The SEOUL-based KOREA BLOCKCHAIN WEEK Anoma Foundation, a blockchain non-profit, today announced its ambitions to build an independent blockchain for the privacy-focused Namada protocol, extending its private transactions features to any applications developed on that network. At the Korea Blockchain Week (KBW) in Seoul, co-founder of Namada Awa Sun Yin disclosed the ambitions. Namada would
Rune Christensen, a co-founder of MakerDAO, stated on Friday that the future native blockchain of the platform should be developed with the software that powers the Solana (SOL) network, which is a network engineered to deliver high-speed performance. In a governance forum post, he said the codebase’s “technical quality,” its “resilience by having gone through the FTX blowup” and already functioning examples make Solana “the most promising codebase to explore further.” He also mentioned Cosmos as the other “main contender.” The $5 billion DAI stablecoin was released by MakerDAO, the largest decentralized financial lender.The project is presently going through a significant, multi-year overhaul termed Endgame, which includes dissolving it into smaller, independent companies (SubDAOs) with their own tokens and redesigning its governance token MKR and stablecoin DAI. The deployment of a custom blockchain, for now known only by the codename NewChain, would be the plan’s final step. It would connect all SubDAOs and theoretically strengthen the ecosystem’s resistance to attacks from the government and technical glitches, according to Christensen. The NewChain is a “major long term project, and will
The partnership intends to collectively protect against actors who wish to abuse AI for their purposes, whether or not they are linked with the state. A number of prominent British MPs have urged the government to work with democratic allies to address the possible misuse of artificial intelligence (AI), highlighting London’s desire to play a
The American Department of Commerce refuted claims that it was preventing shipments of AI chips to the Middle East and kept mum on the question of whether the demands applied to all nations equally. According to recent statements from the US Department of Commerce, the Biden administration “has not blocked chip sales to the Middle
Just one day after being live, a platform that, among other advantages, allows users to swap tokens for rewards and cheap fees attracted $150 million, increasing the overall value of the DeFi ecosystem on the Base blockchain by 80%.Developed in partnership with Base developers, Aerodrome is a product by Velodrome that aims to serve as a “business development protocol” for the Base ecosystem by assisting with project launch, onboarding new projects and tokens, and producing liquidity for the ecosystem. Its developers want to replicate the success of Velodrome, one of the most popular platforms on the Optimism network, which has over $288 million in locked value.Similar to Velodrome, Aerodrome pays out its AERO tokens to platform users that make swaps, offer liquidity, or take part in governance. According to developer papers, there are 500 million AERO tokens overall, of which 450 million are locked for four years.The 50 million tokens set out for voter rewards and initial liquidity are the only AERO that are liquid at launch. How it works The fact that awards emitted are linked to overall liquidity rather than trading volume, which produces fees for the protocol, is a major issue for decentralized exchanges.To counter this, services like Aerodrome enable owners of its native AERO token to lock their holdings for a period of time ranging from one week to four years, resulting in veAERO, a vested AERO token. The user’s veAERO, which gives them more voting power on governance issues, increases with the length of the lock.The Velodrome has a similar technology.These locked veAERO are represented as NFTs, and these NFTs can be sold on various NFT exchanges.In place of purchasing tokens, locking them up, and managing that position, other users can then buy these NFTs to acquire direct exposure to the ecosystem. The veAERO tokens allow users to participate in platform governance and, more crucially, to influence the incentive structures of the trading pools the platform offers.In exchange, these voters get 100% of all fees and kickbacks collected by the particular pools they choose. By attracting users to prizes, encouraging them to buy more AERO, and allowing them to vote on which projects’ tokens to promote, add, and further reward, these features provide a flywheel of liquidity that keeps the network functioning. And so far, the strategy appears to be effective.According to data, the Optimism project Velodrome generated over $3 million in platform profits in the last month, of which $1.3 million was distributed as fees to VELO holders and users.
The social media site X, owned by Elon Musk and formerly known as Twitter, has just been granted payments licenses by a number of American states, including a currency transmitter license in Rhode Island earlier this week.The licenses allow for broader payment services to be provided, even though Musk has hinted at accepting cryptocurrencies on the network, briefly replacing Twitter’s bird emblem with dogecoin’s dog before its rebranding to X last month. The money transmitter licenses obtained since June from Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire indicate the tech billionaire may have plans to support nationwide payment processing similar to Venmo or PayPal, a company he co-founded. Musk has stated that he plans for X to expand beyond social media posts and become a “everything app.”While required for approving payments, the Rhode Island license is also necessary for providing crypto services. “I think a new social media company is needed that is based on a blockchain and includes payments,” Musk said in a text message just days before the bombshell offer to buy Twitter for $43 billion back in April 2022. The Department of Business Regulation (DBR) of Rhode Island states in a frequently asked questions document that businesses needing clearance “include those transmitting money for its customers, including traditional wire transfers (like Western Union) and electronic transfers (like PayPal).” The state’s currency transmission license is also necessary for operating a cryptocurrency exchange and custody service, but fintechs are exempt in “very rare cases” where the company “is registered as a true ‘agent’ of the Rhode Island licensed currency transmitter… and money transmission is not the core profit-making business of the fintech.” Although they undoubtedly pave the way for accepting cryptocurrency payments, state permits are not exclusive nor exclusive to that business.“Money transmission” in New Hampshire refers to the activity of buying, selling, or issuing stored value, as well as obtaining cash or money for the purpose of sending it to another area.” The state also says “an administrator or exchanger that accepts
Impact Theory, LLC, a Los Angeles-based media and entertainment company, has been accused by the Securities and Exchange Commission (SEC) with making an unregistered sale of crypto asset securities under the pretence of non-fungible tokens (NFTs). The organisation is currently being investigated for its operations between October and December 2021, after raising an estimated $30
Mukesh Ambani, the chairman of Reliance Industries Ltd. and the richest man in Asia, declared on Monday that the company will be participating in the blockchain and central bank digital currency (CBDCs) industries. Jio Financial Services (JFS), a new financial services company formed by Ambani’s Reliance earlier this month, made a financial sector entry. After
The Hong Kong Monetary Authority (HKMA) said in a research published recently that tokenization, the process of turning real-world assets into tokens based on blockchain, has the potential to improve bond markets’ efficiency, liquidity, and transparency. The remark followed the central bank’s and the local government’s successful $100 million tokenized green bond sale in February.
Prime Trust, a cryptocurrency custodian, lost $6 million of client funds and $2 million from its own treasury in a failed investment in the terraUSD algorithmic stablecoin, according to CEO Jor Law in a court filing on Thursday.Law, who assumed his position on Nov. 29 after sitting on the board, also brought up a January 2021 event in which users were instructed to move money to a wallet that was inaccessible to the business and as a result, the business had to spend $76 million to purchase ether (ETH) in order to cover withdrawal demands. The witness statement submitted as part of bankruptcy proceedings is the most recent in a string of accusations of financial mismanagement and bad governance in the cryptocurrency industry, which have resulted in former executives like Alex Mashinsky of Celsius and Sam Bankman-Fried of FTX pleading not guilty to numerous fraud charges.According to Law, Prime Trust had a customer deficiency of $861,000 in digital currency and roughly $83 million in fiat in June. Prime Trust was soon placed into receivership and filed for bankruptcy. The collapse of Terra in May 2022, which attempted to employ automated trading to peg its value to the US dollar, sent shockwaves through the industry and signaled the beginning of a new crypto winter.Even yet, Law said that the Prime Trust group “continued to ramp up spending, at times incurring seemingly excessive expenditures,” adding that in November 2022 the business—which was not yet under his management—spent $11.1 million against only $2.7 million in sales. Rival custodian BitGo was planning to purchase Prime Trust, but the deal fell through because of worries about Prime’s financial stability. Those worries were confirmed just five days later when Nevada regulators filed to put Prime Trust and its parent company, Prime Core Technologies, into receivership.
Prices and sales of Donald Trump’s NFT collections increased on Thursday as a result of a viral interview with media celebrity Tucker Carlson that was broadcast on X, formerly Twitter, and had 110 million views in a matter of hours.The price of the Polygon-based Trump Digital Trading Cards was above 0.13 ether (ETH), or slightly over $215, as of European afternoon hours, up from 0.1 ETH, or $150, the previous week.Data from NFT market site OpenSea shows that the collection has gathered over 17 ether in trading volume. Last December, Trump sold a set of 45,000 fantasy cards that featured photographs of him in a design reminiscent of collector baseball cards for $99 each.As of Thursday, the collection had over 13,000 different holders. As previously reported, collectors who bought a digital trading card are immediately entered into a “sweepstakes” to win “experiences” with Trump, such as a Zoom call, a dinner in Miami, or a cocktail hour at Mar-a-Lago.At the time, the cards were rapidly sold out.A wallet with the tag “6D65A7” as of Thursday holds the most individual Trump NFTs with 602 cards, followed by 72F891 with 500 cards.Both of the two holders have not placed any NFTs up for sale. Trump’s position as a significant token holder was been made public.According to reports, the former president and front-runner for the Republican nomination in 2018 held $2.8 million in a cryptocurrency wallet as of early August and made $4.87 million in license fees from the Trump NFT collection.As a result, the value of the NFT collection has steadily decreased over the past few months along with a general slide in the larger crypto market.According to data from OpenSea, daily trade has decreased from an average of over 90 per day to around 50, with prices down more than 50% from a May peak of 0.2 ETH.
According to a news statement, London-based liquidity provider B2C2 has purchased French market maker Woorton in a deal that gives B2C2 access to Woorton’s regulatory licenses and permits it to operate in the EU.Thanks to Woorton’s PSAN (prestataires de services sur actifs numériques) license, which is governed by the AMF (Autorité des Marchés Financiers), B2C2 can now provide its services to the institutional market in the European Union. “Like us, the [Woorton] team has a TradFi background, but with the same crypto and digital assets laser focus. Together we are a combination of highly complementary businesses that deliver multi asset breadth and depth to clients in the EU market,” Thomas Restout, head of EMEA at B2C2, said in the statement. Woorton will merge its clientele and over-the-counter (OTC) services with B2C2 in order to boost total crypto market liquidity, which has become a hot topic in the current bear market after U.S. trading companies Jane Street and Jump recently declared they will be decreasing crypto trading activity.SBI Holdings, a Japanese financial organization, acquired B2C2 in 2020, making it the first significant financial organization to own a crypto trading business.
With a new tool that promises to identify flaws before they are used, blockchain security platform Quantstamp is attempting to stem the growing concerns of flash loan assault. Before protocols are breached, the Economic Exploit Analysis service uses automated technology to identify typical attack vectors utilised by exploiters. Together with scholars from the University of
Blockchain at layer one According to Terra, its website was broken into over the weekend by hackers who are now utilising the access to try phishing attempts on users who are asked to connect their hardware or online wallets. Please refrain from visiting websites with the terra(dot)money domain until we provide another update verifying complete
The UK government is spending £100 million in an effort to increase its market share in the AI chip industry. This effort aims to build a strong AI infrastructure in the UK that is comparable to what is happening in the US and other countries. The allocated monies will be used to buy crucial parts
The NFT-backed loans protocol must now choose how to close the gap after losing about $12 million in cryptocurrency during the recent Curve exploit (and subsequently paying a $1 million bounty to recover the majority of the funds).Customers receive a pETH derivative of ETH from JPEG’d, an NFT-collateralized cryptocurrency lending platform, which is linked to their loans.Many of those users put their pETH in a protocol-endorsed liquidity pool on Curve, the well-liked trading protocol on the Ethereum blockchain, in an effort to increase their interest rates. Early in August, an exploiter drained that pool and several others, ruining their yield bet.JPEG has, however, agreed to pay the exploiter a 611 ETH prize in exchange for 5,495 ETH (90%) being returned.The decision prevented both the protocol’s consumers and its financial situation from being completely destroyed.However, 611 ETH must be consumed by someone.Investors in the JPEG’d DAO are voting until this coming Saturday on six proposals that would each shift that responsibility to a different party.JPEG’d’s unpaid clients and the DAO itself will both suffer under the alternative that is currently overwhelmingly in the lead. Option D would see most, but not all, of the pETH price speculators’ and yield farmers’ investments returned. These individuals did not deposit into Curve via JPEG’s internal facility, called Citadel.pETH miners who paid a nominal price to participate in a Curve pool through Citadel were paying clients, in contrast, who received interest.All of their needs are met.In accordance with this strategy, the DAO will suffer a net loss of 484 ETH (or approximately $802,000) and 861 million JPEG tokens (or about $450,000).Additionally, it intends to do away with pETH in favor of a new derivative token that it would airdrop to all holders, although this will take occurring regardless of the outcome. Option D, according to an anonymous user experience (UX) developer for JPEG’d who goes by the screen moniker 0xtutti, is a “in-between” solution to the problematic issue. Whatever choice prevails, “everyone gets a share of the recovered assets” anyway.“Generally the community cared about protecting paying customers as much as possible,” 0xtutti said.
The New Democrat Coalition (NDC) has announced the formation of its first Artificial Intelligence (AI) Working Group. The committee, lead by NDC Vice Chair for Policy Derek Kilmer (WA-06), seeks to develop and advance laws that support AI innovation while also addressing any concerns that might be related to the technology. Derek Kilmer will serve
A strategic partnership has been announced between Qraft Technologies, a fintech company looking to grow the asset management sector through innovations in artificial intelligence (AI) and investing, and Hex Trust, a fully-licensed and insured digital asset custodian run by seasoned banking technologists and recognised financial services professionals. In accordance with this collaboration, which was formalised
A layer-1 blockchain called Linera announced the closing of a new $6 million fundraising round headed by venture capital firm Borderless Capital in an effort to address scalability difficulties using “microchains.”The company has now raised a total of $12 million in investment and was formed by Mathieu Baudet, a former engineer for Meta Novi (Meta’s digital wallet, which will be discontinued in September).Linera will be using the new funding for “expanding the team, launching a devnet and a testnet for the protocol and fostering a strategic presence in the APAC region while continuing to grow their developer academy,” the company said in a statement. The layer-1 is pioneering the idea of “microchains” within the blockchain, according to
Layer 1 networkIn a statement on August 16, ZetaChain stated that it has obtained $27 million to promote its chain-independent platform.Among the investors who took part in the round are Blockchain.com, Human Capital, Vy Capital, Sky9 Capital, Jane Street Capital, VistaLabs, CMT Digital, Foundation Capital, Lingfeng Capital, GSR, Kudasai, and Krust. The 2021 protocol was developed to offer standardized network interoperability, enabling non-smart contract chains to communicate with the larger decentralized finance (DeFi) ecosystem.Developers can therefore use smart contracts on platforms like Bitcoin and Dogecoin that do not support the technology. A smart contract is an electronic document that is kept on a blockchain and is automatically carried out when certain criteria are satisfied.The capacity of contracts to communicate between blockchains has, however, been a weakness in the crypto ecosystem.By enabling developers to create omnichain decentralized apps (DApps), ZetaChain hopes to address this problem by enabling access to all assets and data from a single platform, regardless of the blockchain on which they were generated or kept, and without the use of bridging or wrapper tokens. According to ZetaChain, more than 27,000 DApp contracts from a variety of third-party apps, including cross-chain DeFI, nonfungible tokens, Web3 identities, and gaming protocols, have been implemented on the platform.According to the protocol, more than 1.7 million users have carried out over 13 million transactions on its testnet.Ankur Nandwani (ex-Coinbase, Brave, and 0x), Panruo Wu (early contributor to THORchain), and Brandon Truong (ex-BuzzFeed, Udacity, and Yada) are a few key contributors to the platform that have been involved from its beginning.The core team also includes a number of people who formerly worked on the blockchain projects Cosmos, Ignite, ConsenSys, and others. “Our [Ethereum Virtual Machine] EVM-compatible cross-chain smart contracts alleviate these issues by allowing decentralized app developers to build services that are faster, more secure, and easy to use,” Nandwani noted in a statement.
Following a public consultation in October of last year, the Monetary Authority of Singapore (MAS) has released its framework for regulating stablecoins.The Layer 2 Blockchain ‘Base’ of Coinbase Has Launched Officially, With… The structure established by the central bank will be applicable to single-currency stablecoins tied to the Singapore dollar or any other G10 currency, such as the US dollar, the euro, or the British pound. The MAS detailed various conditions pertaining to value stability, capital, and redemption capitals in an announcement on Tuesday for issuers of these stablecoins seeking regulation in Singapore. For instance, stablecoins are required to have a minimum base capital of $1,000,000 Singapore dollars ($740,000) and to offer redemption within five business days of a request.In June, the MAS granted a license for digital payment token services to the Singapore branch of stablecoin issuer Circle. A number of governments have either established stablecoin regulatory frameworks or are in the process of doing so. A measure for such a framework is now being debated in Congress in the United States.
According to a recent analysis by Messari, the Cardano ($ADA) ecosystem experienced substantial growth and development in Q2 2023. The network has made impressive strides, from the increase in stablecoin value to the development of decentralised finance (DeFi) and non-fungible tokens (NFTs) Key findings from the research include a 34.9% QoQ increase in the entire
Each owner of a DeGods token will receive four artistic assets as part of their one DeGods token when “Season III” of the project is released. Trading volume rose by approximately 200% in a single day to 1,359 ETH, or roughly $2.5 million. Although it’s unclear whether total non-fungible token (NFT) trading volume will increase
Microsoft’s artificial intelligence (AI) technology is being incorporated into Aptos Labs, a layer 1 blockchain business founded by former Facebook engineers to revive the corporation’s abandoned Diem project (formerly known as Libra). According to a press release, Aptos is utilising Microsoft’s infrastructure to roll out new products that combine AI and blockchain. One of these
Having acquired $8.2 million in venture funding, Cube3.ai, a cryptocurrency-focused security business that safeguards smart contracts by thwarting fraudulent transactions, has come out of stealth mode. Blockchange Ventures led the seed round, which also included Dispersion Capital, Symbolic Capital, Hypersphere Ventures, ICLUB, and TA Ventures. Decentralised finance (DeFi), which frequently targets public blockchain-based systems, has
Forta’s scam detecting service is based on a network of bots that monitor various types of threats in real time.The service is available on seven Ethereum Virtual Machine (EVM) chains that Forta supports, including Ethereum, Polygon, and BNB Chain.According to a spokesman, the blockchain security business Forta Network has enhanced its scam detector service to include malicious URL data, new forms of threats, and smart contract scanners that account for the most recent types of crypto attacks. The move comes as crypto developers increase security safeguards for consumers in an ever-expanding ecosystem prone to malicious code, rogue coders, and hacks.The service, which will go live on Tuesday, will be available on all seven Ethereum Virtual Machine chains supported by Forta, including Ethereum, Polygon, and BNB Chain.A previous version concentrated solely on on-chain data, such as smart contracts implicated in fraudulent activities.The most recent version also includes dangerous URLs. The new version, developed with the help of security organizations such as Blocksec and Nethermind, employs predictive techniques to detect on-chain addresses connected with known scammers and contracts that closely match known scammers.According to Forta, wallets such as Zengo employed the Scam Detector to notify customers of fraudulent addresses during the pre-signed transaction screening process.The company’s service is based on a set of Forta bots that monitor several threat kinds in real-time to detect scam activities.When these bots detect a scammer, they send out a real-time alert for the user to review. Because of its inherent vulnerabilities, like as complicated code, a hugely connected environment, and millions of money held on sometimes obscure sites, the cryptocurrency ecosystem has long been a target for hackers. As previously reported, crypto traders lost $303 million in tokens in July alone.Hackers used a weakness in some versions of the smart contract coding language Vyper to drain over $125 million of assets from blockchain bridge platform Multichain, and a $72 million exploit targeted DeFi powerhouse Curve Finance.
As many updates went live earlier this year, Cardano transactions increased, bringing more users and developers to the network. Such data typically come before a rise in token values since they show rising usage and demand. According to a research by analytics company Messari, Cardano blockchain activity increased in the second quarter in terms of value locked and transactional metrics compared to the first quarter due to technical advancements and a boost in developer engagement. According to Messari, other new decentralized applications, or dapps, also contributed to the surge, even though decentralized exchange Minswap demonstrated the highest absolute growth. The analysis compared second-quarter developments to first-quarter numbers and was ordered by Cardano developer Input Output. While transaction activity increased, it was reported that fewer users were active every day. This was the fourth decline in address activity in the previous five quarters. “The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were,” the report said. “In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.”
The operating report for July 2023 has been made public by Argo Blockchain PLC, one of the largest cryptocurrency miners in the world and a company listed on both the London Stock Exchange (LSE:ARB) and the NASDAQ (NASDAQ:ARBK). The business reported mining 129 Bitcoin or Bitcoin Equivalents (BTC), or 4.2 BTC on average every day.
The largest law firm in the world, Dentons, has revealed intentions to introduce “fleetAI,” a customised variant of ChatGPT that will allow its attorneys to use generative artificial intelligence (AI) in ongoing client situations. The tool will debut in August 2023, according to the announcement, which was made in London. A chatbot built on OpenAI’s
Developer of AI chips Tenstorrent has completed a $100 million strategic funding up-round that was jointly sponsored by Hyundai Motor Group and the Samsung Catalyst Fund. Other investors like Fidelity Ventures, Eclipse Ventures, Maverick Capital, and others are taking part in the investment round, which was disclosed on August 3, 2023. The Toronto, Canada-based company
