The team at Magpie Protocol is pleased to announce that its $3-million Seed round has been completed. With Jump’s assistance, Magpie Protocol is poised for success and is additionally supported by notable investors, such as Sandeep Nailwal, GSR Markets, ParaFi Capital, Republic Capital, Big Brain Holdings, Serafund, Faculty Group, MH Ventures, D1 Ventures, ArkStream, Apollo Capital and more.
After seeing what Magpie Protocol is developing and offering to the crypto space, Jump Crypto — which looks for projects full of passion for decentralized finance (DeFi), focused on innovation and is full of engineers, investors and traders consumed by building the future of DeFi — made the decision to cement itself as the lead investor in the project.
“As the crypto infrastructure landscape expands multichain, Magpie’s cross-chain liquidity aggregation protocol and array of other cross-chain microservices offer the much-needed abstraction layer and seamless execution for the end-user.” — Saurabh Sharma, head of investments at Jump Crypto
Next is GSR Markets, which partners with brave and brilliant entrepreneurs who are building the future of ﬁnance. GSR works with cryptocurrency projects at crucial points in their life cycle, providing robust liquidity that helps enable their technology. Together, we’re going to change the landscape of DeFi and the global economy. We’re very excited to be supported by them.
“We’re excited to be working with the Magpie Protocol team as they continue expanding decentralized liquidity provision to clients through bridgeless, cross-chain liquidity aggregation.” — GSR Markets
Republic Capital selects investments based on business fundamentals with a focus on unit economics, strategy and the opportunity to disrupt a market. Everyone believes in Magpie Protocol to be a part of this changing of the future of DeFi and the global market.
“We are thrilled to be early backers of Magpie and its team. Interoperability is a key component of the crypto ecosystem, and we believe Magpie’s solution is one of the most elegant and easiest to use in the space.” — Republic Capital
Magpie Protocol is a decentralized liquidity aggregation protocol for cross-chain swaps aiming to provide the best deal on any asset across top blockchains without the need to bridge assets independently. Instead, our novel architecture uses bridges primarily as a data transfer layer to communicate swap signals between chains. The result is an extremely fast and secure solution to cross-chain swaps.
Bridge security concerns are at the forefront of DeFi at this time, being a crucial component in promoting the trustless and inclusive foundations upon which DeFi is built. Most bridges are custodial, meaning users must entrust their tokens with the security of the bridge by locking assets in a smart contract. This centralization of bridged assets creates single points of failure, which can put multiple ecosystems in danger if they are exploited. A recent report by Chainalysis, a blockchain data platform, estimates a total of $2 billion in cryptocurrency has been stolen from cross-chain bridges in 2022 alone. This goes to prove that creating a secure cross-chain bridge solution is a must in DeFi.
Magpie is a project that was incubated by Saxon, which helps idea-stage crypto entrepreneurs to launch game-changing DeFi and infrastructure projects. They provide holistic support, spanning from product market ﬁt and business development to tokenomics and fundraising.
“It’s been a pleasure working with Ali and the wider Magpie team to bring this disruptive approach to cross-chain swaps to market. With the launch of a new generation of L1s just around the corner, the timing could hardly be better.” — Ultan Miller, Saxon managing partner
Magpie’s architecture uses bridges to communicate swap signals between chains, without the need to lock, burn or mint assets on or within a bridge. By combining an off-chain liquidity network and bridge liquidity with a proprietary liquidity aggregation protocol, Magpie is chain-agnostic, meaning it is compatible and able to initiate swaps for the desired token on any chain, without limiting factors as other aggregation protocols, and whether or not the chain is Ethereum Virtual Machine-compatible or not. Not only does this result in near instant ﬁnality for users but it also enables Magpie to be fully noncustodial by keeping assets in control of the user rather than a third party or bridge, which greatly improves the security of users’ assets.
“I’d like to personally thank all of our investors and team members for your support in Magpie. We’re all incredibly proud of the work the team has done thus far, but it’s only the beginning. Now the work begins for the next round of funding as well as preparing to launch our private and public alpha testing events in the coming weeks. It has been an amazing journey so far, and we have a lot in store for us in the coming years.” — Ali Raheman, CEO and founder of Magpie Protocol
At the time of writing, Magpie Protocol is compatible with many established chains and DeFi protocols, including Ethereum, Polygon, Avalanche and BNB Chain. Additionally, we have announced plans to expand to Fantom, Solana and other blockchains in the near future.
On the back of this successful raise, Magpie Protocol will continue expanding strategic relationships and partnerships once its private alpha testing has concluded.
The Launching of the BIFROST Network, a Multichain Gamechanger
The multichain middleware platform BIFROST run by PiLab Technology, a South Korean VC specializing in blockchain services, recently unveiled their mainnet, the BIFROST Network. Fueled by their own mainnet, BIFROST hopes to create an easy-to-use multichain experience and to foster a unique blockchain ecosystem that leverages the multichain technology.
The BIFROST Network is a permissionless Substrate-based, EVM-compatible layer-one blockchain solution, with reasonable fees (averaging $0.03) and fast finality. Through node operators called relayers, the BIFROST Network formulates an optimal crosschain route and provides an excellent environment in which DApps can easily grow.
With the launch of the mainnet, BIFROST is introducing an advanced bridge function that supports automatic rollback of transactions should any crosschain transaction fail. This mechanism reverts the transaction to its original state to prevent assets from being lost. Also, by providing a reliable price oracle with prices verified by network validators, BIFROST further enhances its security through decentralization. The fact that BIFROST’s previous DeFi projects including BiFi and ChainRunner are available on the mainnet, is another benefit of the network.
Furthermore, BIFROST created the BIFROST Ecosystem Fund in an effort to nurture their newly-founded ecosystem. By incentivizing development of multiple DApps on the ecosystem, it will foster and support the BIFROST Ecosystem and the many projects that decide to make BIFROST their homes.
Dohyun Pak, the CEO of BIFROST, exclaimed that he is thrilled to showcase PiLab’s technological prowess to the global audience with the launch of their mainnet, and that the company will continue to focus on the public adoption of blockchain technology by building a healthy ecosystem.
PiLab Technology is a blockchain-based technology company that has developed multiple multichain services, including BIFROST and BiFi. With the mission of enabling DApps to operate on top of multiple protocols, Dohyun Pak founded the company with Jonghyup Lee, CTO, and Changhyun Yoo, COO, in 2017.
Recognized for its innovative technology and proving the scalability of its products, PiLab has raised $8.4 million in Series A led by Korea Investment Partners, STIC Ventures, and Yuanta Investment.
Notifi Launches on Arbitrum, Starting with Vesta and SynFutures
Notifi, the cross-chain messaging infrastructure layer for web3, is excited to announce its support for the Arbitrum Blockchain. With this integration, Arbitrum users can now receive real-time notifications from their favorite dApps on the blockchain through SMS, email, Telegram, wallet-to-wallet DMs, and more.
Notifi aims to solve the broken communication problem in web3 between users across different dApps and blockchain ecosystems. By launching its SDK support and Notifi Hub on Arbitrum, the platform takes a significant step towards achieving this goal. Arbitrum, a Layer 2 solution compatible with Ethereum smart contracts, has seen tremendous growth in the past year, making it an attractive option for developers due to its affordability, speed, and scalability.
With the Notifi Hub, Arbitrum users can now keep track of their web3 activity and notifications in one accessible and user-friendly location across all their wallets and supported blockchains. Meanwhile, the Notifi SDK allows developers on Arbitrum to create and manage notifications for their dApps without needing to build out the infrastructure.
Notifi is also thrilled to announce its launch partnership with Vesta and SynFutures, two prominent DeFi protocols native to Arbitrum. Vesta has added Notifi to improve the user experience by providing alerts for general announcements and liquidation threats, while SynFutures has integrated Notifi to provide key information to its traders in near-instant time. This allows users to receive real-time alerts wherever they are and on the channels they choose, making monitoring DeFi positions less time-consuming.
For more information, visit www.notifi.network.
Cryptomining? The opportunity Fog Hashing brought to CES 2023
Last year at CES 2022, Fog Hashing was the world’s first company to release a product tailored for decentralized home or office mining. That product immediately harvested public attention and went on hot sale afterward.
After one year of research and development based on the C1, Fog Hashing was back at CES 2023 with its latest product, the C2. In addition to the sleek aesthetics inherited from C1, four universal wheels have been added to C2, allowing it to travel around more easily. The sleek 1.35-inch OLED screen allows both touchscreen control and real-time display of the system’s operating status, making this hardcore mining machine more like a well-designed modern home appliance.
Besides its appearance, the C2 model is more pragmatic. As an upgraded model from C1, it optimized more than 30 details. The most eye-catching aspects are:
- The improved cost-effectiveness.
- The lowered noise.
- The enhancement of leakage protection.
- The optional integration with solar mining or heat recovery technology reduces the cost of mining.
Fog Hashing comes with its consumer end products, the C1, C2 and B6D, filling the gap in the consumer market.
A Mind-Blowing Product You May Never Have Seen Before
Apart from deep cultivation in the emerging decentralized consumer end market, Fog Hashing also devotes itself to the large-scale centralized commercial mining market.
Fog Hashing’s B6 and B24 tanks are all easily expandable for massive warehouse deployment, and the BC20 and BC40 mega mining containers have two options of external cooling systems to suit various climate environments, from the humid jungles in the Amazon to the dry Sahara, from the freezing Canadian tundra to the blazing Arabian Peninsula.
And the most mind-blowing product is the newly announced M6-56, a milestone in the entire mining industry.
Fog Hashing’s M6-56 will cure a headache that mining farms are facing nowadays – the refitting of current air-cooling models to immersion cooling costs labor and time expenses. More consequentially, it leads to the void of warranty.
Born to be the world’s first all-in-one immersion miner, Fog Hashing’s M6-56 is deeply integrated with Whatsminer’s M56, its first pure immersion mining rig. Some highlights are:
- The official immersion mining warranty.
- Up to 30% of the maximum overclock ratio.
- Remote monitoring and control by Fog Hashing’s SaaS platform.
- Dynamic power adjustment to save energy cost.
- Support the Demand Response program with a fast and safe batch operation.
Unprecedented Momentum in the Mining Industry
Though still at a young age, this Singaporean company has operated globally. Its supply chain management office in China provides customers with low-cost products, while its strategic development office in Silicon Valley, USA, not only equips Fog Hashing with state-of-the-art technology but also enhances its cooperation with multiple other companies in or beyond the mining industry.
Fog Hashing collaborated with iBeLink and co-developed the world’s first official immersion cooling miner, the iBeLink U series. A joint appearance of Fog Hashing and iBeLink released the latest products, BM-K3 and BM-N3 series, air-cooling models for now, but the immersion cooling version will be available soon.
The cooperation with Whatsminer on the M6-56, of course, can’t be ignored. Other cross-industry contributions include petrochemistry (the coolant) and chip-making (the next-generation chips targeting the cryptomining industry). Fog Hashing is holding an online launching event to release more information.
The past year has been challenging for everyone, but Fog Hashing still seems dynamic and ambitious. ”We will continue to innovate and bring more valuable products to our customers,” says Paul Li, CEO of Fog Hashing.
What innovations will Fog Hashing bring to the mining industry at CES 2024? Let’s wait and see!
VVSgotchi Launches on Cronos, Expanding dApp Ecosystem With Utility-Led NFT Game
VVS Finance, the leading Automated Market Maker project on the Cronos chain, announced today the launch of VVSgotchi, a Web3 game serving as an extension of VVS Finance’s Miner Mole NFT project.
VVSgotchi presents users with a variety of quests and competitions. Users can create teams of up to five Miner Moles to embark on expeditions. The game adds tangible utility to the Miner Mole NFT collection by presenting opportunities for users to earn experience points (EXP). These points can then be translated to a higher NFT boost multiplier on staked VVS Crystal Farms. A leaderboard page will rank Miner Moles in relation to the amount of EXP earned, and will be broken down into five rarities – Common, Special, Rare, Epic and Legendary. The higher the individual Mole’s ranking is on the leaderboard, the higher its NFT boost multiplier.
VVSgotchi will also offer the chance for users to win Miner Mole NFTs. These rewards come in addition to VVS Finance’s Miner Mole NFT online perks and real-life event invites. To participate, players will need to have purchased at least one VVS Miner Mole via the Minted Marketplace.
As a simple, user-friendly, decentralized exchange VVS Finance plays an important role in educating users on the power of Defi. Through implementing gamification, VVSGotchi hopes to educate, attract and onboard users to the crypto space, with users expected to increasingly become involved in dApps as the crypto industry matures. VVSGotchi will build upon the progress which has already been achieved to attract more users to the Cronos ecosystem by the VVS Finance Miner Mole NFT project.
Ken Timsit, Head of Cronos Labs said: “This recent addition to the #CROfam further enhances the efforts of Cronos chain in onboarding the next billion users to Web3 and DeFi by providing a diversified and exciting range of dApps. The launch of VVSgotchi will bolster the GameFi vertical, which has been a top priority vertical for ecosystem development programs such as the $100M-backed Cronos Accelerator Program. I am proud to see that we continue to see exciting new product launches on Cronos chain, even in these market conditions.”
In celebration of its launch, VVSgotchi will also be running a contest. Over the course of three weeks from 29 Dec 2022 to 19 Jan 2023, VVSgotchi will monitor its leaderboards, and the top-ranked Mole in each rarity category will win an additional Miner Mole. Winners will be airdropped a Miner Mole NFT at random, which will also vary in rarity.
About VVS Finance
VVS Finance is the leading decentralized automated market-maker (AMM) on Cronos. It is designed to be the simplest venue to swap and earn yields at the best available rate.
Built on the low-fee, high-speed Cronos blockchain, VVS Finance is a proven, audited protocol which stands out thanks to its comprehensive reward program. VVS Finance users can receive VVS, the governance token, and/or partner rewards by providing liquidity to the protocol or staking in Glitter mines.
In August 2022, VVS Finance launched the VVS Miner Mole collection of 10,000 utility-enabled PFPs (profile pictures). Each Miner Mole represents a membership pass to exclusive privileges on the VVS Finance platform, including boosted farming rewards, IGO benefits, and access to future projects.
VVS Finance is incubated by Cronos Labs – the blockchain startup accelerator that helps builders to create user-friendly applications on the Cronos chain and to drive mainstream adoption of Web3.
About Cronos chain
Cronos (cronos.org) is the first EVM-compatible Layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com, Crypto.org and more than 400 app developers and partners.
Cronos is building an open ecosystem where developers can create their own DeFi and GameFi applications, targeting a base of 70+ million users globally. Earlier this year, Cronos Labs launched a $100M Accelerator program to help developers build new projects and the future of Web3 within the Cronos ecosystem.
When developers build on Cronos, they can leverage all Ethereum developer tools (i.e. Solidity, Truffle, Hardhat, OpenZeppelin, Web3.js, ethers.js, ChainSafe Gaming SDK); leading crypto wallets (i.e. MetaMask, Crypto.com Defi Wallet, Trust Wallet); wrapped versions of the world’s top 50 cryptocurrencies; Cronos Play, a suite of developer tools for Unity, C++ and Unreal engine; inter-blockchain communication (IBC) cross-chain connectivity to Cosmos chains; and a rich ecosystem of composable DeFi and GameFi dApps.
Multichain is one year old
Multichain has been a multi-chain industry pioneer and has devoted itself to delivering industry-leading cross-chain services to users since its inception. Anyswap started as a DEX protocol in July 2020. As cross-chain interoperability technologies improved, we realized that Anyswap could deliver more to its community by addressing the growing demand for protocols specializing in cross-chain interaction.
To solidify our commitment to delivering the community’s needs, we officially rebranded to Multichain on this day last year. Since then, we have been the leading driver of the cross-chain economy. With over $90 billion on TVL across 3000+ bridges, we are proud to reach this milestone and incredibly thankful to you for supporting us along the way. So, for our first anniversary as Multichain, let’s look back at what we accomplished in the past year and what lies ahead for us and the multi-chain industry.
A look back at Multichain
Q1 – Our numbers proliferated
The Multichain ecosystem expanded rapidly in Q1. We did a 700% increase in TVL and incorporated about 600 new bridges spanning 39 public blockchains. In addition, we perfected our bridges to improve their conversion logic and transaction time and upgraded our router contracts to improve the developer experience.
We also introduced two new services, an upgradedNFT router – enabled the cross-chain transfer of NFTs via anyCall, and Co-mint – Which addressed liquidity fragmentation in Defi by allowing multiple bridges to mint the same asset, like stablecoins pegged to a common underlying.
Q2 – We pioneered generic cross-chain messaging
Even when the crypto community was hawkish with the bear market in full swing, it didn’t stop us from innovating and growing. For example, Multichain serviced $83.3 billion in cross-chain bridge requests, which accounted for about 40% of the total third-parge market share.
Q2 also marked the official launch of one of our most revered projects – anyCall, an infrastructure of generic cross-chain communication. anyCall enabled seamless cross-chain composability of smart contracts. Curve finance was one of the first protocols to adopt anyCall. In addition, Multichain also launched the fastMPC testnet in Q2, which opened the Multichain MPC network for open participation, further decentralizing the network.
Q3 – We transcended into a DAO
By Q3, Multichain had grown to support about 2891 bridges serving 739,000+ active users. Together, the Multichain community accounted for 49% of all cross-chain activity in Defi. We further perfected the anyCall protocol to V7, which introduced a fallback function to support innovative Dapps. Q3 also witnessed the mainnet launch of the fastMPC network for the public. Then, Multichain also transcended into the MultiDAO, an open community of contributors who could participate in governance and steer the direction of the community towards growth.
Q4 – We made many optimizations
Q4 was all about optimization and focusing on the fine details. We continued being one of the leading cross-chain solutions in demand in Web3. We realized the demands of our valued users and optimized our bridge fee policy. We also lowered the bridge fees charged for mainstream tokens and networks.
What sets us apart
Competitive pricing and a robust ecosystem
Multichain charges one of the lowest cross-chain fees among leading interoperability protocols. Furthermore, the Multichain network is one of the fastest cross-chain protocols in the market, without any compromise in security.
Extensive non-Evm network
Many cross-chain interoperability protocols connect EVM-EVM blockchains, but few (if any) expand across a wide range of non-EVM environments like Multichain, which connects Bitcoin, Near, OnXRP, Aptos, Mintme mainnets, and working on Cardano, Stellar, Flow, Solana testnets already.
Industry trends to look out for in ’23
This year was the age of layer-2s; projects like Arbitrum and Optimism saw a surge in demand and innovation, which stems from the fact that the growing crypto adoption has rendered layer-1s very expensive for standalone transactions. This trend is likely to follow next year as well, and we might see Ethereum being used more as a settlement layer for other blockchains, where high throughput execution is achievable.
Another trend that took off this year was the rising popularity of appchains and blockchain sovereignty. Appchains are blockchains built for one specific use case. Sovereign blockchains build on ecosystem protocols like Cosmos and Polkadot, which take up base layer overheads and help steer innovations toward execution and application.
Regardless of appchains or layer-2s taking the forefront next year, the undeniable fact is that both these paths lead to more demand for cross-chain sharing of information and resources. Therefore, the coming years will require cross-chain protocols to be more flexible with adopting new blockchain environments and decentralized applications.
What will we work on for ’23
Multichain is dedicated to addressing the needs of the cross-chain industry and understands the technological shifts it needs to adopt to deliver them. Therefore, we have some exciting innovations for the cross-chain community for the following year.
Let us share one such innovation. We call it Omni-Blockchain Interaction (OBI). OBI is a blockchain-agnostic cross-chain communication solution stack that appchain developers can use as a base infrastructure to seamlessly build customized cross-chain connection channels without the hassle of implementing trust and verification mechanisms from scratch.
The OBI stack includes
- Dapp layer – It will house the cross-chain NFT/token bridges and routers.
- Data layer – It comprises anyCall, which can communicate arbitrary information across blockchains.
- The underlying trust layer – A decentralized protocol for cross-chain public trust mechanism, which verifies and authenticates data based on MPC and ZK technologies, the base infrastructure that third-party developers can build upon.
Multichain realizes the potential of novel technologies like zk-proofs in delivering scalable and secure performance. We believe that the concept of zero knowledge also has applications in the cross-chain economy. In ’23, we will work on zk-proofs-based routers, more information will soon follow.
Lastly, one of our primary initiatives for the coming year will be to collaborate with partners and other Web3 communities to educate the users in the industry about the benefits and potential of cross-chain communication.
Thank you for the support
Like any other decentralized project in Web3, Multichain’s success is credited to the continuous love and support we have received during difficult and good times. We thank the Multichain community for having confidence in us since our inception; it inspires us to deliver more in the times to come.
Decentralized Farming Fund Sturdy Expanding to ETH Market
Sturdy Finance, the first positive-sum decentralized farming fund, has announced the release of Sturdy 1.0 on December 20th, 2022. With the addition of an ETH market and a brand new UI, the update reflects the team’s efforts to support the best yield farmers.
Sturdy specializes in stablecoin lending, allowing users to consistently lever up their yields 10x when using LP tokens as collateral. With the new release, the platform is extending that success to the ETH market. Users can lend ETH and borrow against LSDs to maximize their yields to earn ~40% APY. Of course, insulating users from liquidation risk remains a top priority. By borrowing ETH against LSD, Sturdy ensures liquidation can only occur during a 10% depegging event.
Sturdy’s success is a result of its novel mechanics. Borrowers gain up to 10x leverage on collateral assets to maximize their yields, while lenders provide passive liquidity in exchange for a portion of the profits. With existing lending systems, lender yield comes from borrower interest payments. Borrowers have to pay more for lenders to earn more. Sturdy replaced this with a positive sum model by using ib-tokes as collateral to provide real yield for lenders.
1.0 also includes a redesigned UI valuable to both DeFi newcomers and natives. It includes an intuitive dashboard where users can view past and projected lending APY, borrowing interest, and current utilization rates without leaving the dApp. Similarly, mechanic explanations are integrated, so users can gain a better understanding of how Sturdy works and maximize their deposits.
Further enhancing user experience is the one-click leverage feature. Through one transaction, users can increase leverage without wasting time or gas. Users can also access increased reserve visibility. By tracking liquidity levels on various assets/pools and historical APY charts of how particular yields have shifted over time, users can now ditch third-party analytics and access the data they need to make smart investments right from the dApp.
The protocol launched on Fantom in March but the 1.0 is meant to reflect how early they are in their journey of transforming the DeFi lending space. Still, they’ve achieved phenomenal growth in a short time. Since launching, the team has provided users with the highest stablecoin yields in DeFi, maintained over $20 million in TVL, and become the largest lending protocol without a token on Ethereum.
Unveiling 1.0 advances two of Sturdy’s main goals– boosting user yields and providing a practical product.
Experience Sturdy 1.0 on Dec. 20th
Sturdy’s contributors have been working on this new release for months and are excited about the rollout. To celebrate all the hard work that went into 1.0, they’re inviting the community to celebrate the 12 days of Brickmas from Dec.8-20th. Each day they’ll share a new aspect of the new Sturdy. Join the celebration on Twitter or Discord.
ParaSpace Launches The First Cross-Margin Lending Protocol for NFT and Fungible Tokens
ParaSpace launched a first-of-its-kind cross-margin lending platform today. With the recent rise in NFT lending and borrowing, users have seen an increased liquidation downtrend spiral, ParaSpace serves as a solution for users in the space.
ParaSpace is founded by Yubo Ruan and backed by Sequoia Capital, CoinBase Ventures, Founders Fund and others. The platform leverages a cross-margin framework that enables a peer-to-pool lending system that enhances liquidity and capital efficiency. For the first time ever, users and NFT holders can collateralize multiple assets into one portfolio to lend and borrow against while being able to hedge their risk.
“We believe in a future where NFT assets proliferate with different kinds of utility, applications, and especially the connection to real-world assets. Our vision is to create a decentralized cross-margin lending protocol with support for a wide variety of both fungible and non-fungible assets extending into the real world,” said Ruan, founder and CEO of ParaSpace. “For NFT finance to be usable, users need to be able to hedge their risk and have flexibility on what assets they can borrow against and on what terms.”
ParaSpace is a fully decentralized and permissionless protocol built on Ethereum. Currently, the platform supports a wide range of fungible tokens including BTC, ETH, DAI, USDC, and APE in addition to existing blue chip NFT collections. To build capital efficiency across crypto space, ParaSpace plans to support cross-chain lending and borrowing for EVM-compatible or equivalent blockchains in the future.
To celebrate the launch of the platform, ParaSpace is hosting an APE Coin Staking Fest, to empower Bored Ape NFT and APE holders to hit the maximum returns for staking APE. ParaSpace’s APE Coin Staking Fest will allow users to borrow APE at reduced rates, participate in referral programs, and qualify for their APE airdrop, which will be giving away up to $250,000 worth of APE.
Ultimately, ParaSpace acts as a permissionless and highly customizable infrastructure to solve many unmet needs in efficient use of on-chain capital. ParaSpace seeks to redefine NFT finance to bring web3 and decentralized lending to 1 billion people.
For additional information on ParaSpace, please visit para.space.
Numen Cyber working with Binance to further enhance security of the Web3 ecosystem
Numen Cyber Technology, a Singapore-based cybersecurity company specializing in Web3 security solutions, recently announced that it is cooperating with Binance, the world’s leading blockchain ecosystem. As part of the technical cooperation, Numen will work with Binance to further bolster the security of the Binance ecosystem.
Numen will provide security capabilities for the Binance ecosystem across various areas, including conducting smart contract audits of on-chain projects. Binance will also leverage Numen’s expertise in threat detection and response, as well as its security event analysis and backtracking, to prevent potential economic losses caused by security attacks.
Furthermore, both companies will conduct Web3 security research aimed at functionally improving the security levels of Binance and its related projects to eliminate any potential security risks and vulnerabilities within its ecosystem.
As the Web3 threat landscape rapidly evolves, the technical cooperation between Binance and Numen is intended to continue to strengthen the security of the Binance ecosystem and help to restore the public’s confidence in the safety of the Web3 industry.
About Numen Cyber
Numen Cyber Technology is a Singapore-based cybersecurity company specializing in Web3 security solutions. The organization has discovered critical vulnerabilities in some of the world’s most well-known Web3 projects, including Aptos, Sui, Eos, Ripple and Tron.
With its Cyber Labs team comprising the world’s top security experts, it offers Web3 security services that can comprehensively cover all stages of a Web3 project’s lifecycle, such as security audits for smart contracts, public blockchains, smart wallets and exchanges.
Numen also offers on-chain smart contract threat detection and response, Web3 security situational awareness, digital currency tracing and Web3 threat intelligence to protect the digital asset security of Web3 projects and their users.
For more information, please visit numencyber.com or follow its official Twitter account at twitter.com/numencyber.
Fragments Announce the Launch of SPOT, the First Smart Contract-Powered and Inflation-Resistant Peer-to-Peer Digital Cash System on Ethereum
Fragments, the development company behind the Ampleforth protocol, announced today the launch of SPOT, an inflation-resistant store of value that can be used as peer-to-peer digital cash. Designed to solve the systemic risk of the crypto industry’s over-reliance on centralized stablecoins and dollar substitutes in decentralized finance, Fragments developed SPOT to be a freely redeemable, non-custodial, stable asset that can safely wind down to zero users under stress without interventional bailouts. SPOT is built on Buttonwood, an Ethereum-based collection of smart contracts used for building DeFi protocols.
“This year’s events showed us two things are true: first, we need publicly auditable systems that protect users from the custodial risks of centralized systems; second, to accomplish this on-chain, we need radically different designs that don’t rely on continuous growth or bailouts,” Evan Kuo, CEO of Fragments.
The systemic failure of the crypto markets began with the collapse of the algorithmic stablecoin, TerraUSD (UST), and escalated with the downfall of Celsius, Voyager, BlockFi, FTX and hundreds more. “DeFi remains in many ways intimidating in its complexity. Part of what attracted people to centralized exchanges was that the interface was simply easier for buying and selling. I hope the FTX fiasco has illustrated the dangers of centralizing what is supposed to be decentralized,” commented the financial historian Niall Ferguson.
Together, these collapses underscore the need for radically new ways of designing transparent systems that can safely operate under all market conditions.
“Combining Ampleforth with Buttonwood into SPOT is an exciting novel approach that could significantly improve how inflation-resistant tokens in Ethereum work,” said Fernando Martinelli, Co-Founder & CEO at Balancer Labs.
The SPOT token is a freely redeemable claim on a basket of on-chain collateral. A holder of 1% of the SPOT supply can redeem it at any time, for 1% of the collateral. Since all assets are distributed proportionally upon redemption, the ratio of different tokens in the collateral set remains unchanged before and after any given redemption. This means the value of SPOT remains the same even as withdrawals unwind to an empty collateral set. There are no pegs, feedback loops, or liquidation markets used in the system’s design.
The price of SPOT is determined by the market. Its value is the collateral for which it can be redeemed. Because of how SPOT’s collateral is prepared and rotated, the redemption value of 1 SPOT token will tend towards 1 CPI-adjusted dollar.
“Demand-deposit contracts–which a lot of DeFi projects imitate–suffer from the age-old problem of runs, which is when depositors rush for the exits. Runs on banks, money market funds, or Terra are just some examples. Implementing proportional redemption is a clever way for SPOT to avoid this perennial issue,” said Manny Rincon-Cruz, creator of Buttonwood.
To learn more, access the SPOT whitepaper here: https://bit.ly/spot-whitepaper
The whitepaper details how collateral is prepared into tranches and rotated, explains why this results in the value of SPOT claims tending towards 1 CPI-adjusted dollar, and outlines a system of incentives for rotating fresh tranches in and mature tranches out.
Watch a video about SPOT here: https://vimeo.com/778950575
Fragments is the development company behind the Ampleforth protocol, co-founded by Evan Kuo and Brandon Iles.
Ampleforth is a blockchain protocol for designing supply elastic units of account. The protocol transfers the price volatility of crypto assets into supply volatility to maintain stability without relying on traditional banks, centralized monies, or lenders of last resort.
AMPL is the first supply elastic unit of account powered by the Ampleforth protocol and serves as a key building block for denominating stable contracts in decentralized finance.
SPOT is a decentralized peer-to-peer inflation-resistant store of value that can be used as censorship-resistant digital cash.
Buttonwood is a collection of smart-contract “building blocks” that can be used to create robust DeFi protocols. Teams that are building on Buttonwood include Fragments, Nimble Navigators, and Prometheus Research Labs. Projects built on Buttonwood include SPOT (inflation-resistant cash), Hourglass (dynamic convertible bonds), Zero (liquidation-free bonds), and Auctions (double-sided auctions).
Data Provider Coingecko Joins Access Protocol, Pushing Exposure of The Access Ecosystem to Nearly 30 Million Monthly Readers
The Access Foundation is excited to announce that the world’s largest independent cryptocurrency data aggregator, CoinGecko will be joining Access Protocol as a launch partner.
Users who stake in CoinGecko’s Access pool will receive access to Gecko Ramblings, a bi-weekly newsletter by CoinGecko research analysts covering projects, trends and topics of interest happening in the crypto space.
Additionally, CoinGecko users will receive the opportunity to claim an $ACS via airdrop through their Candy Rewards store. Details on how users can claim the airdrop will be released on Friday, December 9.
“Access Protocol is reimagining digital media monetization in a way that delivers values for publishers, creators and consumers in an equitable manner.” COO and co-founder of CoinGecko, Bobby Ong, commented. “We are excited to be a launch partner in this evolving ecosystem.”
Since 2014, CoinGecko has been a trusted source of information by millions of cryptocurrency investors. Their mission is to empower the cryptocurrency community with an in-depth, 360-degree overview of the market, and currently tracks over 13,000 crypto assets from over 500 exchanges worldwide.
CoinGecko joins Access Protocol’s growing list of creators and service providers including AB Media, Crypto Briefing, CryptoSlate, Crypto-Times, and The Block.
For more information about CoinGecko, visit https://www.coingecko.com.
About Access Protocol
Access Protocol creates a new model for all digital content creators, whether it be a digital media company, a streaming company or a standalone influencer. The Protocol works by allowing Publishers and Content Creators to create Staking Pools, allowing for new monetization streams while realigning incentives between content Creators and consumers. New creators can tap into an existing ecosystem of tooling, users and value by joining the Access ecosystem.
Bit Brother Announced 2.39 Bitcoin has been Mined
GAIMIN announces partnership with BNB Chain to bolster Web3 Esports Growth Initiatives
Yield App acquires structured product provider Trofi Group
Scalable Solutions Introduces Lite Instant Exchange: A Gateway to 300+ Million Users in Crypto
The Launching of the BIFROST Network, a Multichain Gamechanger
Hamilton Lane’s $2.1 Billion Flagship Direct Equity Fund Now Available for Investment on Securitize
Blockchain3 weeks ago
Cryptomining? The opportunity Fog Hashing brought to CES 2023
Altcoins3 weeks ago
Interest-Bearing Bonds-Backed Tokens: Generate yield using tokens backed by sovereign bonds
News2 weeks ago
CV VC solidifies Crypto Valley’s position as the world’s most mature and stable blockchain hub
Business2 weeks ago
OKX copy trading allows users to duplicate winning strategies from top traders
News3 weeks ago
A Year of Progress: imToken Publish the 7th Annual Report
Technologies2 weeks ago
TEZRO – An App To Keep Your Crypto Assets Safe And Chat With Your Friends
Altcoins2 weeks ago
21Shares Unveils World’s First Crypto Staking Index ETP
Blockchain2 weeks ago
Notifi Launches on Arbitrum, Starting with Vesta and SynFutures