BIT Blog

DWF Weekly: Crypto Snapshot

DWF Weekly: Crypto Snapshot
Brought to you by DWF Labs, the global digital asset market maker and multi-stage web3 investment firm.

Social Tokenization App Drives Base Activity Above That Of Optimism’s

The number of daily active users on Base, the Layer-2 network of the cryptocurrency exchange Coinbase, has spiked dramatically in the past week thanks to the fanfare surrounding an upcoming Web3 social network, Friend.Tech. The social platform is built on top of the Base network and allows users to buy or sell shares that are related to the profile of popular Twitter, or X platform, figures. An airdrop rumored to take place soon has increased activity on the network to rise above that of the Optimism network.

Paypal Launches Its Own USD-Backed Stablecoin

Payment intermediary Paypal recently launched its own stablecoin called PYUSD to facilitate payments on the blockchain, and the token will be available to Paypal customers in the United States. Issued by the Paxos Trust Company, PYUSD is backed by U.S. dollar deposits and short-term U.S Treasuries amongst a few and is redeemable on a one-to-one basis with the US dollar. Other than transferring and sending the stablecoin between users, the token will also be used to fund purchases on supported platforms and facilitate swap between supported cryptocurrencies.

Visa Introduces Novel Method To Allow Gas Fee Payment With Credit Card

Payments giant Visa’s research into blockchain payments has unveiled a novel method that will allow users to pay for transaction fees on Ethereum without the need to hold Ether tokens. The method is based on Ethereum’s ERC-4337 account abstraction standard and a “paymaster” smart contract which facilitates off-chain gas fee payments. The method was successfully tested on Ethereum’s Goerli testnet and reduces the barrier to on-chain transaction fee payments.

Market Lulls Traced To Personal Time Off As Traders Take A Breather

While CoinDesk Indices indicate that the price movement of Bitcoin and Ethereum have slowly de-correlated from equities and commodities in the last three months, the overall market sentiment is expected to be lethargic for August. The reason is largely attributed to social behaviors, as traders take a break during this period due to the slow trading activity, and companies wrap up their earnings reports by August which leads to a lull in developments that moves markets.

Algorand Set To Bring In Bridged Assets Through Folks Finance

The payments-focused Layer-1 blockchain, Algorand, is set to bring in bridged assets from three other major blockchains and decentralized finance platform through the decentralized exchange Folks Finance. Branded as an algorithmic capital markets protocol that is built for lending and borrowing on the Algorand network, the protocol will utilize the Wormhole bridge to bring in wrapped assets from Maple finance, along with Avalanche and Solana.

Fetch.AI Enters Tripartite To Provide Better, Secure Business Intelligence has linked up with data service platforms Ocean Protocol and Datarella to create a better user experience with relation to the data of users, while ensuring customer privacy by only allowing the derived outputs of user data to be traded and utilized. Ocean protocol contributes to the partnership goal by making use of its Compute-to-Data smart contracts that enable dApps to publish data and algorithms privately, and integrates this feature within its artificial intelligence infrastructure to produce context-aware recommendations without accessing the data of users directly.

Symbiosis Finance Taps Into More Liquidity With iZUMi Finance Integration

Symbiosis Finance, a decentralized finance cross-chain engine and liquidity protocol, has recently partnered with iZUMi finance to provide greater liquidity access to its platform users. iZUMi finance’s decentralized exchange, iZiSwap, provides customizable on-chain liquidity as a service. By tapping into their service and combining it with the cross-chain engine capability of Symbiosis, users can access liquidity over the Linea, Mantle, and Base network.

Mantle Network Partners With Polyhedra Network To Bring Onboard Zero-Knowledge Full Stack Development

Mantle network, an Ethereum Layer-2 scaling solution that aims to provide faster and cheaper transactions on the Ethereum network, has partnered with the Polyhedra network to drive the adoption of zero-knowledge (ZK) technology. The latter designs scalable zero-knowledge proof protocols for large-scale blockchain systems, and the partnership will unlock access to a variety of ZK-powered tools to solve cross-chain interoperability and digital identity, while allowing transactions across different chains.

TON Releases The Open Source Code For Liquid Staking On The Network

After conducting the first round of liquid staking testing on The Open Network (TON), the development team behind the network is ready to release the open-source code of the TON liquid staking protocol for other developers to use, and the functionality will enter public beta-testing. Liquid staking is a form of token staking which lets users pledge their funds to secure the network but maintains the flexibility of accessing one’s assets anytime. By releasing the source codes, it follows the original plan of democratizing participation in network operations by connecting TON holders and node operators.

More Than 16K Users Awarded NFT TON Collectibles Via Tonstarter

The Open Network (TON) recently wrapped up its ‘Welcome to TON’ introductory campaign which aimed to bring more Web3 users into the network. Over 16 thousand users participated in the campaign via the Tonstarter wallet, and they were awarded unique non-fungible token (NFT) collectibles plus premium Telegram subscription services. The subscription benefits include better chat management and faster downloads, and the foundation has hinted at more unique activities involving the NFTs in the future.  

Floki Inu Hits Critical Milestone Of 500k Followers On Social Media

Floki Inu, the canine-based cryptocurrency that is building a full-fledged ecosystem in Web3, recently saw its community growth reaching the 500k user mark earlier this month. Despite its status as a memecoin, its supporters and team behind the project has been essential in helping the project grow into one of the larger communities in the decentralized space. This includes its listing on global exchanges, establishing a presence on different chains, and continuously engaging its community on different social channels.

Alchemy Pay’s On And Off-Ramp Services Incorporated By BYDFi

Alchemy Pay, a payment solutions provider that supports multiple fiat and crypto on and off-ramp services, has recently been incorporated into the centralized exchange BYDFi to support its payment services for its clients. BYDFi exchange offers a range of trading services including spot trading, perpetual swap, and copy trading, and the integration of Alchemy Pay’s services will create a seamless on and off-ramp transition for BYDFi’s customers.

IX Swap Inks New Collaborative Efforts With DeFi Index Polylastic

Decentralized finance platform IX Swap has entered a collaborative effort with DeFi Index Polylastic to foster a more integrated relationship within the Web3 DeFi ecosystem. As a platform that offers trading for private markets through the tokenization of securities and assets, the collaboration will allow the team to tap into Polylastic’s real-time digital finance index, giving its users access to one of the best asset indices in the DeFi market.

World Mobile Lists On First DEX On Conflux Network

World Mobile Token, a digital token that is utilized to provide services on the World Mobile Network, has officially listed on the first decentralized exchange on the Conflux network, Swappi. The DEX uses an automated market maker (AMM) to facilitate trading of cryptocurrencies, and the token has also been added as a CFX/WMT farmable LP token pair. Stylized as a farm plot available for farming, users can stake to earn PPI with a 10x multiplier reward.

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