Category Archives: Binance Smart Chain
Early activity on Coinbase’s Base chain shows promising signs – Blockworks
The launch of Base, Coinbases layer-2 network, has been unusually successful, attracting significant volume in terms of both DeFi activity and cross-chain bridge transactions.
But the burst of activity begs the question: How much of the strong start is attributable to Sybil attackers and airdrop farmers?
Base launched yesterday. However, due to traders discovering what was at the time a one-way bridge, the network managed to attract significant volume prior to the official ribbon-cutting.
In an interview with Blockworks, Nansen analyst Sandra Leow compared the launch favorably to Mantle and Linea, two other layer-2s that went live in the past month.
Per a Dune Analytics dashboard, the total value bridged to Base exceeded $150 million on the day of the official launch, and sits at $162 million as of today exceeding Mantles $67 million and Lineas $47 million.
It seems like the Base ecosystem is far ahead compared to the other new [layer-2s], Leow concluded.
Part of Bases early dominance can be attributed to the raucous soft launch. Over the course of a busy July 29 weekend for altcoin traders, new DEXes on the chain ran up $200 million in volume on a 24-hour basis and a memecoin inspired by Coinbase founder Brian Armstrong BALD ran up a $100 million market capitalization before the token creator pulled liquidity.
In a written interview with Blockworks, a Coinbase spokesperson repeatedly emphasized the networks open and permissionless system and noted that the chain launched with over 100 protocol partners. Per DefiLlama, over 20 protocols have $100,000 or more in total value locked (TVL).
Nansens Leow says the variety has offered traders alternatives following the collapse of BALD.
So far, it does seem like this playbook is working, as even post-BALD rug and you would expect users to have lost confidence in the Base chain, it seems like the chain has gone past the Bald frenzy and [traders] are actually using other apps on the chain, Leow said.
Yesterday, the Ethereum base chain had just under 430,000 active addresses. By comparison, Base had 100,000 active addresses.
On its face, its unlikely that Base has already managed to capture a quarter of the active addresses on Ethereum. Whats more, the number of active addresses isnt the same as the number of active users. This raises the possibility that a portion of those addresses are managed by Sybil users.
Sybil attackers and/or airdrop farmers are users who deploy multiple blockchain addresses and perform actions on a chain that has yet to release governance tokens. Often new chains will use tokens to reward early addresses that complete certain actions, such as bridging a certain amount or using a DeFi protocol. By utilizing multiple addresses, a single user can trick a platform into giving them additional tokens by appearing to be multiple independent users.
According to pseudonymous airdrop farmer CC2 Ventures, large-scale operations can involve dozens of investors pooling hundreds of thousands of dollars to pay for gas fees, labor and software to deploy thousands of addresses in an effort to reap airdrop rewards.
Notably, Coinbase has publicly denied plans for an airdrop, and the chain uses ether (ETH) as the gas fee token. However, CC2 implied this might not stop many Sybil attackers.
Coinbase denying an airdrop will dissuade some farmers, but most simply wont care. In fact, it might even have a reverse effect as projects like Arbitrum, Paraswap and even Sui to an extent constantly denied all airdrop rumors, yet still followed through with it, they wrote.
These operations often use sophisticated methods to obfuscate the fact that multiple addresses are controlled by the same party. Because of that, its nearly impossible to calculate exactly how much Base activity is attributable to farmers.
However, both CC2 and Leow told Blockworks that a significant portion of the traffic and TVL is organic. CC2 added that the chains early reputation for memecoin mania could lead to it becoming a hub of activity for casual traders.
I can see it becoming a retail favorite due to having similar dynamics as Binance Smart Chain (reputable, normie friendly company) with even lower fees, they wrote.
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Early activity on Coinbase's Base chain shows promising signs - Blockworks
Elon Musk Lawsuit Affecting Dogecoin, As Hottest Memecoin of … – Crypto News Flash
In the dynamic realm of cryptocurrency, two distinct narratives have emerged, painting a vivid picture of diverging paths for notable digital assets.
As the legal storm clouds gather around Dogecoin ($DOGE) due to allegations of market manipulation involving Elon Musk, Golden Inus ERC20 token ($GOLDEN) shines brightly, achieving a remarkable all-time high (ATH).
Elon Musk, one of the worlds richest men, finds himself entangled in a legal battle. A group of dissatisfied DOGE investors recently filed a lawsuit against Musk, accusing him of market manipulation, insider trading, and calculated actions impacting the DOGE cryptocurrency.
This legal saga initiated back in June of 2022, has taken a fresh turn as Musks legal team seeks the dismissal of the case on account of its prolonged duration.
Musks legal representative, Alex Shapiro, has vehemently criticized the opposing counsels tactics, labeling the litigation as abusive and belligerent.
The initial shock of the lawsuit was amplified by the eye-popping demand for a colossal $258 billion in damages. Beneath this staggering figure lies weighty allegations of orchestrated market manipulation and insider trading.
Due to that reason, the largest memecoin by market capitalization appears to be finding difficulty in going forward with its price. After an interesting surge on July 22, the currency has now stagnated, amassing only 2% profits over the past week.
The close ties that Elon Musk has caused Dogecoin to be closely attached to the billionaires fortunes and mishappenings. As we await the result of the market manipulation lawsuit, $DOGE will likely lack a positive market movement in that time period.
In stark contrast, as Dogecoin grapples with its legal entanglements, Golden Inus ERC20 token is on its way to becoming one of the most profitable memecoin of 2023.
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Recently, the token soared to a new all-time high, gaining 125% in value since July 19. As of today, traders are joining the community of $GOLDEN holders, a.k.a. the Golden Horde in anticipation of the upcoming listing of the ERC20 $GOLDEN token on CoinMarketCap and CoinGecko.
Many expect to see a surge of up to 900% after the token enters the two most renowned crypto-listing platforms.
On top of that, the potential for growth due to the developers high ambitions of becoming the most useful ecosystem in the memecoin market make Golden Inu one of the most promising new projects this year.
Anchored in leveraging established blockchain networks like Ethereum and Binance-Chain, Golden Inu crafts an ecosystem resonating with the broader crypto community.
Through its unique dual-token framework spanning Ethereum and Binance Smart Chain, Golden Inu offers an accessible haven for crypto enthusiasts.
As the cryptocurrency landscape navigates these diverse narratives, the contrasts are vivid. Dogecoins legal storm rages on, while Golden Inus ERC20 token charts an inspiring journey upwards.
The crypto realm remains a captivating arena, shaped by legal tussles, technological progress, and the allure of new horizons. With a watchful eye on these unfolding developments, the market eagerly anticipates the impacts these trajectories will wield on their respective projects and the broader crypto domain.
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Elon Musk Lawsuit Affecting Dogecoin, As Hottest Memecoin of ... - Crypto News Flash
Binance secures license in El Salvador, heres what it means for the exchange – AMBCrypto News
Binance has received a license to operate in El Salvador. Given the regulatory challenges it has encountered in the United States and certain regions of Europe, this license could potentially provide some relief for the exchange. How might this licensure enhance the exchanges operations and the value of BNB?
Read Binance (BNB) Price Prediction 2023-24
On 8 August, Binance announced that the Central Reserve Bank of El Salvador has approved the exchange to obtain a Bitcoin Services Provider license. Additionally, the exchange was granted a non-provisional Digital Assets Services Provider license by the National Commission of Digital Assets.
This made the exchange the first fully licensed crypto exchange in the country.
Notably, this development coincided with Binances launch in Japan in the same month. Furthermore, Binance achieved another significant milestone by securing a provisional license in Dubai, marking it the pioneer crypto exchange to attain such a license in the region.
However, its important to note that while these achievements represent regulatory successes, Binance has encountered its fair share of regulatory challenges. Several months prior, the exchange had announced the winding down of its operations in the Netherlands due to regulatory complications.
Likewise, there were reports of regulatory issues in Belgium and the decision to cancel its registration in the UK. These regulatory challenges in Europe compounded the ongoing issues the exchange was already dealing with in the United States.
Binance is currently the largest exchange globally due to its extensive user base and the substantial volume of transactions it handles daily. Expanding the range of services, it offers could potentially catalyze further growth for the exchange and influence its key performance indicators.
As of this writing, data from DefiLlama indicated a decrease in the Total Value Locked (TVL) on the Binance Smart Chain. Following its peak of over $5 billion in February, a downward trend became evident, with the current TVL at approximately $3.2 billion.
Additionally, examining its stablecoin market capitalization unveiled a notable decline throughout the year. The stablecoin market cap commenced the year at over $9 billion but has since now dwindled to around $5.2 billion.
Concurrently, the trading volume has also experienced a recent reduction, measuring around $261 million as of this writing.
Given these developments, its relevant to ponder Binance Coins (BNB) reaction to this evolving landscape.
How much are 1,10,100 BNBs worth today
Interestingly, on 8 August, Binance Coin (BNB) experienced a modest increase in its value, as indicated by its daily timeframe chart. This particular chart stands out due to the successive decrease the coin encountered in the days leading up to that date.
As of this writing, BNB was trading at approximately $245.2, with a slight uptick in price evident. Moreover, there appeared to be a mild bullish sentiment on the Moving Average Convergence Divergence (MACD) indicator. Its trend was positioned above the zero line as of this writing.
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Binance secures license in El Salvador, heres what it means for the exchange - AMBCrypto News
Solana TVL Soars: Outperforms Ethereum, BSC, and Avalanche … – Crypto News Flash
Solana (SOL) makes incredible progress in the crypto-sphere as its network activities boom and outperform industry giants. According to data, Solana recorded a 14 percent surge in its Total Value Locked (TVL) last month. This signifies a bounce back from the severe decline recorded last year following several downtimes and the seven major exploits that hit the chain.
The TVL of Solana started the year with $209.25 million. Since then, there has been an increase of 217 percent to hit $664 million as of press time. Interestingly, the heavyweight L1 networks like Ethereum, Binance Smart Chain, and Avalanche declined by 13 percent, 6 percent, and 10 percent respectively when Solana recorded an uptick last month.
The negative growth of TVL is not limited to layer 1 solutions as Arbitrum, a Layer 2 scaling solution also fell by 7 percent last month. Optimism, however, defied the odds to make a 10 percent surge in its TVL last month.
A careful observation of the Solana network shows a contradictory movement of its users activity within the period.
According to Token Terminal, there was a 5 percent decline in active user count in the past 30 days. This means no major improvement has been recorded since last years downtimes and exploits. In the past 180 days, the daily active user count has fallen by 15 percent.
In the last 12 months, it has recorded a whopping 50 percent fall. Just last week, the number of active user activity reduced by 1.6 percent due to the declined trading volume across the decentralized exchanges on the chain. It was also observed that zkSync, which has very low TVL, surpassed Solana in Decentralized Exchange (DEX) trading Volume in the period under review.
Solana, however, had other surges apart from TVL. Its transaction fee and network revenue recorded a surge. According to Solscan, network fees imposed on successful non-vote transactions moved to a high of 53.06 SOL on August 2. Compared to 31.64 SOL recorded last month, this is a significant growth in network fees. This is said to be a general issue as all network fees spiked by 50 percent last month. On a year-on-year basis, L1s revenue surged by 21 percent.
Solana recorded a 100 percent average uptime each month in the past six straight months and is said to be a contributing factor to the growth. Since this was a major issue last year as it eroded trust and raised concerns about the stability of the network, the current development appears as good news.
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In other areas, Solana recorded an impressive $24.7 million in daily transactions as of June, surpassing Ethereum which only got half of Solanas numbers.
The native token (SOL ) is doing equally well; it surged by 19 percent in the last 30 days and recorded a 5.5 percent surge in the last seven days. Its 24-hour growth is also 5.6 percent, pushing the price to $24.75 as of press time. Regardless, Solana is still down by 90 percent from its all-time high of $259.96.
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The Role of Token Makers in Asset Tokenization – Techopedia
What Are Token Makers?
Token makers are platforms or tools that facilitate the creation, management, and deployment of tokens. They have emerged as crucial players in the blockchain and tokenization landscape over the last few years.
They empower individuals and businesses to participate in the world of digital assets without the need for in-depth technical expertise.
At its core, tokenization is the process of transforming real-world assets into digital tokens. These tokens can represent ownership, value, or some form of access. They are built on the foundation of blockchain technology, which ensures transparency, security, and traceability.
Tokens, in the digital context, are not physical objects but rather digital representations of something valuable. Just as a casino chip represents money in a casino, digital tokens represent various forms of value or ownership in the virtual realm. These tokens are securely stored and tracked using blockchain technology, a decentralized and transparent ledger system.
Imagine you own a piece of real estate. Tokenization allows you to convert the ownership of that property into digital tokens. These tokens can then be easily bought, sold, or traded on various online platforms, providing a level of liquidity that traditional assets lack. This newfound unlocked liquidity enables a broader range of people to invest in and benefit from assets that were previously out of reach.
As technology advances, the potential applications of tokens expand beyond financial assets. Tokens can represent anything from shares in a company, digital collectibles, access rights to a service, or even proof of identity. This versatility makes tokens a powerful tool for redefining how we think about ownership, value, and transactions.
Tokenization involves converting physical or abstract assets into digital tokens that are recorded and managed on a blockchain. This process offers numerous benefits, including increased liquidity, reduced friction in transactions, and improved accessibility.
Heres a closer look at the steps involved in tokenization:
The journey commences with asset selection, where the focal point is choosing the asset you intend to tokenize. This could span across real estate, artwork, commodities, or intangible treasures like intellectual property.
Before proceeding, theres the critical matter of legal and regulatory compliance. Ensuring that the chosen assets tokenization aligns with the stipulated legal and regulatory prerequisites is imperative. Different assets and jurisdictions possess distinct rules to be observed.
Next is the token design stage, where the distinctive attributes of the tokens come to the forefront. Will they symbolize ownership shares, usage privileges, or another form of value? Additionally, factors such as the overall token supply and pertinent parameters are delineated during this phase.
The utilization of smart contracts then comes into play. These self-executing code snippets, residing on a blockchain, serve as the enforcers of token-related rules and conditions. They carry out actions autonomously when predefined conditions are met, fostering a trust-based ecosystem.
Subsequently, the pivotal role of token creation unfolds. This is where the creators of tokens assume their position. Facilitated by user-friendly interfaces, token makers guide you through crafting and deploying tokens. Essential details are fed into the system, prompting the platform to generate tokens and the corresponding smart contracts.
Once tokens come into existence, the chapter of distribution ensues. Tokens, now a reality, can be disseminated to investors or users. This dissemination can manifest through avenues such as public sales, private offerings, or other tailored mechanisms for allocation.
The culmination of this process is secondary market trading. The tokens, now in circulation, find their way to secondary markets, fostering liquidity for their holders. These markets operate akin to traditional stock exchanges but unfold within the confines of a digital domain.
Token makers are platforms designed to simplify the intricate process of creating and managing tokens.
They play a central role in making tokenization accessible to individuals and businesses without requiring extensive technical knowledge.
These platforms offer user-friendly interfaces that guide users through each step of the tokenization process. This user-centric approach reduces barriers for those unfamiliar with blockchain technology.
One of the key features of token makers is the ability to personalize tokens. Users have the flexibility to customize various aspects of their tokens, such as the total supply, divisibility, and the specific use cases for the tokens. This adaptability allows tokens to be tailored to meet particular needs and objectives.
Smart contract automation is another crucial function provided by token makers. Smart contracts are essential for establishing the rules and behaviors of tokens. Token makers automate the creation of these contracts, ensuring that token transactions are carried out securely and transparently.
By utilizing a token maker, users can save significant time and resources. The platform handles the complexities of coding and deploying smart contracts, making the process more efficient and accessible.
Furthermore, some token makers integrate compliance features to help users adhere to legal and regulatory requirements. This ensures that tokenized assets operate within the bounds of applicable laws and regulations in different jurisdictions.
Security is a top priority for reputable token makers. They implement measures such as encryption, secure key management, and audit trails to protect users assets and data from unauthorized access and breaches.
Token makers comprise several essential components that empower users to create and manage tokens. These components ensure a smooth and user-friendly experience:
At the core, theres the dashboard, serving as a central hub. This is where users can effortlessly access all the functionalities of the token maker. It offers an encompassing view of not only the tokens that have been created but also ongoing projects, accompanied by a range of customization choices.
Token templates form another integral part. These templates, thoughtfully designed by token makers, cater to various token categories, be they utility tokens, security tokens, or NFTs. Their purpose is to simplify the token creation process, acting as a helpful starting point.
Customization tools further enhance user adaptability, empowering users to fine-tune their tokens according to specific requirements. By adjusting factors like the overall token supply, divisibility, and even the tokens name, users can shape their tokens to seamlessly align with their intended purpose.
The very heart of the token maker resides in the smart contract generator. With its automated capabilities, this feature brings the essence of tokens to life. It ensures that the tokens perform their designated functions and abide by predefined regulations, all without requiring manual intervention.
For a broader scope of usability, integration APIs also come into play. These APIs allow developers to seamlessly integrate tokens with existing applications, platforms, or services. This expanded integration enhances the tokens functionality and relevance across a variety of contexts.
Lastly, ensuring a risk-minimized journey is the testing environment. This sandbox-like setting allows users to simulate the creation and transactions of tokens. By doing so, users can identify and rectify potential errors before leaping to deploy these tokens on the live blockchain, contributing to a smoother experience for all involved.
Token makers possess a versatile capability, enabling them to create an array of token types, each meticulously designed to serve distinct and specific purposes.
One category is utility tokens. These tokens hold the power to grant access to specific products, services, or ecosystems. They often find themselves in the limelight during crowdfunding campaigns or emerge as rewards within platforms. In this manner, utility tokens offer participants tangible benefits and incentives, contributing to the success of various ventures.
Another essential token classification is security tokens. These tokens embody ownership rights in real-world assets, ranging from shares in a company to property ownership. The primary role of security tokens is to faithfully represent ownership, and they are usually subjected to stringent financial regulations to ensure compliance and transparency.
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Non-fungible tokens(NFTs) stand out as unique digital assets. These tokens signify ownership of specific items, artworks, or collectibles, encapsulating the notion of exclusivity and individuality. Their prominence has surged significantly in domains like digital art and gaming, where the emphasis on distinctiveness and ownership is paramount.
Lastly, we have stablecoins, a crucial token variant that aims to minimize price volatility. These tokens are anchored to stable assets, such as fiat currency or commodities. This inherent stability makes stablecoins particularly suitable for transactions and as a means of preserving value over time in a cryptocurrency landscape known for its fluctuations.
Each type of token has its own set of characteristics, use cases, and implications, making the tokenization landscape diverse and dynamic.
Understanding the technical foundation of token makers is crucial to grasp how they work.
Tokens are usually built on top of existing blockchain platforms like Ethereum or Binance Smart Chain (BSC), which provide the necessary infrastructure for their operation.
These platforms, known for their robustness, ensure transparency, security, and immutability in token transactions, forming the bedrock of the token maker ecosystem.
One of the pivotal elements within this ecosystem is the integration of smart contracts. Smart contracts serve as self-executing programs that define the rules and behaviors guiding tokens. When specific predefined conditions are met, these contracts automatically trigger actions, eliminating the need for intermediaries.
This inherent automation ensures trustless and reliable transactions within the token maker environment, enhancing its efficiency and credibility.
In addition to smart contracts, consensus mechanisms play a crucial role in the functioning of token makers. Blockchains utilize consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS), to validate transactions and secure the network.
These mechanisms require participants within the network to collectively agree on the validity of transactions, preventing fraudulent activities and maintaining the overall integrity of the token ecosystem. By fostering a collaborative and secure environment, consensus mechanisms contribute to the success and viability of token makers within the broader blockchain framework.
Creating tokens with a token maker is a user-friendly process that involves several steps:
Tokenization offers great potential, but its important to navigate it thoughtfully.
A crucial starting point is legal compliance. Tokenization often ventures into a landscape fraught with legal complexities. To navigate this terrain effectively, seeking guidance from legal experts is prudent. Their insights can help ensure that your tokenization efforts align harmoniously with existing regulations, mitigating potential legal pitfalls.
Security emerges as a paramount concern. As tokens are digital assets, safeguarding them and user data is paramount. The implementation of robust security measures is non-negotiable. By fortifying your tokenization platform against potential hacks and breaches, you create a safe and trustworthy environment for both tokens and the individuals using them.
Delving into token design, thoughtful consideration is key. The characteristics of your token need to be meticulously aligned with its intended purpose and the expectations of your target audience. The design should mirror the functionalities and benefits your token offers, enhancing its appeal and utility.
Parallel to this, market demand assessment is vital. Before launching your token, a thorough evaluation of its demand and utility within the intended ecosystem is necessary. This evaluation ensures that your token resonates with users and effectively addresses their needs.
Lastly, user education plays a pivotal role. Informing your users about your tokens nuances, benefits, and potential risks is crucial. This education can help users make informed decisions, enhancing their understanding of the tokens value proposition and encouraging responsible engagement.
By conscientiously addressing these considerations, you set the stage for a well-informed and strategic approach to tokenization, ensuring a journey thats both rewarding and thoughtfully executed.
The token economy is a concept within blockchain technology where digital tokens are used as a form of value exchange. These tokens represent ownership, access, or rights within a specific ecosystem. The token economy has gained prominence through the rise of cryptocurrencies like bitcoin and ethereum, but its applications extend beyond just financial transactions.
The token economy operates through several essential features, each contributing to its effectiveness:
Firstly, decentralization emerges as a prominent aspect. With tokens at its core, this economy empowers decentralized networks. Transactions take place directly between individuals, sidestepping the necessity for intermediaries. This approach streamlines processes and promotes a more direct, peer-to-peer interaction.
Incentive mechanisms constitute another vital component. Tokens possess the capacity to incentivize desired behaviors within a community. By rewarding specific actions with tokens, engagement, and active participation are encouraged. This mechanism creates a dynamic environment that fuels the growth and vibrancy of the community.
In the future, the token economy is poised to reshape industries, redefine ownership, and revolutionize economic models while bringing forth new challenges and regulatory considerations. Its potential to empower individuals, transform business models, and promote innovation is a significant force in the evolving digital landscape.
Token makers are instrumental in democratizing the process of token creation and management.
They simplify complex technicalities, enabling a wider range of individuals and businesses to tap into the world of digital assets.
As technology evolves, tokenization is poised to reshape industries, economies, and the way we perceive value and ownership.
By understanding the role of token makers and the broader landscape of tokenization, youre better equipped to navigate this exciting new frontier.
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Liquid Staking Derivatives SFT Protocol Introduces rSPD Token on … – Blockchain Reporter
In the DeFi market, innovation and adaptability are the main components of a protocol. SFT Protocol, a leading name in the liquid staking derivatives (LSD) sector, has recently launched its rSPD token on the Binance Smart Chain (BSC), marking a pivotal point in its ongoing journey. But what sets rSPD apart? Its not just a token; its a versatile tool with powerful utilities that brings new ways to engage, contribute, and be rewarded.
rSPD is more than just a new token; its an integral aspect of SFT Protocol, specifically designed to function as a unique form of value for event rewards, promotions, airdrops, and more. It provides a seamless 1:1 conversion to SPD in the future.
Before the SPD mainnet goes live, users will have the ability to exchange rSPD for SPD at a 1:1 ratio, following which the exchanged rSPD will be burned. This transformed SPD can then be used for an array of financial activities on the mainnet.
In recent developments surrounding the rSPD token, there are exciting utilities and acquisition methods unveiled by the SFT protocol. Firstly, rSPD is making significant advancements in the payment sector.
Users can now use rSPD to access equipment in data centers, paving the way for mining endeavors involving popular digital currencies, notably Ironfish and ALEO. Furthermore, rSPD is enhancing its repertoire as a medium of computational payment. Users can capitalize on this by acquiring computational packages, such as $FIL and Spacemesh, and in return, theyll obtain corresponding tokens from a diverse range of public chains.
Turning the attention to acquiring this versatile token, there are a few avenues to explore. One of the primary ways is through active community engagement. By participating in a slew of community-centric activities, including but not limited to, official giveaways, testing rewards, and AMAs, enthusiasts can earn rSPD.
For those with a network and influence, the Ambassador program is presented by the protocol. By referring others to stake, ambassadors can reap immediate rSPD rewards, contingent upon the volume staked by their referrals. Moreover, to bring a welcoming environment for newcomers, a special bonus is dedicated to first-time stakers.
Staking in the DeFi ecosystem is similar to the traditional concept of fixed deposits but with a twist. By staking tokens, users support network security, validate transactions, and earn rewards. Its an enticing way to grow assets. But theres a catch: staked tokens often become illiquid for the duration theyre staked. This means they cant be sold, traded, or used in other DeFi applications.
Hence, the loss of liquidity can be a significant limitation, preventing users from capitalizing on timely opportunities or addressing urgent needs. This is where the SFT protocol brings innovative solutions.
The SFT protocol operates on a foundation of Substrate architecture, cross-chain communication, and a modular underlying application public chain. Its main mission is to tackle the problem of assets that get locked up due to long-term staking and then cant move around as needed. Notable examples include FIL, DOT, and ETH2.0.
With the launch of projects like FIL, Cosmos, and Polkadot, the tension between TokenStake security and token liquidity has grown apparent. To address this, theres an urgent need for a public chain asset that can unlock tokens locked in long-term stakes. SFT Protocol provides a decentralized solution for the free circulation of these locked assets.
As the SFT Protocol supports foundational public chains like Filecoin, its also establishing essential infrastructure. This foundation will serve as a hub for the cloud node API interface, offering a range of cloud services essential for building the future Web3 and Metaverse. This adaptable structure aims to meet various customer needs seamlessly.
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Liquid Staking Derivatives SFT Protocol Introduces rSPD Token on ... - Blockchain Reporter
Visa Unveils Experimental Solution to Abstract Away Gas Fees … – Tekedia
Visa, the global payment network, has announced a new experimental solution that aims to simplify the process of paying gas fees on Ethereum transactions. Gas fees are the costs associated with executing smart contracts and transferring tokens on the Ethereum blockchain. They are paid in ether (ETH), the native cryptocurrency of Ethereum, and they fluctuate depending on the network congestion and demand.
Visas solution, dubbed Visa Gas Fee Manager, is a middleware layer that connects Visas existing payment infrastructure with Ethereum nodes. The idea is to allow Visa clients, such as merchants, banks, and fintechs, to pay gas fees using fiat currencies or stablecoins, instead of ETH. This way, they can avoid the hassle of acquiring and managing ETH, as well as the volatility and unpredictability of gas fees.
The key component of this solution is a paymaster a specialized smart contract. This is not a new concept for Visa, as theyve previously explored this avenue, according to Mustafa Bedawala, staff product manager at Visa. The paymaster functions as a sponsor for gas fees on user contract accounts, making it possible for users to pay onchain gas fees directly through their Visa card without needing to handle native blockchain tokens.
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This is a new and expanded experimental solution from the prior one in which we are accepting fiat and covering onchain fees on behalf of users using our offchain solution. It will simply appear to users in the same way that regular card-based payments are made for their onchain fee cost, Bedawala
According to Visa, the Gas Fee Manager works as follows:
Visa clients send their Ethereum transactions to Visas Gas Fee Manager, along with their preferred payment method for gas fees (e.g., USD, USDC, etc.). Visas Gas Fee Manager estimates the optimal gas fee for each transaction based on the current network conditions and the clients preferences (e.g., speed, cost, etc.). Visas Gas Fee Manager pays the gas fee in ETH on behalf of the client, using a pool of ETH that Visa maintains and replenishes periodically. Visas Gas Fee Manager charges the client for the gas fee using their preferred payment method, at a fixed rate that is determined at the time of the transaction.
Visa claims that this solution can offer several benefits for its clients, such as:
Simplifying the user experience and reducing the friction of using Ethereum-based applications and services. Enabling more use cases and innovation on Ethereum, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and digital identity. Enhancing the scalability and efficiency of Ethereum transactions, by optimizing gas fees and reducing network congestion. Providing more transparency and predictability of gas fees, by locking in the rate at the time of the transaction.
Visas Gas Fee Manager is currently in an experimental stage and is being tested with a select group of partners. Visa plans to expand the availability of the solution in the future, as well as to support other blockchain platforms that have similar gas fee mechanisms. Visa also intends to integrate its Gas Fee Manager with its other blockchain-based solutions, such as Visa B2B Connect and Visa Crypto APIs.
Visas Gas Fee Manager is part of Visas broader vision to become a bridge between the traditional and digital economies, and to enable more interoperability and innovation across different payment networks. Visa has been actively exploring and investing in blockchain and cryptocurrency technologies since 2015, and has recently announced several initiatives and partnerships in this space, such as:
Enabling Visa cardholders to buy and sell cryptocurrencies through platforms like Crypto.com, BlockFi, Fold, and ZenGo. Allowing Visa merchants to accept cryptocurrencies as a form of payment through providers like Coinbase, BitPay, and Wirex. Supporting the issuance and adoption of stablecoins, such as USDC, which are digital currencies that are pegged to fiat currencies or other assets. Collaborating with leading blockchain platforms and protocols, such as Ethereum, Circle, ConsenSys, MakerDAO, Compound, Chainlink, and Anchorage.
Visa initially expressed its interest in account abstraction in a blog post in December 2022. However, at that time, the functionality for account abstraction had not been implemented on Ethereum. Subsequently, in March 2023, developers made significant progress and introduced ERC-4337, code that enabled account abstraction on Ethereum through specialized smart contracts.
Visa believes that blockchain and cryptocurrency technologies have the potential to transform the future of money and commerce, and to create new opportunities for businesses and consumers around the world. With its Gas Fee Manager solution, Visa hopes to make it easier and more accessible for its clients to leverage the power and potential of Ethereum.
Meanwhile, Polygon Labs, a leading blockchain development platform, has announced a strategic partnership with Meroku Protocol V2, a decentralized application (DApp) store kit that enables developers to create and deploy DApps on multiple blockchains. The partnership will allow Polygon Labs to integrate Meroku Protocol V2s features and functionalities into its own DApp store kit, which is designed to provide a seamless and user-friendly experience for both developers and end-users of DApps.
Meroku Protocol V2 is a cross-chain DApp store kit that supports Ethereum, Binance Smart Chain, Polygon, Solana, and other popular blockchains. It offers a variety of tools and services for DApp development, such as smart contract templates, code verification, security audits, governance modules, and analytics. By leveraging Meroku Protocol V2s technology, Polygon Labs will be able to offer its DApp store kit users more options and flexibility in choosing their preferred blockchain platform, as well as access to a wider network of DApp users and communities.
Meroku Protocol V2 allows anyone to create, trade, and redeem synthetic assets without the need for intermediaries, centralized exchanges, or custodians. Synthetic assets are tokens that track the price of any underlying asset, such as stocks, commodities, currencies, or even other cryptocurrencies.
Meroku Protocol V2 consists of three main components: the Meroku Token (MRK), the Meroku Vault, and the Meroku Exchange. The MRK token is the native utility and governance token of the protocol. It is used to pay fees, stake as collateral, and vote on protocol upgrades and parameters. The Meroku Vault is a smart contract that holds the MRK tokens staked by users as collateral for minting synthetic assets. The Meroku Exchange is a decentralized exchange (DEX) that enables users to swap synthetic assets with each other or with MRK tokens.
To create a synthetic asset, a user needs to deposit MRK tokens into the Meroku Vault and specify the type and amount of the synthetic asset they want to mint. The protocol then calculates the required collateralization ratio (CR) based on the volatility and liquidity of the underlying asset and the current MRK price. The CR is the percentage of MRK tokens that must be locked in the vault relative to the value of the synthetic asset. For example, if the CR is 150%, a user needs to deposit $150 worth of MRK tokens to mint $100 worth of a synthetic asset.
The user then receives the synthetic asset in their wallet and can trade it on the Meroku Exchange or any other DEX that supports it. The synthetic asset tracks the price of the underlying asset through an oracle service that provides real-time price feeds to the protocol. The user can also redeem their synthetic asset at any time by burning it and withdrawing their MRK collateral from the vault.
The protocol charges a minting fee and a redemption fee for creating and redeeming synthetic assets. These fees are paid in MRK tokens and are distributed to MRK stakers as rewards for providing collateral to the protocol. The protocol also charges a trading fee for swapping synthetic assets on the Meroku Exchange. This fee is paid in the synthetic asset being traded and is used to buy back and burn MRK tokens from the market, creating deflationary pressure on the MRK supply.
Meroku Protocol V2 aims to provide a scalable, secure, and user-friendly platform for accessing any asset in the world through synthetic tokens. By leveraging the power of decentralization, smart contracts, and oracles, Meroku Protocol V2 enables anyone to create exposure to any asset without intermediaries, censorship, or counterparty risk.
The partnership with Polygon Labs will also enable both parties to collaborate on research and development of new features and innovations for the DApp ecosystem, such as interoperability, scalability, and usability. Polygon Labs and Meroku Protocol V2 share a common vision of empowering developers and users with the best tools and resources for building and using DApps. Through this partnership, they aim to accelerate the adoption and growth of the decentralized web.
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Visa Unveils Experimental Solution to Abstract Away Gas Fees ... - Tekedia
The Crypto Investment World is Betting on Chancer: Why Should You? – BanklessTimes
The crypto investment community is abuzz with the talk of Chancer, a project that has captured the attention of seasoned investors and newcomers to the crypto world. With its unique approach to decentralized prediction markets and the potential to disrupt the traditional betting industry, Chancer stands out as a compelling investment opportunity.The presale recently smashed through the $1M raise mark, and is set to continue at pace.
Investors are now delving into what sets Chancer apart, exploring its investment potential, and hoping to shed light on why it has become a top choice for many seeking to navigate the world of cryptocurrency investments. Savvy investors should investigate why the crypto investment world is placing its bets on Chancer and why investors focused on the highest returns should consider doing the same.
Welcome to the captivating world of Chancer, where the thrill of betting meets the power of decentralization. Founded by the visionary brothers Adam and Paul Kelbie, Chancer is a trailblazing crypto project that's turning heads in the investment community thanks to the projects excitement, innovation, and endless possibilities.
What sets Chancer apart from the rest? It's simple the freedom it gives to its users. Chancer breaks the mold with its peer-to-peer (P2P) betting model in a world dominated by profit-driven centralized bookmakers. No longer will bettors have to rely on recommendations from faceless platforms. Instead, Chancer puts the control right back into the hands of its users. They can create their own markets and set personalized odds on anything their heart desires, whether it's the outcome of a sports event, the results of elections, or even a friendly wager with friends.
Gone are the days of feeling restricted by rigid betting options. With Chancer, the possibilities are boundless, and the betting experience is truly interactive and engaging. This is not just another crypto project; it's a dynamic and user-centric platform that celebrates the joy of betting.
But what makes Chancer tick? At the heart of the platform lies the mighty CHANCER token, your gateway to the world of thrilling bets and rewarding experiences. These tokens are not just tokens; they are tickets to incredible opportunities within the Chancer ecosystem. Users can lock them in escrow for bets, and once the bets are settled, watch them release like magic.
The magic doesn't stop there. Chancer is designed to be transparent and fair, avoiding the pitfalls of traditional bookmakers who manipulate odds for profit. It's all about creating a more equitable betting environment where every participant has a genuine chance to win. Chancer takes its commitment to its users seriously, ensuring you can place your bets confidently.
As Chancer looks to the future, it is built on a solid foundation: the Binance Smart Chain (BSC). This blockchain technology ensures that transactions are fast, public, and have minimal fees. The BSC foundation is just the start of it, though. Chancer's roadmap is packed with exciting developments, including decentralized data storage, quadratic governance voting, and open-source code, all geared towards transparency and user empowerment.
In the world of crypto investments, Chancer stands out as a shining star. Its disruptive approach, dedication to users, and ongoing advancements make it a force to be reckoned with. So, why wait on the sidelines when you can be part of this exhilarating journey? The future of betting is here, and it's called Chancer making it no surprise that the presale has seen such furious interest.
Without a doubt, CHANCER looks like a top contender for inclusion in the list of top new cryptos to invest in. Its disruptive approach to the betting industry, combined with the various opportunities it offers its users, sets it apart from the competition. As the platform gains momentum and recognition, the demand for the CHANCER token is expected to soar, driving its price to new heights.
With Chancer's commitment to innovation, user empowerment, and transparent governance, it's no wonder that experts and analysts are already touting it as one of the best new crypto projects in 2023. As the next bull market takes hold, early presale investors could be looking at astonishing returns on their investment not to mention the incredible $100,000 giveaway that the team has announced as they continue to build momentum.
If you're ready to take a chance on a groundbreaking crypto project with a bright future, CHANCER should be at the top of your crypto investment list. Chancer is currently in its presale and available at $0.011 in its phase 2 of the presale event.
Embrace the excitement, thrill, and endless possibilities Chancer has to offer and seize the opportunity to be part of a revolution in the betting industry. The future is here, and it's CHANCER!
You can take part in the CHANCER presale here.
Disclaimer: Insights provided by crypto industry players and is not a part of the editorial content of BanklessTimes.
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The Crypto Investment World is Betting on Chancer: Why Should You? - BanklessTimes
Gas Token Scam: Exploiting Binance Smart Chain’s Refund Feature – BeInCrypto
Security researchers have identified a gas token scam targeting users of Binance Smart Chain (BSC).
The attack vector takes advantage of so-called gas tokens intended to help users save on gas fees. Although not the first time it has been observed, the attack has reemerged in response to the recent Multichain exploit.
The latest gas token scam appears to have arisen in response to various security tools prompting their users to revoke any unsolicited transactions. These prompts were issued in response to the recent Multichain bridge attack that stole around $126 million in crypto assets.
After news broke that Multichains Fantom bridge had been compromised, Multichain urged users to revoke all contract approvals related to the cross-chain bridging protocol.
Following the announcement, security tool developers moved quickly to minimize their users exposure to risk. For example, the browser extension Revoke Cash recommended users revoke all Multichain approvals, as did the Rabby crypto wallet.
While developers issued such warnings to help protect users from potential threats, at least one hacker has taken advantage of the wave of revocations.
As the twitter user blanker.Eth first identified the scammer deployed a fake ERC-20 token on BSC that steals funds when users revoke the contract.
By using a fake contract, the scam minted CHI in victims wallets before transferring it to another address. But what exactly is CHI? And how was it used to bypass wallet defenses and steal crypto?
Developed by the team behind the 1inch DeFi protocol, CHI is what is known as a gas token.
The concept was originally developed to help Ethereum users lock in low gas prices to use later when they rose. Such tokens used a feature built into Ethereum that refunded gas fees when clearing storage. That is until a 2021 update made gas tokens redundant on the Ethereum mainnet by voiding the refund feature they exploited.
However, certain blockchains, including BSC, still implement the protocols deployed gas tokens. Whats more, other Ethereum-based blockchains could also be vulnerable to the attack. Although there is no evidence to suggest they are currently being exploited in this way.
Unfortunately, for BSC, the weakness appears to be a recurring issue. For example, BlockSec identified a similar scam back in January. And as long as the refund mechanism that gas tokens use remains in play, malicious actors will likely continue to exploit them.
After they were alerted to the latest threat, the developers behind Revoke Cash and Rabby moved quickly to respond.
Revoke Cash added a feature that disables revoking approvals if gas fees exceed a certain threshold. Rabby has implemented similar precautions.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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Gas Token Scam: Exploiting Binance Smart Chain's Refund Feature - BeInCrypto
Heres When the Binance BNB Chain Will Hard Fork and Why – CryptoPotato
On July 12, BNB Chain announced that the mainnet blockchain is expected to have a scheduled hard fork upgrade at block height 328,088,888.
Considering the current speed of block generation, the hard fork is forecast to occur on July 19, it added. BNB Chain was formerly known as Binance Smart Chain (BSC).
The hard fork has been dubbed Zhang Heng after a Chinese polymathic scientist and statesman who lived during the Han dynasty.
The upgrade will introduce BEP-255, which proposes implementing on-chain asset reconciliation on BNB Beacon Chain to improve security.
It explained that user balance changes are tracked in each block and will be reconciled to identify issues before adding:
When there are reconciliation errors, the blockchain will panic and stop producing new blocks.
There is also a bug fix for a security issue called Rogue Key Attack, it noted.
The team explained that no action needs to be taken by BNB holders, but full node operators need to switch to v0.10.16.
Last month BNB Chain went through another hard fork called Luban which introduced three evolution proposals (BEPs).
According to DeFiLlama, BNB Chain is the third largest in terms of total value locked with $3.3 billion. There are 626 protocols running on the network, which has around 1.38 million active users, it added.
However, BNB Chain TVL has declined by almost 30% since the beginning of this year. Additionally, it is down 85% from its all-time high of $22 billion in May 2021.
The largest protocol on the network is the PancakeSwap DEX which has almost half of the total value locked.
BNB prices are down 2.3% on the day to trade at $243 at the time of writing. The asset surged 6% on July 10 as users loaded up on BNB to partake in the Arkham token sale, which begins on Binance Launchpad on July 17.
However, BNB has lost 21% since the SEC sued Binance in early June. The exchange token, which the regulator alleges is a security, is also down 64.5% from its May 2021 all-time high of $686.
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Heres When the Binance BNB Chain Will Hard Fork and Why - CryptoPotato