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The Next Big Thing In NFT: The DeFi Infrastructure For Utility NFTs

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2021 was a ‘Year of Renaissance’ for NFTs. From the mainstream perspective of the market, after the crypto cat project boomed in 2018, NFTs finally in 2021 ushered in a concentrated outbreak where many flourished. On the one hand, Opensea has taken the lead in NFTs trading, forming a blue-chip phalanx of NFTs led by CryptoPunk, BAYC, Coolcat and other projects. On the other hand, GameFi projects represented by Axie Infinity combines NFTs with DeFi, successfully bringing the brand-new economic model of Play to Earn to the mainstream market. In the great bull market, NFTs succeeded in overtaking the curve to attract main market funds, and it has become an important asset class in the blockchain world. Since 2022, the NFTs market has inevitably been affected by the macro market condition. After the frenzy, market participants began to rethink the fundamentals of the NFTs track: What will be the future of NFTs? What will be the next NFTs hotspot?

The current NFTs market can be classified into at least two relatively independent categories: Digital collectibles and utility NFTs. Most PFPs would fall into the former category, whose value comes from the scarcity, hence the valuation is very much subjective. Utility NFTs are quite different as the valuation is supported by their intrinsic value.

GameFi assets are an iconic example of utility NTFs. The value of GameFi assets can be clearly quantified based on the potential cash flow value derived from the P2E tokenomics. Thus, DeFi infrastructure is potentially very relevant to the utility NFTs with a similar significance as to the fungible token assets.

Shape The Markets: An Overview Of DeFi Infrastructure

So how would the DeFi infrastructure be built in the NFTs market? We can look at the DeFi world. Based on the magnitude of significance, we can easily identify the four most essential pillars that support the whole DeFi world: Uniswap, AAVE/Compound, Synthetix, and YFI. But why?

The formation of any financial market would not be possible without the maturity of the following 4 markets First, a market that sufficiently discovers the price of assets is fundamentally essential for the purpose of price provision on all levels of liquidity. Secondly, a market that sufficiently discovers the interest rate of assets that gives an answer to the question “how can we effectively price various levels of risk in this market”. Then, based on the two aforementioned markets, a series of derivative instruments can be created for investors to manage their leverage, thus adding more liquidity to the market. Finally, there comes the aggregator, which gathers the assets and liquidity scattered around the market to lower the barrier to entry of the market. And as a result, more liquidity would be injected into the market. Through the whole process, a basket of ‘mainstream assets and the ‘anchor of value’ (DAI or USDC) would also be discovered and widely adopted.

Available DeFi Infrastructure for Utility NFTs

Compared to the more established DeFi markets, infrastructure for utility NFTs. OpenSea being the primary NFTs marketplace, the trading mechanism, however, is based on order book model. The efficiency of such a matchmaking mechanism is low. It might be a viable solution for low liquidity digital collectibles with subjective valuation, but is clearly not servicing the purpose of continuous price discovery for utility NFTs very well.

Since the value of utility NFTs is derived from the inherent value of cash rewards in Play-to-Earn scheme, the mechanism designed for lending and borrowing utility assets is significantly different from the logic of token asset loans. It is more similar to a finance leasing or rental business in the real world where the ‘right to use’ can be transferred without any change of ownership. The implementation of the ‘right to use’ function in a decentralized manner for NFTs has become a big challenge.

Luckily, some projects have already started offering innovative solutions to this problem. We will discuss the pros and cons of each of these projects in several aspects.

NFTFi
Launched in June 2020 by Stephen Young, NFTFi is a marketplace for NFT mortgages. It allows users to deposit NFTs as collateral to borrow crypto assets such as ETH or WDAI.

How It Works?
As an NFTs mortgage platform, NFTFi allows borrowers to deposit accepted NFT assets as collateral for issuing a loan amount from platform. The renter will set the duration schedule of the loan as well as the interest rate, and the borrower has to follow the terms of agreement. The lender is able to claim collateral assets if the borrower breaks the contract.

Strengths and Weaknesses
NFTFi provides a platform for NFT assets holders to collateralize their NFTs and obtain loans in a decentralized way. This platform is implemented by smart contracts with very simple liquidation mechanisms. For example, if collateral asset value fails to cover the borrowing amount of assets, it occurs liquidation.

The platform enables holders of NFTs to access liquidity with collateral. However, the core issue is how to determine the price of NFTs reasonably. The NFTs price market is highly volatile, and due to the poor liquidity of the NFT assets, the floor price of NFTs can drop significantly and trigger liquidation. In this case, the borrowers will suffer a loss very easily. To prevent that, the borrowers will always leave a huge buffer premium, and this significantly reduces the fund-use-efficiency.

We can draw the conclusion that NFTFi’s protocol is not a perfect solution to solve liquidity problems for utility NFTs.

reNFT
reNFT is a leasing platform which NFT assets holders can lease out their assets and receive rental revenue over the lease period of the assets. From the NFTs borrowers’ point of view, if there is a temporary need for some particular NFT assets, instead of buying they are able to rent out suitable NFT assets through this platform.

How it works?
Borrowers are required to clarify the lease schedule in advance and transfer the corresponding lease fee and collateral (the value should be equal to the NFTs assets price) into the third-party escrow smart contract. When the borrower returns the NFTs by requirements, the collateral is also returned. If the borrowers fail to return the NFTs, the collateral will be paid to the renter as compensation. The price of the collateral is obtained by Chainlink from the OpenSea platform. The collateral will also be used to generate interest on the AAVE which increases the fund-using-efficiency.

Strengths and Weaknesses
reNFT proposes a solution for NFT lending and borrowing, which brings value to idle NFTs and enables cash flow. It aggregates assets from renter and borrower through an escrow smart contract, thus allowing asset security for both.

However, the liquidation mechanisms require collateral and occupies high rate in capital to prevent liquidation. Secondly, the renter and borrower must pre-determine the lease schedule and pay upfront. The leasing method is based on peer-to-peer matching which is low efficiency.

IQ Protocol
IQ Protocol is a DeFi tool introduced by PARSIQ whose main role is to provide the framework that enables controlled rentals of assets in the form of Time-limited wrapping.

How it works?
IQ Protocol has not yet officially launched, but from the information in its white paper, IQ Protocol will try to wrap an NFT into a rentable wNFT. The asset will lock up ownership as it is lent, leaving the borrowers of the asset with only the right to use but not the right to sell or transfer. With this approach, there is no liquidation mechanism during the process as it effectively avoids the risk of losing the NFT itself.

Strengths and Weaknesses
The solution proposed by IQ Protocol is well suited to the practical needs of utility NFTs, i.e., the transfer of usage rights while ownership remains unchanged. The entire lending approach will be realized by wNFT liquidity pool, and its lending efficiency is greatly enhanced compared to the P2P approach.

However, since wNFT itself is a Time-limited NFTs derivative, IQ’s leasing solution still requires both renter and borrower to pre-determine the leasing schedule and pay the rental fee in advance when the lending occurs. Another issue with IQ Protocol is for applications that rely on recording on-chain interaction data within the NFTs, such as fully decentralized games. The Wrapping and Unwrapping processes may lead to lost or incoherent on-chain data within the NFTs.

AFKDAO
AFKDAO is a DeFi infrastructure solution for the utility NFTs, introduced by Ben Gothard’s team in late 2021 and announced its SDKs on Github in early 2022.

It was first applied to Play-to-Earn projects which helps to provide a life-cycle lending and liquidity solution for GameFi assets.

How it works?
The solution is based on the new ERC-4610 protocol which is an extensible protocol for NFT assets developed by AFKDAO. Erc-4610 is designed to be fully compatible with the NFT format ERC-721. A holder of an ERC-4610 NFT can issue the right of usage to others, without relying on any third-party platforms/smart contracts.

The approaches of implementation are available for ERC-4610:
1. ERC-4610 native NFT
2. A wrapper solution for the existing ERC-721 NFTs

ERC-4610 also activates another use case of utility NFT assets: on-chain NFT asset management and profit distribution.

In the case of P2E games, the protocol allows the lending of GameFi NFT assets to others, while all the rewards are managed by smart contract, which can be divided among multiple parties in predetermined proportions.

The AFKDAO comprises 3 modules: NFT Launchpad, AFK Aggregator and NFTs Lending Pool. Through these three products, AFK tries to explore a sufficient pricing mechanism for utility NFTs.

Any assets launched on the AFK Launchpad must be ERC-4610-compatible, either being ERC-4610 native NFTs or wrapped into ERC-4610. The Play-to-Earn mechanism must be open on the sale day, and a vault would be required to open in order to make ROI stats available to the community. This enables the buyers to discover a reasonable price range for NFTs before and after the sale, which helps to prevent hype-speculation which sets high barrier to entry of the projects.

The AFK aggregator is a YFI-like fund management protocol but for NFTs. It aggregates utility NFT assets in a fully decentralized way powered by ERC-4610.

When it comes to the P2E game use cases, AFK Aggregator enables the players or guilds to raise NFT assets for the purpose of profit generating and sharing fully on-chain by setting up a ‘vault’ and defining the details of the raise. NFT owners simply need to stake to delegate the guilds to manage their NFTs. All profits will be returned to the ‘delegator smart contract’ for automatic distribution to all parties related onchain, eliminating the need for third-party escrow or private key transfer.

 

The whole delegation process requires zero need for collateral as well as any upfront payment for using the NFTs. The AFK Aggregator also allows the fundraiser to subdelegate scholars, which supports the guild management needs to enable the delegation of assets to multiple addresses at the same time.

The NFTs lending pool is comparable to AAVE or Compound, which is a pooled lending and borrowing liquidity solution for NFT assets. Eligible ERC-4610-compatible NFT assets can be staked into the pool at any time for revenue while borrowers are enabled to borrow NFT assets at any time without any collaterals as long as there are enough NFT assets in the pool. Borrowers would be required to stake relevant tokens as the ‘top-up’ where interest costs will be deducted from (eg. $SLP for Axie pool, $GEAR for PlaceWar Tank pool). The interest rate will be calculated in real-time by block via the algorithm based on the supply and demand situation of the pool. When the top-up by a borrower is depleted by costs incurred, the lease will be terminated.

Strengths and Weaknesses
AFKDAO provides a relatively comprehensive DeFi infrastructure solution for utility NFT assets.

It put forward a preliminary solution to the price discovery and interest rate discovery for long-tailed utility NFTs. AFKDAO adds an access control to NFTs to separate the use right from ownership, which helps to maximize the fund utilization rate and efficiency.

At this stage, the utility NFT market is still in its early stage, AFK’s solution mainly focuses on Play-to-earn games, and more time is needed for big traction. As the scale of the utility NFT market expands, it is believed that products like AFKDAO will gain much larger adoption.

Find out more about AFKDAO on its official sites:

Website: https://afkdao.io/
Telegram: https://t.me/AFKDAOANN
Discord: https://discord.gg/p878yn6yzr
Twitter: https://twitter.com/AFK_DAO

Blockchain

Monitok Unveils Points program to promote self-custody between crypto users

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Vilnius, Lithuania, March 18, 2024Monitok, a next-gen self-custodial exchange that combines features of both decentralized and centralized trading platforms, recently announced its Monitok rewards program. To celebrate their new project’s launch, the team is giving away 10,000,000 points. This announcement further hints at a future token airdrop from the pool of 100,000 USD worth of cryptocurrencies.

Joining the Monitok waitlist provides participants with a unique referral link, which they can use to earn Monitok points by sharing it and referring their contacts. These 10,000,000 points are not only transferable across different incentivization campaigns within Monitok, but can also be accumulated through active engagement with the project. These points represent a potential future investment, as they can be converted into MNT tokens upon launch.

What is the objective of the campaign?

At the core of Monitok’s referral campaign is the goal to create a strong community of people who share a vision of one of crypto’s main principles: ownership of assets.

How to join?

  1. Sign up to the Monitok waitlist
  2. Receive a personalized referral link
  3. Invite friends, family, and followers to join the waitlist 
  4. The more people you invite, the more Monitok points you accumulate, which will be convertible into MNT tokens after the token’s launch

 

MNT tokens are a cornerstone of the Monitok ecosystem, designed to facilitate transactions, reward participation, and encourage investment within the platform. Additionally, users can acquire MNT tokens through active engagement with the app. Furthermore, MNT tokens can be utilized for payments or to obtain discounts on services, access premium features, or generate yield through staking.

“Our mission is to fill up the gap between DEX and CEX by inviting more people to embrace self-custody. “

Why Participate?

. By joining the waitlist and participating in the referral program, members can:

  • Gain early access to the app: Secure early access to the platform and take advantage of its benefits.
  • Split 10,000,000 Monitok points with fellow participants: Gather Monitok points, by engaging with the community and platform.
  • Secure a spot in $100,000 worth of MNT token airdrops: Convert your points to MNT tokens during airdrops.

 

To ensure a fair and transparent experience for all participants, Monitok has meticulously prepared the terms and conditions of the referral program. These guidelines define the dos and don’ts of the referral process, ensuring a rewarding and enjoyable campaign for all.

About Monitok

Monitok, established in 2022, is a hybrid crypto exchange with self-custody as its key feature. As the first hybrid crypto exchange built on the Arbitrum Network, Monitok is committed to helping users trade smarter by providing a secure, one-stop-shop crypto trading solution. The platform enables users to manage their assets in self-custodial wallets and access the best token rates by aggregating over 100 decentralized exchanges. Additionally, it provides easy fiat on and off-ramps and plans to launch a crypto debit card. Through its referral program, Monitok encourages the adoption of self-custodial trading, rewarding members for their support.

For more information, visit:
Website | Twitter | LinkedIn | Discord | Telegram

Or contact: [email protected]

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AvaxTech Passes SolidProof Smart Contract Audit, Enhancing Safety for Avax Investors

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The AvaxTech project has recently passed a smart contract audit by the well-respected SolidProof. This milestone adds to AvaxTech’s already impressive track record of providing valuable products for the Avax chain.

The project aims to enhance safety for Avax investors and promote secure investments in the ever-evolving digital landscape. With its team of experts, AvaxTech provides reliable analysis and information for investors.

AvaxTech’s Impact on Avax Ecosystem

The spirit of AvaxTech is to support the Avax community by providing reliable tokens through their products. Monk, the project’s developer, has an extensive background in the cryptocurrency world.

He has worked on over 100 projects related to product development and idea consultancy. Monk’s expertise includes developing bots used by thousands on Telegram, providing Web3 Dapp platforms, and smart contract audits. Many recognize him for his work on meme coins, which he still actively supports.

Monk has now turned his focus to the Avax blockchain and established AvaxTech with the development team. He leads the team in creating and supporting products and platforms for Avax. As a voluntary supporter, Monk offers information support to developers and companies looking to develop on Avax.

Impressively, AvaxTech has detected over 2,000 scam tokens on the Avax blockchain since November 2023. This has raised awareness among thousands of investors and aided in creating a safer ecosystem.

The recent completion of the smart contract audit for AvaxTech by SolidProof further solidifies their reliability. This project lets almost the entire Avax community access trustworthy tokens and trading tools.

How AvaxTech Promotes Secure Investments

The AvaxTech ecosystem features multiple tools to assist investors in making secure investments within the Avax blockchain. One of these tools is the Analyzer Platform, which provides users with an easy-to-read dashboard for all their analysis needs.

This includes analyzing token addresses and wallets for any suspicious activity. It also involves accessing vital information such as market cap, liquidity ratio, risk for honeypot systems, transaction taxes, and more.

All of this information comes from AvaxTech’s impartial third-party engine, giving users a reliable source for project analysis. It is pretty much like having an ID card for a project. This makes it easier for traders to evaluate the potential benefits and risks.

With AvaxTech’s Telegram Analyzer Bot, users can scan for suspicious activity directly through the messaging app. This technology enables quick and easy monitoring of investments on the go.

Furthermore, AvaxTech offers tools such as the New Pair Channel and New Lock Channel on Telegram. The latter can be useful for alerting users to new pair listings and LP lockings in real time.

Lastly, with the Telegram Live Trending feature, users can easily spot trending Avax tokens and gain insights on potential investments. Together, these products make up AvaxTech’s suite of tools promoting secure and informed investments in Web3.

About AvaxTech

AvaxTech is a company founded in November 2023 with the goal of developing products for the Avax chain. With its first product, the Telegram analysis bot @AvalancheAnalyzerBot, AvaxTech gained a wide audience.

The platform has also been pivotal in protecting Avax token investors by detecting 96% of SCAM Tokens.

AvaxTech has become a valuable organization for all Avax communities and investors with its popular web analysis platform, Avaxanalysis.com.

On January 22, AvaxTech launched $ATECH Token, which has utility in its entire ecosystem of products. This project has become a brand within the Avax ecosystem. Nowadays, thousands of investors are using the platform for newly added tokens.

$ATECH Token serves as a payment and utility token in the entire AvaxTech ecosystem, giving it real purpose and utility. Its use is necessary for accessing all products developed by AvaxTech.

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unagi(x) by Wemade Integrates Chainlink CCIP on WEMIX3.0 Mainnet as Exclusive Cross-Chain Infrastructure for Omnichain Gaming Ecosystem

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Wemade, one of South Korea’s largest game developers and the founder of unagi(x), and Chainlink, the industry-standard decentralized computing platform, announced today that Chainlink CCIP—the industry standard for cross-chain interoperability—has been integrated by unagi(x) on WEMIX. As the network’s official cross-chain infrastructure, CCIP underpins WEMIX’s gaming mega-ecosystem and unagi(x)—the interoperability engine for unagi, the omnichain initiative to enable fast on-off chain trading.

The AAA MMORPG NIGHT CROWS —which launches globally in 170 countries on March 12th—will integrate unagi(x) powered by CCIP across six chains: WEMIX, Kroma, Avalanche, BNB Chain, Ethereum, and Polygon. Interoperability between this diverse selection of networks allows users to fully immerse themselves in the game, while tokenizing in-game assets on their preferred chain.

“We selected Chainlink CCIP as it offers a proven solution for cross-chain token transfers and multi-chain abstraction to enhance user experiences across Web3 gaming and beyond,” said Henry Chang, CEO of Wemade. “By seamlessly connecting WEMIX to the multi-chain ecosystem and enabling cross-chain transfers of in-game NIGHT CROWS tokens and NFTs with CCIP, we’re unlocking a novel omnichain gaming experience and interchain economy that will help drive the growth of all of Web3.”.

unagi(x) being powered by CCIP enables Web3 gamers to play NIGHT CROWS across the multi-chain ecosystem, while facilitating seamless transfers of in-game tokens and NFTs between chains. Users can freely choose their gaming chain, connecting and exchanging game tokens and NFTs with the ‘una Wallet,’ which enables users to intuitively manage assets and transfers across supported networks via the omnichain infrastructure.

“I am very impressed by how Wemade is on the cutting edge of blockchain gaming, a growing part of the entire blockchain economy, which I believe will eventually intersect with DeFi in new and interesting ways,” said Sergey Nazarov, Co-Founder of Chainlink. “We are excited to support them in their plans to lead the blockchain gaming community into the future with a secure connectivity solution.”

CCIP was selected as Wemade’s official interoperability solution because of its proven track record as the provider of oracle services used by hundreds of dApps and its dominant position as the leading provider of oracle services in the DeFi space. Advanced features including programmable token transfers and a single standardized interface for omnichain application development were also key factors leading to the decision to choose CCIP.

As a result, the integration of CCIP within unagi(x) creates a secure environment for NIGHT CROWS gamers to effortlessly navigate across chains, and positions NIGHT CROWS to redefine the possibilities of omnichain gaming.

About Chainlink

Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $9 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

Wemade

With over two decades of gaming industry expertise, Wemade is at the forefront of the next global wave of Web3 game developers innovating with blockchain technology. Aiming to accelerate the mass adoption of blockchain technology, Wemade is building a one-of-its-kind, experience-based, platform-driven, and service-oriented mega-ecosystem that offers a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. Visit www.wemix.com/communication for more information.

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Introducing BounceBit testnet: BounceClub East-to-West Event

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BounceBit introduced early access with The Water Margin Event on January 30, 2024, inviting early contributors to boost Total Value Locked (TVL) and earn BounceBit points in return. Achieving remarkable milestones, BounceBit’s TVL soared to over $600 million within a month, complemented by securing $6 million in seed funding from leading investors Blockchain Capital and Breyer Capital. Today, we are thrilled to unveil our latest achievement: the BounceBit Testnet is officially live! Users are invited to enjoy an early experience of BounceClub and engage in staking on the BounceBit Testnet. Let’s dive into the features and opportunities BounceBit Testnet brings.

The underlying philosophy: The concept of BounceClub

The guiding philosophy of BounceBit is deeply motivated by Apple Inc.’s spirit of innovation and commitment to user-centric design. Apple’s success is attributed not only to the functionality of their products but also to their elegant design and user-friendly interface.

Inspired by Apple’s business model, BounceBit aims to revolutionize traditional onchain development methods by introducing the concept of BounceClub and BounceBit App Store. As an integral part of the BounceBit ecosystem, BounceClub is designed to simplify smart contract deployment for everyone and minimize dApp redundancy.

BounceClub serves as a Web3 hub enabling everyone to craft their own onchain space without any coding requirements. A BounceClub owner can customize their BounceClub by simply selecting protocols that are listed on the BounceBit App Store, just like downloading apps from the App Store on your iPhone. The BounceBit App Store functions as a library of Web3 plugins where developers are welcome to apply for listing their smart contracts, just like publishing apps on iOS’s App Store. Users who do not own a BounceClub can browse existing BounceClubs and engage in various Web3 activities to earn yield.

Testnet BounceClub Event: Build on Bitcoin from East to West

The BounceBit Testnet launch introduces multiple features: The BounceClub event, offering early access to BounceClub; BBScan, the explorer that tracks all activities on the BounceBit network; Dual-token staking, allowing users to stake BounceBit’s native token $BB and BounceBit’s uniformly mapped BTC $BBTC.

The BounceClub Event is centered around the theme “Building on Bitcoin: From East to West,” emphasizing a global effort to expand and innovate within the Bitcoin ecosystem. This theme underlines the initiative to unite developers, enthusiasts, and contributors from diverse regions in shaping the future of Bitcoin-centric development and applications.

To explore any of the Testnet features, you’ll need to get $BB tokens first from BounceBit’s discord channel. Everyone is welcome to participate in the BounceClub event as either a BounceClub owner or a BounceClub user. Here’s how it works:

  1. If you’ve registered for an account and deposited at least $10 at https://bouncebit.io/, you’re qualified to claim a Testnet BounceClub at https://testnet-club.bouncebit.io/claimClub. Then you can set it up by filling in the descriptions and selecting the protocols that you want to add to your club.
  2. If you haven’t deposited yet, you can simply browse the BounceClubs created by others at testnet.club.bouncebit.io and engage in the DeFi activities offered.

There will be two sets of Testnet leaderboard tracking the level of engagement. One leaderboard ranks BounceClub Owners based on the total amount of transactions made in their Clubs, while the other one ranks BounceClub Users based on the amount of transactions made by each user.

Advancing on the Testnet leaderboards brings numerous rewards upon the BounceBit Mainnet Launch in April. Notably, the top 6000 BounceClub Owners on the Testnet leaderboard will be eligible to claim the exclusive 6000 Mainnet BounceClubs when BounceBit Mainnet launches.

Testnet supported assets: Mirrored tokens

The Testnet BounceClub Event supports a variety of tokens that are mirrored from multiple platforms for users to engage in the DeFi activities within BounceClubs. The list of mirrored tokens includes:

  1. From BounceBit’s early access: $BTC, $WBTC, $AUCTION, $USDT, $MUBI, $FDUSD, $DAII
  2. From MultiBit Bridge: $MUBI, $BSSB, $DAII, $SATS, $ORDI, $LFG, $SAVM, $OOFP, $COM, $MOGB, $AMMX, $ZOOA, $RAIT, $RATS, $TURT, $OXBT, $WHEE, $CHAX, $FOOX, $AUCTION

More smart contracts and assets will be added to this list soon!

About BounceBit

BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBit’s native token — A dual-token system leveraging native Bitcoin’s security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeFi + DeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks.

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Scallop Protocol on Sui raises $3M from CMS Holdings, 6th Man Ventures, Kucoin Labs & UOB Venture

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Scallop Protocol, the leading lending and borrowing protocol on Sui Network, has raised a total of $3M through our Investment Rounds! We are also excited to share that we have just concluded our Q1 2024 Strategic Investment Round, co-led by CMS Holdings and 6th Man Ventures!

The Q1 2024 Investment Round also featured participation from various notable investors, including Kucoin Labs, Blockchain Founders Fund, Oak Grove Ventures, Side Door Ventures, UOB Venture Management, Signum Capital, Cypher Capital, Mysten Labs, Kyros Ventures, Criterion, 8186 Capital, 7UpDao, LBank Labs, ViaBTC, Cetus Protocol, AC Capital, and Zellic.

Scallop Protocol first went Main-net on Sui back in July-2023, and rapidly gained popularity due to its user-friendly UI, innovative functionalities and high level of protocol security. Scallop achieved an all-time-high TVL value of $156M, with over $15 Billion in total lending & borrowing volume and over $2 Billion in Flash Loans volume. This placed Scallop in the Number 1 spot across all DeFi protocols on Sui Network.

With this funding, Scallop Protocol will be able to scale and integrate new features to enhance the user experience and become the leading All-In-One DeFi protocol. Some features that Scallop Protocol has pushed includes a Flash Loan SDK, Scallop Swap powered by Aftermath Finance, and many more.

In the coming days, Scallop Protocol will be moving into the next stage of development with its highly anticipated token launch. Scallop will launch their native governance token, SCA, in Q1 2024.

Stay tuned for more token launch announcements.

Learn more about Scallop

Scallop Protocol is the leading money market on Sui Network and is the first DeFi protocol to receive an official grant from Sui Foundation.

Scallop Protocol emphasizes on institutional-grade quality, enhanced composability, and robust security to build a dynamic money market that offers high-interest lending, low-fee borrowing, AMM, and digital asset self-administration tool on a unified platform and offers an SDK for professional traders. Scallop also features an average APR of 20% for our main asset pools.

Scallop Protocol has also formed a wide network of partnerships with projects like Aftermath Finance, Haedal Protocol, FlowX Finance, Typus Finance, KriyaDEX, OKX Wallet and many more! Scallop Protocol was also made open-source, thus allowing for projects on Sui to build upon Scallop such as Kai Finance and SuiPearl.

As we conclude our Strategic Investment Round and move towards our token launch, we would like to thank our investors and community for the incredible support thus far. This is an exciting milestone for Scallop and we look forward to onboarding many new Scallopers!

For more information, check out https://docs.scallop.io/.

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Solsniffer Is The First Token Sniffer On Solana About To Set A New Security Standard

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Solsniffer, the first blockchain intelligence tool for the Solana blockchain, is now live!

Bonk’s explosive rise gave Solana an impressive boost in traders adoption, but with great power comes great challenges. The inflow of scams on Solana made it clear it needed a security upgrade.

The app allows Solana traders to make better-informed decisions by detecting security risks on Solana tokens with +18 security indicators. Some of these include mint risk, freeze risk, liquidity check, metadata immutability, and many more.

In the future versions of the blockchain intelligence tool, over 40 security indicators will be used to analyze Solana tokens, and an API will also be deployed for ecosystem partners building with our technology.

Solsniffer aims to become a leader in the blockchain intelligence sphere on Solana.

“As the first blockchain intelligence app of its kind on Solana, we believe Solsniffer represents the need for traders to be safe and to understand the risks of the tokens they interact with. It is no longer business as usual for scammers; it’s time to be a step ahead of fraud,” say the team founders.

Experienced with innovative blockchain products, the team is planning to release a new platform update every week until the roadmap is completed.

Announcements will be released in the coming weeks inside the Solsniffer Telegram community.

For more information, visit solsniffer.com.

About Solsniffer

Solsniffer is the first Solana token sniffer against vulnerabilities, security risks and frauds. As visionaries in the blockchain security space, the Solsniffer’s team aims to set a new security standard on Solana. With its 1-click token scanning, Solana users can make better-informed decisions by detecting potential scams.

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Terraform Labs Launches Warp Protocol v2, the Decentralized Automation Layer for Cosmos

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Terraform Labs PTE Ltd. (TFL), a leading software company specializing in blockchain technology, today announced the launch of a major upgrade to Warp Protocol, the decentralized automation layer for the Cosmos ecosystem that allows developers to create novel features and experiences for their users through cost-efficient, on-chain automation—no smart contract changes needed.

Warp v2 features improved account management, a revamped fee mechanism with a more dynamic and flexible fee calculation system, and switch statements for Warp job executions.

“Our team at TFL has been laser-focused on building and bringing best-in-class, cross-chain applications to market,” said Chris Amani, CEO of Terraform Labs. “Warp v2 brings exciting new features and utility to developers in the Cosmos ecosystem. As we continue to build, we look forward to rolling out more additions and updates to TFL’s cutting-edge suite of applications this year.”

Warp enables developers to schedule future transactions, referred to as “jobs,” by defining specific conditions based on on-chain data. When these conditions are met, anyone running a Warp keeper bot can execute the job and receive the rewards set for job execution by the job creator. Warp’s flexible design opens up a wide range of possible use cases, such as automated liquidity management, trading strategies, efficient reward systems, fund migration, and more. Instead of modifying smart contract functionality to enable new automated features, developers can attract new users and capital simply by integrating Warp functionality into their front end, allowing their users to set their desired conditions and create Warp jobs.

The Warp Protocol v2 upgrade is TFL’s latest expansion of its Web3 offerings. The Company recently announced its acquisition of Pulsar Finance, a leading cross-chain portfolio manager and data provider, and launched Station v3, its cross-chain wallet enabling seamless multi-chain token swaps and sends, gas fee token top-ups, and advanced cross-chain transaction history.

About Terraform Labs

Established in 2018 and based in Singapore, Terraform Labs PTE Ltd. (TFL) is a leading software development company specializing in blockchain technology. Powered by a globally distributed workforce of experienced Web3 developers and crypto natives, TFL is one of the few companies to have developed an end-to-end Web3 experience, inclusive of a blockchain, wallet, block explorer, RPC solution, set of apps, and a suite of developer tools. Aiming to enable the next evolution of the Internet built on robust, decentralized economies, TFL serves as a core contributor to the Terra blockchain and is the creator of products and tools such as Alliance, Warp, and Enterprise.

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Blockchain

YARD Finance, a Crypto Payment Protocol, exits stealth mode and opens access for early users

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YARD Finance, a crypto payment suite allowing to implement crypto payments using any web2 human-readable identifier, announced the first successful partnership integration and has granted the API access to early partners, with the intention of releasing a beta version for end users in Q1. YARD’s protocol will allow blockchain businesses to boost user acquisition and engagement by letting their clients make crypto payments using human-readable identifiers like email address, phone number or Telegram handle.

“YARD allows businesses onboard to crypto literally anyone, no matter if they have a wallet address or not by sending them tokens via their web2 handles. Our mission and endgame is to completely remove the boundaries between crypto and fiat, allowing everyone to benefit from using crypto without even touching it” – said YARD CBDO.

For businesses the protocol provides an additional revenue stream based on transactional activity through seamless implementation of human-readable identifiers into any fund transferring actions, like top-ups, withdrawals, swaps or internal interactions between users. YARD also claims to be the easiest way to onboard new users, who have never been to crypto before, to the business.

For end users YARD provides an easy, native and cost-effective way to send crypto to their contacts, combining the complexity of technology with familiar interaction patterns from the Web 2.0 world.

“We have a pipeline of partners for integration for Q1-Q2, to kickstart protocol adoption. In Q2 we’re planning the public beta launch of our platform for B2C clients. We’re also working on expanding its partner network on the service side, in order to broaden the geographic coverage of the services provided, in strict compliance with regulatory requirements, to make it safe, fast, and ready for truly global adoption”, commented CBDO.

It is worth noting that the YARD team currently consists of ten people with a combined experience in the blockchain industry of more than 30 years in projects such as Changenow, Neonchain, Hitbtc, Guarda, Cryptopay, Metamap and others.

Our company has earned the trust of significant market players, such as Onez. This validation from industry leaders speaks volumes about the quality and reliability of our products/services. It underscores our commitment to excellence and positions us as a reputable choice within the market.

Learn more about the platform here.

About YARD

YARD Finance is a crypto payment suite designed to help web3 business to boost revenue and user engagement by implementing and scaling crypto payments using human-readable identifiers with minimal effort in no time.

YARD protocol – provides a secure, customizable and human-readable handle, based on your email / phone number / telegram handle / social accounts / etc., which links to public wallet addresses on all supported chains. It allows onboard crypto newcomers via any supported channel and fulfils the needs of experienced users by supporting 40+ blockchains with an additional privacy layer.

Social links

Hop on a call to see YARD in action: https://calendly.com/yard-finance
X/Twitter: https://twitter.com/yard_finance
Linkedin: https://www.linkedin.com/company/yard-finance

Media contact

Brand: YARD
Email: [email protected]
Website: https://yard.finance

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Blockchain

UniLend V2 Launched on Mainnet: First-Ever Permissionless Lending and Borrowing Protocol for All Digital Assets

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UniLend Finance, a leading decentralized finance protocol, has launched its revolutionary new version UniLend V2 on the Ethereum Mainnet. UniLend V2 marks a significant milestone as the first-ever permissionless lending and borrowing protocol for all ERC20 tokens, opening doors to DeFi for everyone and revolutionizing the digital asset landscape.

Being listed on both Binance and Coinbase Custody, UniLend Finance has significantly broadened its horizons on a global scale. This strategic move exposes the project to a vast audience of crypto enthusiasts and investors worldwide, solidifying its pivotal role as a transformative force in the DeFi ecosystem.

The DeFi sector has experienced exponential growth in recent years; however, many tokens remain unsupported by existing protocols such as Aave and Compound, leaving a substantial portion of the market devoid of DeFi functionalities. With UniLend V2, users can now lend and borrow over 13,000 ERC20 tokens, empowering users with unparalleled access to decentralized finance. This groundbreaking initiative propels the total addressable market of DeFi to over $300 billion, democratizing access to financial services for all.

UniLend’s mission, “Make Every Digital Asset Productive,” underpins the platform’s commitment to enhancing the functionality of digital assets. UniLend V2 represents a significant leap forward in achieving this vision, positioning the protocol as a cornerstone of future DeFi applications.

UniLend V2 introduces innovative features such as Isolated Dual Asset Pools for lending and borrowing, leveraging price feed oracles, and gas optimization to enhance efficiency and security. Additionally, the platform offers Flexible Lending, Flash Loans, Non-Fungible Liquidity, Concentrated Liquidations, OnChain Price Feed, and a Seamless User Experience, ensuring a comprehensive and user-friendly DeFi ecosystem.

UniLend’s journey began with UniLend V1, which introduced the concept of permissionless flash loans. Over the past two years, UniLend V1 has executed more than $50 million in flash loans across Ethereum, Polygon, Binance Smart Chain, and Moonriver, with over 25 supported tokens. It laid the foundation for the evolution of decentralized finance.

The success of UniLend V2 on the testnet underscores its readiness for the market. With over 100,000 transactions across 50+ test liquidity pools and 12,000 active users, demonstrated its scalability, efficiency, and reliability. UniLend V2’s smart contracts have undergone rigorous audits by leading firms Peckshield and Slowmist, ensuring the highest standards of security. Additionally, the launch of the ImmuneFi Bug Bounty program, with a reward pool of $25,000, underscores UniLend’s commitment to safeguarding user funds.

With an impressive portfolio of over 100 strategic partnerships like Polygon, Injective, Chainlink, and many more, UniLend’s ecosystem is dynamically expanding. The platform continues to empower an increasing array of assets with its flagship lending and borrowing functionality, contributing to the ongoing evolution of decentralized finance.

As UniLend charts the course for the future of decentralized finance, the platform cordially invites its extensive global community, which encompasses 147k community members across 13 distribution channels and 8 regional communities, as well as the broader Web3 community, to experience their revolutionary UniLend V2 protocol and unlock the productivity potential of every digital asset.

“This marks just the beginning as we envision UniLend to be a futuristic base layer for all Future DeFi applications. With UniLend V2, we’re not merely launching a protocol; we’re igniting a movement—a movement to unlock the potential of all assets and empower everyone to lend and borrow any token. The UniLend V2 launch signifies our determination to revolutionize Decentralized Finance” said Chandresh Aharwar, UniLend Finance CEO.

About UniLend Finance:

UniLend Finance is a leading multichain permissionless lending and borrowing protocol that enables users to lend, borrow, and earn interest on any ERC20 token. With a focus on decentralization and inclusivity, UniLend aims to empower users by making every digital asset productive. UniLend V2 represents the next evolution in DeFi protocols, offering innovative features and unparalleled accessibility. They are developing a futuristic base layer for all DeFi applications.

For more information, visit website: https://unilend.finance
Twitter: https://twitter.com/UniLend_Finance
Telegram: https://t.me/UniLendFinance
Medium: https://medium.com/unilend-finance
LinkedIn:https://www.linkedin.com/company/unilend-finance
Linktree: https://linktr.ee/unilend

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Blockchain

Laser 2: An introduction to the protocol to bring Ethereum to the next level

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Laser2, built on the Ethereum network by a team of experienced developers with a comprehensive roadmap, is bringing exciting new opportunities for both users and developers. For non-technical individuals and those with little knowledge of cryptocurrencies, in a nutshell, Laser2 is a playground where users can use Ethereum and stablecoins to earn extra rewards in conjunction with your favorite decentralized applications. When one holds Ether on the Ethereum network, one does not earn anything extra. By using Layer2, Ether – as well as stablecoins – automatically grows over time. This is referred to as ‘earning yield’ in Decentralized Finance.

There are a number of core features to Laser2 that are mentioned below:

  • Laser2 gives rewards of up to 5% annual percentage yield for Ether and stablecoins enabling users to earn passive income by staking their assets on the Laser2 platform.
  • By using Laser2 in order to earn yield, users can benefit from Laser2’s seamless integration with Lido and MakerDAO. Due to the nature of Decentralized Finance, the protocol automatically and in a decentralized way calculates the yield rewards without anyone manipulating the numbers.
  • Laser2 gives extra incentives for early adopters and early developers who will deploy on the platform after Laser2’s mainnet launch with airdrops both for users and developers. To stay up-to-date with airdrop news, join our community on Discord, X, or both.
  • Laser2 will soon launch its referral program allowing community members to earn additional yield based on the number on their individual referrals. Additionally, the community members will earn additional rewards based on the points of their referrals.
  • One of the eternal problems of the Ethereum network have been the high gas fees users pay for transactions. Laser2 manages to stand out by enabling the users to pay transaction fees not only in the ERC-20 token of their choice but also by providing the lowest fees among other peer L2 solutions currently on the market.
  • Developers can capitalize on Laser2’s Ethereum Virtual Machine toolkit to build and integrate their own dApps and smart contracts. The integration works seamlessly and offers a smooth and easy development experience.

The unique feature ofd Laser2 that makes it stand apart from the rest of the peer protocols offering yield is that Laser2 allows for Gas Revenue Sharing back to dApps programmatically. Developers are thus enabled to subsidize gas fees for users fostering a collaborative rather than competitive ecosystem when it comes to revenue generation.

Besides the benefits of Laser2 mentioned above, the Laser2 has a clear and comprehensive roadmap. The roadmap illustrates only the few things Laser2 has in store for 2024 and beyond and it serves to show Laser2’s launch roadmap. In the future Laser2 has plans to allow for integration with additional platforms and protocols in order to enhance the staking experience for the users as well as possibly allow for re-staking and liquid-staking among other plans.

To join Laser2, don’t hesitate to visit our Discord server and become part of our community and if you need help or more information in navigating Laser2.

Laser2 Website: https://laser2.io/
Laser2 X/Twitter: https://twitter.com/Laser2_
Laser2 Medium: https://medium.com/@laser2
Laser2 Telegram: https://t.me/L2_Laser2

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