Founder of the decentralized exchange (DEX) aggregator operating on the Solana blockchain, Jupiter, Meow, announced that the team has dedicated the past several months to extensive work on major backend architectures and significant research and development efforts. These efforts focused on tackling challenging issues such as automating slippage and testing innovative approaches to longstanding user experience (UX) problems like token lists and automated execution. With these developments nearing completion, the platform is now preparing to roll out a series of key updates over the next few weeks.

Among the new products in its pipeline, Jupiter intends to launch Jupiter Swap V3, which includes an instant token listing feature enabling users to trade tokens as soon as they are listed on any markets. The Dynamic Slippage feature is designed to enhance MEV protection and improve transaction success rates. Token List V2 will now feature faster verification, partner tags, and enhanced token search capabilities.

Additionally, the exchange plans to introduce Value Averaging. Furthermore, it will unveil the Jupiter APE Wallet, a smart wallet enabling fast trading and swapping of meme or celebrity tokens on the exchange and across various platforms.

In the post on social media platform X, Meow emphasized that all its endeavors are experimental, with operations perpetually in alpha and beta stages, and the project will remain to function as a startup. Meow also pointed out its openness to community feedback and its readiness to continuously work on enhancements.

After spending the last few months working through major backend architectures, major r&d efforts on super hard problems like automating slippage, testing out innovative approaches to long standing UX problems like token lists and automated execution, we are ready to start… https://t.co/NJJoyLznIb

— meow 喵 (@weremeow) June 14, 2024

Jupiter Exchange Adjusts Fee Structure for Perpetual Contracts

Jupiter provides a range of exchange services, such as a Swaps tool and a Payments application programming interface(API) for specifying output token amounts, Limit Orders, and Dollar-Cost Averaging (DCA) options. It offers integration support for decentralized exchanges (DEXs) through the Jupiter Terminal and guidelines for token visibility on its platform. Currently, Jupiter has recorded a trading volume of over $863 million in the past 24 hours.

Recently, the exchange has lowered its opening and closing fees for perpetual contracts from 0.1% to 0.07%. Additionally, JLP holders can now earn 75% of the fees generated from perpetual contracts. This change was introduced alongside a new price impact fee, designed to simulate the order book impact of users’ trades. The fee increases with the size of the trade, aiming to ensure that larger trades reflect a higher fee. 

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Ethereum Layer 2 scaling solution Polygon announced the launch of its Governance Hub, developed in collaboration with open-source software provider Aragon. The Governance Hub aims to serve as a full-stack governance solution and unified interface for the community, empowering its engagement in shaping the development of Polygon technology. 

Initially, the focus of the hub will be on two key aspects of Polygon governance: Protocol Governance and System Smart Contract (SSC) Governance.

Protocol Governance on Polygon will enable the enhancement of Polygon protocols through the Polygon Improvement Proposals (PIP) framework and ecosystem-wide consensus, following a process similar to Ethereum protocol governance. On the other hand, SSC Governance will oversee upgrades to Layer 1 smart contracts essential for the functioning of Polygon protocols.

The Hub is expected to enhance transparency and community participation in Protocol Governance. It will also introduce staker voting and a delegate program to empower the community with oversight over protocol development for SSC Governance.

For Protocol Governance, the hub will accumulate all submitted PIPs and track their development stages. For SSC Governance, it will facilitate the proposal of PIPs, conducting reviews, and voting by the Protocol Council (PC). Afterward, a transparency report will be published, along with putting the PIP on the blockchain. Subsequently, a 10-day voting period will be open to the community, allowing token holders to participate in decision-making by either voting directly or delegating their votes to community representatives aligned with their interests.

introducing the Polygon Governance Hub — a unified & transparent interface for community governance, developed with @AragonProject.

built hand-in-hand with the community, the hub marks the next chapter of Polygon governance and community ownership.

more on what this means pic.twitter.com/CrAg6QwKwG

— Polygon | Aggregated (@0xPolygon) June 14, 2024

What Is Polygon?

Polygon, previously known as Matic Network, is a notable player in the realm of Ethereum scaling solutions, focusing on enhancing blockchain scalability. The Polygon SDK serves as its foundation, enabling the creation of diverse applications including rollup blockchains and customized standalone blockchains. It leverages the Plasma Framework and Proof-of-Stake (PoS) consensus mechanism to enhance Ethereum into a secure multichain system.

Recently, Polygon launched its Community Grant Program, earmarking 35 million MATIC tokens to support developers constructing projects on its network. Concurrently, the platform rolled out the Polygon Miden Alpha Testnet V2, incorporating numerous new features designed to improve the overall developer experience.

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Cryptocurrency exchange Binance reported that over 30 million new users have registered for trading on its platform so far this year. Since the start of 2024, the average daily visits to Binance have doubled, indicating a significant increase in platform activity.

Additionally, Binance has seen a significant increase in cryptocurrency assets flowing into the platform, surpassing a total of $100 billion in customer assets for the first time. This influx has led to a rise in spot trading volume, which surged by 121% to $1.12 trillion as of March, marking the highest spot volumes since May 2021, according to CCData. Derivatives trading volumes also climbed by 89.7% to $2.91 trillion, reaching their highest levels since May 2021.

In a recent blog post discussing the state of cryptocurrency adoption in 2024, the exchange highlighted several significant developments. Among them is the notable increase in the number of vendors accepting digital currencies as direct payment methods. According to community-driven tracker BTC Map, the total number of vendors accepting cryptocurrencies has risen from 7,731 in October 2022 to 10,952 in April 2024, indicating a 42% increase in less than two years. This growth highlights a significant trend towards greater integration of cryptocurrencies.

In addition, Binance highlighted the proliferation of cryptocurrency ATMs as another notable development. The global market for these devices expanded from $115 million in 2022 to $181 million in 2023, representing a 64% increase within a single year.

Furthermore, the exchange highlighted the substantial adoption of stablecoins, noting that these assets have now surpassed all other types of cryptocurrencies in terms of usage. The volume of fiat purchases of stablecoins has been steadily rising over the past year, especially in countries experiencing significant declines in their national currencies and those with strict capital flow restrictions.

Binance Surpasses 200M Registered Users In June, Sets Sights On Further Growth

Binance is widely acknowledged as one of the major cryptocurrency exchanges. The platform enables transactions involving over 350 cryptocurrencies and virtual tokens, providing users with competitive transaction fees and robust liquidity.

The exchange has achieved over 200 million registered users this month, nearly seven years after its initial platform launch. According to Richard Teng, CEO of Binance, reaching this milestone emphasizes the rapid growth of cryptocurrency adoption. He also pointed out the exchange’s ambition to eventually attract a billion users.

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Immersive MMORPG blockchain game Laniakea announced its deployment on the Layer 1 public blockchain Monad, marking one of the initial GameFi projects to establish a presence on this network. The game also disclosed intentions to release a new version for internal testing during the Monad test network phase.

Monad is a blockchain compatible with the Ethereum Virtual Machine (EVM), capable of processing up to 10,000 transactions per second with one-second block times and single-slot finality. It integrates technologies such as MonadBFT, Deferred Execution, Parallel Execution, and MonadDB to achieve these capabilities.

With the help of Monad‘s advanced technology, which offers scalability and speed for smooth gameplay, Laniakea aims to realize its vision of becoming a player-centric world where in-game assets and experiences continually enhance the game ecosystem. It is dedicated to fostering Web3 development and advancing the gaming industry, bolstering the blockchain ecosystem’s foundations, and accelerating community engagement and influence.

Laniakea noted that the data of early players who participated in the previous Explorer Edition S1 test version and made contributions will be preserved. Furthermore, it intends to commence internal testing on both PC and mobile platforms later this year.

To mark the launch, Laniakea has announced a giveaway of limited Laniakea + Monad themed roles on the messaging platform Discord. To obtain the role, users are encouraged to quote and share the initial announcement on social media platform X, post it in the “Lala-Nads Lounge” within the Discord channel, and actively participate in community discussions. The event is currently underway and will conclude at 12:00 pm on June 20th.

GMonad
We're purple-pilled!
Laniakea is excited to announce that we are joining the @monad_xyz family.

A on why we choose Monad

TL;DR: We are in it for the “Tech” and the “Community.” + Alpha and more at the end of the thread. pic.twitter.com/vwWvINUrj0

— LANIAKEA (@LaniakeaGame) June 14, 2024

Laniakea Conducts Its Closed Playtest Laniakea Explorer Edition S1

Laniakea is a cross-platform game offering real-time combat, an expansive open world, and diverse gameplay modes like full-loot PvP, PvE, and GvG. It introduces unique elements such as a non-fungible token (NFT) pet breeding system and a dynamic sandbox land system. Additionally, Laniakea includes interactive mini-games such as MOBA and Battle Royale.

Recently, the platform concluded its closed playtest, Laniakea Explorer Edition S1, during which it tested the game and attracted early supporters via wallet connections and NFT mints.

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This week’s investment deals in Web3, crypto, and AI show significant advancements and commitments across sectors. Intelion is investing $135 million in AI, including a new data center in Samara Oblast. Nexus raised $25 million for zero-knowledge cryptography and verified computing. Zyfi secured $2 million for gas abstraction layer enhancement, and the NEAR Foundation raised $13 million for Nuffle Labs to decentralize research. Binance Labs invested in Zircuit, an AI-enabled Layer-2 network.

Intelion Makes $135 Million AI Investment

$135 million is being invested in AI initiatives by Russian crypto-mining companies, one of which is a new data center in the Samara Oblast. A division of Intelion, Intelion Cloud, will concentrate on growing AI businesses and giving customers access to powerful computers. 

The sector, which works with energy suppliers in areas with milder temperatures and cheaper electricity costs, has expanded quickly as a result of the worldwide cryptocurrency markets. The first phase of Intelion Cloud’s new Samara data center is scheduled to open in Q4 2024.

Nexus Raises $25M in Series A Funding For Zero-Knowledge Cryptography

The $27.2 million overall financing reflects Nexus’s interest in zero-knowledge cryptography and verified computing. The startup wants to enable developers to obtain zero-knowledge proofs and bring truth to the Internet. According to Nexus, there is a need for evidence generation from companies that are concerned with protecting and growing decentralized infrastructure, as well as from industries including cloud computing, artificial intelligence, cybersecurity, and privacy-enhancing technology.

zkSync Abstraction Layer Zyfi Attracts $2M Investment to Drive Gas Abstraction Innovation

In a private investment round, Zyfi, a gas abstraction layer atop zkSync, raised $2 million from investors. The money will go toward developing developer software tools and a dApp payment management system. On zkSync, it has processed more than 815,000 transactions and removed gas costs for more than 110,000 consumers. In addition, Zyfi serves as a gateway to the zkSync network, enabling users to move tokens without using Ethereum gas and discover the best exchange rates.

NEAR Foundation has raised $13 million in funding for Nuffle Labs

The NEAR Foundation provided a grant, and venture capital company Electric Capital spearheaded the fundraising round. Dovey Wan of Primitive Ventures and Sandeep Nailwal of Polygon were among the other investors. The financing will be utilized to decentralize research within the NEAR ecosystem and advance the modular architecture for high-performance rollups developed by Nuffle Labs.

Binance Labs Has Invested in AI-driven Crypto Project Zircuit

Fast, inexpensive, and Ethereum Virtual Machine (EVM) compliant transactions are the project’s main goals. More than 1,100 applications have been evaluated for the “Build to Earn” initiative, which features leading industry launch partners. With assets staked totaling more than $3.5 billion, Zircuit plans to launch its mainnet in the upcoming months. Binance Labs is a platform that helps Web3 innovation and accelerates the blockchain space.

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Modular blockchain platform specializing in zero-knowledge (ZK) applications, Manta Network, unveiled the integration of Manta CeDeFi with Ethena Labs, a decentralized protocol focused on the yield-bearing USDe stablecoin.

Ethena operates as a financial protocol on Ethereum, introducing a synthetic dollar known as USDe. USDe maintains price stability using a “delta-neutral” hedging strategy involving operations across centralized and decentralized platforms. Ethena provides USDe holders with an annualized reward primarily derived from shorting Ethereum futures.

The integration allows users to earn five times Sats or Ethena points by staking with Ethena on Manta CeDeFi. Furthermore, assets staked by users will generate additional returns through Ethena, thereby boosting yields for participants already engaged in Manta CeDeFi.

Manta CeDeFi provides continuous rewards with CeFi and DeFi yields. It allows holders of USDT, USDC, wUSDM, WBTC, BTCB, ETH, and STONE to increase income via CeFi’s stable strategy arbitrage, DeFi yields on Manta Pacific, as well as rewards in MANTA tokens.

The product generates dual yields simultaneously, offering consistent earnings from CeFi opportunities and on-chain engagement. Additionally, it provides a temporary option for BTC, ETH, and USD holders to receive Manta tokens via a two-month points program.

In Manta CeDeFi, individuals have the option to generate CeFi yield on their deposits through the institutional digital asset platform Ceffu. Staked assets are secured by the platform, and stakers receive on-chain Liquid Custody Tokens (LCT) on Manta Pacific, correlating with deposited funds. The tokens can be redeemed for mBTC, mETH, or mUSD.

Manta Foundation Launches $50 Million EcoFund To Boost Early-Stage Initiatives On Manta Network 

Manta Network designed to support zero-knowledge applications. It encompasses two networks: Manta Pacific and Manta Atlantic. These networks collectively foster an ecosystem conducive to the development and adoption of Web3 applications.

Recently, the Manta Foundation, the organization backing the Manta Network, introduced a $50 million EcoFund dedicated to supporting early-stage initiatives aimed at enhancing the Manta ecosystem. Additionally, it has initiated support for collators on Manta Atlantic by allocating 50 million MANTA tokens to foster growth and attract additional participants.

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Singapore-based cryptocurrency trading firm QCP Capital published its recent analysis, noting that while the stock market showed robust momentum, Bitcoin continued to struggle in its recovery after the Federal Open Market Committee (FOMC) meeting. As anticipated by most analysts, the committee maintained the benchmark federal funds rate within the existing range of 5.25% to 5.50%.

The firm suggests that the divergence arises from Bitcoin miners undergoing a post-halving capitulation, which is directly constraining prices. In addition, Flowbank, involved in a three-party banking agreement with cryptocurrency exchange Binance, is currently navigating bankruptcy proceedings. Thus, QCP Capital expects a relatively quiet summer ahead, characterized by minimal volatility and lacking market-moving catalysts.

Moreover, regarding Ethereum, the firm does not foresee an immediate catalyst, as Gary Gensler anticipates that approval for a spot Ethereum ETFs may not occur until late summer. Consequently, QCP Capital suggests considering early accumulation during this extended period of subdued market activity, particularly focusing on Ethereum.

Currently, Ethereum’s volatility trades at a 10% premium to Bitcoin, and the firm anticipates this difference will decrease as Ethereum’s market participants adjust their positions in anticipation of the approval of the S-1 form by late summer.

Bitcoin Shows Slight Decline Below $67,000, and ETH Sees Volatile Trading At $3,515

At present, Bitcoin is trading at $66,923, showing a slight decline of over 1% in the last 24 hours, according to data from CoinMarketCap. The cryptocurrency has stayed below the $67,000 mark today, with its 24-hour lows and highs recorded at $66,379 and $68,246. Bitcoin’s dominance currently stands at 54.15%, marking a decrease of 0.14% over the day.

Meanwhile, the price of ETH is trading at $3,515, marking a 0.32% increase over the past 24-hour period. The cryptocurrency exhibited a rollercoaster-like movement, fluctuating from its peak of $3,524 to a low of $3,434 over the past day before returning to its previous level, based on data from CoinMarketCap.

Following BTC and ETH, altcoins and memecoins mirrored the downward price movement, which is in line with broader market trends. The global cryptocurrency market capitalization decreased by 0.87% from yesterday to $2.44 trillion. Additionally, the total cryptocurrency market volume over the past day experienced a decline of 24.64%, amounting to $69.66 billion.

The post QCP Capital: Bitcoin Struggles To Recover Following FOMC Meeting And Miners’ Post-Halving Sell-Off Limits Price Gains appeared first on Metaverse Post.

Decentralized finance (DeFi) asset management platform Zapper introduced the Zapper Protocol, an open protocol designed to incentivize the interpretation and contextualization of onchain information. This protocol will be powered by the ZAP token, which is anticipated to launch in the fourth quarter of this year. The token will serve as a reward for interpreting onchain data and will support the entire Zapper ecosystem.

The interpretation aspect of the Zapper Protocol will enable any individual to contribute and assist Zapper in making blockchains more readable. Additionally, the protocol introduces indexing templates that open up the interpretation layer, enabling users to add a new integration for a DeFi protocol or to present human-readable transactions. This process does not necessitate coding knowledge. At launch, there will be two types of interpreters: Position Interpreters and Event Interpreters, with more types planned for future implementation.

Position Interpreters will allow users to add missing positions or balances to Zapper. Meanwhile, Event Interpreters will convert complex onchain transactions into clear, human-readable outputs.

To participate and begin interpreting data for the Zapper Protocol, individuals are encouraged to choose between two roles: curators and reviewers. Curators are responsible for identifying uninterpreted data and creating interpreters. Reviewers serve as the final layer of validation, reviewing and verifying the submissions from curators to ensure accuracy before the data is made publicly available.

1/ Introducing Zapper Protocol

An open protocol incentivizing the interpretation and contextualization of onchain information

Powered by $ZAP pic.twitter.com/LBrKAiuHnT

— Zapper (@zapper_fi) June 13, 2024

Zapper Reveals Upcoming GraphQL API Launch And Future Plans For Decentralized Protocol

Zapper intends to provide more information in the future about how developers can utilize human-readable data in their applications through the new open GraphQL application programming interface (API). The protocol’s interpreted onchain dataset will support the development of enhanced social features.

Zapper functions as a DeFi dashboard that allows users to monitor their portfolios, encompassing assets, debts, liquidity pools, staking activities, claimable rewards, as well as  yield farming operations. Importantly, Zapper and the Zapper Protocol are separate entities: Zapper acts as a client of the protocol, while the Zapper Protocol serves the initial interpretation layer developed by Zapper.

According to the protocol’s roadmap, the launch of the API and the Token Generation Event is anticipated in the fourth quarter. Following this, decentralization of the protocol and the introduction of new interpretation primitives are anticipated to occur in 2025-2026.

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United States Securities and Exchange Commission (SEC) Chairman Gary Gensler, speaking during a budget hearing with United States Senator Bill Hagerty, expressed his expectation that the S-1 applications for spot Ethereum exchange-traded funds (ETFs) could potentially receive approval later this summer.

According to a post on social media platform X by FOX News Business reporter Eleanor Terrett, Chairman Gensler highlighted that he envisions the approval “sometime over the course of this summer.”

Furthermore, Gary Gensler informed a subcommittee of the Senate Appropriations Committee during a hearing discussing the market regulator’s budget that the process is progressing smoothly following the initial approval of a group of ETFs.

Clarifying on details here: Gensler said “over the course of this summer” and Hagerty said “by the end of the summer.”

Gensler: “I would envision sometime over the course of this summer…”

Hagerty: “If you’re indicating to me that those applications will be approved by the end… https://t.co/zJiI3reNZT

— Eleanor Terrett (@EleanorTerrett) June 13, 2024

Industry Leaders Anticipate Ethereum ETF Trading To Begin Before November 

In May, the SEC granted approval to eight spot Ethereum ETFs from asset management companies such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise for listing. However, issuers are still awaiting SEC effectiveness on the S-1 registrations, which encompass disclosing proposed fee structures of the funds, among other details, before the ETFs can officially launch.

Industry leaders forecasted that following approvals, trading could commence sometime between July and August and potentially before November.

Once those filings receive approval, the new ETFs can be listed, thereby expanding access for investors to easily tradable funds that are backed by actual ETH, similar to the previous establishment of spot Bitcoin ETFs backed by BTC.

As of the writing time, Ethereum is traded at $3,445, marking a decline of more than 5% over the past 24-hour period, based on CoinMarketCap data. Following the announcement in May, the cryptocurrency saw a slight increase before experiencing subsequent volatility. Analysts from Singapore-based cryptocurrency trading firm QCP Capital earlier forecasted that upon approval of spot Ethereum ETFs, ETH’s price could potentially outperform that of Bitcoin.

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As people around the world call for an earth-friendly future, the crypto industry, like any other sector, puts a premium on sustainable technologies and green projects. But, at the same time, the industry is still haunted by the environmental impacts of cryptocurrency mining, a core pillar of its existence. 

In recent years, there has been some bad press and bleak statistics about mining and the environment. But, looking past the records, has the crypto industry made any promising moves toward a greener tomorrow?  

Why Can Crypto Mining Harm the Environment?

The main point about the environmental impacts of mining concerns the energy source, hardware, and techniques used to mine crypto. With the growing complexity of the mathematical problems that miners must answer, the energy required for mining is rising significantly. 

Also, with the growing adoption of crypto, mining turns into a race for profits, which can be damaging in the long term.

Let’s dig a bit deeper.

Crypto Mining & Fossil Fuels

Some argue that cryptocurrency mining increases carbon emissions due to its high energy usage, especially when using fossil fuels. Since nonrenewable energy sources are often the cheapest and easiest for miners to get, this rising desire can be ultimately detrimental.

Cryptocurrency mining uses fossil fuels, which adds to the stress on local power grids, releases greenhouse gasses, and may cause resource loss in areas where mining is common.

Bitcoin mining, for example, is a major energy consumer. As of June 2024, it requires about 17.05 GW every day. It equals 150 terawatt-hours per year, which is more than Pakistan, Ukraine, and many other countries. 

Is the Impact the Same for All Cryptocurrencies?

The ecological footprint of various cryptocurrencies is not the same at all. For instance, Bitcoin’s mining procedure is notoriously energy-intensive. 

On the other hand, Proof-of-Stake (PoS) is making its way into newer currencies like Ethereum 2.0, significantly lowering energy usage. Compared to Bitcoin’s 17.05 GW daily consumption, Ethereum only consumes 656 kW, rounding to about 5.75 GW per year, which is infinitely lower than Bitcoin.

But, as the concerns remain, some people may wonder if traditional banking is a more sustainable approach, at least for the time being.

A Return to Traditional Banking?

Using energy for Bitcoin mining is a fact, but comparing it to regular banking systems is not a fair comparison. It is easy to see how much energy cryptocurrency uses, but it is also easy to forget how much energy standard facilities like data centers and ATMs consume.

Also, the inherent decentralization of crypto financial systems means that we won’t need as much physical infrastructure or middlemen. 

In fact, Joseph Raczynski, Thomson Reuters’ resident Technologist & Futurist, stated that by simply replacing traditional facilities with blockchain solutions, we can save a lot in electricity, oil, and gas, thereby “negating the environmental impacts” of these institutions.

But, still, we’re a long way from seeing this vision turn into reality. To get there, the crypto industry needs to come up with green mining solutions.

Moving Towards Renewable Energy

Green energy is slowly but surely making its way into the cryptocurrency mining sector, with countries like Canada and Norway, which are abundant in geothermal, hydroelectric, and wind power, becoming well-known hubs.  These countries can become the starting point to show the feasibility of a low-carbon mining future.

2024 has been promising so far. Daniel Batten, co-founder of CH4 Capital, recently stated on the Bitcoin ESG Forecast, Issue #003, that green energy sources are used in about 54% of BTC mining. 

If calculations are correct, this marks a significant shift toward a more sustainable future, especially given that the 2020 – 2021 UN Report was quite bleak, indicating that coal and natural gas provided 66% of the mining energy combined. 

Overall, there is more depth to these numbers than what you see online. According to a study by the Lawrence Berkeley National Laboratory, a lot of the common assumptions and figures about the energy usage and ecological footprint of crypto mining are inaccurate. 

Since power is the main cost of running a mining center, they don’t consider the fact that the entire industry is moving toward efficient hardware that’ll inevitably reduce the environmental impact of mining.

Are there any Green Mining Solutions? 

Moving to greener sources like solar and wind is crucial for lowering the industry’s overall ecological footprint. More and more mining companies are finding ways to minimize their harmful ramifications in the environment by relocating to areas rich in renewable energy. It’s better for the environment and their pockets.

The shift is happening faster because mining equipment technology is getting better. For instance, the development of more efficient ASIC miners has led to a significant reduction in power usage. Updated versions provide better performance with less power consumption, which is in line with the industry’s goal of sustainability.

Mining Containers

Another creative tactic that helps achieve this goal is the use of mining containers. Built specifically for crypto mining, these mobile, modular servers provide unique advantages. It makes it easy to operate in regions with plenty of renewable energy sources or with drier conditions, which could decrease energy demands, especially for cooling.  

PoW to PoS

In line with these technical breakthroughs, a big change is happening in the way cryptocurrencies work. People are moving away from the inefficient PoW approach and toward the more modern PoS model, which uses far less energy (like Ethereum 2.0). This shift also reduces the energy requirements of mining operations by drastically lowering the computing effort needed for validation and network safety. 

The Outlook

There will be a brighter future for digital currencies if the industry continues to produce more eco-friendly cryptocurrencies.

And as people become more conscious of environmental issues, the Bitcoin community is starting to put a premium on sustainability. To reduce their impact on the environment, some projects are looking at renewable energy sources and carbon offset solutions. The industry is moving in the direction of a more sustainable and ecologically aware future by tackling these concerns head-on. 

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Organization dedicated to advancing modular blockchain solutions for zero-knowledge (ZK) applications Manta Network, Manta Foundation, introduced its new $50 million ecosystem fund, EcoFund. This initiative, scheduled to run for one year starting June 15th, aims to support the ecosystem of innovative blockchain projects.

Notably, via its EcoFund and Ecosystem Grant Program, Manta Foundation will provide funding and support to early-stage initiatives that can receive grants of up to $50,000 to facilitate the implementation of their ideas.

The fund will prioritize projects, demonstrating the potential for market disruption and sustainable growth within the Manta network ecosystem. Additionally, selected projects are expected to present business models that are geared toward long-term viability and success.

A significant part of the EcoFund, $35 million or 70% of the total funds, will be reserved for direct investments in promising projects, focused on building applications within the Manta network across Gaming, decentralized finance (DeFi), non-fungible tokens (NFTs) among other sectors. This allocation is aimed at driving the development of essential applications and fostering advancements across the ecosystem.

Meanwhile, a portion of $10 million, equivalent to 20% of the total funding, will be dedicated to grants aimed at supporting specific areas of interest within the ecosystem.  The focus will be on projects spanning diverse sectors, including AI, Decentralized Physical Infrastructure Networks (DePIN), ZK technology, and memecoins, bolstering the development of unique applications on the Manta Pacific network. Additionally, funding will be available for projects demonstrating product-market fit in any other emerging areas.

Additionally, $5 million, representing 10% of the funding, will be set aside for events and hackathons to attract new builders and users.

The Manta Foundation is excited to announce the opening of the Manta Foundation EcoFund, a $50 million pool that includes direct investment and our Ecosystem Grants Program.

Looking to build on Manta? Apply today:

https://t.co/FpNxpI1sCe pic.twitter.com/8K1R8KZ6Tv

— Manta Network (,) #MantaCeDeFi (@MantaNetwork) June 13, 2024

Manta Foundation Initiates Support For Collators With 50M MANTA Tokens

Manta Network is designed to support ZK applications. It comprises two networks: Manta Pacific and Manta Atlantic. Together, they create an environment that sustains the development and adoption of Web3 applications.

Recently, the Manta Foundation has begun supporting collators on Manta Atlantic by delegating 50 million MANTA tokens. These tokens are allocated to those collators who actively contribute to the security and expansion of the Manta Network ecosystem.

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Team behind the ERC-7660 protocol, Benchmark Labs, announced the successful transfer of BENCH token liquidity to the Base mainnet today. The migration process has been completed, enabling trading to commence on Uniswap V3 Base.

According to the announcement on social media platform X, users now have the option to utilize the official cross-chain bridge operating on Layer 0 to facilitate the cross-chain transfer of BENCH tokens to Base. Additionally, the one-click deployment feature for ERC-7660 tokens will initially debut on the BASE mainnet. Benchmark Labs also indicated plans to introduce a range of new features on Base in the near future.

Base is a Layer 2 network developed by the company behind the cryptocurrency exchange Coinbase. It focuses on enhancing transaction speed while maintaining the robust security features of the Ethereum mainnet.

Notably, after the transfer, BENCH holders now have the option to cross-chain via Layer Zero.

$BENCH liquidity has been added on @base Uniswap V3

The cross-chain bridge is based on L0 and confirms that the BENCH CA on BASE is the same as that on ETH:

0xF4e21623496ad3Cf88a58B5e3A6b1FD22fDBe3E4

We will be releasing a series of new features on BASE soon #memecoin… https://t.co/C2MFHS8zD5

— Benchmark @ERC-7660 (@ERC7660) June 13, 2024

Who Is Benchmark And What Is ERC-7660?

Benchmark Labs has developed an experimental token standard tailored for memecoins. Known as ERC-7660 and based on ERC-20, it introduces a “consensus period” designed to foster community engagement and collaborative validation specifically for memecoins.

“Consensus period” denotes the duration over which tokens from a particular address unlock gradually, aimed at establishing a stable community consensus for memecoin.

Apart from this feature, the ERC-7660 protocol and Benchmark application provide fair launch capabilities, and tools for developing and deploying tokens.

“Fair Launch” is a pivotal feature of Benchmark. Projects launched through Benchmark’s Fair Launch mechanism receive robust support from the Benchmark community. This includes activating official promotional activities like airdrops, referral rewards, and benchmark social tasks as part of the Benchmark Build initiative.

Additionally, individuals can engage in the ERC-7660 protocol development through Benchmark Pass, granting users access to all future token drops across platforms and the ability to exchange Pass for platform tokens at any time. An upcoming feature, “Deploy,” will automate the deployment of ERC7660 tokens without requiring coding.

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For as long as we can remember, financial inclusion has been the grand vision for many to boost development and reduce poverty around the world. But still, many people worldwide, especially in neglected and faraway places, are unable to use standard financial services. 

So, while many are still waiting for traditional finance to deliver on its promise, some are already looking at alternative solutions, particularly cryptocurrency, to make this dream a reality for all of us. But how can crypto do what traditional finance hasn’t?

The Barriers to Financial Inclusion

The term “financial inclusion” means that everyone has the same chances to use financial amenities. Services like savings accounts, loans, and insurance are part of this. Even though the international banking system has come a long way, many people still don’t have bank accounts or simply lack the credit or means to fully benefit from them.

This lack of access is often because of:

Geographical & Credit Limitations. People living in remote or undeveloped areas who don’t have access to proper infrastructure or lack basic credit requirements.

High Fees. Traditional banks are known to be rather expensive and slow, especially when it comes to international remittance.

Currency Devaluation. Political and economic crises can heavily impact a country’s currency value, leaving people’s capital vulnerable.

Security. Too many people don’t use standard banking services because they don’t trust them, usually because of past financial problems or corruption.

Beyond Geography

Crypto, at its heart, had the potential to level the playing field by making traditional banking services available to everybody with an internet connection, regardless of their status. 

This issue was particularly noted by Sahar Salama, CEO and Founder of TPAY MOBILE, who stated that as we move toward a “cashless society”, digital currencies and services must be “accessible and appealing to everyone”.

This has happened in many ways, including:

International Remittance

People in places like Nigeria, where many people can’t access regular banks, have seen this promise come true. If you live in Nigeria and want to send money back to your family, friends, or other family members, you can use Bitcoin instead of conventional financial institutions. This is because Bitcoin makes transfers easier and cheaper for Nigerians who live outside of the country.

Microfinance institutions (MFIs) 

MFIs are vital in meeting the financial needs of underprivileged communities, especially in rural regions where conventional banks do not operate. These institutions use crypto and blockchain to make peer-to-peer loans possible. This means that people can borrow and give money directly to each other without going through middlemen. These platforms make it easier for everyone to get credit, so people can borrow money for ventures or unexpected costs. This helps people become more financially independent and resilient.

Cheaper & Faster

Most of the time, traditional transfer services have long working times and high fees. People can send and receive money quickly and with little to no fees using crypto, which is a cheaper, quicker, and more effective way to send money across borders. For families who rely on remittances to cover their basic necessities, this may greatly change their fortunes.

Numerous crypto projects, including these two, address this problem:

Stellar (XLM) & Ripple (XRP)

Stellar aims to provide affordable international money transfers and other financial services to those who do not have access to traditional banking systems. By linking different payment systems and financial organizations, its network facilitates cheap and fast international money transfers. 

It is also easy and cheap to send money internationally with XRP. Ripple is working with institutions all across the globe to give the unbanked a way to make cheap and fast payments.

Store of Value

People in nations with shaky economies can potentially use crypto to save their money’s worth. There is no government or bank that controls crypto assets, and their value is set by how much people want to buy and sell them.

While some argue that crypto’s foundations are merely speculative, Phillip Shoemaker, CEO of Identity, points out that cryptocurrency is here to stay and that Congress’s latest market-structure bill is “huge progress for the space.”

Plus, according to Shoemaker, the favorable policies of two presidential candidates, Donald Trump and RFK Jr., towards crypto and their firm support for the industry’s potential are “totally novel” in US history.

Reserve (RSV)

To protect its value, the Reserve stablecoin (RSV) is tied to a diversified portfolio of assets, making it a reliable investment option for those living in economically volatile regions. Venezuela and Argentina are two countries that have embraced Reserve, with people using RSV to protect their funds from devaluation and economic fragility while trading with a stable currency.

On top of that, many cryptocurrencies, like Bitcoin, have a capped supply. Bitcoin, for instance, has a maximum supply of 21 million coins, ensuring scarcity. This limited supply creates an inflation-resistant asset, as no additional coins can be created beyond the predefined cap, unlike fiat currencies that central banks can print at will.

In Zimbabwe, where the local currency has experienced hyperinflation, individuals have turned to Bitcoin to protect their savings. Bitcoin’s relatively stable value compared to the local currency provides a safer alternative for storing wealth.

Financial Security

Crypto transactions using the likes of BTC and ETH are encrypted through complex algorithms like SHA-256. Every single transaction is uniquely identified by its hash. This makes it difficult, if not impossible, to tamper with transaction details seamlessly.

Decentralized Identity & Self-Custody Wallets

Unlike other sites, decentralized authentication systems let users choose what specific data they share and can also remove access at any time. This helps prevent the usual breaches and identity thefts we see on centralized protocols.

In the same way, a self-custody wallet gives users independence by giving them custody of their personal keys. The keys allow users to handle assets that are stored as coins or tokens on a chain.

With a blend of self-sovereignty and self-custody capabilities, these encrypted wallets allow users to safeguard their digital keys that unlock the gate to their sensitive documents, statements, and transactions.

The Challenges on the Way to Complete Financial Inclusion

While advanced cryptocurrencies hold great promise for financial inclusion, several challenges remain:

Changing Regulations. Authorities and governments are still working on ways to control and handle the use of crypto. For adoption to grow, regulations must be clear and helpful.

Public Education. Many people don’t understand how digital currencies work. There needs to be education about these new financial tools so that people can understand and accept them.

Lack of Infrastructure. Cryptocurrencies cannot function without internet connectivity, which is not yet accessible to everyone. People who don’t have good internet connections can’t use or gain from tokens very much. Building the necessary infrastructure is crucial for crypto to be widely adopted.

Environmental Impact. Crypto mining’s negative environmental effects are still a major concern. Environmentalists are calling for more environmentally friendly ways because mining uses much energy.

Interoperability. Different blockchain networks still can’t work together, even though there have been improvements. The key to widespread usage and acceptance is the ability to transfer and use assets without any hitches across different platforms.

Edu Patel, CEO and co-founder of Murdex, perfectly sums up the current climate by pointing out that cryptocurrencies certainly “have the potential” to create global financial inclusion, but achieving this vision requires support from governments and financial institutions to fool-proof the regulatory framework against any misdeeds while “promoting consumer protection” and innovation.

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Multi-rollup aggregated Layer 3 network zkLink Nova announced its integration with Scroll, a native zero-knowledge Ethereum Virtual Machine (zkEVM) rollup. The partnership aims to enhance capital efficiency and inter-chain connectivity for Scroll users through zkLink Nova’s aggregated Layer 3 rollup, connecting with the broader Ethereum ecosystem with eight other Layer 2 zero-knowledge and optimistic networks, all while maintaining Ethereum-grade security.

zkLink Nova’s stack-agnostic liquidity aggregation will improve connectivity among rollup networks within the Ethereum ecosystem. Additionally, collaboration with Scroll will advance zkLink’s mission to aggregate fragmented liquidity, secured by zero-knowledge proofs (ZKPs) and zkLink’s multi-chain state synchronization.

Now, zkLink Nova users have greater asset diversity, including those assets natively available on Scroll, expanding the range of assets that can be accessed. The latest integration also enhances yield opportunities across the network.

Furthermore, zkLink Nova will enable Scroll developers to seamlessly migrate their decentralized applications (dApps) and offer them the option to engage with a large network of over 800,000 unique wallets, as well as connect with users on other layer two networks.

Scroll is an Ethereum Layer 2 scaling solution built on zkEVM. Utilizing this technology, Scroll provides a scalable and cost-effective method for interacting with the Ethereum blockchain, all while maintaining robust security.

@Scroll_ZKP, the native zkEVM Rollup, is now integrated with our #AggregatedL3 zkLink Nova!

1/ This partnership aims to improve capital efficiency and inter-chain connectivity for Scroll users through zkLink Nova’s aggregated Layer 3 rollup, tapping into the boarder… pic.twitter.com/wkqKbEHlBO

— zkLink Nova | Aggregated L3 (@zkLinkNova) June 13, 2024

zkLink Nova Launches Second Season Of Its Aggregation Parade

Operating as an aggregated Layer 3 zkEVM network, zkLink Nova integrates Ethereum with its Layer 2 rollups. It represents an EVM-compatible platform designed for quick smart contract development. It offers composability, interoperability, and scalability, leveraging ZKP technology for security. Moreover, it functions with low gas fees and fast finality and inherits its security from Ethereum.

Recently, zkLink Nova initiated the second season of its Aggregation Parade, allowing participants to bridge assets to zkLink Nova and access aggregated liquidity. This event, currently ongoing and scheduled to conclude on August 2nd, offers rewards in the form of Nova Points and non-fungible tokens (NFTs), all linked to the Finale Reward. Users can increase their Nova points by making contributions to the ecosystem’s growth.

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Vertically integrated Layer 1 blockchain Supra announced the launch of the “Super dApp Showdown” developer competition, allowing participants to vie for investments from Supra’s recently established $100 million Ecosystem Fund.

In addition, the platform will provide winning teams with the opportunity to participate in Killer Whales‘ crypto-focused reality TV series. Moreover, winners can pitch their ideas to prominent investors, receive consultations from Supra’s team, access core services and the token launch platform, benefit from cross-promotion and marketing through Supra’s social media channels, and network with the blockchain’s ecosystem of venture capitalists and partners.

The first season of the contest invites talented blockchain developers to create and launch decentralized applications (dApps) on the Supra network. The “Super dApp Showdown” will offer a chance to showcase builder’s dApps to Supra’s audience, which includes over 500,000 verified unique token holders on their gamified community platform “Project Blast Off,” as well as a larger community of 1.3 million email subscribers.

The competition is set to commence in August and will span three months. Each week, the winning team’s Super dApp will be showcased on the Blast Off platform, featuring missions and quests designed to familiarize users with their project. The developers have the flexibility to determine the types of rewards available, which may include prizes, airdrops, in-game assets, non-fungible tokens (NFTs), and more. Additionally, users can anticipate new rewards weekly for interacting with dApps, including giveaways, digital collectibles, and partner airdrops.

After the conclusion of the competition period, a panel of judges will select 12 winners across categories including DeFi, GameFi, Web3 Social, and others. The judging panel will comprise members from Supra’s leadership team, participants of the reality TV show Killer Whales, and experts from Supra’s key ecosystem partners such as Google Cloud, Republic Crypto, HashKey Capital. Importantly, the judging process will incorporate feedback from Supra’s community, who will have the opportunity to vote on dApps.

“We are thrilled to collaborate with Killer Whales as our media partner for the Super dApp Showdown and beyond. At Supra, we understand that attracting the right builders and founders requires a combination of capital and exposure,” said Joshua Tobkin, CEO and Co-Founder of Supra, in a written statement. “Along with access to Supra’s $100 million Ecosystem Fund and 500k verified token holders, projects will also have the chance to get featured on Killer Whales, benefiting from their exceptional team, high-quality production, and significant visibility,” he added.

Developers interested in participating in the competition can register on the “Super dApp Showdown” application page.

Supra Network’s Core Capabilities

The competition provides participants with an opportunity to explore the functionalities of Supra’s Layer 1 network. This platform vertically integrates core blockchain and Oracle services, including price feeds, verifiable randomness generators, automation capabilities, and bridges, all into a unified, high-performance stack. The network supports Multi-VM, enabling developers from MoveVM and Ethereum Virtual Machine (EVM) blockchains to deploy dApps directly on Supra and participate in the competition. Future plans include support for SolanaVM and CosmWasm.

Furthermore, Supra utilizes the Moonshot consensus mechanism, which is known for its rapid performance and robust security features in handling data feeds. During its global testing phase, Supra showcased Moonshot’s capability to handle up to 530,000 transactions per second across 125 globally distributed nodes, achieving optimistic finality in 500 milliseconds and full finality in approximately 1.5–2 seconds.

The blockchain integrates vertically with its Distributed Oracle Agreement (DORA protocol), facilitating real-time data access for developing faster and more functional dApps across decentralized finance (DeFi), GameFi, and other blockchain use cases. Additionally, it features Supra’s decentralized, verifiable randomness generator, Supra dVRF, ensuring transparency and unpredictability in random outcomes for games, prize draws, and similar applications.

“We expect to catalyze developers to build projects they can’t build anywhere else to showcase Supra’s potential,” said Joshua Tobkin to Mpost.

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