Distribution and identity protocol, Layer3 announced a partnership with the bug bounty platform HackenProof to introduce a $500,000 bug bounty program.

A bug bounty program is a security initiative that rewards individuals for discovering and reporting software vulnerabilities, offering both recognition and compensation for their efforts.

The program launched by Layer3 aims to identify and address issues related to smart contract malfunctions across various levels of operational disruptions. It seeks evidence of problems that could lead to unintended consequences, such as theft or loss of funds, unauthorized transactions, and permanent freezing across critical severity. For high severity, it seeks temporary freezing issues, while griefing or malicious disruptions are targeted at medium severity.

Tokenized attention needs next-level security.

The @Layer3FDN has set up a $500K Bug Bounty program with @HackenProof. pic.twitter.com/VmBxKqi9vP

— Layer3 (@layer3xyz) August 16, 2024

Layer3 Unveils Guidelines For Reporting: Single Report Requirement And PoC Mandate With Variable Rewards

Users are required to submit a single vulnerability per report, except when multiple vulnerabilities must be linked to demonstrate their impact. A Proof of Concept (PoC) is necessary for all levels of severity.

During testing, users must adhere strictly to the defined scope and avoid testing on mainnet or public testnet code. Efforts should be made to prevent any damage or restrictions to products, services, or infrastructure, as well as to avoid compromising personal data or causing interruptions or degradation of service.

For blockchain vulnerabilities, only the issue with the highest severity will qualify for a reward. Critical vulnerabilities are those leading to loss or permanent freezing of staked funds. These critical issues are compensated with a 6-month linear vesting schedule, with a maximum reward of USD 500,000 in DEXE tokens. Medium severity issues receive payouts in stablecoins, while high and critical severity issues are rewarded in DEXE tokens.

Layer3 operates as a distribution and identity protocol aimed at the $1 trillion “attention” market. The platform aims to create a marketplace for attention by leveraging an identity and reward infrastructure. It provides an omnichain identity and earning solution that integrates across Ethereum Virtual Machine (EVM), Solana, and Cosmos networks.

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Platform for launching and trading memecoins, SunPump announced that it now offers users an airdrop of 888 TRX tokens when the Bonding Curve of their memecoin projects reaches 100%. This reward is intended to recognize the innovation of memecoin creators and provide support for their efforts.

According to the announcement, airdrops will be distributed every Wednesday, covering memecoins that have completed the Bonding Curve within the previous week. The initial airdrop will include all memecoins that have historically completed the Bonding Curve. Updates on current airdrops will be posted on the project’s account on social media platform X.

A bonding curve is a concept that illustrates the relationship between the price and supply of an asset. The principle behind a bonding curve is that as more people buy an asset with a limited supply, each subsequent buyer must pay a progressively higher price for it.

SUN.IO Launches SunPump: Streamlined Platform For Memecoin Creation And Trading

Recently introduced by SUN.IO, a prominent decentralized finance (DeFi) platform on the Tron, SunPump is a specialized platform for the fair creation and trading of memecoins. It provides creators with a cost-effective and secure opportunity to launch their own memecoins within a user-friendly environment.

It offers liquidity and burn mechanisms to ensure market integrity and encourage its community to take part in events. When a memecoin’s market capitalization reaches a set threshold, the associated liquidity is automatically transferred to SunSwap V2 and then burned.

Among its key features is one-click token generation, which enables individuals to effortlessly make memecoins by entering an asset name and symbol, uploading an image, as well as paying a small fee. This simplified procedure lowers the barriers to entry.

Additionally, it leverages a joint curve pricing model that adjusts prices in accordance with the token supply, which helps maintain fairness and transparency. This method underscores SunPump’s commitment to fostering an equitable trading landscape.

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Interactive entertainment company Epic Games unveiled the release of its Epic Games Store on mobile, now available on Android devices globally and on iOS within the European Union (EU). This expansion allows users to access well-known titles encompassing Fortnite, Fall Guys, and Rocket League Sideswipe directly on their phones. Additionally, Fall Guys download is now free of charge, offering users the ability to play with others across different platforms through crossplay.

Along with the release, Epic Games is offering rewards to individuals for downloading and installing the application and engaging in in-game task completion throughout three titles on their phones. Users have the option to earn a Fortnite outfit with back bling, pickaxe, and wrap, a Fall Guys bean costume, a Fall Guys-themed pickaxe that also can be utilized in Fortnite, and a gold vehicle trim, which can be applied in Fortnite as well as Rocket League Sideswipe, with the upcoming availability in Rocket League.

In order to download the Epic Games Store, individuals are advised to find it in the AltStore PAL on iOS when in the EU. The firm also intends to introduce its titles soon on Aptoide’s iOS store in the EU and on ONE Store for Android phones.

Strap in. We’re going mobile.

The Epic Games Store has arrived on iPhones in the European Union and worldwide on Android!

This marks Fortnite’s return to iOS in the EU and the global launch of Fall Guys on mobile. https://t.co/mBS12Hx2hc pic.twitter.com/a4BINr4JsB

— Epic Games Store (@EpicGames) August 16, 2024

Epic Games Boasts Over 800M Accounts And Nearly 6B Connections Across Its Games

This brand represents an entertainment company known for its 3D engine technology and its popular game, Fortnite, which offers a wide scope of social entertainment experiences. 

It currently has more than 800 million accounts and nearly 6 billion connections throughout its games, encompassing Fortnite, Fall Guys, Rocket League, and the Epic Games Store. Additionally, the firm runs the Unreal Engine, a powerful tool used in many prominent games and other entertainment sectors.

Recently, the beta version of the blockchain game Illuvium was launched on the Epic Games platform. This new release allows users to engage in Illuvium Zero missions and earn airdrop points, among other features.

The post Epic Games Launches iOS Store In Europe And Android Store Globally appeared first on Metaverse Post.

Cryptocurrency exchange Poloniex announced an upcoming airdrop campaign, offering over $10,000 in rewards to users. This initiative celebrates the recent listing of Sundog‘s SUNDOG token on its platform. The campaign will run for ten days, beginning today and concluding on August 26th.

The campaign will include two activities. The first invites participants to trade on the platform and achieve a minimum spot trading volume to qualify for a share of the $8,000 USDT airdrop. The user with the highest trading volume will receive a $300 reward, the second-highest $200, and the third $100, while the remaining qualified users will share $7,400, distributed proportionally based on their trading volume.

The second activity offers participants the chance to earn a share of the $2,000 USDT airdrop rewards by inviting new users to the platform through their unique invitation link or code. To qualify for the campaign, invited users must complete the Know Your Customer (KYC) verification process and achieve a spot trading volume of over 200 USDT. Both the inviter and the invited user will receive rewards, with a maximum incentive of $20 USDT per participant.

SUNDOG is a dog-themed memecoin within the TRON ecosystem. The SUNDOG-USDT trading pair launched today, with deposits now open. Withdrawals will be available starting at 08:00 UTC on August 17th.

$10,000 Airdrop to Celebrate the Listing of SUNDOG! @SUNDOG_TRX @sunpumpmeme

Campaign period (UTC):
August 16th, 10:00 – August 26th, 10:00

Trade to share $8,000
Invite new users to share $2,000https://t.co/F0NeLBDWjO pic.twitter.com/7PJZkYJY3r

— Poloniex Exchange (@Poloniex) August 16, 2024

Poloniex Partners With SUN.IO To Facilitate Streamlined Project Listing On Its Platform

Poloniex, backed by Justin Sun, the founder of Tron blockchain, offers a variety of services, including spot, margin, and futures trading, as well as perpetual swaps. It supports more than 350 cryptocurrencies and tokens, which can be bought using a bank account, credit or debit card, or ApplePay.

Recently, it has collaborated with SUN.IO, an integrated platform for launching memecoins, becoming an ecosystem and listing partner. This union allows projects launched on SunPump that reach a daily trading volume of $1 million for three days in a row to be listed on the exchange.

The post Crypto Exchange Poloniex Unveils $10,000 Airdrop Campaign To Celebrate SUNDOG Memecoin Listing appeared first on Metaverse Post.

In this interview, we sat down with Antoni Palazzolo, Marketing Manager at Flow, to explore the developments in blockchain. Antoni shares his journey in the Web3 space and offers a deep dive into Flow’s innovative approach to solving the blockchain trilemma. With the upcoming Crescendo update on the horizon, Antoni provides valuable insights into Flow’s vision for the future of decentralized applications and interoperability in the blockchain ecosystem.

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

I started working in tech and innovation about ten years ago with a product studio. We worked with major marketing agencies in Europe, creating products for big brands like Nike, Coca-Cola, LVMH, and others. I also launched some products on Flow. Because Flow is going to have a significant update called Crescendo in the coming months, I was really happy to join the team as a marketing member.

Can you explain how you plan to leverage the Crescendo update to enhance Flow’s position in the blockchain ecosystem?

The Crescendo upgrade is the most important update for Flow. To give some background, the Flow team originally launched CryptoKitties years ago, which was one of the first consumer products built on Ethereum. During a couple of months, we saturated the whole network because there were thousands of users, and the network wasn’t ready.

Our chief architect officer also created the ERC-721 standard, now known as NFT, which is used by major collections like Bored Apes. Because we faced many challenges on Ethereum at that time, we decided to launch our own L1 blockchain to fix the blockchain trilemma and increase scalability.

We created our own programming language called Cadence, which is a resource-oriented language. With Cadence, we built the Flow blockchain network with a unique multi-node architecture that enables us to scale while maintaining network decentralization.

When we launched Flow, Dapper Labs also launched projects like NBA Top Shot and NFL All Day. Ticketmaster is now using the Flow blockchain, and Disney has launched their own collectibles on Flow.

Crescendo is the result of all these developments. We’ve built amazing features at the protocol level, originally written in Cadence and only accessible through Cadence. Now, we’re opening these features to the EVM community by creating an EVM zone on Flow. This means any developer using Solidity can copy-paste their code and deploy it with zero code changes on Flow, instantly increasing the speed of their app and drastically reducing transaction costs.

Developers can also enhance their Solidity smart contracts with Cadence to extend functionality, such as delegating transaction costs to someone other than the user. This potentially allows any EVM app to become faster and free to use for end-users.

You mentioned that you’re addressing the blockchain trilemma with the Flow. Can you explain in detail how Flow is solving this?

We’re solving the blockchain trilemma thanks to our multi-role architecture. The blockchain trilemma is about how to scale, stay decentralized, and keep the network secure. We address this with our unique architecture.

Unlike Ethereum’s monolithic architecture with only one type of node doing everything (data ingestion, consensus, execution, and state storage), we have five types of nodes on Flow, each allocated different tasks:

Collection nodes: bandwidth-optimized and divided into cooperating clusters, managing the transaction pool and collecting well-formed transactions.

Consensus nodes: forming and proposing blocks, validating collection hashes, and finalizing transactions through voting.

Execution nodes: executing transactions, maintaining execution state, and responding to state queries.

Verification nodes: verifying that all data is correct (we only need one, but have several for security).

Access nodes: allowing developers to query information on-chain, acting as an API.

This architecture allows us to scale without compromising security or decentralization.

How do you see the state of interoperability on the blockchain?

Interoperability is a crucial topic. For blockchain to succeed, we need to ensure the whole ecosystem is interoperable. Otherwise, it will segment and fractionalize actors and liquidity. The current issue with rollups and L2s is that they fractionalize different ecosystems and aren’t truly interoperable.

We believe you shouldn’t need to deploy your own L2 to run your application. You should be able to run your application directly on an L1, but to do that, you need an L1 like Flow that is scalable, fast, and has transaction costs adapted to consumers.

That’s why we’re proud to open the EVM zone directly on the Flow network, allowing anyone to build on Flow even with Solidity and improving interoperability across chains.

How do you support developers who want to migrate their projects to a different blockchain platform? Do you have any support programs or resources available for them?

We have an active developer community on GitHub where anyone can collaborate. Developers can also join our Discord, where we have monthly open office hours. They can ask developer relationship managers questions or chat directly with product leads.

In the future, we’re looking to open a comprehensive developer program to improve online collaboration. The idea is to allow developers to find, comment on, and fork smart contracts on Flow or contribute to them. We want to enhance collaborative work between developers and invite them to build important primitives that will be used by other developers in the future.

Do you have any plans for your future roadmap, such as implementing new solutions or services, collaborating with other chains or protocols, or introducing new upgrades beyond Crescendo?

We have several exciting features coming with Crescendo and Cadence 1.0, our new programming language version. Some key features include:

Scripted transactions: enabling multiple actions in one transaction.

Multi-authorization transactions: allowing “all or nothing” transactions with set goals and automatic reversion if not achieved.

Multi-phase transactions: adding pre- and post-conditions for increased security.

Wrapping EVM transactions in Cadence: allowing bundling of multiple EVM transactions within a single Cadence transaction.

How do you envision the integration of AI and machine learning technologies with blockchain? Does Flow Network plan to incorporate them?

This is a tricky question because many people and brands are using AI as a buzzword with blockchain technology. The reality is that blockchain technology currently performs simple operations, and running an AI model on-chain is not technically possible right now for any existing chain or research project.

That said, I believe AI creates some existential risks for the internet and society, but it will also be even more impactful than the Internet itself. Blockchain can be an amazing tool to channel AI innovation.

While we may not be able to run AI models directly on-chain in the near future, blockchain can help increase the value of distributed systems on the internet. AI is currently centralizing much of the internet’s value inside models, and content creators struggle to capture the value of their creations.

I think blockchain’s value lies in how it can help share the value of content on the internet and channel AI innovation to reduce existential risks through smart contracts and automated agreements. In the future, there might be a framework for AI agents built on blockchain technology.

The post How Flow is Enhancing Blockchain Scalability and User Experience With Its New Crescendo Upgrade appeared first on Metaverse Post.

Creative digital community Cyberport announced that it has successfully launched its annual flagship event, the “Digital Entertainment Leadership Forum (DELF) 2024.” The event is scheduled to take place over three days, starting on August 16th and concluding on August 18th, at Cyberport in Hong Kong.

This year’s DELF theme is “Imaginary Fairground: AI-Powered Entertainment in the Web 3.0 Era,” which is set to explore four main areas, encompassing “Smart Lifestyle,” “Robotics,” “Sports & Gaming,” and “Culture & Arts.” It will feature nearly fifty interactive activities, such as industry forums, experiential zones, workshops, and competitions, providing the public with an opportunity to engage in an innovative, AI-powered summer carnival.

Today, the DELF opened with a ceremony featuring distinguished guests, including Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region; Lillian Cheong Man-lei, Under Secretary for the Innovation, Technology, and Industry Bureau of the Hong Kong Special Administrative Region; and Simon Chan Sai-ming, Chairman of Hong Kong Cyberport Management Company Limited, who delivered introductory speeches.

The first day also featured over twenty sessions of keynote presentations and panel discussions, presented by more than sixty experts from the digital entertainment industry, including representatives from Microsoft, Cisco, Alibaba, Baidu, Foxconn, Xiaohongshu, Dell, NVIDIA, BytePlus, Meta, teamLab, 9GAG & Memeland, ESRI, and FATface Production, a member of OneCool Group. Topics covered included smart entertainment, generative AI, high-performance computing (HPC), the night economy, sports entertainment, and micro-entertainment.

Digital Entertainment Leadership Forum 2024 unfolded with a magical journey under the magician’s enchanted wand. The morning forum agenda was very rich, delving into the hottest topics within the digital entertainment industry. pic.twitter.com/z3P5jRiNR0

— Cyberport (@cyberport_hk) August 16, 2024

Interactive AI Workshops And Competitions Highlight DELF’s Weekend Events

On the second and third days, over the weekend, the main stage will offer a range of interactive and personalized entertainment and smart living experiences. These include AI-powered workshops on topics such as robotics programming, flight simulation, game development, and audio mixing.

Additionally, there will be performances and competitions such as the AI Everywhere Robotics Esports Invitational 2024 (GBA), Elderly eSport Tournament & Experience Day, the From Player to Page English Writing Competition, the Hong Kong Game Development Competition, and the NEXX AI for Entertainment award presentation ceremony. Events will run from 9:00 AM to 6:00 PM, as outlined in the DELF agenda.

Cyberport is Hong Kong’s digital technology hub and incubator for entrepreneurship, boasting over 2,000 members, including more than 900 onsite and over 1,100 offsite startups and technology companies.

The organization aims to support the technology ecosystem by developing talent, encouraging youth entrepreneurship, and advancing technology industry growth. It promotes strategic partnerships with local, Mainland Chinese, and international entities and drives digital transformation across both public and private sectors to bridge new and traditional economies.

The post Cyberport Kicks Off Its ‘Digital Entertainment Leadership Forum 2024’, Exploring AI-Powered Entertainment In Web3 appeared first on Metaverse Post.

In a week that has sent ripples through the cryptocurrency and blockchain ecosystem, a series of high-profile investment deals and strategic partnerships have injected over $121 million into new projects. This week’s financing roundup covers a wide range of crypto’s most pressing difficulties and potential prospects, from artificial intelligence solutions addressing copyright and privacy concerns to zero-knowledge-proof technology strengthening decentralized markets. 

Vessel Finance Secures $10 Million in Seed Funding

A zero-knowledge-driven order book exchange called Vessel Finance has raised $10 million in seed funding. Notable investors in the round included Sequoia, Algorand Foundation, IMO Ventures, Folius Ventures, Incuba Alpha, and co-founders of Scroll, Sandy Peng and Ye Zhang.

The money will go toward creating a thorough layer-3 network for the decentralized banking industry. By using ZK-proofs to protect user assets and stop criminal activity, this network seeks to improve user experience, interoperability, and functionality.

In order to promote innovation and expansion within its ecosystem, Vessel Finance intends to increase partnerships with significant industry players. Additionally, in an effort to promote community involvement and reward early backers, the firm has introduced Vessel Voyage, its first mainnet incentive program.

Chaos Labs Raises $55 Million in Series A Funding

$55 million has been raised in a Series A fundraising round by Chaos Labs, a crypto firm with headquarters in New York that specializes in on-chain risk management solutions. Venture capital company Haun Ventures led the investment, with participation from PayPal Ventures, F-Prime Capital, Spartan Capital, Lightspeed Venture Partners, and Slow Ventures.

The firm was established in 2021 with the goal of extending its platform to meet the increasing demand for automated risk management in decentralized finance. Previously, Chaos Labs has served over 20 protocols, and its client base has quadrupled.

With this investment, Chaos Labs will be able to enhance its portfolio of products that provide real-time data and risk assessment capabilities. With the use of these techniques, DeFi systems should be less prone to human mistakes in risk management and more sensitive to market volatility.

Essential Blockchain Project Secures $11 Million in Series A Funding

Essential is a blockchain startup that has garnered $11 million in Series A investment. Archetype led the round, in which a number of other well-known investors took part.

The project’s goal is to replace traditional transaction-based interactions with the use of users’ “intents” to achieve desired outcomes. In order to minimize on-chain calculation and enhance user experience, this method uses off-chain computing via a network of solvers.

Essential is launching “Pint,” an entirely novel programming language for programmable intentions intended for blockchain builders as part of its ongoing development. Big Brain Holdings, Spartan, Amber Group, and IOSG all contributed to the investment round.

Sahara AI Raises $43 Million for Decentralized AI Service

$43 million has been raised for Sahara AI, a blockchain platform that promotes artificial intelligence provenance and sovereignty. Pantera Capital, Binance Labs, and Polychain Capital led the round, and Samsung, Matrix Partners, Foresight Ventures, and other investors also participated.

With the rise of AI capabilities, the platform seeks to solve issues with copyright, privacy, and resource access. The blockchain-based solution from Sahara AI aids in securing ownership and providing just remuneration for consumers, data suppliers, and application developers.

This financing round addresses new issues in the widespread application of AI tools and continues the rising trend of projects integrating blockchain and AI to provide decentralization to AI engines.

Riot Platforms Increases Stake in Bitfarms

The third-biggest Bitcoin miner on Wall Street, Riot Platforms Inc., has purchased an extra million common shares from competitor Bitfarms Ltd. With this deal, which is estimated to be worth $2.28 million, Riot now owns 85.3 million shares of Bitfarms or 18.9% of the company.

Riot’s prior unsolicited $950 million offer to purchase Bitfarms was turned down prior to this deal. Riot withdrew the first offer, but it didn’t stop putting pressure on Bitfarms’ management; among other things, it called a special shareholder meeting in order to replace several board members.

The continued hostilities between the two businesses have caused Bitfarms to undergo changes, one of them being the resignation of co-founder and chair Nicolas Bonta. Riot has hinted that it could take other steps, such as changing its stance or suggesting more modifications to Bitfarms’ board structure.

The post From Intent-Centric Blockchains to Risk Management: Inside This Week’s $119 Million Crypto Funding Roundup appeared first on Metaverse Post.

AI solution designed for the Solana ecosystem, gmAI published its project roadmap, outlining the planned steps for its future growth.

According to the recent announcement, with the release of the GM token and the launching of the GM Foundation, the project has reached notable milestones. Moving forward, it aims to introduce a broader range of applications powered by gmAI. Plans include advancing the creation of new applications utilizing the gmAI model, with potential airdrops for GM token holders during the initial stages of the project. Additionally, it will establish a grants and incubation program to support initiatives built on gmAI. Selected projects will receive funding, resources, and mentorship to foster growth within the ecosystem.

Furthermore, the project plans to offer exclusive benefits to early GM token holders through an anchoring campaign. Participating individuals who lock their GM tokens in the Anchor Vault smart contract will gain access to a reward pool of 100 million GM tokens. Additionally, early participants will receive a spot in the gmAI Data Validating Program, which is anticipated to launch in October.

Moreover, gmAI is preparing to begin the third season of its airdrop, titled “Label Data for AI.” This new phase will offer users additional opportunities to participate in the platform and earn rewards.

The roadmap also includes plans to accelerate the development of the project’s infrastructure. Currently, the team is refining the gm–01–8B large language model (LLM), which is in its beta phase and available to developers. Additionally, there are plans for strategic multi-chain expansion to improve interoperability.

Introducing https://t.co/zg4RTFhrsM's Future Roadmap pic.twitter.com/XXNzLTpL1J

— gm.ai (@gm_dot_ai) August 16, 2024

GmAI Integrates Allora Network’s Forecasting Model, Enabling DApp Connection With Its SDK

It seeks to improve decentralized applications (dApps) by adding various functionalities, including the execution of on-chain transactions, offering insights, and operating sophisticated processes like yield farming. The aim is to enhance the accessibility and user-friendliness of dApps.

Recently, it has incorporated the forecasting model from the Allora network as an essential plug-in for GM-featured stores. This integration enables dApps to seamlessly link with the gmAI SDK and use forecasting indicators for future applications.

The post GmAI Releases Roadmap, Planning Third Season Of GM Token Airdrop And Grants Program For GmAI-Based Projects appeared first on Metaverse Post.

Liquid staking protocol Lido‘s Contributors unveiled the launch of its wrapped staked ETH on the BNB Chain. This now allows users to seamlessly bridge their wstETH to the BNB Chain, granting them access to a wide range of decentralized finance (DeFi) protocols inside of its ecosystem.

BNB Chain is a blockchain created to facilitate the development and deployment of decentralized applications (dApps) and DeFi projects. It is recorded to be hosting over $4 billion in total value locked (TVL) across hundreds of well-known protocols.

This expansion marks Lido’s initial integration with a Layer 1 blockchain outside of the Ethereum ecosystem. The new bridge solution is the result of a partnership between Web3 interoperability networks Axelar and Wormhole. This collaboration has produced a bridge designed to enhance liquidity and expand DeFi opportunities throughout various ecosystems.

In order to facilitate bridging to the BNB Chain, users should navigate to the portal bridge, pick wstETH as the asset, and decide on the networks for bridging. In the “From” section, they should set Ethereum and set wstETH as the asset. In the “To” section, they should choose BSC as the destination network. Users will then need to link their wallet, specify the number of funds to bridge and approve the transaction to wrap up the bridging procedure.

Hey there, @BNBChain

You can now bridge your staked ETH to BNB Chain in just a few clicks and access a flourishing ecosystem with hundreds of DeFi protocols.https://t.co/QJROjrJgqy

Get started here pic.twitter.com/iJ7eh1UMHe

— Lido (@LidoFinance) August 15, 2024

Lido Unveils New Liquid Staking Solution For Institutional Investors 

It operates as a liquid staking platform for both Ethereum and Polygon, offering derivative token contracts for liquid staking and additional smart contract infrastructure to facilitate native token staking services.

Recently, it has introduced Lido Institutional, a liquid staking product tailored for institutional investors. This new offering blends the reliability and security required for enterprise-level staking with the liquidity and flexibility needed to support various institutional strategies.

The post Lido Contributors Launch wstETH On BNB Chain To Expand User Access To Its DeFi Ecosystem Protocols appeared first on Metaverse Post.

Decentralized auction platform Bounce Finance unveiled details about the upcoming Initial DEX Offering (IDO) on its Launchpad. This IDO will feature the BN token of TNA, which is a naming and Data Availability (DA) protocol for Bitcoin.

As outlined in the announcement, the IDO is scheduled to start at 10 AM UTC on August 19th and will run until 10 AM UTC on August 21st. A total of 4,200,000 BN tokens have been allocated for participation in this launchpad event.

The first pool involves AUCTION token staking, with a total value of $12,500, and offers a supply of 1,050,000 BN tokens. The second pool is a fixed-price public sale, where each BN token is priced at $0.011905, and it has an allocation of 2,730,000 BN tokens. The third pool is a fixed-price whitelist sale, also pricing each BN token at $0.011905, with an allocation of 420,000 BN tokens. For the second and third pools, the swap currency used is the AUCTION token.

At 11 AM UTC on August 21st, 10% of the BN token supply will be unlocked. Following this, an additional 7.5% of the tokens will be released gradually each month over the course of 12 months.

AUCTION is a token built on Ethereum and utilized within the Bounce Finance platform. Holders of this token are empowered to create and engage in various advanced auction formats, gain access to exclusive pools, and participate in governance decisions through voting rights.

$BN IDO Details @TNA_Protocol

: August 19, 10AM UTC ~ August 21, 10AM UTC
: https://t.co/umZgbtsY0I
Total IDO Supply: 4200000 $BN

Pool 1: $AUCTION Staking
Blockchain: Ethereum
Pool Supply: 1050000 $BN
Total Raise: $12500

Pool 2: Fixed-Price Public
Blockchain: Ethereum… pic.twitter.com/4UKqtZQxwD

— Bounce Brand (@bounce_finance) August 16, 2024

TNA Protocol: What Is It?

It represents a protocol created for issuing and managing Tapnames, a unique type of non-fungible asset that leverages the Taproot Assets Protocol, making it easy to integrate with the Lightning Network. While Tapnames share similarities with ENS names, they are distinct as native Bitcoin assets built on TAP.

TNA is focused on improving the usability of the Bitcoin network by democratizing the process of asset issuance and management. This protocol aims to promote wider adoption and create a more user-friendly experience within the Bitcoin ecosystem.

BN, short for Bitcoin Names, serves as the governance token for the protocol, playing a crucial role in the decentralized management and decision-making within the ecosystem. The total supply of BN tokens is capped at 2.1 billion.

The post Bounce Finance Announces TNA Protocol’s Token IDO Details, Total Launchpool Allocation Set At 4.2M BN appeared first on Metaverse Post.

Trustless points trading protocol, Pichi Finance announced the launch of its utility token, PCH, which will be listed on cryptocurrency exchanges Gate.io and MEXC, with trading set to begin at 16:30 UTC on August 19th.

The newly introduced token will enable holders to participate in potential revenue-sharing opportunities with the project. Pichi Finance’s primary revenue comes from transaction fees and decentralized finance (DeFi) integrations. This positions the protocol as a leading player in developing points infrastructure for both users and projects.

“By using Pichi Finance, participants can farm their favorite airdrops with self-custodial smart contract wallets, earn points, and then list them on Pichi’s Marketplace without compromising their private keys,” said Wesley Tang, founder of Pichi Finance, to Mpost. “By also owning the token, users gain exposure to a revenue-sharing mechanism within the project, fostering growth for both the project and the points ecosystem,” he added.

Pichi Finance Platform Facilitates Points Trading Ahead Of TGE

Pichi Finance represents a DeFi platform designed for trading points associated with various protocols utilizing ERC-6551 accounts. It enables individuals to trade points from various selected protocols, encompassing EigenLayer and Ether.Fi, as well as HyperLiquid, prior to the TGE. The project facilitates price discovery for tokens prior to and after TGEs, allowing for seamless points trading from the chosen protocols.

Points serve as incentives within protocols for activities such as staking, farming, as well as voting, and they are used to track engagement and loyalty of community members to a platform. Additionally, they can be transformed into a share of the project’s airdrop following a TGE.

Users of Pichi Finance have an option to make a Pichi Wallet and deposit funds which generate points into an ERC-6551 account linked to this wallet. As points accumulate, individuals are enabled to withdraw the tokens that earn points and subsequently sell the wallet, thus sending the generated points to a different owner.

“The PCH token is the backbone of our tech stack. With the launch of our Token Generation Event, Pichi Finance is redefining how points are viewed as an integral component of incentives,” said Wesley Tang in a written statement. “Our token will allow users to deepen their involvement with Pichi through revenue sharing and further boost ecosystem growth by enabling more projects with points to be integrated into Pichi, creating a flywheel effect,” he added.

The post Pichi Finance Launches PCH Token On Gate.io And MEXC, Fueling Ecosystem Growth appeared first on Metaverse Post.

Modular data infrastructure provider Covalent unveiled that its governance proposal to raise the staking Max Multiplier and include new operators has received unanimous approval. With extra delegation capacity and more operators joining, it intends to achieve the 35% staking target to bolster network strength.

At present, Covalent is encountering a challenge with the fast filling of delegation space for CXT holders. This situation is attributed to the growing number of CXT holders who are keen to stake their tokens and generate yield by securing the protocol.

As the number of CXT holders looking to delegate grows, the available delegation space is approaching its capacity, creating a potential bottleneck that may restrict further participation. Additionally, the process of onboarding new Block Specimen Producers (BSPs) is not progressing quickly enough to meet the rising demand, leading to a mismatch that limits the opportunity for additional delegations.

The proposal offered the expansion of maximum delegation capacity for token holders to 40X, which would cover nearly 35% of the circulating supply, equating to approximately 297 million CXT. This includes onboarding 5 new BSPs, with an average of 300,000 CXT staked per BSP. Additionally, the proposal suggests modifying the emitted rewards to maintain a target annual percentage yield (APY) of 11%. To reach this APY, the reward requirement per day would be 89,657.53 CXT, translating to about 32.5 million CXT emissions annually.

The new plan is designed to address the rising demand for CXT delegation. By raising the Max Multiplier to 40X, it sought to enlarge the available delegation space, guaranteeing the network is capable of accommodating growth avoiding creating bottlenecks or restricting the involvement of CXT holders.

At the same time, onboarding additional BSPs will contribute to the network’s expansion and security. With 20 BSPs currently active, each is anticipated to stake an average of 300,000 CXT. This increase will substantially bolster the network’s capacity and security. By adding more BSPs, Covalent seeks to more evenly distribute the staking load along with creating extra opportunities for CXT holders to delegate their funds effectively.

Covalent Integrates With Cronos zkEVM To Advance Blockchain Capabilities 

Covalent functions as a modular data infrastructure layer aimed at tackling issues in blockchain and AI. It focuses on enhancing verifiability, enabling decentralized AI inference, and ensuring long-term data availability. Moreover, its Ethereum Wayback Machine (EWM) facilitates secure access to Ethereum transaction data.

Recently, Covalent announced its integration with the Layer 2 zero-knowledge blockchain Cronos zkEVM to advance blockchain scalability, security, and long-term data availability.

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We must first recognize the enormous size of the mobile gaming industry in order to fully appreciate the potential of Web3 mobile games. The Unite Blockchain has its own vision on the state of Web3 mobile gaming, according to them, number of people who own mobile devices globally is estimated to be 7 billion, much exceeding the number of people who own desktop computers, which is roughly 2 billion. Due in large part to this large user base, mobile applications generate $350 billion in income yearly, of which 85% comes from mobile gaming.

With the mobile gaming market expected to be more than twice as large as that of the PC, it is evident that mobile gaming has become the dominant form of gaming. This change is a reflection of shifting consumer tastes as well as the accessibility of mobile devices, which let consumers play games at any time they choose.

Web3 Gaming: An Emerging Market

Web3 gaming, especially in the mobile sector, is still in its infancy as compared to the established mobile gaming business. Web3 mobile games now have a market capitalization of about $1 billion, which is far less than the $15 billion that Web3 PC games are valued at. This discrepancy indicates a large development potential; estimations show that Web3 mobile games might grow by a factor of 34 to match the mobile-to-PC ratio observed in traditional gaming.

The Benefits of Gaming and Blockchain Combo

Games have a number of intrinsic qualities that make them ideally suited to gain from blockchain integration. A key element of gaming economies for a long time, in-game assets are excellent candidates for tokenization. Games may provide players with actual ownership and transferability by representing these assets as NFTs on a ledger, possibly resulting in the creation of new economic models and income sources.

Games’ interactive elements fit in nicely with the Web3 concept of user ownership and involvement. The “read-write-own” model is completed by Web3, which adds the idea of ownership to the multiple Web2 platforms that enable users to write and view stuff. This idea is organically embodied in games, as players actively participate in the experience and frequently have a sense of ownership over their accomplishments.

Decentralized and Community-Based Governance

The enthusiasm and involvement of gaming communities are characteristics that lend themselves nicely to DAO structures. Through modding, community administration, and even production, many gamer groups already make major contributions to game ecosystems. Game economies may become more resilient and long-lasting if Web3 technology were to codify and reward their efforts.

The notion of emerging diversity in games is also consistent with the interoperability principles of blockchain technology. The possibility of cross-game activities and economies increases with game connectivity, potentially resulting in the creation of complex, player-driven ecosystems that go beyond individual titles.

Alignment of Demographics

There is a clear correlation between the gaming community’s demographics and those linked to the adoption of blockchain and cryptocurrencies. Both businesses tend to target young, tech-savvy men as their core market, but it’s crucial to remember that they are actively trying to reach a wider audience.

Fascinatingly, developing countries with growing middle classes have similar levels of popularity for mobile gaming and bitcoin adoption. Both industries are expanding rapidly in nations including Argentina, Nigeria, Vietnam, Turkey, India, and Vietnam. There are other possible explanations for this association, such as:

1. Raising disposable income to enable investments in leisure activities and budgeting;

2. A more open environment for alternative financial systems due to the reduced infrastructure provided by conventional banks;

3. Low-end desktop computer infrastructure combined with high smartphone adoption rates.

These demographic patterns indicate that economies that are already well-suited for the adoption of blockchain technology and mobile gaming might provide a welcoming environment for Web3 mobile games.

The Path Forward for Web3 Gaming 

In order for Web3 mobile games to live up to their full potential, platforms, and developers must concentrate on crafting engaging user experiences that meaningfully utilize blockchain technology. This may entail:

Creating novel gaming mechanisms that seamlessly integrate blockchain components without coming off as gimmicky or forced;

Developing cooperative assets and cross-game economies that provide value to games beyond their original releases;

Putting in place transaction and wallet mechanisms that are easy to use and abstract away the intricacies of blockchain interactions;

Promoting vibrant, involved communities that may influence game design and administration;

Proactively addressing regulatory issues to guarantee adherence and foster confidence between authorities and users.

Publishers and creators of well-known games stand to gain from the incorporation of Web3 technology into mobile games. Traditional gaming firms might benefit from new revenue sources and innovative ways to interact with their communities by using blockchain technology. However, this shift will necessitate carefully weighing how to maintain the decentralized features of Web3 while integrating current commercial structures.

The uptake of Web3 mobile gaming will be greatly influenced by education. Many potential consumers could be reluctant to interact with cryptocurrencies or inexperienced with blockchain principles. It will be necessary for platforms and game developers to make investments in user education and to give clear, understandable information about the advantages and disadvantages of Web3 gaming.

The use of Web3 technology may potentially result in more persistent and immersive gaming environments. Players will be able to transfer their achievements and assets between games and platforms via blockchain-based ownership and interoperability, which would provide for a more individualized and social gaming experience.

There could be more far-reaching effects on the digital economy from the growth of Web3 mobile gaming. This habit may spread to other industries as players grow more at ease with possessing and exchanging digital assets through games, which stimulates the adoption of blockchain in online sales, networking sites, and other digital platforms.

The post Beyond High Scores: Web3 Mobile Games Promise True Ownership in a Digital Playground appeared first on Metaverse Post.

GPU cloud network io.net announced the appointment of Tory Green as its new chief executive officer (CEO). Tory Green, who succeeds Ahmad Shadid, has been promoted from his previous role as chief operating officer (COO) at io.net. In his new position, he will guide the company’s expansion of its Internet of GPUs.

“I’m honored to be appointed CEO of io.net and to build upon the fine work that has brought the company to where it is today,” said Tory Green, CEO of io.net, in a written statement. “Over the last five years, io.net has evolved from an idea into a major company that is accelerating AI innovation and providing revenue for a global network of GPU and CPU suppliers. But this is only the start,” he added.

In his role as CEO of io.net, Tory Green brings more than 20 years of experience as an entrepreneur, investor, and C-level executive in the tech industry. Previously serving as COO, he has played a key role in guiding io.net’s strategic initiatives and growth. His extensive experience has provided him with valuable insights into the challenges of expanding a Decentralized Physical Infrastructure Network (DePIN) to compete with established centralized players.

Furthermore, Tory Green has contributed to io.net’s growth by leading the company’s Series A fundraising and overseeing daily operations prior to the leadership transition. His focus is on instilling discipline and operational excellence within the new leadership team. As CEO, he will strengthen the Business Development and Technical teams, including bringing in new leadership, to position io.net for its next phase of expansion.

“With IOG Network, we’ve proven the viability of DePIN in creating a thriving two-sided marketplace that allows AI startups to access the compute they need on demand,” said Tory Green. “Now, the focus turns to expanding our global network with the goal of positioning io.net at the forefront of the AI revolution while providing greater opportunities for GPU suppliers to participate,” he added.

Before joining io.net, Tory Green spent seven years as a venture capitalist at Tiller Partners, where he collaborated with portfolio companies in various operational capacities. More recently, he served as COO and chief financial officer (CFO) of Hum Capital. He has also held important operational, financial, and strategic roles at Oaktree Capital Management, The Walt Disney Company, Merrill Lynch, and 21st Century Fox.

Io.net Witnesses Fast Growth With Nearly 250,000 Verified GPUs And $200,000 Monthly Revenue

io.net is a DePIN that offers and manages on-demand, distributed GPU clusters from various locations around the world. The network currently provides access to hundreds of thousands of GPUs tailored to support low-latency and high-processing-demand applications such as AI, machine learning (ML), and cloud gaming.

Since its launch seven months ago, io.net has developed a strong managed services business, generating $200,000 in monthly revenue. The network now features over 250,000 verified GPUs and CPUs that have completed Proof-of-Work (PoW) verification, as well as 26,000 GPUs and CPUs ready for on-demand deployment.

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Web3 gaming platform Immutable announced its integration with Fireblocks, an enterprise platform for managing digital asset operations. This collaboration aims to enhance treasury management for games, developers, decentralized finance (DeFi) initiatives, and ecosystem partners within the Immutable zkEVM network.

Fireblocks represents a platform designed for developing blockchain-based products and managing daily digital asset operations. It serves organizations across financial services, payments, as well as the Web3 sector. It offers an exclusive insurance policy covering assets in storage and transit and has facilitated the secure transfer of more than $6 trillion in digital assets to date.

“This integration offers a robust and secure solution to the 320+ game developers and 80+ ecosystem partners signed on to Immutable,” said Robbie Ferguson, Co-Founder and President of Immutable, in a written statement. “Fireblocks’ infrastructure can help game developers manage the digital assets involved in gaming and NFT transactions, scale with the exponential growth of transactions on Immutable’s platform, and ensure smooth operations within the Web3 gaming and DeFi landscape,” he added.

Through this partnership, game developers now have the opportunity to utilize the Fireblocks platform to securely store and efficiently manage digital assets linked to game economies, non-fungible token (NFT) projects, and DeFi protocols. This integration improves their ability to oversee and manage holdings on Immutable’s zkEVM blockchain, which operates on Polygon.

Moreover, this collaboration will enhance scalability and security for managing self-custodial digital assets within the Immutable ecosystem, leveraging Fireblocks’ capabilities. The Immutable zkEVM is now globally accessible through the Fireblocks platform and the Fireblocks Network, which is recognized as the industry’s largest digital asset network. This network facilitates fast digital asset transactions and payment workflows, offering direct connectivity to a wide range of institutional participants, such as liquidity providers, lending desks, banks, and market makers.

Furthermore, Fireblocks‘ industry-leading security solutions will protect Immutable’s digital assets, enhancing trust and confidence among its users and partners. This collaboration reinforces Immutable’s dedication to maintaining a secure environment for all stakeholders involved.

“We are excited to announce our integration with Immutable, bringing Fireblocks’ secure digital asset infrastructure to the Immutable zkEVM ecosystem,” said Omer Amsel, Head of Web3 at Fireblocks, in a written statement. “Immutable and Fireblocks are ushering in a new era of security, scalability, and efficiency for managing digital assets, driving growth in the Web3 gaming and DeFi industries,” he added.

What Is Immutable And Its zkEVM?

Immutable is focused on empowering players through digital ownership while creating a secure environment for creating blockchain-based games. The platform provides zero-knowledge scaling solutions, offering builders a variety of ZK-based scaling options. These include Immutable X, a rollup solution leveraging StarkWare technology, and Immutable zkEVM, which is supported by Polygon.

In particular, Immutable zkEVM represents a gaming blockchain built on Ethereum, designed to enable game developers to integrate customized digital ownership features and Web3 mechanics into their games.

The post Immutable zkEVM Integrates With Fireblocks, Enabling Global Access To Platform For Games appeared first on Metaverse Post.

dYdX Chain is going to reveal its biggest update since debut this autumn. Unprecedented functionality for both centralized and decentralized exchanges will be introduced with the upgrade.

MegaVault: Transforming Liquidity and Market Listings

With the update, users won’t need governance clearance to list almost any market on the dYdX Chain. From a long variety of options, users will be able to start new markets, such as cryptocurrency and prediction markets. They must deposit a specific quantity of USDC into the MegaVault, as decided by governance, in order to do this. Since MegaVault will instantly start quoting orders, this new feature will guarantee quick liquidity.

A key element of this update is the MegaVault, which acts as a market maker. Users who deposit money into it and share in the profits it makes provide it with liquidity. Depositors will get a share of protocol income that is decided by governance, as well as a fraction of MegaVault’s profit and loss. It is anticipated that this would lead to a high annual percentage rate.

A program for affiliates is also included in the update. To invite friends to dYdX, users must trade at least $10,000 in order to acquire a unique affiliate link. Referrals receive cheaper prices, and affiliates receive a portion of the trading fees paid to them. Each recommendation has the potential to earn up to $1,500 per month, and contingent upon community governance, there may be more incentives and benefits.

New Features for an Improved User Experience and Security

The addition of permissioned keys is another element of the update. These keys, which provide restricted, targeted access, will improve security and control over users’ wallets. This function aims to provide a more flexible and safe setting for corporate and valuable merchants. It could also make it easier for outside parties to integrate with the dYdX Chain.

Users may anticipate more integrations, an updated user interface, and simpler onboarding procedures in the upcoming months. The dYdX team is excited about the upcoming chapter and welcomes user feedback.

dYdX aims to simplify the availability of monetary opportunities, and dYdX Chain is a big step in the right direction. The firm extends an invitation to anybody who is interested in joining their community conversations and exploring job options.

It’s crucial to remember that this data only applies to the open-source v4 program from dYdX Trading Inc. with its default settings. Neither the dYdX Chain infrastructure nor its operations are managed by dYdX, nor does it install or execute v4 software for public usage.

Users understand and agree that the company that provides the program assumes no obligation for any actions, results, or aftereffects that arise from using v4. This disclaimer applies to all people, companies, and organizations, among other entities. It is expressly forbidden for anyone to access or use any dYdX services or products if they are a resident of, situated in, or have offices in different countries that the dYdX Terms of Use designate as restricted.

This content is intended primarily for informative reasons; it is not to be interpreted as expert advice on investments, taxes, law, finances, or any other area. Before making any choices on investments, taxes, finances, or legal issues in connection with this content, users are strongly advised to perform extensive and independent study, practice due diligence, and consult with certified specialists. The v4 Terms of Usage, which regulate both the information given and any related software use, apply to all users of the v4 program.

Additionally, users should be prepared to list markets on a variety of centralized exchanges, such as Ethereum, Base, Raydium, or other similar platforms, with an oracle pricing mechanism available from the outset. This capability is anticipated to be integral to the launch process and should be taken into account when planning market listings.

The post Democratizing DeFi: dYdX Chain’s Unprecedented Upgrade Brings Instant Liquidity and Passive Income Opportunities appeared first on Metaverse Post.

Modular data infrastructure provider Covalent announced that it has integrated with the Layer 2 zero-knowledge blockchain Cronos zkEVM. This integration aims to improve blockchain scalability, security, and long-term data availability (DA).

Cronos zkEVM is among the first zk-rollup blockchains to deploy on the mainnet, positioning itself as a frontrunner in Ethereum scalability. It introduces a “triple yield” model, offering users several ways to generate income. This includes yield-bearing cryptocurrencies within the ecosystem that inherently generate returns, decentralized finance (DeFi) opportunities that enable individuals to engage in DeFi protocols and earn further rewards, and a loyalty points system that adds an extra layer of value for users.

This collaboration aims to provide developers and projects within the Cronos ecosystem, referred to as CROFam, with enhanced tools and improved data accessibility. CROFam includes a strong community of end-users and developers who will benefit from these advanced resources.

Furthermore, the integration improves blockchain data management by incorporating Covalent’s Ethereum Wayback Machine (EWM). This tool will guarantee that the complete history of the Cronos zkEVM blockchain data remains accessible and analyzable. This is important for developers, data-driven applications, and any organization needing reliable and comprehensive access to historical blockchain data.

By utilizing Cronos zkEVM’s zero-knowledge proof system, this integration aims to offer scalable and cost-effective solutions while upholding Ethereum’s security standards. Consequently, developers can make and release high-throughput applications while ensuring high levels of security—a crucial aspect in the advancing field of decentralized applications (dApps) and DeFi.

Covalent Raises $5M In Funding To Expand Its Presence In Asia 

The project operates as a modular data infrastructure layer designed to address challenges in blockchain and AI. Its main focus areas include verifiability, decentralized AI inference, and long-term DA. Additionally, the EWM provides secure and decentralized access to transaction data on Ethereum.

Recently, Covalent raised $5 million in a strategic funding round led by RockTree Capital, with contributions from CMCC Global, Moonrock Capital, and Double Peak Group. This funding aims to expand Covalent’s presence in Asia and advance the adoption of long-term DA in regions encompassing China, Korea, and Singapore.

The post Covalent Integrates With Cronos zkEVM, Advancing Data Availability And Scaling Across Over 230 Blockhains appeared first on Metaverse Post.

Layer 3 blockchain solution for mobile gaming, Unite announced that it has raised $3 million in funding in a seed extension round led by Superlayer. With the fresh funding, Unite intends to advance its mobile gaming infrastructure, encompassing enhancements to its blockchain and node components, game development service SDK, wallet SDK, as well as to introduce new games.

This funding round builds on the support previously received during Unite’s seed round following its rebranding from Taki. Notable contributors in this round were Coinbase Ventures, OKX Ventures, Solana Ventures, HTX Ventures, along with other backers.

Unite’s goal is to enhance on-chain interactions and promote a sustainable revenue-backed economy model, advancing the Web3 mobile gaming ecosystem. It provides extensive tools for gamers, builders, and Web3 communities, intending to address growth challenges in existing infrastructure.

Its solution offers several features that set it apart from other Web3 mobile games, which include a high-TPS blockchain created to process a large number of daily active users on mobile, one-stop wrappers compatible with key mobile game frameworks, frictionless user onboarding via in-app account abstraction, efficient mobile transactions via relayer technology, and specialized ecosystems tailored for Web3 mobile gaming.

Unite Emerges As Leading Layer 3 Blockchain For Mobile Gaming With Over 5M Downloads And 300,000 Monthly Active Players

It represents the Layer 3 blockchain designed specifically for the mobile game mass-market, emphasizing the player experience with opportunities to generate income while playing. Its solution includes the blockchain, client, and ecosystem components, creating a decentralized physical infrastructure (DePIN) comprised of numerous daily active devices globally.

Since transitioning from Taki to Unite at the beginning of this year, the platform has recorded over 5 million downloads and now has more than 300,000 monthly active participants. It currently features nearly 100 games and mini-games available on the Apple App Store and Google Play Store, and some of them are ranked among the top ten in the Google Play Pass Game.

According to the roadmap, it intends to unveil additional games in coming months and support the expansion of the Web3 mobile game ecosystem and brand partnerships. Unite also plans to release the Unite Oracle node by the end of the year and roll out the mainnet for its blockchain in 2025.

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