Layer 1 blockchain for Liquid Staking Derivatives (LSDs), aimed at unlocking liquidity and enhancing yields, Tenet (TENET), unveiled its mainnet launch roadmap, delineating the launch process into several phases, with the initial phase slated to commence over the forthcoming weeks.

During the first two phases, users, encompassing retroactive users of Tenet’s mainnet and testnet offerings, will have the opportunity to acquire Lightyears, which serve as Tenet’s points, thereby launching Interstellar, the incentive token of the project.

This token will direct the movement of value across the blockchain ecosystem while receiving value from projects within the ecosystem. Simultaneously, the TENET token will retain its role as the network’s gas token and will continue to be utilized for network governance and security purposes.

In the first phase of the launch, Tenet plans to distribute points to users who migrate to Tenet from specific LRT protocols. Initially, the allocation of Lightyears will be determined in accordance with various factors related to Tenet usage. This includes engagement from users across different segments, such as testnet participants, stakers using the Eva wallet, early adopters of cross-chain bridges, and individuals engaging with partner protocols integrated into the Tenet network.

During the second phase, the incentive structure will transition gradually towards partner protocols deployed on the Tenet network, including decentralized exchanges (DEXes) and LRT supported stablecoin solution.

Upon completion of the Lightyears distribution, the third phase will commence, during which incentives will be transferred to the community through the Interstellar token generation event (TGE).

Tenet are thrilled to announce the start of the Tenet mainnet rollout and a detailed roadmap for the future of Tenet! A new era begins today for the LRT ecosystem with our Proof of Value.Learn more: https://t.co/2ywsxJAE5u pic.twitter.com/BCMv2tSuYY

— Tenet Protocol (@tenet_org) April 24, 2024

Tenet Enhances Utility Of Liquid Staking Derivatives 

The Tenet Protocol has been developed to improve the utility of liquid staking derivatives. Built on the Cosmos SDK technology, it functions as a network that is compatible with Ethereum Virtual Machine (EVM) and is specifically designed for LSDfi applications.

Tenet launched its testnet earlier this year, which was followed by several upgrades. Additionally, the project has conducted a collaborative testnet campaign with Galxe, a Web3 infrastructure and digital credential network. 

The post Tenet Gears Up To Launch Its Mainnet In Three Phases, Introduces Interstellar Incentive Token appeared first on Metaverse Post.

As whispers of a crypto bull run grow louder, savvy investors are turning their gaze towards promising currencies. NEAR Protocol, Cardano (ADA), and the innovative Algotech are emerging as frontrunners in this race. NEAR’s user-friendly platform, ADA’s scientific approach to blockchain, and Algotech’s cutting-edge algorithms present unique opportunities for growth. 

With the market’s tides poised to rise, these digital assets offer a blend of stability, innovation, and potential for substantial gains. As the crypto community braces for this exciting phase, understanding the strengths of NEAR, ADA, and Algotech could be key to navigating the wave of prosperity that lies ahead. Investors, take note: the time to strategize is now.

South Korea’s Upbit sees surge in Cardano (ADA) trading volume amidst crypto market volatility

The ADA token, a prominent asset on the Cardano network, recently experienced a notable downturn, plummeting by 18.77% amidst broader volatility in the cryptocurrency market, echoing declines in Bitcoin. Despite this setback, crypto analyst Ali Martinez suggests that ADA holds promising recovery prospects, citing a recent uptick of 9.92% in its value.

Following the conclusion of Bitcoin’s halving event, Upbit, South Korea’s leading cryptocurrency exchange, detected unusual transaction volumes across several altcoins, including Cardano (ADA). Specifically, ADA’s 4-hour trading chart on Upbit displayed a significant surge in volume, with the average 50 4-hour volume rising from $7 million to approximately $14 million—an impressive 96.96% increase. Conversely, trading volume on Binance experienced a modest decline of 8.50%, dropping from an average of $46 million to $42 million.

This surge in trading activity on Upbit amid broader market fluctuations suggests heightened investor interest in ADA, potentially fueled by optimism surrounding its recovery prospects. As the cryptocurrency landscape continues to evolve, such fluctuations in trading volume could offer insights into shifting market sentiments and investor behavior, particularly within key regions like South Korea.

Bullish alert for NEAR Protocol

NEAR Protocol, currently priced at $7.07 and holding the 20th position among 9,725 active cryptocurrencies on CoinMarketCap, is embarking on a transformative journey by integrating artificial intelligence into its platform. Over the next 3-6 months, the project intends to recruit AI engineers to lead this endeavor, as announced in a recent virtual town hall meeting led by co-founder Illia Polosukhin, a distinguished AI researcher renowned for the groundbreaking ‘Transformer’ architecture.

This strategic move underscores NEAR Protocol’s commitment to leveraging its non-profit, decentralized framework to cultivate an open-source AI ecosystem, diverging from traditional for-profit models. By doing so, NEAR Protocol aims to fulfill its mission of streamlining user experiences in the crypto domain through ‘chain abstraction,’ while augmenting development capabilities and usability with AI.

Algotech (ALGT): The best investment for crypto bull run

Amidst a current crypto market bull run, Bitcoin (BTC) has skyrocketed by over 145%, with projections suggesting it could hit $100,000 in 2024. Yet, amidst this surge, Algotech (ALGT) is emerging as a standout. Positioned as an advanced decentralized algorithmic trading platform, Algotech prioritizes profit maximization while minimizing risks. 

Its presale has garnered significant attention, raising over $4 million in just a few weeks. Despite post-Bitcoin halving volatility, the allure of substantial returns in crypto investments, especially in Algotech, remains potent. As the crypto landscape continues to evolve, staying informed and making prudent investment choices is paramount.

For more details about Algotech:

Visit Algotech Presale

Join The Algotech Community

The post Brace Yourself For a Crypto Bull Run, Analyst Tips NEAR, ADA, And Algotech as Currencies to Invest in appeared first on Metaverse Post.

Due to the volatility of the crypto market, many altcoins are subjected to experiencing either a fall or an increase in value. Sometimes, when there’s any occurrence in the crypto market (like the bitcoin halving process), there’s usually a ripple effect that causes a great stir in the crypto sector. For the Bitgert coin, there’s no fear of any market impact, as the presence of innovations along with plans to continually develop is making the Bitgert token experience an upward trajectory in worth.

Meet Bitgert

Bitgert is an asset with a lightning-speed blockchain that enables users to trade their digital assets within seconds. Yeah, you heard that right, and that’s why investors and speculators can seem to take their eyes off the Bitgert coin. Also, the era of experiencing sluggishness is over, as Bitgert has an enhanced blockchain that can handle an enormous trade load. This makes it superior to the likes of the older Ethereum blockchain.

Many investors have been finding it difficult to trade their assets on a platform that supports scalability, and this is why they are paying high gas fees just to be able to perform some transactions. Bitgert eliminates this by providing a blockchain that enables 100,000 transactions per second. This means that users can carry out as many transactions as possible without worrying about delays or payment of gas fees.

What about Bitgert’s commitment to building an ecosystem where users can take control of their digital assets? This innovation makes the Bitgert coin unique as it is not only an asset to trade but also provides platforms that can ease the free flow of digital transactions. Can you now see why Bitgert is poised to continue on an upward trajectory this month? Let’s discuss other factors behind rallying the price of Bitgert so high this month.

Bitgert: Burning Mechanism, A Unique Strategy

When there’s an imbalance in the availability of coins, it usually becomes hard for them to be valuable in the market. This is perhaps one of Bitgert’s biggest innovations, as it has a burning mechanism that occurs at a regular 12% per transaction (12% off every transaction made with the coin). Bitgert’s burning mechanism ensures a balanced demand and supply of the Bitgert coin, thereby constantly increasing its value in every transaction.

Market Influence

Investors can’t seem to ignore Bitgert because of its regular hype, which always takes control of market sentiment. Bitgert has a solid community that ensures the buzz around the coin keeps on going through strategies like the creation and sharing of content on social media and the usage of real-world cases to constantly push speculation!

Bitgert is wielding its authority greatly in the market thanks to its superior blockchain and constant innovative strategies. Want to know more about Bitgert’s innovation? Visit the website today!

The post Bitgert Coin Price Rally: Upward Trajectory on the Horizon This Month appeared first on Metaverse Post.

The meme coin market is known for being a high-risk investment. However, investors predict that the prices should go up on some of these high-reward opportunities, and many industry experts have suggested one such altcoin that is expected to have great potential. 

So, what makes them think that BEFE is a future star? So, let us check out the BEFE coin, what makes this token unique, and why forecasts are so bullish.

BEFE’s Rise and Predicted Growth

Ever since its launch in the markets, BEFE has given some amazing returns to its investors. The BEFE holders increased their money by over 500% in just four months. This massive growth over the last few months only shows the popularity and the worth of the BEFE coin. Moreover, crypto analysts are of the opinion that the price growth of the BEFE coin will continue and might even increase in the days to come. 

So, there have been floating opinions that there is a possibility of turning a $100 investment into seven figures in the days to come. The way possible to do that is to try out the BEFE coin now itself. 

What Makes BEFE Stand Out?

Dual-Chain Model: BEFE operates on both Ethereum and Binance Smart Chain, increasing accessibility and lowering transaction costs.

Fair Launch and Zero Taxes: The token had no presale, ensuring equal opportunity for investors. Additionally, its zero-tax transaction policy maximizes returns.

Rapid Community Growth: BEFE’s community boasts over 50,000 members on its social media. The following is a strong indicator of the project’s popularity and potential long-term success.

Focus on Functionality: Unlike most other meme coins, BEFE coin has been involved in various projects and features that solve users’ real-world problems. This focus on functionality is what makes this coin a good one to take a bet on. In the long term, the hype will die, but functionality is something that will make way for growth.  

The Million-Dollar Question

Considering BEFE’s rapid growth and bullish forecasts, the idea of a $100 investment yielding a huge fortune is not at all impossible. If the coin maintains its trajectory, early investors could experience massive returns. However, it’s essential to remember the inherent volatility of the meme coin market. Do your research and manage risk carefully.

The post Investing Marvel: How BEFE Coin Could Turn $100 into a Million Dollars appeared first on Metaverse Post.

London, United Kingdom, April 24th, 2024, Chainwire

Today marks a monumental day as Hipposol, A solana memecoin proudly announces the launch of $hippos pre sale round for early participants. Drawing vibrant inspiration from the mighty and playful hippopotamus, the $Hippos token presale event begins today April 24th 2024, with a sale duration of 26 days.

Hipposol Ready To Pioneer A New Era in Memecoin

$Hippos isn’t merely another entry in the memecoin ledger; it heralds a new era where community, technology, and sheer fun merge to forge genuine value. “With $Hippos, we’re not just redefining memecoins; we’re revolutionizing how a memecoin community and digital currency coexist. This journey isn’t about speculative trading alone; it’s about crafting a community empowered to steer its course and reap substantial growth,” said King Hippo, the revered leader of the Hipposol herd.

The Hipposol team believes the $Hippos pre sale event means more than buying a token; it means joining a memecoin herd that leads. With Hipposol community-driven development approach, users insights and votes directly influenced by the $Hippos holders, Hipposol is set to be next meme sensation on Solana.

$Hippos Presale Facts:

Token Presale Rate: 1 SOL = 150,000 $Hippos

Minimum Buy: Dive in with as little as 0.5 SOL

Users can join the Solana meme adventure with Hipposol and experience a new breed of memecoin that’s ready to make waves.

For more updates and news on Hipposol memecoin;

Website | $Hippos Sale portal | Twitter | Telegram 

Hipposol is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies can be volatile and dangerous.

Contact

King HippoHipposolpod@hipposol.xyz

The post Hipposol, A Solana-based Memecoin Announces $Hippos Token Presale Round appeared first on Metaverse Post.

Web3 infrastructure and digital credential network, Galxe introduced GAL Staking, a new feature enabling users to earn rewards through its Galxe Earn, a platform for precision-targeted airdrops.

The GAL Staking feature offers a user-friendly interface that allows users to easily interact with the website by staking and unstaking GAL tokens. This staking experience is designed to improve user engagement and empower users to make well-informed decisions based on real-time data.

Furthermore, with the GAL Staking, users can utilize staked GAL tokens to participate in airdrop campaigns provided by Galxe Earn. This integration enhances the synergy between reward and staking mechanisms, offering Galxe users a more advantageous way to engage with the ecosystem.

Galxe Earn is backed by Galxe Quest, a platform aimed at fostering growth and engagement within the Web3 community. It facilitates interaction between projects and various participants, including non-fungible token (NFT) collectors, token holders, and social media followers. Moreover, it allows projects to provide exclusive rewards such as access to airdrops and whitelist spots, thereby boosting engagement and broadening the ecosystem’s reach.

The rewards pool of Galxe Earn includes significant collaborations with Merlin Chain, Arbitrum, and Polyhedra Network, with a goal of distributing nearly $5 million in rewards. This initiative aims to enhance user engagement by providing access to airdrops and whitelist spots supported by Galxe Quest.

Galxe Proposes Governance Model Enhancement 

Alongside the introduction of GAL Staking, the platform has put forth a proposal to enhance its governance model. This adjustment seeks to foster deeper community engagement by granting greater influence to those community members who actively participate and stake GAL tokens. If accepted, the proposal would transfer voting rights to GAL stakers, aiming to democratize the decision-making process on the GAL Staking. The proposal is currently active, and the platform encourages stakeholders to vote and engage in discussions.

Galxe functions as a Web3 infrastructure and digital credential network, facilitating Web3 experiences through the utilization of modular AI, digital identity, and blockchain technologies. It utilizes the Galxe Identity Protocol, which serves as a fundamental layer for secure and self-sovereign digital identity management.

Alongside the protocol, Galxe offers a suite of products, including Galxe Quest, Galxe Passport, Galxe Score, and Galxe Compass. The platform has a community of over 18 million active users and partnerships with 4,900 brands. 

The post Galxe Introduces GAL Staking with $5M Rewards Pool, Enables Users To Receive Benefits Via Galxe Earn appeared first on Metaverse Post.

Staking has become a popular way for cryptocurrency holders to earn passive income in the ever-evolving crypto space. With the rise of decentralized finance (DeFi) and liquidity pooling, staking has evolved into a more profitable and accessible option for users looking to make their crypto work for them.

StakingFarm is one platform that offers a variety of staking options with daily payouts and referral rewards. In this beginner’s guide, we will explore the different staking opportunities available on StakingFarm, specifically focusing on Ethereum (ETH), Polygon, Solana, Cardano, and Axelar. We will also discuss some tips for maximizing your earnings with staking on StakingFarm.

What is Staking?

Staking is a process where users hold and lock their cryptocurrencies in a crypto wallet or platform to support the operations of a blockchain network. In return, stakers are rewarded with more cryptocurrency for securing and validating transactions on the network.

It is similar to earning interest on traditional investments, but with staking, users have control over their funds at all times rather than relying on a third party. Staking also helps to maintain the security and decentralization of blockchain networks by incentivizing users to hold and participate in governance decisions. With the rise of staking farms like StakingFarm, staking has become more accessible and profitable for cryptocurrency holders.

Plus, with the option to stake multiple assets and earn rewards in different cryptocurrencies, staking offers a diverse and dynamic way to earn passive income in the crypto world.

How to Start Staking on StakingFarm

StakingFarm provides a straightforward and accessible approach to staking cryptocurrencies, with a platform that caters to both newcomers and experienced crypto enthusiasts. Here’s a detailed guide on how to get started:

1.Sign Up and get $50 bonus

Begin your staking journey by visiting the StakingFarm website. Click on the “Sign Up” button to create your account. You will need to provide some basic information such as your email address and create a secure password. Upon successful registration, you often receive initial trial credits, for example, $50, which you can use to start staking immediately.

2. Choose Your Staking Plan

StakingFarm offers a variety of staking plans across multiple cryptocurrencies, such as Ethereum, Solana, Polygon, and more. Each plan has specific terms regarding the staking time, capital return, daily rewards, and referral rewards. Review these plans to choose one that fits your investment strategy and risk tolerance. For beginners, the ETH Trial Plan could be a great start as it requires only a one-day commitment and guarantees the return of your capital.

3. Fund Your Account

To participate in staking, you need to deposit cryptocurrency into your StakingFarm account. The platform supports various cryptocurrencies, so ensure you transfer the correct type of crypto to your corresponding StakingFarm wallet address. Deposits usually need to meet a minimum requirement specific to each staking plan.

4. Start Staking

Once your account is funded, select the staking contract you wish to join. Each plan will detail the minimum amount required, the duration of the stake, and the expected daily rewards. Simply click on “Stake Now” beside the plan you choose. The platform handles all the technical processes, such as managing staking pools and calculating rewards.

5. Earn and Withdraw Rewards

Rewards are typically paid out daily, depending on the plan’s schedule. Your staking rewards can be viewed and managed from your dashboard. StakingFarm offers the flexibility to reinvest these earnings in other staking plans or withdraw them to your personal wallet. Withdrawals are processed quickly, often reflecting in your designated wallet within 24 hours.

6. Utilize Affiliate Benefits

Don’t forget to use the affiliate program to earn additional income. By inviting friends using your referral link, you can earn a commission based on their staking activity. This not only enhances your overall returns but also helps in expanding the staking community.

By following these steps, you can efficiently start staking on StakingFarm and take advantage of the various benefits the platform offers, ensuring a seamless and profitable staking experience.

A Guide to the Staking Plans

StakingFarm offers a diverse array of staking plans tailored to meet the needs of different investors, from beginners to seasoned crypto enthusiasts. Here’s an overview of some key plans available on the platform, each designed with specific features to maximize returns and accommodate various levels of investment.

ETH Trial Plan

Duration: 1 day

Daily Reward: $1.00

Total Rewards: $50

Ideal for newcomers, the ETH Trial Plan requires no long-term commitment and offers a quick way to understand the staking process with a guaranteed capital return after just one day.

Solana and Polygon Plans

Solana Duration: 2 days, Total Rewards: $100

Polygon Duration: 7 days, Total Rewards: $700

These plans offer a step-up with modest staking times and enhanced daily rewards, suitable for those looking to experiment with slightly longer staking periods while still enjoying capital security.

Cardano and Axelar Plans

Cardano Duration: 15 days, Total Rewards: $1,500

Axelar Duration: 15 days, Total Rewards: $3,000

Targeting intermediate stakers, these options provide higher daily rewards and are ideal for those comfortable with a fortnightly commitment.

Ethereum and Polkadot Plans

Ethereum Duration: 30 days, Total Rewards: $6,000

Polkadot Duration: 30 days, Total Rewards: $10,000

Designed for more serious stakers, these month-long plans offer substantial rewards and are perfect for investors looking to maximize their earnings over a longer term.

High Investment Plans: Avalanche, Cosmos Hub, and Ethereum-Pro

Avalanche Duration: 45 days, Total Rewards: $18,000

Cosmos Hub Duration: 45 days, Total Rewards: $30,000

Ethereum-Pro Duration: 60 days, Total Rewards: $200,000

For high rollers, these plans promise the greatest returns and cater to those with a robust investment strategy, seeking significant rewards over extended periods.

Tips for Successful Staking

Staking cryptocurrencies requires careful consideration and strategy to maximize returns. Here are some tips to help make your staking experience successful:

Research and Understand the Platform: Before committing to any staking plan, take time to understand the platform’s processes, fees, and terms.

Diversify Your Investments: Consider staking across various cryptocurrencies and plans to spread the risk and increase potential returns.

Stay Informed: Keep up-to-date with industry news and market trends that may affect your chosen staking assets.

Be Patient: Staking often requires a long-term commitment, so be prepared to wait for rewards to accumulate over time.

Utilize Compound Interest: Consider reinvesting your staking rewards to compound interest and increase overall earnings.

Consider Staking Pools: Joining a staking pool can offer higher rewards by combining resources with other stakers, but be aware of any associated fees.

With these tips in mind, you can make informed decisions for successful staking on StakingFarm. Happy staking!  For more information, visit the StakingFarm website at www.stakingfarm.com.

Conclusion

Staking is a lucrative way to earn passive income with cryptocurrencies, and StakingFarm provides a user-friendly platform to make the process accessible for all types of investors. With various staking plans, daily rewards, and flexible withdrawal options, StakingFarm offers an attractive opportunity to grow your crypto assets while maintaining capital security.

Start staking on StakingFarm today and take advantage of the benefits of this rapidly growing trend in the crypto world. Join our thriving community and start earning rewards with your staked assets!  Happy staking!  For more information, visit the StakingFarm website at www.stakingfarm.com.

The post Maximizing Your Earnings with StakingFarm: A Beginner’s Guide to Staking ETH, Polygon, Solana, Cardano, and Axelar appeared first on Metaverse Post.

April 24, 2024 – Leading cryptocurrency exchange Bitrue has recently announced the launch of their new Liquidation Insurance Event in an X post, designed to enable their users to open a futures position without exposing them to risk.

This event, open to users on the Bitrue platform who have not traded futures before, will allow traders to open a genuine futures position with leverage exceeding 20x and keep any profits they may earn. Should their position be liquidated during the event period, they will be able to recover up to 100 USDT of their loss.

The recent Bitcoin Halving has generated renewed interest in the BTC ecosystem and the cryptocurrency markets as a whole, with many new projects planning to take advantage of emerging technologies such as Runes. Analysts are predicting significant price movements for both established and developing coins, and this volatility presents a unique opportunity for enthusiasts to capitalize on market swings, making futures trading an attractive option.

“Futures are a fantastic financial instrument, but because of how quickly their profitability can swing, a lot of users are justifiably wary about ever touching them. At Bitrue, we’re always looking for ways to educate and empower our users, so this is our way of providing a risk-free opportunity to assist our users in trialing a useful service,” said Robert Quartly-Janeiro, Chief Strategy Officer at Bitrue.

Insurance will only be provided to users who pass KYC verification to ensure the legitimacy of claimants. It can only be claimed once per user and only during the event, which ends on April 30, 2024, at 10:00 UTC.

“Bitrue is proud to provide a fair, reliable, and smooth user experience, so we hope that many users will seize this limited opportunity to demo the powerful features we provide in futures trading while safe in the knowledge that their funds are protected against liquidation,” noticed Quartly-Janeiro.

The post Bitrue Initiative Minimizes Risks for Users Trying Futures Trading appeared first on Metaverse Post.

Provider of Web3 data infrastructure, Syntropy announced that it is rebranding to Synternet. This rebranding initiative entails changes to the project’s logo and website appearance, aligning them more closely with the advanced technological advancements underway behind the scenes.

Daniel Haudenschild, CEO of Synternet, emphasized that the rebranding to Synternet represents a bold declaration of its vision for the future of blockchain technology. By providing the data infrastructure for Web3, Synternet aims to establish the groundwork for a decentralized web that is more open, interoperable, and innovative.

Importantly, the transformation from Syntropy to Synternet will not impact the NOIA token held by users. These tokens will continue to function seamlessly on the Ethereum network, and no action will be necessary from token holders at this time. Presently, the platform boasts a user base of over 16,500 NOIA token-holders.

Subsequent to the visual rebranding, Synternet has also outlined several significant developments scheduled for the upcoming months as part of its Monaco phase within the roadmap for the second quarter of this year.

These include the launch of the Synternet blockchain on mainnet, the introduction of a fully functional token bridge connecting Ethereum and Cosmos, which will streamline value transfers between the two networks, and the implementation of various enhancements designed to enhance the experience for publishers and developers, thereby simplifying their engagement with the network.

What Is Synternet?

Synternet operates as a blockchain platform that facilitates modular and interoperable data infrastructure across various major networks. At its core lies the Data Layer, a protocol serving as the execution layer that bridges different blockchains. Meanwhile, its Autonomous Economic Agents (AEAs) provide developers with the capability to build versatile and use-case-specific applications that can operate using data sourced from any blockchain network.

The project has garnered support from leading investors in the Web3 space, such as Polygon Ventures, CMCC, Faculty Group, Moonrock Capital, HV Capital, and various others, raising a total of $10 million in funding.

Syntropy was established with the objective of revolutionizing data transfer across the internet through the integration of blockchain technology. As the Web3 ecosystem progressed, the necessity for interconnected blockchains became increasingly evident. Synternet represents the culmination of this evolution. With the launch of its mainnet, it has evolved into a Layer 1 chain, seamlessly connecting isolated blockchains into a synchronized, interoperable network that drives the data economy.

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Decentralized exchange (DEX) utilizing the Central Limit Order Book (CLOB) model and operating on the Avalanche Subnet, Dexalot revealed plans to expand its reach by launching on the Arbitrum blockchain. This move aims to introduce a range of its features to Ethereum Layer 2 network users.

Tim Shan, the COO of Dexalot, expressed his enthusiasm for the expansion of Dexalot’s multichain order book with commingled liquidity to the Arbitrum community, emphasizing that such achievement represents a significant achievement for the project, particularly given that it was accomplished on Arbitrum.

Dexalot runs its DEX on a specialized application-specific blockchain, which was introduced in February 2023. The exchange enables buyers and sellers to execute orders at predetermined price points, effectively minimizing price slippage and enhancing capital efficiency for traders. Furthermore, it offers transparent order visibility, competitive prices, and substantial liquidity while maintaining low gas fees.

The launch on Arbitrum is anticipated to notably amplify the exchange’s transaction volumes while enhancing the safety and security of the trading environment. Additionally, this move is set to solidify Arbitrum’s position as the leading Layer 2 solution for advanced on-chain trading.

Moreover, the expansion will provide Arbitrum projects with a reliable platform for launching native tokens. By conducting all orders on-chain without any custodial risk, Dexalot upholds the robust decentralization ingrained in Arbitrum’s architecture.

Peter Haymond, the Senior Partnerships Manager at Arbitrum, highlighted that the CLOB feature of Dexalot on Arbitrum has a promising potential to deliver fairer pricing, deeper liquidity, and improved capital efficiency. Meanwhile, the latest advancement is expected to propel decentralized finance (DeFi) to widespread adoption.

Dexalot Redefines DEX Experience With CLOB Model, Surpasses $1B Transaction Volume Milestone

Dexalot’s design deviates substantially from typical automated market maker (AMM) DEXs as the platform strives to replicate the familiar experience of centralized exchanges (CEX) within the decentralized on-chain realm. It offers the CLOB model to foster a more inclusive and transparent environment for users, ensuring a secure and efficient trading experience while minimizing slippage and custody risks.

Recently, the project has achieved a significant milestone, surpassing $1 billion in total transaction volume since its establishment. The platform launched its testnet in 2021.

The post Dexalot Launches Its Central Limit Order Book Decentralized Exchange On Arbitrum appeared first on Metaverse Post.

Platform featuring interactive 3D environments and unique non-fungible token (NFT) characters, Puffverse announced it raised $3 million in a seed funding round led by Animoca Brands with participation from Sky Mavis, Arcane Group, Spartan Group, Foresight Ventures, HashKey Capital, and Xu Family Office. The newly acquired capital will be allocated towards advancing the development of Puffverse’s flagship game, PuffGo, and establishing a cloud gaming platform, empowering NFT projects to build personalized metaverses utilizing Puffverse’s engine without necessitating coding expertise.

Puffverse is a multi-platform universe that combines Web2 and Web3 gaming experiences. It features characters portrayed as diverse and whimsical avatars, each possessing distinct personalities, appearances, and capabilities embodied as NFTs.

Players have the opportunity to collect these unique characters, with different costumes, skills, and bonuses tailored for individual gameplay experiences. These characters can also be employed within the game environment and throughout the ecosystem for gameplay, earning, or life simulation experiences.

Puffverse Collaborates With Sky Mavis To Migrate Its Portfolio To Ronin Blockchain

In addition to completing the funding round, Puffverse has disclosed a collaboration with Sky Mavis, which is aimed at integrating the entire Puffverse portfolio onto Ronin, the EVM blockchain tailored specifically for gaming purposes.

Created by Sky Mavis, Ronin demonstrates unparalleled scalability, capable of accommodating millions of daily active users and has processed over $4 billion in NFT volumes. Moreover, Ronin optimizes for near-instant transactions and negligible fees, enabling millions of in-game transactions to occur seamlessly.

The first title from Puffverse to launch on Ronin is PuffGo, a multiplayer royale party game that features various level themes and gameplay modes, offering solo and multiplayer matchups. With its emphasis on user-generated content (UGC), PuffGo allows players to design their game maps, setting the stage for future endeavors to empower users to curate fully customized metaverses. Moreover, the forthcoming Artificial Intelligence-Generated Content (AIGC) functionality will allow users to steer AI tools using text commands to shape maps, levels, and gameplay elements and even construct their unique metaverse environments.

“Party games, with their quick gameplay loops and dynamic social features, could be well-suited for enhancement through web3 mechanics,” said Trung Nguyen, CEO and Co-Founder of Sky Mavis. “The Puffverse team also possesses a deep understanding of the East Asia and China market, which we believe presents ample opportunities for Ronin’s expansion,” he added.

Within the Puffverse ecosystem, various other products complement its offerings, serving diverse user needs. These include PuffTown which is a Web3 control panel overseeing all Puffverse-related products, PuffLand which emerges as a user-generated content platform, facilitating game creation devoid of technical complexities, and PuffWorld, a platform facilitating the creation of 3D metaverses, alongside various other offerings.

To mark the milestone, Puffverse plans to capture a snapshot of its Puff NFTs on the BNB Chain on April 29th. Subsequently, the NFTs will be migrated and airdropped directly to the corresponding addresses on Ronin. Additionally, Puffverse has revealed its intentions to introduce its ecosystem token and an exclusive NFT collection on Ronin later this year.

The post Puffverse Raises $3M Funding To Advance Its PuffGo Party Game, Announces Portfolio Migration To Ronin appeared first on Metaverse Post.

Zug, Switzerland, April 24th, 2024, Chainwire

Researchers from the University of Zürich’s Communication Systems Group, in collaboration with the Acurast Association building on Polkadot and other ecosystems, have unveiled groundbreaking results in their latest study, “Performance Analysis of Decentralized Physical Infrastructure Networks and Centralized Clouds.” This work demonstrates the viability of Decentralized Physical Infrastructure Networks (DePIN) as a robust alternative to traditional centralized cloud computing platforms.

DePINs, leveraging blockchain technology and the Internet of Things (IoT), aim to enhance data sovereignty, reduce dependency on centralized models, and improve system resilience against potential failures. The research specifically highlights and evaluates Acurast, a new decentralized serverless cloud network that capitalizes on underutilized resources of smartphones to perform complex computing tasks with enhanced security and efficiency. 

Key Findings:

Enhanced Efficiency: Acurast has shown potential to perform computationally intensive tasks more efficiently than traditional cloud services like Google Cloud Platform and Amazon AWS.

Power Efficiency: Acurast significantly reduce power consumption, compared to existing centralized server infrastructure, making it an environmentally friendly alternative to existing solutions.

Empirical Evidence: The study provides empirical evidence supporting the theoretical benefits of DePINs, demonstrating Acurast’s ability to handle computationally intensive applications with reliability and cost-effectiveness.

“The advent of decentralized technologies presents a unique opportunity to rethink how we manage and operate digital infrastructures,” said Jan von der Assen, PhD student and Junior Researcher of the Communication Systems Group (CSG) at the University of Zurich (UZH) on the project. “Acurast not only challenges the status quo but may also present a scalable, secure, and sustainable model for future computing needs.”

This research marks a significant step toward understanding and harnessing the power of DePINs for computing. It opens up a real alternative to existing cloud providers for applications in all industries, especially where confidentiality is paramount.

The full research paper is publicly available and has been accepted at the upcoming DePIN Workshop of the International Conference on Blockchain Technology (ICBC) 2024.

About University of Zürich’s Communication Systems Group

The Communication Systems Group (CSG) at the University of Zurich focuses on research and development in networked systems and communication mechanisms. The group is dedicated to advancing the state of the art in communication systems, network security, and infrastructure development.

About Acurast Association

The Acurast Association is dedicated to breaking up the cloud monopoly with Acurast using mobile hardware, thereby democratizing and decentralizing the cloud. Allowing everyone to become a part of the cloud through their mobile devices. Providing developers with unrestricted, permissionless access to computing resources that are secure, cost-effective, and confidential.

Contact

Co-FounderPascal BrunAcurasthi@acurast.com

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Non-profit entity dedicated to supporting the Starknet protocol, Starknet Foundation announced its intention to redistribute STRK airdrop to three distinct user categories encompassing pooled stakers, StarkEx users mistakenly identified as VeVe users, and VeVe users. Eligible users from these groups will soon have the opportunity to claim the STRK tokens via the designated provisions portal.

The aforementioned users were qualified for the initial round of Starknet provisions, however, they further encountered difficulties in claiming the airdrop.

The Starknet Foundation initially planned to allocate STRK tokens to eligible pooled stakers via the staking protocol employed by users. However, many of them faced challenges in fulfilling their designated tasks.

In an effort to ensure the STRK distribution this time, the Starknet Foundation partnered with staking protocols to enable eligible stakers to claim their tokens via the provisions portal. Supported protocols and entities currently encompass Lido, Rocket Pool, BloxStaking, SharedStake, stakefish, Consensys, as well as Ankr Staking. Pooled stakers who utilize any of these protocols and are acknowledged as eligible for provisions will also have the opportunity to receive the tokens directly through the provisions portal.

Additionally, the entity has partnered with Immutable, a StarkEx application, to determine users who were mistakenly categorized as users of the game “VeVe,” which utilizes the Immutable platform. Starting today, Immutable users marked as non-VeVe users in the new list provided to the Starknet Foundation by Immutable will also be able to claim STRK via the provisions portal.

The Starknet Foundation also mentioned the ongoing discussions regarding token distribution with VeVe. Further updates will be shared as more details become available.

Starknet Foundation’s Airdrop Rewards 1.297 Million Wallets and 600,000 StarkEx Accounts

Starknet functions as a decentralized Layer 2 network built on Ethereum, employing a zero-knowledge (ZK) rollup solution to enhance the scalability of decentralized applications (dApps). This solution consolidates numerous transactions on an off-chain layer before collectively broadcasting them on the Ethereum network. The STRK token plays a pivotal role in decentralizing and governing Starknet.

Starknet Foundation commenced its token distribution in February, extending the opportunity to claim rewards to 1,297 million wallets and over 600,000 StarkEx accounts, among other user groups. User eligibility for the distribution was determined based on a November snapshot, which assessed transaction volume and user interaction frequency with the network.

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Ripple Chief Executive Officer Brad Garlinghouse garnered attention for his recent critique of the SEC concerning a major lawsuit. In a recent statement, he discussed the timing of Ripple’s opposition brief filing, drawing attention to what he views as a noteworthy coincidence related to the resignation of two SEC lawyers in a separate case.

The departure of SEC lawyers Michael Welsh and Joseph Watkins caught the attention of Garlinghouse, who pointed out the sequence of events. It occurred shortly after a federal court reprimanded the regulatory agency for what was described as a “gross abuse” of power in the Debt Box case. The two lawyers were principal attorneys in a case against Digital Licensing Inc., a crypto platform called DEBT Box.

Garlinghouse took to X, voicing apprehension regarding the enduring impact of the SEC’s actions, stating that the US will grapple with the consequences of the agency’s “disastrous policies” even following Chairman Gary Gensler’s departure.

Feels apropos that we file our response on the same day that 2 SEC lawyers “resign” for their (mis)conduct in the Debt Box case…The US will be picking up the pieces of the agency’s disastrous policies long after Gensler is gone. https://t.co/vQMHKG5kbW

— Brad Garlinghouse (@bgarlinghouse) April 23, 2024

The DEBT Box case has become controversial, with federal district court judge Robert Shelby revealing false claims, dissemble, as well as the absence of evidence. In a groundbreaking decision, Shelby penalized the agency for its misuse of authority in March, prompting an apology from the SEC’s chief of enforcement for the lapse.

Given these recent developments, Garlinghouse’s reaction is not surprising. He views the parallel between Ripple’s response filing and the resignation of the SEC lawyers as significant. It further reinforces his position on the SEC’s conduct and methods of regulating the cryptocurrency industry.

Upon the SEC’s petition for remedies and ultimate verdict, Ripple submitted a motion to dismiss the new expert materials provided by the SEC and voiced objection to the agency’s plea for a substantial $2B penalty concerning historical institutional sales. Stuart Alderoty, Ripple’s CLO, stressed the absence of allegations or findings of recklessness or fraud in the case, portraying the SEC’s request as unduly aggressive.

Alderoty condemned the SEC’s maneuvers as part of their ongoing campaign of intimidation targeting the entire cryptocurrency sector in the United States. The protracted legal clash between Ripple and the SEC has sparked substantial inquiries into the regulatory environment for digital assets, with repercussions extending well beyond XRP.

Brad Garlinghouse’s outspoken criticism of the SEC’s purported misuse of authority, coupled with the latest advancements in the Debt Box litigation, underscores the escalating friction between regulators and the cryptocurrency sector. With the legal process unfolding, the resolution of this lawsuit holds significant ramifications for Ripple, the SEC, and the broader crypto market. Investors and industry analysts will keenly monitor any forthcoming developments in this pivotal case.

In Gensler's first three years as SEC chair, the agency has been sued for abusing its rulemaking powers more times than the SEC was sued in the prior 10+ years (spanning the tenure of three long-serving chairs combined). https://t.co/lbcCyF2a02

— Stuart Alderoty (@s_alderoty) April 23, 2024

In the previous year of 2023, the SEC initiated 26 enforcement actions related to cryptocurrencies. Critics within the industry argue that these actions constitute overreach. Nonetheless, authorities at the financial oversight agency argue that the crypto industry has warranted their intervention. The SEC maintains that it implemented various recent measures concerning cryptocurrencies to address fraud, curb market manipulation, and enforce more comprehensive disclosure requirements for cryptocurrency holders and exchanges. In any case, sentiment within the crypto community is increasingly unfavorable towards the SEC’s actions with each unfolding case.

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Bonk (BONK), a cryptocurrency that operates on the Solana, experienced a dramatic surge, soaring 43% thanks to a broader rally in memecoins and an offer to burn a massive amount of tokens – 280 billion from the project’s treasury. This sudden leap in price is a strong indicator of renewed investor enthusiasm in meme currencies, suggesting the market could be finding a new level of stability.

Community proposal is up https://t.co/tUh2uSMu2F

— Bonk! (@bonk_inu) April 20, 2024

Meme coins are staging a powerful comeback, gaining traction and popularity across the crypto landscape. This resurgence is fueling BONK’s current price spike as investors look for opportunities within the Solana network to cash in on potentially large returns. The recent wave of interest in memecoins has led to a noticeable increase in trading volumes and prices, signalling a shift in focus towards these high-risk, high-reward assets.

BONK has experienced a significant rally, rising 41.82% in the past day alone to $0.00002134. In just one week, it gained 35.83%. During this period, BONK’s trading volume skyrocketed to $431.53 million, an astounding 391% increase.

Photo: CoinGecko

A key catalyst for BONK’s recent surge is the proposed burn of a substantial portion of the project’s treasury, independent of the broader memecoin rally. BONK DAO, the non-centralised governing body for BONK, has suggested burning 280 tokens, equivalent to 100% of the BONK earned from its sharing of revenue agreement with BONKBot, a Telegram-based trading bot on the Solana blockchain. This ambitious plan, if approved, would significantly reduce the overall supply of BONK, potentially stabilising the market and fueling further growth.

The BONK DAO community proposal to BURN 278,393,137,215B BONK has passed via council vote. With almost 5% of the supply in https://t.co/UN7NfId560 we are excited to integrate Armada and Realms to allow for community governance and voting with that BONK in the future! pic.twitter.com/N3D8fjneEP

— BONK DAO (@bonk_dao) April 24, 2024

This treasury burn aligns with BONKBot’s ongoing token burns and meets the community’s call for a similar commitment from the DAO. The plan has garnered strong support from the BONK community, which sees it as a crucial step toward creating a more sustainable and growth-focused market for the coin. The buzz surrounding the proposal has ignited a buying frenzy, driving BONK’s price higher as the community awaits final approval.

Overall, BONK’s dramatic surge underscores the vibrant and often unpredictable nature of memecoins in the cryptocurrency world. With significant events like large-scale token burns, the market sentiment is heavily influenced, attracting investor interest and generating excitement. This surge in BONK’s value is a testament to the dynamic possibilities within the memecoin sector, where bold moves can lead to substantial gains and captivating stories.

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The pioneer of electric vehicles, Tesla, just declared that it did not sell any Bitcoin (BTC) in the first quarter of 2024. The company’s present portfolio of 9,720 Bitcoin units, worth around $711 million, is still in place despite prior divestitures. This no-sale position demonstrates Tesla’s dedication to its cryptocurrency investment plan and suggests a long-term outlook for Bitcoin.

JUST IN: Tesla $TSLA reveals none of their $711,050,000 worth of #Bitcoin was sold in Q1 2024.

— Watcher.Guru (@WatcherGuru) April 23, 2024

Tesla’s Bitcoin Portfolio and Recent Performance Tesla’s Bitcoin holdings have remained steady over the past seven quarters, signalling a consistent approach to managing its cryptocurrency assets. In 2022, Tesla sold 75% of its Bitcoin, but since then, the organisation has chosen to hold on to its remaining 9,720 Bitcoins. This decision paid off in Q1 2024, as in March, Bitcoin’s value skyrocketed to a record-breaking $73,250, driven by growing interest in spot Bitcoin ETFs following approval from the U.S. SEC earlier in 2024. At the same time, in Q3 and Q4 of 2023, the US electric vehicle maker recorded no sales of Bitcoin.

Given the significant price increase, the value of Tesla’s Bitcoin portfolio has risen considerably. While earlier in 2024, the same portfolio was worth around $275.6 million, its current valuation is over $711 million—a stark contrast reflecting more than 200% growth. 

Tesla’s Strategy: HODLing and Looking Ahead By choosing not to sell any Bitcoin in Q1, Tesla has reaffirmed its belief in the long-term value of cryptocurrencies. This no-sale approach aligns with the company’s broader strategy of holding valuable assets, perhaps anticipating further appreciation as the market evolves. The company’s consistent HODLing suggests that Tesla is positioning itself to benefit from future gains in the digital currencies market.

While some people may question Tesla’s lack of Bitcoin transactions, the decision to hold onto its significant Bitcoin portfolio could be seen as a strategic move. As Bitcoin’s value continues to rise, Tesla stands to gain from the upward trajectory, reinforcing the company’s commitment to this unique asset class.

Tesla’s outlook on Bitcoin is further solidified by the upcoming Bitcoin halving event, which is historically known for driving price increases. This potential for growth makes Tesla’s no-sell stance even more strategic, hinting that the company is gearing up for a significant return on its Bitcoin investment.

Overall, Tesla’s decision to retain its Bitcoin holdings throughout Q1 2024 reflects confidence in the cryptocurrency’s future. With its consistent approach to managing these assets and the potential for further price appreciation, Tesla’s no-sale stance could prove to be a wise strategy as it navigates the evolving landscape of cryptocurrencies.

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Non-profit entity dedicated to fostering the growth of the BNB Chain network, BNB Foundation finalized its 27th quarterly BNB token burn, automatically eliminating 1,944,452.51 BNB tokens, valued at roughly $1.17 billion at the moment of destruction.

The current burn procedure took place on the Binance Smart Chain (BSC), with the respective amount being transferred to the burn address. The burning process operates autonomously from the Binance centralized exchange.

Furthermore, the Pioneer Burn Program, a recent initiative aimed at aiding eligible users who experienced token loss due to errors made while participating in the recently launched Binance Smart Chain, has also announced the burning of BNB tokens equivalent to the lost funds incurred by users of the BNB Chain.

Originally, the BNB Foundation had planned to burn 100 million tokens, aiming to maintain only 100 million tokens in circulation. Since 2017, the foundation has adhered to this plan, conducting quarterly token burns. The process involves determining the quantity of tokens to be burned each time automatically for enhanced transparency and predictability.

Once the burn function concludes, a half of the total token supply will have been removed. This deflationary mechanism, combined with transaction activity, consistently contributes to the upward momentum of BNB’s value and reinforces its stability amid fluctuations in the broader market.

Pillar Of BNB Chain Ecosystem, BNB Token Drives Decentralized Applications And Governance

The BNB token plays a central role within the BNB Chain ecosystem, functioning as the native token for the BSC, the BNB Greenfield, and opBNB Layer 2 networks. It also operates as a governance token, enabling users and holders to engage in transactions across projects established on the aforementioned blockchains.

Moreover, within the BNB Chain ecosystem, the token is extensively utilized, further fostering the advancement of decentralized applications (dApps). Users can leverage it to access high-yield opportunities available on decentralized finance (DeFi) applications, games, or social dApps.

As of the writing time, the token is being traded at $605, reflecting a 0.57% increase over the past 24 hours. It holds the 4th position in the cryptocurrency rankings, boasting a market capitalization of $90.603 billion. Within the last 24 hours, its trading volume amounted to $1.428 billion. The token’s circulating supply stands at 149.532 million tokens out of a total supply matching this figure, based on data from CoinMarketCap.

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Ethereum Layer 2 network Metis (METIS) announced the launch of Sequencer mining, enabling users to stake their METIS tokens through liquid staking providers as part of the second phase of its Decentralized Sequencer upgrade.

Mining is now accessible through Artemis Finance and Enki Protocol. Artemis stands as the pioneer liquid staking provider integrated into Metis and is currently operational on the mainnet with a total locked value (TVL) surpassing $5 million. Users have the opportunity to commence earning sequencer rewards via artMETIS.

Additionally, Enki Protocol is preparing to launch its Liquid Staking Token (LST) on the Metis network. Presently, it has initiated its Pre-Staking program, which augments incentives for participants via staking points, in anticipation of the mainnet launch.

During the Alpha Phase of the Metis Decentralized Sequencer, Artemis Finance and Enki Protocol will serve as the exclusive Liquid Staking providers. Subsequently, as this phase concludes, there will be a gradual expansion in the number of nodes and liquid staking providers.

In addition to activating Sequencer Mining, the second phase of the Decentralized Sequencer upgrade has introduced other notable enhancements, encompassing the ability to process multiple transactions per block and the implementation of a private transaction pool for sequencer nodes. These two updates are expected to substantially reduce the block production overhead, thereby improving overall network efficiency.

Metis Enhances Its Capabilities With Decentralized Sequencer Upgrade

Metis, developed and maintained by the MetisLab Foundation, is a Layer 2 scaling solution designed to enhance the capabilities of the Ethereum blockchain. It employs optimistic rollup technology to offload smart contract execution and data storage tasks to an upper layer. 

Notable features of Metis include minimal gas fees, typically around $0.01 for transfers, rapid transaction processing times averaging about two seconds, and file storage through IPFS integration. As per the information provided on its website, Metis currently boasts a TVL surpassing $568 million.

The latest phase of Metis upgrade builds upon the initial phase deployed in March, which included the addition of several sequencer nodes and the introduction of sequencer rotation.

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Web3 infrastructure provider behind the modular AI blockchain 0G, known as 0G Labs, collaborated with the web3 incubator One Piece Labs to establish the OPL x 0G incubator. This initiative is aimed at identifying and assisting promising web3 founders in exploring the potential synergy between AI and cryptocurrency applications, marking the first initiative dedicated to startups operating at the intersection of these technologies.

OnePiece Labs offers seed funding, mentorship, and extensive community networks to assist founders in Web3 development. With deep connections within the Bay Area community, the venture has witnessed its portfolio startups raising over $30 million in funding across two cohorts alone.

Applications for the OPL x 0G incubator will remain open until June 14th. The program is scheduled to commence on July 1st and will span ten weeks, culminating in a demo day slated for September 12th. Participants can expect to receive hands-on guidance from 0G for deploying on its Data Availability layer, along with access to an extensive network of mentors and investors within the Web3 and AI sectors. Additionally, high-impact teams have the opportunity to receive grant funding of up to $50,000 disbursed by 0G.

Developers are encouraged to propose ideas that integrate cryptocurrencies with AI to mutually benefit both sectors. 0G and OPL have pinpointed various concepts, such as AI DAOs, ‘DePIN 2.0’, and trustless prediction marketplaces, as areas where AI applications could enhance cryptocurrency use cases. On the other hand, Verifiable Training, Transparent LLM Drift, and alternative paths to Verifiable Inference are among the concepts that participants can explore to develop Web3-native solutions aimed at enhancing the security and efficiency of AI models.

What Is 0G?

0G is a modular blockchain initiative designed to address the significant challenges associated with utilizing blockchain for AI purposes. Through its modular architecture, free from the constraints of traditional consensus algorithms and execution methods, the project seeks to enhance bandwidth by over 50 times compared to the current state-of-the-art. This advancement aims to enable the execution of AI tasks and projects directly on the blockchain.

Recently, 0G announced the introduction of its testnet, providing an opportunity for node operators, developers, and community members to engage with the network. The 0G mainnet is slated for release in the third quarter of 2024.

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Although the structure of blockchains is intended to make them safe and decentralised, they are also intrinsically isolated. A major drawback of this isolation is that smart contracts, which are self-contained programs operating on the ledger, are unable to communicate with other systems or access data that is off-chain. In order for smart contracts to work with wider options, blockchain oracles stand as the essential link between blockchain systems and external data sources.

What is a Blockchain Oracle?

Smart contracts can work depending on inputs and outputs from off-chain resources when they get external data via a decentralised oracle. They function as intermediates, retrieving data from various sources and securely and verifiably sending it to smart contracts on a ledger.

Deterministic smart contracts are unable to obtain data from outside the blockchain and can only operate in accordance with pre-established criteria. This feature enhances security and reliability while restricting the usage of smart contracts to on-chain transactions. Oracles solve this problem by allowing smart contracts to programmatically access off-chain data, such as currency rates, weather forecasts, or sports scores.

Blockchain oracles are crucial for various applications, including DeFi platforms, insurance, dynamic NFTs, tokenised real estate, and environmental sustainability. They fetch financial data, verify claims, create dynamic NFTs, facilitate property transactions, and monitor environmental data to reward sustainable practices. These applications enable efficient and secure operations, faster payouts, and real-world data-driven transactions. Additionally, they can facilitate fractional ownership through tokenisation and incentivise green initiatives through smart contracts.

Types of Blockchain Oracles

Oracles for input

They retrieve data from off-chain and transfer it to the blockchain. Usually, they are used to deliver data such as asset values, weather, or sports.

Oracles for Output

In contrast to oracles for input, oracles for output transfer data from the blockchain to outside systems. This might be used to update centralised databases and payments or set off events on IoT devices.

Cross-Chain Oracles

They provide communication across several blockchain networks. They enable cross-chain communication and trade by having the ability to read and write data between blockchains.

Compute-Enabled Oracles

These are oracles that carry out intricate calculations off-chain and subsequently transfer the outcomes to the blockchain. They can be handy for jobs that demand a lot of processing power or data that would be too big to handle on-chain.

The Oracle Problem

Blockchain oracles are essential, but they are impacted by a basic difficulty called the “oracle problem.” Oracles can become a central point of failure if they are not correctly constructed, as they are not a part of the blockchain. Inaccurate data might be entered into smart contracts by a centralised oracle, which could be tampered with or become untrustworthy, producing undesirable or flawed results. This issue may be resolved by using decentralised oracles, which spread out the work of validating data among several nodes and lower the possibility of corruption or single points of failure.

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