Zero-knowledge decentralized identity project, Humanity Protocol, unveiled the launch of its testnet, which allows users to reserve their Human ID, a distinct username and identity within the protocol’s ecosystem.

This Human ID is tailored to individual users and will play a vital role in interactions across the decentralized ecosystem. It will function as a permanent, verifiable credential for various activities, such as registering for services, verifying identities, as well as engaging in future decentralized applications (dApps) developed on the platform. Additionally, early users will gain exclusive access to upcoming features and rewards.

Users have an option to secure their Human ID through multiple methods, including Email, Telegram, Twitter, Discord, Google, and MetaMask.

The testnet is set to be rolled out in three distinct steps: Human ID Reservation, Pre-enrollment through the Humanity Protocol application, and Full enrollment via palm vein verification.

Currently, users can only register their Human ID. However, in a few weeks, they will have the opportunity to register their palm print through the application, which will be introduced in the second phase of the testnet alongside the launch of the mobile application. The third phase will include scanning users’ palm veins using one of Humanity Protocol’s devices to complete the identity verification process.

Registering your Human ID is the only phase you can complete right now. In a few weeks, you’ll be able to register your palm print via our app! This is how you'll fully verify your ID in the decentralized future.

pic.twitter.com/rotdf1XMQR

— Humanity Protocol (@Humanityprot) September 30, 2024

Humanity Protocol: What Is It?

Humanity Protocol is at the forefront of “empowering digital identity” by utilizing advanced non-invasive biometrics and Proof-of-Humanity (PoH) technology, aiming to create an environment where principles such as decentralization, personal identity ownership, equity, and inclusion prevail.

The PoH solution provided by Humanity Protocol enables the verification of an individual’s identity online without requiring them to share any personally identifiable information.

In May, the platform raised $30 million in a seed funding round led by investors, including Kingsway Capital, Animoca Brands, Blockchain.com, and Hashed. This funding brought the platform’s total valuation to $1 billion.

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Organization dedicated to advancing and promoting the Sui blockchain, the Sui Foundation announced the launch of its Sui Bridge on the Mainnet, which aims to enhance interoperability. The Sui Bridge serves as a native solution for transferring assets to and from external ecosystems.

This launch allows for trust-minimized asset transfers between the Ethereum and Sui networks. The new feature provides users with a direct and native pathway to move assets , while all transactions are being secured by Sui’s network validators, which ensures they are safeguarded by the same strong infrastructure that underpins and safeguards the Sui blockchain.

With multiple bridging options available, individuals might come across various versions of the same bridged asset. For instance, ETH transferred to Sui through the Sui Bridge (ETH) is distinct from ETH transferred via Wormhole (WETH). To enhance user experience, applications on Sui will be updated in the coming weeks to clearly distinguish between these different assets, helping users effectively identify and manage them. At present, the Sui Bridge supports transfers of ETH and WETH between the Sui and Ethereum networks.

In order to initiate a transfer, individuals are advised to access the Sui Bridge web interface, link an Ethereum and Sui wallet, select the desired token, specify the amount to be bridged, and then click “Bridge assets.” After approving the transaction through their wallet, users will be redirected to a transaction details page, where they can monitor the progress of the bridging process. Transfers from Ethereum to Sui typically take around 10 minutes to complete due to Ethereum’s probabilistic finality. Once finalized on Ethereum, bridged tokens are usually sent directly to the recipient’s address on Sui without requiring manual claims. However, in certain cases, recipients might need to manually claim their tokens via the user interface.

Sui To Launch Native USDC And Cross-Chain Transfer Protocol On Its Network 

Sui is developed in Rust, which supports smart contracts written in Sui Move—a customized version of the Move programming language tailored by the project team. It operates using a Delegated Proof-of-Stake (DPoS) consensus mechanism, which is secured by the network’s native token, SUI. Both validator operators and token holders contribute to the security by staking SUI or delegating their tokens to existing validators.

Recently, Sui announced its plans to launch the native USDC on the network. This initiative aims to improve Sui’s utility and interoperability for users and builders, providing additional liquidity, simplifying transactions, as well as boosting overall market efficiency within the Sui ecosystem.

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Cryptocurrency asset management firm Grayscale announced that its Decentralized AI Fund is now available for eligible accredited investors. This fund offers an opportunity to invest at the intersection of AI and cryptocurrency, with holdings that include NEAR, RNDR, FIL, LPT, and TAO.

The Grayscale Decentralized AI Fund is among the first investment securities focused exclusively on native tokens from decentralized AI protocols. Decentralized AI represents the integration of artificial intelligence and blockchain technology. The fund allows investors to access these assets through a security structure, alleviating the complexities associated with directly purchasing, storing, and safeguarding digital currencies.

The shares are intended to reflect the values of the Fund Components, which are determined based on their respective Digital Asset reference rates and weightings after accounting for fees and expenses.

Currently, the fund charges a management fee of 2.50% and has a performance fee of 0.00%. The Net Asset Value (NAV) per share is established at $9.50, with a one-day percentage change in NAV per share set at 1.50%. The total number of shares outstanding is 153,900, and the assets under management are reported at $1,462,249.50.

The fund’s strategy focuses on three main categories of decentralized AI assets. These include protocols that develop decentralized AI services, such as chatbots and image-generation tools, as well as solutions that address challenges posed by centralized AI, like verifying authenticity against bots, deep fakes, and misinformation. Additionally, the fund features protocols that establish AI infrastructure, which includes decentralized marketplaces for data storage, GPU computation, 3D rendering, and streaming services.

Grayscale Decentralized AI Fund is now open to eligible accredited investors. Get diversified exposure to the intersection of AI and crypto with fund holdings: $NEAR $RNDR $FIL $LPT $TAO.

See important disclosures or speak to a team member: https://t.co/gYetdms280 pic.twitter.com/wqoEFYL7KE

— Grayscale (@Grayscale) September 30, 2024

Grayscale Expands Investment Offerings With New Avalanche Trust And Additional Crypto Products

Grayscale offers a variety of investment products that give investors access to the digital economy. Recently, the company launched a new single-asset investment fund, the Grayscale Avalanche Trust, which allows investors to gain exposure to Avalanche’s AVAX through security, thus removing the need for direct acquisition, storage, and protection of AVAX. Furthermore, it has added Bittensor (TAO) and Sui Network (SUI) to its product lineup, introducing the Grayscale Bittensor Trust and Grayscale Sui Trust.

The firm manages multiple investment trusts that provide exposure to various cryptocurrencies, including Bitcoin, Ethereum, Solana, Litecoin, Zcash, Chainlink, and Decentraland. Investors can purchase shares in these trusts and then invest directly in the respective cryptocurrencies.

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Globalization of Media

Globalization has significantly contributed to our progress toward modernity, allowing societies to develop connections between cultures, institutions, and individuals. Globalization has had widespread effects, particularly due to the development and advancement of technology, which has enhanced the impact of globalization on media in particular. With the internet and other forms of media enabling the rapid spread of information and knowledge, we are now more connected than ever.

There have been both positive and negative effects of media globalization, and our growing level of connectedness has a number of implications for society as a whole. On the one hand, it has expanded and diversified the media by democratizing access, but this increase in the supply of content has dramatically compressed advertising margins, resulting in increased concentration in the institutional media sector. 

In this sense, it has reduced diversity of perspectives. To address this, it is crucial that we look to adopt solutions that decentralize control and ensure a more equitable media landscape.

What is the Globalization of Media? 

So, what exactly is the role of media in globalization, and what are the pros and cons of media globalization? Made possible by ongoing changes in information and communications technology, the globalization of media results in vast amounts of information being transferred around the globe in a matter of seconds. 

Trends and influences are no longer contained to singular countries or states – now, they are disseminated internationally, leading to the influence of various forms of media having a global impact. 

Cultural hybridization is frequently seen as a positive effect of globalization, where access to diverse ideas fosters the creation of new, dynamic cultural forms. In theory, exposure to different cultures and perspectives can enrich society, broaden horizons, and shape opinions in meaningful ways. 

However, in reality, the media industry is defined by a concentration of power held among a handful of corporations, and the effects of globalization on media have resulted in narrow, corresponding viewpoints across a number of different platforms.

What is the Negative Risk of Media Globalization? 

A 2023 report from the Media Reform Coalition revealed that three UK companies control 90% of the country’s national newspaper market. Across the sea in the US, six media companies are regularly cited as giants that dominate the industry: Comcast, Disney, Warner Bros, Discovery, Paramount Global, Sony, and Amazon. 

Given free, independent, plural media is essential to a functioning democracy and society, the dominance of a handful of media corporations gives them a disproportionate share of power to dominate national conversations.

With the rise of the digital age and the internet, the traditional way of consuming news was disrupted, having a significant negative impact on local and print media. This led to cultural attitudes and influence specific to different regions being eroded, particularly among communities where local news outlets are experiencing job cuts, falling revenue, or publications shutting down entirely. 

Struggling local media made it easier for oligopolies to emerge, making it even more difficult for smaller outlets to remain competitive, and now, we are seeing a growing number of news deserts – areas with no professional news service – emerge. The benefits of media globalization are reversed, with the potential for a range of ideas from different communities replaced by promoting the vested interests of media moguls. 

Large corporations’ demand for profit further exacerbates the problems caused by media globalization; profitability is prioritized over the people’s right to knowledge. Given their imperative of advertising revenue, media organizations tend to favor stories that align with the interests of their sponsors, which, in turn, whether subtly or overtly, influence the news agenda. Stories that cast a negative light on advertisers can be downplayed, while content that aligns with specific interests receives more prominent coverage.

The ultimate goal of attracting an audience as large as possible also can also lead to a focus on sensationalism and attention-grabbing headlines at the expense of in-depth journalism and critical analysis. 

While media outlets may want to maintain editorial independence, falling revenues make it increasingly difficult to achieve this. With their dominance in the market, it becomes very difficult to find alternative points of view in mainstream media, while smaller players with less market share struggle to be heard.

Improving the Effects of Globalization on Media

Having analyzed the advantages and disadvantages of media globalization, we can see it has led to exponential developments in the media in all of its forms. The benefits of the globalization of mass media have largely been enjoyed by the media giants operating within the industry rather than the public as a whole. 

The compressed revenues in the media industry have reversed the positive effects we should have enjoyed as a result of globalization – diverse opinions and voices from a range of local and international media outlets. Rather, we are faced with an increasingly concentrated industry that is more easily capturable by powerful interests.

The industry must undergo significant changes to prevent us from exacerbating the risks of media globalization. Increased advertising, reliance on subscription models, and censored content can be replaced by a new, collaborative system where information is allowed to occur freely without influence or bias. 

A decentralized, censorship-resistant platform offering a subsidy-based funding model can democratize access to information while remaining accurate and economically viable. We need to leverage the effects of globalization and the media in a way that benefits the entire population rather than a small handful of media conglomerates.

The post How Globalization is Impacting the Media Industry appeared first on Metaverse Post.

Technology company Google announced its intention to invest $1 billion in Thailand to establish a data center and cloud region, addressing the increasing demand for cloud services and supporting the adoption of AI across Southeast Asia.

The planned cloud and data center infrastructure will be situated in Bangkok and Chonburi. These facilities are designed to enhance Google Cloud capabilities and foster AI innovations, in addition to supporting popular services like Google Search, Maps, and Google Workspace. Meanwhile, the cloud region, which comprises the hardware and software necessary for servicing both private and public sector entities, will be established in Bangkok.

A study by Deloitte estimates that this investment could contribute around $4 billion to Thailand’s GDP by 2029. Additionally, it is expected to create an average of 14,000 jobs annually from 2025 to 2029.

Thailand Partners With Google, AWS, And Microsoft For $8.46B Investment To Enhance Digital Infrastructure

This announcement is part of a collaborative agreement signed in November 2023 between the Royal Thai Government and Google, aimed at advancing digital infrastructure and encouraging responsible AI adoption in the country.

The Royal Thai Government has also partnered with Amazon Web Services (AWS) and Microsoft, in addition to Google, with the objective of receiving a total investment of $8.46 billion from all three companies. As part of this initiative, AWS unveiled plans to build a data center with a budget of $5 billion during the upcoming fifteen years.

Earlier this year, Microsoft announced it would launch its first regional data center in Thailand, aiming to improve its cloud services. As per the company, this new data center region will expand the availability of Microsoft’s hyperscale cloud services, providing users with full access to Azure in Thailand alongside a top-tier AI infrastructure.

Microsoft emphasized that the Thailand data center will ensure enterprise-grade reliability, performance, as well as compliance with local data residency and privacy standards. Additionally, the company has committed to training 2.5 million individuals in Southeast Asia on AI utilization by 2025.

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Blockchain platform dedicated to supporting Web3 decentralized applications (dApps), BNB Chain announced the launch of its “BNB Chain Featured Activities.” This initiative aims to highlight and promote emerging projects within the BNB Chain ecosystem. 

The program is structured to engage the community and offer a platform for projects to display their creativity and contributions. All projects within the BNB Chain community are encouraged to participate and gain exposure through this showcase. 

Selected projects will have the opportunity to showcase a unique activity to the entire BNB Chain community on DappBay. These activities offer an excellent opportunity for projects to enhance their visibility, engage users, and reward their community. Projects can tailor their activities to fit their specific products, allowing the community to interact with various platforms and decentralized applications (dApps) firsthand.

In the first series of activities, mini-apps from the messaging application Telegram have been highlighted. CodexField, an EVM-compatible wallet mini-app on Telegram, allows participants to explore Telegram using the CodexField Wallet and share 100 million points. Additionally, users can engage with the idle game and airdrop platform Cat Gold Miner, which offers a chance to share $50,000 in rewards.

Moreover, PancakeSwap users can participate in a prediction game on Telegram, where they can compete for a $5,000 giveaway. Furthermore, users can win a share of $350,000 in rewards by interacting with the Karat Galaxy platform, which combines gaming, decentralized finance (DeFi), and non-fungible tokens (NFTs).

In order to qualify for participation, projects must meet specific criteria, including offering a prize pool exceeding $50,000 for the event and providing a detailed outline of their activity upon submission. This information will assist in better understanding the project’s objectives.

BNB Chain Integrates With Telegram Streamlining Web3 Experience For Users And Developers  

The BNB ecosystem comprises the Binance Smart Chain (BSC), the Layer 2 solution opBNB, and the data storage network BNB Greenfield. Renowned for its low gas fees and high transaction throughput, this ecosystem supports a diverse array of dApps across various sectors, including decentralized finance (DeFi), metaverse, gaming, SocialFi, NFTs, and infrastructure.

Recently, BNB Chain integrated with the messaging application Telegram, aiming to provide streamlined access for both users and developers, thereby enhancing the overall user experience within the platform.

The post BNB Chain Debuts ‘Featured Activities’ To Showcase Promising Projects appeared first on Metaverse Post.

Organization dedicated to digital asset research for wealth managers and cryptocurrency service providers, 10x Research released a market analysis suggesting that the recent drop in Bitcoin’s price appears to be a standard correction within a bull market following an overbought situation.

Markus Thielen, the founder of 10x Research, explained that in the previous week’s report, he had pointed out that Bitcoin seemed overbought in the short term, as indicated by elevated levels on the Fear & Greed Index. Current short-term reversal indicators have now shifted to a bearish outlook, suggesting that a correction is likely in the coming days.

The ISM Manufacturing New Orders data indicates that forward-looking indicators have declined to levels approaching a recession, creating uncertainty about upcoming figures. If the reading drops below 48.0, it may trigger another decline in Bitcoin prices. Conversely, a higher reading could potentially spark a rally.

Bitcoin Sold Off 10% During First Few Days Of Last Three Months

According to the firm’s report, most attention has focused on US employment data, but the ISM Manufacturing Index has actually triggered a 10% market correction in the first week of each of the last three months. Despite this, employment data has played a pivotal role in shaping market sentiment. Weaker employment numbers intensified recession fears, leading to increased expectations of Federal Reserve rate cuts, while stronger employment figures reassured investors about the economy’s resilience, countering the implications of the ISM Manufacturing Index.

Although the ISM likely provides an accurate reflection of the economy, the market has been interpreting employment data through the perspective of lower inflation, expecting that this would offer the Federal Reserve more room for aggressive monetary actions. In July, the firm pointed out that the ISM could signal the end of the current Bitcoin cycle, making this month’s ISM data crucial for assessing the US economy’s outlook.

Further insights into the Federal Reserve’s potential course of action might be revealed later today, as Chairman Jerome Powell is set to address the economy at the National Association for Business Economics annual meeting in Tennessee.

Markus Thielen also shared his positive outlook for the fourth quarter, with much of this optimism rooted in expectations that the Federal Reserve might reduce rates by an additional 50 basis points, along with China’s recent announcement of extensive stimulus measures.

The post 10x Research: Current Decline Is Typical Correction After Overbought Bull Market, Remains Optimistic About Q4 Performance appeared first on Metaverse Post.

Cryptocurrency exchange Binance announced that Binance Futures has implemented updates to the leverage and margin tiers for a number of USD-margined perpetual contracts, including NEARUSDT, OMUSDT, SUIUSDT, BNBUSDT, 1000PEPEUSDT, TIAUSDT, NEIROUSDT, FETUSDT, ATOMUSDT, and HMSTRUSDT.

According to the announcement, the NEARUSDT contract now offers leverage of 26-50x for positions with a notional value between 10,000 and 100,000 USDT, 21-25x leverage for positions between 100,000 and 500,000 USDT, and 11-20x leverage for positions ranging from 500,000 to 1,000,000 USDT, among other adjustments.

For OMUSDT, leverage options have been set at 51-75x for positions up to 10,000 USDT with a maintenance margin of 1.00%, 26-50x for positions between 10,000 and 20,000 USDT with a 1.50% maintenance margin, and 21-25x for positions between 20,000 and 100,000 USDT with a 2.00% maintenance margin, among other offerings.

The SUIUSDT contract offers 51-75x leverage for positions up to 20,000 USDT, 26-50x leverage for positions between 20,000 and 200,000 USDT, and 21-25x leverage for positions between 200,000 and 1,000,000 USDT, among other changes.

The BNBUSDT contract now features 21-25x leverage for positions between 200,000 and 1,500,000 USDT, 11-20x leverage for positions between 1,500,000 and 3,000,000 USDT, and 6-10x leverage for positions from 3,000,000 to 15,000,000 USDT, among other options.

The 1000PEPEUSDT contract now provides 26-40x leverage for positions between 200,000 and 300,000 USDT with a maintenance margin rate of 1.50%, 21-25x leverage for positions between 300,000 and 1,500,000 USDT with a 2.00% maintenance margin rate, and 11-20x leverage for positions from 1,500,000 to 3,000,000 USDT with a 2.50% maintenance margin rate.

Both TIAUSDT and NEIROUSDT now offer 26-50x leverage for positions between 10,000 and 80,000 USDT, 21-25x leverage for positions between 80,000 and 400,000 USDT, and 11-20x leverage for positions between 400,000 and 800,000 USDT, among other options.

The FETUSDT contract provides 26-50x leverage for positions between 10,000 and 60,000 USDT, 21-25x leverage for positions between 60,000 and 300,000 USDT, and 11-20x leverage for positions between 300,000 and 600,000 USDT, among other variations.

For ATOMUSDT, leverage is set at 41-50x for positions between 10,000 and 50,000 USDT, 26-40x for positions between 50,000 and 80,000 USDT, and 21-25x for positions between 80,000 and 200,000 USDT, among other adjustments.

Finally, HMSTRUSDT now offers 51-75x leverage for positions up to 10,000 USDT, 26-50x leverage for positions between 10,000 and 20,000 USDT, and 21-25x leverage for positions between 20,000 and 100,000 USDT, among other options.

Binance Futures Introduces GHSTUSDT Perpetual Contract For Aavegotchi With 75x Leverage   

Binance is a prominent cryptocurrency exchange that facilitates transactions for more than 350 cryptocurrencies and digital tokens. The platform is known for its competitive transaction fees and strong liquidity options, serving a wide range of users.

Its Binance Futures features an advanced matching engine designed to manage a high volume of transactions per second, which helps ensure efficient market execution and liquidity. Recently, Binance Futures launched the GHSTUSDT Perpetual Contract for Aavegotchi (GHST), providing leverage of up to 75 times.

The post Binance Adjusts Leverage And Margin Tiers For U-Margined Perpetual Contracts appeared first on Metaverse Post.

Cryptocurrency service provider Matrixport shared its latest analysis, highlighting that despite Bitcoin’s typical volatility, its funding rate has approached zero. This indicates that futures traders are not heavily positioned on the long side, even in light of the recent Bitcoin rally. As a result, this situation may allow traders to increase their long positions, potentially leading to higher prices.

The company also pointed out that the low funding rate suggests the recent rally could have been driven by spot buying, which is generally more strategic and long-term compared to speculative futures activity. This is viewed as a positive sign, indicating that the market is not excessively leveraged, which leaves room for further growth.

Bitcoin Weakens After Last Week’s Bull Run

As of the time of writing, Bitcoin is trading at $64,198, reflecting a decline of over 2.18% in the past 24 hours. 

The price fell after surpassing the $66,000 level earlier today. The 24-hour low and high for the coin were recorded at $64,066 and $66,069, respectively. This downward movement occurs despite $1.11 billion in weekly inflows into US spot Bitcoin exchange-traded funds (ETFs) as of September 27th, according to SosoValue data. 

Additionally, Bitcoin’s market dominance has decreased by 0.48%, now standing at 55.97%. Meanwhile, its market capitalization is currently above $1.26 trillion.

The cryptocurrency has retraced some of its recent gains as the market anticipates an upcoming speech from US Federal Reserve Chair Jerome Powell, along with the release of the country’s labor market data expected on Friday.

Jerome Powell is likely to discuss the economic outlook and may provide insights into the Federal Reserve’s monetary policy. His comments, particularly regarding inflation and interest rates, often influence market movements, including those in the cryptocurrency sector. Additionally, the US Labor Department is set to publish its monthly non-farm payrolls report, which will give an overview of the nation’s job market and economic health. While the August data indicated a weakening labor market, there are expectations for improvement in the September figures.

Meanwhile, the global cryptocurrency market capitalization decreased by 1.06%, reaching $2.27 trillion. In contrast, the total cryptocurrency market volume saw a notable increase of 30.15%, rising to $62.64 billion in the past 24 hours, according to data from CoinMarketCap.

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Community of Decentralized finance (DeFi) protocol for the USDe stablecoin, Eethena put forth a proposal titled “Introducing Ethereal: Request to Ethena Governance on Integration,” seeking approval for the launch of a new spot and perpetual exchange that will utilize USDe, integrating it into the Ethena hedging engine and liquidity.

The proposal introduces Ethereal, a decentralized exchange (DEX) designed for both spot and perpetual futures trading, built on the forthcoming Ethena Network 55 using USDe. The community is seeking support for integrating with Ethereal as a platform for executing hedging transactions, contingent upon a thorough technical due diligence process conducted by the Ethena Foundation and Risk Committee. Furthermore, it is requesting technical assistance for deploying Ethereal onto the Ethena Network to facilitate integration with Ethena’s hedging engine.

Ethereal V1, with a testnet anticiated in Q4, will operate as a Layer 3 Ethereum Virtual Machine (EVM) appchain that settles transactions on the Ethena Network. This architecture is intended to leverage the advantages of isolated blockspace while maximizing synergies within the Ethena ecosystem. Alongside a comprehensive on-chain exchange engine, Ethereal will also facilitate the deployment of additional applications that utilize USDe, enabling enhanced features such as borrowing and lending markets to further enrich the core DEX’s functionality.

In addition to increasing the utility and demand for USDe, the Ethena community stands to gain from a proposed 15% allocation of any future Ethereal governance token if the proposal is approved. The community suggests that this allocation be distributed to holders of circulating ENA tokens.

The proposal aims to highlight the synergies between Ethereal and Ethena, while also seeking the Ethena community’s backing for the integration of Ethereal in the upcoming months.

A new proposal was made on Ethena governance a few hours ago

Ethereal Exchange is requesting the community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity

Their proposal includes a 15% commitment of…

— Ethena Labs (@ethena_labs) September 30, 2024

What Is USDe And How Does It Function?

Ethena Labs offers a cryptocurrency-based alternative to conventional financial systems. The USDe stablecoin provides a scalable solution by utilizing delta-hedging techniques with collateral from Ethereum and Bitcoin.

It is fully backed and can be easily integrated into both centralized and decentralized finance environments. Its stability in maintaining its peg is achieved through delta-hedging derivatives against collateral held by the protocol, ensuring a relatively stable value in relation to both spot cryptocurrency assets and futures positions.

The post Ethena Community Proposes Integration Of Ethereal DEX To Facilitate Position Management Backing USDe appeared first on Metaverse Post.

As part of the Hack Seasons conference, we managed to get a hold of the CEO of Blum.io, Gleb Kostarev. We spent very little time dilly-dallying and dove right into the most sought-after information about the project.

From Blum’s hybrid model to attract younger generations and developments with the TON blockchain, we’ve covered all bases! Don’t do yourself a disservice and miss out on this fundamental look into the inner workings of one of the most high-profile startups of recent times.

How do you ensure a seamless experience for users switching between these two worlds?

To ensure a seamless experience for users switching between centralized and decentralized trading options, we utilize Telegram to simplify the onboarding process. Telegram is evolving to become more like WeChat, offering features that ease the onboarding experience, which is beneficial for users entering the DeFi space. 

We know the current complexities of using DeFi, such as connecting wallets and managing gas tokens, present significant barriers, and our goal is to simplify these steps by leveraging Telegram’s capabilities.

We also employ technologies like MPC (Multi-Party Computation) wallets and account abstraction wallets, which help us reduce friction in the user experience. These technologies enable us to provide a consistent experience, whether users engage in centralized or decentralized trading. 

We understand that users prioritize easy access to products rather than the underlying structure of the exchange. By building an exchange within Telegram, utilizing its features, and incorporating advanced wallet technologies, we create a straightforward and user-friendly product, ensuring a smooth transition between centralized and decentralized trading environments.

Can you elaborate on why Telegram was chosen as the main platform for your mini-app?

To ensure a seamless experience for users switching between centralized and decentralized trading options, we leverage three major features of Telegram. Firstly, Telegram offers easy onboarding. Users don’t need to create new accounts or go through complex processes. If you already have a Telegram account, you can easily open any mini-app and start using it right away.

Secondly, Telegram allows for easy switching between mini-apps. Unlike traditional app stores, where you need to download and register for each new application, Telegram lets you move from one mini-app to another quickly and effortlessly.

The third key feature is Telegram’s social aspect. The platform already hosts many crypto influencers and their communities. These influencers have channels and subscribers in Telegram, making it a powerful space for engaging with users. 

People prefer to stay on one platform rather than switching between different ones. For instance, if someone recommends a token in a chat, users don’t want to leave Telegram, open a webpage, and go through a lengthy process. They want to act with just one or two clicks.

By combining our trading infrastructure with Telegram’s social features, we can create a powerful synergy that enhances user experience and convenience.

How does Blum’s gamified experience, such as Blum Points and the Drop Game, impact user retention and engagement compared to traditional exchanges?

Right now, we have a system where people can play a game and earn points, which is part of a concept we call “tap to earn.” This is why users are engaging with it. We’re also planning to drop some crypto within the game to make it more exciting for users to participate.

For us, this game serves as a user acquisition channel. We’re not game developers and don’t plan to enter the gaming business. The game is simply a way to entertain users and let them earn some crypto in a fun and gamified manner.

Currently, the points don’t have a specific use case. However, many aspects of our planned drops and other features will depend on how active you are in our mini-app, how many Blum points you have, and other related factors.

Blum aims to attract Millennial and Gen Z users. How do you tailor the platform’s marketing and features to the preferences and habits of these age groups?

To attract Millennial and Gen Z users, I focus on the tone of voice and communication style. These users can easily tell if you’re being genuine or not, so it’s crucial to deliver what you really think and be open and honest with the audience. 

Being on the same page with them means understanding their patterns, staying close to the community, and actively seeking feedback. They highly appreciate having direct access to the team and founders, which helps build trust and a stronger connection with the platform.

To attract Gen Z users and prepare for Gen Alpha, we focus on their preference for short videos and visual content. For example, we’ve created the Blum Academy YouTube channel, where we post short videos explaining various crypto concepts. We’re also exploring ways to incorporate more visual content, as this generation tends to prefer it over lengthy messages and written content.

How do you simplify the onboarding process to make crypto accessible for beginners?

With Telegram, we’re seeing real mass adoption, with many new users coming to Web3. That’s why educating them is crucial. We’ve already mentioned Blum Academy, but overall, we aim to provide help and advice to new users through various types of content, including videos. It’s important to educate them about blockchain, crypto, potential scams, and other related topics. Focusing on education is essential when building something on Telegram.

What makes Blum an attractive platform for traders interested in meme coins, and how do you support the volatility and speculative nature of these assets?

For these users, we have more specific products like MemePad, which we are currently testing. This will allow users to quickly issue memecoins on Tone and trade them. Gradually, we will launch more trading products tailored to specific trading audiences. This approach will help our ordinary user base dive deeper into Batory.

There are many interesting narratives within the memecoin space, and political memcoins are definitely one of the trends. This space is expected to be particularly hot in the coming months.

What challenges has the platform faced while scaling so quickly, and how have these been addressed?

Dealing with high load is a significant challenge, especially when you have millions of users. Scaling the tech infrastructure quickly, buying more servers, and managing these demands are not easy tasks. When you’re growing rapidly with a small team, you need more engineers, particularly those experienced with high-load situations. Finding the right talent takes time and can’t be resolved instantly.

While we don’t have super complicated mini-apps, users still have ordinary questions about what to do next. Customer support becomes quite challenging with a large user base, making it difficult to provide answers to everyone promptly. We rely on community ambassadors to help us, and we greatly appreciate their support. However, we still need more people to assist our users with their questions.

What are Blum’s strategies for ensuring compliance with international regulations while providing access to a wide array of tokens?

Currently, we’re still operating as a mini-app and don’t require approval from regulators. We’re also building a decentralized exchange, which, unlike centralized exchanges, isn’t heavily regulated yet. However, we anticipate that there will be increasing regulation in this space, and we may eventually need licenses or additional approvals. We’re mindful of this and will prepare accordingly when the time comes.

Can you elaborate on Blum’s contribution to the TON blockchain ecosystem?

We put a big focus on the TON ecosystem and on blockchain as a whole. We collaborate extensively with other projects on TON and with the TON Foundation, receiving great support from them. 

Overall, I hope that our initiatives are significantly helping TON to grow bigger and faster and attract more users. For example, we were advisors to DOX, which became the biggest meme coin on TON, now valued at half a billion. I believe we are making a substantial contribution to the growth of the TON ecosystem.

What are the recent developments of Blum? For example, Memepad, which allows people to launch their own meme tokens.

We’ll launch it pretty soon. After that, we’re also planning our next trading products. We’ve already started building the exchange component. We’re also considering launching a Launchpad, but we’re still in the discussion phase. Step by step, we’ll roll out more and more trading products.

What should we expect next?

In our vision for Blum, we are focused on attracting Millennial and Gen Z users by aligning our marketing and platform features with their preferences and habits.

I believe we are on the brink of significant mass adoption of cryptocurrency, which is increasingly becoming a key segment in the financial landscape. Platforms like Telegram have shown how they can drive this adoption, and I see a growing interest among users in exploring crypto. This demographic is particularly drawn to trends and innovation, which is why we aim to create a space that feels fresh and engaging.

I recognize that meme coins have become a notable trend within crypto, driven by the economy of attention. These coins resonate well with younger users who are accustomed to viral content and social media engagement. To tap into this, our platform will feature elements that leverage popular culture and community engagement, making it fun and relatable for our users.

Moreover, I anticipate that the interest in meme coins will persist, and we aim to incorporate features that allow users to engage with these trends while also providing educational resources about the broader crypto ecosystem. By doing so, we can create an inclusive environment that not only entertains but also informs our Millennial and Gen Z users about the potential of cryptocurrency.

Finally, I remain optimistic about the future of Bitcoin and the overall crypto space. As institutional interest grows, we want to ensure our platform reflects this evolving landscape, providing users with tools and insights that resonate with their aspirations and financial goals. By focusing on trends, community, and education, we can effectively attract and retain younger users on Blum.

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Layer 1 blockchain, Qubic Network revealed the recipients of its initial round of funding from the Qubic Grants Program. The selected projects for this round include QEarn, QubicJ Java API, QFront, Qubic Name Service, Qubic Metrics, Python Library for Qubic API, and Melodix Crypto. These recipients were selected by the program’s committee, which evaluates proposals and identifies projects that most effectively contribute to the growth and enhancement of the Qubic network. After being awarded the grants, builders will receive continuous funding as they reach and complete milestones in their projects.

In particular, among the winners is QEarn, which provides an incentive system where users can “stake” or lock their QUBIC coins in exchange for earning revenue. By reducing the actively circulating supply of QUBIC coins through locking, this mechanism not only allows users to receive yields but also introduces a deflationary effect.

Meanwhile, QubicJ functions as an API designed to assist Java developers in building applications on the Qubic network without requiring an in-depth understanding of its underlying protocol. This tool streamlines the development process, enabling builders to focus on crafting new solutions within the Qubic ecosystem.

The QFront offers a simple graphical interface that incorporates smoothly with the Qubic Command Line Interface (CLI). This allows users and developers to engage with the Qubic network more efficiently, even if they lack extensive knowledge of the CLI or the complexities of the blockchain protocols involved.

Another notable project, The Qubic Name Service (QNS) functions as a decentralized name service that improves user experience on the Qubic network by replacing complicated blockchain addresses with simple, human-readable names. Via a straightforward registration process, individuals can create and manage names that are easily memorable and linked to various network resources.

Furthermore, QubicMetrics serves as a detailed and comprehensive dashboard that advances the functionality of the Qubic Explorer. It offers an in-depth analysis of the Qubic Network, displaying key metrics such as the latest tick (block height), the current block height, and other essential network statistics.

The Python Library for the Qubic API is designed to facilitate seamless interaction with the Qubic API, improving usability and enabling developers to work with the network more effectively.

Finally, Melodix, the winner of Qubic’s first pilot Hackathon in Bishkek, Kyrgyzstan, is a platform that aims to transform the music industry through Web3 technology. It enables users to “Play Music, Earn Crypto” by engaging them in a rhythm-based game, similar to popular titles like Piano Tiles and Guitar Hero. Through this game, players earn points convertible into cryptocurrency while also expanding the game’s reach via the messaging application Telegram. This model helps foster a closer connection between artists and their audience, offering emerging musicians a new pathway to enter the market and monetize their work in a competitive environment.

Qubic Grants Program Incentivizes Builders With $10,000 Grant To Facilitate Development Of Qubic Ecosystem   

The Qubic Grants Program is designed to encourage the development of smart contracts and decentralized applications (dApps) to support the development and diversification of the Qubic ecosystem.

In order to be considered for the program, builders have to submit a project proposal, which is then evaluated by the Qubic Grants Program Committee. If a project is chosen for funding, the developer receives a grant of $10,000 to facilitate its development.

Presently, the program is not accepting new applications. However, an announcement will be made when the next application period for the Qubic Grants Program opens.

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Organization behind the decentralized exchange Uniswap, Uniswap Labs announced via the social media platform X that the Uniswap v4 security competition will conclude on October 1st. To participate in the competition, security researchers must submit vulnerability reports by the deadline.

The Uniswap v4 security competition features a total prize pool of $2,350,000, which includes a Primary Prize Pool of $2,250,000 and a Formal Verification Prize Pool of $100,000.

The distribution of the Primary Prize Pool is based on the severity of the vulnerabilities discovered. If one or more valid low-severity findings are identified, the prize is $50,000. For one or more valid medium-severity findings, the prize increases to $300,000. In the case of one or more valid high-severity findings, the prize reaches $1,050,000. Finally, if one or more valid critical-severity findings are reported, the prize totals $2,250,000.

A total of $50,000 from the prize pool is allocated for low-severity findings. Reports will be evaluated based on their quality, and reviewers will be ranked from 1st to 10th to determine prize distribution. Uniswap Labs encourages participants to submit high-quality, non-trivial reports for low-severity vulnerabilities.

Moreover, there is an additional $100,000 set aside for the formal verification pool. This component of the competition involves utilizing the Certora Prover to formally verify specific properties within the Solidity smart contracts being assessed. Participants are motivated to implement and verify properties that achieve high coverage.

The scope of the competition encompasses v4-core (commit: 18b223c), v4-periphery (commit: 151b282), and universal-router (commit: a81e1ce). Among the dispatcher contracts involved the functions: V4_POSITION_CALL, V3_POSITION_MANAGER_CALL, V3_POSITION_MANAGER_PERMIT, and V4_SWAP. The chains participating include Ethereum mainnet, Arbitrum, Avalanche, Base, and Blast, among others.

Uniswap Outlines Severity Levels For Vulnerability Findings

According to the defined severity levels, a critical severity finding is triggered when a high severity issue results in losses of 50% to 100% of the TVL across all chains. A high severity finding occurs when the losses range from 5% to 50% of the total TVL.

Medium severity is classified as a denial of service (DoS) attack that prevents access to more than 5% of the total TVL for over one minute, incurring costs that are less than the value of the affected funds. Additionally, individual losses, such as theft, waste, or permanent freezing, that impact at least 1% of users who lose a minimum of 1% of their invested funds also fall under this category.

Low severity is defined as a DoS attack that restricts access to more than 1% of the TVL for more than one minute, again at a cost lower than the value of the funds involved. This category also includes any individual losses of at least 1% of a user’s funds.

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New platform for the issuance and trading of memecoins based on the BNB Chain, GraFun announced its upcoming launch. Utilizing a bonding curve mechanism, GraFun will allow anyone to launch a memecoin at minimal cost. 

Furthermore, this launchpad will empower the market to set the value of each memecoin. If demand is sufficient to reach a specific market capitalization, the memecoin hits its “bonding curve,” triggering the automatic addition of liquidity to a decentralized exchange (DEX). 

The liquidity is either burned or locked, ensuring that anyone can purchase the memecoin on DEXs. If a memecoin fails to reach its bonding curve, it will not be launched on a DEX. However, the memecoin launchpad generates revenue regardless of individual memecoin performance.

Notably, the platform aims to provide a fair launch model that enables only those memecoins that users are interested in to be listed on DEXs.

The project receives suport from the cryptocurrency ecosystem initiative Floki, along with other prominent industry players such as BNB Chain, DeXe Protocol, and HOT Protocol. Additionally, DWF Labs serves as a strategic partner in this venture.

Floki, recognized as the leading memecoin on the BNB chain, is set to acquire a 40% ownership stake in GraFun, along with 40% of the revenue produced by the launchpad. This ownership arrangement is anticipated to provide advantages for Floki and its associated project, TokenFi.

FLOKI TO SUPPORT GRAFUN, THE HIGHLY-ANTICIPATED BNBCHAIN MEMECOIN LAUNCHPAD AND TRADING PLATFORM

GraFun is a highly anticipated memecoin launchpad and trading platform for BNB chain that uses an innovative bonding curve mechanism that allows anyone to fairly launch a memecoin… pic.twitter.com/HgDqwbNWL2

— FLOKI (@RealFlokiInu) September 27, 2024

PumpFun And SunPump Surge In Interest, While GraFun Joins The Trend

GraFun is set to operate in a manner similar to other well-known memecoin launchpads that utilize a bonding curve mechanism, such as PumpFun and SunPump, which have recently garnered considerable interest. Both of these platforms have achieved remarkable success, generating over $100 million in fees collectively within just a few months of their launch.

Specifically, PumFun has accumulated more than $110 million in fees over the past six months and is expected to generate approximately $136.5 million in annual fees. In contrast, SunPump has earned $5.2 million in fees since its launch a little over a month ago, with projections indicating it could reach around $51.8 million in annual fees.

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Chief Executive Officer of Gate.MT, Giovanni Cunti, delivered a presentation at the CryptoRoma meetup held on September 21, emphasizing the importance of advancing Web3 adoption in Italy, which sparked considerable interest and dialogue among attendees.

During his speech, he provided an overview of Web3’s evolution over the past fifteen years, highlighting the potential for growth and innovation within Rome’s emerging Web3 landscape. He also engaged with the audience by exploring local Web3 projects and offering insights on how Italy could position itself as a leader in this evolving technology.

“I am thrilled to see the growing enthusiasm for Web3 technologies in Italy. By sharing knowledge and fostering collaboration, we can accelerate adoption and unlock new possibilities for innovation and economic growth in Europe,” said Giovanni Cunti, Chief Executive Officer of Gate.MT, in a written statement. “Adoption rates are still relatively low, but there is significant potential for growth. With its strong focus on safe, secure, and compliant services, Gate.MT is committed to advancing and leading the Web3 ecosystem throughout Europe,” he added.

Gate.MT, a regulated cryptocurrency exchange overseen by the Malta Financial Services Authority (MFSA), operates under the Gate Group. The platform is gearing up to serve users across the European Economic Area (EEA) under the forthcoming Markets in Crypto Assets (MiCA) regulations, reflecting its dedication to maintaining compliance and security standards. The company has held registration with Italy’s OAM since February 2024 and with Malta’s MFSA since 2018.

Gate.MT Set To Lead Gate Group’ European Operations Under MiCA 

Giovanni Cunti, the Chief Executive Officer, previously mentioned that Gate.MT is “working diligently to ensure seamless compliance” with the MiCA framework.

“Malta was one of the first jurisdictions in Europe to implement comprehensive regulations for crypto-related activities. Our existing license already closely aligns with MiCA’s requirements, and we are working diligently to ensure seamless compliance,” said Giovanni Cunti, referring to Gate Group’s plans to provide cryptocurrency asset services in the European Union.

“We believe that the new regulatory regime will unlock significant potential for the expansion of the crypto industry. With the introduction of MiCA, we anticipate that more users will enter the crypto sphere, confident in the enhanced protections provided by this regulatory framework,” he emphasized earlier.

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During a positive week for cryptocurrencies, the Zero-Knowledge (ZK) sector has emerged as a notable beneficiary, attracting interest from both traders and industry professionals. The ZK space, recognized for its scalability solutions and privacy-enhancing technologies, has seen a surging trading volume of $1.2 billion in the last 24 hours. This is due to blockchain developers seeking more efficient methods to process transactions while maintaining security.

According to cryptocurrency data aggregator Coingecko, some of the week’s standout performers include zkLink, CHEQD Network, and Taiko. 

Notably, zkLink‘s native token ZKL has achieved a 24-hour gain of 64% and an 81% increase over the past week as of the time of writing. Currently priced at $0.1783, ZKL has recently garnered attention from traders, reflected in its strong 24-hour trading volume of $16.2 million.

As a decentralized ZK infrastructure company that connects blockchains using ZK technology, zkLink is experiencing increased demand following its recent listing on the HTX cryptocurrency exchange. This is complemented by the introduction of its magicLinks, an intents-URL SDK that allows users to perform one-click cross-chain transactions, facilitating quicker onboarding into Ethereum Virtual Machine (EVM) networks.

CHEQD Network And Taiko Gain Momentum 

In close proximity to zkLink’s success is CHEQD Network, a ZK-based protocol that focuses on decentralized identity and data monetization. The CHQ token is currently trading at $0.03796, marking a 20.9% increase in the past 24 hours and a 28.0% rise over the week. CHEQD’s integration of ZK proofs to enhance privacy in digital identity solutions has attracted notable attention, as evidenced by a 24-hour trading volume of $536,223, indicating sustained interest in the market.

With the digital identity sector on the rise, CHEQD Network appears well-positioned to benefit from privacy-focused solutions, especially following its recent partnership with Dock Merge aimed at accelerating adoption.

Completing the top three is Taiko, with its token TKO experiencing a 12.0% increase in the past 24 hours and a weekly rise of 9.4%. Taiko operates as a Layer 2 scaling solution for Ethereum, utilizing ZK rollups to improve transaction speed and scalability on the Ethereum network. Its capability to handle a high volume of transactions while ensuring the security and decentralization that Ethereum offers has attracted interest from both developers and investors.

The project’s 24-hour trading volume reached $59,098,114, indicating a surge in trading activity and enthusiasm among investors regarding the project’s progress. Recently, Taiko announced on the social media platform X a $100,000 hackathon prize pool aimed at enhancing network activity and encouraging the growth of its Layer 2 ecosystem.

ZKsync And NEAR Protocol Show Strong Gains Amid Ongoing Investor Focus On Privacy And Scalability 

Other notable gainers in the ZK coin market include ZKsync and NEAR Protocol, which have recorded increases of 7.2% and 5.6%, respectively, with their total trading volume surpassing $791 million. 

As discussions around privacy, scalability, and interoperability persist within blockchain development, these tokens are likely to stay relevant in the market. Investors, traders, and blockchain developers are closely watching to see if these projects can maintain their upward trajectory in the coming weeks, especially given the fluctuating broader market conditions.

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Bitcoin Layer 2 network, Bitlayer announced its integration with an omnichain interoperability protocol, LayerZero, unlocking interoperability and communication capabilities with blockchains and decentralized applications (dApps).

LayerZero is an omnichain interoperability protocol that has enabled the transfer of more than 137 million messages throughout 90 blockchain networks. It supports more than 200 applications for messaging purposes. According to research firm Messari, users transferred $5.0 billion worth of cryptocurrencies through LayerZero in the second quarter of 2024.

With this strategic integration, developers using Bitlayer can send arbitrary messages across different blockchains while maintaining full control over their application’s security. LayerZero allows them to create, configure, and compose unified applications, tokens, and data primitives across 90 supported chains. Coupled with Bitlayer’s full Ethereum Virtual Machine (EVM) compatibility, this integration simplifies application development within the Bitlayer ecosystem.

Bitlayer’s partnership with LayerZero is anticipated to foster the creation of more innovative products, including tokens, decentralized finance (DeFi) protocols, non-fungible tokens (NFTs), and gaming applications.

Presently, both the LayerZero testnet and mainnet endpoints for Bitlayer are operational. Developers can deploy an OApp natively on Bitlayer, extend it to other chains, or upgrade their applications through an adapter to transform existing applications into OApps on Bitlayer.

Moreover, projects seeking to migrate to Bitcoin Layer 2 or establish new initiatives can easily integrate with LayerZero, set up their endpoints, and access Bitlayer’s endpoints. With the help of Bitlayer’s quick start documentation, they can smoothly transition to or build on the Bitlayer blockchain.

Now…Loading…Layer Zero…

We're stoked to announce our integration with @LayerZero_Labs!

LayerZero’s open-source, immutable messaging protocol enhances cross-chain interoperability by removing fees and simplifying bridging. Now integrated with Bitlayer, this collaboration… pic.twitter.com/fLAvrFKBIg

— Bitlayer (@BitlayerLabs) September 27, 2024

Bitlayer Unveils Track Pack Development And Security Toolkit 

The project operates as a Layer 2 protocol built on BitVM, offering security similar to that of Bitcoin along with Turing completeness. According to the project’s website, Bitlayer currently boasts a total value locked (TVL) of over $559 million.

Recently, Bitlayer introduced the Track Pack, a new development and security toolkit that was co-created with community builders. This toolkit is designed to help developers create projects while providing access to support, grants, and operational assistance.

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Core developers of the decentralized blockchain Ethereum conducted a regular meeting to discuss and coordinate the blockchain’s execution layer (EL).

In this meeting, they reached a consensus to proceed with a narrowed scope for the upcoming Pectra upgrade, initially incorporating only the eight Ethereum Improvement Proposals (EIPs) currently active on Devnet 3. Additionally, they considered the possibility of including four more EIPs related to Ethereum’s blob fee market as the upgrade planning process progresses.

Ethereum founder Vitalik Buterin expressed support for increasing blob capacity in the Pectra upgrade. Similarly, Ethereum Foundation (EF) researcher Dankrad Feist voiced his strong support for this adjustment. However, other developers showed mixed reactions.

Many participants in the discussion agreed that if an increase in blob capacity is integrated into Pectra, it should be accompanied by additional EIPs related to the blob fee market to maintain stable blob pricing and block sizes. These EIPs include EIP 7762, which proposes an increase in MIN_BASE_FEE_PER_BLOB_GAS, EIP 7623, suggesting an increase in call data costs, and EIP 7742, which aims to uncouple blob count between the consensus layer (CL) and EL.

Additionally, Tim Beiko, the Ethereum Foundation Protocol Support Lead, confirmed that the upcoming Ethereum hard fork after Pectra will be named Fusaka and will incorporate the PeerDAS and EOF EIPs. He further noted that other EIPs might be included only once these two are more advanced in their implementation. Following this, a new EIP for the EL will be named Amsterdam, succeeding Osaka, and will integrate the EIPs such as Verkle, initially intended for inclusion in Osaka.

Ethereum Developers Confirm Plan To Split ‘Pectra’

In May, Ethereum core developers announced plans to roll out Pectra by the first quarter of 2025. This upgrade represents the next milestone for the blockchain, following the successful deployment of the Dencun in March 2023.

Last week, builders agreed to divide Pectra into two separate packages. This strategic move is intended to make the extensive upgrade process more manageable and to reduce the potential for errors or bugs.

The decision to split the upgrade wasn’t entirely unexpected. Developers had previously discussed that Pectra’s scope was becoming overly ambitious, and they had considered dividing it to minimize the chances of encountering issues within the code. Originally, Pectra was set to be the most extensive hard fork in Ethereum’s history. Now, by narrowing the focus, developers aim to approach the upgrade with a more streamlined and controlled process.

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Non-profit organization dedicated to promoting the growth of the Avalanche ecosystem, Avalanche Foundation announced the launch of a $40 million reward program called Retro9000. This initiative aims to incentivize developers to create new protocols in anticipation of the forthcoming Avalanche9000 upgrade.

Retro9000 will particularly reward developers who focus on building Layer 1 blockchains and essential developer tools on the Avalanche9000 testnet. Submissions will be ranked on a public leaderboard, with community votes influencing the allocation of retroactive grants. The program encourages developers to work transparently, gain community support, and actively test and deploy their projects to qualify for rewards.

For the inaugural Retro9000 round focused on the Avalanche 9000 testnet, builders will need to develop new and innovative Layer 1 solutions that take advantage of Avalanche’s enhanced composability and interoperability. While permissioned Layer 1s can receive funding once they are deployed on the mainnet, the majority of funding will be allocated to permissionless Layer 1s and will be disbursed upon achieving this milestone.

For this round, participants must deploy their Layer 1 solutions or related developer tools on the mainnet to qualify for disbursement. Similarly, rewards will be granted upon the completion of specific milestones in each subsequent round.  

Applications for the first round are now open and can be submitted at any time during the funding round. Each round will have different durations, and deadlines may or may not be announced in advance.

What Is Avalanche9000?

Avalanche9000 represents the largest network upgrade for Avalanche since the mainnet launch, integrating the Avalanche consensus mechanism that provides applications with near-instant finality. This upgrade aims to make launching Layer 1 blockchains more economically viable, easier to customize, simpler to maintain, and quicker to market.

With Avalanche9000, the economic barriers to deploying a Layer 1 blockchain will be greatly reduced, enabling businesses to accelerate their market entry while providing a secure environment for builders of all sizes to innovate. The Avalanche9000 encompasses the technical Etna Upgrade, ACP-77, updated network nomenclature, increased developer incentives, enhanced tooling, community incentives, and the introduction of the Core browser hub. Additionally, developers can take advantage of Interchain Messaging (ICM), which allows Avalanche Layer 1 blockchains to communicate with one another, fostering collective interoperability and enhancing network effects.

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