An asset management firm from Hong Kong is preparing to launch a cryptocurrency custody service. The Fusang Vault, as the service will be called, is the brainchild of the Fusang Investment Office.
Fusang Vault Will Provide Custody Services for High Net-Worth Individuals
The Fusang Vault is expected to be launched in the fourth quarter of 2018. The CEO of Fusang Investment Office, Henry Chong, told the South China Morning Post of the importance of third party custodian services for cryptocurrencies.
According to the executive, such firms should be able to store assets for clients, as well as to provide auditing services. Chong told the publication:
“Digital assets are akin to bearer bonds, whereby whoever that is holding the security is presumed to be the owner and there is no registration of ownership information of the security. Hence, the way we keep digital asset secured is of paramount importance.”
Fusang Investment Office is an asset management company that largely focuses on Asian private family offices. According to its website, the firm is regulated by the Monetary Authority of Singapore (MAS) and licensed by the Securities and Futures Commission (SFC) of Hong Kong.
Precise details of the Fusang Vault are still unknown since Chong did not provide extensive comment on the operation of the forthcoming custodial service. However, the CEO did state that Fusang were working with various insurers who would provide coverage for the digital assets of their clients.
Elsewhere, cryptocurrency brokerage Coinbase has also been exploring custody solutions for cryptocurrencies and digital assets. Coinbase Custody was recently launched with the goal of attracting institutional investors by offering them a “white glove”-style service. Only those with balances of over $10 million will be eligible for Coinbase’s latest offering. The company will then charge $100,000 for setting up the service and 0.1% of each client’s balance for continued use of Coinbase Custody.
In their first week of operation, Coinbase Custody accepted the applications of 10 different institutional clients who met the necessary criteria and were seeking crypto storage.
The report in the South China Morning Post states that more custodian-type services are needed for institutional players to enter the digital currency market. This is because various asset managers are keen to trade crypto, but are unsure of how to correctly store it being as proper security of digital assets is unlike anything they will have encountered previously.
It’s hoped that once the infrastructure of the crypto space develops sufficiently, many more institutional investors will feel comfortable entering the market. Initiatives like the Fusang Vault and Coinbase Custody are a vital step in appealing to such high net-worth investors.
Hxro, a fully composable, on-chain primitive that provides core exchange, risk, and settlement infrastructure, today announced the beta launch of its derivatives marketplace on the Solana mainnet. Following a successful alpha period, the beta launch allows users to now trade with USDC collateral.
The USDC launch brings this core DeFi primitive out of the test phase and into (invite-only) prime time. The launch comes at a time when demand for cryptocurrency derivatives liquidity by both retail-facing trading applications and professional trading firms continues to surge. As of July 2022, crypto derivatives made up 69% of all cryptocurrency market volume, up from 66% in June*.
Dan Gunsberg, Co-Founder of Hxro commented on the news: “Today’s launch represents a significant milestone for Hxro and its mission to provide global access to a more inclusive derivatives marketplace. Onchain derivatives liquidity in the digital asset space is highly fragmented across many small to medium sized derivative protocols; this leaves no way for larger trading desks to participate in these markets at scale. By building infrastructure to support the unification of liquidity at the primitive layer, application protocols and other market participants now have open access to a marketplace with aggregated liquidity, across a wider derivative product set.”
The project is supported by Hxro’s marquee lineup of ecosystem partners, many of whom have been key contributors and active participants in the building of the network including principal trading firms SIG DT (a Susquehanna International Group Company), Jump Crypto, Alameda Research, Chicago Trading Company, Ledger Prime and Pattern Research as well as contributions from firms such as Blockchain Capital, Solana Labs, Coinbase Ventures and CoinFund.
The derivatives marketplace will initially feature a BTC/USDC perpetual future and eight consecutive expiring futures markets including two weeklies, two monthlies, and four quarterlies along with associated exchange-supported calendar spread markets for each expiration. All contracts will settle in USDC with markets for SOL, ETH, and other liquid cryptocurrencies to follow.
Hxro derivatives are powered by two of the network’s native protocols, Dexterity and Spandex. Named for its flexible framework, Dexterity is an open-source collection of smart contracts that provide the base exchange and settlement framework for trading any derivatives instrument. Spandex is Hxro’s customized derivatives risk engine and is the first on-chain, real-time risk engine to use a portfolio risk-based approach to managing users’ margin and risk.
The beta launch of the derivatives marketplace will be followed by the deployment of the network’s governance, staking, and reward protocols in the near future. Following this deployment, the network plans to launch additional derivative market infrastructure to support vanilla and exotic options, parimutuel markets, and binary futures.
Hxro is a fully composable, on-chain derivatives primitive that provides core exchange, risk and settlement infrastructure built on the Solana blockchain. Through a series of native protocols, Hxro provides the framework and infrastructure for a robust, fully-functional decentralized derivatives primitive.
Luxlock Moves Designers Beyond the Runway with Unlockable Phygital NFTs During Fashion Week
Creativo lit up The DL, a chandelier-lit rooftop lounge in New York City during New York Fashion Week showcasing Spring 2023 collections. Emily Burnett produced an immersive multi-brand live model presentation alongside their digital twins available for immediate purchase and virtual try-on using cutting-edge augmented reality experiences. Over 400 attendees across the arts, technology, and finance merged for an explosive event at the intersection of crypto and commerce on September 12, 2022.
Reimagining the role of a fashion designer that led Emily Burnett to reinvent her purpose with the launch of MetaBurnett. She’s taking a technology-first stance on commerce and connecting with consumers through various web3 applications, like metaverse wearable twin NFTs. As one of the youngest Creative Directors leading global luxury brands, she is forging a new path for designers across the globe and evangelizing ambitious women to harness the power of the next era of the internet.
This unapologetically innovative lineup presents MetaBurnett, Stephanie Dillon, Maakola, SENREVE, and Avel Lenttan, all harnessing the power of web3 experiences with LIMITED EDITION NFT drops with unlockable e-commerce shopping experiences powered by Luxlock. In collaboration with STRUT Models, the only 100% Caribbean, female and black owned modeling agency in New York focused on inclusivity, diversity and individuality. Alongside them, guests will preview the first NFT Collection to combine art, music, and play with split-minting rewards with The Modernist. A collection consisting of 9724 Genesis NFTs based on 442 hand illustrated and interchangeable character art. Showcased by way of MetaSill NFT Frames, “new markets are already shaping rapidly and we will see a lot more change through multi-layered experiences,” says Leo Lin, the CEO of MetaSill. With shared missions for a more sustainable future, Stephanie Dillion an art fusion fashion artist is hell-bent on changing the world.
“Throughout history, art movements have influenced fashion and today technology is the leading influence of the future of commerce. Artists, designers, and technologists alike are embracing non-fungible tokens as a modern medium to future-proofing fashion,” says Casey Golden, Founder of Luxlock. “NFTs that solve real world problems will shape the future of culture and commerce.” – Kelly Max, Modernist Co-Founder
Maakola is exploring what are the possibilities to use Web3 technologies as a utility tool to change the way fashion is made, consumed and experienced. In partnership with Futureclo, Italy’s leading digital fashion house, thirty percent of revenues generated by the sales of Maakola NFTs will be used to fund our programs in Ghana to help tailors transition to solar energy and provide additional upskilling opportunities for women. As SENREVE Aria Belt Bags strut down a QR code runway, they launched the Supernova Scarf NFT that includes a Collectible NFT, physical scarf and charitable donation of 20% supporting Stem For Her.
Women are leading the charge of crypto commerce with fashion leading women of web3 to create the next generation of the internet. The Italian allure of fine jewelry by Avel Lenttan introduced an advanced micro-tag into precious metal that provides traceability on the blockchain, while buyers can add a personal message with each jewelry piece.
Sponsored by future-obsessed experiential companies coming together to turn dreams into reality. The Velvet Group offers a premium marketplace to invest in private crypto funds. To further cement our vision of bringing our community of investors together in impactful and unforgettable experiences. While Heera Digital helps creators and collectors protect their NFTs and digital assets to facilitate a trusted and safer space for high value digital asset management, a critical factor in improving the adoption of web3.
Paxos Sees Interest in Digital Assets Growing Faster in Latin America Than Any Other Region
Today, Paxos, the leading regulated blockchain infrastructure platform, published “What’s Driving the Immense Growth of Crypto in Latin America?”, a new white paper that delves into the consumer and market trends fueling adoption of digital assets in the region. Following the successful integration of crypto into numerous Latin American fintech apps like Mercado Libre, Nubank, PicPay and others, Paxos sought to understand the drivers behind the region’s robust embrace of cryptocurrency. Crypto usage in Latin America has increased by 1370% from 2019-2021, according to Chainalysis.
Paxos’ findings include the primary motivators of crypto adoption in Latin America: a desire for greater access to the US dollar as a hedge against inflation, easier and less expensive cross-border remittances and a general movement away from traditional banking towards new service providers. In addition, the availability of fintech apps and penetration of internet technology via cell phones, digital wallets and gaming consoles is lowering financial barriers for under-banked or unbanked individuals. Greater connectivity to the financial system is further accelerating adoption of stablecoins and crypto, whether for payments, international remittances, investments or for a store-of-value.
“We discovered an array of socio-economic, technological, regulatory and cultural forces converging over the past two years to propel crypto further into the mainstream financial system in Latin America,” observed Michael Coscetta, Head of Revenue at Paxos. “What’s most exciting is the potential for digital asset markets to increase the spending and saving power of millions, thus helping drive innovation.”
Paxos concluded the future appears promising for continued growth of Latin America cryptocurrency markets, catalyzed by expanding awareness of the asset class, the desire to break from traditional banks, the popularity of digital wallets, the continuing advancement of internet access and persistent economic instability.
“What’s Driving the Immense Growth of Crypto in Latin America” was created with the support and expertise of:
- Bruno Balduccini, partner at Pinheiro Neto Advogados, Brazil
- Gloriana Carballo, fintech consultant at Impesa, Costa Rica
- Wences Casares, CEO of Xapo, Argentina
- Dolores El Jaouhari, product manager at Prex, Argentina
- Florence Grassl, product innovation & marketing manager at Multimoney, El Salvador
- Ernesto Leal, payments and product head at Grupo Gente, Costa Rica
- Agustin Paez, growth marketing manager at Prex, Argentina
To learn more about Paxos and its regulated infrastructure and products, visit www.paxos.com.
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
ChocoDoge isn’t Just a Game, it’s a Complete Ecosystem with Exciting Opportunities
The last few years have witnessed a tremendous rise in the GameFi space in terms of revenue and user base. We now have several popular titles, but the craze for most of these tends to subside after a while. It’s mainly because these are centered around the game and do not focus on the other aspects of the domain. And this led to the creation of ChocoDoge, an NFT GameFi project on the Dogechain.
ChocoDoge is an NFT Gamefi project on Dogechain. But that is only the tip of the iceberg. In order to guarantee the project’s long-term stability and financial security, ChocoDoge team additionally provide Defi products with alluring profit margins.
The team at ChocoDoge has developed an extensive project encompassing the various domains in the space. In addition to the NFT game, users can benefit from several DeFi products offering excellent returns on the ChocoDoge ecosystem. There are bonds, a dedicated bank, and farms, but one that has been actively promoted by the team and provides considerable returns is Staking. And that’s what we will be focussing on here.
Staking on ChocoDoge
Staking is when you lock crypto assets for a set period of time to help support the operation of a blockchain and earn passive income. The idea is simple, users deposit their holding (or even a part of it) into the staking pool and are then required to validate the transaction. And it works because users have their investments at stake, and any mistake or mischievous activity on their part will tend to affect their holding as well. It keeps them going and instills a sense of responsibility. The person doing this is referred to as the validator and earns steady rewards from the blockchain for the contribution.
But, you don’t necessarily need to verify transactions or be actively involved to earn the staking rewards. De-Fi projects, these days, offer investors the option to simply stake their holdings and, in turn, receive a steady stream of rewards. And there’s generally a locking period before which the holdings can’t be withdrawn from the pool.
ChocoDoge, too, works on the same idea, the only difference being that the staking process is a lot simpler and delivers a higher return. It can ensure that by employing advanced protocols and building a token-based economy where the supply is favorably modified automatically based on the market trends.
Another aspect that makes staking on ChocoDoge profitable is that users stake USCD while they receive USDC’s rate of return. USDC is one of the popular stablecoins pegged to the US dollar, with a market cap of $54 billion, and is managed by members from CoinBase and Bitmain. And the best part, there’s no Locking Period on ChocoDoge. So users can withdraw their holding from the staking pool at will, though the key is to leave the funds for a more extended period to earn higher returns.
The details for Staking Season 1 are as follows:
From: 2022/09/10, 00:00 GMT
To: 2022/09/24 00:00 GMT
Token to be staked: USCD
Rewards: 50,000 USDC
So, go ahead and stake as many USCD to earn the best returns in the market, that, too, in the form of USDC stablecoin, considered one of the safest investments.
About the ChocoDoge Bank
The ChocoDoge bank allows CD holders to stake their tokens and earn rewards in the form of USCD after each epoch if the Time-weighted Average Price of USCD is greater than that of USDC. The duration of each epoch on ChocoDoge is 4 hours, and actions undertaken here lead to 12-epoch locks for withdrawing CD tokens, while for USCD, the lock period is 6 epochs.
USCD is not a stablecoin backed by fiat or cryptocurrency, the token has employed advanced protocols and stability mechanisms to ensure a $1 peg. After the initial expansion and the project acquiring relative stability, the USCD token will also facilitate transactions, including in-game and in-app purchases.
Holding a CD or the ChocoDoge Share provides several other benefits. The primary is voting on critical changes to the platform, including bonuses and rewards. Since ChocoDoge works as a DAO, anyone holding a CD will have the right to vote. If you possess the right intellect and experience to navigate the project through the initial phase to success, acquire as many CD tokens as you can, and become a prominent voice in the community. And remember, the total supply of ChocoDoge Share is capped at 200,000.
To find out more about ChocoDoge, visit the official website: https://chocodoge.dog/
Also, follow ChocoDoge on social channels to stay updated with the latest developments and releases.
Telegram (Group): https://t.me/ChocoDogeChat
Telegram (Announcement Channel): https://t.me/chocodogechannel
Universal Name Service Protocol SPACE ID Closed Seed Round Led by Binance Lab
Decentralized ID protocol SPACE ID has successfully closed its seed round fundraising led by Binance Labs, the venture capital arm and accelerator of Binance. The investment funds will be dedicated to integrate the .bnb Domain Name Service into the BNB Chain ecosystem, and to its universal multi-chain domain development.
The Head of Growth at SPACE ID Mathieu Samson said, “The investment led by Binance Labs is an important milestone for SPACE ID and its community, especially in our embryonic stage of providing a core solution in Web3 through a decentralized and interoperable identity infrastructure with a Single Source of Truth.”
SPACE ID was founded in March 2022, aiming to solve the problem of there being no easy-to-use universal ID for your Web3 presence. Since then, over 40 projects and leading developers in the BNB Chain ecosystem have joined SPACE ID for integrations and partnerships. Last month,10 premium selected .bnb Domain Auctions on Binance NFT ended with around $670K worth of bids in total. 000.bnb was sold for over 1100 BNB. Over 19,000 .bnb names have been registered since August.
The Head of Growth at SPACE ID Mathieu Samson said, “The crypto wallet address with its 40 meaningless characters can be simplified by a preferred username that is recognized across all Web3 scenarios that require an ID gateway, and SPACE ID is definitely making this happen as we speak.”
Nicola W. from the investment team of Binance Labs said, “SPACE ID is building a universal naming standard and a software development kit (SDK) that not only brings flexibility and simplicity to users’ Web3 interactions, but also bridges the gap between Web2 and Web3 apps. We look forward to working closely with SPACE ID to facilitate Web3 name services and further grow the BNB ecosystem.”
About SPACE ID
SPACE ID is building a universal name service network which seamlessly connects people, information, assets, and applications across blockchains. It’s chain-agnostic, decentralized, censorship-resistant, and open-sourced.
About Binance Labs
Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the wider blockchain ecosystem.
Binance Labs is committed to supporting fast-executing teams who positively impact the crypto space and build the decentralized web.
DeFi Yield Protocol (DYP) Anticipates Metaverse Platform Launch with Listings on Coinbase, Huobi, and MEXC
DeFi Yield Protocol (DYP) announced listings on several industry-leading exchanges, including Coinbase, Huobi Global, and MEXC. This is just one of the many developments in the project’s fast-paced evolution, including its upcoming Metaverse platform, where users will get to interact with Cats and Watches Society (CAWS) NFTs. Moreover, DYP took center stage at Deep Forest Fest. During this prestigious music festival, DYPians had the great opportunity of meeting the team.
The DeFi Yield Protocol (DYP) is enhancing the list of reputable crypto exchanges listing its DYP token. On June 21, Coinbase disclosed its listing of DYP, while trading started the next day. Later, on July 19, MEXC announced its listing of DYP. Lastly, on July 27, it was Huobi that added DYP to its platform.
DYP supporters, a.k.a. DYPians, can purchase DYP tokens at these major exchanges but also on smaller platforms, including KuCoin, Gate, Poloniex, Bitrue, ZT, Hoo, CoinDCX, and Onus Finance.
Usually, when an asset obtains listings on new exchanges, its price goes through considerable fluctuations. However, DYP did not experience any notable changes with its recent listings. However, its value surged on June 7 from $0.06 to over $0.20. Furthermore, it has continued to trade above that level for almost two months.
Nearly a week after the price surge, DYP published a blog post explaining its Metaverse project and virtual reality (VR) play-to-earn (P2E) game. In it, players can venture with their CAWS NFTs, increase their levels, or use their DYP / iDYP tokens for game-related purposes.
CAWS is an NFT collection of cats-wearing watches that come with the possibility of staking your NFT. Each asset possesses more than 200 unique attributes, including watch preferences and personalities. For the moment, CAWS owners can use their NFT to play a 2D play-to-earn game with attractive rewards for its champions. Players must own at least one CAWS NFT to participate in DYP’s latest GameFi adventure platform. In the near future, the utility of this NFT collection will expand to the Metaverse platform and CAWS will be a companion for the players that own at least one cat in their V.R. adventure.
Additionally, DYP is increasing its brand awareness by expanding its actions in the real world. For instance, the project sponsored two racing teams for two different events: Racebox and the Mojo Yachting Club to be more precise.
Daniel Garrett, Marketing and Communications Manager at DeFi Yield Protocol, stated in an AMA on Monday that DYP’s project is unique due to its wide range of products, including its NFT collection and Metaverse game.
Also, he elaborated on the project’s plans to onboard more users and reach mainstream adoption by using its Metaverse-related products and launching its IOS and Android apps.
“In general, as you hear more about DeFi Yield Protocol, as you get more familiar with what we’re doing, I think the users are gonna come,” he said. “We’re focused right now, and this is a great opportunity to get in on something on the ground floor.”
Another significant development was DYP’s sponsorship of the Deep Forest Fest. The prestigious event boosted the project’s brand awareness and enabled the team to meet some fellow DYPians. Also, it aligned with the project’s philosophy – “Together we can create unforgettable moments. This is what life is all about.”
DeFi Yield Protocol (DYP) seeks to build a decentralized ecosystem incorporating numerous DeFi products and services, including yield farming, staking, NFTs, and Metaverse gaming. The project runs on unique smart contracts using DYP’s proprietary anti-manipulation functionality.
Youniverze Finance announced its presale
The Youniverze Finance, whose mission is to make crypto markets as accessible as possible, announced its presale.
In the first part of the presale, strategic buyers will have the option of joining the project.18% of the Yuni coins with a 30% bonus for all first purchases will be allocated in Stage 1 with 2.34 M of the 13.5 M coins available. In the second part of the presale, based on their capital commitment, all users will have access to the token so that everyone gets a fair share.
The overall vision for Youniverze is to create a platform for end-users to have a seamless experience without the stress of complex transactions. This will hopefully encourage a wider range of people to join cryptocurrency trading.
The Youniverze is beginner-friendly and has a streamlined, user-friendly interface. The company focused on building up its community spirit and comradery. To achieve this, Youniverze has a series of incentives in place so that early users can earn rewards for their contributions via different programs.
One of the best features of Youniverze is its ability to ensure cheap rates. Youniverze will identify the most cost-effective bridge or DEX with the cheapest swap rate for its community to utilise.
The project also benefits from enhanced security, as chains are enabled to engage meaningfully with one another, maintaining their autonomy in terms of government and united in security features. Currently, its multichain capacity allows users to transfer assets across two blockchains, however, it has future plans to increase this amount. At the moment, Youniverze allows its users to access numerous liquidity providers at once, both in-chain and across multichain providers.
Users can also stake tokens to receive rewards while participating in decisions made on the Youniverze Finance ecosystem. These decisions could be regarding transaction costs, release timetables, or project migration to a new network. The users who stake tokens will receive a share of fees collected by Youniverze Finance from the ecosystem’s liquidity pools.
Youniverze plans to launch on both centralised and decentralised exchanges, and within one year they plan to be listed on Binance.
ShibaDoge Team Announces SHIBDOGE Token
The ShibaDoge team is excited to announce the release of the SHIBDOGE token. According to the team, the token was initially released as an Ethereum-based utility subtoken built on the principles of community, unity, and decentralization.
The ShibaDoge token was launched on December 24, 2021, and half of the total supply of 420 sextillion was burned as soon as it was launched.
The Tokenomics of ShibaDoge are designed to reward holders and grow the project through a buy and sell tax implemented on every transaction. ShibaDoge Tokenomics follow the 5 by 5 by 5 model, where a total of 15% of every transaction is equally distributed to the liquidity pool, holders, and marketing wallet.
The tokenomics for ShibaDoge also contains anti-whale protections by limiting an individual max wallet to 1%, meaning no single wallet can control a majority of the supply of the token.
ShibaDoge has the majority (85%+) of its liquidity locked in the smart contract forever. This means that no one, not even the developers themselves have access to the liquidity pool, further ensuring the safety and longevity of the token holders and project – a tailored solution embracing the long term vision of ShibaDoge and fulfilling the vision of decentralization. At the time of publishing, less than 15% of the ShibaDoge liquidity pool is kept by 3rd party liquidity locker Unicrypt.
How to buy ShibaDoge
ShibaDoge tokens are available for sale on Uniswap, although prospective investors can purchase it from any of the six centralized exchanges where it is listed.
The team advised intending investors to visit Uniswap and search the token contract address: 0x6adb2e268de2aa1abf6578e4a8119b960e02928f in the seller’s app: https://app.uniswap.org/#/swap?chain=mainnet. They can then swap Ethereum for whatever volume of the token they desire.
Other exchanges where the ShibaDoge token can be purchased are Lbank, XT.com, Hotbit.io, Digifinex, BKEX and Bitmart.
The ShibaDoge NFTs are the projects official first entry point into Non-Fungible Tokens (NFTs). At the time of publishing, there are two NFT collections released under the ShibaDoge ecosystem. Each collection contains a series of 10,000 unique hand drawn NFTs, representing highly trained and specialized combat veterans who are working together on the frontlines to one day see cryptocurrency become the official currency of earth.
The collections are known as the Doge Army and Shiba Army and can be traded on the NFT marketplace OpenSea. ShibaDoge’s 3rd project is a highly anticipated collection known as the ShibaDoge Army and is exclusively available to holders of pairs in each collection. The NFTs are used to gain exclusive access to various rewarded activities within the ecosystem and project governance.
Community of ShibaDoge
Within 7 months, the ShibaDoge ecosystem represents more than 25,000 wallet addresses holding the SHIBDOGE token and more than 3,000 NFT holders. More than 100,000 people follow the project across different platforms – with the majority of that on Twitter. The community is one of the most active across Telegram and Discord, with 24/7 voice chats ongoing more often than not. The Telegram and Discord experience is one of education and information about Cryptocurrency, Web3, and DeFi as a whole.
Vision of ShibaDoge
ShibaDoge’s vision of the future is laid out in a medium article (“A vision of Unity for the next 888 years”). The roadmap is driven by two common goals, 1. Reduce the barrier of entry and increase the adoptability of the token to the masses, and 2.
Further expand and extend on the core ecosystem, unifying the DeFi and Web3 space as a whole. The ultimate goal of the developers is to create an entirely self-sustaining ecosystem that is governed by the community of token holders and contributors to the project.
ShibaDoge (Token Symbol SHIBDOGE) started as a utility subtoken of the Ethereum network (an ERC20 token) founded on the principles of unity, community, and decentralization. The project was originally started by 5 early adopters and investors in Dogecoin and Shiba Inu who were looking to bring the two communities together.
The team has now grown to 15 people from all over the world with world-class expertise in smart contracts, Web3 development, NFTs and Media. Web3 will serve as the next frontier for human civilization and ShibaDoge intends to be at the forefront of this monumental paradigm shift.
The token was launched on December 24th, 2021 with a total supply of 420 sextillion tokens. At the time of launch, 50% of the total supply was immediately burned, and given that there are reflections to every wallet, including the burn wallet, ShibDoge is an auto-deflationary token.
Klaytn Protocol KLAP to Launch KLAP Token to Power DeFi Lending
KLAP (Klaytn Lending Application), a DeFi protocol operating on the Klaytn blockchain, is set to launch its native token. The KLAP token will be made available for trading on popular decentralized exchange ClaimSwap on July 25th, 10pm ET.
The KLAP token will power a range of use cases within the protocol’s growing ecosystem. A portion of the total supply will be awarded to liquidity providers and early adopters. Since launching in May, the Total Value Locked (TVL) on KLAP has soared to over $100m, making it the second most popular Klaytn dApp by this metric.
The Klap team said: “We are truly excited to allow the KLAP token to gain utility within our system and provide additional functionality for users after our protocol launch. As KLAP decentralizes, this is an important next step in community development and growth.”
Their focus on community engagement and long-term evangelism is clear. Impressively, KLAP have already committed 5% of the total token supply to early users, and anyone who participated in their pre-mining or lockdrop initiatives will be able to claim their KLAP tokens upon launch on the 25th.
The KLAP token has a total supply of 1 billion. 60 million of those tokens, comprising 6% of the supply, will initially be made available, giving KLAP a market cap of $75 million upon launch. In addition to orchestrating governance – by empowering token-holders to vote on key decisions, KLAP will be at the heart of the lending protocol’s operations.
Protocol users who elect to lock their KLAP tokens on the platform for a fixed period will be awarded veKLAP, a non-tradable representation of their stake, unlocking an array of new features. KLAP holders, vesters, and KLAP-KLAY LPs who lock their tokens in this manner will receive veNFTs. These confer various rights including:
- Voting rights to determine KLAP emissions for lend/borrow pools of each token on KLAP
- Yield Boosters on liquidity mining rewards for both lending/borrowing as well as Pool 2
veKLAP holders can also vote on wider protocol-level decisions such as the usage of Treasury funds, as well as proposals to incorporate additional utilities. KLAP token holders can also provide liquidity against various KLAP pairings on ClaimSwap.
KLAP is the first product developed by Krew, who raised $4M in a pre-seed round in June which was led by Quantstamp and Ascentive Assets. Other investors include ROK Capital, Manifold, Krust, and Novis.
Richard Ma, CEO of Quantstamp, said: “We see Klap in a great spot to leverage Klaytn’s technical architecture enabling high TPS, fast finality, and cheap transactions. We are confident in Klap’s compelling protocol design features and veteran builders to serve the nascent Klaytn DeFi ecosystem and scale it for retail adoption.”
About Klaytn Lending Application
KLAP (Klaytn Lending Application) is a decentralized non-custodial liquidity market protocol where users can participate as depositors or borrowers. Depositors provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an over-collateralized (perpetually) or under-collateralized (one-block liquidity) fashion.
Learn more: https://www.klap.finance/
Tezro Announces New Initiative Which Allows Users To Exchange USTC For TezroST
As per the latest announcement by Tezro, USTC token holders will be given the chance to exchange USTC for TezroST, which is the Tezro shopping token backed by Tether. The rate shall be $1 per USTC token and the new feature will also only be available via the official app.
A new and innovative feature
All the users need to do to use this new feature is download the app and look for the TezroST icon. If they possess any USTC tokens, they can easily exchange them for TezroST, a shopping token that can be utilized to pay for all sorts of goods and services in online stores through the Tezro Swift API.
Tezro supporters are being encouraged to try it out as soon as possible as this is one feature that they certainly would not want to miss out on, especially given the fact that almost nobody wants to hold on to USTC tokens anymore.
Tezro could be the answer
TerraClassicUSD (USTC), formerly TerraUSD, is an open-source blockchain that hosts a wide range of dApps (dApps) as well as developer tools inside its ecosystem. Originally formed as an algorithmic stablecoin, it is a cryptocurrency which uses algorithms to maintain a 1:1 peg with the inventory currency it backs.
TerraUSD was launched in September 2020 as part of a partnership with Bittrex Global. It was co-founded by Do Kwon, the creator of Terraform Labs which is the software development company responsible for introducing the TerraLuna and TerraUSD tokens. However, after the recent Terra disaster, many have lost faith in the project and most have already sold off their coins. Additionally, as TerraClassicUSD is not a stablecoin anymore, Tezro’s new initiative could indeed be a viable method of getting rid of the USTC tokens and exchanging them for TezroST, which most would agree is a more sensible choice at this point.
Tezro is a comprehensive platform and application that also serves as a cryptocurrency wallet. The app provides safe chat software with plenty of innovative features and services. In addition, Tezro AI enables consumers to invest effectively in a variety of currencies on Uniswap2 and Uniswap3.
Furthermore, Tezro allows its customers to send and receive messages as well as make crypto and fiat transactions from any location. It is also the very first program that combines virtual financial transactions with digital communications in real time. Lastly, Tezro is backed by third generation blockchain technology which enables the platform to offer a variety of services and features to users. The app is also compatible with all PC, iOS and Android devices.
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