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2024-06-28 10:00:00 ~ 2024-07-30 09:30:00
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2024-07-30 14:00:00
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Layer3 is a platform that enables anyone to discover crypto. We curate unique, interactive onchain experiences (Quests) that enable anyone—regardless of skill—to explore the magic of crypto-tech.
'Not your keys, not your blockchain': DEGEN L3 can't switch 'rollup-as-a-service' providers from firm holding its keys
From theblock by Daniel Kuhn There are many things in life that cannot be controlled, but public/private key pairs are not usually included in that list. In fact, blockchains are designed so that anyone can maintain ownership over their assets. Unfortunately for DEGEN L3, however, this appears not to be the case. In a blog post on Thursday, the project’s founders disclosed they’ve been embroiled in a dispute with third-party infrastructure provider Conduit since August over access to their own blockchain. The unfolding conflict between DEGEN L3 and Conduit is a stark reminder of the risks inherent in using third-party infrastructure in blockchain projects. While blockchain technology promises decentralization and control over one's assets, DEGEN's struggle highlights the dangers of outsourced dependencies that can jeopardize ownership and operational continuity. This case underscores the importance of retaining control over essential elements like key management to avoid costly setbacks and potential legal battles. Airing of grievances “Conduit holds our rollup keys and has refused to upgrade our chain,” the Degen team wrote in a post titled “A Frustrated Migration and a Plea to the DEGEN Community,” that essentially outlines an alleged hostage situation. According to the team, in May, Conduit allegedly pushed out an unannounced software upgrade that caused a 54-hour period of downtime that cost Degen users $160,000 in lost funds. This was a black eye for the project that was once celebrated as the Ethereum ETH +5.15% -based network with the highest transaction count per second. After the incident, Degen contacted Conduit to make their users whole — a proposition that was allegedly declined. Instead, Conduit offered Degen six months of free service. At that point, the Degen team decided to migrate to a new contract and use a different service provider. As the team tells it, after Degen notified Conduit it was not renewing its contract, the infrastructure provider confiscated Degen’s sequencer fees and deleted its block explorer data. Worst of all, Conduit has refused to hand over the Gnosis Safe multi-signature keys needed for Degen to deploy its new smart contracts and activate the new infrastructure provider’s sequencer. “We feel we have no choice but to bring our grievances to the public,” the team wrote. Not your keys While serving as a general reminder of that old crypto adage “not your keys, not your coins,” the Degen situation also illustrates the issues around made-for-order developer toolkits and the hurdles ahead for scaling Ethereum via ever more scaling layers. “Ultimately if you use ‘rollup as a service,’ you are not in control and are at the whims of the provider. And in the experimental world we live in, probably best to go with a well established L1 that shares fees with their devs,” DeFi icon Andre Cronje told The Block in a direct message. DEGEN L3, launched in March 2024 by former Hedgehog Technologies engineer Jacek Trociński, is a memecoin-focused Layer 3 blockchain that supports decentralized apps. At its height, it was processing $200,000 daily in bridge volumes. From the start, it was supposed to be about fun and games, but apparently, Degen is the thing that got played. Wanting to launch a platform quickly after his points-accruing DEGEN token began gaining traction in the “degen” Farcaster channel, Trociński used prefab blockchain parts. According to Macha , he enlisted DAO services startup Syndicate to “piece together the infrastructure. " Built on Arbitrum’s Orbit chain, it used Conduit as a “rollup-as-a-service” provider, the Decent bridge to connect to Base and Blockscout for a blockchain explorer. Conduit provides a no-code solution for deploying a rollup, a process that could happen in minutes. “Outsourcing the chain development in this way enabled Degen chain to launch rapidly, and access the expertise needed to make customizations such as precompiled functions that reduce the need for smart contracts,” Macha wrote. The Block has reached out to both parties. No contracts For its part, Conduit responded to the allegations, saying, “We empathize with the DEGEN team and have been supporting their offboarding.” The company has reportedly been providing DEGEN services for free since May “without a formal relationship.” “This is unusual in business, but at Conduit we are flexible and want to support the best communities, however we can,” the company wrote on X. More importantly, according to Conduit founder Andrew Huang, the company has not received an address to which it can transfer ownership of the rollup. "As soon as we do, we’re ready to facilitate that transfer," he said. In addition to the dispute around which party should keep the Degen sequencer fees (Conduit allegedly refuses to release the funds “unless a contract is signed between both parties” in part because the sequencer is unprofitable, Degen claims), the companies are also in dispute over signing a contract. According to Degen, Conduit has been stalling on signing the migration contract for three months and is pushing for a version that would absolve them of all responsibility. Conduit, however, claims it has already signed a document that “has been viewed but not signed by DEGEN since October 30th.” “We're ready and waiting to deploy several new services on DEGEN L3 that we think are critical to improving the developer experience and range of available applications,” Degen wrote, noting that if Conduit does not hand over the keys and take the other necessary steps to begin offboarding, the project is willing to choose the less than “ideal path forward” of creating a new chain and ruminating holders. The project is also mulling a lawsuit, though Degen founder Colton Dillion noted it is "a slow solution that will leave the chain unable to be upgraded until we get a settlement or a court decision." “In the original contract we were supposed to get our keys within 30 days of saying we wanted to leave. It’s been 6 months since and no keys,” Degen wrote. “We hope the community can forgive us for trusting too much and erring on the side of kindness,” Degen wrote. Whether DEGEN can migrate or is forced to relaunch from scratch, it’s a lesson that “not your keys, not your blockchain.”
DEGEN tokens may have to relaunch on a new chain as ConduitXYZ holds bridge keys hostage
Degen (DEGEN), the reward token for Farcaster users, may have to relaunch on a new chain, after ConduitXYZ caused a long delay in transaction processing. Degen (DEGEN), a token for the Farcaster community, may relaunch its chain after a disagreement with its service provider ConduitXYZ. Degen used the service for its rollup infrastructure, and ConduitXYZ ended up holding some of the project’s rollup keys. This meant Degen could not migrate away from the service, even after a bad upgrade caused significant losses. Initially, the team wanted to migrate the DEGEN L3 chain to another infrastructure provider. Degen also runs a partially decentralized L2 chain, bringing together the Farcaster community with on-chain services. For the past three months, Degen tried to deal with the matter privately, before opening up its problems to the community. “DEGEN stands ready to create a new chain and remunerate all holders and developers on the original L3. While this is not an ideal path forward, we hope the community can forgive us for trusting too much and erring on the side of kindness,” the team announced in a recent statement about the conflict. On its side, ConduitXYZ offered a contract to migrate with support, avoiding on-chain risks. The service provider presented the contract, signed on their side, but as of the end of October, Degen did not accept the terms. Degen stated that it did not receive compensation for lost value during the chain downtime in May, and the offer for six months of free services was followed by double payments for the next six months. The unfavorable conditions pushed Degen to look for other solutions. See also Is Binance tracking Murad Mahmudov's meme list? Meme tokens get a boost from Binance futures market listings The Degen community stood behind the project, suggesting ConduitXYZ has not been honest in offering its services and not accepting other terms of payment or offboarding. For now, Degen has not announced plans for a relaunch to a new chain or service. Degen tried to migrate since August, considers a new chain The Degen team has been negotiating a migration with ConduitXYZ, during which time the service provider refused to give Degen the rollup keys. For the past few months, Degen claims ConduitXYZ retained fees for its infrastructure services and refused to move on with the migration. The Degen bridge was also affected by a faulty upgrade, which led to 54 hours of downtime for the bridging service. The DEGEN L3 bridge processes $200K in daily traffic, leading to a loss of user funds and opportunities. As a result, the bridge lost 75% of its traffic, retaining only around $4M in value locked . ConduitXYZ has not compensated the DEGEN L3 users as the Degen team demanded. In the case of a new chain relaunch, Degen will aim to renew all balances. Additionally, Degen claims ConduigXYZ lost some of its on-chain history data, leaving users with a broken block explorer. As a result of the losses, Degen has considered a chain relaunch to carry out its activity. The project claimed it had several partnerships in the pipeline and ConduitXYZ could not provide the technical assistance to sign the necessary transactions. One of the main areas of development is with meme token platforms, where the DEGEN token will gain cross-chain compatibility and be used for tipping and DeFi on several protocols. See also Solana surpasses BNB, claims fourth largest crypto by market cap The migration of DEGEN L3 to a new provider or a new chain does not affect the other features of the project. DEGEN token usage and tipping on Farcaster are still working, and the main service has not abandoned Base as its main platform. Farcaster has slowed down its activity from its heyday in the first half of 2024, coinciding with the price action of DEGEN. Farcaster saw an outflow of users and content after the initial hype about crypto social media. | Source: Dune Analytics In March and April, Farcaster carried more than 1.2M casts or postings. A few months later, the activity stabilized at around 500K casts. Farcaster retains around 700K total users, and its activity overlaps with other social media. After the news of the failed migration, the DEGEN token slid from $0.009 to $0.0081, sinking toward its weekly lows. DEGEN started off in April when Farcaster and SocialFi were more popular, peaking at $0.05. Since then, the token has been losing value, despite its presence on Coinbase.
'Not your keys, not your blockchain': DEGEN L3 can't switch 'rollup-as-a-service' providers from firm holding its keys
There are many things in life that cannot be controlled, but public/private key pairs are not usually included in that list. In fact, blockchains are designed so that anyone can maintain ownership over their assets. Unfortunately for DEGEN L3, however, this appears not to be the case. In a blog post on Thursday, the project’s founders disclosed they’ve been embroiled in a dispute with third-party infrastructure provider Conduit since August over access to their own blockchain. The unfolding conflict between DEGEN L3 and Conduit is a stark reminder of the risks inherent in using third-party infrastructure in blockchain projects. While blockchain technology promises decentralization and control over one's assets, DEGEN's struggle highlights the dangers of outsourced dependencies that can jeopardize ownership and operational continuity. This case underscores the importance of retaining control over essential elements like key management to avoid costly setbacks and potential legal battles. Airing of grievances “Conduit holds our rollup keys and has refused to upgrade our chain,” the Degen team wrote in a post titled “A Frustrated Migration and a Plea to the DEGEN Community,” that essentially outlines an alleged hostage situation. According to the team, in May, Conduit allegedly pushed out an unannounced software upgrade that caused a 54-hour period of downtime that cost Degen users $160,000 in lost funds. This was a black eye for the project that was once celebrated as the Ethereum-based network with the highest transaction count per second. After the incident, Degen contacted Conduit to make their users whole — a proposition that was allegedly declined. Instead, Conduit offered Degen six months of free service. At that point, the Degen team decided to migrate to a new contract and use a different service provider. As the team tells it, after Degen notified Conduit it was not renewing its contract, the infrastructure provider confiscated Degen’s sequencer fees and deleted its block explorer data. Worst of all, Conduit has refused to hand over the Gnosis Safe multi-signature keys needed for Degen to deploy its new smart contracts and activate the new infrastructure provider’s sequencer. “We feel we have no choice but to bring our grievances to the public,” the team wrote. Not your keys While serving as a general reminder of that old crypto adage “not your keys, not your coins,” the Degen situation also illustrates the issues around made-for-order developer toolkits and the hurdles ahead for scaling Ethereum via ever more scaling layers. “Ultimately if you use ‘rollup as a service,’ you are not in control and are at the whims of the provider. And in the experimental world we live in, probably best to go with a well established L1 that shares fees with their devs,” DeFi icon Andre Cronje told The Block in a direct message. DEGEN L3, launched in March 2024 by former Hedgehog Technologies engineer Jacek Trociński, is a memecoin-focused Layer 3 blockchain that supports decentralized apps. At its height, it was processing $200,000 daily in bridge volumes. From the start, it was supposed to be about fun and games, but apparently, Degen is the thing that got played. Wanting to launch a platform quickly after his points-accruing DEGEN token began gaining traction in the “degen” Farcaster channel, Trociński used prefab blockchain parts. According to Macha , he enlisted DAO services startup Syndicate to “piece together the infrastructure. " Built on Arbitrum’s Orbit chain, it used Conduit as a “rollup-as-a-service” provider, the Decent bridge to connect to Base and Blockscout for a blockchain explorer. Conduit provides a no-code solution for deploying a rollup, a process that could happen in minutes. “Outsourcing the chain development in this way enabled Degen chain to launch rapidly, and access the expertise needed to make customizations such as precompiled functions that reduce the need for smart contracts,” Macha wrote. The Block has reached out to both parties. No contracts For its part, Conduit responded to the allegations, saying, “We empathize with the DEGEN team and have been supporting their offboarding.” The company has reportedly been providing DEGEN services for free since May “without a formal relationship.” “This is unusual in business, but at Conduit we are flexible and want to support the best communities, however we can,” the company wrote on X. More importantly, according to Conduit founder Andrew Huang, the company has not received an address to which it can transfer ownership of the rollup. "As soon as we do, we’re ready to facilitate that transfer," he said. In addition to the dispute around which party should keep the Degen sequencer fees (Conduit allegedly refuses to release the funds “unless a contract is signed between both parties” in part because the sequencer is unprofitable, Degen claims), the companies are also in dispute over signing a contract. According to Degen, Conduit has been stalling on signing the migration contract for three months and is pushing for a version that would absolve them of all responsibility. Conduit, however, claims it has already signed a document that “has been viewed but not signed by DEGEN since October 30th.” “We're ready and waiting to deploy several new services on DEGEN L3 that we think are critical to improving the developer experience and range of available applications,” Degen wrote, noting that if Conduit does not hand over the keys and take the other necessary steps to begin offboarding, the project is willing to choose the less than “ideal path forward” of creating a new chain and ruminating holders. The project is also mulling a lawsuit, though Degen founder Colton Dillion noted it is "a slow solution that will leave the chain unable to be upgraded until we get a settlement or a court decision." “In the original contract we were supposed to get our keys within 30 days of saying we wanted to leave. It’s been 6 months since and no keys,” Degen wrote. “We hope the community can forgive us for trusting too much and erring on the side of kindness,” Degen wrote. Whether DEGEN can migrate or is forced to relaunch from scratch, it’s a lesson that “not your keys, not your blockchain.”
Ritual: Bringing AI capabilities to the Arbitrum ecosystem
On November 4th, Ritual, a decentralized AI computing platform, tweeted that it is bringing AI functionality to the Arbitrum ecosystem. RitualChain will act as a co-processor for ArbitrumOne and other L2/L3 frameworks under Orbit, allowing applications to submit AI requests directly to RitualChain and use the results locally by passing messages to it.
ApeChain Mainnet Launches: Transforming the APE Ecosystem with L3 Technology on Arbitrum
ApeChain, the APE ecosystem’s Layer 3 blockchain, has launched on Arbitrum, enhancing scalability, efficiency, and lowering transaction costs. The launch of ApeChain coincided with a significant rise in the APE token price, reflecting the network’s anticipated impact on the blockchain landscape. The team behind Bored Ape Yacht Club (BAYC) and ApeCoin (APE) has officially launched the ApeChain mainnet, a Layer 3 (L3) blockchain built on the Layer 2 (L2) scaling solution, Arbitrum. This launch marks a significant milestone in the APE ecosystem, designed to further enhance scalability, transaction speed, and cost efficiency. ApeChain’s architecture as a Layer 3 network, built on top of Arbitrum, which itself runs on Ethereum (ETH), offers unique advantages. Ethereum , serving as the Layer 1 (L1) foundation, provides the fundamental security and decentralization needed for blockchain networks. However, its limitations, particularly in scalability and transaction costs, have led to the development of more advanced solutions like Arbitrum (L2). By moving transactions off the main Ethereum chain and then verifying them back onto the network, Arbitrum dramatically reduces costs and increases speed without compromising security. ApeChain leverages this structure as an L3 to further optimize transactions within the APE ecosystem. It inherits Ethereum’s security and Arbitrum ’s enhanced scalability, but adds another layer of efficiency tailored to the specific demands of the APE network. The goal is to ensure faster, cheaper transactions, particularly within the ApeCoin economy, where rapid transaction processing and minimal fees are essential. The launch has already had a notable impact on the APE token, which saw a price surge from $0.70 to a high of $1.75, a level not seen since April 2024. The token is currently trading around $1.54, highlighting increased confidence in the APE ecosystem’s future. How ApeChain Enhances Blockchain Efficiency ApeChain supports the Ethereum Virtual Machine (EVM), meaning it can run the same types of smart contracts and decentralized applications (dApps) as Ethereum. This compatibility enables ApeChain to tap into the vast ecosystem of tools and applications already developed for Ethereum, providing seamless access for developers and users alike. One of the key innovations driving ApeChain’s low-cost transactions is the “Anytrust Data Availability” technology. This system ensures that transaction data remains accessible and verifiable in a decentralized manner, without requiring all network validators to be online at all times. Instead, a subset of trusted validators, known as the Data Availability Committee, guarantees data integrity. This allows for reduced resource consumption, driving down costs while maintaining robust security. If disputes arise, the full dataset can be restored to validate any potential issues, ensuring transparency and trust in the system. Despite its advantages, this technology also introduces certain risks. Since the network’s security heavily relies on the integrity of the Data Availability Committee, any malicious behavior or corruption within this group could pose a threat to data availability and overall network security. On-chain data reveals that ApeChain processes new blocks every second, with most blocks handling two transactions, though some contain up to 12. These blocks confirm the network’s rapid transaction speed and low costs, with transaction fees as minimal as $0.007. Since its launch on October 19, ApeChain has seen a surge in unique accounts, growing from 5,000 to over 103,000 within just one day. This explosion in user participation is partly attributed to the community’s positive reception of “Top Trader,” a cryptocurrency trading simulator introduced alongside the ApeChain mainnet. During ApeChain’s testnet phase, unique accounts never exceeded 1,300, making this exponential growth a testament to the mainnet’s early success. Additionally, daily transactions have soared, reaching nearly 900,000 on October 20, compared to the testnet’s peak of just 10,000 daily transactions. The Future of the APE Ecosystem ApeChain’s integration into the broader APE ecosystem represents a significant advancement for projects like the Bored Ape Yacht Club. The ecosystem, which includes several NFT collections and decentralized platforms, benefits from ApeChain’s enhanced efficiency, providing users with a faster and more cost-effective blockchain experience. Additionally, the introduction of “native yield” functionality allows assets transferred into the ApeChain network to automatically generate passive income, utilizing yield-generating sources on the Ethereum mainnet without requiring any manual intervention. Stablecoins like USDC , USDT, and DAI will be converted into sDAI (DAI Savings Rate) on Ethereum and mirrored on ApeChain as apeUSD, while ETH and WETH will be transformed into apeETH. These mechanisms will empower users to earn returns on their holdings effortlessly, further enriching the APE ecosystem’s financial offerings. In tandem with the launch, Yuga Labs has introduced ApeExpress , a platform enabling users to create and launch custom tokens on ApeChain. This allows for the easy creation of tokens, from memes to more complex assets, within minutes, giving users new ways to engage with the ecosystem.
Arbitrum Orbit L3 ApeChain Launches Mainnet
Arbitrum announced on X that Arbitrum Orbit L3 ApeChain has been launched on the mainnet.
$CROS Outlook: Multi-chain and cross-platform ad platform with market speculation expectations
I. Project introduction Cros Advertising Ecosystem is a forward-looking decentralized ad platform that aims to reshape the existing advertising ecosystem and inject new impetus into the global trillion-dollar gaming economy. As a multi-dimensional advertising solution, Cros platform integrates functions such as advertising placement, payment channels, Data Analysis, NFT market, and virtual commodity trading, aiming to completely change the way advertisers, game developers, and creators interact. The platform not only provides advertisers and brands with the ability to seamlessly deploy ads, but also empowers developers and game publishers to embed advertising assets through highly customized SDKs. Cros is based on blockchain technology and ensures that all advertising transaction data is transparently verified on the chain through its Layer 2 protocol, thereby eliminating hidden barriers in the traditional advertising industry and enhancing the transparency and credibility of advertising. In addition, the Cros platform has implemented a chain-agnostic design, allowing users to operate freely on various blockchain networks, truly achieving cross-platform and cross-chain advertising placement and virtual asset trading. With its innovative architecture, Cros has brought new efficiency and transparency to the advertising market, endowing the advertising industry with unprecedented flexibility and future growth potential. II. Project highlights Comprehensive advertising management and analysis capabilities Cros Ads Manager provides comprehensive ad deployment and management tools, allowing advertisers to easily place ads, monitor performance, and trade ad creatives through the NFT market. For developers, Cros provides a powerful SDK to help them quickly embed ad content and shorten game IPO time. Multi-chain, cross-platform advertising ecosystem Cros adopts a chain-agnostic architecture, breaking through the limitations of a single blockchain. Regardless of which blockchain, advertisers and developers can achieve seamless delivery and transactions, creating a broader operational space for the advertising market. NFT and Virtual Goods Market Cros provides a powerful advertising asset NFT ecosystem where brands and developers can design, publish, and trade advertising NFTs. The platform not only supports the release of virtual goods, but also combines the trading of real goods, further enhancing advertising effectiveness and brand influence. Transparent Layer 2 Protocol Cros' Layer 2 protocol ensures that all advertising transactions and data are transparently verified through blockchain, eliminating information asymmetry and opacity issues in traditional advertising systems. Through the automated execution of smart contracts, advertising campaigns and data settlements become more fair, secure, and efficient. III. Market value expectations Cros Advertising Ecosystem ($CROS) is a decentralized platform dedicated to reshaping the global advertising industry through blockchain technology. With its innovative advertising delivery model, payment channels, and NFT market, Cros provides a new solution for interaction between advertisers, game developers, and creators. The initial circulation of $CROS tokens is 2.05% (i.e. 20,500,000 tokens). Although there is currently no clear token unit price, we can predict its future market value and addressable market performance by benchmarking similar Web3 marketing and ad platforms. Benchmark project type and market value expectations: Crowny ($CRWNY) - A Web3-based loyalty and marketing platform Token unit price: 0.002509 dollars Market capitalization: $1,757,820.395 Circulation: 700,597,988 pieces Expected $CROS token price : about 0.0858 dollars Crowny is a platform that provides loyalty rewards and marketing solutions for brands through Web3 technology. Carry ($CRE) - Decentralized Marketing Solution Token unit price: 0.003217 dollars Market capitalization: $32,173,860.51 Circulation: 10,000,000,000 pieces Expected $CROS token price : about 1.57 dollars Carry provides decentralized advertising payment and consumer data management services. Layer3 ($L3) - Full Chain Identity and Distribution Protocol Token unit price: 0.0598 dollars Market capitalization: $26,055,354.842 Circulation: 435,066,937.838 pieces Expected $CROS token price : about 1.27 dollars Layer3 provides authentication and distribution protocols for advertising and marketing through cross-chain technology. Cros Advertising Ecosystem Token Economics ($CROS) Cros Advertising Ecosystem's native token $CROS is an ERC20 governance token based on the Ethereum network, with a total supply of 1 billion tokens, specifically used to promote platform governance and incentive mechanism. The token plays a core role in the entire ecosystem, promoting advertising campaigns, network governance, and reward distribution. Token distribution Cros plans to publish 1,000,000,000 $CROS tokens, which will be distributed as follows: Seed round sales : 10% (100,000,000 coins), TGE release 2%, 3-month lock-up period, linear release 24 months. Private placement round sales : 10% (100,000,000), TGE release 5%, 3-month lock-up period, linear release 24 months. Public offering round sales : 2% (20,000,000), TGE release 20%, linear release 4 months. Team and Advisor : 17% (170,000,000 coins), 8-month lock-up period, linear release for 40 months. Airdrop and security bugs reward : 7% (70,000,000), linearly released for 24 months. Network boot reward : 10% (100,000,000 pieces), linear release for 60 months. Growth and Community Bonus : 15% (150,000,000 coins), linear release for 24 months. Additional Development Fund : 6% (60,000,000 tokens), 8-month lock-up period, 24-month linear release. Listing and market-making funds : 5% (50,000,000), 8-month lock-up period, linear release for 6 months. Ecosystem Fund : 18% (180,000,000 coins), linear release for 60 months. Token usage The $CROS token has four main functions in the Cros Advertising Ecosystem, namely: Staking (Staking) : Gamers, developers and advertisers can get a share of advertising revenue by staking $CROS tokens. Validation (Validation) : Validation nodes need to stake $CROS tokens to verify the effectiveness of advertising display, ensuring that advertising data is fairly verified on the Layer 2 chain of Cros. Governance : $CROS holders can participate in the governance of the platform, voting on network parameters and development direction, such as payment methods, staking rules, advertising revenue distribution, etc. Payment (Payments) : Advertisers can get discounts and cashback when using $CROS tokens to pay for advertising expenses, increasing the circulation and demand of tokens. V. Team and financing Hussein A., founder, has extensive experience with Rocket Internet. He brings a deep technical background and entrepreneurial spirit to promote Cros' decentralized advertising ecosystem globally. Sachin A., co-founder, previously worked at Microsoft and has extensive experience in technology management and innovation. He is one of the builders of Cros' core technology architecture. Vikranth P., Product Owner from Cisco, has extensive product development and management experience and is responsible for driving product strategy and user experience optimization for the Cros platform. Financing section: The specific financing details have not been made public yet. However, the token distribution plan of the project shows that 17% of the tokens have been reserved for the team and consultants, indicating that the team will play an important role in future development and operation. VI. Risk Warning Advertising market acceptance risk Although Cros Advertising Ecosystem provides innovative solutions for the advertising industry through decentralized technology, the traditional advertising industry already has a solid market and players. Cros needs to persuade advertisers, developers, and brands to use its platform, which may encounter market inertia and resistance. If the advertising market does not accept Cros as expected, the project's user growth and platform development may be affected. Transparency and privacy protection of advertising data Cros' decentralized advertising model verifies advertising data through blockchain. Although this mechanism can improve transparency, it may also raise concerns about data privacy among advertisers and users. Advertisers may feel uneasy about the transparency of data, and users may also have doubts about the recording and storage of their behavioral data. Cros needs to find a balance between transparency and privacy protection, otherwise it may affect the trust of advertisers and users. Token demand fluctuations within the ecosystem As a key tool for advertising payment and Platform Governance, the demand for $CROS tokens will directly affect the vitality of the entire ecosystem. However, the token usage demand of advertisers and developers may be affected by market fluctuations, industry cyclical changes, and external factors, leading to insufficient token demand and affecting the liquidity and market value of tokens. VII. Official link Website ： https://x.com/crosworlds Twitter： https://www.cros.world/ Telegram： https://t.me/CrosChannel
Unite Partners with EigenDA to Revolutionize Infrastructure for Scaling Web3 Mobile Gaming
Sinagpore, Singapore, October 16th, 2024, Chainwire Unite , the pioneering Layer 3 blockchain solution built on Base, is excited to announce a strategic partnership with Eigen Labs to incorporate EigenDA, a leading data availability solution provider, into the infrastructure that powers the next generation of mobile games. As the first Layer 3 blockchain tailored specifically for mass-market mobile games, Unite is focused on delivering seamless, high-performance experiences to the nearly 3 billion active mobile players. To achieve this mass-market scale, the partnership with EigenDA will integrate their cutting-edge data availability solutions into Unite’s Layer 3 chain, making launching and operating a web3 mobile game dramatically more efficient at scale. “Modern web3 infrastructure is critical to the evolution of the mobile gaming industry,“ said Weiwei Geng, CEO of Unite. “Our collaboration with EigenDA will let us help the next generation of developers achieve global scale by making blockchain an enabler – not an obstacle – to building web3 mobile games. This partnership is a significant step forward in our mission to bring the mass market of mobile gamers to web3.” EigenDA’s data availability solution delivers hyper scalability, ensuring high throughput and seamless scaling as demand increases. It’s extremely efficient, and continues to drive gas fees closer to zero. The solution leverages Ethereum’s Layer 1 security via EigenLayer, making it robust and reliable. By aligning with Ethereum’s ecosystem, EigenDA enhances rollup scalability without data availability constraints. These features make EigenDA the ideal partner for Unite, enabling the handling of large transaction volumes and in-game interactions, allowing game developers to focus on innovation and growth. Sreeram Kannan, CEO of Eigen Labs, added, “We are really excited about Unite’s vision of developing a crypto ecosystem dedicated to achieving mass-market adoption of web3 with mobile games. EigenDA and the Eigen stack ensures Unite developers can scale effectively while delivering seamless, high-quality experiences for gamers globally.” The partnership between Unite and Eigen Labs marks a significant milestone in building the future of blockchain-powered mobile games with the potential to compete with leading web2 mobile games, which serve billions of users, and drive nearly $100B in annual revenue. Bringing together two industry leaders committed to driving innovation and mass adoption of web3. For more information, users can visit Unite.io and Eigenda.xyz . About Unite Unite is on a mission to build the first Layer 3 blockchain solution for mass-market mobile games, targeting the 2.8 billion players and the $90 billion revenue generated from the mobile game market. Focused on enhancing player experience with in-game earning capabilities, Unite offers a comprehensive L3 solution encompassing chain, client, ecosystem and establishing a decentralized physical infrastructure (DePin) built on billions of daily active mobile devices worldwide. Founded by veterans in mobile, gaming and web3 infrastructure who served as founders and executives of some of the biggest names, Unite is leading the innovation to the mobile games. For more information, users can visit Unite’s official website , or follow Unite on X , and join Discord community. About EigenLayer EigenLayer provides developers access to the Ethereum restaked capital base and decentralized validator set. Access to this trust network makes previously impossible mechanism designs possible in the form of Actively Validated Services (AVSs). EigenDA is the first AVS, building the most scalable, secure, and price-performant data availability layer. EigenLayer is backed by top investors including Polychain Capital, Blockchain Capital, Ethereal Ventures, Electrical Capital, and a16z crypto. Contact Di Chen [email protected]
Farcaster's ups and downs: DEGEN's meme product revival
Original title: "Meme Super Cycle: DEGEN's Road to Meme Product Revival" Original source: Bob Tech Two months ago, when I was making the first video, Degen fell to the lowest point of 0.002$, but the number of on-chain addresses became the top 4 meme tokens. Today, two months later, DEGEN spot has landed on Coinbase and the price has risen by nearly 400% in a short period of time. It seems like a lifetime ago. DEGEN July Fundamentals Analysis Content Introduction: Foreword (1) Farcaster Economy and Degen; (2) Degen’s “darkest moment” this year; (3) Founder Jacek’s three transformations; (4) Meme Supercycle; Concluding Thoughts Foreword: I have been learning and playing at Farcaster for almost a year. FC has attracted qBuilders and qUsers. Although the daily active users have dropped by half from 100,000, the group of users who finally retained FC after this year are those who like original exploration. “Organic content” is still the reason why FC attracts me. I think the Farcaster community is more like a "casual" product incubator rather than what the industry calls "SocialFi" or "web3 social". Many experimental products are deeply bound to the Far community. For example, the previous client-transformed cultural and creative evaluation https://nook.social/, the client https://kiosk.app/, the acquisition of mirror https://paragraph.xyz/, the transformation of FC fan token project MOXIE https://www.airstack.xyz/, etc. In addition to mature products, there are also groups (https://warpcast.com/~/channel/the-arena) where earlier products are being built-in-public every day. Looking back at the development in the past six months, most of the early projects of Farcaster 1.0 have died down, and 90% of the projects that started with Party App and channel at that time now seem like a lifetime ago. However, as the most OG reward currency in the Farcaster community, Degen still continues to maintain product updates and community support. Although the transition to L3 was not smooth (there were downtimes in the middle) and there were many overly generous grants. But after several twists and turns, the community still grew together with the founder Jacek. Conduit's downtime announcement 1. Farcaster economy and Degen Farcaster is the platform that really made me want to study and output from an ordinary reader. With more than a year of development, FC has become a small on-chain economy. Every day, there are new early small products in internal testing, accompanied by a variety of Tokens and Airdrops. Recently, the post "Farconomy" has become popular https://warpcast.com/luc/0x04ad2a6e, Farcaster is forming a small economy that is very different from the mainstream web3 community style. Farconomy has counted the on-chain assets that have emerged in this cycle, such as the early Base ecosystem meme $HIGHER, TYBG, and the project $BUILD that started from the Farcaster developer group, the fan token project moxie launched by airstack that has recently begun to gain popularity, and of course the big brother - the earliest community reward currency $DEGEN. farconomy.com Although Farconomy maintains the ability to continuously incubate assets, I think only DEGEN can cross the cycle and maintain product stickiness. From the data, DEGEN still accounts for nearly 90% of the Farconomy economy. Although as the first generation of Farcaster reward currency, there are also many fork versions: such as HAM, but none of them have been able to maintain organic and continuous product iteration. Snapshot date: October 7 / Source: DUNE 2. Degen’s “darkest moment” this year After DEGEN officially transformed into a meme-exclusive chain Layer3 in May this year, after a brief correction, the community sentiment is still very high, and there have always been ecological partnerships and project grants. As the only VC institution 1confirmation (opensea, Polymarket investor), Mike publishes DEGEN daily reports every day https://paragraph.xyz/@degennews. It may be the norm for altcoins and memecoins. In the past six months, the market value has fallen by 90%. The community has also questioned the continuous decline. The DEGEN daily report made by 1confirmation also stopped in August. Compared to the cessation of block production on the DEGEN chain in May, the market decline in the following months has tested the founder's confidence. However, with the strategic transformation of founder Jacek, DEGEN began to cooperate with wintermute market makers, and the community's sentiment has eased. Until last month, many members of https://warpcast.com/~/channel/degentokenbase were still expressing dissatisfaction and disappointment with the development of Degen. Personally, I think Degen's transformation to Layer3 was a "trick" marketing decision that coincided with BASE Summer in May, but if most of the development resources are put into the transformation of layer3, and grants are still generously issued, it is a wrong decision to ignore the iteration of the product itself. Obviously, Degen's Layer3 through Conduit is a less successful attempt, just like the boring L2s. DEGEN Weekly 3. Founder Jacek’s 3 transformations The first: tipping currency transformation to Layer3 (2024-Q1) The second: ecological grants, increase the number of users (2024-Q2) The third: upgrade tips pledge function (vaults), cex listing (2024-Q3) Dune: https://dune.com/bob_tech/farcasterda-shang-xiang-mu-degenshu-ju-fen-xi This dune dashboard This shows the fundamentals of Degen products very well. $DEGEN, as a reward currency for farcasters, is no longer as popular and discussed as before, but the TVL data of its newly launched vault and layer3 have been setting new highs. It can also be seen that the founder Jacek has shifted his product focus. The demand for tipping products has weakened and turned to connectivity with other farcaster ecosystems and L3. Of course, the new vault staking and locking is also to give more back to core tippers, but I personally think that Degen should perhaps do more feature products around tipping and make "content reward" a product matrix. DEGEN has developed an independent small ecosystem Based on the recent tweets of founder Jacek, I think degen will usher in a wave of product adjustments and upgrades, and I hope that the "good article reward" product series can have new attempts. Video link: https://www.youtube.com/watch?v=rNUVJynMSFk Supply and demand analysis (updated 2 months ago) 4. Meme Supercycle The coolest speaker at Token2049 is Murad Mahmudov, and his "memecoin supercycle theory" is very worth discussing. He used data to show the ability of meme to cross cycles and the current VC project TGE embarrassment (high FDV and low circulation). Murad's speech at 2049 Compared with previous cycles, meme also seems to be highlighting the "Lindy effect, and a series of "value projects and tokens" created by VC are losing their community foundation, from the PUA of points and endless Layer2s, making the originally "innovation-driven" industry dead. Although Murad's point of view is full of emotional value, rationally speaking, the unpredictability of meme and the poor reliability of fundamentals are too poor, and its ups and downs of "short-sighted" style may make the industry more out of touch with future technology. I think relatively good memes have the following characteristics: (1) Products that can be played with daily; (2) Platforms and communities for daily discussion; (3) High-quality memes that can be re-created. Personally, I prefer meme communities that have products, and I naively hope that "product memes" can replace "emotional memes" to compete with VC projects in the market. Trinity: Product + Community + Meme Conclusion Creating and developing something is difficult, and the success of any business is also difficult. From Farcaster, I have seen the ups and downs of many niche product startups. Degen's development this year is a relatively interesting case. From a simple one-man project to obtaining financing from 1confirmation, it has now developed into a small community with nearly 700,000 addresses. Although there have been many failed attempts at transformation, Jacek, as a former "skateboard boy", is still relatively optimistic and honest in facing problems and solving them. It is also through this period of learning and output in fc that I have seen the development and failure of many independent products (not only DEGEN). After several precipitations, I also understand the value beyond price talk. Although failure is the norm, don’t rush to deny the exploration steps forward. (This article does not make any investment-related suggestions or opinions, it is only for personal learning and content creation.) Original link
Loopring Releases Security Incident Report and Shifts Focus to L3 Products
On October 11th, Ethereum Layer 2 protocol Loopring released a security incident report, stating that the April and June security incidents were a mix of two separate but related incidents that resulted in the loss of some users' funds. Loopring said that while users are responsible for the security of their hosting, the team is willing to work with law enforcement and security teams to help users recover lost assets. In light of this incident, Loopring has shifted resources and core focus to the multi-network Loopring L3 product.
Achieve Greater Returns On Bitget Launchpool With Strategic Borrowing From Bitget Crypto Loans
In this article, we’re diving into how Bitget Crypto Loans can be strategically used to maximise your Bitget Launchpool returns. By borrowing assets through Bitget Crypto Loans, you can boost your staking power for Bitget Launchpool events to increase your rewards as well as expand your passive income potential. What Is Bitget Crypto Loans? Bitget Crypto Loans provide a smart, flexible way to unlock extra liquidity from your existing crypto assets without needing to sell them. This service is ideal for traders and investors looking to maintain ownership of their long-term holdings while freeing up capital for other opportunities. Bitget offers several loan options to suit different needs: ● Flexible Loans with adjustable rates based on the market, ● Fixed Rate Loans for 7-day or 30-day periods, with predictable repayment terms, and ● Key Account Loans for larger borrowers needing tailored options. To access Bitget Crypto Loans directly from your mobile devices, please check our latest guide here: Bitget Earn Guide (2024 APP Version) What Is Bitget Launchpool? Bitget Launchpool is a dynamic platform that enables users to deposit specific tokens in exchange for valuable rewards. Unlike Bitget PoolX, which provides a constant continuation of pools, Bitget Launchpool centers around exclusive, limited-time, high-return events. These events often feature newly launched tokens or opportunities to earn yields that are higher than usual. By joining these events, you have the chance to access tokens, often at an early phase, so as to maximise your earnings and retain the security of your original assets simultaneously. Bitget Launchpool also offers flexibility in that it holds earning events that align with your individual goals and interests. With the added borrowing power from Bitget Crypto Loans, you can significantly raise your contribution amount, which can lead to increased returns. This approach allows you to customise your strategy to suit specific opportunities for a tailored and effective approach to wealth accumulation. How To Use Bitget Crypto Loans To Optimise Launchpool Arbitrage Here’s the guide for using Bitget Crypto Loans to maximise returns with Bitget Launchpool: 1. Borrow assets with Bitget Crypto Loans: Start by using your current crypto holdings, such as BTC, as collateral to borrow USDT or any other specific token required for staking. This extra capital can be used to stake in Bitget Launchpool events. Given that Bitget Launchpool events are usually time-sensitive, choose a loan term that aligns with the event duration. New borrowable assets are added frequently, so don't worry about Bitget Launchpool events that require specific tokens. 2. Lock borrowed funds in Bitget Launchpool: With your borrowed assets in hand, choose a Bitget Launchpool event that offers attractive rewards. These events often feature new token airdrops or high-yield staking for you to accumulate new tokens or governance assets simply by staking your borrowed funds. 3. Collect your earning rewards: As your assets remain locked, you’ll earn rewards over the duration of the event. These could be new tokens, governance tokens, or other staking bonuses. The borrowed funds give you an amplified earning power, so expect to achieve a higher yield. 4. Repay the loan and retain your earnings: After the staking event concludes, withdraw your rewards and use a portion to repay your loan, including any accrued interest. You’ll keep the remaining rewards as profit, while your initial collateral remains untouched and ready for your next move. Why This Strategy Works ● Enhanced staking power: Bitget Crypto Loans allow you to lock more than you could with just your available funds. This strategy lets you multiply your rewards without selling any of your long-term holdings. ● Adaptable loan terms: Bitget’s range of loan options aligns with both Bitget Launchpool events and longer-term strategies, so you can choose the best loan type for your situation. ● Key Account Loan for high-value stakes: For larger investors, the Key Account Loan offers custom terms, ideal for staking substantial amounts in Launchpool. This approach maximises returns with added flexibility. ● Early access to new tokens: Bitget Launchpool frequently hosts events featuring new tokens for access to these assets early on. By borrowing funds to participate, you can capitalise on their growth potential. ● Reduced risk exposure: By borrowing funds instead of selling, you avoid liquidating any of your core holdings. This means you can benefit from staking rewards without increasing your staple crypto exposure. Example: Launchpool Arbitrage Let’s say you own 10,000 BGB and want to increase your earning potential in the USDT Newbie Pool on Bitget Launchpool. You decide to use your 10,000 BGB as collateral to borrow 8,325 USDT and take advantage of the higher APR in the USDT pool during the L3 token event.(1) Loan details: You use 10,000 BGB as collateral to borrow 8,325 USDT at a flexible loan rate of 7.84% per annum. Since this Bitget Launchpool event lasts 10 days, you’ll borrow for that period. Daily interest rate: 7.84% APR, or approximately 0.0215% per day. Daily interest: 8,325 * 0.0215% = 1.79 USDT. Total interest over 10 days: 1.79 * 10 = 17.9 USDT. Total repayment: 8,325 + 17.9 = 8,342.9 USDT. (2) Locking in Bitget Launchpool: With the borrowed 8,325 USDT, you participate in the USDT Newbie Pool, which offers an estimated APR of 68.38%. The total airdrop for this pool is 2,140,000 L3 tokens. Given the total USDT locked by all participants is approximately 8,492,345 USDT, your reward calculation is as follows:Your share of L3 tokens: (8,325 / 8,492,345) * 2,140,000 = 2,097.83 L3 tokens. (3) Profit calculation: Assuming each L3 token is valued at $0.05, the value of your rewards is: Total reward value: 2,097.83 * 0.05 = 104.89 USDT. Total loan repayment: 8,342.9 USDT. Net profit: 104.89 - 17.9 = 87 USDT. By borrowing USDT against your BGB and participating in the higher-yielding USDT Newbie Pool, you leverage your collateral to earn a substantial reward, which results in an annualised ROI of 33% - almost three times higher than the return generated from locking BGB directly. This strategy allows you to maximise returns while keeping your initial BGB holdings unchanged. Conclusion By using Bitget Crypto Loans alongside Bitget Launchpool, you can increase your staking power and amplify your earnings. Borrowing funds to lock in Bitget Launchpool events allows you to maximise your returns without touching your core assets. With Bitget Crypto Loans' flexible loan options and frequent Bitget Launchpool events, this strategy is ideal for traders looking to increase passive income and optimise their returns in the burgeoning digital space. Disclaimer: Please be informed that all the interest rates and information contained in the illustrations within this article are for illustrative purposes only and are not to be taken as actual representations. To access the most current and accurate details regarding interest rates and other information, kindly visit the official Bitget homepage. The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
Supra Revolutionizes dApp Development with Launch of ‘Containers’
With MultiVM support for MoveVM and EVM dApps, Supra , the 500k TPS Layer-1 blockchain, presents Supra Containers, a revolutionary solution that may well do away with the requirement for Layer-2s (L2), Layer-3s (L3), and AppChains. Supra Containers herald a new era for dApps and on-chain development by providing builders with the flexibility of dedicated L2s and AppChains without the expensive infrastructure, fragmented liquidity, or difficult security concerns. Navigating the L2 Maze: Liquidity, Composability, and Security To get over the congestion and scalability problems they encountered on Layer-1s, builders have resorted to L2s and L3s. They quickly encountered their own set of issues, too, including the need to bootstrap network security, fragmented liquidity, and broken composability. By enabling developers to designate specific execution space for their dApps (DappSpace) and using the whole potential of Supra’s high-performance Layer-1, Supra Containers remove these obstacles. Supra Containers: Access Seamless Composability and Shared Liquidity With dedicated compute or execution space, customizable governance, and the ability to create your own token economies, Supra Containers provide the flexibility of L2s without any of the drawbacks. Builders no longer have to invest time and money in developing sophisticated bridging systems, validators, or network security from scratch. Every Container is secured by Supra’s L1 node network, allowing developers to concentrate only on creating cutting-edge dApps rather than infrastructure. Because Supra Containers preserve atomic smart contract transactions and connect easily with other Containers and Supra’s ecosystem, dApps may communicate with one another without difficulty. Supra Containers may share liquidity over the whole Supra L1 network, guaranteeing seamless operations and access to a unified pool of assets, in contrast to L2s where fragmented liquidity becomes a major detriment. Built-In Services and MultiVM Ecosystem Compatibility Additionally, Supra Containers provide a built-in, vertically integrated stack of essential blockchain services that Supra L1 natively provides, including oracle price feeds, cross-chain connectivity, onchain verifiable randomness, and automation. Containers provide these functionalities natively, saving money on the expenditures otherwise incurred on integrating these external infrastructures. This is in contrast to L2 appchains, where oracle and bridge integrations may be expensive and difficult. Because Supra is also MultiVM compatible, developers from ecosystems like MoveVM, EVM, and eventually SolanaVM will be able to deploy dApps on their own Supra Containers right now without having to worry about laborious migrations. With this flexibility, developers from different ecosystems may take use of Supra Layer-1’s 500k TPS throughput and sub-second consensus latency, launching a new wave of dApps and Containers that are scalable, effective, and interoperable. Every Supra Container Can Be an Entire Ecosystem Supra Containers have far more promise than just one or two dApps. By implementing many dApps and smart contracts within their Container, developers may even create whole ecosystems inside their custom environment. They have the ability to draw in new initiatives to implement in their infrastructure. A gaming studio, for instance, may introduce a Container as a decentralized gaming ecosystem with distinct token incentives, all the while taking use of Supra’s shared security and liquidity. They could even utilize the same utility token in numerous games inside their Container ecosystem, or even in other Containers, and gate their Container with their own onchain passes or NFTs. Joshua Tobkin, CEO of Supra, explains: “With Supra Containers, we’re not just simplifying dApp development — this might eliminate most needs for L2s and AppChains altogether. Developers now have the freedom to launch their own ecosystems with full control over governance and token economies, while enjoying the security, composability, and shared liquidity of Supra’s Layer-1 infrastructure.” A paradigm change, supra containers provide developers a quicker, less expensive, and more effective approach to create robust dApps and their own custom economies. Supra is revolutionizing the development of blockchain apps by offering dedicated execution space, customizable governance, and tokens without the trade-offs associated with conventional AppChains.
Layer3 has expanded to Solana, supporting L3 staking through Wormhole
Layer3, a distribution, identity and incentive infrastructure, announced its expansion to the Solana network. It aims to create a consumer distribution layer for the Solana protocol, supported by L3 tokens natively provided on Solana through Wormhole. This expansion brings several new features including optional token migration via Wormhole & Portal, new leaderboards, rewards, user processes and community structures as well as L3 staking on Solana through Wormhole.
Shiba Inu teams up with Zama to boost Shibarium security
Shiba Inu (CRYPTO:SHIB) has entered into a new partnership with cryptography firm Zama to enhance the security and privacy of its Shibarium layer-2 network. The collaboration will integrate Fully Homomorphic Encryption (FHE) technology, which allows data privacy to be maintained during blockchain transactions and smart contract execution. This advancement aims to secure sensitive information such as financial data and NFT identities without exposing it on the blockchain. LUCIE, the marketing strategist for Shibarium, revealed the partnership on X (formerly Twitter), explaining the potential of FHE to strengthen the ecosystem’s privacy and governance frameworks. According to LUCIE, this partnership opens the door to various new use cases for Shibarium, including projects like Treat and Bone. "Although FHE is still evolving, its potential is substantial, and the research community is actively working to overcome the challenges associated with it," LUCIE noted. While this collaboration is seen as a step forward in securing the Shiba Inu ecosystem, SHIB’s price has declined by more than 6% over the last 24 hours, making it the worst performer in that time frame. Despite the recent dip, SHIB has maintained positive momentum over the past two weeks, thanks to recent rallies that saw its market cap temporarily exceed $12.5 billion. Shiba Inu supporters are optimistic that the Zama partnership could eventually propel the coin’s value. However, some have raised concerns about whether this development will truly enhance the security of Shibarium. LUCIE addressed these concerns by affirming that Shibarium will have more options for security and that FHE will be implemented as an L3 layer. Currently, SHIB’s market cap stands at approximately $10.8 billion, positioning it as the 14th-largest cryptocurrency despite the recent downturn. At the time of reporting, the Shiba Inu price was $0.00001815.
Shiba Inu Burn Rate Explodes 5,094% – Is a Price Rally Coming?
Last updated: September 30, 2024 10:31 EDT The price of Shiba Inu has dropped by 8% in the past 24 hours, falling to $0.00001823 on a day when the crypto market as a whole loses 3.5%. This decline hasn’t been enough to send SHIB into the red for the week, with the meme token up by an impressive 25% in seven days and by 37% in a fortnight. Such gains come off the back of a marked increase in its burn rate, which has exploded by just over 5,000% in a week. Combined with SHIB’s strong fundamentals for a meme coin, such an increase would suggest that it will recover very soon from its current dip. Shiba Inu Burn Rate Explodes 5,094% – Is a Price Rally Coming? Shiba Inu may have declined over the past day, but its indicators would suggest that it’s getting very close to a big rebound. Most notable is the convergence between its resistance (red) and support (green) levels, which will collide with each at some point tomorrow and potentially precede a big breakout. The fact that SHIB’s relative strength index (purple) has plunged to 30 this morning would suggest that a rebound is coming soon, something which chimes with the pennant formed by the resistance and support levels. Source: TradingView However, a pessimist might point to the coin’s 30-period moving average (orange), which is still above the 200-period average (blue) and which may have to come down before we see a notable recovery. One encouraging detail is that the token’s 24-hour trading volume stands at $800 million today, still up from $300 million barely a week ago. This highlights ongoing demand for SHIB, with the main factor in its recent rally being the sudden increase in its burn rate. HOURLY SHIB UPDATE $SHIB Price: $0.00001989 (1hr -0.75% ▼ | 24hr -4.14% ▼ ) Market Cap: $11,717,584,468 (-4.36% ▼) Total Supply: 589,269,169,601,825 TOKENS BURNT Past 24Hrs: 2,050,516 (-98.03% ▼) Past 7 Days: 2,019,681,290 (5094.07% ▲) — Shibburn (@shibburn) September 29, 2024 This has partly stemmed from an increase in activity on Shibarium, which had seen daily transactions spike to over 10,000 over the past week. Shibarium had introduced the Bor update in August , which implemented the mechanism which is now resulting in increased burns. This has left SHIB in a very good place in terms of its tokenomics, while its wider ecosystem is also looking promising. For instance, its team has revealed that the long-awaited SHIB: The Metaverse will launch in “ the foreseeable future .” Shib the Metaverse: Where the Community Meets, Dreams, and Schemes Let’s remind you that the Shib Ecosystem will finally launch Shib the Metaverse in the foreseeable future. And do we know a little more? Yes! If you’ve been paying attention to Shiba State posts, Treat, L3,… pic.twitter.com/E3iadQJs8u — 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 29, 2024 This will be big for Shiba Inu, with the platform serving as a community-focused hub for the wider SHIB ecosystem. Combined with an increasingly positive market, the SHIB price could therefore reach $0.000030 by the end of November and $0.00004 by 2025. Bullish New Meme Tokens with Strong Fundamentals SHIB looks like it could have a strong end to the year, but it won’t be the only meme token doing well over the next few months. We’re also likely to see strong returns from certain presale coins, which can often rally big on the back of successful sales. A very good example of this comes from Crypto All-Stars (STARS), an ERC-20 coin that has now raised more than $1.8 million in its offering. Crypto All-Stars is that it’s the first token to provide a ‘MemeVault’, a protocol in which holders of any meme token can stake their funds. Crypto All-Stars makes use of the ERC-1155 multi-token standard, which enables it to tokenize any cryptocurrency, including coins that aren’t based on Ethereum. This gives the project a very wide market, and what’s exciting is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens. This should result in STARS experiencing big demand, with the coin having a max supply of 42.069 billion. Joining STARS’ sale is simply a matter of going to the official Crypto All-Stars website and connecting your wallet. STARS currently costs $0.001471, although its price will rise in under a day. Of course, with nearly 15,000 followers on X and a popular sale, this price could rise much higher once it lists on exchanges. Buy STARS Now Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Ethereal Exchange proposes integration with Ethena Network
Key Takeaways Ethereal proposes a 15% token allocation to ENA holders if integrated with Ethena. Ethereal aims to match centralized exchange performance with full self-custody. Share this article Ethereal Exchange has submitted a proposal to Ethena governance, seeking community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity. https://twitter.com/ethena_labs/status/1840635070698455416 The proposal introduces Ethereal as an integrated spot and perpetual futures decentralized exchange (DEX) built on the upcoming Ethena Network using USDe. Ethereal is requesting direct integration into Ethena-related reserve management from launch to provide a fully onchain venue for managing spot and derivative positions backing USDe. As part of the proposal, Ethereal is offering a 15% allocation of any potential future Ethereal governance token to circulating ENA holders. This move aims to ensure alignment between Ethena and Ethereal community stakeholders. Ethereal V1, with a testnet expected in Q4, is designed as an L3 EVM appchain settling to the Ethena Network. The exchange aims to match centralized exchange performance while maintaining complete self-custody and flexibility to support features such as cross-margin, liquidity automation, and portfolio margin. Ethereal’s architecture is reportedly capable of processing 1 million operations per second with sub-20ms latency. The proposal outlines several potential benefits for the Ethena ecosystem, including increased demand for USDe , improved decentralization through onchain management of USDe backing, and setting a precedent for other applications built using USDe on the Ethena Network. Ethereal is requesting support from the Ethena community for integration as a venue for executing hedging transactions, subject to satisfactory technical due diligence conducted by the Ethena Foundation and Risk Committee. Additionally, they are seeking technical support for deployment onto the Ethena Network to implement an integration with Ethena’s hedging engine. A snapshot for voting on the proposal is expected to be released shortly, with community members encouraged to participate in discussions on the governance forum. Share this article
Shiba Inu Ecosystem to Launch ‘Shib the Metaverse’ to Revolutionize Community Engagement
Coinspeaker Shiba Inu Ecosystem to Launch ‘Shib the Metaverse’ to Revolutionize Community Engagement The SHIB ecosystem will soon launch ‘Shib the Metaverse’, a virtual environment designed to foster community engagement, creativity, and collaboration among SHIB SHIB $0.0000 24h volatility: -5.6% Market cap: $10.92 B Vol. 24h: $821.90 M holders. The marketing lead at Shiba Inu, Lucie, stated that users who are closely paying attention to Shiba State posts, Treat, L3, Shiboshis, and the Shib marketplace must have probably gotten an idea of how these features might come together. Lucie declared via her X handle that ‘Shib the Metaverse’ is way beyond a hangout spot. It is set to become the heartbeat of the SHIB community. Users will be able to contribute their creativity through art, new initiatives, or classic SHIB memes, which could make the metaverse a space filled with diverse expressions. SHIB is establishing itself in the virtual space by ensuring users can relate without any form of limitation, such as borders, travel bans, or any other barriers. Participants will be able to interact, share ideas, and do various things, all in the virtual space. Lucue said: “This space is set to become the beating heart of the SHIB community, where user-generated content, ideas, and collaboration thrive. Unlike other projects trying to stake a claim in the real world, SHIB is planting its flag in the virtual realm, where borders, travel bans, or location aren’t barriers. It’s a global party, and everyone’s invited.” Lucie further stated that the SHIB metaverse will serve as the ultimate headquarters for SHIB holders, where they can vote on important proposals and form new strategies for the ecosystem’s future. Building the metaverse will help it create a community where everyone can join, regardless of their geographical location. Community members can start imaging using avatars to engage in real-time discussions and thinking about the next big thing in the DeFi space. The Shib metaverse has planned to make it a playground for dreaming big, generating ideas, and enjoying the communal spirit that defines the SHIB ecosystem. The metaverse will be a fun and engaging space, replicating a clubhouse where collaboration and fun thrive. Lucie said: “It’s the ultimate clubhouse, but instead of “No girls allowed,” it’s “No borders allowed.” Welcome to the future, SHIB-style!This metaverse isn’t just about the tech; it’s about creating a virtual home where SHIB community members can connect, dream big, and have fun.” The project has yet to launch, as it’s planned to be launched in the foreseeable future. Possible Increased Utility for SHIB Tokens The upcoming “Shib the Metaverse” launch will help holders of SHIB tokens connect and collaborate in the virtual space, boosting trust and strengthening their sense of belonging. More so, including a ‘voting proposal’ in the virtual space will facilitate decentralized decision-making, allowing SHIB holders to have their say in the SHIB ecosystem and making them more engaged and active in the community. This could cause the value of the SHIB token to soar. The metaverse could also improve the utility of the SHIB token, potentially increasing its value and causing it to spike. next Shiba Inu Ecosystem to Launch ‘Shib the Metaverse’ to Revolutionize Community Engagement
Shiba Inu Inks an Important Partnership to Foster the Development of Shibarium: Details
TL;DR Shiba Inu collaborates with Zama to integrate Fully Homomorphic Encryption (FHE) into its Shibarium layer-2 solution, aiming to enhance data privacy and security for transactions and smart contracts. Despite the development, SHIB’s price fell by over 6% in the past 24 hours. However, it remains up on a two-week scale due to recent rallies. Shiba Inu’s Latest Collaboration Shibarium’s Marketing Strategist, using the X handle LUCIE, revealed that Shiba Inu shook hands with the open-source cryptography company Zama. The goal is to enhance the capability of the meme coin’s ecosystem by mainly focusing on the layer-2 scaling solution. “A crucial component of this evolution is Fully Homomorphic Encryption (FHE), a groundbreaking technology that allows crypto transactions to occur on the blockchain while keeping sensitive data – such as financial information and NFT identities – completely hidden,” the announcement reads. This technique is employed in crypto applications to secure user data while enabling essential operations, like transaction verification or running smart contracts, without revealing any private information. According to LUCIE, the FHE integration could strengthen the technology and governance framework of the Shiba Inu ecosystem, “opening the door to new use cases across various projects,” such as Treat or Bone. “Although FHE is still evolving and improving in efficiency, its potential is substantial, and the research community is actively working to overcome the challenges associated with it,” the X user concluded. Some members of the SHIB community described the partnership as a major bullish factor that could propel a price rally for the meme coin in the near future. Others questioned whether the development will make Shibarium more secure. LUCIE answered positively, saying the protocol will “have more options.” They said this will be launched as an L3 on Shibarium. For more updates on the ecosystem, check out our Shibarium news . SHIB Price Outlook Despite the announced collaboration, SHIB’s valuation remains deep in the red. In fact, the second-largest meme coin is the worst-performing cryptocurrency in the last 24 hours, witnessing a price decline of over 6%. Still, it remains well in the green on a two-week scale due to the major rally recorded lately. As CryptoPotato reported , SHIB reached a three-month high over the weekend, while its market cap briefly surpassed $12.5 billion. Currently, the capitalization stands at roughly $10.8 billion, making it the 14th-largest cryptocurrency. Those willing to check which factors might have played a role in the price retreat, please check our detailed article here .
Ethereal Exchange Integration Proposal Boosts ENA Price by 20%
The Ethereal Exchange has proposed the integration of its spot and perpetual exchange, built on USDe, into the Ethena ecosystem. This integration aims to enhance the utility and demand for USDe, while also allotting 15% of any potential Ethereal token to ENA holders. In response, the ENA token price surged by 20% today, reflecting strong market interest and confidence in the proposed developments. Discover how Ethereal Exchange’s integration proposal could redefine the USDe landscape and significantly impact ENA token value. Ethereal Exchange Seeks Integration with Ethena On September 20, Ethereal Exchange submitted a proposal to the Ethena community for a governance vote. The proposal seeks approval to integrate Ethereal’s spot and perpetual exchange, built on the USDe, into Ethena’s hedging engine and liquidity management system. This move aims to create a fully on-chain platform for managing spot and derivative positions that underlie the USDe. Increased Utility and Demand for USDe The integration is anticipated to significantly expand the utility and demand for USDe. If approved, the proposal will also allocate 15% of any potential Ethereal governance token to current ENA holders, providing an additional incentive for the Ethena community to support the integration. The Ethena Foundation and Risk Committee will conduct thorough technical due diligence before any final decision is made. Positive Market Response The announcement of the proposal has already led to a notable surge in ENA’s market performance. Following earlier news of Ethena Labs launching the UStb stablecoin—collateralized fully by BlackRock and Securitize—investor interest was already piqued. The ENA token witnessed a 24-hour price range from a low of $0.3496 to a high of $0.4179, marking an impressive 20% price increase in just 24 hours. The trading volume has spiked by 145%, underscoring strong market enthusiasm. Broader Implications for the Market The derivatives market also showed significant activity, with ENA futures open interest rising over 13% in just four hours, and over 20% within a full day. Major exchanges like Binance, Bybit, and Coinbase saw huge buying activity, pushing the total ENA futures open interest to $190 million. This heightened activity is a strong indicator of the market’s confidence in the potential benefits of the integration proposal. Technical Roadmap and Future Developments Ethereal V1, an L3 EVM appchain designed to settle on the Ethena Network, is also in the pipeline. A testnet is expected by Q4 this year, with the full launch of the DEX anticipated in 2025. These technical advancements further bolster the strategic importance and long-term viability of integrating Ethereal’s exchange into the Ethena ecosystem. Conclusion In summary, the proposal by Ethereal Exchange to integrate its platform into Ethena could bring substantial benefits, increasing the utility of USDe and offering significant incentives for ENA holders. Market reactions indicate strong support and optimism, as evidenced by a considerable surge in ENA’s price and trading volumes. As the community awaits the final decision, the ongoing developments promise to reshape the landscape of decentralized finance within the Ethena ecosystem. In Case You Missed It: FTX Exchange Token (FTT) Surges 60% Amidst $16 Billion Repayment Rumors
Layer3: Expanding to Solana Ecosystem in October
Layer3 announced on Platform X that it will officially enter the Solana ecosystem in October. The expansion will launch a new platform with optional token migration services and an optimized user experience, Layer3 said, adding that Layer3 plans to work with 25 top protocols to create the best user hub for the Solana ecosystem.
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