According to Foresight News, zkLink Nova, a multi-chain aggregator operating on Layer3, has announced its integration with Scroll. This collaboration is set to enhance capital efficiency and cross-chain connections for Scroll users.

Users of zkLink Nova will now be able to utilize native assets on Scroll. Additionally, Scroll developers will have the ease of migrating their DApp. This integration is expected to bring about significant improvements in the user experience and operational efficiency of both platforms.

According to BlockBeats, Layer3, a token distribution protocol, has successfully raised $15 million in a Series A funding round. The round was jointly led by ParaFi and Greenfield Capital. Other participants in the funding round included Electric Capital, Immutable, Lattice, Tioga, LeadBlock, and Amber.

The successful funding round marks a significant milestone for Layer3 as it continues to develop and expand its token distribution protocol. The funds raised will be used to further enhance the protocol and expand its reach in the market.

The participation of notable investors such as ParaFi, Greenfield Capital, and Electric Capital underscores the potential of Layer3's token distribution protocol in the rapidly evolving digital asset market. The support from these investors will provide Layer3 with the necessary resources to continue its growth and innovation in the sector.

Source: Depositphotos

Fully vertically integrated blockchain Supra has announced a $100M fund to kickstart ecosystem development. The fund has been designed to incentivize third-party developers to create and deploy applications on the Layer 1 chain, which boasts multi-VM support.

Dubbed the Super dApp Showdown, the contest has been designed in the manner of a TV game show, complete with unique seasons and a panel of noteworthy judges tasked with identifying the ultimate winners. The maiden season of Super dApp Showdown is set to commence in August and will see teams compete for a share of the $100M prize fund.

 

From the top Web3 champs to new challengers, get ready for the ultimate arena -- The Super dApp Showdown.https://t.co/HxC3DbwgNYWe're taking blockchain to the next level with full vertical integration of all core services and multiple VMs into one powerful Layer-1 for Super… pic.twitter.com/lsQbtvVTB6

— Supra (@SUPRA_Labs) June 13, 2024

 

Bringing Top Talent to the Table

Web3 developers entering the industry are faced with the difficult task of picking the blockchain ecosystem in which they wish to operate. The architects of L1 and L2 chains, meanwhile, are competing to attract developers who can create applications with genuine utility that will attract real users. Through incubation and grant programs, blockchains can incentivize developers to build on their network while providing the network and investor introductions to help these teams realize their full potential.

In the case of Super dApp Showdown, the contest judges will comprise Supra as well as representatives from Google Cloud, Republic Crypto, Hashkey Capital, and the crypto-focused reality show Killer Whales. It’s an eclectic mix of judges who will hopefully be appraising an equally eclectic bunch of dApps spanning use cases ranging from GameFi to DeFi.

According to Supra CEO Joshua Tobkin, “Attracting the right builders and founders requires a combination of capital and exposure. Along with access to Supra's $100 million ecosystem fund and 500k verified token holders, projects will also have the chance to get featured on Killer Whales, benefiting from their exceptional team, high-quality production, and significant visibility.”

With a potential reach of 600M viewers, there’s scope for Killer Whales to shine a spotlight on Supra while also raising the profile of the successful dApp developer contestants.

The Future Is Supra

Supra has been designed as an all-round L1 that can outcompete older smart contract chains such as Ethereum. It comes equipped with all the tools and features that developers and users expect from so-called next generation chains including reliable oracles, interoperability, and verifiable randomness – something ideal for devs creating gaming applications.

While every modern blockchain has been designed with scalability paramount, Supra has benchmarks that are impressive, not just by web3 standards, but by those of traditional payment methods too. Supra’s Moonshot consensus mechanism enables throughput of over 500K tps with 500-millisecond optimistic finality and 1.5-2 second full finality.

These sort of benchmarks suggest that one of the best use cases for Supra may be in the creation of high volume payment applications. But the devs who sign up for season one of the Super dApp Showdown may see things differently. All will be revealed when the winners of the inaugural Supra contest showcase their creations on Killer Whales later this year.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

Quick take:

The fundraising comes ahead of Layer3’s planned token launch and Airdrop.

The company has now raised a total of $21.2 million following $6.2 million raised across two rounds.

Layer3 offers a token distribution protocol that enables projects to distribute tokens to their fans across multiple blockchains.

Layer3 has completed a $15 million Series A round co-led by ParaFi and Greenfield Capital. The fundraising also attracted participation from Electric Capital, Immutable, Lattice, Tioga, LeadBlock, and Amber Group. Layer3 co-founder Brandon Kumar said the Series A round was structured as equity with token warrants.

The fundraising brings the total raised to $21.2 million following a $3.7 million strategic round raised in 2022 and a $2.5 million announced in 2021, The Block reported.

The company offers a token distribution platform that enables crypto projects to deploy their tokens across multiple blockchains.

This announcement also comes ahead of Layer3’s planned token launch and airdrop in the coming months.

Since the beginning of 2024, crypto projects have intensified airdrop activity, distributing approximately $4 billion so far.

“Protocol treasuries hold billions of dollars in tokens,” Kumar said. “These tokens, in large part, serve as a Customer Acquisition Cost (CAC) mechanism and will, over time, find the most efficient routes for distribution. Protocols like Layer3 are poised to capture the majority of this demand given our direct relationship with the consumer, efficiency, and targeting capability.”

According to Kumar, more than 100 projects including Uniswap, Base, Arbitrum and Linea use Layer3 to distribute tokens to their stakeholders and the community.

The company is now reportedly working on an AI-enabled protocol to optimise token distribution across different factions of crypto communities. The protocol is planned for launch later this year, Kumar said.

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The post ParaFi and Greenfield Capital Co-Lead $15M Series A for Token Distribution Protocol Layer3 appeared first on NFTgators .

Arbitrum DAO, a trailblazer in block chain innovation, has made a monumental decision to inject a substantial $222 million into the Ethereum layer-2 gaming ecosystem. This strategic investment underscores Arbitrum’s unwavering commitment to driving progress, fostering innovation, and empowering communities within the gaming sector.

Understanding the Decision to Invest:

Arbitrum DAO’s strategic allocation of $222 million, equivalent to 225 million ARB tokens, is a manifestation of its core mission to strengthen and unite game guilds across various platforms, including Arbitrum, Orbit, and Stylus.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Merlin Chain has stated that Bitcoin holders can now stake and benefit from high-yield and income-generating DeFi protocols. This trending protocol has seen over $13 billion worth of Bitcoin either brought into its network or out from it in the last 45 days. Merlin Chain itself is developed as a Bitcoin Layer 2 (L2) solution. Moreover, it solves the problem of limited yield options for Bitcoin holders in other chains.

Merlin Chain Transfers $700M BTC to Layer 2 for Yield Incentives

During this period, more than 700 million USD worth of BTC was drained from Merlin to Layer 2 networks for additional incentives. Merlin Chain intends to provide Bitcoin holders with yield opportunities so they will be incentivized to either stake and earn staking yields or enjoy various DeFi services.

Powered by a Proof-of-Stake (PoS) consensus mechanism, alongside its cutting edge DeFi integrations, the network seeks to provide Bitcoin holders with the same benefits Ethereum investors have enjoyed such as staking rewards, liquidity mining, and yield farming. With Merlin Chain users must bridge their BTC to the network in order to earn yield on their BTC using the Merlin Bridge. This freezes the BTC of Layer 1 and produces gas BTC, which can be staked to Merlin’s PoS mechanism.

By staking with M-BTC, Bitcoiners can obtain SolvBTC that allows them to access DeFi services through platforms like Solv Protocol. They also give the potential to offer liquidity and gain yields throughout DeFi protocols combined with Merlin, investigate lending, borrowing, derivatives, and various other DeFi primitives along with BTC capital.

Merlin Chain Enhances Security with Top Crypto Custodian Partnerships

As part of Merlin Chain’s security measures via its PoS mechanism, the platform has teamed up with several of the top crypto custodians and institutions. Fireblocks, Asia’s largest custodian Cobo, Ceffu, and Bitmain investment Antalpha are partner institutions part of the project. So far, Merlin Chain has partnered with more than ten industry big players to further enlarge participation.

Merlin Chain Founder Jeff considers that Bitcoin is one of the top-performing assets of the last decade. But so far, BTC holders have been missing out on yields. But now, they are thrilled to finally start offering incentives for BTC holders to earn and participate in the vibrant DeFi ecosystem.

In the dynamic realm of cryptocurrency, investors are always in search of a token that can multifold their investment. Ethereum and Bitcoin have always dominated the market, but soon after the last bull run, all the top currencies were touching their bottom. But yet, few currencies outperformed the market and held their price firmly. Bitgert is one such token with a successful team of experienced developers, blockchain experts, and industry veterans.

The crypto market is back in action, and so is the Bitgert token $BRISE. The token has already generated returns of over 40,000% in the last bull run and is expected to grow further at a much faster pace. Bitgert has always been a top choice for many top investors, and it has always given amazing returns to investors.

Bitgert is an ultimate investment. Let’s explore the reasons behind it.

The mid-cap token was first launched as a standard BRC-20 token in 2021. However, it gained its true value after evolving into the Bitgert token $BRISE. Within 6-8 months, Bitgert touched its all-time high and rewarded its investors with more than 40,000% returns.

The Bitgert token $BRISE is a powerful layer-1 blockchain. Bitgert’s commitment to transparency and security makes it unique from all other tokens. It constructs its blockchain using the robust PoA (proof of authority) mechanism, which uses advanced techniques to protect user data and provide a smooth user interface.

In terms of transaction speed, Bitgert trails behind top tokens such as Ethereum, Solana, Injective, and others. The Bitgert token $BRISE has a 300 times faster transaction speed than the top coins. Even the gas transaction fees Bitgert charges are the lowest: $0.00000001, which is negligible.

To prioritize long-term value and sustainability and increase the growth of the token, the team launched the price burn mechanism. The price burn mechanism works on deflationary tokenomics, which helps in preserving the value of the token. Every time a transaction takes place, the mechanism burns around 12% tokens of the transaction value. This helps preserve the value of the token and also increases longevity, as Bitgert has a limited supply.

In the last 24 hours, Bitgert’s volume has increased to $281.78K. The Bitgert token $BRISE has generated about 8% returns in the past few hours. According to the experts, this mid-cap token can generate great returns in the next few months. Technical indicators like RSI, MACD, and ADI are painting a green signal. The token can rocket anytime soon, so invest now to reap great returns.

To know more about Bitgert, Visit https://bitgert.com

The goal of Merlin Chain, a Layer 2 blockchain built for Bitcoin, is to provide holders of the most valuable cryptocurrency in the world with long-awaited yield potential.

With the help of the network’s suite of cutting-edge decentralized finance (DeFi) integrations and Proof-of-Stake (PoS) consensus mechanism, bitcoiners will be able to access a variety of DeFi services and earn staking yields, bringing BTC up to par with blockchains such as Ethereum.

Ethereum investors have had a plethora of opportunities to generate returns via activities such as yield farming, liquidity mining, and staking incentives for a long time. But owning bitcoin by itself hasn’t offered any additional income or intrinsic motivations beyond the possibility of a steady increase in the asset’s value. The Merlin Chain team is committed to making it happen.

Merlin Chain Founder Jeff stated:

“Everyone knows bitcoin has been one of the best-performing assets over the past decade, hilariously detonating the cynical predictions of many anti-crypto critics, but holders have missed out on yields that other ecosystems provide. We are therefore delighted to finally grant BTC investors and hodlers concrete incentives to not just HODL, but earn and participate in the exciting DeFi ecosystem!”

Users who want to use Merlin Chain to earn yield on their bitcoin must first use the Merlin Bridge to bridge their bitcoin to the network. After that, they must lock their bitcoin on Layer 1 and get gas bitcoin, which can then be staked into Merlin’s proof of stake mechanism. M-BTC, a wrapped bitcoin asset that yields staking incentives similar to stETH, is produced by this approach.

The opportunities then significantly increase. Bitcoin users are able to:

Earn SolvBTC by staking M-BTC on DeFi platforms such as Solv Protocol for accessing DeFi services.

Provide liquidity and get returns from industry-leading DeFi protocols that are Merlin-integrated.

Use Bitcoin capital for exploring borrowing, lending, derivatives, and other DeFi primitives.

To earn rewards, connect SolvBTC assets to Layer 2 Bitcoin networks like Linea.

Jeff added:

“The use cases we have unlocked effectively mimic those of Ethereum’s mature DeFi ecosystem. Only now, they are powered by the security and scarcity of the Bitcoin network, and tap into probably the most ardent crypto user base that exists.”

In the last 45 days, more than $13 billion worth of bitcoin has been bridged to and from the Merlin Chain network. Additionally, more than $700 million worth of bitcoin has been dispersed from Merlin to Layer 2 networks that provide complementary rewards. In order to strengthen the security of its PoS method, the platform has also partnered with a number of top cryptocurrency custodians and organizations, including Fireblocks, Cobo, the biggest custodian in Asia, Ceffu, and Bitmain subsidiary Antalpha.

In order to increase participation and decentralize the network’s validator set, Merlin Chain is collaborating with more than 10 significant institutions. These initiatives are a cornerstone of the platform’s dedication to provide a safe and transparent blockchain environment to all users.

The Ankr team announced via a blog post on Tuesday that Telos, a swiftly growing Layer 0 ecosystem enabling ZK technology for high-performance scaling and privacy, has joined its RPC service.

Coinweb addresses several challenges present in the #Ethereum ecosystem, particularly around #Layer2 (L2) solutions and #cross-chain interoperability. Here’s how Coinweb tackles each of these issues:
1. Moving Tokens Between Layer 2 Networks
Challenge: Moving tokens from one L2 to another often requires centralized bridge platforms and is complicated for the average user. For example, you cannot simply send tokens from Optimism to an Arbitrum address directly.
Solution: Coinweb provides a unique approach by creating a generalized protocol layer that operates across different blockchain networks. This allows for seamless interoperability between various L2 solutions without the need for centralized bridges. Coinweb’s architecture integrates different chains at the consensus level, enabling tokens to move across chains efficiently and securely. This simplification makes it easier for users to transfer assets across different L2 networks by abstracting the complexities involved in cross-chain transactions.
2. Cross-Chain Smart Contract Wallet Support
Challenge: Cross-chain smart contract wallet support is lacking. Changes in key management on one L2 require corresponding changes on other L2s, complicating wallet and organizational management, including for DAOs.
Solution: Coinweb addresses this by enabling a unified layer for cross-chain smart contract execution. This means that smart contracts can interact across different chains seamlessly. With Coinweb’s architecture, a change in key management can be propagated across all connected chains, simplifying the process for users and organizations. This ensures that a single action taken on one chain is reflected across all connected chains, improving the efficiency and security of managing multi-chain wallets.
3. Decentralized Validation Infrastructure
Challenge: Decentralized validation infrastructure is often lacking, especially on L2s that rely on centralized RPCs. While Ethereum is developing light clients, activity on L2s needs a robust decentralized validation mechanism.
Solution: Coinweb focuses on creating a decentralized and scalable validation layer that supports multiple chains. By integrating consensus mechanisms from various blockchains, Coinweb ensures that validation is distributed and secure. This reduces the dependency on centralized RPCs and enhances the overall security and decentralization of the ecosystem. Coinweb’s protocol leverages the security of underlying chains while providing a more decentralized infrastructure for transaction validation and smart contract execution.
Summary
Coinweb’s solutions revolve around creating an interoperable and decentralized multi-chain environment that abstracts the complexities involved in moving tokens across chains, managing cross-chain smart contracts, and ensuring decentralized validation. By integrating these functionalities into a cohesive protocol layer, Coinweb significantly improves user experience, security, and operational efficiency in the blockchain ecosystem.

The European Union's Innovation Hub for Internal Security warned law-enforcement agencies that crypto platforms like mixers, privacy coins and layer-2 blockchains can complicate tracing.

In a separate report, France's Autorité des Marchés Financiers (AMF) said crypto remains a high risk for money laundering.

Privacy coins, mixers and layer-2 platforms can make it difficult for law-enforcement agencies to trace funds, according to a report from the European Union's Innovation Hub for Internal Security, a network of labs supporting internal security organizations in the 27-nation bloc.

The report, published Monday by crime-fighting agencies including Europol and Eurojust with the European Commission and others, told law enforcement agencies they need to be prepared to encounter those types of tools in their investigations.

Crypto mixers have recently been in the spotlight. Tornado Cash developer Alexey Pertsev was sentenced to spend more than five years in jail by a Dutch court after prosecutors successfully argued the platform was created for money laundering. Tornado Cash allows crypto users to exchange tokens while hiding wallet addresses on the Ethereum, BNB Chain, Arbitrum, Avalanche and Optimism networks.

"Mixer Tornado.cash has also been using zero-knowledge proofs to enable users to withdraw funds from the mixer without revealing what their original deposit was," the report said. "This significantly complicates tracing the origins of (illicit) cryptocurrency for law enforcement."

Privacy coins like Monero build privacy into their protocols, hiding the identities of the sender, the receiver and even the money being sent.

"Layer 2 solutions such as the Lightning Network might also be abused by criminals," the report said. "This can be used, for example, to make payments to each other without making times and amounts of these payments visible. Similarly, new wallet encryption schemes may also complicate lawful access by law enforcement."

Separately, France's Autorité des Marchés Financiers (AMF) said crypto remains a high risk for money laundering due to its popularity, cross-border nature and anonymity that comes with platforms like mixers. The securities regulator published its own report on Monday.