as the world’s first universal and scalable Layer-2 with native staking?

Arithmic is the world’s first universal and scalable Layer-2 with native staking. Arithmic aims to enhance decentralized computation and unify liquidity across L2 networks through its Gen 2.0 VM and network-powered staking. Arithmic sets itself apart from other Layer-2 solutions by being a universal Layer-2 that integrates seamlessly with both Bitcoin and Ethereum. It employs advanced technology utilizing next-generation zkVM for enhanced efficiency and security. Furthermore, Arithmic offers lucrative staking pools that unlock liquidity and generate native yield from the network’s consensus operations.

How do the innovations of zKVM and zkASICS enhance Arithmic’s capabilities, and what benefits do they bring to users?

The innovations of zkVM and zkASICs significantly enhance Arithmic’s capabilities by improving efficiency, security, and scalability. The zkVM enables private and verifiable computation, ensuring secure and swift transaction processing without exposing sensitive information. This reduces the computational load on the network, resulting in faster transaction times and lower fees. Meanwhile, zkASICs optimize zero-knowledge proof computations, increasing the speed and efficiency of cryptographic operations. For users, this translates to a more robust, reliable platform with enhanced privacy and security, providing a superior experience and making Arithmic a compelling choice for a cutting-edge Layer-2 solution.

Could you elaborate on Arithmic’s securitized staking pools and how they mitigate risks while providing stable returns?

Arithmic’s securitized staking pools effectively mitigate risks and provide stable returns through a sophisticated pooling mechanism. Users can deposit a range of assets into these pools, creating a Multichain Staking Pool. This diversification of assets helps to balance different rates of return and reduce the overall yield risk. The pooled deposits are then utilized to stake on Arithmic’s network and potentially other L2 networks in the future,. These actions generate staking rewards, which are redistributed to users based on their deposit size and participation style. By offering a higher return than the market average through this integrated approach, Arithmic provides both stability and attractive yields, accommodating various user risk preferences and participation choices.

What makes Arithmic’s approach to integrating traditional finance (TradFi) with crypto unique, and how does it unlock yield and liquidity for global crypto markets?

Arithmic is committed to bringing a new-age TradFi to crypto. Arithmic structured its Multi Chain Staking Pools (MSPs) to cater to all users including investors and institutions in the TradFi sector. The securitized staking pools unlock yield and liquidity while allowing investors to diversify their digital asset portfolio, fulfilling the institutional demand to earn stable yields safely.

How does Arithmic cater to different types of users, from institutions seeking stable yields to more speculative investors?

With the introduction of the novel native restaking paradigm, Arithmic aligns the interests of users, investors, and institutions.

For institutions that value steady and secure returns, our liquid staking pools unify liquidity for maximized yields without chain-hopping or managing multiple wallets. Alongside lower gas fees and increased efficiency, institutions can benefit from an elevated DeFi experience while reducing staking risks. Each pool is designed to absorb yield fluctuations and ensure stable returns, protecting users from market volatility to guarantee stability.

Arithmic also offers users the flexibility to choose between two token types in each liquidity pool, one for more risk-averse users and another for more speculative investors. Considering a wide range of investor preferences, we are looking to integrate with multiple asset classes, including memecoin pools and RWAs, to further expand our user base.

Can you describe the cross-platform rewards feature of Arithmic’s staking pools and the benefits it offers to users?

Arithmic’s cross-platform rewards feature incentivizes user engagement by rewarding actions across various aspects of the platform. Users earn points for activities such as bridging tokens, interacting with the Arithmic Wallet, participating in dApps, and joining community events. These points can be redeemed through Arithmic’s Airdrop program or used to enhance participation in Multichain Staking Pools for additional yield. This feature not only boosts user participation but also offers significant benefits, including increased staking returns and exclusive opportunities within the Arithmic ecosystem.

What strategies has Arithmic implemented to build and engage its community, particularly among developers and through partnerships?

We plan to host a series of events in conjunction with our testnet and mainnet launches, where participants can engage in multi-chain staking pools and earn various incentives, such as yield on their staked tokens. Additionally, we are focused on expanding our team to enhance community outreach and engagement. By building a strong, supportive community and fostering partnerships, we aim to create a thriving ecosystem around Arithmic, particularly among developers and key industry players. Stay tuned!

What are your long-term goals for Arithmic, and how do you see its impact on the broader cryptocurrency ecosystem and traditional finance integration?

Our long-term goals for Arithmic include establishing it as a foundational Layer-2 solution that bridges the gap between various blockchain networks and traditional finance. In the immediate future, we plan to launch our testnet within this quarter, followed by the mainnet within 2-3 months. With each phase, we will host significant events where participants can engage in multi-chain staking pools, offering a variety of incentives to encourage participation. We believe Arithmic will significantly impact the broader cryptocurrency ecosystem by providing seamless integration and enhanced security across networks. Additionally, our vision includes facilitating traditional finance integration, creating a more inclusive and efficient financial ecosystem. By enabling interoperability and offering innovative solutions like our staking pools, Arithmic aims to drive widespread adoption and utility in both the crypto and traditional finance sectors.

Stay tuned for more thought-provoking content and engaging interviews on Bitcoinworld.co.in, World of Cryptocurrency & Blockchain News.

Hackers who grabbed hundreds of millions from 2022’s Nomad bridge hack capitalized on Ether (ETH) price drop to buy large amounts of the asset at a low price. 

They exchanged 39.75 million DAI for 16,892 ETH on August 5. ETH had dropped by over 20% in 12 hours, going from $2,760 to $2,172, which the hackers took advantage of.

Lookonchain, an analytics firm analyzing on-chain activity, posted about the incident on X, “The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to http://Tornado.Cash.” 

https://twitter.com/lookonchain/status/1820332406911672320

Tornado Cash, a crypto mixer, allows users to obfuscate their fund flows, which cybercriminals leverage to evade law enforcement agencies.

Another blockchain analytics firm, PeckShield, took to X to offer more details about the hacker’s activities, “#PeckShieldAlert #NomadBridge Exploiter-labeled address has transferred 39.75M $DAI & 17.75 $ETH to an intermediary address 0x663a…f448. 

The $DAI was swapped for 16.89K $ETH, & 2.4K $ETH (worth ~ $7M) was transferred to #Tornadocash.” 

Alongside the 17.75 ETH sent to an intermediary wallet and the ETH received from exchanging the stolen DAI in the same address, the hacker moved 2,400 ETH to Tornado Cash.

That was not it. Another hacker who successfully exploited the Pancake Bunny protocol in 2021 through a flash loan attack for $45 million also exchanged their stolen DAI for ETH. 

They swapped 7.8 million DAI tokens for 2,922 ETH as its price plummeted. However, the hacker may have also locked away a significant amount of funds forever due to an error. 

They sent 3.6 million DAI to a contract that does not support the asset, which may mean they may have irrecoverably lost the tokens.

Furthermore, this hacker previously used Tornado Cash to obfuscate $2.9 million of ETH on July 8. They may move more through the mixer soon.

Kathleen Breitman, co-founder of Tezos, questions Bitcoin’s reliability as a store of value, calling it “internet pretend money.”

Breitman attributes BTC’s drop below $50,000 to factors such as fears of a global recession, massive sell-offs in the Japanese market, and geopolitical tensions.

Despite her criticisms, she acknowledges that BTC remains a fundamental asset in the crypto ecosystem, although its role as a safe haven is under debate.

Amid the turmoil caused by yesterday’s global market crash, Kathleen Breitman, co-founder of Tezos, has questioned Bitcoin’s validity as a reliable store of value. 

In a recent interview on CNBC’s ‘Squawk Box’ on August 5, Breitman expressed skepticism about BTC’s ability to maintain its value in times of economic uncertainty, calling it “internet pretend money.” 

Her comments come in the wake of the cryptocurrency’s sudden plunge, which saw it drop below $50,000.

Breitman attributes this decline to a series of economic and geopolitical factors that are affecting the market as a whole. 

Among them, she highlights fears of a global recession, a situation that has been exacerbated by massive sell-offs in the Japanese stock market. 

Additionally, she points out that recent geopolitical tensions and interest rate adjustments by the United States Federal Reserve have placed further pressure on an already weakened market.

One of the most discussed points by Breitman is the speculative nature of Bitcoin, which, in her opinion, makes it vulnerable to market fluctuations. 

She compared the current situation to the one experienced at the beginning of the COVID-19 pandemic, when economic uncertainty triggered a rapid sell-off of assets considered speculative. 

For Breitman, Bitcoin embodies this same vulnerability, calling into question its utility as a store of value in times of crisis.

Is Bitcoin’s Role Changing?

However, she does not completely dismiss Bitcoin’s role in the crypto industry. Despite her criticism of its volatility and the narrative surrounding it as a supposed store of value, she acknowledges that it remains a fundamental asset in the crypto economy. 

According to her, its value and utility transcend the simple accumulation of wealth or protection against inflation.

Breitman suggests that investors should reevaluate their expectations regarding Bitcoin and consider the possibility that its role in the cryptocurrency market is evolving. 

Although it remains a key piece of the sector, its future as a safe haven in times of uncertainty is now up for debate.

Kamala Harris’ picks Minnesota Governor Tim Walz—a dark horse contender—as her running mate, upending millions of dollars worth of bets.

Users of crypto-backed prediction market Polymarket were overwhelmingly taken off guard this morning by Kamala Harris’ choice of Minnesota Governor Tim Walz—a dark horse contender—as her running mate, upending millions of dollars worth of bets.

For the last week, Pennsylvania Governor Josh Shapiro was the market’s runaway favorite, commanding odds above 60% until just minutes before Harris instead chose Walz to be her choice for vice president.

Just four days ago, Walz, an outspoken Midwestern progressive with almost no national profile, hovered at a meager 4% odds of getting tapped by Harris to join the Democratic ticket.

Walz’s Polymarkets odds climbed yesterday—but only to about 30%—when it was widely reported that Harris had whittled down a shortlist of potential running mates to either him or Shapiro.

Then, early this morning, the Democratic VP calculus shifted on its head. The comments section on Polymarket’s VP bet went haywire after a tweet from a Minneapolis-based reporter revealed “a flurry of activity” and a fleet of vehicles arriving at Walz’s home.

A flurry of activity @GovTimWalz residence this morning… A fleet of vehicles, arriving within the past hour. #Veepstakes pic.twitter.com/8vVrNMsSrn

— Bill Keller (@billkellerfox9) August 6, 2024

Within a span of fifteen minutes, Walz’s Polymarket odds skyrocketed from 37% to 73%. Betting activity on the site became so frantic that Shapiro’s odds, while nonetheless plummeting, remained above 30% at the same time. 

Reloading the Polymarket site would generate new odds for Shapiro and Walz with almost every page refresh, a Decrypt reporter observed.

While Polymarket got Harris’ VP pick wrong in the macro sense, odds on the site flipped to Walz 18 minutes before CNN became the first major news outlet to officially report that the Minnesota politician, a former teacher, had been selected.

"CNN has learned that Vice President Kamala Harris has picked Minnesota Governor Tim Walz to be her running mate." pic.twitter.com/E67elbPGYU

— philip lewis (@Phil_Lewis_) August 6, 2024

All in all, bettors had $125 million riding on who Harris would select to join her in taking on former president Donald Trump and Sen. J.D. Vance (R-OH) in November.

Today’s news is certainly cause to celebrate for a select subset; a $100 bet on Walz made on Friday would have netted more than $2,000 today.

The token “DJT” themed Trump, issued by Martin Shkreli, has suffered a drastic drop of 90% after a single wallet sold tokens worth 2 million dollars.

As anticipated, the value of the DJT token, created on the blockchain of Solana and inspired by Donald Trump, has plummeted by 90%. This occurred after a single wallet made a massive sale of 2 million dollars in a single transaction.

This operation caused the market capitalization of the token to plummet from 55 million dollars to just 3 million dollars in a few seconds.

The portfolio identified as “4UGm6” owned 20% of the entire DJT token supply and cashed out 15,500 SOL from the transaction. 

Subsequently, he transferred his holdings into four different portfolios, according to what was reported by the social crypto application @0xppl_.

The DJT was launched at the beginning of June and quickly attracted attention, with speculations regarding a possible link with the Republican candidate Donald Trump and his son Barron. 

The cryptocurrency groups on X have expressed doubts about the identity of the creators of the token, given its extraordinary performance initially.

On June 18, Martin Shkreli, known as “Pharma Bro,” revealed that he had collaborated with Barron Trump in the creation of the token, despite initially denying any involvement. 

Shkreli has confirmed that he assisted Barron in the creation and promotion of the token on X.

The investigations carried out around June 19 revealed that the DJT Telegram channel shared the same administrators as another token supported by Shkreli.

Furthermore, a large holder of DJT had made profits by selling tokens worth approximately $830,000 from a wallet that also contained tokens of Shoggoth.ai, another project by Shkreli.

Reactions and statements

The Trump campaign has not released official statements regarding the DJT token or the alleged involvement of Barron. 

In the meantime, Shkreli has tried to distance himself from the price crisis, accusing Barron Trump of being responsible for the decline. Shkreli has repeatedly claimed not to own any DJT tokens nor the private keys that control the token’s liquidity pools.

“Ask Barron, I don’t have the keys or the tokens,” Shkreli stated in a post on X, accompanied by a chart showing the drastic drop in the token’s price.

ask barron, i dont have the keys or any tokens

— Martin Shkreli (e/acc) (@MartinShkreli) August 6, 2024

He also added that his role was only to make it clear that the token was legitimate, but he did not foresee that such a bear collapse could occur.

With these statements, Shkreli has attempted to clarify his position, while the value of the DJT token continues to fluctuate in a turbulent market.

Trump’s plan to transform the United States into the global leader of Bitcoin mining

Former President Donald Trump has recently put forward an ambitious project to position the United States as the global leader in Bitcoin mining (BTC). An initiative that could have profound repercussions on the national energy and technology sector.

Trump has suggested that the mining of all remaining Bitcoin should take place exclusively in the United States.

An objective that, although technically difficult due to the decentralization of the sector, stimulates reflections on the potential for American growth in this field. 

Currently, the United States contributes to 37.8% of global Bitcoin mining. However, it is hypothesized whether it is possible to reach or exceed 90% by 2024.

This plan could revolutionize the economic and technological landscape of the United States, with an impact that transcends political divisions. 

Encouraging more flexible regulation and promoting competition in the energy sector could significantly reduce electricity costs and improve the competitiveness of American mining.

At the same time, tax simplification could attract greater investments, stimulating innovation and creating new job opportunities.

Idea of using BTC as part of strategic reserve in US will do more harm than good, Bianco Research president Jim Bianco says

Creating a Bitcoin (BTC) strategic reserve might look attractive for Bitcoiners, seasoned researcher and investor Jim Bianco admits. However, once created, it will allow the government to gain too much control over Bitcoin’s (BTC) price performance.

Too much power: Bitcoin (BTC) in strategic reserve is bad idea, Jim Bianco says

The Bitcoin (BTC) community might be terribly wrong in its understanding of the potential effects of creating a strategic BTC reserve in the U.S. Instead of raising interest rates for BTC, the government might gain too much control over the BTC price in the long haul.

Such a warning was shared by macro economist Jim Bianco, the president of Bianco Research, while speaking to journalist David Lin, the host of The David Lin Report.

Retail Bitcoin (BTC) holders will never be aware of the exact strategy of the government’s BTC journey. Instead, they will be forced to face the consequences of state-controlled Bitcoin (BTC) price:

Every time a government steps in and does something like this, they put rules on it. They’re going to decide what is the appropriate price for Bitcoin and they’re going to sell it when it’s too high, they’re going to buy it when it’s too low, they gonna decide who owns it

As a result, the entire concept of putting Bitcoin (BTC) into the strategic reserve does more harm than good, Bianco concludes.

The announcement about the possibility of creating a strategic reserve in BTC was made by pro-crypto Senator Cynthia Lummis during the Bitcoin Conference 2024 in Nashville, Tennessee, as U.Today covered previously.

To kick off this strategy, Sen. Lummis suggests buying a whopping 1 million Bitcoins (BTC), which is roughly equal to $60 billion. 

Hong Kong also considers creating BTC strategic reserves In 2024, more and more countries are considering using Bitcoin (BTC) as part of strategic reserves thanks to its potential role in addressing inflation issues. 

Besides El Salvador’s Bitcoin (BTC) saga, Hong Kong, one of the most influential fintech hubs in the world, is considering the reserve status for the largest cryptocurrency. 

As explained by Johnny Ng, HK parliament deputy, with the growing adoption of the “digital gold,” it can be added into reserves by different countries.

PancakeSwap has launched the beta version of its Quest platform, designed to simplify interaction with quests in the DeFi ecosystem.

Quest unifies the management of its campaigns and those of its partners, addressing fragmentation in the DeFi ecosystem.

Users can customize their DeFi profile with exclusive NFTs and participate in interactive tasks across multiple blockchains.

PancakeSwap has officially launched the beta version of its new Quest platform. This innovative tool was designed to transform the way users interact with quests and tasks in the DeFi ecosystem, providing a unified and simplified experience for exploring, participating, and building their DeFi profile.

The launch of PancakeSwap Quest comes in response to one of the most common challenges faced by users in the DeFi ecosystem: fragmentation. 

Until now, users have had to deal with multiple platforms and projects, each with its own interfaces, logins, and specific tasks, making it difficult to maintain consistent and efficient participation. 

With Quest, the company aims to solve this problem by offering a platform where users can manage and complete their PancakeSwap campaigns and those of its partners from a single location, optimizing their experience.

Introducing PancakeSwap Quest – Beta: Your Multichain DeFi Quest Platform

Build your DeFi profile and complete social and on-chain tasks across multiple chains—all in one place

Learn more https://t.co/NEc6E9Vk7v

Create your DeFi profile today https://t.co/GY3fmHLQ6C pic.twitter.com/4LlBrjog1t

— PancakeSwap v4 (@PancakeSwap) August 6, 2024

Among the platform’s most innovative features is the ability to customize a DeFi profile, which includes creating a username and an NFT avatar. 

To this end, PancakeSwap has introduced an exclusive NFT collection called “The Bunny,” which is essential for setting up the profile on the Quest platform. 

Users who already have an NFT profile will be able to connect it directly to activate their account, making the transition and onboarding process seamless.

PancakeSwap Introduces A Multi-Blockchain Platform

Additionally, Quest offers a wide range of interactive tasks, from social media campaigns to blockchain activities. 

This allows users to easily participate in various initiatives, fostering greater engagement and dynamism within the community. 

The platform also supports multiple blockchains, including BNB Chain, Ethereum, Arbitrum, Base, zkSync, and Polygon zkEVM, with a promise to expand its compatibility in the future.

During this beta phase, PancakeSwap invites users to explore the platform’s features and participate in campaigns designed to test and improve the system. 

User feedback through official community channels, such as Telegram and Discord, is expected to be key in driving the refinement of this new tool.

Ronin paused bridge activity earlier on Tuesday morning after confirming a whitehat hack incident.

On-chain researcher @pcaversaccio revealed the incident in an X post saying nearly 4k ETH had been drained by an MEV bot.

The exploit also included $2 million in USDC bringing the total withdrawn to nearly $12 million, Ronin said.

Co-founder @Psycheout86 said in an X post the more than $850 million secured by the bridge remains safe

The Ronin Bridge Network was on Tuesday briefly paused after a $12 million whitehat hack. On-chain researcher @pcaversaccio revealed the incident in an X post saying nearly 4k ETH worth about $9 million had been drained by an MEV bot, but the bridge activity had since been paused. 

MEV bot whitehatted (hopefully) a Ronin Bridge issue for almost ~4k ETH. Bridge got paused already.https://t.co/yfOhS3lPa0 pic.twitter.com/n0M6Hv2A5y

— sudo rm -rf –no-preserve-root / (@pcaversaccio) August 6, 2024

Ronin later confirmed in an X post that 4k ETH worth about $9.8 million and an additional $2 million in USDC had been drained. In an X post, Ronin co-founder @Psycheout86 commented on the incident: “The bridge currently secures over $850M which is safe.”

Ronin Network’s official account followed later with a statement about the incident stating: “Earlier today, we were notified by white-hats about a potential exploit on the Ronin bridge. After verifying the reports, the bridge was paused approximately 40 minutes after the first on-chain action was spotted.”

“Today’s bridge upgrade, after being deployed through the governance process, introduced an issue leading the bridge to misinterpret the required bridge operators vote threshold to withdraw funds.”

Whitehat hackers attack systems to identify potential vulnerabilities. In this case, the attacker was able to withdraw nearly $12 million, which is the maximum possible per transaction. 

As of this writing, Ronin Network was in talks with the hackers to organize the return of the funds.

This event takes place barely a week after Ronin Network’s daily active users hit a new record high of 2.1 million on July 29, as players flocked in to play Lumierre and Pixels games. 

Pixels joined Ronin Network earlier this year while Lumierre announced the start of its closed beta test (CBT) at the beginning of August.

Global crypto exchange Binance has received a goods and services tax (GST) bill of Rs 722 crore ($87 million) in India for non-compliance with the country’s tax regulations. 

This is the first instance of a cryptocurrency firm facing such scrutiny in India. A source claimed that Binance earned over Rs 4,000 crore from transaction fees charged to Indian customers. However, these earnings were credited to a Binance Group company located outside of India.

Indian Tax Regulator Hits Binance With Rs 722 crore ($87 Million) GST Bill

Global cryptocurrency exchange Binance has issued a goods and services tax (GST) bill totaling Rs 722 crore (approximately $87 million) in India. The Indian Directorate General of GST Intelligence (DGGI) in Ahmedabad delivered a show cause notice to Binance, requiring payment of the GST. This marks the first instance of such a notice being directed at a cryptocurrency firm.

As part of a thorough investigation into the company’s tax conduct in India, officials have been examining Binance’s operations to ensure adherence to the nation’s tax laws. 

Local media confirmed that Binance was notified for collecting fees from Indian customers trading crypto assets on its platform, classified under online information database access or retrieval (OIDAR) services, which involve providing data or information electronically for a fee.

“Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers. The company has a user base of 90 million users globally, including a substantial number of customers from India too,” the Times of India quoted a top source familiar with the matter as saying. The source added:

Detailed investigation revealed that the earnings of these fees were credited to the account of a Binance Group company — Nest Services Limited — based in Seychelles.

Earlier this year, Binance received approval from India’s Financial Intelligence Unit (FIU) to register as a virtual asset service provider (VASP). 

Nonetheless, the FIU imposed an Rs 18.8 crore fine on the company in June for non-compliance with anti-money laundering regulations. Additionally, Binance has yet to register under the Indian GST system.

This Binance GST probe highlights the increasing regulatory scrutiny that cryptocurrency exchanges face globally. In recent years, Binance has been monitored by various international regulators due to concerns about compliance and transparency.

What do you think about Binance’s $87 million GST bill in India? Let us know in the comments section below.

Starknet Foundation CEO Diego Oliva has stepped down after holding the position since March 2023.

James Strudwick will take over as executive director while Oliva stays on briefly to aid with the transition.

Starknet Foundation announced that its first CEO Diego Oliva has stepped down after holding the position since March 2023.

“James Strudwick, who has been with the Foundation since January 2024 will be assuming the role of Executive Director to continue growing the Starknet ecosystem and its adoption,” the organization said in a statement Tuesday morning.

Under Oliva’s tenure, Starknet said the Provisions project was executed in addition to initiating multiple ecosystem development projects such as “DeFi Spring, Seed Grants and the Catalyst and Propulsion programs.” 

The foundation also signed deals with over 100 infrastructure teams, according to a statement.

Oliva will remain on board for the next month to help with the transition.

Grand Cayman, Cayman Islands, August 6th, 2024, Chainwire

Sui’s new Mysticeti protocol cuts consensus latency to 390 ms, elevating its industry-leading tech and developer stack to new highs.

Sui, the pioneering Layer 1 blockchain known for industry-leading performance and infinite horizontal scaling, today announced the successful deployment of Mysticeti on Sui Mainnet after a successful run on Testnet. This innovative protocol cuts consensus latency to an astonishing 390 milliseconds, establishing Sui as the fastest consensus layer in the industry.

Developed from extensive research into Byzantine fault tolerance (BFT) consensus mechanisms, Mysticeti represents a significant advancement from Narwhal-Bullshark, the consensus algorithms launched with Sui Mainnet over a year ago. Mysticeti achieves unprecedented transaction speeds, extending Sui’s impressive low latency performance across all transaction types on the network.

Sui’s object-oriented architecture allows the network to process transactions differently based on the characteristics of the transaction and the objects involved. Transactions on Sui involving only “owned objects,” such as peer-to-peer transfers, bypass the need for consensus, following a fast-path execution that completes in a shorter time. Now, with Mysticeti, transactions involving shared objects, such as those in marketplaces or collaborative game assets, are processed using an optimized version of BFT consensus that results in lower latencies nearly akin to those of owned object transactions. Mysticeti minimizes cross-validator communication and fully utilizes network bandwidth to maintain high throughput.

Live on Testnet for the past three months, Mysticeti’s remarkable results – including an 80% reduction in latency – generated significant buzz within Sui’s developer community and a broad desire to see the update pushed to Mainnet. With the update now live, the Sui Network can handle tens of thousands of transactions per second with end-to-end latencies well below one second.

“Mysticeti’s successful deployment is a testament to the collaboration between research and engineering, and the validator community that has integrated this new consensus mechanism,” said Dmitri Perelman, Head of Engineering at Mysten Labs. “Mysticeti is a next-generation consensus protocol that sets a new standard for blockchain transaction speeds and puts Sui at the forefront of our industry.”

Kevin Nelson, Co-Founder & CTO of Aftermath Finance, which created a leading DeFi protocol on the network said, “Mysticeti’s shift to minimizing latency for the general case—shared object transactions—marks a significant advancement across many sectors on Sui, particularly within the Sui DeFi ecosystem. The rollout to Mainnet has already begun to show tangible results, with noticeable latency reductions across our entire product suite. At Aftermath, we are excited to leverage Mysticeti’s full capabilities to deliver more efficient, lower latency products to market.”

Rabeel Jawaid, Co-founder of leading derivatives exchange Bluefin said, “On-chain settlement latency just dropped significantly on Bluefin with the Mysticeti upgrade! P50 consensus latency currently is just under 400ms and E2E client latency when measured via a fullnode is under 1s for P50, which as far as I know is the fastest in Web3 right now – especially at scale with parallelization. With this upgrade, the trading experience on Bluefin has already become more seamless for retail, and our institutional partners have started to scale their flow and liquidity on the platform.”

Bonkman, the pseudonymous Founder of Hop, a DEX aggregator on Sui said, “Hop allows users to interface with Sui DeFi. This makes it dependent on Sui’s consensus mechanism and before Mysticeti swaps took roughly 2-3 seconds. Now, nearly every single swap takes less than 1 second to execute and reach finality. In all of web3, there has never been a better DeFi experience that is present today on Hop via Mysticeti.”

Contact

Sui Foundationmedia@sui.io

Over the years, the gaming sector has experienced enormous expansion. With each new technology, games have become more immersive and complex. However, one of the most groundbreaking innovations in recent years is blockchain technology, which has given rise to “play-to-earn” (P2E) games.  

This new genre of games, often referred to as blockchain gaming or crypto games, is reshaping the gaming economy and offering players unique opportunities to earn real-world value. In this blog, we will explore how play-to-earn games work, the role of blockchain in these games, and their impact on the gaming industry. 

 

Understanding Play-to-Earn Games

Play-to-earn games are a new type of video game that allows players to earn cryptocurrency or other digital assets by playing. Unlike traditional games, where players spend money on in-game purchases, P2E games reward players for their time and effort. 

This model is made possible by blockchain technology, which provides a decentralized and secure way to manage digital assets. In these games, players can earn rewards through various activities, such as completing quests, battling other players, or trading virtual items.

The key components of play-to-earn games include:

Blockchain Technology: The backbone of P2E games, enabling secure and transparent transactions.

Cryptocurrency: Used as in-game currency, allowing players to buy, sell, and trade assets.

NFTs (Non-Fungible Tokens): Unique digital assets that can represent in-game items, characters, or other collectibles.

Gaming Economy: A virtual economy where players can earn, trade, and spend digital assets.

How Blockchain Technology Powers P2E Games 

Blockchain technology plays a crucial role in the play-to-earn model. It provides a secure and transparent platform for managing digital assets, ensuring that players have true ownership of their in-game items.  

Smart contracts, which are self-executing contracts with the terms of the agreement explicitly put into code, are used to do this. These smart contracts facilitate transactions between players and the game without the need for intermediaries. 

One of the most significant features of blockchain gaming is the use of NFTs. Unlike traditional in-game items, NFTs are unique and cannot be duplicated. This uniqueness adds value to the items, as players can prove ownership and authenticity.  

For example, in NFT gaming, a player might own a rare weapon or a special character that is represented by an NFT. They can trade or sell this NFT in a marketplace, potentially earning a significant amount of cryptocurrency. 

 

The Gaming Economy in Play-to-Earn Games 

The gaming economy in play-to-earn games is a complex system where players can earn, spend, and trade digital assets. This economy is built on blockchain technology, allowing for secure transactions and real-world value.  

Players can earn cryptocurrency by participating in various in-game activities, such as completing quests, winning battles, or selling virtual items. 

Here are some common ways players can earn in play-to-earn games: 

Quests and Missions: Players complete tasks and earn cryptocurrency as rewards. 

PvP Battles: Players compete against each other for prizes, often in the form of NFTs or tokens. 

Trading: Players buy and sell NFTs or other in-game items in a marketplace. 

Staking: Some games allow players to stake their assets to earn passive income. 

The value of these digital assets can fluctuate based on market demand, similar to traditional financial markets. This creates a dynamic and potentially lucrative gaming experience. However, it’s essential to note that the value of in-game assets can also be volatile, and players should be aware of the risks involved. 

 

Popular Play-to-Earn Games

The play-to-earn genre has grown rapidly, with several games gaining popularity. Some of the most notable P2E games include: 

Game  Description  Blockchain  Main Assets  Axie Infinity  A battle game where players collect and battle creatures called Axies.  Ethereum  Axies (NFTs), SLP Tokens  The Sandbox  A virtual world where players can create, own, and monetize their experiences.  Ethereum  LAND (NFTs), SAND Tokens  Decentraland  A virtual reality platform where players can buy, build, and monetize land.  Ethereum  LAND (NFTs), MANA Tokens  Gods Unchained  A digital trading card game where players own their cards as NFTs.  Ethereum  Cards (NFTs), GODS Tokens 

Each of these games offers unique experiences and opportunities for players to earn cryptocurrency. For example, in Axie Infinity, players can breed and battle Axies, earning Small Love Potions (SLP) that can be sold for cryptocurrency. In The Sandbox, players can create and sell virtual experiences, while in Decentraland, they can buy and develop virtual land. 

 

The Impact of Play-to-Earn on the Gaming Industry 

Play-to-earn games are transforming the gaming industry in several ways. They provide players with new ways to monetize their time and skills, turning gaming from a leisure activity into a potential source of income. This shift is attracting a diverse group of players, including those who may not have been interested in traditional gaming. 

One significant impact of P2E games is the creation of new job opportunities. Some players are becoming professional gamers, earning a living through play-to-earn games. As a result, “scholarship” programs have become more popular, in which seasoned gamers lend their in-game assets to novices so they may split the profits. This system creates a win-win situation, as it enables new players to start earning without an initial investment and provides asset owners with passive income. 

Moreover, the integration of blockchain technology and NFTs is driving innovation in game design. Developers are experimenting with new ways to use these technologies to create unique and engaging experiences.  

For example, some games are exploring the concept of “interoperability,” allowing players to use their assets across multiple games and platforms. This could lead to a more connected and cohesive gaming ecosystem. 

 

Challenges and Considerations 

While play-to-earn games offer exciting opportunities, they also come with challenges and considerations. One of the main concerns is the volatility of cryptocurrency markets. The value of in-game assets can fluctuate dramatically, leading to potential financial losses for players. Additionally, the regulatory environment for blockchain gaming is still evolving, and players should be aware of the legal implications of earning and trading digital assets. 

Another challenge is the accessibility of play-to-earn games. While the potential for earning is appealing, some games require significant upfront investments in NFTs or other assets. This can create a barrier to entry for new players, particularly those from low-income backgrounds.  

However, the growing popularity of scholarship programs is helping to address this issue, providing opportunities for players to enter the space without financial investment. 

 

The Future of Play-to-Earn Games 

The future of play-to-earn games looks promising, with continued growth and innovation on the horizon. As blockchain technology and NFTs become more mainstream, we can expect to see more games adopting the play-to-earn model. This could lead to a more decentralized and player-driven gaming industry, where players have greater control over their in-game assets and experiences. 

Moreover, the rise of metaverse platforms like The Sandbox and Decentraland suggests that the line between virtual and real-world economies will continue to blur. Players may soon be able to earn a living entirely within virtual worlds, participating in a global digital economy. This could have profound implications for the future of work and entertainment, as well as the broader economy. 

Play-to-earn games are revolutionizing the gaming industry by offering players new ways to earn real-world value. Powered by blockchain technology and NFTs, these games provide a secure and transparent platform for managing digital assets.  

As the play-to-earn model continues to grow, it has the potential to reshape the gaming economy, create new job opportunities, and drive innovation in game design. However, players should be aware of the challenges and risks involved, including the volatility of cryptocurrency markets and the evolving regulatory landscape. Overall, play-to-earn games represent an exciting and transformative development in the world of gaming. 

Tech & Talk Concert, a conference aimed at bridging the technology information gap, announced that it will be held on August 30 at the Walkerhill Hotel Light Lounge in Gwangjin-gu, Seoul, titled “First Real-World Asset Tokenization (RWA) Global Summit in Korea”.

It will cover the tokenization of financial assets, global RWA trends, and legal issues for RWA adoption. The conference is a side event of KBW, which kicks off in September. KBW is the biggest blockchain conference in Korea.

Key speakers include Professor Lee Jongsup of Seoul National University and Director of Shinhan Investment & Securities, as well as representatives from Ondo Finance(ONDO), a leading RWA platform; Mina Protocol(MINA), which is strengthening the issuance of tokenized securities(ST) with a Korean securities firm; Avalanche(AVAX); and Hedera(HBAR). Matrixport, a Singapore-based virtual asset service provider; and RWA Inc, which operates a regulated real asset tokenization trading service in Dubai. The event is expected to provide an in-depth discussion on RWA, which has become a hot topic in South Korea this year. The event will bring together international experts who are studying the opportunities and risks while making practical developments.

Attentio, a Web3 branding consultancy, is organizing the event. Eventbrite, a specialized meetup site, allows international attendees to RSVP.

Bit-Chess, a newly launched crypto project, proudly announces the presale launch of the world’s first fully decentralized chess platform. This groundbreaking platform aims to bring millions of online chess players into the expanding cryptocurrency industry.

The Bit-Chess team shared this exciting news on their X account (formerly known as Twitter), highlighting their commitment to revolutionizing how chess enthusiasts engage with the game in the digital age.

Bit-Chess Launched Its Presale Phase

Bit-Chess, the first fully decentralized online chess platform, has announced on its X account the launch of its official presale phase. 

This initiative marks a noteworthy step in incorporating millions of online chess players into the revolutionizing crypto industry.

The presale is designed for chess lovers and investors who want to get in early on this exciting chess-focused project. Bit-Chess aims to bring the world of chess into the decentralized crypto space, offering a unique blend of strategic gaming and blockchain technology.

With a total supply of 210 billion tokens, $BCC is a Solana-based token that will serve as the governance token within the Bit-Chess ecosystem. This means that HODLers of $BCC will have a say in important decisions about the platform’s future. For the presale phase, Bit-Chess offers 23.625 billion $BCC tokens, 11.25% of the total supply.

Currently, 1 $BCC is priced at $0.000373, and interested buyers can purchase tokens at this early stage to secure them at a significant discount. 

The tokens can be bought on the project’s official website using various popular cryptocurrencies, including Solana (SOL), Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), and Tether (USDT). This makes participation accessible to a wide range of investors.

The presale is an excellent opportunity for those passionate about chess to see the potential of combining this timeless game with the latest blockchain technology.

Notable Features of Bit-Chess

Bit-Chess is set to significantly impact the chess world by integrating traditional gameplay with modern blockchain technology through the Solana network. 

Here are some key features that distinguish Bit-Chess:

Guideline with InGame Wallets – The platform will offer a detailed guideline for those new to crypto or chess, as its goal is to educate anyone interested and attract millions to crypto.

Play-to-Earn (P2E) Mechanics – Bit-Chess introduces a play-to-earn model where players can earn rewards through their gameplay. These rewards can be converted into real-world value, adding a new layer of benefit to playing chess.

Global Tournaments – The platform will host tournaments that allow players from all over the world to compete against one another. Winners will have the chance to earn cash prizes and exclusive NFTs, creating a competitive and rewarding environment.

Player-Versus-Player Matches – Players can engage in one-on-one matches to test their skills against other chess enthusiasts. This feature offers a direct, competitive experience, allowing players to challenge and improve their strategic abilities.

Exclusive NFTs – Bit-Chess will offer special NFTs that highlight players’ achievements within the platform. There will be a total of 2,000 unique NFTs available, with an initial limited release of 500 during the pre-sale. These NFTs will serve as collectible tokens representing players’ milestones in the Bit-Chess ecosystem.

About Bit-Chess

Bit-Chess is introducing a new way to play and enjoy chess using blockchain technology. 

It is the first chess platform built on the Solana blockchain, which uses digital technology to create a more secure and open gaming environment.

Bit-Chess aims to blend the traditional game of chess with modern technology. Its goal is to offer a platform where players can not only play chess but also participate in a system that rewards their efforts. Using blockchain, it wants to make chess more interactive and beneficial for players worldwide.

Bit-Chess is focused on connecting traditional chess with the new possibilities of blockchain technology. The platform is designed to be accessible and user-friendly, helping players easily guide and take part in this new gaming experience.

Contact 

For the latest updates on Bit-Chess and its token presale, constantly visit their official website and join their vibrant community by following them on X (Twitter), Telegram, and Instagram.

exSat is a Layer 1.5 solution described as a “docking layer” aimed at unlocking the full potential of the Bitcoin ecosystem, In an exclusive interview with BitcoinWorld, We discuss what is exSat Network , Is All About!!

 

Can you briefly explain what exSat is and how it aims to address the current limitations of Bitcoin’s scalability and interoperability?

exSat is a Layer 1.5 solution described as a “docking layer” aimed at unlocking the full potential of the Bitcoin ecosystem. It addresses Bitcoin’s scalability and interoperability by integrating three core infrastructure protocols: Data Consensus Extension Protocol, Decentralized State Data Index, and Decentralized Asset Custody. This architecture bridges Bitcoin’s inherent trust with enhanced functionality, allowing for broader asset issuance and trading, and improved scalability through advanced data handling and smart contract capabilities.

How does the Data Consensus Extension Protocol work, and what advantages does it bring to the Bitcoin ecosystem?

The Data Consensus Extension Protocol functions as an oracle system that mirrors and verifies Bitcoin’s full 4MB block data onto the exSat platform, ensuring its integrity and trustworthiness through decentralized oracles involving reputable mining pools. This protocol enhances and extends the Bitcoin ecosystem by providing trustless, programmable access to Bitcoin UTXO block data, which allows for the development of more complex applications directly on Bitcoin, boosting its utility and scalability.

In what ways do synchronizers and validators contribute to the security and efficiency of exSat?

In the exSat ecosystem, synchronizers and validators play pivotal roles in maintaining and enhancing both the security and efficiency of the network. Here’s how each contributes:

Synchronizers:

Role and Function: Synchronizers, typically reputable mining pools, are responsible for the initial data intake process. They mirror the full 4MB Bitcoin block data onto the exSat platform.

Security Contributions: By accurately mirroring data, synchronizers prevent the introduction of erroneous or fraudulent data into the network. Their involvement ensures that only verified and accurate data is processed and stored.

Efficiency Contributions: Synchronizers help maintain high data throughput by efficiently processing and submitting block data to the network. This contributes to the overall responsiveness and speed of the network, essential for real-time applications and transactions.

Validators:

Role and Function: Validators in exSat verify the data provided by synchronizers. They ensure that the data mirrored onto the network aligns with the Bitcoin blockchain’s state, thus maintaining data integrity.

Security Contributions: Validators are crucial in safeguarding the network against data tampering and ensuring consensus on data accuracy. By requiring multiple validators to confirm data, exSat employs a robust check-and-balance system that significantly reduces the risk of security breaches.

Efficiency Contributions: Through the validation process, validators ensure that only correct data persists in the network, reducing the overhead associated with correcting errors post-factum. Their role in consensus mechanisms also helps in optimizing the decision-making processes within the network, leading to faster consensus times and enhancing overall network efficiency.

Collaborative Security and Efficiency:

Decentralized Network Operation: Both synchronizers and validators operate in a decentralized manner, enhancing the network’s resilience and reducing the likelihood of centralized failures. This decentralization is key to maintaining uninterrupted service and consistent network performance.

Incentive Alignment: Both roles are incentivized with $XSAT tokens, aligning their interests with the health and performance of the network. Incentives ensure that both synchronizers and validators are motivated to perform their functions effectively and efficiently.

By integrating these roles, exSat creates a comprehensive security and efficiency framework that not only supports its own operations but also enhances the capabilities of connected Layer 2 solutions and the broader Bitcoin ecosystem. This systemic approach ensures that exSat remains a reliable and scalable platform, prepared to handle the complexities of modern blockchain applications.

 

What role do BTC miners play in the exSat network, and how are they incentivized to participate?

In the exSat network, BTC miners play a crucial role as Synchronizers, leveraging their mining infrastructure to support the network by validating and mirroring UTXO data. Here are the streamlined incentives offered to mining pools and validators:

For Mining Pools:

Data Submission Rewards: Mining pools that successfully submit block data to exSat’s system receive 10% of the block rewards.

Block Generation Bonus: An additional 40% of the block rewards is given for successful block generation within a specified 72-hour window.

Attractive APR: Mining pools can earn up to 50% of $XSAT per block, with an APR of up to 120%, providing a lucrative new revenue stream.

For Validators:

Earnings from Staking: Validators are required to stake a minimum of 100 BTC and can earn up to 50% of $XSAT per block, with the potential for an APR of up to 120%.

Verification and Staking Rewards: Validators earn 10% of block rewards for data verification and an additional 40% from staking rewards for maintaining network security and data integrity.

$XSAT Tokenomics:

$XSAT serves as the native token within the exSat ecosystem, crucial for transaction fees and network incentives.

The token follows a fair launch model with a total supply of 21,000,000, mirroring Bitcoin’s halving schedule to ensure sustainable and equitable distribution.

These incentives are designed to align the interests of miners and validators with the exSat network’s goals, promoting their active participation in enhancing Bitcoin’s scalability and functionality.

How does exSat ensure compatibility with existing Ethereum Virtual Machine (EVM) and what benefits does this bring for developers and users?

exSat ensures EVM compatibility by integrating a smart contract platform that supports EVM standards, allowing developers to deploy Ethereum-based applications within the Bitcoin ecosystem. This compatibility widens the scope for developers to create versatile applications and for users to engage with a broader range of functionalities, making Bitcoin more versatile and adaptable to various use cases.

Could you elaborate on the decentralized state data indexing feature of exSat and its significance for the Bitcoin ecosystem?

The decentralized state data indexing feature in exSat creates a comprehensive, on-chain database of Bitcoin’s UTXO data, enabling the development and trading of a wider variety of assets such as Ordinals and Runes. This expands Bitcoin’s utility significantly, supporting the growth of NFTs and other digital assets directly on Bitcoin, thereby enhancing its scalability and economic versatility.

What are the key differences between exSat and other Layer 2 solutions currently available for Bitcoin?

exSat distinguishes itself from typical Layer 2 solutions for Bitcoin by serving as a “Layer 1.5” docking layer that not only enhances Bitcoin’s scalability and functionality but also supports and integrates with existing Layer 2 solutions. Here are the key differences and contributions of exSat to the broader Bitcoin ecosystem:

Infrastructure Support for Layer 2 Solutions:

Unlike many Layer 2 solutions that operate largely independently, exSat is designed to interact with and enhance these solutions. By providing a robust underlying infrastructure that includes advanced data consensus and decentralized state data indexing, exSat supports the efficiency and scalability of Layer 2 networks.

Data Consensus Extension Protocol:

exSat’s Data Consensus Extension Protocol goes beyond typical Layer 2 functionalities by mirroring and verifying the full 4MB Bitcoin block data. This ensures high integrity and trustworthiness of data, which is crucial for the accurate operation of Layer 2 solutions that rely on up-to-date and secure blockchain information.

Decentralized State Data Index:

This feature of exSat enables a more expansive use of the Bitcoin blockchain by allowing the issuance and trading of a broader range of assets, including Ordinals and Runes. Layer 2 solutions can leverage this detailed indexing to offer richer and more diverse applications and services.

Integration with Payment as a Service (PaaS):

exSat plans to establish a “Payment as a Service” layer with instant finality, positioning itself as a central hub for payments and settlements across the Bitcoin ecosystem, including Layer 2 networks. This PaaS layer aims to centralize liquidity and transactions into a major pool, enhancing the operational capabilities and economic feasibility of Layer 2 solutions.

Enhanced Security with Decentralized Custody:

The Decentralized Asset Custody solution in exSat uses a multi-signature approach based on Multi-Party Computation (MPC). This security feature is critical for Layer 2 solutions that handle significant transaction volumes and asset values, providing a secure environment for asset management.

EVM Compatibility:

By supporting EVM-compatible smart contracts, exSat allows developers to create applications that are interoperable with Ethereum-based systems. This feature is beneficial for Layer 2 solutions looking to integrate or migrate services between blockchain ecosystems seamlessly.

How do you envision exSat impacting the future of Bitcoin and its position within the broader cryptocurrency landscape?

exSat is poised to significantly enhance Bitcoin’s utility by introducing advanced functionalities like smart contracts, asset indexing, and decentralized custody. This expansion will not only diversify Bitcoin’s applications but also attract new use cases beyond traditional financial transactions.

By improving interoperability with other blockchain networks, exSat will facilitate smoother asset and data flows, helping position Bitcoin as a pivotal element in the multi-chain ecosystem. This capability is bolstered by features such as EVM compatibility and a Payment as a Service (PaaS) layer, which will enable Bitcoin to interact seamlessly with various blockchain platforms.

Moreover, exSat addresses Bitcoin’s scalability challenges by enhancing transaction throughput and data processing, which could lead to broader adoption across micro and macro transactional applications. The introduction of innovative financial models through its tokenomics will attract a diverse range of participants, offering new investment and participation incentives.

Overall, exSat is set to reinforce Bitcoin’s foundational strengths while expanding its role within the broader cryptocurrency ecosystem, paving the way for new blockchain innovations and applications.

Stay tuned for more thought-provoking content and engaging interviews on Bitcoinworld.co.in, World of Cryptocurrency & Blockchain News.

Closing out the world’s largest Web3 conference, TOKEN2049, the party will be hosted on the SkyPark Observation Deck of Singapore’s iconic Marina Bay Sands, delivering a night of sensory indulgence and high-calibre entertainment

SINGAPORE — 6 August 2024 — TOKEN2049, the world’s largest Web3 and crypto conference, announced a star-studded DJ line-up for AFTER 2049, the official closing event of this year’s highly anticipated Singapore edition. Making their eagerly awaited debut in Singapore, award-winning trio WhoMadeWho will be headlining the event, alongside South African DJ and producer Da Capo and returning acts, Hong Kong’s Leon, Milam and Mo-Shi. AFTER 2049 will be held on Friday, 20th September at Marina Bay Sands’ SkyPark Observation Deck — open exclusively for AFTER 2049 each year, with exhilarating views of the Formula 1 evening session from the 57th floor.

 

This year’s AFTER 2049 will host 2,000 guests, with a premium open bar, and boasting a multi-sensory music experience with state-of-the-art productions, working with the best in the industry — details of which will be unravelled as the event nears. Tickets were sold out in minutes in 2023, with demand expected to surpass all previous records for the 2024 edition.

 

Having established themselves as one of the definitive electronic music acts of their generation, with performances at global music festivals like Burning Man, Sonar and Roskilde, WhoMadeWho will be bringing their unique music identity to AFTER 2049 and attendees can expect a scintillating hybrid DJ set.

 

Raphael Strauch, Founder of TOKEN2049 said: “We’re thrilled to bring AFTER 2049 back to the iconic Marina Bay Sands rooftop. This year, we’ve put together an incredible lineup featuring some of the largest names in electronic music. Our immersive setup will transform the venue into a portal of sound and light. Set against Singapore’s mesmerising skyline, AFTER 2049 promises more than just music – it’s a symphony of experiences where every element is crafted for an unforgettable night. Prepare for a landmark event that will redefine the electronic party scene in Singapore.”

 

Sponsors of AFTER 2049 include multichain real-world asset protocol Creditcoin, Incentive, decentralised talent incubator platform MEET48, chain abstraction stack NEAR, the distributed network for decentralised protocols 1inch, Axlflops, the platform combining blockchain with relational databases Chromia, the Bitcoin-powered, EVM-compatible blockchain Coredao, leading liquidity provider and digital asset exchange Darkex, the world’s first decentralised payments network Gnosis Pay, the application absolute liquidity network Haust, Hibachi, the security-first real-world asset layer-1 blockchain MANTRA, leading digital payment token service provider MetaComp, permissionless Ethereum Layer 2 network Metis, the permissionless liquidity layer for Web3 trading Orderly Network, the largest network of interconnected decentralised energy assets Rowan Energy and community foundation for Starknet’s permissionless decentralised Validity-Rollup Starknet Foundation.

 

A limited number of tickets for AFTER 2049 will be sold via Resident Advisor from 13 August onwards, with additional ticket drops releasing 26 August and 12 September.

 

To purchase tickets for AFTER 2049, please visit: https://ra.co/events/1973782.

 

For more information and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/. For any enquiries on AFTER 2049, please contact community@after2049.com.

 

About TOKEN2049

TOKEN2049 is a global Web3 event series, organised semi-annually in Singapore and Dubai, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is the preeminent meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry.

 

Media Contact:

token2049@wachsman.com

The percentage of Bitcoin investors in profit has dropped by 18% (from 93% at the end of July to the current 75%), coinciding with Bitcoin’s price falling below $50,000.

The last time the percentage of BTC addresses in profit was at similar levels was in January, when the price hit a low of $39,000 before rising to $73,000.

There is a risk of further declines to $40,000 according to analysts.

The percentage of Bitcoin holders in profit has experienced a significant drop in recent days, highlighting the impact of the recent crypto market downturn. 

The proportion of BTC investors in a favorable position has decreased from 93% at the end of July to 75% currently. This decline coincides with Bitcoin’s price falling below $50,000, a level not seen since February this year.

The last time the percentage of BTC addresses in profit was at similar levels was in January, when the value of the cryptocurrency hit a local low around $39,000. 

This price drop occurred shortly after the launch of Bitcoin exchange-traded funds (ETFs) in the United States, which later drove the cryptocurrency’s price up to $73,000.

As Bitcoin's price fell to $50k, the percentage of holders in profit dropped to 75%.

This level was last seen in January when prices formed a local bottom around $39k. pic.twitter.com/CAR5ju5VOR

— IntoTheBlock (@intotheblock) August 5, 2024

In the past week, Bitcoin plunged dramatically, falling from a peak of $70,000 to around $50,000 in less than a week. The price briefly touched $49,513 before a slight recovery brought it to approximately $54,600 at the time of writing.

Bitcoin (BTC) May Continue To Plunge

If Bitcoin’s price continues to fall, it is likely that the percentage of holders in profit will continue to decrease. 

Despite the current volatility, analysts suggest that the bull phase of the market is not over yet. The number of addresses in profit may increase in the coming weeks, depending on a potential price recovery.

Some suggest that outflows from ETFs, uncertainty around the U.S. Federal Reserve’s fiscal policy, and economic weakness in the country could be influencing the price decline. 

Additionally, Arthur Hayes, co-founder of the trading platform BitMEX, suggests that a massive sell-off by a large investor could be behind the recent drop.

CryptoQuant analysts warn that investors might face negative profit margins in the coming days, as BTC could fall to $40,000. The situation remains uncertain, and future price movements will be crucial in determining the market’s trajectory.

Kujira has unveiled a comprehensive recovery plan aimed at addressing its operational debt and restructuring its financial strategy

The plan involves several critical steps designed to stabilize the platform and position it for future growth.

First, the recovery plan focuses on repaying the operational debt through two distinct PILOT sales. The first sale is targeted at clearing the $USDC debt, while the second will address the $USK debt. 

This dual approach will not only resolve the existing liabilities. Also, it helps in converting the BOW leverage liquidity positions into protocol-owned liquidity, enhancing the platform’s financial stability.

Steps to Resolve Debt and Improve Stability

Another significant aspect of this recovery strategy is the opportunity it provides for community members. The PILOT sales will accept bids in both $USDC or $xUSDC for the first sale, and $USK or $xUSK for the second sale. 

This setup allows participants with funds locked in the GHOST lend vaults to use their xAssets to bid, making the process more inclusive and providing broader engagement opportunities.

GM everyone. Thanks for bearing with us the last couple days. After a whole lot of discussions & taking on feedback from the community & various investors, chains & future partners, we'd like to announce our recovery plan

1⃣ The operational debt will be repaid via two… pic.twitter.com/NUmEhpbMTx

— Kujira (@TeamKujira) August 3, 2024

Bidders will be vying for $rKUJI (recovery KUJI) tokens through the PILOT sales. These $rKUJI tokens will be redeemable 1:1 for $KUJI once the necessary balance is freed from collateral and undelegated. 

This mechanism is designed to ensure that participants who contribute to the recovery effort are compensated with tokens that will have future value as the platform stabilizes.

Details regarding the specific terms of the PILOT sales, including the cliff, vesting schedules, base price, and maximum discount, are still being finalized. 

The Kujira team has committed to providing further information on these aspects and the overall timing of the recovery process shortly. Here are more info about the recovery plan:

Additionally, the recovery plan includes significant structural changes within Kujira. These changes will necessitate further discussions and votes from the community. 

To manage the treasury and ensure transparency, a trusted committee—separate from the founding team—will be established. This committee will likely employ DA0 DA0 tooling for multisig wallets and other essential features to enhance governance and security.

Crypto executives meeting with Vice President Kamala Harris has been delayed from this Monday to later this week, with no specific date set.

Notable attendees include Ripple’s Brad Garlinghouse and Chris Larsen.

FOX Business journalist Eleanor Terrett has reported that the closed-door crypto executives meeting scheduled for this Monday, which California Congressman Ro Khanna had arranged to help Vice President Kamala Harris mend her industry relations, is delayed.

No word yet on a new meeting date. The reason for postponement wasn’t stated but one attendee is guessing Dem leaders need more time before they come out with an official policy position on #crypto. Given that @realDonaldTrump is running with it, they’ll have to take a position. https://t.co/EvZOISF5wX

— Eleanor Terrett (@EleanorTerrett) August 5, 2024

Crypto Executives Meeting with Kamala Harris Postponed

The meeting was to be this Monday and will now take place later this week. No date announced for the same.

The crypto executives meeting comes days after an August 2 Bloomberg report that executives in the cryptocurrency space will meet with White House aides and Representative Khanna next week to express their concerns regarding digital assets and pitch for changes in policy.

Attendees at the roundtable include Anita Dunn, senior White House adviser who is on her way out; National Economic Adviser Lael Brainard; and Bruce Reed, Deputy Chief of Staff.

A marquee guest of the summit is expected to be Ripple CEO Brad Garlinghouse—and cofounder Chris Larsen—who have been extremely critical of the regulatory stance that the US Securities and Exchange Commission took under Chair Gary Gensler. 

The lawsuit by the SEC against Ripple started in the Trump administration and rolled over to the administration of Biden.

Trump Vows Crypto Reforms, Sacking Gensler if Re-Elected

Last month, it had 14 Democratic House members who were pushing for pro-crypto language in the party’s platform and a new, pro-innovation SEC chair. 

The crypto executives meeting follows a July roundtable that saw deep engagement between crypto executives and the White House’s very own Ripple and Coinbase.

With almost 50 million Americans now invested in digital assets, US presidential hopefuls are turning up the jets to appeal to crypto-focused voters. 

GOP hopeful and former President Donald Trump has pitched himself as a pro-crypto champion who vows to make the US the world leader in cryptocurrency by firing SEC Chair Gensler if he is elected again.

Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more Ether (ETH) using stolen funds.

Amid the crypto market downturn, hackers have seized the opportunity to acquire more digital assets. The Nomad Bridge Exploiter managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip.

The same hackers who exploited the PancakeBunny protocol in May 2021 are back in action. They recently swapped 7.8 million DAI for 2,922 ETH during the market downturn.

The broader market decline has led to a 14% drop in the global crypto market cap within 24 hours, dipping below $2 trillion.

Amid a crypto market downturn, hackers are capitalizing on the chaos by acquiring more digital assets. Recent on-chain analysis reveals two notable incidents where stolen funds were used to purchase Ethereum (ETH). 

Lookonchain, an on-chain smart money tracker, has identified transactions involving the Nomad Bridge Exploiter.

Hackers bought $ETH at the bottom after the market dropped!

The #Nomad Bridge Exploiter spent 39.75M $DAI to buy 16,892 $ETH an hour ago and is depositing $ETH to https://t.co/11PfRBP2j2.https://t.co/8pwhTFSnLw

Crypto bridge #Nomad was exploited for ~$200M on Aug 2, 2022.… pic.twitter.com/9id6bxBR14

— Lookonchain (@lookonchain) August 5, 2024

These hackers managed to acquire 16,892 ETH by sending 39.75 million DAI during the latest market dip. 

Despite widespread panic triggered by Bitcoin’s plunge below $50,000, the exploiters strategically deposited their newly acquired ETH into Tornado Cash. Notably, the accumulation began as ETH’s price plummeted to as low as $2,100.

PancakeBunny Hackers Join The Fray

The PancakeBunny protocol, based on Binance Smart Chain (BSC), suffered a massive exploit in May 2021, resulting in the theft of over $200 million worth of crypto. Now, the same hackers are back in action.

According to PeckShieldAlert, they recently swapped 7.8 million DAI for 2,922 ETH during the market downturn. Their previous attack involved manipulating prices on PancakeSwap, allowing them to borrow a substantial amount of BNB and crash the BUNNY token’s value.

Global Crypto Market Cap Takes A Hit

These buying sprees occur against the backdrop of a broader market decline. The global crypto market cap has plummeted by over 14% in the last 24 hours, dipping below $2 trillion for the first time in months. 

Bitcoin, the flagship cryptocurrency, lost more than 14%, reaching a low of $49,000. Ethereum followed suit, dropping over 24% to hit $2,200.

Nomad Bridge’s Infamous Hack

The Nomad Bridge, a blockchain bridge, fell victim to a hack in August 2022. Exploiting a misconfiguration in the project’s main smart contract, attackers looted nearly $200 million worth of cryptocurrency.

Paradigm researcher Samczsun shed light on the incident, revealing that the flaw allowed anyone to replace a recipient’s address with their own. This enabled unauthorized withdrawals of assets, even those not belonging to the attackers.

As the crypto market remains volatile, vigilance against such exploits is crucial. Investors and projects alike must stay informed and take necessary precautions to safeguard their assets from opportunistic hackers.