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Introduction
Layer3 is a platform that enables anyone to discover crypto. We curate unique, interactive onchain experiences (Quests) that enable anyone—regardless of skill—to explore the magic of crypto-tech.
Layer3, a distribution, identity and incentive infrastructure, announced its expansion to the Solana network. It aims to create a consumer distribution layer for the Solana protocol, supported by L3 tokens natively provided on Solana through Wormhole. This expansion brings several new features including optional token migration via Wormhole & Portal, new leaderboards, rewards, user processes and community structures as well as L3 staking on Solana through Wormhole.
Layer3 has expanded to Solana, supporting L3 staking through WormholeShiba Inu (CRYPTO:SHIB) has entered into a new partnership with cryptography firm Zama to enhance the security and privacy of its Shibarium layer-2 network. The collaboration will integrate Fully Homomorphic Encryption (FHE) technology, which allows data privacy to be maintained during blockchain transactions and smart contract execution. This advancement aims to secure sensitive information such as financial data and NFT identities without exposing it on the blockchain. LUCIE, the marketing strategist for Shibarium, revealed the partnership on X (formerly Twitter), explaining the potential of FHE to strengthen the ecosystem’s privacy and governance frameworks. According to LUCIE, this partnership opens the door to various new use cases for Shibarium, including projects like Treat and Bone. "Although FHE is still evolving, its potential is substantial, and the research community is actively working to overcome the challenges associated with it," LUCIE noted. While this collaboration is seen as a step forward in securing the Shiba Inu ecosystem, SHIB’s price has declined by more than 6% over the last 24 hours, making it the worst performer in that time frame. Despite the recent dip, SHIB has maintained positive momentum over the past two weeks, thanks to recent rallies that saw its market cap temporarily exceed $12.5 billion. Shiba Inu supporters are optimistic that the Zama partnership could eventually propel the coin’s value. However, some have raised concerns about whether this development will truly enhance the security of Shibarium. LUCIE addressed these concerns by affirming that Shibarium will have more options for security and that FHE will be implemented as an L3 layer. Currently, SHIB’s market cap stands at approximately $10.8 billion, positioning it as the 14th-largest cryptocurrency despite the recent downturn. At the time of reporting, the Shiba Inu price was $0.00001815.
Shiba Inu teams up with Zama to boost Shibarium securityLast updated: September 30, 2024 10:31 EDT The price of Shiba Inu has dropped by 8% in the past 24 hours, falling to $0.00001823 on a day when the crypto market as a whole loses 3.5%. This decline hasn’t been enough to send SHIB into the red for the week, with the meme token up by an impressive 25% in seven days and by 37% in a fortnight. Such gains come off the back of a marked increase in its burn rate, which has exploded by just over 5,000% in a week. Combined with SHIB’s strong fundamentals for a meme coin, such an increase would suggest that it will recover very soon from its current dip. Shiba Inu Burn Rate Explodes 5,094% – Is a Price Rally Coming? Shiba Inu may have declined over the past day, but its indicators would suggest that it’s getting very close to a big rebound. Most notable is the convergence between its resistance (red) and support (green) levels, which will collide with each at some point tomorrow and potentially precede a big breakout. The fact that SHIB’s relative strength index (purple) has plunged to 30 this morning would suggest that a rebound is coming soon, something which chimes with the pennant formed by the resistance and support levels. Source: TradingView However, a pessimist might point to the coin’s 30-period moving average (orange), which is still above the 200-period average (blue) and which may have to come down before we see a notable recovery. One encouraging detail is that the token’s 24-hour trading volume stands at $800 million today, still up from $300 million barely a week ago. This highlights ongoing demand for SHIB, with the main factor in its recent rally being the sudden increase in its burn rate. HOURLY SHIB UPDATE $SHIB Price: $0.00001989 (1hr -0.75% ▼ | 24hr -4.14% ▼ ) Market Cap: $11,717,584,468 (-4.36% ▼) Total Supply: 589,269,169,601,825 TOKENS BURNT Past 24Hrs: 2,050,516 (-98.03% ▼) Past 7 Days: 2,019,681,290 (5094.07% ▲) — Shibburn (@shibburn) September 29, 2024 This has partly stemmed from an increase in activity on Shibarium, which had seen daily transactions spike to over 10,000 over the past week. Shibarium had introduced the Bor update in August , which implemented the mechanism which is now resulting in increased burns. This has left SHIB in a very good place in terms of its tokenomics, while its wider ecosystem is also looking promising. For instance, its team has revealed that the long-awaited SHIB: The Metaverse will launch in “ the foreseeable future .” Shib the Metaverse: Where the Community Meets, Dreams, and Schemes Let’s remind you that the Shib Ecosystem will finally launch Shib the Metaverse in the foreseeable future. And do we know a little more? Yes! If you’ve been paying attention to Shiba State posts, Treat, L3,… pic.twitter.com/E3iadQJs8u — 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 29, 2024 This will be big for Shiba Inu, with the platform serving as a community-focused hub for the wider SHIB ecosystem. Combined with an increasingly positive market, the SHIB price could therefore reach $0.000030 by the end of November and $0.00004 by 2025. Bullish New Meme Tokens with Strong Fundamentals SHIB looks like it could have a strong end to the year, but it won’t be the only meme token doing well over the next few months. We’re also likely to see strong returns from certain presale coins, which can often rally big on the back of successful sales. A very good example of this comes from Crypto All-Stars (STARS), an ERC-20 coin that has now raised more than $1.8 million in its offering. Crypto All-Stars is that it’s the first token to provide a ‘MemeVault’, a protocol in which holders of any meme token can stake their funds. Crypto All-Stars makes use of the ERC-1155 multi-token standard, which enables it to tokenize any cryptocurrency, including coins that aren’t based on Ethereum. This gives the project a very wide market, and what’s exciting is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens. This should result in STARS experiencing big demand, with the coin having a max supply of 42.069 billion. Joining STARS’ sale is simply a matter of going to the official Crypto All-Stars website and connecting your wallet. STARS currently costs $0.001471, although its price will rise in under a day. Of course, with nearly 15,000 followers on X and a popular sale, this price could rise much higher once it lists on exchanges. Buy STARS Now Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Shiba Inu Burn Rate Explodes 5,094% – Is a Price Rally Coming?Key Takeaways Ethereal proposes a 15% token allocation to ENA holders if integrated with Ethena. Ethereal aims to match centralized exchange performance with full self-custody. Share this article Ethereal Exchange has submitted a proposal to Ethena governance, seeking community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity. https://twitter.com/ethena_labs/status/1840635070698455416 The proposal introduces Ethereal as an integrated spot and perpetual futures decentralized exchange (DEX) built on the upcoming Ethena Network using USDe. Ethereal is requesting direct integration into Ethena-related reserve management from launch to provide a fully onchain venue for managing spot and derivative positions backing USDe. As part of the proposal, Ethereal is offering a 15% allocation of any potential future Ethereal governance token to circulating ENA holders. This move aims to ensure alignment between Ethena and Ethereal community stakeholders. Ethereal V1, with a testnet expected in Q4, is designed as an L3 EVM appchain settling to the Ethena Network. The exchange aims to match centralized exchange performance while maintaining complete self-custody and flexibility to support features such as cross-margin, liquidity automation, and portfolio margin. Ethereal’s architecture is reportedly capable of processing 1 million operations per second with sub-20ms latency. The proposal outlines several potential benefits for the Ethena ecosystem, including increased demand for USDe , improved decentralization through onchain management of USDe backing, and setting a precedent for other applications built using USDe on the Ethena Network. Ethereal is requesting support from the Ethena community for integration as a venue for executing hedging transactions, subject to satisfactory technical due diligence conducted by the Ethena Foundation and Risk Committee. Additionally, they are seeking technical support for deployment onto the Ethena Network to implement an integration with Ethena’s hedging engine. A snapshot for voting on the proposal is expected to be released shortly, with community members encouraged to participate in discussions on the governance forum. Share this article
Ethereal Exchange proposes integration with Ethena NetworkCoinspeaker Shiba Inu Ecosystem to Launch ‘Shib the Metaverse’ to Revolutionize Community Engagement The SHIB ecosystem will soon launch ‘Shib the Metaverse’, a virtual environment designed to foster community engagement, creativity, and collaboration among SHIB SHIB $0.0000 24h volatility: -5.6% Market cap: $10.92 B Vol. 24h: $821.90 M holders. The marketing lead at Shiba Inu, Lucie, stated that users who are closely paying attention to Shiba State posts, Treat, L3, Shiboshis, and the Shib marketplace must have probably gotten an idea of how these features might come together. Lucie declared via her X handle that ‘Shib the Metaverse’ is way beyond a hangout spot. It is set to become the heartbeat of the SHIB community. Users will be able to contribute their creativity through art, new initiatives, or classic SHIB memes, which could make the metaverse a space filled with diverse expressions. SHIB is establishing itself in the virtual space by ensuring users can relate without any form of limitation, such as borders, travel bans, or any other barriers. Participants will be able to interact, share ideas, and do various things, all in the virtual space. Lucue said: “This space is set to become the beating heart of the SHIB community, where user-generated content, ideas, and collaboration thrive. Unlike other projects trying to stake a claim in the real world, SHIB is planting its flag in the virtual realm, where borders, travel bans, or location aren’t barriers. It’s a global party, and everyone’s invited.” Lucie further stated that the SHIB metaverse will serve as the ultimate headquarters for SHIB holders, where they can vote on important proposals and form new strategies for the ecosystem’s future. Building the metaverse will help it create a community where everyone can join, regardless of their geographical location. Community members can start imaging using avatars to engage in real-time discussions and thinking about the next big thing in the DeFi space. The Shib metaverse has planned to make it a playground for dreaming big, generating ideas, and enjoying the communal spirit that defines the SHIB ecosystem. The metaverse will be a fun and engaging space, replicating a clubhouse where collaboration and fun thrive. Lucie said: “It’s the ultimate clubhouse, but instead of “No girls allowed,” it’s “No borders allowed.” Welcome to the future, SHIB-style!This metaverse isn’t just about the tech; it’s about creating a virtual home where SHIB community members can connect, dream big, and have fun.” The project has yet to launch, as it’s planned to be launched in the foreseeable future. Possible Increased Utility for SHIB Tokens The upcoming “Shib the Metaverse” launch will help holders of SHIB tokens connect and collaborate in the virtual space, boosting trust and strengthening their sense of belonging. More so, including a ‘voting proposal’ in the virtual space will facilitate decentralized decision-making, allowing SHIB holders to have their say in the SHIB ecosystem and making them more engaged and active in the community. This could cause the value of the SHIB token to soar. The metaverse could also improve the utility of the SHIB token, potentially increasing its value and causing it to spike. next Shiba Inu Ecosystem to Launch ‘Shib the Metaverse’ to Revolutionize Community Engagement
Shiba Inu Ecosystem to Launch ‘Shib the Metaverse’ to Revolutionize Community EngagementTL;DR Shiba Inu collaborates with Zama to integrate Fully Homomorphic Encryption (FHE) into its Shibarium layer-2 solution, aiming to enhance data privacy and security for transactions and smart contracts. Despite the development, SHIB’s price fell by over 6% in the past 24 hours. However, it remains up on a two-week scale due to recent rallies. Shiba Inu’s Latest Collaboration Shibarium’s Marketing Strategist, using the X handle LUCIE, revealed that Shiba Inu shook hands with the open-source cryptography company Zama. The goal is to enhance the capability of the meme coin’s ecosystem by mainly focusing on the layer-2 scaling solution. “A crucial component of this evolution is Fully Homomorphic Encryption (FHE), a groundbreaking technology that allows crypto transactions to occur on the blockchain while keeping sensitive data – such as financial information and NFT identities – completely hidden,” the announcement reads. This technique is employed in crypto applications to secure user data while enabling essential operations, like transaction verification or running smart contracts, without revealing any private information. According to LUCIE, the FHE integration could strengthen the technology and governance framework of the Shiba Inu ecosystem, “opening the door to new use cases across various projects,” such as Treat or Bone. “Although FHE is still evolving and improving in efficiency, its potential is substantial, and the research community is actively working to overcome the challenges associated with it,” the X user concluded. Some members of the SHIB community described the partnership as a major bullish factor that could propel a price rally for the meme coin in the near future. Others questioned whether the development will make Shibarium more secure. LUCIE answered positively, saying the protocol will “have more options.” They said this will be launched as an L3 on Shibarium. For more updates on the ecosystem, check out our Shibarium news . SHIB Price Outlook Despite the announced collaboration, SHIB’s valuation remains deep in the red. In fact, the second-largest meme coin is the worst-performing cryptocurrency in the last 24 hours, witnessing a price decline of over 6%. Still, it remains well in the green on a two-week scale due to the major rally recorded lately. As CryptoPotato reported , SHIB reached a three-month high over the weekend, while its market cap briefly surpassed $12.5 billion. Currently, the capitalization stands at roughly $10.8 billion, making it the 14th-largest cryptocurrency. Those willing to check which factors might have played a role in the price retreat, please check our detailed article here .
Shiba Inu Inks an Important Partnership to Foster the Development of Shibarium: DetailsThe Ethereal Exchange has proposed the integration of its spot and perpetual exchange, built on USDe, into the Ethena ecosystem. This integration aims to enhance the utility and demand for USDe, while also allotting 15% of any potential Ethereal token to ENA holders. In response, the ENA token price surged by 20% today, reflecting strong market interest and confidence in the proposed developments. Discover how Ethereal Exchange’s integration proposal could redefine the USDe landscape and significantly impact ENA token value. Ethereal Exchange Seeks Integration with Ethena On September 20, Ethereal Exchange submitted a proposal to the Ethena community for a governance vote. The proposal seeks approval to integrate Ethereal’s spot and perpetual exchange, built on the USDe, into Ethena’s hedging engine and liquidity management system. This move aims to create a fully on-chain platform for managing spot and derivative positions that underlie the USDe. Increased Utility and Demand for USDe The integration is anticipated to significantly expand the utility and demand for USDe. If approved, the proposal will also allocate 15% of any potential Ethereal governance token to current ENA holders, providing an additional incentive for the Ethena community to support the integration. The Ethena Foundation and Risk Committee will conduct thorough technical due diligence before any final decision is made. Positive Market Response The announcement of the proposal has already led to a notable surge in ENA’s market performance. Following earlier news of Ethena Labs launching the UStb stablecoin—collateralized fully by BlackRock and Securitize—investor interest was already piqued. The ENA token witnessed a 24-hour price range from a low of $0.3496 to a high of $0.4179, marking an impressive 20% price increase in just 24 hours. The trading volume has spiked by 145%, underscoring strong market enthusiasm. Broader Implications for the Market The derivatives market also showed significant activity, with ENA futures open interest rising over 13% in just four hours, and over 20% within a full day. Major exchanges like Binance, Bybit, and Coinbase saw huge buying activity, pushing the total ENA futures open interest to $190 million. This heightened activity is a strong indicator of the market’s confidence in the potential benefits of the integration proposal. Technical Roadmap and Future Developments Ethereal V1, an L3 EVM appchain designed to settle on the Ethena Network, is also in the pipeline. A testnet is expected by Q4 this year, with the full launch of the DEX anticipated in 2025. These technical advancements further bolster the strategic importance and long-term viability of integrating Ethereal’s exchange into the Ethena ecosystem. Conclusion In summary, the proposal by Ethereal Exchange to integrate its platform into Ethena could bring substantial benefits, increasing the utility of USDe and offering significant incentives for ENA holders. Market reactions indicate strong support and optimism, as evidenced by a considerable surge in ENA’s price and trading volumes. As the community awaits the final decision, the ongoing developments promise to reshape the landscape of decentralized finance within the Ethena ecosystem. In Case You Missed It: FTX Exchange Token (FTT) Surges 60% Amidst $16 Billion Repayment Rumors
Ethereal Exchange Integration Proposal Boosts ENA Price by 20%Layer3 announced on Platform X that it will officially enter the Solana ecosystem in October. The expansion will launch a new platform with optional token migration services and an optimized user experience, Layer3 said, adding that Layer3 plans to work with 25 top protocols to create the best user hub for the Solana ecosystem.
Layer3: Expanding to Solana Ecosystem in OctoberOdaily reports that cross-chain encrypted payment platform SphereOne announced at X, it has deployed its L3 testnet on the Base chain using Conduit's rollup infrastructure. Users can create "early tester" NFTs or view this blockchain browser through the official link.
Cross-chain encrypted payment platform SphereOne: L3 testnet has been launched on BaseCross-chain encrypted payment platform SphereOne announced at X that it has deployed its L3 testnet on the Base chain, utilizing Conduit's rollup infrastructure. Users can create "early tester" NFTs or view the blockchain browser through the official link.
Cross-chain encrypted payment platform SphereOne: L3 testnet has been launched on BaseScroll-based Cross-rollup order book DEX Zada Finance has announced the completion of a new round of financing. Investors include Cryptia Capital, NovaSeed Ventures, Pulse Capital, Axium Partners, Digitata Capital, Hivemind Ventures and others. The specific amount and valuation information have not been disclosed yet. The new funds will drive its transition from AMM DEX to an order book model while also exploring Layer3 solutions and account abstraction to improve user experience. It aims to aggregate liquidity between different Rollups by solving fragmentation issues through cross-Rollup solutions.
Cross-rollup order book DEX Zada Finance has completed a new round of financing, with participation from Cryptia Capital and othersEthereum (CRYPTO:ETH) has seen its revenue plummet by 99% since the Dencun upgrade in March, as competition from Layer-2 (L2) scaling solutions has intensified. The upgrade, which took place on March 13, significantly reduced transaction fees, prompting a surge in daily transactions and monthly active users on L2 networks. However, this shift has diminished Ethereum's role as the primary transaction platform. According to data from Token Terminal, Ethereum’s network revenue dropped dramatically from $35.5 million on March 5 to just $566,000 by late August. Over 70 active L2 solutions and 21 Layer-3 (L3) projects are now competing for users, drawing traffic away from Ethereum’s mainnet. Rob Viglione, CEO of Horizen Labs, noted that Ethereum is transitioning from a transaction platform to a settlement and security layer for L2 networks, which could ultimately strengthen its position in the long run. Despite the benefits of lower transaction fees, the Dencun upgrade has had unintended consequences. With reduced fees, demand for ETH has declined, affecting the deflationary impact originally intended by Ethereum’s EIP-1559. Instead of reducing the supply, Ethereum has turned inflationary, with more tokens being issued than burned. Data from Ultrasound.money indicates that more than 16,775 ETH have been added to the network's supply since mid-April. CryptoQuant analysts suggest that under current network conditions, Ethereum is unlikely to return to a deflationary state without a significant increase in activity. This challenges the narrative of Ethereum as "ultrasound" money. However, Ethereum co-founder Vitalik Buterin remains optimistic, arguing that the network has grown stronger despite these economic shifts, positioning itself as critical infrastructure in a diverse blockchain ecosystem. At the time of reporting, the Ethereum (ETH) price was $2,376.96.
Ethereum revenue plunges 99% as Dencun upgrade shifts dynamicsBlockchain technology company Stratis has announced the launch of a new generation of flexible blockchain technology, Verium. This technology is based on ZKSync's zero-knowledge proof technology and aims to provide developers and enterprises with high-performance, scalable, and modular flexible solutions. It is understood that Verium introduces GPU Prover, which provides fast transaction proof speed suitable for deploying blockchain games. In addition, Verium also introduces elastic chain features supported by ZKSync technology, allowing users to deploy custom chains including Layer3 solutions. Stratis has launched the Verium Portal as an entry point for users to access the Verium network.
Stratis launches Verium, a flexible blockchain technology based on ZKSyncOriginal author: @DistilledCrypto Original translation: Vernacular blockchain The altcoin market has experienced significant volatility this year, leaving many investors treading on thin ice. However, with the US election and interest rate cuts approaching, the market may be in for major changes. Here is a summary of the 2024 Altcoin Outlook Report: 1. There is no altcoin season Many are disappointed that there has not yet been an altcoin season in this cycle. Altcoins have been underperforming since November 2022, as shown by TOTA L3/BTC. The ratio of the top 125 cryptocurrencies (excluding BTC/ETH) to BTC has dropped from 1.05 to 0.49. 2. Market breadth is a concern The market is currently highly concentrated and dominated by a few large-cap coins. Only 13% of the top assets outperformed BTC. Picking outperforming altcoins is as difficult as finding a needle in a haystack. 3. Key events that affect the market Here are four key events that have impacted the performance of altcoins versus Bitcoin this year: Spot Bitcoin ETF Debuts Bitcoin Halving Spot Ethereum ETF debuts Ripple Partially Wins Lawsuit Against SEC 4. The end of the “altcoin season” The launch of the US spot Bitcoin ETF is the most critical event. While bullish for Bitcoin, this breaks the traditional “path of altcoin season”. The brief altcoin rally was followed by a sharp drop. The trickle-down effect of Bitcoin is seriously overestimated. 5. Macro uncertainty Recent macroeconomic changes have significantly increased market uncertainty. Rising unemployment, high interest rates and the yen carry trade are all important factors. In this risk-averse environment, altcoins, which reflect consumer confidence, have performed poorly. 6. Trump Deal Another important factor is the Trump deal. It reflects market expectations about the possibility of a second Trump presidency, with a focus on pro-growth policies. Small-cap stocks surged after Trumps 2016 victory, outperforming large-cap stocks by nearly 8%. Trump Deal in 2024 With so many events this year, it’s difficult to pinpoint exactly how Trump’s trades will affect the market. However, we can evaluate this by comparing the Polymarket predicted odds with the market index. For example, the TOTA L3/BTC index shows little correlation with Trump’s odds. 7. When will the money printing begin? A key indicator is the global M2 money supply, which suggests prices may eventually rise. An increase in M2 typically boosts market liquidity and asset prices, including cryptocurrencies. 8. Unemployment and recession concerns As the U.S. unemployment rate rose to 4.3% in July, Sahms rule signals the possibility of a recession. In this environment, investors tend to move to safer assets, which can have a negative impact on altcoins. Note: Trading based on macro data is difficult due to the forward-looking nature of the market. 9. Where to go next? By the end of the year, if rate cuts stabilize the economy, Bitcoin’s market dominance could decline. However, if recession fears intensify, Bitcoin’s market dominance could remain elevated. In either case, expect differentiation between altcoins to increase (with due diligence).
Will there still be a copycat season in 2024?Bitcoin.com has partnered with Web3 game developer Playnance to launch an innovative Web3 game called "Bitcoin Up or Down." The game allows users to predict Bitcoin price movements and earn rewards based on their predictions. Players can join either the "up" pool if they believe Bitcoin's price (CRYPTO:BTC) will rise or the "down" pool if they anticipate a price drop. At the end of each round, winners are rewarded based on their correct predictions. Bitcoin.com CEO Corbin Fraser emphasised the partnership’s goal of empowering users by providing a dynamic and rewarding crypto trading environment. Fraser stated, "This reinforces our commitment to making cryptocurrency accessible to all." The game is available on both desktop and mobile platforms, utilising the PlayBlock chain, a high-speed, zero-gas, EVM-compatible blockchain developed by Playnance. Bets and rewards in the game are made in Playnance Game Token (USDP), a cryptocurrency pegged to the US Dollar and backed by a treasury of fiat and cryptocurrencies. The game also features a demo mode where users can place bets and win points without monetary value, allowing them to practice without financial risk. Playnance’s COO, Yaniv Baruch, highlighted that the integration of their white-label Web3 game into Bitcoin.com’s platform diversifies the company’s offerings and creates a new, interactive way for users to engage with crypto trading. Baruch added that this move offers a profitable GameFi experience and provides traffic owners, influencers, and entrepreneurs a quick and efficient way to establish a new revenue stream. Playnance, a B2B Web3 platform and white-label Web3 games provider, operates its GameFi ecosystem on PlayBlock, a Layer3 blockchain built on Arbitrum Orbit. The platform’s security has been validated through a CertiK audit, which ranked in the top 10% of all audited projects, ensuring a secure and reliable gaming experience. At the time of reporting, Bitcoin price was $59,131.64.
Bitcoin.com launches permissionless Bitcoin price prediction gameLast night, $85 million in BTC long positions and $94 million in ETH long positions were liquidated. Bitcoin Contracts Update - Total Open Interest: $31.13 billion (-7.63%) - 24-Hour Trading Volume: $78.88 billion (+41.09%) - 24-Hour Liquidation: $85.62 million (long) / $9.42 million (short) - Long/Short Ratio: 47.74% (long) / 52.26% (short) - Funding Rate: -0.0079% Ethereum Contracts Update - Total Open Interest: $10.35 billion (-9.23%) - 24-Hour Trading Volume: $35.26 billion (+80.49%) - 24-Hour Liquidation: $94.38 million (long) / $7.52 million (short) - Long/Short Ratio: 47.31% (long) / 52.69% (short) - Funding Rate: -0.0068% Top 3 Open Interest Increases - IDEX: $2.02 million (+356.02%) - GLMR: $1.90 million (+58.01%) - L3: $4.74 million (+45.49%)
Bitget Daily Contract Market DynamicsProof of Play's web3 game Pirate Nation is adding a second chain after the first reached maximum capacity, the company said in a statement. The gaming startup, which FarmVille co-creator Amitt Mahajan co-founded, said that its free-to-play game Pirate Nation has become so popular that it has maxed out the capacity of the title's first network, called Apex, built as an Arbitrum ARB -5.61% L3 chain. Now Proof of Play is adding a second chain dubbed Boss Chain, the company said. "To continue scaling the game and accommodate the growing number of users and transactions, Proof of Play is launching additional chains, starting with Boss Chain," the game developer said. Pirate Nation, a pirate-themed roleplaying game, launched nearly three months ago. It then quickly secured a token listing on Coinbase. Last year, a16z crypto and Greenoaks co-led a $33 million seed round in Proof of Play. Naval Ravikant also participated. In Wednesday's statement, Mahajan described the benefits of relying on more than one blockchain. “To scale to any significant number of users, transactions need to be distributed across multiple chains," he said. "During my time developing Farmville, we had to manage around 64 databases to support 30 million daily active users and prevent the game from crashing." The company said Apex is currently processing about 2.5 million transactions per day.
FarmVille co-creator's crypto game Pirate Nation adds second chain to serve future growthOn August 24th, L3 solution HyperLayer announced that it will officially launch in September. HyperLayer is committed to reshaping the future of the blockchain ecosystem through its high performance, cross-chain interoperability, and environmentally friendly consensus mechanism. The platform not only provides faster and more secure blockchain transactions, but also actively promotes community participation and technological progress through its unique ecosystem incentive mechanism.
L3 solution HyperLayer will be officially launched in SeptemberOriginal source: Block Media Layer 3 (L3) aims to make Web3 technology more popular and user-friendly. Our goal is to build a decentralized ecosystem where users can own value more directly, helping them actively participate in the Web3 ecosystem by solving structural problems in the distribution of existing platforms. Layer3's main goals include improving user experience, increasing user engagement, gamification elements, and decentralized governance. To achieve this goal, we make complex blockchain technology easy to learn through gamified tasks and rewards, and encourage user participation through reward systems and governance. Currently, Layer 3 has built the distribution infrastructure used by more than 100 cryptocurrency projects, including Uniswap, Base, Arbitrum, Linea, Polygon, and Celo. It has more than 3 million independent users in 120 countries around the world and supports 25 blockchains, including EVM and Solana ecosystems. Layer3 received $15 million in Series A funding in June this year, and has raised a total of $21 million since 2021. After that, we plan to provide faster and cheaper services by working with various Layer 2 solutions. Block Media met with Layer 3 co-founder and CEO Dariya Khojasteh to learn about their dream of becoming the "Google of Web 3". Q: Please briefly introduce Layer 3. A: I am the co-founder and CEO of Layer 3. We are building comprehensive solutions to help cryptocurrency protocols and users navigate the industry. The goal is to improve the efficiency of cryptocurrency distribution through the Layer3 protocol and build the best consumption platform, identity positioning and open source tools for incentive distribution for users. Full-chain identity, token distribution and incentive infrastructure Q: What are the main issues that Layer3 is currently focusing on? I am particularly curious about your goals in the areas related to blockchain and network infrastructure. A:One of the main problems that Layer3 aims to solve is that blockchain teams do not have the distribution efficiency that Internet builders get from Facebook or Google ads. The new team will consider all deployment strategies from the beginning. We need to find a way to collect Twitter followers and distribute tokens to the right users. In the process, inefficiencies will occur and hinder overall growth. Therefore, we are developing and optimizing crypto-native solutions to solve these problems. We have created a structure that allows users to learn about the projects they are interested in and obtain tokens. This enables protocols and blockchain teams to acquire the users they want and optimize long-term user acquisition instead of short-term speculation. Q: There seems to be a lot of awareness and criticism about the marketing of Web 3 projects. How does Layer3 solve this problem? A:Currently, there are no platforms in the Web3 ecosystem that are optimized for using cryptocurrencies. Layer3 is committed to creating an integrated ecosystem where users can trade cryptocurrencies, discover new projects, and earn tokens. The huge advantage of Layer3 is that all these features are gathered in one place. Any consumer interested in cryptocurrencies can easily find the elements of interest on this platform, and the structure of the process is very interesting. At the end of the day, what cryptocurrency users want is fun and profit. If you can provide both services on one platform, users will stay and come back again and again. In this respect, I think Layer3 is a very influential product. It is not easy to get people to visit multiple times a day and keep coming back for hundreds of days. If you look at the Layer 3 leaderboard, you can find that the top 100 users visit continuously for 100 days, 200 days, 300 days, and even 800 days or more. This kind of continuous participation is very rare in the Web3 ecosystem. Typical Internet companies are very aware of how much their customers contribute to the company. If a customer spends $100 with your company, attracting them for less is a great business outcome. However, this long-term perspective is lacking in the cryptocurrency industry. For example, when we worked with Base, we estimated that a user might be worth $1,020 in the long run, even though we didn’t know what the ecosystem would look like in 10 years. If so, Base could develop a strategy to attract users for less than $1,020. This ensures a successful business outcome and gives users a valuable sense of ownership. If this is not done, both users and protocols will suffer, which could ultimately harm the entire industry. Therefore, we are taking this approach to create a sustainable ecosystem. Q: It is said that Layer 3's goal is "Web3 Super Channel, Web3 Google". As Layer 3 may develop into a centralized platform like Google or Facebook, how do you plan to remain decentralized? A: This is a good question. We seek to decentralize the attention economy that is currently driven by platforms such as Meta and Google. To do this, we are building a Layer3-centric platform. The platform is an interface that users visit every day and is designed to allow users to receive direct rewards for spending time or investing funds on it. The tokens that users earn in the Layer 3 ecosystem are rewards based on the time and attention they spend on the platform. For example, when a user discovers and uses XYZ protocol through Layer3, he or she will get the token of the protocol. In this respect, it is very different from Google or Facebook, which make huge profits through user attention. In Layer3, users make money. In addition, our biggest goal is to decentralize the large-scale, centralized platform model of the Internet. Layer3 is at the center, but users get most of the value, and the value is also manageable by them. This can be regarded as an innovation relative to the existing Internet business model. Q: What is the Layer3 strategy in the case of multiple chains and multiple protocols? What are your plans to support the OmniChain protocol? A: Our protocol is compatible with all EVM (Ethereum Virtual Machine) chains. Since it is very easy to deploy a new chain nowadays, it is important that we support the chain and the team building in the chain ecosystem from the day the new chain is launched. For users, it gives them the opportunity to explore everything a new ecosystem can, find alpha, and earn tokens. To do this, we take a full-chain approach. There will likely be many non-EVM chains that emerge in the coming years, and we are gearing up to ensure our users get as much value as possible from day one on those chains. Whenever a new chain emerges, there will be no case where Layer 3 is not in that chain. That is our goal. Q: How will L3 tokens be used within the platform? A: In the Layer3 ecosystem, layered staking is a way to align incentives with long-term users. People who own L3 tokens can access more parts of the ecosystem than those who do not. In addition, staking L3 tokens allows access to more parts of the ecosystem, while locking tokens allows access to a more expanded ecosystem. This provides all users with the opportunity to participate in Layer3 while ensuring that those with the most aligned values receive the greatest long-term benefits. Many people complain that airdrops degrade the consumer experience of cryptocurrency because they often lead to short-term gains, token dumping, and project demise. Layer3 Staking Token Economics We are focused on providing real value to our users. What we care about is how much they can contribute to our protocol in the long term and how long we can sustain this ecosystem. Ultimately, we believe that aligning incentives over the long term is the right model for any ecosystem. Ultimately, that’s where the utility of the token comes from. Q. How has the feedback been since the launch of the L3 token? I’m wondering if there are any concerns related to token economics. A: Currently, the circulating market value of the L3 token is around $20 million, and the trading volume is around $3 million (as of August 23, Korean time). This is a very large difference in numbers. We are still looking into various factors as reasons for this high interest. I think it’s because consumers who use the L3 token really like the utility of the token. I think the fact that you can use it immediately when you first get the token makes it attractive. It appears to be popular because it is widely used across a variety of exchanges, because it has many utilities that consumers can actually use, and because those utilities are provided across three tiers. We take user feedback very seriously. Among cryptocurrency projects, we believe we are probably the best at analyzing what users find interesting and what they find important. We have received a variety of user feedback, some positive, some negative, but what most users want is to provide more activities and experiences. One of them is Launchpad. Launchpad makes a lot of sense, especially in terms of issuing tokens in a centralized exchange environment and providing services to those who issue these tokens. Existing methods involve simple farming or passive token staking. However, Launchpad built by Layer3 is designed to provide an immersive and beautiful experience for users to experience projects before the token is issued. This means that users will receive tokens not just those who stake, but those who really want to participate in the project. Q: What potential new partnerships and future plans can Layer 3 users look forward to? A: Of the upcoming partnerships, there are two that are particularly worth looking forward to. One is the launch of a highly anticipated blockchain, and the other is an infrastructure project that has recently received a lot of funding support. These projects have generated a lot of attention on social media and among consumers, and we plan to promote the entire ecosystem they support. Both projects are ready to launch on Layer3's Launchpad. Layer 3 Starter Ecosystem List There are also plans to deploy on non-EVM chains. The goal is to allow users of different ecosystems to enjoy all the benefits of Layer 3. We also plan to transfer tokens to these chains so that users who only have liquidity in that ecosystem can stake their tokens and get the same utility as EVM users. Q: Please convey your last words to investors in the Korean Web3 ecosystem. A: Layer3 generated nearly $10 million in revenue, issued about 30 million certificates (CUBEs) and distributed incentives in the process. We serve hundreds of thousands of users every month. To date, over 110 million Layer 3 tokens have been staked, increasing demand on exchanges. This is because you need Layer 3 tokens to stake them and access utilities within the ecosystem. In the future, I believe that as we work with more projects, bring new users into the ecosystem, and deploy on more chains, we will be able to grow the platform and truly achieve the goal of "Google of Web 3". If anyone hasn't used Layer 3 yet, it's a good idea to sign up and try it out. I also hope you guys can give me some feedback. If you have any questions about Layer 3, please feel free to ask. We will work together to help Koreans participate in the Layer 3 ecosystem. 「 Original link」
Layer3 CEO: A super channel for doing business in the attention economyNick Tomaino, founder of cryptocurrency venture firm 1confirmation, has made a bold prediction: Ethereum (ETH) will surpass Bitcoin (BTC) in market value within the next five years. Bitcoin’s market cap currently sits around $1.2 trillion, nearly four times Ethereum’s $321 billion market cap, but Tomaino believes the growth dynamics between the two cryptocurrencies will change. Tomaino argues that while Bitcoin has a well-established narrative as “digital gold” that has attracted institutional investors, Ethereum has been underappreciated despite its significant impact over the last five years. Ethereum is the blockchain on which the world’s most talented developers are building the decentralized internet, and ETH serves as the “digital oil” that powers it, Tomaino says. He argues that ETH is scarce, yielding, and highly usable, and that these characteristics could attract more institutional investors over time. “Wall Street will begin buying more ETH in the coming years and aggressively support its narrative around this,” Tomaino said. He predicts that Ethereum’s current smaller market cap compared to Bitcoin presents an opportunity for greater ownership, ultimately leading to a shift in market dominance. Related News According to a Famous Cryptocurrency Influencer, the Cryptocurrency Market is at a Milestone - He Shared The Coins He Is Optimistic About In the Alt Season Touching on other trends in the crypto space, Tomaino predicted that prediction markets will grow 100-fold in the coming years, making them the breakout market of 2024. He highlighted Polymarket, a prediction market platform that has gained traction as a tool for tracking events like the US presidential election, as an example. According to Tomaino, Polymarket’s scale, which has reached over $1.1 billion in total volume this year, would not have been possible without stablecoins on Ethereum. He expects prediction markets focused on news, culture, and sports to become much larger categories after the election. Looking ahead, Tomaino is optimistic that decentralized finance (DeFi) and NFTs will make a strong comeback, and new industries like SocialFi will emerge. He predicts that advancements in application chains will lead to wider adoption by improving the scalability and user experience of Layer 2 (L2) solutions like Base, and Layer 3 (L3) solutions. “L1 bias will disappear, and big developers will build where they can capture the most value and have the most control,” he concluded. *This is not investment advice.
Venture Company Founder Shares Prophecies About the Future of Bitcoin and Ethereum: “ETH will overtake BTC”Delivery scenarios