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Introduction
Avail is a Web3 infrastructure layer that allows modular execution layers to scale and interoperate in a trust minimized way.
Bitget has suspended the withdrawal functions of all tokens under the AVAIL-ERC20 network from October 5 (UTC) until a later date. Please note that trading will not be affected during the downtime. When withdrawal of AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement. We’re sorry for any inconvenience this might cause, and we thank you for your understanding. Please keep informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> In order to provide a better trading experience, Bitget will suspend withdrawal services for the AVAIL-ERC20 network starting from October 5, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime. Once withdrawal services for the AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement or via the official community. We apologize for any inconvenience this may cause, and thank you for your understanding. Please stay informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> Bitget has suspended the withdrawal functions of all tokens under the AVAIL-ERC20 network from October 5 (UTC) until a later date. Please note that trading will not be affected during the downtime. When withdrawal of AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement. We’re sorry for any inconvenience this might cause, and we thank you for your understanding. Please keep informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> In order to provide a better trading experience, Bitget will suspend withdrawal services for the AVAIL-ERC20 network starting from October 5, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime. Once withdrawal services for the AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement or via the official community. We apologize for any inconvenience this may cause, and thank you for your understanding. Please stay informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> In order to provide a better trading experience, Bitget will suspend withdrawal services for the AVAIL-ERC20 network starting from October 5, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime. Once withdrawal services for the AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement or via the official community. We apologize for any inconvenience this may cause, and thank you for your understanding. Please stay informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>>
Announcement on Suspension of AVAIL-ERC20 Network Withdrawal ServicesOriginal source: Avail enthusiasts Lens, a social network graph protocol, announced that it will use Avail DA to build a scalable and resilient decentralized social network. Lens said, Avail DA ensures instant data verifiability and accessibility, and through KZG commitment and data availability sampling (DAS), it can support the expansion of millions of users. Lens is a user-centric social application protocol, just like hey and orb. Lens aims to empower millions of users to enjoy an open and fair online social space. Its openness ensures that anyone can connect and participate at the protocol level, and its fairness ensures that anyone can participate freely and have the opportunity to distribute tokens more fairly. Lens chose Avail because of its powerful and future-proof DA solution, which is optimized for the ZK technology stack. Lens and Avail share a common vision to provide users with a unified blockchain experience. With the support of Avail, Lens is expected to unlock a new world in which blockchain-based social applications can seamlessly interact with various blockchain services. Through the integration, Lens and Avail are laying the foundation for a scalable, user-centric, and resilient future for open social networks. Why is it so difficult to scale social networks on blockchain? Social networks generate a lot of data. Posts, likes, comments, and connections are all data-intensive activities, and todays social networks are built on a centralized architecture that trades dynamic user experiences for control at almost every level of the stack. This has resulted in almost all of our online social interactions being controlled by a few companies. Historically, on-chain networks have struggled to support the high transaction throughput required for mainstream consumer applications. By leveraging ZKsync’s ZK stack, Lens is able to scale execution to support social applications and settle transactions on Ethereum. However, the remaining question is what to do with all the transaction data. Even with the implementation of EIP-4844, publishing transaction data to Ethereum is not a commercially viable option for social networks. This is where Avail DA comes in. Introducing Lens on Avail DA By connecting Avail DA, ZKsync, and Ethereum, Lens is able to build a modular blockchain that exponentially increases throughput at a very low cost. Lens can empower users and developers to create and enjoy user-owned, fair, and resilient online social networks. By opening up social networks at the protocol level, users can take advantage of different social applications while retaining all of their social connections and social capital. If Instagram stops showing posts to your followers and requires you to pay to access them, you can quickly switch to an application that provides you with the ability to interact freely with your users, which represents a major paradigm shift from the status quo. This is also a more urgent need for the millions of content creators who invest hours in producing content on centralized social platforms because they get very little in return. “Our goal at Lens is to create a fully resilient network on Ethereum that guarantees participation and transparency at every level, supports ownership and control, and unlocks new and interesting use cases,” said Stani Kulechov, founder of Lens. “With a scalable and resilient foundation, the next generation of modular Lens leverages Avail DA to enable the most advanced and future-proof data availability solutions.” Building a future-proof blockchain network optimized for ZK technology Lens believes that ZK technology is the best long-term solution for expanding blockchain applications. Its profound expansion advantages and rapid performance improvements far exceed any alternatives. It is based on this insight that the Lens team began to plan and implement Lens modular architecture. The Lens team began integrating with ZKstack to incorporate ZK rollup technology into its execution layer. Knowing that it was not feasible to publish all data to Ethereum, the Lens team began looking for the most optimized DA solution. This led them to Avail, the only on-chain neutral DA layer that combines KZG commitments and data availability sampling (DAS). With Avail DA, the Lens architecture is able to leverage proofs of validity for execution and data availability. This enables Lens to achieve scalability and data compression far beyond what is possible with optimistic solutions. In addition to leveraging Avails data availability layer, the ability to interoperate with a large number of blockchain services through Avail Nexus also fits in with Lens long-term goals. By choosing to integrate with Avail DA, Lens can provide a Web2-like user experience to mainstream audiences, built on a unified Web3 foundation with optimized interoperability. This is a complete game changer for decentralized social technology. Protecting open social data on Avail DA Lens is now live and currently has about 500,000 users and over 40 million transactions. The next generation of Lens will be launched in the fourth quarter of 2024, marking an important step forward for decentralized social networks. Developers can leverage Avail’s scalable technology to unlock mainstream use cases for blockchain technology and begin preparing to build the next generation of resilient social networks using Lens. Image source: https://dune.com/sixdegree/lens-protocol-ecosystem-analysis
Avail DA and Lens officially announced their cooperation to unlock a new era of decentralized social networksGoogle has expanded its Web3-facing services. The new service promises to be a catalyst for greater Web3 adoption. Google’s Web3 product suite is growing at a rapid pace. Crypto has grown significantly from its niche roots to becoming a globally recognizable industry worth trillions of dollars with institutionally accessible funds offered by investment giants like BlackRock and Fidelity. Amid this growth, legacy tech firms are expanding their services to cater to the industry. Among these firms is none other than global tech giant Google. In the latest instance, Google Cloud, the subsidiary in charge of the leading search engine’s cloud computing business, has unveiled a blockchain RPC service that promises to catalyze greater Web3 adoption. A Reliable Web3 Access Point for Enterprises? Google Cloud has expanded its Web3-facing services. On Wednesday, September 18, the firm announced a blockchain Remote Procedure Call (RPC) service that aims to provide developers with a reliable, cost-effective, and scalable way to access blockchain data. Sponsored RPC refers to protocols that allow developers to access and interact with blockchain data through an Application Programming Interface (API). Google Cloud’s RPC promises to be a catalyst for adoption, as the firm asserts that it will cater to “a wide range of organizations,” including “large enterprises.” Meanwhile, the Google Cloud Blockchain RPC is only compatible with the Ethereum mainnet and testnets at launch. According to Google Cloud, the service will extend to other blockchains in 2025. The Blockchain RPC service has a free tier that offers up to 100 data requests per second, which Google Cloud argues is plenty for real-time and data-intensive applications. The RPC is the latest tool in Google Cloud’s growing suite of Web3 products and services. Google Cloud’s Web3 Leap Google Cloud has made several forays into the Web3 space in recent years. These forays include BigQuery support for blockchains in 2018, a Blockchain Node Engine launched in 2022 , and more that can be found within its dedicated Web3 Portal. To encourage the use of these services, Google Cloud has a Web3 startup program offering up to $200,000 in free credits over two years. On the Flipside The service is limited to Ethereum for now. Google Cloud’s RPC service potentially threatens crypto-native providers like Alchemy, Infura, and QuickNode. Why This Matters Google is one of the world’s largest technology companies, with significant resources and expertise. Its effort to support Web3 services highlights the industry’s growing legitimacy while promising to bolster adoption. Read this for more on Google’s Web3 involvements: Google Cloud Flexes Web3 Capabilities in Tezos Partnership See how Lens is looking to scale decentralized social media networks: How Lens Network Is Leveraging Avail to Scale Decentralized Social Networks
Google Cloud Unveils Blockchain RPC Service: What It Means for AdoptionAvail’s partnership with Lens aims to transform social media by boosting scalability and user control on decentralized networks. Lens Protocol and Avail’s collaboration will enable more open, user-centric social apps by integrating advanced data solutions. With Avail DA, Lens Protocol will support high transaction volumes, making decentralized social networks more efficient and resilient. Avail Project has announced a collaboration with Lens Protocol, aiming to transform onchain social media. This partnership seeks to advance a vision of an open and equitable internet by enhancing user-centric social apps such as hey and orb. Avail DA’s robust data availability solution will bolster Lens Protocol, enabling it to handle the high transaction throughput essential for social networks. We envision an open and fair internet. @LensProtocol plays a huge part in bringing that vision to life by revolutionizing onchain social media—one of the most impactful aspects of the internet today. That's why we're teaming up with Lens to drive this mission forward! Learn… pic.twitter.com/6n3rW5rh47 — Avail (@AvailProject) September 17, 2024 Addressing Centralization and Data Challenges Currently, social networks generate immense amounts of data, including posts, likes, comments, and connections. Traditional centralized systems manage these interactions but often at the expense of user control. Consequently, most online social activity occurs within the confines of a few major companies. However, such centralized control is increasingly criticized for limiting user participation and monetization opportunities. To address these issues, Lens Protocol has integrated with ZKsync’s ZK stack to scale its execution layer efficiently. Yet, managing and storing transaction data remains a challenge. Posting all transaction data to Ethereum is economically unfeasible for social networks, even with improvements like EIP-4844. Hence, Avail DA provides a crucial solution by connecting ZKsync and Ethereum, enabling Lens to build a modular blockchain with enhanced throughput at a lower cost. Source: dune.com Enhancing Efficiency and User Experience Moreover, the integration of Avail DA allows Lens to support social apps with greater efficiency and resilience. By opening social networks at the protocol level , Lens enables users to interact across various apps while retaining their connections and social capital. Read CRYPTONEWSLAND on google news This approach represents a shift from traditional models. For instance, if a platform like Instagram imposed additional costs to reach followers, users could seamlessly switch to an alternative app offering more freedom. Lens Protocol’s founder, Stani Kulechov, emphasized the importance of a scalable and resilient network. According to Kulechov, “Our goal is to create a network where participation and transparency are safeguarded, supporting ownership and unlocking new use cases.” Lens’s choice of Avail DA aligns with this vision, offering a future-proof data availability solution that integrates seamlessly with the ZK stack. The collaboration is poised to benefit developers and users. With over half a million users and 40 million transactions already on Lens, the upcoming integration of Avail DA in Q4 2024 will enhance functionality and scalability. This partnership signifies a pivotal advancement in decentralized social technology, offering a unified Web3 foundation that promises to reshape the landscape of online social interactions. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Avail and Lens Team Up to Revolutionize Onchain Social Media with New TechTRON’s founder and CEO, Justin Sun, reiterated his prediction that TRX will join Bitcoin and Ethereum as a top-three cryptocurrency within the next two years. Sun’s confidence is based on the significant growth of the TRON ecosystem, which has seen its value surge by 7,000% since its inception. According to Santiment, a blockchain analytics platform, altcoins like Injective (INJ), Polygon (MATIC), and Render (RENDER) are showing strong potential for growth in both the short and long term. The platform noted that large holders, or “whales,” are moving these assets from exchange wallets to cold storage, indicating bullish sentiment. Meanwhile, tokens on the platform have also printed rallies. This article curates the top trending cryptos on Solana Chain today . Top Trending Cryptos on Solana Chain Today $PLEB is positioning itself as more than just a typical cryptocurrency, aiming to establish a stable foundation within the unpredictable crypto market. BabyNeiro, the eagerly awaited successor to $Neiro, is drawing increasing interest in cryptocurrency. Avail, a decentralized data availability layer, is designed to improve next-generation blockchain applications and facilitate sovereign rollups. Meanwhile, Memebet is emerging as a niche player in the expanding meme coin sector by integrating online gambling with cryptocurrency, gaining attention for its unique approach. 1. PLEB (PLEB) $PLEB is positioning itself as more than just another cryptocurrency, aiming to provide a stable foundation in the often volatile crypto market. It is designed to focus on transparency and fairness, targeting everyday traders. PLEB has no transaction taxes, and the liquidity is permanently locked. This is aimed at protecting the community from manipulation, offering a sense of security to investors. $PLEB caters to traders who face the typical challenges of the crypto market, whether aiming for profits or recovering from setbacks. It presents itself as a movement for everyday users, distancing itself from the influence of larger players and market manipulation. The emphasis is on unity and shared success. Currently, $PLEB is priced at $0.000188, showing a significant 207.17% increase in the last 24 hours. The coin has had 16 days in the past month where the closing price exceeded the opening, indicating a 53% rate of positive market performance. Liquidity is relatively high compared to its market capitalization, a promising stability indicator. The short-term price outlook for $PLEB is optimistic. Projections suggest it could range from $0.000212 to $0.000299 by September 23, 2024, with a potential increase of 41.10%. For the following week, estimates place the price between $0.000299 and $0.000348 by September 30, reflecting a further potential rise of 16.35%. 2. Baby Neiro (BABYNEIRO) BabyNeiro, the much-anticipated successor to $Neiro, is gaining attention in the cryptocurrency space. One of BabyNeiro’s key strengths is its active and engaged community. In the world of cryptocurrency, a project’s success often depends on the enthusiasm and support of its users. BabyNeiro benefits from a solid base of supporters who share the project’s long-term vision, creating a strong foundation for future growth. Another notable factor is the leadership behind BabyNeiro. The project’s CTO has a proven track record of successfully managing multi-million dollar ventures. This level of expertise is essential for navigating the complexities of the cryptocurrency market and ensuring that the project stays on a stable path. Additionally, BabyNeiro is well-positioned to take advantage of future market cycles. If the cryptocurrency market experiences a bull run similar to 2021, BabyNeiro could follow in the footsteps of tokens like $Doge and BabyDoge. This presents a potential opportunity for early investors, though success will depend on how market conditions evolve. Another point in BabyNeiro’s favor is its easily recognizable contract address. The token’s address begins with the prefix 0xBABE, making it simple for users to identify and verify on the blockchain, adding trust and authenticity to the project. BabyNeiro is priced at $0.000003 and has a market cap of $1.28 million. It has seen a significant increase in trading volume over the past 24 hours, reaching $970.80K. The token’s circulating supply is 420.69 billion BABYNEIRO, representing 100% of its total supply. Liquidity for the project is reported at $145.75K, and there are currently 1,170 holders. 3. Avail (AVAIL) Avail is a decentralized data availability layer designed to enhance next-generation blockchain applications and support sovereign rollups. It specifically focuses on ensuring data availability and security, which allows light clients to verify data using sampling over a peer-to-peer network. Moreover, the modular architecture simplifies blockchain integration for developers, removing the need to manage validator sets or tokenomics. Additionally, Avail is compatible with various execution environments and plays an important role in Layer 2 scalability by addressing data availability and transaction integrity issues. As of September 17, 2024, the price of Avail stands at $0.130. It has a market cap of $754.78K and a 24-hour trading volume of $1.27M. Furthermore, the token has experienced a 2.29% increase over the last 24 hours. There is a total circulating supply of 5.69M AVAIL coins, which represents its maximum supply. Based on technical analysis, Avail remains neutral in terms of market sentiment. However, eight indicators suggest bullish signals. Predictions for the token in the upcoming days indicate a potential price increase. By September 23, 2024, Avail could reach $0.192421, which would represent a 39.81% increase if it hits its upper target. Next week’s forecast suggests that the price could range between $0.192421 and $0.22317, representing a possible 15.98% rise by September 30. Meanwhile, 2024 Avail’s price is projected to trade between $0.137634 and $0.653611. If it reaches the upper target, this could mean an increase of 374.90%. What Might Be The Next Top Trending Crypto? Memebet is gaining attention as a niche player in the growing meme coin market by merging online gambling with cryptocurrency. Its main feature is the “Memebet Casino,” which targets both crypto traders and gambling enthusiasts, particularly those already involved with meme coins. Here, users can bet on various games using meme tokens. The platform operates without KYC requirements, allowing users to connect their crypto wallets via Telegram for easy access. Beyond crypto-based games, Memebet also includes a global sportsbook covering popular leagues like the EPL and NBA. Its strategy centers on the intersection of crypto gambling and meme coin trading, focusing on drawing in Telegram’s large user base. This makes it well-positioned to tap into the still-emerging crypto casino space. Although Memebet is in its early stages, it offers several incentives, including P2E airdrops and rewards for active traders. There are also VIP benefits for those investing in its native token, $MEMEBET, currently priced at $0.0252. With the next price increase approaching, user engagement could drive further demand. The project has raised over $240,000, suggesting some initial traction. Memebet offers a distinctive blend of crypto gambling and meme coins. While still developing, it has the potential to attract users seeking new forms of online entertainment as both sectors grow. Visit Memebet Presale Read More Top Trending Crypto Coins
Top Trending Cryptos on Solana Chain Today – PLEB, Baby Neiro, AvailLens Network is exploring Avail technology to scale decentralized social media networks. The collaboration promises to create more resilient and future-proof decentralized networks. The decentralized social media network continues to struggle. Blockchain technology has long been tipped to disrupt the social media industry due to its potential to resist censorship and revolutionize ownership. But this dream has so far remained just that, a dream, as existing solutions have failed to garner the required traction while still facing scaling and user experience challenges. Despite these challenges, Aave -backed decentralized social media platform Lens Network , one of the industry leaders in the decentralized social media sector, is not giving up. To address scaling concerns, in May 2024, Lens unveiled plans to migrate to an Ethereum Layer 2 chain powered by zkSync’s ZK Stack. In line with this scaling vision, it has now also entered a partnership with Avail to leverage its data availability (DA) in its new modular stack. Lens X Avail DA Lens Network is exploring Avail technology to scale decentralized social media networks. On Tuesday, September 17, Lens unveiled that it had entered a partnership with Avail to leverage its DA to further scale its planned decentralized social media network-focused blockchain. Sponsored DA refers to the guarantee that a network’s transaction information is available for every network participant to verify and, by so doing, maintain the network’s integrity. Typically, Ethereum Layer 2 chains like Len’s planned ZK-Stack powered Layer 2 ensure DA by posting transaction data to Layer 1. Storage on Ethereum, however, can be expensive for certain use cases, like data-intensive social media networks. Lens has partnered with @AvailProject to support high-volume consumer applications on Ethereum. pic.twitter.com/KATfRYuPao — Lens (@LensProtocol) September 17, 2024 This cost has led to the emergence of DA solutions like Avail, which promise to offer storage at a cheaper and faster rate, albeit at the cost of lower security guarantees than Ethereum. With Avail, Lens argues that it will be able to offer users unprecedented scalability. One reason for this is Avail’s optimization for ZK technology, which allows the use of ZK proofs for DA. Beyond better scalability, Lens argues that Avail’s ZK focus also helps further future-proof the network, as ZK is often touted as the endgame of scaling. Meanwhile, Avail has hinted that Lens may join its blockchain interoperability protocol Nexus, asserting that doing so aligns with the decentralized social media network-focused blockchain’s long-term goals. Lens’ recent Avail partnership comes as the decentralized social media platform appears to be stagnating. Lens Stuck? Save for a few brief spikes, activity on Lens has remained within a fixed range in 2024. Specifically, per Dune Analytics data , daily posts on the platform have remained between the 10,000 to 20,000 range for most of the year, save a few brief spikes above 30,000. Chart of Lens daily post count against Farcaster’s Source: Dune Analytics Dashboard At the same time, daily active users, which appeared to be in an uptrend in the first half of the year, have since peaked, dropping from highs of around 42,000 users on July 8 to an average of about 20,000 in the past few months. Chart of Lens daily active users against Farcaster’s Source: Dune Analytics Dashboard Lens will hope to reverse the recent downturn with the planned launch of its Layer 2 blockchain in Q4 2024. On the Flipside Lens’ planned Layer 2 network has yet to go live. The recent downturn in decentralized social media activity is not isolated to Lens. Activity on other popular platforms like Farcaster and Friend.tech has also plummeted in recent months. Why This Matters Lens Network intends to create fair and open social spaces for millions of users. Avail’s DA promises to make the network’s vision of scaling decentralized social media networks more feasible. Read this for more on Lens: Aave Launches Decentralized Web3 Social Media Platform, Lens See what Bridged USDC Standard support means for Sony’s Ethereum Layer 2: Sony’s Ethereum L2 Gets Bridged USDC Standard Support: Here’s What It Means
How Lens Network Is Leveraging Avail To Scale Decentralized Social NetworksLens Protocol has partnered with Avail to integrate its data availability solution into Lens' upcoming Layer 2 chain, designed for onchain social networking infrastructure. The upcoming Lens network will operate as an EVM-compatible Validium chain. It is being developed with zkSync's Layer 2 development tool, ZK Stack, and is slated for release in the fourth quarter of 2024. Lens network will incorporate Avail’s data availability layer, Avail DA, which is tailored for the ZK tech stack. Similar to other DA solutions such as Celestia , Avail's DA reduces the storage demands for chains that rely on them, improving scalability and lowering costs. This leverages the Data Availability Sampling (DAS) technique, which checks data availability on a blockchain without requiring every node to download and store the complete data set. This technique randomly selects subsets of data blocks to verify their accessibility. Such a setup will enable Lens to process more transactions by shifting data storage and processing responsibilities to the DA layer. This capability is particularly beneficial for supporting high-traffic applications on blockchain platforms, such as social media. “With a scalable and resilient foundation, the next-generation modular Lens utilizes Avail DA for the most advanced and future-proof data availability solution,” said Lens Founder Stani Kulechov. Lens operates a decentralized social graph — a user-owned network of connections and relationships among individuals and entities. Launched initially on Polygon, the project later decided to develop its own Layer 2 network on Ethereum.
Lens network to use Avail's data availability solution for scalabilityIn order to provide a better trading experience, Bitget has suspended the deposit and withdrawal functions of AVAIL-ERC20 from September 12 (UTC) until a later date. Please note that trading will not be affected during the downtime. When deposit and withdrawal of AVAIL-ERC20 can be resumed, we will notify our global users in a separate announcement. We’re sorry for any inconvenience this might cause, and we thank you for your understanding. Please keep updated through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>>
Notice of Suspension for AVAIL-ERC20 Deposit and WithdrawalDavide Crapis, Ethernet Foundation Core Fellow, during the 12th Ethernet Foundation AMA, responded to the question, “If a blob fails to reach the target average (3), should the target be lowered to ensure fee price discovery?” The response to the question was: No. The mechanism prices congestion. The mechanism prices congestion, so if there is no congestion, it is fine for prices to remain low. However, current demand being well below the target will affect price discovery in the presence of congestion. Price discovery is important, and we should make the mechanism more effective, and in the short term, changes such as higher (but still very low) minimum fees or changes in the rate of updates would help.” Another core researcher, Dankrad Feist, commented on the issue, “Ether is currently creating a new market for rollup - the data availability (DA) market. Many alternative solutions are looking to take market share away from Ether - Celestia, Eigenlayer, Avail, and others. They can't compete on security, so they want to compete on price. Revenue from 3 blobs per block will never have an impact on Ether's protocol revenue. I think we should try to scale as much as possible over the next few years. Either way, I don't think blob fees will be the best value capture mechanism for Ether.”
EtherFoundation AMA: DA projects like Celestia can't compete with the main EtherNet in terms of securityRecent developments significantly boost investor confidence in the cryptocurrency market, which is experiencing a notable revival. For instance, analyst Crypto-Rover predicts that Bitcoin (BTC) will greatly surge in the next 50-100 days. The analyst highlighted that previous Bitcoin halvings have led to new all-time highs a few months after the event. Additionally, crypto analyst Michael Van de Poppe predicts the altcoin market is positioning itself for a significant breakout. Moreover, the cryptocurrency market is progressing upward, with several assets printing price increases. In tandem, new cryptocurrency releases, listings, & presales today are attracting investor interest. InsideBitcoins offers curated insights into such tokens. New Cryptocurrency Releases, Listings, and Presales Today NATIX Network is creating an innovative open geospatial intelligence network that leverages AI technology and smartphone cameras. Simultaneously, OPEN GPU is pushing the boundaries of GPU utilization by developing the oGPU Chain, which facilitates decentralized computing. Meanwhile, The Meme Games (MGMES) project continues to draw gamers from the memecoin community, standing out as the only Olympics-themed cryptocurrency. On the other hand, Ether is on track for a loss exceeding 20% in August, while Bitcoin is heading toward its fourth consecutive weekly decline. 1. NATIX Network (NATIX) NATIX Network is building an innovative open geospatial intelligence network using AI technology and smartphone cameras. Their main offering, “Drive&,” combines driver assistance applications like dashcams and navigation tools with token incentives, computer vision AI, and smartphone cameras. Moreover, this approach gathers real-time data and rewards users for their contributions. As a result, it leads to the creation of an open geospatial intelligence network. With over 100,000 registered drivers and almost 40 million kilometers covered annually, NATIX has become one of the fastest-growing DePIN networks globally. This growth is highlighted in Messari’s State of DePIN 2023 report. Chainwire announced that NATIX Network secured $4.6 million in a strategic funding round. Borderless Capital led this round, with Tioga Capital co-leading. This brings the total funding to $9.6 million. Other investors include Escape Velocity, Big Brain, WAGMI Ventures, Inception Capital, Laser Digital, IOTEX, Moonrock Capital, Cogitent, Room 40 Ventures, Veris Ventures, Future Money Group, and iAngles. Individual investors include Gracy Chen from Bitget, James Parillo of Figment, Paul Taylor from Blackrock, Vijay Pravin Maharajan of bitsCrunch, and Crypto Banter. NATIX Network has also announced several key partnerships. Orca is now the main venue for $NATIX DEX trading, and liquidity has shifted from RaydiumProtocol to Orca. Additionally, they have partnered with Soar Chain, a Layer 1 DePIN focused on transforming the mobility sector. Another partnership is with WeatherXM, a DePIN that rewards users for providing weather data through dedicated stations. To enhance security within the Web3 ecosystem, NATIX has partnered with Deeper Network, expanding its DePIN ecosystem. As a result, the Drive& Marketplace now offers discounts on Deeper Connect devices. 2. OpenGPU (oGPU) OPEN GPU is advancing the utilization of GPU power by developing the oGPU Chain for decentralized computing. This initiative aims to create an ecosystem where anyone can participate and benefit from blockchain technology. The mission of the OPEN GPU NETWORK is to transform the computational landscape for AI applications by establishing a decentralized GPU-sharing economy. Central to this ecosystem is the oGPU token, a cryptographic asset built on Ethereum blockchain technology, which ensures secure and transparent transactions within the network. Initially, the deployment on the Ethereum network will utilize reliable smart contracts, and there are plans to transition to a dedicated layer to optimize transaction speed and efficiency. Moreover, OPEN GPU has partnered with Dexed.io, a leading DeFi platform. This collaboration will enhance OpenGPU’s visibility, much like Dextools.io. With Dexed.io’s advanced real-time data analysis and trend tracking, significant attention will be drawn to the project, thereby boosting its presence in the DeFi space and creating more investment opportunities for the community. Additionally, TensorScan AI, a blockchain analytics leader, is partnering with OpenGPU. TensorScan AI provides wallet categorization, smart contract analysis, and real-time analytics through Telegram bots and dashboard solutions. This partnership seeks to utilize the OpenGPU computing layer for blockchain analysis and AI solutions. Furthermore, OpenGPU has allied with Resistor AI ($TOR), which focuses on decentralizing AI through blockchain. This partnership aims to enhance resource availability using OpenGPU’s nodes and provide the community access to Resistor AI’s Self-Learning Bot and Nara Voice Chat. 3. Avail (AVAIL) The permissionless nature of Web3 has enabled the creation of innovative technologies, fostering a thriving ecosystem. However, this ecosystem faces significant challenges in scaling for mass adoption. Despite the development of advanced scaling technologies, integrating these components cohesively while adhering to decentralized principles remains difficult. Furthermore, Cross-ecosystem transactions are cumbersome, exacerbating fragmentation within the Web3 space. Efforts to attract new users are often diverted towards existing communities rather than onboarding new participants. Addressing these issues requires a unification layer to streamline the ecosystem. Avail seeks to accelerate Web3 unification through its modular technology stack, which focuses on data availability, aggregation, and shared security. The platform’s scalable DA layer also leverages validity proofs using KZG Polynomial commitments, ensuring reliable data availability. This supports rollups and promotes seamless ecosystem unification. To enhance its ecosystem, Avail has announced several strategic partnerships. One notable collaboration is with Ola, which focuses on zkVM technology. Together, they are building the largest mobile ZKP verification network, OlaMassive. This partnership aims to integrate proof verification on DA clients and advance zkVM applications within Avail’s framework. Another key partnership is with Crestal Network, enabling developers to identify their DA needs based on performance. This collaboration helps developers design scalable architecture by integrating DA where necessary. Besides, the alliance with Radius aims to unify Ethereum with Web3, enhancing user experiences through combined efforts. Additionally, the partnership with Cartesi Project integrates RISC-V Linux-based capabilities with Avail DA, simplifying the development of fast and reliable dApps. 4. The Meme Games (MGMES) The Meme Games (MGMES) project continues to attract gamers within the memecoin community as the only Olympics-themed cryptocurrency. Following the conclusion of the 2024 Paris Olympics, the MGMES concept continues to attract attention. Currently in its presale phase, The Meme Games has already raised over $400,000. This early interest suggests potential growth for MGMES tokens, priced at $0.0094 and set to increase in three days. Investors can participate in the presale through the project’s website using Ethereum or BNB Chain wallets. To ensure increased participation, The Meme Games focuses on fairness and unpredictability. Each character in the game has an equal chance of winning, which adds excitement and potential rewards for participants. Additionally, investors receive a 25% bonus on their tokens if their chosen meme athlete wins. They can also improve their odds by purchasing tokens multiple times and supporting various characters. Furthermore, the project offers a staking option, providing an annual return of 475%, though this rate may vary based on participation levels. Staking thus provides an opportunity to grow holdings before MGMES is listed on exchanges on September 10. Meanwhile, the presale ends on September 8, coinciding with the Paralympics closing ceremony. Visit The Meme Games Presale Read More New Cryptocurrency Coins to Buy in 2024
New Cryptocurrency Releases, Listings, & Presales Today – NATIX Network, OpenGPU, AvailSOON raised funds with key contributors like Solana leaders and Coinbase Ventures to enhance blockchain efficiency. The funding supports SOON Stack, a modular framework using Solana’s SVM for efficient Layer 1 settlements and interoperability. SOON aims to boost Ethereum’s transaction capacity significantly and integrate with data availability layers like CelestiaDA. The Solana Optimistic Network ( SOON ) has successfully raised funds in a co-builder round with contributions from key figures in the blockchain industry. Read CRYPTONEWSLAND on google news #SOON , a #Solana -based layer 2 scaling solution, has closed a funding round supported by individuals from Solana Labs, #Coinbase Ventures, and #Celestia , among others. The funds will be used to develop its core products, SOON Stack and SOON #Mainnet , aiming to deploy the Solana… pic.twitter.com/IruSq4Bfm8 — TOBTC (@_TOBTC) August 28, 2024 The round saw participation from Solana leaders Lily Liu and Anatoly Yakovenko. Additionally, significant backing came from Coinbase Ventures’ Principal Jonathan King and Celestia Labs co-founder Mustafa Al-Bassam. Other noteworthy contributors included Amrit Kumar from AltLayer, Prabal Banerjee of Avail, and Robinson Burkey of Wormhole Foundation. Advancing SOON Stack and Mainnet The capital injection will primarily support the development of SOON Stack which aims to deliver a highly efficient and high-performance rollup for Layer 1 settlements. It utilizes the Solana Virtual Machine ( SVM ) as its execution layer. The funding will also bolster SOON’s flagship products, including the SOON Stack and SOON Mainnet. The SOON Stack serves as a modular framework combining SVM and OP Stack. The combination facilitates the deployment of SVM Layer 2 solutions on Layer 1 blockchains like Ethereum , Bitcoin, and Cosmos. The SOON Mainnet is a versatile SVM Layer 2 solution that settles on the Ethereum blockchain. Deployed using the SOON Stack, it plans to increase Ethereum’s transaction capacity by 650,000 transactions per second. Additionally, SOON aims to integrate a data availability layer. The integration will enhance interoperability with CelestiaDA, EigenDA, and Avail. Strategic Vision and Future Prospects The platform will merge Solana’s SVM engine with Layer 1 user bases and the strategy could establish SVM as the standard across Layer 1 ecosystems. Consequently, this could attract developers seeking efficient solutions. The funding positions SOON to offer high throughput and low fees. Hence, it provides scalability and efficiency for decentralized applications across various Layer 1 blockchains. The recent funding round marks a significant step for SOON in enhancing blockchain scalability and efficiency. With strategic contributions from industry leaders, SOON is poised to set new standards in the blockchain ecosystem. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Solana Optimistic Network Secures Strategic Funding to Enhance Blockchain EfficiencyDespite the slower market growth, the summer of 2024 saw several high-profile crypto launches. Some of the projects in the past three months managed to achieve listings and even bring net gains. The summer of 2024 featured several long-awaited airdrops. Token farming and airdrop projects were one of the sources for new token generation events, for those not interested in the meme token market. The current season of airdrops is for much smaller projects, after the earlier launch of L2 platforms like Arbitrum and Optimism. Airdrop farming became harder in 2024, with more involved tasks and unpredictable token allocations. Despite this, LayerZero (ZRO) became one of the high-profile launches, moving in a price range between $3 and $4 with daily volumes of at least $50M. ZK was the other big token launch, starting off to a controversy with what was considered unfair airdrops. The ZKSync platform and the native token even crashed at one point, as the community protested that most new tokens were awarded to Sybill attackers. ZK corrected since its launch at $0.27, though it retained a $2.3B market cap. ZK is also fully diluted, currently trading at $0.11. LayerZero and ZKSync were among the most ambitious projects. LayerZero worked on the problem of interoperable chains, while ZKSync aimed to build real zero-knowledge rollups to scale Ethereum. See also UAE crypto salary ruling a recognition of contractual agreement more than a validation of crypto Newly listed tokens bring back AI, Web3 narratives Aethir (ATH) is the third-largest token, bringing a new decentralized computing service for gaming and AI. ATH trades at $0.57, after peaking around $0.87 in July. The other AI-themed token in the mix is IO, aiming to launch another decentralized computation resource. IO traded for the past two months, stabilizing around $1.90 . The next biggest token, Taiko (TAIKO) brings a new model of Ethereum scaling. The new L2 has bridged around $100M in value from Ethereum. The Taiko project appeared first in the summer of 2024 and has already built a small Layer 2 economy. Taiko has also grown into an ecosystem of DEX and liquidity pools, though still carrying limited locked value . The tokens launched in the summer of 2024 achieved significant diluted valuations. Overall, the airdrops and launches created eight new “crypto unicorns” with a valuation above $1B. Another seven tokens went below the cutoff range, but contained high-profile memes and Web3 features. The remaining tokens with valuations under $1B contained three relatively recent meme assets. DOGS, Sundog, and Simon’s Cat (CAT) only arrived in August, but still found a place among top 15 launches for the summer. MOCA, or the Mocaverse token, was also a long-awaited addition, aiming to revive the Web3 narrative. The MOCA token is tied to a project of virtual identity, gaming, and NFT. MOCA launched as an Ethereum token in July. See also Gate partners with Serie A champs Inter Milan as Sleeve Partner Avail (AVAIL) is yet another Web3 layer offering scalability to third-party projects. The AVAIL token sank to lows of $0.09, but has since recovered to $0.13. AVAIL is also a fully diluted token, currently building up to $5M in daily trading volumes. Token launches mostly driven by memes Token launches in 2024 faced the competition of meme trading, obscuring some of the more prominent utility projects. Overall, the meme token frenzy led to the creation of more than 5,000 tokens per day on average. The early bull market also saw attempts to continue launching new utility projects and platforms. VC funding continued to incubate crypto startups, though some have delayed their token generation event. Large-scale protocols like Base and the Polymarket prediction market are for now tokenless. As of April, the market had seen the launch of 2.5M tokens, of which more than 99% would fail. Statistics show more than 10K active digital assets as of August 2024. The millions of meme tokens are meant to fail, but there are still projects aiming for representation on centralized exchanges. Data by Statista reveals that in 2024, the total number of tokens is the highest for the past two years, and is comparable to the market peak in early 2022. Overall, Coinmarketcap listed an additional 500 tokens out of all new launches. More than 90% are meme tokens that managed to accrue liquidity, with some attempts to launch utility platforms.
Which were the best new crypto launches in the summer of 2024?Everyone in web3 is familiar with names like Andreesen Horowitz, Coinbase Ventures, and Binance Labs. But outside of the big venture capital firms, there are hundreds more that undertake the same work, funding and supporting startups and advocating for web3 adoption. From this long tail of web3 VCs, a few names stand out. Not only are their founders knowledgeable and their hunger for success palpable, but they demonstrate an earnest desire to help the industry realize its full potential. The following VCs are ethical, multidisciplinary, and intent on helping not just themselves but their portfolio companies achieve the success they warrant. Take a note of these names cos you’ll be hearing a lot more from them in the years to come. GBV Capital Founded in 2020, GBV Capital is a Hong Kong-based web3 fund. It has no LPs, with its founders instead using their own funds to back the startups it believes have an outsized chance of going the distance. Having invested in the likes of Canto, Pendle, Pyth, and Zerolend, it’s fair to say the GBV team know their DeFi and infra plays. The firm is particularly active across the multichain landscape, investing in protocols emerging to bring liquidity and DeFi tooling to L2s. GBV takes an open-minded approach to investing, considering submissions from pseudo-anon teams as well as more conventional startups. It “gets” crypto culture and embodies the WAGMI spirit, making it an ideal partner to support crypto projects that dare to think outside the box. DWF Labs DWF Labs is an ambitious web3 VC that’s eager to find the most talented early-stage projects. It invites submissions from startups that meet its investment thesis and is only too happy to give them the time of day. When the firm commits to an investment, it gives it 100%. Not just funding but also mentoring, networking, and every other weapon in its extensive arsenal. Because DWF Labs also runs a market-making and OTC trading desk, it’s an ideal fit for tokenized projects. While its initial value-add is in terms of financing, later its complementary services prove invaluable in providing the liquidity required to ensure a successful TGE. DWF Labs knows the industry inside out and its work ethic has helped make it one of the fastest-rising web3 VCs. Side Door Ventures Side Door Ventures is run by an extremely smart team that’s interested in moon shots. It’s not seeking yet another L2 or data layer: it wants founders with grander aspirations. Side Door’s own founders have a background in fields ranging from life sciences to space – no wonder they’re so hungry for moon shots. Its web3 investments have included Ether.fi and Mysten Labs and it’s constantly scouting for new opportunities. While Side Door Ventures, like any good VC, is extremely selective about the companies it backs, when it does commit, it commits fully, furnishing them with all the tools they need to succeed. Its digital asset fund provides checks of up to $300K for web3 startups, giving them the fuel to advance their concepts into a working onchain reality. First Minute Capital Headquartered in London, First Minute Capital is focused on the European market where it’s funded a host of fintech and crypto startups. Founded by serial entrepreneurs, it’s seeking founders who share the same mindset, ambition, and vision. Or as VCs are apt to put it, they invest in people. Founded by Spencer Crawley and Brent Hoberman in 2017, First Minute is “sector-agnostic” so doesn’t just limit itself to web3. Companies to whom it gives the thumbs up can expect seed or pre-seed funding ranging from £250K to £3M. First Minute Capital loves a good founder story, the sort driven by an individual or team inspired to create a product that solves a pain point they’ve first-hand knowledge of. For founders with the ambition to match their grand vision, First Minute is the VC to approach. Lunar Capital Part of ecosystem growth firm Lunar Strategy, Lunar Capital is a Lisbon, Portugal-based incubator and accelerator. It’s an investor whose star is very much in the ascendancy, having just wrapped up a whirlwind H1 2024 that’s seen it writing checks, co-hosting EthCC, raising over $4M and accelerating its mandate to support the startups that are intent on transforming web3 over a long time horizon. Lunar Capital specializes in seed round and Series A/B funding, but its services don’t just end there. Once projects reach the public investment stage, typically in the form of a TGE, Lunar gets hands-on, assisting with everything from marketing to post-IDO strategy. It also works closely with KOLs to help projects attract the influencers who can broadcast their message to the masses. 1confirmation Founded by Nick Tomaino (ex-Coinbase), 1confirmation is an early stage venture fund investing in the decentralized web. It’s particularly focused on Ethereum-native startups that align with its philosophy and that are working to make the EVM ecosystem more accessible to developers and end-users. Its portfolio includes OpenSea, Polymarket, and Maker. 1confirmation is highly active on Twitter , where it uses its brand to support its portfolio companies and evangelize the latest blockchain breakthroughs that are unlocking new use cases and onboarding new users at scale. 1confirmation is also heavily invested in the macro landscape, with its regular newsletters to LPs providing analysis of the market outlook and making multi-year projections about where the industry is headed next. CoinFund CoinFund is a Berlin-based web3 VC that prides itself on identifying emerging trends and new metas before the rest of the industry has caught on. Founded in 2015, it now boasts over 100 portfolio companies including the likes of Neutron, LI.Fi, and Gensyn. An experienced founder team, led by Jake Brukhman, has a collective background in investing, engineering, computer science, law, and emergent technologies. One of the smartest teams operating out of Europe, CoinFund also provides market insights and research into web3 sectors ranging from DeFi to DePIN. Its founders are adept at joining the dots to identify trends that will shape the future of web3. These skills feed into its investment strategy, equipping CoinFund to identify the startups that are likeliest to succeed within their respective web3 verticals. KR1 Based in London and founded in 2016, KR1 invests in major players within specific web3 sectors. While a lot of its funding is directed towards digital assets, it’s also on the lookout for startups that are doing something different and whose tech has a strong defensive moat. This year, it’s supported Mode Network, Avail, and Tanssi, while former investments include StarkNet wallet Argent and Superchain. The KR1 team is seeking true entrepreneurs who will stick at it through good times and lean, and who possess the qualities to turn an idea into a multi-billion dollar company. It’s particularly interested in decentralized networks and protocols that offer something different to what’s gone before. While selective about the startups it funds, when it does write a check, it follows up with ongoing support and mentoring. First Round Capital As its name suggests, First Round Capital is seeking early stage startups that are intent on changing the world for the better. It has a broad remit spanning enterprise, healthcare, fintech, and crypto. While already a major player in venture capital, First Round has a lower profile within web3 – but that’s starting to change. First Round might not invest frequently in web3, but when it does, it tends to be on the money. It’s backed startups such as web3 social platform Farcaster, crypto bank Abra, and Dynamic wallet. One of the best things about First Round Capital is that it’s great at communicating what it looks for in startups and providing educational content to help founders navigate the dark art of fundraising. Even if you’re not planning on sending First Round your deck, they’re a great resource for getting to grips with what VCs are after. Outlier Ventures Outlier Ventures is a VC that has many aptitudes and interests. Despite having been founded a decade ago, the London-based firm has kept a relatively low profile for most of its lifespan. But to those who know, Outlier is one of the best in the biz. Crypto startups that are intent on building products that reinforce the core principles of blockchain – decentralization, open access, security – know to make Outlier Ventures top of their pitch list. As a web3 incubator, Outlier doesn’t just fund startups: its team likes to roll up their sleeves and get their hands dirty, doing the work of supporting DAOs, mentoring projects, and helping crypto companies achieve rapid growth while retaining true to their principles. When you partner with Outlier Ventures, you gain a friend for life that will support your startup through bull markets and bear. That’s the mark of a good VC.
10 Rising Blockchain VCs That Are Making WavesSOON (Solana Optimistic Network) has announced the completion of a new round of financing. Participants in the funding include Lily Liu, Chair of the Solana Foundation, Anatoly Yakovenko, Co-founder of Solana Labs, Jonathan King, Head of Coinbase Ventures, Mustafa Al-Bassam, Co-founder of Celestia Labs, Robinson Burkey, Co-founder of Avail, and Robinson Burkey, Co-founder of Wormhole Foundation. The specific amount has not yet been disclosed.
Solana Optimistic Network Completes New Round of Funding, Solana Foundation Chairman and Others Participate in the InvestmentSolana Optimistic Network — known as SOON — has raised an undisclosed amount in what is being called a "cobuilder " round. Participating are Solana Foundation Chairman Lily Liu, Solana Labs co-founder Anatoly Yakovenko, Coinbasae Ventures Principal Jonathan King, Celestia Labs cofounder Mustafa Al-Bassam, Avail cofounder Robinson Burkey, Wormhole Foundation cofounder Robinson Burkey, and others. According to a press release, the round is exclusively for builders — hence the name — and claims to have had no involvement from venture capital firms. According to the release, the funds raised will be used to make SOON "the highest throughput rollup stack, offering scalability and efficiency for decentralized applications and any Layer 1 blockchain " by building the flagships SOON Stack and SOON Mainnet. SOON Stack is a modular framework combining SVM and OP Stack. SOON Mainnet is a general-purpose SVM Layer 2 that settles on Ethereum. “Our vision with SOON is to combine the power engine of Solana, SVM with liquidity and user base from other L1s, and to make SVM the standard for every L1 ecosystem — so every developer who has been constrained by the execution environment can bring the best UX to users," SOON CEO and cofounder Joanna Zeng said. "With SOON, we aim to be the most efficient rollup while reducing costs and raising performance by 100X in every ecosystem, relative to the highest performing EVM, complimented by a culture friendly towards non-Solana blue chips,” Zeng added.
Solana Optimistic Network raises funds in a 'cobuilder' round without participation from VC firmsOriginal article from crypto research company Tiger Research Compiled by Nan Zhi ( @Assassin_Malvo ) New Cryptocurrency Regulations in South Korea Since the first ban in 2018, the South Korean governments approach to regulating virtual assets has changed a lot. Eventually, South Korea incorporated virtual assets into the current regulatory framework. The key moment of this transformation was the entry into force of the Virtual Asset User Protection Act on July 19, 2024 , which emphasized the high importance attached to investor protection. (Odaily Note: South Korea banned any form of ICO in 2017 and considered closing crypto exchanges in 2018.) This regulatory shift aims to address persistent problems of arbitrage, fraud and illegal solicitation, which are not adequately addressed by the existing anti-money laundering-focused framework, with incidents involving illegal kickbacks exposing significant regulatory gaps. Specific Terms In response, the Virtual Asset User Protection Law aims to protect domestic virtual asset investors and promote market integrity, and includes four key provisions: Clarified the scope of crypto assets : defining crypto assets as “electronic representations of economic value” and excluding certain assets (such as NFTs and CBDCs) from regulation; Mandatory payment of interest on customer deposits : cryptocurrency operators are required to pay customers interest on their deposits in Korean won; Requiring insurance and contingency reserves : The law requires insurance and contingency reserves to be accumulated for accidents, such as hacker attacks and system failures; Strengthening supervision of unfair trading practices : Establishing specific penalties for insider trading and market manipulation, prohibiting the suspension of deposits and withdrawals without justifiable reasons, and requiring cryptocurrency operators to establish a system to monitor and report suspicious transactions. The measures are intended to increase transparency and stability in the cryptocurrency market and protect users. However, some ambiguities remain, so it is important to look at how the market has evolved in the month since the law was enacted . One month after the new regulations came into effect Among the four main points of the latest bill, the ones that have the greatest impact on the Korean cryptocurrency market are mandatory payment of interest and strengthening supervision against unfair trading practices. High-interest deposit collection and internal circulation Mandatory interest payments force cryptocurrency operators to distribute interest on customer deposits to investors, which was previously their source of income . Paying interest on stablecoin deposits is common, but paying interest on fiat currency deposits is very rare worldwide, mainly due to the peculiarities of deposits and withdrawals in South Korea. In South Korea, according to the Specific Financial Information Act, trading in Korean won on exchanges requires opening a real-name account at a bank. Unlike other countries that use methods including KYC authentication, South Korea requires direct linking of real-name accounts as the only way to trade cryptocurrencies on centralized exchanges , making the payment of deposit interest inevitable. Shortly after the implementation of the Virtual Asset User Protection Act on July 19 and 20, the five major exchanges in South Korea launched a fierce interest rate competition. Starting from the initially announced 1% interest rate, the interest rate rose to 2% within a day, and Bithumb recently raised the interest rate to 4% . (Odaily Note: As of August 20, the yield on South Koreas 10-year government bonds was 2.972%, and the two-year bond was 3.048%) This competition may stem from past experience with real-name accounts. The market leader at the time, Bithumb, chose Nonghyup Bank, a traditional bank where it was relatively difficult to open a non-face-to-face account. Upbit, on the other hand, chose KBank, which allows for quick non-face-to-face account opening, leading to a change in market share. For Bithumb, this aggressive move by setting a high interest rate represents its strategic intention to regain its leading position . Currently, Koreas base interest rate is 3.50%, the average interest rate for ordinary bank deposit accounts is 2.07%, and the average interest rate for securities companies CMA accounts is 3.14%. In contrast, exchanges are competing quite fiercely with higher interest rates. This competition is possible because the financial burden has been shifted to the banks associated with the exchange rather than the exchange itself . As of last year, Upbit had $2.9 billion in customer deposits, and at the 0.1% interest rate offered by KBank, interest income alone is estimated to be around $29.2 million. However, with the implementation of the new law, KBank’s cost burden will increase significantly as exchanges raise their interest rates. If Upbit’s interest rate is raised to 2%, its interest expense will increase nearly twenty times. This structure enables exchanges to provide significant benefits to customers without incurring significant costs. Upbit’s revenue in 2023 was $890 million, and while interest income is significant, it is a smaller portion of total revenue, so the exchange is expected to attract and retain customers using this strategy . Kimchi Premium and Market Manipulation The following figure shows the trend of some tokens before and after they were listed on Korean exchanges. In recent years, the listing effect of Upbit has been very obvious. While cryptocurrencies typically experience a “Kimchi premium” after listing on Korean exchanges, AVAIL has seen a very extreme price gap. (Odaily Note: The new law took effect on the 19th, and AVAIL was listed on Bithumb on the 23rd.) The maximum price difference of AVAIL between Bithumb and Bybit reached 1,335%. A user bought a large amount of AVAIL from overseas investors who could not access Korean exchanges through the X platform, and then sold it in bulk on Bithumb for huge profits. (Odaily Note: Based on 3200 won, the highest price on Bithumb was $2.4, and the highest price on other exchanges was about $0.24.) Source: Subscan Analysis of the transactions related to the mysterious user showed that he transferred $1.2 million AVAIL through 113 addresses and recovered $2.49 million AVAIL, with an average return of 2.07 times per user. The mysterious user earned approximately $760,000 in revenue through arbitrage fees. The incident highlights several key issues related to the Virtual Asset User Protection Act, including price manipulation, market impact caused by large-scale sell-offs, and the responsibility of exchanges to monitor abnormal transactions. In addition, it also raises legal issues regarding the sale of tokens on behalf of foreigners who do not have access to local exchanges, which also poses potential money laundering risks.
Virtual assets are included in the regulatory framework for the first time. How did South Korea’s new crypto regulations perform in the first month?Zero-knowledge proof (ZK) technology company Ola announced today that it has formed a strategic partnership with Web3 infrastructure project Avail. Ola stated that since April of this year, the company has been focused on building the largest mobile ZKP verification network "OlaMassive". This partnership with Avail will help Ola further improve its ZK technology stack and promote the development of cross-chain and full-chain applications.
Ola and Avail reach strategic cooperation to promote the development of cross-chain and full-chain applicationsAccording to Bitget market data, AVAIL has broken through $0.14, with a 24-hour increase of 31.54%, and is now quoted at $0.141. The market fluctuation is quite large, please manage your risk well.
AVAIL has broken through $0.14, with a 24-hour increase of 31.54%In this episode of Hashing it Out, Cointelegraph's Elisha Owusu Akyaw interviews Pavel Bains, CEO of Bluzelle, a decentralized storage network. Bains explains the concept of decentralized physical infrastructure networks (DePINs), which distribute internet infrastructure ownership and control. He emphasizes the growing interest in DePINs due to their easy-to-understand use case and the need for better security, lower costs, and improved backups. DePIN for enhanced redundancy, security Bluzelle, built on top of IPFS, offers a decentralized storage solution that replicates data across multiple nodes for enhanced redundancy and security. Bains highlights the importance of storage in the DePIN ecosystem, as the demand for data storage continues to grow rapidly. He also discusses the role of AI in managing data storage, particularly in optimizing edge caching for faster content delivery. The conversation also touches on the importance of incentives in the Web3 space, with Bains emphasizing the need for sustainable incentive models that benefit both the project and the users. He contrasts this with short-term speculative approaches and highlights Bluzelle's token-based incentive system for storage providers. Related: Hashing It Out: Navigating the next wave of Web3 with Avail’s Anurag Arjun Finally, Bains addresses the potential interaction between DePINs and DeFi, suggesting that DePINs could primarily benefit the trading side of DeFi through faster trade execution. He concludes by sharing his optimistic outlook for the future of DePINs, predicting increased adoption and maturity of decentralized infrastructure projects in the next few years. Listen to the latest episode of Hashing It Out on Spotify , Apple Podcasts or TuneIn . You can also explore Cointelegraph's complete catalog of informative podcasts on the Cointelegraph Podcasts page . Magazine: Decade after Ethereum ICO: Blockchain forensics end double-spending debate
Hashing It Out: The era of decentralized physical infrastructure networksAlthough the current crypto community's enthusiasm for technical narratives has waned, it is undeniable that since the Cancun upgrade, the transaction costs of the Ethereum ecosystem have dropped significantly, demonstrating the practical benefits of technological progress. Another major technical narrative in the current blockchain field is modularization. In the first half of the year, the performances of Celestia and EigenDA, two major modular blockchains, were brilliant. Last week, Avail, another leading player in modularization, also opened a new chapter. On July 23, Avail announced the launch of the Avail DA mainnet and the launch of the AVAIL token. AVAIL will be used as the native asset of the Avail network to pay DA fees and ensure network security through staking. In addition, AVAIL holders will be able to start staking AVAIL . Avail, EigenDA, and Celestia are the protagonists in the DA ecosystem - each serving the same space but taking slightly different approaches to infrastructure stacks, execution, and listing. This article will introduce Avail's project details and product mechanisms to help understand how the head projects are designed and ultimately implemented as the current modular technology development enters a steady progress period. The problem Avail wants to solve Avail was first launched by Polygon co-founder Anurag Arjun in 2020 and became independent as an entity in March 2023. Its goal is to build a neutral platform through data sampling, which means that it does not rely on any specific Rollup solution, nor is it limited to a specific Rollup solution. Avail will provide services for all major Rollups. Avail raised $27 million in financing in 2023. In June this year, Avail's total financing amount reached $75 million, further promoting its layout in the Web3 field. Data availability is an important part of modular blockchain architecture. In the past, each node needed to download all transaction data to verify its availability, which was inefficient and costly, and seriously restricted the scalability of blockchain. Data Availability Sampling (DAS) uses multiple rounds of random sampling to enable light nodes to confirm the availability of data without downloading the entire block, thereby reducing data verification costs by 99%. But the DA layer is a highly competitive field and must be differentiated by providing different guarantees, as well as building its own ecosystem as a moat. An ecosystem is only as good as the interoperability between all the different chains in the ecosystem. The ultimate result envisioned by Avail is "a unified Rollup ecosystem". To achieve this goal, a trusted, neutral third party is needed to coordinate communications between different Rollups and allow these Rollups to perform different tasks. Therefore, Avail pioneered the Avail Trinity approach, with Avail DA enhancing the scalability of Rollups and reducing operating costs; Nexus interoperability solving fragmentation problems and promoting the unification of Rollups; and Avail Fusion providing a shared security solution. The DA layer is built specifically for data availability and is the bottom layer of the blockchain, with the lightest functionality required to build cross-ecosystem interoperability. As a lightweight but powerful ZK rollup running on Avail, Nexus supports cross-Rollup and cross-ecosystem settlements. Fusion Security can bring together the cryptoeconomic security of many tokens to serve and protect the Avail network. The reason for this architecture is that the problem with blockchain today is that the user experience of trading across multiple chain networks is not yet ready for mass adoption. Although Rollup improves scalability by processing transactions off-chain, it adds complexity, resulting in higher transaction costs and fragmented liquidity, which affects the user experience and is not conducive to the mass adoption of blockchain technology. Core Functions of Avail DA From the architecture to the core data processing level, inspired by the cryptographic security of ZK technology, Avail uses validity proofs ( KZG commitments ), so that developers and users do not need to trust that Avail data is available, they can verify the data themselves. Once the proof of validity is generated, the proof and verification becomes computationally efficient, providing data availability guarantees directly to different nodes in a highly scalable manner. Avail completes blocks in about 60 seconds, which is one of the fastest verification times offered by data availability providers today. In addition, Avail DA has a P2P network of multiple light clients from which to sample. These light clients not only verify the data availability guarantees, but also ensure the availability of the data itself. They keep available data samples in the P2P network, and as the number of light clients increases, the data availability increases. This makes Avail a DA layer that can sample data from its light client P2P network without relying on full nodes. As long as there are enough light clients, the P2P network can theoretically have all the data units within a block, allowing users to query the entire block without relying on RPC. Avail DA is the only data availability layer that combines KZG commitments with Data Availability Sampling (DAS) , which marks an important milestone for the blockchain community as it enables Rollups to achieve features and benefits similar to Ethereum's full Danksharding roadmap today. Since this article mainly introduces and discusses DA-related content, the Avail Nexus and Avail Fusion sections are only briefly mentioned here. Avail Nexus is a custom ZK-coordinated Rollups based on Avail. In the multi-chain world, the user experience has long been negatively affected during the interaction between chains. If there is no fundamental change in composability, further increasing the number will cause greater problems. This is why Avail built Avail Nexus, which uses Avail DA as a trust root and acts as a verification center for unified Rollups. The Fusion Security section allows the inclusion of external tokens in addition to Avail native tokens in the Avail DA consensus, providing strong cryptoeconomic guarantees and strengthening Avail's function as a unified layer for Web3. How to participate in the entire system by staking AVAIL tokens Along with the launch of the AvailDA mainnet, the Avail team also airdropped AVAIL tokens to all eligible users. The total amount is 10 billion, of which airdrops and public distribution account for 6%, ecosystem development 30%, community and research 23.88%, investors 14.12%, and core contributors 20%. AVAIL has a wide range of uses, including ecosystem governance and liquidity staking. The official has not yet given a detailed plan for the former, but the latter can be carried out through deq.fi . deq.fi is a new native liquidity staking pool just launched on Avail, where users can stake their AVAIL tokens and obtain stAVAIL, which can then be used to explore other contents of the ecosystem. Speaking of staking, Avail adopts the Nominated Proof of Stake (NPoS) consensus mechanism inherited from the Substrate ecosystem. Staking plays a vital role in the NPoS consensus mechanism. By staking AVAIL tokens, users can contribute to the security of the network and be rewarded for their participation. The more tokens staked, the more secure the network is, because malicious actors need to obtain a large portion of the staked tokens to successfully attack the network. Therefore, Avail's DA, Nexus, and Fusion security layers will all be protected by Avail token staking. Avail DA staking: Users can stake AVAIL tokens to validators or nomination pools to help ensure network operation and support various application scenarios such as Web3 games, DeFi platforms, etc. Stakers can therefore receive staking rewards. Avail Nexus staking: In order to improve the efficiency and fairness of transaction processing, the sorter needs to stake AVAIL tokens to participate in the submission and sorting of transaction batches. Those with outstanding performance will be rewarded, and those with poor performance will be punished. Avail Fusion staking: Staking is not limited to AVAIL tokens, but also includes other mainstream crypto assets such as BTC, ETH, etc., which enhances the security of the entire network, and stakers receive corresponding rewards accordingly. It is worth noting that to remove staking from the Avail network, nominators must complete the unbinding process, which takes 28 days, during which time AVAIL tokens cannot be used or transferred. Powerful Ecosystem Avail's ultimate goal is to obtain ordered transaction data from all chains and aggregate them to Avail, making them the collaborative center of all web3. This "neutral" stance allows for greater interoperability and capital flow, and can also attract non-Ethereum-centric ecosystems. From the perspective of Ethereum, Avail has integrated five major Rollup stacks, including OP Stack, Arbitrum Orbit, Polygon CDK, Starknet Stack, and zkSync's ZK Stack. In addition to Rollup, Avail DA has also integrated multiple Rollup-as-a-service solutions, including AltLayer, Conduit, Karnot, Ankr, Gateway, Gelato, PineX, and Snapchain. Avail is also continuing to make efforts in the Bitcoin ecosystem. At present, Avail has integrated Bitcoin L2 such as BVM, dWallet, Rooch, LayerEdge, and Bitcoin extension layer Side Protocol. L2 publishes transaction data to Avail DA, which is not only low-cost, but also can achieve transaction finality in about 40 seconds. In addition, Avail will also make interoperability between Bitcoin L2 and Avail Nexus possible. Avail has also made progress in integrating with application chains. At present, it has integrated payment chain Fuse, oracle service OpenLayer, IaaS protocol Neova, L1 Arcana, which focuses on chain abstraction and intent, and Blade Games, a full-chain game. There are competitors in every field that Avail is developing, such as Celestia, EigenDA, Polygon's Agg Layer, etc. in the DA layer, or shared sequencers in the interoperability layer, and projects such as EigenLayer and Babylon for shared security. But Avail aims to provide a comprehensive and efficient blockchain solution by integrating the data availability layer, interoperability layer, and shared security. It maintains the existing cryptoeconomic trust model and minimizes reliance on new cryptographic methods, thereby enhancing the stability and security of the system. This may prove to be the ultimate logical destination for the DA layer, as there is a natural synergy between the DA layer and interoperable solutions. To date, modular technology advances have shown extraordinary potential, as many of the concepts were only imagined a few years ago. By fundamentally improving the way blockchains are built and used, the DA layer will undoubtedly become the core of this cycle and future technological developments. Avail's forward-looking layout not only reflects its accurate grasp of technological trends, but also indicates its important position in the future blockchain ecosystem. 欢迎加入律动 BlockBeats 官方社群: Telegram 订阅群: https://t.me/theblockbeats Telegram 交流群: https://t.me/BlockBeats_App Twitter 官方账号: https://twitter.com/BlockBeatsAsia
In the new stage of "DA competition", why is Avail worth paying attention to?Delivery scenarios