Curve Finance has switched from using the 3cr token to its own stablecoin, crvUSD, for the distribution of fees. In order to encourage users, the move attempts to increase the usefulness of crvUSD and incorporate the stablecoin into the Curve Finance network.A press release that was shared states that the move to crvUSD for fee

The newest conventional financial instrument to undergo the explosive tokenization of cryptocurrency is life insurance. A blockchain-based life insurance business called Infineo announced on Tuesday that it has moved the “first-ever” tokenized life insurance policy onto a distributed ledger system. A news release stated that the company used the Provenance network to mint insurance totaling $9.4 million. Provenance Blockchain Labs, which is responsible for the ecosystem development of the Provenance network, helped tokenize the policies. Peer-to-peer transactions and new offers backed by tokenized life insurances are made possible by the secondary markets for tokenized policies that Imineo says it is creating. The minting of Infineo took place at a time when traditional capital markets and cryptocurrency are becoming more and more entwined, with institutions putting tokens representing traditional financial assets like bonds, credit, and private equity on blockchain networks. The process is commonly known as tokenization of real-world assets (RWA), and according to a Bank of America analysis, it has the potential to upend and change established financial systems. It is hoped by participants that tokenization will improve transparency, expedite settlements, and build more effective systems. “The digitization of life insurance policies not only unlocks global accessibility to life insurance, but also delivers efficiencies and cost savings for industry stakeholders at every point along the value chain,” infineo founder and CEO Cole Snell, said in a statement. According to Infineo, adopting blockchain rails might help the $3 trillion life insurance business by shielding policy holders and beneficiaries from over $7 billion in unclaimed payouts, for example. According to rwa.xyz data, Provenance is home to over $7 billion in active home equity lines of credit. The company’s website states that it has $13 billion in total value locked (TVL) on the chain. It’s a blockchain powered by Cosmos that was developed in 2018 by fintech company Figure.

The much awaited version 2.0 upgrade of blockchain network Zilliqa has now released its white paper and roadmap. The upgrade will go live on the mainnet later in 2024. As per the network, the next version of the platform is expected to enhance its functionality by increasing its speed, efficiency, and interoperability with other blockchain networks. The sharding architecture, or x-shards, of Zilliqa 2.0 is pivotal. This feature enables users to build anything they can imagine on the Zilliqa platform, allowing businesses and developers to create blockchain experiences tailored to their needs. One technique for improving the scalability and performance of blockchain networks is sharding, which is used to database and blockchain systems. They are able to process more transactions faster and with greater efficiency as a result. Beyond x-shards, the white paper replaces the energy-intensive proof-of-work system with a new proof-of-stake consensus mechanism. With ultra-fast finality and enhanced security made possible by this modification, the network becomes more ecologically friendly. It is also possible to modify block times as needed. The average block time on the root mainnet shard is only two seconds. A cross-chain communication hub is another feature of the network update that facilitates communication between x-shards, the Zilliqa mainnet, and other blockchains that are compatible with the Ethereum Virtual Machine (EVM). Zilliqa 2.0 is EVM-compatible, allowing it to run smart contracts written in languages like Solidity and work seamlessly with popular wallets like MetaMask. The network will keep supporting Scilla and enable seamless communication between the two contract languages. It will also have features like smart account functionality and simple token conversions for gas fees, as well as account abstraction that is compatible with EVMs. The tokenomics of the network have also been modified to facilitate the proof-of-stake transition. This modification lowers inflation while offering token holders enticing and long-lasting incentives. The publication of Zilliga’s white paper and plan comes after a number of mainnet operational hiccups that affected block production. All network functionality has been restored, though. The number of daily Zilliqa blockchain transactions dropped by over 50% in December 2023 due to a “interruption to block production,” from nearly 61,000 to 30,906.

In order to enable Sonic, a new layer-1 blockchain with a layer-2 bridge connecting it to Ethereum, the foundation behind the layer-1 Fantom Opera blockchain said on Thursday that it was establishing the Sonic Foundation and Sonic Labs as the primary organizations. While Sonic Chain aims to create a layer-2 bridge that connects the Ethereum ecosystem, Fantom Opera is a stand-alone network that concentrates on decentralized finance. According to an email sent to CoinDesk by Michael Kong, CEO of Fantom Foundation, Sonic will be able to “withdraw funds on Ethereum independently” and will produce a proof “for every asset bridged from Ethereum to Sonic chain.” Sonic will be “greatly superior in terms of speed and security compared to the Fantom chain. Over time, we anticipate that users and developers will fully migrate to the Sonic chain,” Kong added. The Fantom Foundation released a press statement stating that the Sonic Foundation will oversee the management of the Sonic ecosystem and its finances.Sonic Labs will concentrate on the community for the Sonic network and decentralized apps. The Fantom team also revealed that the network will have its own native token, $S, once the Sonic chain launches, which is anticipated to happen later this year. According to them, $S will be 1:1 compatible with Fantom’s current $FTM token following a recent governance vote that codified the two tokens’ interoperability. Fantom announced the completion of a $10 million investment round lead by Hashed, which would be used to expand Sonic’s ecosystem and product line, in addition to the news about the new Sonic entities. Only after the Sonic chain is operational will Sonic Foundation and Sonic Labs begin to operate. “I’m incredibly grateful to our investors for their belief in our vision for Sonic and for our dedicated team

An increasing number of compliance-focused cryptocurrency initiatives are optimistic that a more hospitable regulatory landscape may eventually result in a boom of blockchain-based RWAs, or real-world assets, as blockchain competes for widespread acceptance this week in the corridors of the US Congress. A firm called Plume has successfully received $10 million in initial funding for their project, which aims to create the first layer-2 blockchain specifically designed for RWAs. Haun Ventures led the investment, with participation from Superscrypt, A Capital, SV Angel, Portal Ventures, and Reciprocal Ventures. The Ethereum-based blockchain developed by Plume is marketed as a one-stop shop for conveniently transferring off-chain assets onto blockchains. In other words, the protocol assists users in navigating the complex documentation, custodial requirements, and other administrative work necessary to transfer assets such as real estate, artwork, and specific types of financial instruments onto blockchains. “The RWA industry is one of the fastest-growing verticals in crypto today but there remains a critical gap – to date there has not been a permissionless blockchain equipped with fullstack RWA infrastructure to deploy any asset class compliantly,” the company explained in a statement shared with CoinDesk. “The robust DeFi ecosystem

The primary development company of the layer-2 blockchain Starknet, StarkWare, revealed plans on Wednesday for its own zero-knowledge rollup that is compatible with the current Ethereum infrastructure. This configuration is referred to as a zkEVM. The Starknet Stack, a suite of software tools that facilitate developers in creating their own tailored application-specific chains, will make the zkEVM, known as Kakarot, accessible. It is now undergoing testing. Since Cairo is the programming language used by Starknet, it already has its own zero-knowledge virtual machine (zkVM).The Starknet blockchain will now be more approachable to a wider range of project builders thanks to the zkEVM, which allows developers to write code in Solidity, the most popular programming language for Ethereum smart contracts. Press release obtained by CoinDesk states that Kakarot is presently in a “public whitelist” phase. The Kakarot zkEVM will thus only be accessible to a limited group of developers in order to test out any new protocol modifications prior to the network’s launch. “This is a great sign of Starknet’s growth and maturity,” said the CEO of StarkWare, Eli Ben-Sasson, in a statement to CoinDesk. “Starknet dared to be different, and use the powerful Cairo language, instead of Solidity. At the same time, some developers want the zkEVM approach, and for that reason, this is excellent

After the investment and research division of the massive cryptocurrency exchange Binance, Binance Labs, disclosed in a blog post that it had made an investment in the protocol, the native token of the decentralized cryptocurrency derivatives trading platform Aevo surged on Tuesday.At $0.9, the highest price since mid-May, AEVO saw a 10% increase. Nevertheless, CoinGecko data indicates that it’s still around 70% below its March opening price of about $3. The amount of the investment, how Binance Labs obtained the stake, and whether or not it purchased tokens were all kept a secret. Using the OP tech stack, Aevo, a rebranded version of Ribbon Finance, is constructed on top of its own Ethereum layer-2 (L2) network. By settling deals on the Ethereum blockchain, it enables users to trade tokens, perpetual futures, and options for cryptocurrencies prior to their introduction. Because of farming incentives prior to the token launch, the platform experienced a surge in trading activity in February and the first part of March, with daily derivatives trading volume reaching $1 billion. Since then, traffic has waned; as of late, DefiLlama stats reveal that daily traffic was considerably below $100 million. “As part of the future roadmap, Aevo will launch vault strategies, yield products, and Aevo staking,” Binance Labs said. “It will expand its ecosystem of derivative products by allowing builders to deploy their dApps permissionlessly on Aevo L2 to leverage its growing user base and unique features.”

As stated in a post by founder Dan Romero, Farcaster, a blockchain-based social media project, has raised $150 million in a fundraising round headed by Paradigm and including participation from a16z, Haun, USV, Variant, and Standard Crypto. As Romero stated in an update on Tuesday, “this will support our work on Farcaster for many years to come.” Staff-level engineers were being hired for the project, he continued. Farcaster is built atop the Ethereum blockchain as well as OP Mainnet in the Optimism layer-2 ecosystem, according to the project’s documentation. Romero stated in Tuesday’s article that since the project became “permissionless” in October, there had been “350,000 paid sign-ups and a 50x increase in network activity.” “There are hundreds of developers building on the protocol and a growing number of apps and frames for people to use.” Romero was most known for being the former roommate of Coinbase co-founder Fred Ehrsam while attending Duke University.

Blockchain technology has the potential to bring about revolutionary changes in a number of different industries. Blockchain technology has the potential to significantly enhance computer vision in a number of important ways through computer vision integration. Ths concept of Computer vision Digital photos, videos, and other visual inputs can provide computers and systems with meaningful

The sybil self-reporting phase of LayerZero Labs’s approach to curb sybil activities, or “airdrop farming,” has officially ended. Addresses that satisfy the requirements will get 15% of their expected token allocation, according to LayerZero, with the remaining 85% being redistributed to users who qualify. 803,093 addresses in total were found to be possible Sybil addresses

According to co-founder Marcel Fohrmann of CoinDesk, the native token of blockchain indexing provider Subsquid, or SQD, is scheduled to go live this Friday and be listed on many cryptocurrency exchanges.With the help of their combined processing capacity, Subsquid’s network of autonomous node operators is able to interpret massive amounts of on-chain data thanks to the utility token. As per a news release, Subsquid offered $6.3 million worth of tokens for sale to the general public via CoinList in January. That brings the project’s lifetime fundraise to $17.5 million across multiple funding rounds featuring Blockchange, Hypersphere, Zee Prime, DFG, and Lattice, the release said. Among the few groups indexing on-chain activities to provide blockchain developers with meaningful data is Subsquid. From its beginnings in the Polkadot space, it has expanded into the Ethereum realm and most recently launched a beta for Solana.Analysts and academic researchers are among Subsquid’s clientele, according to CEO Dmitry Zhelezov. As the on-chain engines powering NFT exchanges and Perps DEXes, the majority of users are developers who use the tool to monitor activity on their smart contracts. In an interview, Fohrmann said Subquid knew early on that it needed a token in order to “incentivize people to run these nodes, to participate in this network” of

There are customs aimed at safeguarding the little investor even in the wild and unpredictable world of cryptocurrency trading. One of these is the vesting period, which is the period of time after an airdrop or sale of digital tokens during which early investors—founders, project contributors, and venture capital backers, for example—are prohibited from selling their stakes.Projects usually take this action to prevent the token’s price from plunging too quickly after listing, for example, in the event that significant investors decide to sell their tokens at once. Ensuring insiders and early donors maintain a stake in the project is another objective—a kind of pledge of good faith. Now comes a new feature from Colony Lab, a developer and project incubator in the Avalanche blockchain ecosystem, called “liquid vesting.” It is essentially a workaround, which explains why it sounds that way. Take your luggage and hold on to them. You don’t have to wait for the vesting period to end to take advantage of liquidity. “Liquid vesting allows early investors to trade their tokens before they invest without impacting the projects, without impacts in the secondary market, ” said Wessal Erradi, co-founder of Colony Labs. The positive

 The Zilliqa network has had some operational disturbances lately, which have affected the creation of blocks on its mainnet. Though the problem is still being looked into, as of May 10, complete network functionality has been restored.After “temporary disruptions to block production on mainnet,” the Zilliqa team informed the community that the network was back up and running. The infrastructure team is keeping an eye on the network’s stability while attempting to identify the root cause of the recent outages, even after the network’s functioning has been restored. Following the discovery of a block generation slowness on May 8, the Zilliqa network technical team has been working nonstop for nearly 48 hours in an effort to avert additional disruptions. The Zilliqa technical team found a bug on May 9 at approximately 9:30 am UTC that resulted in a null value being returned “instead of a node’s RLP following a possible invalid database lookup.” “The team has created internal rehearsal networks to recreate this issue and trial bug fixes, allowing for possible solutions to be tested within an isolated environment before progressing to Testnet and mainnet deployments.” Together with the release of the Zilliqa version 9.3.4 network upgrade, the team had fixed all functionality by approximately 2:30 pm UTC on May 9. The developers expressed their regret for any inconvenience the update may have caused to users and the Zilliqa community, noting that it will provide “a number of enhancements to EVM compatibility.” But even after the update and patch were implemented, on May 9 at roughly 7:05 PM UTC, there was still another production disruption that affected the Zilliqa mainnet.Now, in order to more accurately identify the problem and deal with the underlying cause of the disturbance, the team improved the debugging procedures. Technical problems have previously caused production interruptions in the Zilliqa block. The number of daily Zilliqa blockchain transactions dropped by over 50% in December 2023 due to a “interruption to block production,” from nearly 61,000 to 30,906. The community is thanked for their “patience and support during the course of resolving” the issue, and the Zilliqa team is still looking into the root cause of the recent network outages.

According to a JPMorgan analyst, public blockchains are still insufficient for carrying out substantial volumes of transactions.On May 7, Umar Farooq, CEO of JPMorgan’s blockchain-based Onyx payment platform, spoke at the BIS Innovation Summit. “I think you almost need something like [a Unified Ledger]. I mean, it’s actually almost a necessity because if you look at […] public blockchain ledgers, they are not fit for purpose for large transactions today.” The CEO made these remarks in reaction to the Unified Ledger, an idea that the Bank of International Settlements (BIS) unveiled last year with the goal of facilitating digital assets, tokenized deposits, and money flows across central banks on its network.Farooq went on to say that public blockchain validators cannot be held responsible if a $100 million transaction fails. stated Farooq. “Who do I sue? […] You need to get somewhere where people can do trusted transactions

Thursday saw the opening of Untangled Finance’s first private credit pool on the Celo (CELO) network, a tokenized real-world asset (RWA) platform supported by Fasanara Capital, in partnership with French fintech lender Karmen.Karmen, which specializes in providing instantaneous loans and working capital to small and medium-sized digital enterprises in France, will receive capital from the pool, which is structured under Luxembourg’s securitization regulations and has a debt ceiling of $6 million at the beginning. Accredited investors can deposit the USDC stablecoin into the pool.Early investors in the facility included the ecosystem development group managed by the Celo community, The Credit Collective, and institutional asset manager Fasanara Capital. Untangled stated that the new pool is a part of a possible, as-yet-unfinalized, larger senior facility agreement for 100 million euros ($107 million) with Karmen. The asset-tokenization trend in the cryptocurrency space, which takes traditional assets like bonds, credit, and funds to the blockchain for improved efficiency and transparency, quicker settlements, and wider access, has put private credit at the forefront. Based on data from rwa.xyz, the on-chain private-credit industry is valued at more than $600 million.For the worldwide private credit market, which the Financial Times reports the IMF values at slightly over $2 trillion, that’s chump change.The newspaper’s internal investigation yielded an even higher number. “By bringing fintech lending on-chain with an innovative credit assessment models, Untangled showcases the potential of tokenized real-world assets to improve access to funding and risk management for entrepreneurs and businesses worldwide,” Isha Varshney, head of ecosystem at network development organization Celo Foundation, said in a statement.

A funding round headed by Gnosis has raised $9.5 million, according to a statement released on Tuesday by tokenized asset issuer Backed.Along with them are Exor Seeds, Cyber Fund, Mindset Ventures, Blockchain Founders Fund, Blue Bay Capital, and Nonce Classic.The company’s news statement states that the investment is intended to accelerate the rollout of its private tokenization product and bring asset managers on board with blockchain technology. The investment took place at a time when tokenization of real-world assets (RWA) has emerged as one of the most exciting areas of the digital asset market, with major asset management companies, cryptocurrency companies, and international banks vying to introduce conventional financial instruments like bonds, money, and loans to blockchains. In comparison to conventional financial railroads, tokenization may provide advantages including better trade settlement efficiency, more investor access, and less administrative work.The asset manager 21.co predicted in a research last year that the RWA market may reach $10 trillion by the end of the decade.According to its website, the company, which is headquartered, regulated, and backed by Switzerland, has issued over $50 million worth of tokenized RWAs, including ERC-20 compatible token versions of individual stocks like Tesla (TSLA) and Coinbase (COIN) and exchange-traded funds (ETF). “Global financial markets are fragmented, hindering accessibility and efficiency,” said Youbin Kang, chief executive of Nonce Classic, one of the investors in the round. “Backed aims to solve these issues by bringing RWAs on-chain.”