Key News for May 22

GALA rises over 20% in 24 hours, currently at $0.04977

BlockBeats News, May 22, according to OKX market data, GALA briefly surged to $0.05, now quoted at $0.04977, with a 24-hour increase of 20.07%

 

Data: Farcaster total users exceed 380,000

BlockBeats News, May 22, according to Dune data, the decentralized social protocol Farcaster has surpassed 380,000 total users, with an average of over 1.24 million casts posted daily in the past 30 days.

 

Whales Market founder: gm.ai tokens to be airdropped next month

BlockBeats News, May 22, Whales Market founder Dexter stated on his social platform that yesterday's meme coin GMCAT airdrop was proportional; the more users contributed in the presale or held xWhales, the more GMCAT tokens they received.

 

"For GM presale participants/golden gmID holders, this is essentially a free airdrop outside of GM next month."

 

Mocaverse announces MOCA token airdrop details, Moca NFT allocates 10% of total MOCA

BlockBeats News, May 22, Animoca Brands' Web3 metaverse project Mocaverse announced the details of the MOCA token airdrop on social platforms.

 

Moca NFT allocates 10% of the total MOCA (31.7% of the entire network incentive allocation), with 1/3 unlocked at TGE. The Moca ID airdrop will be launched in two phases. The TGE unlock for "network incentives" increases from 15% to 20%. The total airdrop cap will be limited by the unlocks of the first two batches of network incentive allocations (first batch TGE unlock, second batch TGE + 1 month unlock). Consider including external communities in the airdrop distribution, including but not limited to strategic partnerships and marketing incentives.

 

Moca NFT holders (circulating NFTs only): 10% of MOCA supply, users need to hold NFTs at the time of airdrop claim to be eligible, with 1/3 unlocked at TGE; 1/3 vested weekly over 3 months, completed in 12 months; 1/3 reserved for future incentives.

 

Moca ID holders: The airdrop for Moca ID holders will be executed in two rounds, with a minimum RP threshold for eligibility, which will be announced along with the mechanism near TGE. The more RP users have, the more MOCA they earn. RP is a form of proof of participation, and the airdrop will be distributed non-linearly based on participation evaluation.

 

Using network incentives: The remaining network incentives (and other network tokens) will be distributed to all participants based on the value-based mechanism of the Moca network: MOCA holders, Moca ID, and Moca NFT holders.

 

Merlin Chain launches Rune cross-chain bridge, supports cross-chain withdrawal of Rune assets to Layer 1

BlockBeats News, May 22, according to official sources, Merlin Chain has launched the Rune cross-chain bridge, supporting the free transfer of Rune assets between Merlin Chain (L2) and BTC L1 via UniCross. Currently, DOG•GO•TO•THE•MOON and LOBO•THE•WOLF•PUP are supported, with other Rune assets to be launched gradually.

 

It is reported that the total transaction volume of Rune DOG•GO•TO•THE•MOON on Merlin Chain has exceeded $18 million, with a 24-hour trading volume of $460,000, second only to Magic Eden.

 

Cosmos launches cross-chain auction platform Hydro, aims to efficiently deploy liquidity in the cross-chain ecosystem

BlockBeats News, May 22, Cosmos announced the launch of the cross-chain auction platform Hydro, a bidding and governance platform for efficiently deploying liquidity in the cross-chain ecosystem. It is the core of "ATOM wars" and a response to the biggest challenge of cross-chain since its inception—token liquidity.

 

Hydro draws on the "Curve wars" on Ethereum, applying a similar model to enhance governance and strategic liquidity provision. Hydro will enable Cosmos Hub and other projects to leverage the demand from other projects to add ATOM and other token liquidity to their systems.

 

Hydro offers key features such as token locking, voting rights, bidding rules, voting rules, and fund allocation rules. Native token holders lock their tokens on the platform in exchange for "Hydro locked tokens," granting them influence over fund allocation decisions through a series of periodic auctions.

 

Projects compete for access to these funds through the governance power of hATOM holders (although Hydro may accept multiple native tokens for locking in the future, the current focus is on ATOM/hATOM). This process operates as an auction market. Fund allocation to projects is temporary (similar to loans), promoting competition and ensuring resources are allocated to multiple projects over time.

 

Auctions are held periodically. In each round, participating projects detail their funding needs, proposed uses, and the amount they are willing to pay to support hATOM holders. At the end of each round, projects are ranked based on hATOM holder support and funds are allocated accordingly.

 

Mind Network expands partnership with Zama, launches FHE AI network

BlockBeats News, May 22, Fully Homomorphic Encryption (FHE) network Mind Network announced the expansion of its partnership with Zama. Zama is an open-source encryption company dedicated to building state-of-the-art FHE solutions for blockchain and AI.

 

This collaboration integrates Zama's cutting-edge Concrete ML solutions for confidential ML training and inference into Mind Network's FHE verification network, setting a new standard for decentralized AI verification.

 

The expanded partnership with Zama involves leveraging its Concrete ML library into Mind Network's decentralized FHE verification network to ensure the integrity and privacy of decentralized AI computations. This innovative network will allow AI computations to be performed in a hybrid encrypted manner, ensuring maximum security for complex machine learning processes while achieving reasonable speed.

 

By integrating Zama's FHE tools, Mind Network not only enhances its existing blockchain solutions but also becomes one of the first companies to apply FHE in the field of artificial intelligence.

 

RWA platform Re launches tokenized reinsurance fund on Avalanche

BlockBeats News, May 22, according to official sources, RWA platform Re has launched its first tokenized reinsurance fund on Avalanche, with crypto insurance provider Nexus Mutual investing $15 million in the fund, becoming one of the first investors.

 

Animoca Brands plans to purchase more EDU tokens on the open market

BlockBeats News, May 22, Animoca Brands revealed today that it plans to purchase additional EDU tokens from the open market. EDU is the governance and utility token used by Open Campus. Open Campus is a Web3 education protocol supported by Binance Labs, Sequoia China, Animoca Brands, and others.

 

Animoca Brands firmly supports the work of Open Campus and the EDU Foundation, including its upcoming EDU Chain, an L3 chain designed specifically for the global education industry.

 

Animoca Brands and its subsidiary TinyTap are Launch partners of Open Campus. Animoca Brands co-founder Yat Siu and TinyTap CEO Yogev Shelly are members of the EDU Foundation board.

 

OKX Ventures announces investment in Monad Labs

BlockBeats News, May 22, OKX Ventures announced an investment in Monad Labs to drive innovation in Web3 and decentralized computing, shaping the future of blockchain technology together.