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Ether and L2 Eco Users to Receive Lumoz Airdrops
On November 7, according to official news, Lumoz will distribute airdrops for Ether and L2 ecosystem users, and the official website is now open for inquiries. The airdrop rule bit is open to active users who have interacted with mainstream DeFi projects in Ethereum, Polygon, Arbitrum, Optimism, Base, zkSync, Linea, Scroll and other ETH ecosystems in the past six months. The Airdrop Address Snapshot was completed on November 1st. Airdrop inquiries are now open on Lumoz, and users can claim their airdrops on the main Lumoz website. The airdrop is designed to reward active users in the ethereum ecosystem for their contributions to DeFi, on-chain governance, and other areas, and Lumoz hopes to further strengthen its ties with the ethereum community through this incentive program. In the future, Lumoz will launch more Ethernet-based Layer 2 products to help expand the Ethernet ecosystem. In addition, Move ecosystem users such as Sui and Aptos have also received Lumoz airdrops. In previous news, Lumoz has opened the inquiry of airdrops and announced the detailed rules on November 5, the total amount of airdrops is about 10%, and the value of airdrops is about $30 million according to the latest valuation.
Total value of Starknet bridged storage exceeds 940,000 ETHs
Dune data shows that zkSync bridge storage has a total value of 3,732,389 ETH, Starknet bridge storage has a total value (TVB) of 942,769 ETH, and the total number of bridge user addresses is 1,226,876; Arbitrum bridge storage has a total value of 4,214,090 ETH, Optimism bridge The total value of Arbitrum bridge storage is 4,214,090 ETH, Optimism bridge storage is 811,194 ETH, and Base bridge storage is 612,402 ETH.
Ethereum scaling infrastructure startup Spire Labs raises $7 million in seed funding
Spire Labs, an Ethereum scaling infrastructure developer, has raised $7 million in a seed funding round. Maven 11 Capital and Anagram co-led the round, with participation from the a16z Crypto Startup Accelerator, Digital Currency Group, Bankless Ventures, Volt Capital, Finality Capital and others, Spire Labs said Thursday. Angel investors, including Celestia Labs' Nick White and Jacob Arluck, AltLayer's Amrit Kumar, and Anthony Sassano, also joined the round. Spire Labs began raising funds for the seed round in June and completed the process earlier this month, co-founder Kaito Yanai told The Block. The funding was structured as a simple agreement for future equity (SAFE), Yanai said, declining to comment on Spire's valuation. What is Spire Labs? Spire is a crypto startup focused on Ethereum scaling, developing "Based Stack," a rollup framework designed to enable builders to deploy application-specific chains, or appchains. There are already several popular Ethereum scaling infrastructure platforms, such as Optimism's OP Stack, Polygon Chain Development Kit and zkSync's ZK Chains. However, Spire's Based Stack emphasizes "based sequencing" while maintaining the network effects of the Ethereum Layer 1 blockchain, Yanai said. "The Based Stack allows app developers to use Based Sequencing, meaning they can leverage Ethereum Layer 1 as the sequencing layer (Those rollups are called 'based rollups') instead of a centralized sequencer," Yanai said. "This provides superpowers like L1 composability and the credible neutrality of Ethereum, including liveness, censorship resistance and decentralization. Additionally, the Based Stack enables MEV [Maximal Extractable Value] internalization, allowing appchains to capture the MEV they generate, which traditionally leaks to sequencers." Yanai mentioned that Spire has spoken with many DeFi applications on Ethereum and identified a common concern: developers want to create an appchain without losing their connection to Ethereum. He noted that Ethereum currently faces various forms of fragmentation, including liquidity and user base, and Spire aims to unify these elements into a seamless experience. "Based rollups created with the Based Stack are appchains to customize the rollup contract in ways that are impossible on general-purpose rollups," Yanai claimed. He provided an example, explaining that if an NFT marketplace wants to let users trade CryptoPunks NFTs — which only exist on Ethereum Layer 1 — it can utilize an appchain. The marketplace could pull the current state of the CryptoPunks contract from Ethereum, ensuring that every transaction on the appchain reflects the latest information. This approach shows how appchains can connect with Ethereum in new ways, offering unique benefits compared to traditional rollups, Yanai said. Based Stack launch schedule Spire Labs is currently working on the first testnet of Based Stack and aims to launch it by the end of this year, Yanai said, adding that the mainnet is targeted for launch in the first quarter of 2025. When asked whether Spire would also launch its own token alongside the mainnet, Yanai said that while a token won't launch at mainnet, Spire "might launch a token if the time is right and we have clear utility for said token." Currently, there are 11 people working for San Francisco-headquartered Spire Labs, and Yanai is looking to hire a few more developers, including a head of engineering. The Funding newsletter: Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It's free. Sign up here !
Helios: The Multichain Light Client Vitalik Buterin is Excited About
Vitalik Buterin has confirmed Helios’ importance to the Ethereum network. Buterin identified the remaining steps for Helios to become universally verified. Helios’ team considers their protocol critical for Ethereum scaling. Ethereum co-founder Vitalik Buterin called Helios a crucial development for the Ethereum network in a recent post on X. He highlighted the steps needed for the protocol to become universally verified. According to Buterin, some crucial steps ahead of Helios’ full verification included integrating the protocol on users’ mobile and desktop wallets and moving its layer-2 configurations on-chain. He noted that Helios needs to include the specification of state-proof verification rules in its Layer-2 configurations as a starting point. Meanwhile, the Helios blockchain developers, via one of the team members, claim that the protocol is becoming a multichain light client for Ethereum. According to the developer, light clients are fundamental to Ethereum’s scaling, with the possibility of the network hosting thousands of rollups soon. Read also : Vitalik Buterin Talks About Scalability and Innovation on Ethereum The developer explained that current proposals for making rollups interoperable will rely on light clients. Proposals like Optimism’s Superchain and zkSync’s Elastic Chain will depend on light clients for rollup operators to validate incoming cross-rollup messages efficiently. The developer explained other aspects of his team’s work and how it would enhance the Ethereum network. He cited some of the team’s plans, including efforts to explore more robust verification mechanisms and to build better tooling for using Helios on the browser and mobile devices. Helios Milestones The team member highlighted that Helios has implemented a light client for the OP stack based on signed sequencer preconfirmations . That allows Helios to sync on Optimism, Base, Unichain, World Chain, and anything else within the Superchain ecosystem. Read also : Vitalik Buterin Highlights Two Major Risks on the Ethereum Network Helios developers believe achieving the full potential of crypto requires every node to efficiently verify their data regardless of the blockchain, hardware, or internet speed. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
zkSync Price Targets Indicate Strong Growth Potential for Investors
zkSync’s current market cap is $490M, and $460M has been raised from VCs, positioning it for significant growth in the layer-2 ecosystem. The critical level to flip for zkSync is $0.18, aligning with the 0.618 Fibonacci retracement, which is crucial for bullish momentum. Macro Target 2 for zkSync is set at $5.45, projecting a market cap of $20B, indicating strong upside potential for investors. According to Crypto Bullet, the zkSync token (ZK), a key player in the Ethereum layer-2 scaling solutions, demonstrates significant price trends and potential market movements. Recent analysis indicates that zkSync has experienced a notable accumulation phase, which could set the stage for future price increases. $ZK #zkSync Macro chart Circulating Supply Market Cap is $490M. VCs invested $460M. So what’s going here between $0.22-0.08? Distribution? Of course not! It’s the Accumulation range 📍Key Level to flip – $0.18 (0.618 Fib) Considering how undervalued #ZK is right now and its… pic.twitter.com/m5UFNkDL2O — CryptoBullet (@CryptoBullet1) October 19, 2024 Accumulation Zone and Key Levels The chart outlined by Crypto Bullet indicates a price range between $0.22 and $0.08, characterized as an accumulation zone. Investors purchase the token in this phase, suggesting confidence in its future value. The circulating supply market cap currently stands at approximately $490 million, with venture capitalists investing around $460 million into the project. The analysis highlights the $0.18 level as a critical Fibonacci retracement point (0.618). This level is crucial for determining potential bullish momentum. A successful breakout above this level leads to upward movement, attracting more buyers and driving higher prices. Macro Targets and Market Potential Crypto Bullet specifies three macro targets for zkSync, which indicate potential price levels based on market capitalization assessments: Macro Target 1: $2.45, representing a market cap of $9 billion. Macro Target 2: $5.45, correlating with a market cap of $20 billion. Read CRYPTONEWSLAND on google news Macro Target 3: $9.00, predicting a market cap of $33 billion. These targets indicate significant growth potential for zkSync in the competitive cryptocurrency landscape. Achieving these targets would enhance the token’s valuation and solidify zkSync’s role as a prominent player in the market. Market Implications and Future Outlook zkSync’s predicted expansion coincides with the rise of layer-2 solutions in the Ethereum ecosystem. The current accumulation phase suggests that market participants may view zkSync as an undervalued asset with substantial future potential. If the token successfully breaches the identified vital levels, it may experience an influx of investment, further increasing its market visibility and credibility. According to Crypto Bullet, as zkSync continues to develop and innovate within the blockchain sector, its fundamental strengths and substantial backing from venture capital could position it favorably against competitors. The potential for zkSync to tap into a larger market share remains significant as the demand for efficient and scalable solutions increases. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
The rise of hybrid crypto exchanges and how they are bridging the digital asset trading gap
Last updated: October 9, 2024 05:23 EDT With the global economy undergoing a radical transformation over the past decade, one sector, in particular, that has expanded and matured at an unprecedented rate is crypto. This is best made evident by the fact that approximately 562 million people worldwide — equivalent to 6.8% of the global population — now own digital currencies, a 34% surge from 2023, when approx. 420 million individuals owned crypto. However, as the digital asset community has evolved, an ugly paradox has reared its head, i.e. while more individuals are entering the space, there’s a growing discontent with traditional centralized exchanges (CEXs). In recent years, more and more users have become wary of the security risks associated with these platforms, especially when it comes to relinquishing control of their private keys and having to trust a third party with their hard-earned assets. Moreover, a string of high-profile hacks and exchange collapses have eroded trust further among the community, leaving many to look for alternatives. On the flip side, decentralized exchanges (DEXs) have tried to position themselves as the perfect alternative to the security concerns plaguing CEXs, allowing clients to retain control of their assets through non-custodial wallets. However, these DEXs come with their own set of problems. For starters, many users — especially those new to the crypto realm — find them difficult to navigate since they come with complex interfaces and a steep learning curve. Additionally, DEXs often struggle with liquidity issues and are mired by slower transaction speeds, making them less appealing for high-volume traders or those seeking quick executions. This dichotomy between centralized and decentralized exchanges has created a gap in the market, leaving crypto enthusiasts longing for a solution that helps bridge the gap permeating these seemingly disparate worlds. Hybrid crypto exchanges offer the best of both universes In response to the limitations put forth by both CEXs and DEXs, a new breed of trading platforms has emerged — namely hybrid crypto exchanges — offering users a more balanced and efficient trading experience. To elaborate, hybrid exchanges leverage the liquidity and speed typically associated with centralized platforms while incorporating the enhanced security and privacy features characteristic of decentralized systems, allowing traders to enjoy fast transactions and deep liquidity pools without compromising on the security and control of their assets. Furthermore, they use off-chain settlement processes, enabling faster transaction speeds by settling trades outside the blockchain while still utilizing the blockchain’s robust security features for final transaction validation. This approach is particularly beneficial for high-frequency traders who require swift execution without sacrificing the security assurances provided by blockchain technology. Lastly, hybrid exchanges implement a centralized order book (COB) for efficient trade matching, coupled with decentralized digital frameworks for secure storage and transaction processes. Such an operational design enables users to execute trades in troves while allowing them to maintain complete control over their private keys and assets, thus striking an optimal balance between speed and security. Among the popular hybrid exchanges that have gained a lot of traction in recent years include KuCoin, Gemini, and IDEX. However, one exchange that stands apart from the fray is GRVT . Its user-friendly interface, coupled with its robust security measures and high liquidity, has positioned the platform as a frontrunner within this space. That said, what truly sets GRVT apart is its commitment to solving the key issues that have plagued both centralized and decentralized exchanges. By leveraging ZK (zero-knowledge) technology, GRVT offers off-chain order matching and on-chain settlements at an impressive 600,000 transactions per second. Moreover, as the first official Appchain on zkSync’s Hyperchain, GRVT benefits from cutting-edge blockchain infrastructure, further enhancing its capabilities and reliability. Evolving with customer needs As the crypto industry adapts to the times, the importance of hybrid exchanges is becoming increasingly apparent. That said, for these platforms to grow, they need to evolve and offer features that not only meet the growing demands of users but also align with the global regulatory landscape. In this context, the future of hybrid exchanges lies in their ability to adapt to the changing landscape of cryptocurrency regulations. As governments worldwide grapple with how to oversee this burgeoning industry, hybrid exchanges are uniquely positioned to implement compliance-related features without sacrificing the core principles of decentralization and user autonomy. Looking ahead, platforms like GRVT are primed to lead innovation within this space — from implementing advanced trading tools to integrating with emerging blockchain technologies — thus playing a crucial role in shaping the future of digital asset trading. Interesting times ahead!
Bitcoin Price Boosted by Strong U.S. Jobs Report Amid Economic Optimism
Bitcoin prices surged more than 3% on Friday, reaching a peak of $62,300, driven by a robust employment report that eased concerns of an imminent economic slowdown in the United States. The U.S. Bureau of Labor Statistics announced that employers added 254,000 jobs in September, surpassing economists’ expectations of 140,000, with upward revisions for July and August also contributing to a more optimistic outlook. “Bitcoin and other long-tail crypto assets are highly responsive to labor market data, as it influences the Fed’s rate cut decisions, positively impacting Bitcoin due to lower borrowing costs,” noted Leena ElDeeb, a research analyst at 21Shares, in an interview with COINOTAG. Bitcoin sees a resurgence fueled by strong employment figures, easing economic concerns. Discover how September’s robust job growth impacts the cryptocurrency landscape. Employment Boost: A Catalyst for Crypto Resilience The recent employment data paints a favorable picture for the labor market, indicating the highest monthly job increase since March, with 310,000 positions added. The unemployment rate dropped slightly to 4.1%, beating economists’ predictions, equaling the rates seen in June. This economic resilience is positively influencing Bitcoin’s market dynamics after a tumultuous start to October. Risk Assets Rebound: Bitcoin and the Fed’s Monetary Policies Analyst Leena ElDeeb suggests the current employment report bodes well for risk assets such as stocks and cryptocurrencies. The Federal Reserve’s accommodative monetary stance, which lowers borrowing costs, supports Bitcoin appreciation. This environment may prompt renewed cash flow into crypto markets following recent geopolitical tensions that impacted Bitcoin prices. Conclusion As Bitcoin experiences a short-term decline of 6% amid geopolitical strains, the favorable labor market data offers a glimmer of hope. Market participants remain watchful of Fed policies and broader economic indicators. Investors are attuned to ongoing discussions post-November’s presidential election, which may shift fiscal strategies. Amidst robust economic signals, Bitcoin seems poised for potential gains if risk appetites remain positive. In Case You Missed It: Binance Labs Boosts Sophon with New Investment to Advance zkSync Layer 2 Network
Trending Coins To Buy on GeckoTerminal Today – Jupiter, Book of Meme, zkSync, Shiba Inu
Several trending coins on GeckoTerminal are experiencing significant market gains due to their increased trading activities. This upward trend is emerging as the broader crypto market rallies from a recent market slump. Investors now have an opportunity to take advantage of the dip ahead of an anticipated bull run season. Additionally, these tokens’ affordable prices provide a perfect entry point for investors. In response, Insidebitcoins has curated a list of the trending coins on the GeckoTerminal platform that fit this profile. We will delve into the factors propelling these altcoins and explain why they are among the best investments today. Trending Coins on GeckoTerminal today This review offers valuable insights for investors assessing the growth potential of various tokens. Several tokens, including Biaoqing, zkSync, Shiba Inu, Jupiter, and Book of Memes, are currently showing upward trends. They are also affordable, providing investors with ideal market entry points. Meanwhile, Pepe Unchained is set for its DEX launch immediately after its presale. This means that investors have to act quickly and buy the token at affordable prices today as its presale gradually winds down. The L-2 project has drawn widespread visibility among market participants by raising over $16.4 million in its ongoing presale. 1. zkSync (ZK) zkSync is a unique protocol that has been making waves since it was launched less than two months ago. The platform was developed as an innovative Layer-2 project to solve the inefficiencies of the Ethereum blockchain. It achieves this goal by making transaction fees affordable while speeding up processing times. Furthermore, zkSync developers have ensured the project stands out from other Ethereum Layer-2 solutions. The lead developer, via the official Twitter account, noted that while existing Ethereum solutions offer fast and affordable transactions, they often compromise on security. To address this, zkSync utilizes advanced ZK Rollups technology to maintain robust security. Recently, the project garnered attention by launching its ZK token and unveiling a detailed tokenomics plan. Out of 21 billion $ZK tokens, 17.5% are allocated for an airdrop to network users. This strategic move aims to boost community engagement and enhance market visibility. zkSync is priced at $5.6 with a 24-hour trading activity above $560million. The token opened its trading day at $6, marking a 6% gain before succumbing to a 4% decline in the last 24 hours. Currently, zkSync looks promising, as demonstrated by a bullish sentiment and a Fear & Greed Index at 65, which indicates greed. 2. Jupiter (JUP) The Jupiter platform allows users to swap any token and cclAsset seamlessly. It offers them a flexible and user-friendly way to do this in a bid to ensure its widespread adoption. These functionalities also simplify swapping multiple digital assets by making it easier and affordable for users. Meanwhile, the project recently entered into a partnership to integrate its platform with “the Clone Network.” This integration allows users to trade non-native tokens on the Solana blockchain. They can now easily trade ARB, DOGE, and OP for little gas fees. At the same time, the development ensures that users do not have to bridge these tokens before swapping them. Moreover, Jupiter provides crucial liquidity functions in the Solana ecosystem. This has ensured that the token maintains a substantial uptick in price despite the recent bearish sentiment in the market. It has seen a 2.45% increase over the previous month, bringing its market cap to almost $1.3 billion. Analysts have predicted a favorable price trajectory for Jupiter’s price. Some predictions have projected the token’s value to go as high as $2 if it sustains its current positive momentum. Moreover, Jupiter has broken through the $ 0.9 key resistance level. If it manages to hold on to this level until the anticipated crypto bull run, the price may skyrocket as much as 100%. 3. Pepe Unchained (PEPU) Pepe Unchained is an exciting new project in the meme coin space, currently making waves with its presale. Having raised over $16.4 million, it presents a unique opportunity for investors to get in early at a presale price of just $0.00989. With only $300,000 left until the presale hits its next milestone, now is the time to act before the price increases. One of the standout features of Pepe Unchained is its innovative Layer-2 blockchain, specifically designed for meme coins. This technology promises faster transactions and lower fees than Ethereum to address common challenges faced by users. Its launch will revolutionize the L-2 sector and attract developers to build dApps and other applications on its platform. Moreover, the project boasts a double-staking rewards system that offers substantial returns for early investors. With an estimated annual yield of 130%, participants can earn rewards even before the token officially launches on exchanges. This feature not only incentivizes long-term holding but also promotes community engagement. Meanwhile, recent influencer endorsements and increased whale activity have further fueled excitement around the project. Influencers are highlighting its potential to become a leading player in the meme coin market, while large investors are signaling confidence in its future growth. Furthermore, security is paramount for Pepe Unchained, with extensive audits to be conducted by reputable firms like SolidProof and Coinsult. The transparent smart contract structure minimizes risks associated with manipulation, fostering trust among users. This focus on security is essential for attracting serious investors looking for long-term gains. Overall, Pepe Unchained offers a unique combination of innovation, community engagement, and security that makes it an attractive investment. With its presale ending soon and significant milestones on the horizon, now is the ideal time to secure your position in this promising project. Don’t miss out on the chance to be part of what could be one of the most significant meme coin launches of the year! Visit Pepe Unchained Presale 4. Shiba Inu (SHIB) SHIB is a decentralized, community-centric token that has reshaped what meme coins stand for. Since its launch, the Ethereum-based token has moved from a dog-inspired project to a worldwide phenomenon with a vast ecosystem. It enjoys the support of an experienced team and “fanatical” followers on several online communities. Furthermore, the Shiba Inu token has established itself as the biggest rival to Dogecoin, earning the nickname “Dogecoin Killer.” SHIB’s strategic developments, expansion, and dedicated community have ensured that it continues to remain in the limelight. This has seen it evolve to become a means of payment at hundreds of locations globally, either directly or through third-party integrations. Despite a modest 2.3% rise in SHIB’s value today, it trades 129% above the previous year. The token also posts a significant post-launch surge of over 1.25 million percent. Shiba Inu’s resilience is demonstrated by its liquidity, as evidenced by its market cap ratio. Moreover, its recent announcement that Dextool will support its flagship product, ShibaSwap, is set to ensure that its price keeps increasing in the coming days. Despite September’s general bearish sentiment, Shiba Inu remains one of the month’s top gainers. The token outperformed the prominent Bitcoin, Doge, Ethereum, and other notable meme coins. Overall, SHB is well-positioned for continuous price increases due to its dedication to expanding its utilities, dedicated supporters, and ambitious roadmap. 4. Book of Meme (BOME) The Book of meme is a crypto meme project that was built on the Solana blockchain earlier this year. It makes an ambitious effort to capture and promote a dynamic meme culture in the crypto market. It has transcended its meme origin by integrating memes into decentralized storage solutions. Furthermore, the project has built a cutting-edge gambling and crypto trading platform. Also, it is dedicated to ensuring that all memes are permanently stored and globally accessible to everyone. It achieves this by integrating memes with decentralized storage solutions. This strategic integration allows users to engage with a global meme culture. Also, users can do this while enjoying the potential of decentralized finance (DeFi) and blockchain technology. Meanwhile, BOME, the native token, has multiple utilities within the ecosystem. It is used to reward users for their participation in decentralized storage solution initiatives on the platform. It is also used in the platform’s trading and gambling activities. Token holders are part of the project’s governance DAO and influence the token’s future development. Notably, the token has enjoyed widespread adoption in the market since it was launched. It went on a remarkable 2500% price surge within just 12 hours of going live. Currently, the token is trading at $0.007609, indicating a 3% price increase in the past 24 hours. BOME also enjoys high liquidity due to its substantial market capitalization, which has allowed it to maintain its place among the trending coins on GeckoTerminal today. Learn More Trending Presale Tokens To Buy Today Trending Coins on GeckoTerminal Roundup
Investors are Ditching Ethereum for Solana: Here’s Why
Solana leads crypto inflows over the last three months, showing steady growth and gaining investor attention among top networks. Ethereum faces the largest capital outflows despite its strong market position, with newer networks attracting more investments. Emerging blockchains like Sui and OP Mainnet are seeing increased inflows, while Layer-2 networks like Arbitrum and zkSync face declines. Over the past three months, net capital flows in the crypto market have shown notable trends, as posted by MartyParty on social media. The data reveals that Solana recorded the highest inflows, followed by OP Mainnet, Sui, Base, Avalanche C-Chain, Polygon PoS, Injective, and StarkNet. Meanwhile, Ethereum experienced the largest outflows, followed by Linea, Arbitrum, Blast, zkSync Era, Bitcoin, and BNB Chain. These shifting flows reflect a changing market where newer blockchain networks are gaining investor attention, even as established networks like Ethereum face challenges. Solana and Emerging Networks Gain Ground Solana, with the highest inflows among the top 15 networks, has shown steady growth. The price of Solana today stands at $147.05 , with a market cap of $68.92 billion and a trading volume of $2.34 billion. Other networks like OP Mainnet and Sui have also experienced positive flows. Sui, for instance, is priced at $1.63 , with a 24-hour trading volume of $761 million and a market cap of $4.35 billion. These inflows into newer networks demonstrate a shift in capital allocation towards emerging blockchain technologies. Ethereum and Layer-2 Networks Face Outflows Ethereum has seen the largest capital outflows over the last quarter. Even with Ethereum’s strong market position, with a price of $2,648.48 and a market cap of $318.77 billion, it lost ground to newer networks. Layer-2 solutions like Arbitrum and zkSync Era also recorded high outflows. Arbitrum’s price is currently $0.60 , and zkSync is priced at $0.12 , both reflecting the broader trend of outflows from Layer-2 networks. Several smaller networks like Base, Blast, and Injective have experienced varying trends. Take Base, for example. It recorded slight outflows, priced at $0.000002 , with a trading volume of just over $20,000. Injective, on the other hand, saw positive inflows and is priced at $22.06 , showing resilience in a volatile market. Blast valued at $0.0098 , experienced declines despite its growing market presence. Also, the zkSync network, along with Bitcoin and BNB Chain, faced outflows, indicating a possible shift in investor sentiment away from traditional giants towards emerging blockchains. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
How much key market intelligence did you miss on September 24?
Featured News 1.Neiro announces partnership with DWF Labs 2.Arthur Hayes: Doubled MOTHER position 3.CREAM, ID, UNI top Smart Money 24-hour inflow list 4.Phaver: SOCIAL airdrop will be open for claiming at 17:00 today 5.US Bitcoin ETFs saw net inflows of $4.53 million yesterday Trending Topics Source: Overheard on CT (tg: @overheardonct), Kaito $TIA:Today's discussion about TIA focused on Bain Capital Crypto's $100 million investment in it. This significant investment has sparked optimism about Celestia's potential to improve blockchain scalability and throughput, with many highlighting its unique modular architecture and data availability solutions. The news has also sparked increased interest in the $TIA token, with people discussing its potential price action and the impact of the upcoming token unlock. $ZK:Today's discussion about ZK focused on its important progress and growing ecosystem. Key topics included the launch of Aave V3 on ZKSYNC, Treasure DAO’s migration from Arbitrum to ZKSYNC, and the increase in the number of active users on the platform. The community is excited about ZKSYNC becoming the leading liquidity layer and its role in decentralized gaming, with Treasure DAO’s move being a major highlight. The overall sentiment was very positive, with many looking forward to further growth and innovation within the ZKSYNC ecosystem. $NEAR: Discussions around NEAR today have focused on its recent implementation of sharding technology, which has received a lot of attention and is seen as a major breakthrough in blockchain scalability. This development has sparked optimism about NEAR's potential, with many predicting its breakthroughs and emphasizing its role in the field of artificial intelligence, along with other tokens such as TAO and FET. Grayscale also listed NEAR as one of the most promising AI tokens in the third quarter of 2024. ThreadsTweets 1. The truth about DeFi market value, @0xpotatoSam 2. How to become a better crypto KOL, @edison_near 3. The crypto middle class is disappearing, @francescoweb3 Featured articles 1.《The great return of DeFi》 flow, crypto researcher On the one hand, we are witnessing the emergence of multiple new DeFi primitives that are more secure, scalable, and mature than a few years ago. DeFi has proven its resilience, establishing itself as one of the few crypto fields with proven use cases and real applications. On the other hand, the current monetary environment is also supporting the recovery of DeFi. Similar to the last DeFi summer, current DeFi indicators suggest that we may be at the beginning of a larger upward trend. 2.《Seven years after leaving Africa to join Crypto, we are still talking about faith》 Athena Y, Wello developer How the narrative is translated is not too important, especially when another big shot joked that PayFi could actually be called FiFi, because Payment itself is finance. What is really interesting and meaningful is that after a long detour, we began to return to the fundamental attribute of crypto related to payment in addition to investment and speculation. Just like the redistribution of value and wealth, the development of all things in the world follows the basic laws of history. From a small product to a track and industry, what really lasts is the product that truly creates positive value for society. Returning to this essence, our faith will not be so fragile and easily shaken. 3.《How to improve your meeting efficiency in Web3, which is filled with meetings every day? ｜In-depth Dialogue》 Steven Rogelberg, Professor at the University of North Carolina A good meeting atmosphere is inseparable from the active guidance of leaders. They need to pay attention to team dynamics and promote the exchange and collision of different views. In addition, regular one-on-one meetings are also an important means to improve employee participation and retention, especially when managers can listen to and understand employee needs. In general, improving the quality of meetings should focus on their main purpose, structural design, participant selection and feedback mechanism to ensure that each meeting can bring substantial value. Biggest Gainers Losers Token volatility on September 24, sorted by volume Top Gainers 1.$FIDA (Solana) 2.$UXLINK (Ethereum) 3.$Aavegotchi (Ethereum) Top Loser 1.$UPP(Ethereum) 2.$REEF (Ethereum) Today's Hot Memes Meme fund flows on September 24, filtered and sorted by trading volume and increase 1.$MAGA (Solana) 2.$NEIRO (Solana) On-chain data On-chain fund flow on September 24
Ethereum is under great pressure. How do Vitalik and the Foundation respond to the doubts?
Ethereum Foundation reveals spending Recently, the Ethereum Foundation’s sale of ETH and its fund transparency have attracted widespread attention in the crypto community. In response, the Ethereum Foundation announced its official expenditures at the end of August. According to the chart, new institutions accounted for the largest share of foundation spending, at 36.5%. Vitalik Buterin said that this category includes grants to various organizations, such as the Nomic Foundation, L2 BEAT, Decentralized Research Center, and 0x PARC Foundation, and the main goal of building these new organizations is to strengthen the Ethereum community in the long term. The second largest spending category of the Foundation is L1 RD, accounting for 24.9% of total spending. This category includes funding for external customer teams (62%) and internal Foundation researchers (38%). Internal spending includes teams such as Geth, Cryptography Research, Devcon, Solidity, Next Billion, etc. The responsibilities of these teams are public, and there is relevant activity information on their websites, github, and social channels. In addition, the foundation has published activity reports on external expenditures or funding in the past four years. Projects funded by the foundation in Q1 2024 include Xerxis, Ethereum Bogota, Motherless Africa, ETHKL, etc. The rest of the foundations expenditures include community development (12.7%), zero-knowledge applications (10.4%), internal operations (7.7%), developer platforms (6.5%), and L2 research and development (1.4%). In addition to revealing the Ethereum Foundation’s expenses, Vitalik also revealed that his annual salary at the organization is about $139,500. This is not high compared to his net worth, which Forbes estimated at about $1.5 billion in 2022. Regarding the Ethereum Foundations fund management plan, Vitalik mentioned that the foundation will spend 15% of the remaining funds each year, which means that the foundation will exist forever, but its influence in the ecosystem will decrease over time. Foundation member Justin Drake expects that the foundation will still have about 10 years of operating funds, but this will fluctuate with the price of ETH. Vitalik sells ETH again? Vitalik was criticized again after selling $441,000 worth of ETH on September 12, but he explained that the order was placed in August and said that it was the last sale (to fund ecological defense projects) and no similar transactions were expected. It is reported that the transaction was triggered by the Cowswap twap automatic order, which was set as early as August 29 (the twap strategy can execute large orders by spreading large orders into smaller parts over a certain period of time). According to LookOnChain data, wallets associated with Vitalik sold a total of 190 ETH on September 12, and have sold $2.28 million worth of ETH since August 30. In this regard, Vitalik insisted that he never profited from the sale of ETH because all the proceeds were used to fund the project, which was silent. What do Vitalik and the Ethereum Foundation think of DeFi? Long-time DeFi developer Kain Warwick recently accused Vitalik and the Ethereum Foundation of being “anti-DeFi.” The developer claimed that the Foundation only spends a small portion of its budget each year to promote the development of the decentralized finance sector and wastes the vast majority of its annual budget on other unimportant things. Vitalik responded by emphasizing his long-term focus on decentralized exchanges and sustainable projects, and reiterated his commitment to the field of decentralized finance, but he is not interested in investing in short-term projects with unsustainable prospects, such as liquidity mining or temporary projects that rely on issuing new tokens and then selling them on the market. Dankrad Feist, a member of the Ethereum Foundation team, said that the Foundation does not have a unified view on DeFi. He personally likes DeFi, but DeFi cannot solve all of Ethereums problems alone. The financial market itself does not create value, but it can create more value for society by providing services such as liquidity and insurance. DeFis most valuable contribution on Ethereum is decentralized stablecoins. He hopes that these stablecoins can become a pure medium of exchange for cryptocurrencies, but they have serious expansion limitations, so custody solutions are more popular now. Despite this, he believes that it is very valuable to have a decentralized, censorship-free alternative. The main directions of the Ethereum Foundations recent research Despite its controversial spending, the Ethereum Foundation is actively working on technological advancements in multiple areas. Regarding zero-knowledge proof (ZK), George Kadianakis said that research on STARKs and SNARKs is being used, such as recursive signature aggregation and achieving post-quantum security. Justin Drake mentioned that the introduction of SNARKs has significantly reduced the cost of proof, and emphasized the formal verification work of zkEVM. Regarding the Verifiable Delay Function (VDF), Antonio Sanso said that although it has not yet been implemented in Ethereum, the team is studying its potential applications, but it needs further improvement and evaluation. Regarding Maximum Extractable Value (MEV), Barnabé Monnot and s 0 isp 0 ke discussed the research progress of solutions such as ePBS, Execution Tickets, and Inclusion Lists to reduce the impact of MEV and improve the networks anti-censorship capabilities. Vitalik Buterin and Justin Drake believe that binary hash trees may be used instead of Verkle trees in the future to adapt to technology upgrades. In addition, formal verification and verifiable computing are seen as key technologies to ensure code correctness and promote interoperability between different programs. How does the Foundation view the issue of ETH value accumulation? As we all know, according to the roadmap, rollups form a diverse ecosystem on Ethereum L1, there are a large number of DApps on L2, and the fees paid by users are extremely low, but this involves the problem of the lack of value accumulation of ETH assets. Regarding this issue, members of the Ethereum Foundation believe that the value accumulation of ETH is crucial to the success of Ethereum. ETH as a currency supports decentralized stablecoins and provides economic security for the network. Justin Drake, a member of the foundation, believes that Ethereum must become the programmable currency of the Internet, and the value accumulation of ETH will be realized through total fees and currency premium. It is the total fee that is important, not the fee per transaction. Even if the fee per transaction is less than one cent, billions of dollars in revenue can still be generated through 10 million transactions per second. Another important aspect he mentioned is the proportion of ETH used as collateral currency, such as supporting DeFi. Different financial activities on Ethereum will bring value capture to ETH. In addition, he also believes that in the Rollup roadmap, the Ethereum mainnet will be the intersection of high-value activities, and L1 expansion is necessary. If Ethereum is designed to facilitate sustainable economic activity, the value accumulation of ETH will follow. The growth of ETHs value will support the security and economic activity of the Ethereum ecosystem, thereby promoting Ethereum to become a global financial platform. How to deal with the centralization problem of Layer 2? Currently, more than 80% of Ethereum transactions occur on Layer 2 solutions, including Arbitrum, Optimism, Base, and zkSync. L2 networks have also faced some criticism recently for their centralization. Last month, Justin Bons of Cyber Capital raised concerns that these networks pose risks due to their centralization. In response, Vitalik explained that highly decentralized L2 solutions are essentially unable to take away users funds without reaching a strong consensus. On September 12, Vitalik said that he would only publicly acknowledge L2 that has reached Stage 1 or higher in decentralized work, regardless of whether he invests in it or not. Vitalik reiterated his emphasis on L2 and emphasized the importance of security, suggesting that initial protections should not be removed until the proof system is thoroughly verified. Starting next year, he plans to only publicly mention (such as in public occasions such as blogs, speeches, etc.) L2 that is at Stage 1 or higher, and provide a possibly short grace period for truly interesting new projects. Vitalik outlined the criteria for Stage 1+ rollup, which requires a 75% consensus from the council to overturn the proof system, and at least 26% of the council members must be independent of the rollup team. He believes that this requirement is reasonable and necessary for the security of the network. The era of rollup being glorified as multi-signature is coming to an end, and the era of encrypted trust has arrived. It is reported that several zero-knowledge (ZK) rollup teams plan to achieve this milestone by the end of this year. summary In summary, although Ethereum is facing some FUD, the Ethereum team is still actively facing and solving the problem. As the largest public application chain, the fundamentals of Ethereum have not been shaken, and there is no need to be overly pessimistic. The biggest problem of Ethereum at present is that industry applications have encountered a bottleneck period, but the low handling fee of L2 is brewing and promoting the outbreak of new applications. After the lack of liquidity in the capital market improves, the adoption rate of the crypto industry will accelerate, and the future of Ethereum is still worth looking forward to.
Optimism Bridged Storage Total Value Exceeds 800,000 ETH
Dune data shows that zkSync bridge storage has a total value of 3,732,387 ETH, Starknet bridge storage has a total value (TVB) of 938,541 ETH, and the total number of bridge user addresses is 1,226,772; Arbitrum bridge storage has a total value of 4,166,290 ETH, Optimism bridge The total value of Arbitrum bridge storage is 4,166,290 ETH, Optimism bridge storage is 805,629 ETH, and Base bridge storage is 611,809 ETH.
Total value of Starknet bridged storage exceeds 930,000 ETH
Dune data shows that zkSync bridge storage has a total value of 3,732,387 ETH, Starknet bridge storage has a total value (TVB) of 938,026 ETH, and the total number of bridge user addresses is 1,226,766; Arbitrum bridge storage has a total value of 4,157,441 ETH, Optimism bridge The total value of Arbitrum bridge storage is 4,157,441 ETH, Optimism bridge storage is 804,483 ETH, and Base bridge storage is 611,787 ETH.
Here’s Why Airdrop Enthusiasts Are Turning to These 5 Elite Platforms
There exist lists of Airdrops such as Airdropbob and ICO Drops, which contain only the most genuine Airdrops as compared to the general list of Airdrops. Protocols based on Layer-2 like Starknet and zkSync are turning into centers of various inventive airdrop promotions. Such cross-chain platforms as LayerZero offer multiple and different ecosystem airdrop possibilities. In the era of cryptocurrency, the airdrop is one of the most common strategies for projects to distribute tokens and attract attention. With the constant evolution of the crypto market, people stay on the lookout for dependable sources to identify such potentially lucrative investments. The following article explores five leading platforms that have attracted attention for their likelihood of introducing high-yield airdrop prospects to users. Airdropbob: A Comprehensive Hub for Airdrop Enthusiasts Currently, Airdropbob has positioned itself as a valuable source of information for those interested in airdrops related to cryptocurrencies. This feature enables people to search and access a large number of airdrops with minimal trouble. Airdropbob’s team also ensures that listings are authentic to help the user feel safe while participating in an airdrop. Starknet: Pioneering Layer-2 Scaling Solutions Another Ethereum scaling solution that attracted attention to the airdrops is Starknet. A lot of projects are attracted to the platform due to utilizing the decentralized computing concept via ZKPs and the use of roll-up technology; many of the projects reward early backers and contributors with token airdrops. The ecosystem of Starknet is still developing, which means that interested buyers can get some tokens for free and potentially get a generous airdrop. ICO Drops: A Veteran Platform with a Proven Track Record ICO Drops have been around for as long as the cryptocurrency frenzy and offer information about ICOs and airdrops. By now, the platform has both a vast library and a strict selection process that allows many investors to find a suitable project. ICO Drops are still evolving to meet the new changes in the market for cryptocurrencies, to remain useful in the airdrop search. LayerZero: Bridging Blockchain Networks and Airdrop Opportunities With LayerZero’s interoperability protocol, it has been able to place it within the cross-chain system. This factor has placed it in a strategic position to be a home for projects that want to distribute tokens across different networks. It remains to be seen how LayerZero investors will be at the receiving end of new airdrop campaigns across different blockchains. Read CRYPTONEWSLAND on google news zkSync: Scaling Ethereum and Distributing Rewards Another Layer-2 scaling solution for Ethereum that attracted attention due to the higher efficiency and security of its work is zkSync . Since the platform is gaining popularity among developers and projects, more often it becomes an object of airdrops. As a result, people who will actively use applications built on the zkSync platform may become recipients of further token distributions, so this platform can be of interest to airdrop hunters. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Lens network to use Avail's data availability solution for scalability
Lens Protocol has partnered with Avail to integrate its data availability solution into Lens' upcoming Layer 2 chain, designed for onchain social networking infrastructure. The upcoming Lens network will operate as an EVM-compatible Validium chain. It is being developed with zkSync's Layer 2 development tool, ZK Stack, and is slated for release in the fourth quarter of 2024. Lens network will incorporate Avail’s data availability layer, Avail DA, which is tailored for the ZK tech stack. Similar to other DA solutions such as Celestia , Avail's DA reduces the storage demands for chains that rely on them, improving scalability and lowering costs. This leverages the Data Availability Sampling (DAS) technique, which checks data availability on a blockchain without requiring every node to download and store the complete data set. This technique randomly selects subsets of data blocks to verify their accessibility. Such a setup will enable Lens to process more transactions by shifting data storage and processing responsibilities to the DA layer. This capability is particularly beneficial for supporting high-traffic applications on blockchain platforms, such as social media. “With a scalable and resilient foundation, the next-generation modular Lens utilizes Avail DA for the most advanced and future-proof data availability solution,” said Lens Founder Stani Kulechov. Lens operates a decentralized social graph — a user-owned network of connections and relationships among individuals and entities. Launched initially on Polygon, the project later decided to develop its own Layer 2 network on Ethereum.
ZKSync Empowers Community: Mainnet Governance System Goes Live
Last updated: September 13, 2024 10:42 EDT Ethereum layer-2 scaling solution zkSync has officially launched its ZKSync governance system, enabling community members to contribute directly to the protocol’s development. As stated by ZKSync, the system is designed to uphold the ZK Credo’s core values, highlighting the right to fork or exit and the community’s ability to trustfully verify decisions trustlessly. ZKSync Launches Robust Decentralized Governance System with Security Safeguards According to the ZKSync announcement, the governance model incorporates multiple safeguards to ensure longevity and adaptability. The team stated in their announcement; “The ZKSync governance system is built to last, with autonomously enforced safeguards to address risks and ensure the protocol continues to evolve even in the face of adversarial conditions,” The ZKSync governance framework is structured around three independent bodies: the Token Assembly, the Security Council, and the Guardians. This tripartite system highlights a separation of powers and checks and balances, with no single entity holding unilateral power over protocol changes. Alex Gluchowski, co-founder and CEO of Matter Labs, the firm behind ZKSync, said , “ZKSync is shipping,” “The ZKSync governance system just went live. It’s raising the bar for decentralized governance systems that are built to last.” The announcement noted that the token Assembly comprises token holders who delegate their voting power to representatives. This body can propose and vote on protocol upgrades directly on-chain. They also stated that delegates can opt to join the ZKSync Association, a non-profit organization designed to mitigate personal legal risks associated with governance participation. Meanwhile, the Security Council, comprised of skilled engineers and security experts, reviews and approves protocol upgrades from the Token Assembly. In cases of imminent security threats, the Council has the authority to freeze the protocol and enact emergency upgrades. However, even these measures require the approval of the Guardians and a third reviewer, currently the newly established ZKSync Foundation. The Guardians, tasked with ensuring proposals align with the ZK Credo, hold the power to veto any proposals they deem misaligned. “The Guardians act as a check on the other governance bodies, ensuring alignment with our core values and protecting the protocol from potential manipulation.” The ZKsync governance system is live on mainnet! Builders, users, researchers, devs, network operators, token holders and more–our diverse community now steers the ship. ZKsync is fully decentralized and controlled by its community. 🧵👇 Read the full post here:… — ZK Nation (@TheZKNation) September 12, 2024 ZKSync’s Proposal System: Can the Tripartite Governance Drive Real Change? Furthermore, the three governing bodies work together to publish, approve, and implement three types of proposals. These include ZKSync Improvement Proposals, which detail modifications to the ZKSync protocol contracts and are managed by the Protocol Upgrade Governor; Token Program Proposals, which introduce new mechanisms for minting and burning ZK tokens by ecosystem participants; and Governance Advisory Proposals, which outline off-chain decisions and actions needing approval from the Token Assembly but are not directly related to the ZKSync protocol or token. The team stated that the launch represents the culmination of extensive collaborative efforts from the ZKSync community. “Our governance system is not just about contracts; it’s a journey of intentional innovation for real-world impact.” However, they encouraged the community to participate in the governance process and contribute to the protocol’s ongoing development. Matter Labs launched its Era mainnet in March 2023 , introducing a Layer 2 network that leverages zero-knowledge (ZK) rollups and proofs to improve Ethereum’s transaction cost-effectiveness and efficiency. In June 2024, Matter Labs unveiled its governance system and rolled out the ZK token , accompanied by an airdrop. Over 695,000 wallets qualified for the airdrop, with the token distribution program running from June 17, 2024, to January 3, 2025, aiming to distribute 3.675 billion ZK tokens. Despite these developments, the network has seen a significant drop in daily transactions . The seven-day moving average of daily transactions on the ZK Rollup has plummeted by nearly 85% this year, from approximately 1.3 million to about 195,000.
Current situation of the Korean market: Projects are pouring in to seek exit liquidity, and airdrops are still the consensus
Soju mixed with beer becomes honey water, people on the dance floor sway to the DJs rhythm, Korean beef on the barbecue sizzles as its cooked to medium rare, and there are more than 300 side events... Korea Blockchain Week is so lively. However, beneath the noise of music and alcohol lies a deep anxiety. Project owners are anxious. The market is not liquid enough, there is a lack of new narratives, retail investors are not willing to buy, listing on top exchanges is becoming increasingly stringent, and investors are constantly asking, “WHEN LISTING?” VCs are very anxious. Many of the projects they invested in are currently in a half-dead state. Projects that have already issued tokens are still locked up, and their market value is still declining every day. The funds life span is short, and fundraising is becoming increasingly difficult. Entrepreneurs are very anxious. The primary market is cold. Many VCs only watch but do not invest. After months of talks, they still have not completed a new round of financing. Even if VCs are interested, they said they can only choose to follow the investment after confirming a strong lead investor. The media and the community are anxious, being in the middle and lower reaches of the industry food chain, and needing the landlords to have surplus food to survive; The exchanges are also very anxious. Trading volumes are shrinking and competition is intensifying. They can only comfort themselves that the situation is still better than that of the project owners. The only way to relieve worries is a bull market. Everyone is looking forward to a vigorous altcoin bull market, and many project owners are pinning their hopes on Q4, planning to list their tokens on exchanges in Q4. However, waiting for the bull market is equivalent to waiting for death, so everyone began to focus on the Korean market to complete liquidity withdrawal. Whether it is the project party or the VC, most of them come to Korea with the same mission and purpose: to find Korean exchanges to list their coins; to find Korean KOLs and communities for promotion. At many events, the most common questions I heard were, Do you know anyone from Upbit and Bithumb? Can you introduce them to each other? Or, out of curiosity, How did XXXX and XXXXXX get on Upbit? There is a growing awareness that Korean exchanges, especially Upbit, are the world’s leading altcoin trading market (liquidity exit venue), and Korean investors prefer trading on centralized exchanges rather than on-chain transactions. There are four major exchanges in South Korea, Upbit, Bithumb, Coinone, and Korbit. Among them, Upbit is the absolute king, with a market share of 70%-80% in South Korea. In 2023, Upbit is the worlds second largest cryptocurrency spot market, second only to Binance. Bithumb has long maintained its second position in the market, accounting for 15% to 20% of the total trading volume of the four major exchanges. Coinones market share is between 3% and 5%, and Korbits market share is less than 1%. Therefore, listing on Upbit has become one of the long-term goals pursued by various project parties. However, it is not easy to list on Upbit. Korean exchanges do not issue tokens for the first time, and Upbit’s listing standards have two requirements for token liquidity and listing exchanges: Market demand: Assess the trading liquidity and commercial viability of the proposed digital asset. Review its known market capitalization, concentration of digital assets, number of wallets, or trading volume on other exchanges. Listing status: Review the current listing status of the proposed digital asset, including listings on other exchanges. Evaluate the reputation, jurisdiction, and AML/CFT practices of other exchanges. A relatively open unspoken rule is that if you want to be listed on Upbit, you must first be listed on Binance/OKX, or at least Bybit. The relatively closed Korean crypto market has also brought in many intermediaries or brokers who take advantage of information asymmetry to make profits. Some people help overseas projects do GTM in Korea. For example, SEI\SAGA and other projects are implemented by individuals rather than institutions in the Korean market; some people do KOL recommendation and management; some people provide guidance on listing coins on Korean exchanges... There are many intermediaries, and the quality varies. A member of a local Korean institution told TechFlow that the Upbit listing process is very standard. If someone tells you that he can guarantee listing on Upbit, he is most likely a scammer. If you want to withdraw liquidity, you not only need to list on the exchange, but also need retail investors to buy. Finding Korean communities and KOLs to promote and bring goods has also become a rigid demand. A local Korean marketing consulting agency said that their business volume this year is several times that of last year. Once upon a time, many people knew that Korean cryptocurrency investors were concentrated on the local chat software Kakao, but the reality is that most crypto investors, especially young people, now gather on Telegram. Statistics show that in 2023, the top 10 most forwarded channels among the top 110 Telegram channels in the Korean crypto market. The channel with the most reposts was 코인같이투자(WeCryptoTogether), with 168,765 reposts, which was about 34% higher than the second place 취미생활방(EnjoyMyHobby) with 125,919 reposts. The third to tenth places are @kkeongsmemo, @emperorcoin, @centurywhale, @mujammin 123, @masrshallog, @airdropAScenter, @seaotterbtc, and @kookookoob. What information do Korean investors pay most attention to? We can still find out more from the viewing and forwarding data of 110 Telegram channels. Looking at the most viewed information in the Korean cryptocurrency community in 2023, three themes stand out. 1. Legal and regulatory issues in the Korean cryptocurrency industry. Content related to negative issues in the industry, such as privacy leaks, money laundering, and financial crimes, topped the list of views. Second, new token investment opportunities, such as information about Sui token sales ranked fourth, which shows that Korean investors are very sensitive to new projects and profit opportunities; Finally, ranked third are content related to macroeconomic indicators (such as CPI). This year, the trend of Bitcoins market is mainly affected by macroeconomic data. Looking at the ranking of the most forwarded information in the Korean crypto community in 2023, we found that everyone is paying attention to the same topic - airdrops. The most forwarded message was the “Summary of Airdrop Workflow” posted on the “Coinmap Hack” channel on March 20. This message detailed how to participate in airdrops from major projects such as Starknet, zkSync, and LayerZero. It was forwarded more than 2,600 times, ranking first. Most of the messages ranked second to tenth are also about zero-cost information, such as how to obtain airdrops and free NFTs from projects such as zkSync and Starknet. It seems that airdrops are a consensus that transcends nationality and culture and is familiar and recognized by all cryptocurrency investors. As more and more projects are entering the Korean market, Korean KOLs/community managers are becoming more cautious about projects. The head of the local Korean community said that they prefer to cooperate with projects endorsed by well-known investment institutions, especially those with investment from Binance Labs. Another piece of information that is difficult to fully verify is that Korean investors currently do not like Korean founders and investment institutions. If this is true, it is quite similar to the Chinese market. When I left Seoul, I asked several VCs and project practitioners, How did you gain from your trip to Korea? Most of them said not much, more fun/medical beauty, and some even felt embarrassed that they were wasting the companys money. This may also be a reflection of the current situation of the Korean market. It looks beautiful, but it is not easy to withdraw liquidity in the Korean market.
5 Ethereum Layer 2 Solutions Revolutionizing Network Efficiency and Security
Arbitrum and Optimism lead ETH L2 solutions with optimistic rollups, increasing transaction throughput and reducing fees. Polygon and zkSync enhance scalability using multichain systems and zero knowledge proofs, supporting secure and efficient ETH transactions. StarkNet employs STARK technology to deliver scalable, secure, and decentralized solutions for complex smart contracts and dApps. While ETH grows, L2 becomes more important for the expansion of the network and for the reduction of excessive fees. Here are five ETH Layer 2 solutions that are making waves in the crypto space: 1. Arbitrum It is the leading Layer 2 technology that studies and builds in ETH’s most extensive Layer 1 ecosystem. It is one of Ethereum’s most popular Layer 2 solutions, offering measures that increase transaction throughput while lowering fees. By processing transactions off chain and only publishing the results to the Ethereum mainnet, Arbitrum provides a more scalable and cost effective way to use ETH, making it a top choice for decentralized applications and DeFi projects. 2. Optimism Optimism is another leading Layer 2 solution that uses favourable standards to improve scalability. It seeks to reduce gas fees and improve transaction speeds, enabling a smooth user experience for ETH applications. Optimism’s growing ecosystem includes various dApps and protocols, making it a main player in ETH scaling efforts. 3. Polygon (Matic) Polygon, formerly Matic Network, is a well established Layer 2 solution providing a multiple chain ETH system. It offers various scaling solutions, Plasma chains, and optimistic measures. Polygon’s flexibility and its widespread use make it important part of the Ethereum ecosystem, allowing thousands of dApps with faster and cheaper operations. 4. zkSync It is a Layer 2 scaling solution that uses zero-knowledge technology in order to enable the fast and cheap transfer of coins. With the use of cryptographic, the collection of transactions into one batch and its subsequent validation are made possible by zkSync, thus allowing the Ethereum network to scale up securely. This approach is especially beneficial for the applications that require strict security and privacy concerns and therefore, zkSync can be seen as a promising solution in the DeFi space. Its technology labors to increase the efficiency of Ethereum, enabling a large number of decentralized applications, without risking the security. Read CRYPTONEWSLAND on google news 5. StarkNet StarkNet is an ETH Layer 2 scaling solution that uses STARKs to improve the network’s throughput and security. While other solutions are more specific and do not support complicated smart contracts and dApps, StarkNet is general-purpose and works faster and cheaper. It works in the off-chain while the transactions are validated on-chain with the help of the cryptographic proofs, which do not overload the mainnet of Ethereum. It is secured by STARK proofs, and its design provides for decentralization and compatibility with Ethereum standards. StarkNet is predicted to affect ETH scalability by providing developers with a safe and trustless platform. These Layer 2 solutions are very important in the effort to solve some of the issues that ETH is facing with scalability, while at the same time improving the transactions’ speed and cost effectiveness without compromising on the security and the decentralization that is associated with Ethereum . These Layer 2 solutions will most probably become more important as the Ethereum ecosystem grows in the future. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Open letter from zkSync founder: Why are we laying off employees?
Original article by: Alex G. ( , ∆) Original translation: TechFlow I just sent a message to the Matter Labs team: Today, I’m announcing the most difficult change in Matter Labs’ six years. We’re restructuring our organization and have to say goodbye to many of our amazing team members (about 16% of the team). We’ve spoken individually with every employee impacted. As founder and CEO, I take full responsibility for this decision and all the ones that came before it. To those of you who are leaving: I’m sorry we had to take this step. It hurts to say goodbye to talented people for reasons unrelated to performance. I’ll explain why we made this decision, how we will care for the team members who are leaving, and what this means for the future of Matter Labs. Why we made this decision Since its inception, Matter Labs has insisted on building a lean and focused team, focusing on a core mission - promoting the mass adoption of cryptocurrency in the field of personal sovereignty. A small and efficient team allows us to steadily advance influential innovations and constantly adapt to external changes. This year, our market environment and business needs have changed significantly. We have noticed that many teams developing on zkSync Era now need different technologies and support than before. At the same time, the demand for ZK chains has also increased significantly. Matter Labs’ role in the decentralized zkSync ecosystem is also evolving. The launch of Elastic Chain and ZK Nation is an opportunity to reevaluate our strategy, goals, and team composition. We conducted a comprehensive organizational planning and found that the current talent and position configuration did not fully meet our needs. As a result, we reviewed every role in the company to ensure that the right people are in the right positions to keep the team agile and efficient. How we place departing employees For employees leaving today, we have developed a comprehensive severance package, including: Basic salary: Ensure to provide 3 months basic salary. Medical and Mental Health Support: Continuous coverage is provided for 4 months. Option Vesting: Options will be fully vested before the official departure date, and the vesting period will be waived for employees who have served in the company for more than 6 months. Career Support: There is an option to share the list of affected employees with investors. Provide one-on-one career support sessions with leadership team members to help plan career development. Provides suggestions for optimizing your resume and LinkedIn profile. Equipment: Employees can keep company-provided laptops and other equipment purchased through company allowances. Immigration: Immigration assistance will be provided over the next 4 months. Looking ahead As CEO, it is my responsibility to continually simplify the organization to avoid similar painful adjustments in the future. I will ensure that all new functions and positions are aligned with our long-term strategy and maintain the highest performance standards. While today’s transformation is painful, I am confident about the future. Demand for our technology is growing, with about a dozen chains launching on Elastic Chain this year alone and many more teams building on zkSync Era. We are also fortunate to have the financial resources to thrive even in a multi-year bear market. We will continue to grow and recruit the talent that will be critical to the next phase of Matter Labs. Finally, I want to express my deep gratitude to every team member, both those leaving and those who continue with us, for your invaluable contributions to our journey. It is because of your efforts that Matter Labs is what it is today: a transformative force for freedom around the world. I will be providing more details to the teams about today’s decision so you can hear directly from me. In addition, your team leaders will be organizing team-specific forums and meetings throughout the week.
Matter Labs to cut 16% of workforce
Matter Labs, the company behind ZKsync, will lay off 16% of its workforce, or 24 employees, in the company’s first headcount reduction since its inception six years ago. “Unfortunately, this learning curve isn’t always perfectly linear. Organizational complexity has a tendency to accumulate over time […] We are ensuring that we have the right roles and people in place to be effective in accomplishing our mission,” Matter Labs president Nana Murugesan exclusively told Blockworks. Murugesan, who joined Matter Labs in April, added that the decision was made to stay “lean.” But it was also made as part of Matter Labs’ move into its “next phase” of decentralization and its need to hone down the “right roles that need to be in place.” Read more: Coinbase exec departs for zkSync development company Newsletter Subscribe to Blockworks Daily Subscribe “ Matter Labs has embraced Ethereum philosophy, including the philosophy of subtraction. We concentrated on a single mission, which is about accelerating the mass adoption of crypto for personal sovereignty and staying lean,” he explained. Both Murugesan and CEO Alex Gluchowski clarified the decision was not due to the financial situation of the company, which still plans to carry out “strategic hiring.” Loading Tweet.. “Our financial position remains strong, which we believe will enable us to thrive even in a multi-year bear market. The demand for our technology is also steadily growing, with around a dozen chains launching on the Elastic Chain this year,” Murugesan said. In 2022, Matter Labs raised $200 million in a Series C led by Dragonfly and Blockchain Capital. “We were always very conscious to not overgrow, not make the typical startup mistakes because we were always focused on the long-term goal,” Gluchowski said. “You might have amazing talent, but it might not be the people who you necessarily need for what you need to accomplish, unfortunately.” Per Matter Labs, impacted employees will be given “several months” of severance pay, extended healthcare benefits and placement support. “We remain committed to the mission. Our mission has remained unchanged since day one of Matter Labs. We’ve always been very articulate on advancing the freedom for everyone in the world by accelerating the adoption of crypto technology, public blockchains,” Gluchowski said. “And we believe that there is the right architecture for [Elastic Chain],” he continued. Hyperchain was renamed Elastic Chain back in July. “The Elastic Chain is this ultimate vision of connecting the rollups on Ethereum,” Gluchowski added, saying that it remains a priority for Matter Labs, which will continue to build and expand as it continues to see “encouraging” demand. Updated September 3, 2024 at 10:49 am ET: Added tweet from Matter Labs’ CEO. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter . The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus. Tags crypto hiring layoffs matter labs zksync
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