Ethernity – a pioneer in blockchain entertainment technology – announces the launch of its testnet for Ethernity Chain, a layer two solution purpose-built for Fortune 500 entertainment brands. This launch positions Ethernity Chain as the entertainment layer within Optimism’s Superchain ecosystem, joining industry leaders such as Coinbase’s ‘Base,’ Worldcoin, Zora and Camp Network.
The Superchain is a network of chains that share a common tech stack – Optimism’s OP stack – and contribute protocol fees back to the Optimism collective.
Ethernity Chain is uniquely designed to address the challenges faced by the global entertainment industry in adopting blockchain technology, packed with consumer-first infrastructure that harnesses all the benefits of Web 3.0 abstracting away the complexities.
Enhanced by AI-powered DRM (Digital Rights Management), Ethernity Chain ensures robust IP protection, crucial for safeguarding users’ on-chain assets.
Ethernity launches its testnet on Optimism’s Superchain – a unified network of chains with shared liquidity, security, communication and governance tapping into a vibrant ecosystem counting over 20 chains, more than 800 apps and $16 billion TVL (total value locked) – leveraging Optimism’s OP stack, deployed and hosted by Gelato RaaS (rollup-as-a-service).
Urv Goel, vice president and head of global business development at Optimism Unlimited, said,
“By joining the Superchain, Ethernity becomes part of a community of builders dedicated to scaling Ethereum and giving back to the ecosystem. We look forward to supporting Ethernity as they continue to innovate at the intersection of Web 3.0 and entertainment.”
The Ethernity layer two testnet is now live, empowering developers to explore, build and test their applications ahead of the mainnet launch.
Ethernity is actively onboarding products into its ecosystem – and a number of entertainment applications like games, NFTs (non-fungible tokens), RWA (real-world asset) collectibles and interactive media projects have already partnered with Ethernity, with announcements of their launches lined up in the next few weeks.
Marcelo Pham, co-founder and chief engineer of Ethernity, said,
“Joining the Superchain ecosystem with the launch of Ethernity Chain marks a significant milestone for us. Our goal is to bridge the gap between traditional entertainment and blockchain technology, providing a platform where major brands can thrive and innovate.”
Ethernity Chain is supported by a network of partners committed to delivering top-tier tooling and infrastructure for developers. Ethernity layer two is deployed and managed on Gelato RaaS Platform.
In addition to chain infrastructure, Gelato is set to service the new layer two with its suite of Web 3.0 cloud services enabling zero gas UX, connect Ethernity apps to any Web 2.0 API and bring verified on-chain randomness for fair on-chain sweepstakes and dynamic NFT creation.
Further third-party infrastructure integrations will be announced soon, covering everything from social logins for easy access, credit card payments, bridges, indexers and more, with an aim to launch on mainnet with use case specific developer tooling enabling entertainment brands onboard the next wave of mainstream users.
Luis Schliesske, co-founder of Gelato, said,
“The entertainment industry is ripe for disruption by blockchain technology, and Gelato RaaS is proud to support Ethernity’s vision coming to life. Our [RaaS] platform and our suite of native integrations ensure that Ethernity can focus on building and scaling their products while we handle the underlying technical complexities.”
To further support the developer community, Ethernity will soon launch a grant program, providing funding and resources to build on the Ethernity layer two.
This program will offer marketing, business development, technical support and investor connections, ensuring developers have the tools they need to succeed.
The launch of the Ethernity testnet follows the success of Ethernity’s initiatives in bringing renowned entertainment icons like Lionel Messi and Shaquille O’Neal onto the blockchain.
Ethernity Chain aims to continue this legacy by creating a robust and scalable environment for the next generation of entertainment.
For more information about Ethernity and to join the testnet, users can visit the website.
About Ethernity Ethernity is an Ethereum layer two solution designed specifically for global entertainment brands. It features built-in AI-powered security and DRM to protect intellectual property on-chain.
Leveraging its robust infrastructure and partnerships, Ethernity is set to become the premier Web 3.0 entertainment ecosystem, providing a secure, eco-friendly and intuitive platform for the next generation of entertainment and enterprise products.
For more information, users can visit Ethernity’s links below.
Website | Telegram | X
About Optimism Optimism is a project dedicated to scaling Ethereum’s technology and expanding its ability to coordinate people from across the world to build effective decentralized power structures.
The Optimism collective builds best-in-class software for running layer two blockchains and aims to address key governance and economic challenges in the wider crypto ecosystem.
The Optimism collective is also committed to building a sustainable ecosystem through retroactive public goods funding.
By rewarding the impactful projects, Optimism is scaling Ethereum’s present to provide funding for its future.
For more information, users can visit Optimism’s links below.
Website | X
About Gelato Gelato is an all-in-one Ethereum Raas platform built without limits.
Designed to be super-fast, incredibly secure and infinitely scalable, Gelato rollups allow anyone to build and deploy their fully serviced layer two chains at a pace natively integrated with Web 3.0’s favorite tools and services launching a production-ready Web 3.0 development environment from the Genesis block.
For more information, users can visit Gelato’s links below.
Ethernity Chain Coin (ERN) is a cryptocurrency operated on the Ethereum blockchain.
What is Ethernity Chain (ERN)?Ethernity Chain (ERN) is a blockchain-based platform that allows users to capitalize on the growing popularity of NFTs. Developers describe this platform as a DeFi project with authenticated NFTs. Within the Ethernity Chain ecosystem, all NFTs can be bought and sold on-chain.
The ERN project was financed on the Polkastarter platform on March 8, 2021. The project created favorable conditions to increase the value of the ERN token for all active community members. Before the launch of the ERN Coin, Ethernity received a series of strategic investments backed by Black Edge Capital, Morningstar Ventures, Spark Digital Capital, Woodstock, and Genesis Block Ventures.
Ethernity collaborates with leading names in the music and entertainment industries to popularize NFT-based digital art and advance its charitable goals. Ethernity Chain provides funds for charities while promoting the artworks or tokens of celebrities. The platform offers artists, brands, and developers maximum user experience with ease of use in NFT transactions.
Founded by Nick Rose Ntertsas, Ethernity Chain explores the opportunities NFTs can provide to charities. Nick Rose Ntertsas is the CEO and founder of Ethernity Chain. He also serves as the Chief Digital Officer at Global Wildlife Conservation. Before this, he founded the 10x Capital fund in Greece.
Where to Buy ERN Coin?ERN Coin can be safely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. Ethernity Chain Coin trades on the Binance platform in the ERN/BNB, ERN/BUSD, and ERN/USDT pairs.
To purchase ERN Coin, one must first become a member of the Binance exchange. Once the membership is completed, cryptocurrency or fiat currency should be transferred to the Binance account wallet. After the transfer is completed, ERN Coin can be purchased from the three pairs mentioned above. For buying from the ERN/USDT trading pair, first, navigate to the interface of this pair. In the limit section of the ERN/USDT interface, enter the amount you wish to purchase. After specifying the amount, execute the purchase order by clicking the Buy ERN command.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Los Angeles, United States, September 10th, 2024, Chainwire
Ethernity, the leading entertainment-focused Layer 2 blockchain solution, proudly announces a $10 million grant program dedicated to revolutionizing the entertainment and creator economy through development of Ethernity’s Layer 2. This substantial investment aims to support developers, founders, and startups building the future of digital entertainment on the Ethernity Layer 2 ecosystem.
Fuelling Innovation in Entertainment and the Creator Economy
The Ethernity Grant Program is designed to fuel groundbreaking projects that elevate the entertainment landscape, offering financial support, strategic mentorship, and valuable business resources. By focusing on enhancing the creator economy, Ethernity empowers brands and founders to leverage blockchain technology for new levels of engagement, security, and monetization.
Program Focus Areas:
Games and Entertainment Products: Innovative games and interactive experiences that push the boundaries of digital entertainment. Blockchain Infrastructure: Tools, protocols, and infrastructure enhancements that strengthen the Ethernity ecosystem for entertainment applications. Entertainment Infrastructure: Projects that integrate global entertainment brands with blockchain, enabling new business models and fan experiences. DeFi Tools: Financial applications tailored to the needs of the entertainment industry, providing new ways to monetize and secure digital assets. RWA’s and Collectibles: Cutting-edge digital assets and marketplaces that redefine ownership and engagement. Education and Outreach: Initiatives that promote blockchain adoption and educate the creator community. How to Apply
The program is open globally to developers, startups, and organizations whose projects align with Ethernity’s mission to disrupt the entertainment industry through innovative products. Applicants are encouraged to submit detailed proposals outlining their project objectives, milestones, and potential impact.
What Grant Recipients Will Receive
Grant recipients will receive financial backing to accelerate project development, access to mentorship from entertainment and blockchain experts within Ethernity’s network, and support with marketing and PR to enhance visibility. They will also benefit from technical resources, including tools, SDKs, and dedicated technical support, as well as opportunities to connect with venture capitalists for further investment and growth.
“Ethernity is committed to fostering a dynamic ecosystem that supports the next generation of entertainment and creator-focused technologies,” said Nick Rose Ntertsas, CEO of Ethernity. “This $10 million grant program is a significant step in empowering innovators and creators to bring their visions to life on the blockchain.”
For More Information and Application Details
Developers, creators, and organizations are invited to apply for the Ethernity Grant Program and join a pioneering movement to transform entertainment and the creator economy through blockchain technology.
For more information and to apply, users can visit https://www.ethernity.io/grants
About Ethernity
Ethernity is a Layer 2 blockchain solution designed specifically for the entertainment industry and the creator economy. It offers AI-powered security and Digital Rights Management (DRM) to protect intellectual property on-chain. With a robust infrastructure and strong partnerships, Ethernity is poised to become the leading web3 platform for entertainment, providing a secure, scalable, and user-friendly environment for creators and brands.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
[PRESS RELEASE – Los Angeles, United States, September 10th, 2024]
Ethernity, the leading entertainment-focused Layer 2 blockchain solution, proudly announces a $10 million grant program dedicated to revolutionizing the entertainment and creator economy through development of Ethernity’s Layer 2. This substantial investment aims to support developers, founders, and startups building the future of digital entertainment on the Ethernity Layer 2 ecosystem.
Fuelling Innovation in Entertainment and the Creator Economy
The Ethernity Grant Program is designed to fuel groundbreaking projects that elevate the entertainment landscape, offering financial support, strategic mentorship, and valuable business resources. By focusing on enhancing the creator economy, Ethernity empowers brands and founders to leverage blockchain technology for new levels of engagement, security, and monetization.
Program Focus Areas:
Games and Entertainment Products: Innovative games and interactive experiences that push the boundaries of digital entertainment. Blockchain Infrastructure: Tools, protocols, and infrastructure enhancements that strengthen the Ethernity ecosystem for entertainment applications. Entertainment Infrastructure: Projects that integrate global entertainment brands with blockchain, enabling new business models and fan experiences. DeFi Tools: Financial applications tailored to the needs of the entertainment industry, providing new ways to monetize and secure digital assets. RWA’s and Collectibles: Cutting-edge digital assets and marketplaces that redefine ownership and engagement. Education and Outreach: Initiatives that promote blockchain adoption and educate the creator community. How to Apply
The program is open globally to developers, startups, and organizations whose projects align with Ethernity’s mission to disrupt the entertainment industry through innovative products. Applicants are encouraged to submit detailed proposals outlining their project objectives, milestones, and potential impact.
What Grant Recipients Will Receive
Grant recipients will receive financial backing to accelerate project development, access to mentorship from entertainment and blockchain experts within Ethernity’s network, and support with marketing and PR to enhance visibility. They will also benefit from technical resources, including tools, SDKs, and dedicated technical support, as well as opportunities to connect with venture capitalists for further investment and growth.
“Ethernity is committed to fostering a dynamic ecosystem that supports the next generation of entertainment and creator-focused technologies,” said Nick Rose Ntertsas, CEO of Ethernity. “This $10 million grant program is a significant step in empowering innovators and creators to bring their visions to life on the blockchain.”
For More Information and Application Details
Developers, creators, and organizations are invited to apply for the Ethernity Grant Program and join a pioneering movement to transform entertainment and the creator economy through blockchain technology.
For more information and to apply, users can visit https://www.ethernity.io/grants
About Ethernity Ethernity is a Layer 2 blockchain solution designed specifically for the entertainment industry and the creator economy. It offers AI-powered security and Digital Rights Management (DRM) to protect intellectual property on-chain. With a robust infrastructure and strong partnerships, Ethernity is poised to become the leading web3 platform for entertainment, providing a secure, scalable, and user-friendly environment for creators and brands.
TLDR: MrBeast allegedly involved in multiple crypto “pump and dump” schemes between 2021-2024, potentially earning over $23M Over 50 crypto wallets linked to MrBeast show pattern of buying tokens pre-launch, promoting them, then selling at peak Projects include SuperVerse ($7.5M profit), Ethernity Chain ($4.6M profit), and several others Investigation reveals connections to network including KSI and Alex Becker Many promoted tokens lost 95-99% of value after MrBeast and associates sold holdings Popular YouTuber Jimmy “MrBeast” Donaldson faces allegations of participating in cryptocurrency trading schemes that netted over $23 million in profits through a network of more than 50 wallets, according to blockchain researchers and analysts.
A detailed report by Loock.io, supported by multiple crypto researchers including @hxnterson and @somaxbt, traced MrBeast’s cryptocurrency activities from 2021 to 2024. The investigation uncovered patterns of buying tokens before public launch, promoting them through social media, and selling holdings at peak prices.
🚨 BREAKING: MrBeast investigated for ties to 50+ crypto wallets linked to potential insider trading, netting over $23M in total profits. pic.twitter.com/PjcgrdkX4q
— Cointelegraph (@Cointelegraph) October 30, 2024
The largest profits came from SuperVerse (formerly SuperFarm), where blockchain data shows MrBeast received 1 million tokens pre-launch. Through a series of coordinated sales across multiple wallets, these holdings generated approximately $7.5 million in profit.
Similar patterns emerged with Ethernity Chain (ERN), where MrBeast’s wallets received early allocations and sold holdings for $4.6 million in profit. The investigation identified transactions across multiple projects including AIOZ ($1 million profit), SHOPX ($484,000 profit), and others.
Researchers point to MrBeast’s network of associated content creators and crypto figures, including KSI and Alex Becker, who showed similar trading patterns. Many promoted tokens lost 95-99% of their value after MrBeast and associates sold their holdings.
The investigation identified MrBeast’s primary wallet (0x9e67D018488aD636B538e4158E9e7577F2ECac12) through public NFT purchases and project allocations. From this main address, researchers traced connections to over 50 other wallets showing coordinated trading activity.
Blockchain data reveals a pattern where tokens would flow from project teams to MrBeast’s main wallet, then distribute to secondary wallets which would sell holdings gradually. Many sales occurred near market peaks before tokens experienced steep declines.
One notable example is the SUPER token, where on-chain data shows MrBeast received pre-launch allocations worth about $100,000. These tokens were later sold across multiple wallets for over $7.5 million as the price peaked, before falling over 99%.
The report details MrBeast’s involvement with several crypto projects that used his name and likeness for promotion. Projects like PlayMetaGods and MetaWars featured MrBeast as an investor on their websites and marketing materials.
A wallet labeled “BobbieDigital” emerged as a key part of the operation, handling millions in token sales across multiple projects. This wallet often received large token transfers from MrBeast’s main address before distributing them for sales.
The investigation uncovered regular interactions with crypto exchange deposits, particularly on Gemini and Binance. Many of the identified wallets shared common deposit addresses, helping researchers confirm their connections.
Data shows most profitable trades occurred in 2021, with some activity continuing through 2024. Several wallets remain active with unsold token allocations from various projects.
Technical analysis of the trades shows sophisticated timing, with most sales occurring during periods of high liquidity and price peaks. This suggests coordination and insider knowledge of promotional activities.
The trading patterns often aligned with social media promotion from MrBeast’s network. When associates like KSI would promote a token, blockchain data shows coordinated selling activity across multiple connected wallets.
Most projects connected to these trades have seen dramatic price declines, with many tokens losing over 95% of their value. Retail investors who purchased during promotion periods likely experienced heavy losses.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Cryptocurrency exchange Binance again echoed a buzz across the broader market on Friday, revealing plans to support the Ethernity Chain token swap and rebranding. In the midst of the crypto exchange giant’s latest market aid, the ETH Layer 2 platform with AI capabilities saw its native token ERN price skyshot nearly 30%.
Binance Unveils Support For Ethernity Chain Token Swap; Here’s All You Need To Know In an official release dated February 28, Binance revealed that it is extending support for the ERN token swap and rebranding. As per the announcement, the exchange will support the revamping of the Ethernity Chain to Epic Chain (EPIC).
Here’s What Traders Should Know: Notably, all existing ERN spot trading pairs will be wiped out on March 10 at 03:00 UTC. Further, the exchange will also cancel all pending spot trading orders for the same.
Subsequently, the crypto trading platform will commence trading for EPIC/USDT trading pairs starting March 13 at 08:00 UTC.
What’s More? Deposits and withdrawals of ERN tokens are to be suspended starting March 10 at 03:30 UTC. Further, deposits for EPIC tokens will start on March 13 at 07:00 UTC.
Binance also notified users that it would make a separate announcement to notify users when withdrawals for the new rebranded token have opened. Ethernity Chain tokens will no longer be supported after the token swap event concludes.
“All ERN tokens will be swapped to EPIC at a ratio of 1 ERN = 1 EPIC,” the leading crypto exchange clarified. Trading bot services and spot copy trading services on the platform will also be impacted accordingly.
What Other Binance Trading Services Will Stop For ERN? Also, the crypto exchange will eliminate ERN from Cross and Isolated Margin offerings on March 6 at 06:00 UTC. However, effective immediately, users will no longer be able to transfer any amount related to ERN Cross and Isolated Margin into their Margin account.
Additionally, Flexible Rates and VIP Loan services for the same are to be knocked off on March 6 at 03:00 UTC. Starting March 7 at 03:00 UTC, Simple Earn services and subscriptions will also be removed for the former token. For more details on the token swap and rebranding saga, traders can move on to the crypto project’s official announcement.
ERN Price Shoots Up 30% Amid the CEX’s enhanced market support, ERN price witnessed a 31% uptick in value, exchanging hands at $1.67. The coin hit a bottom and a peak of $1.18 and $1.80 in the past 24 hours. Traders also appear to have reacted positively to the token swap and rebranding announcement, as signaled by a whopping 514% surge in the asset’s intraday trading volume to $41.58 million.
Overall, the broader market sentiment surrounding the ETH Layer 2 platform with AI capabilities appears to be optimistic amid recent advancements. Enhanced market support by leading crypto exchange giants often propels a bullish impact on price.
In another similar chronicle, KAITO emerged as the recent buzz of the crypto market as it secured a stockpile of listings on Coinbase and Binance. In turn, the crypto witnessed a phenomenal price rally, sparking similar investor optimism over the Ethernity Chain (ERN) token swap and rebranding.
Cryptocurrency exchange Binance has officially announced the rebranding of Ethernity Chain’s ERN tokens to be known as EPIC. The platform will halt transactions involving the old ERN tokens and integrate the new token into its trading system. The token exchange process will occur within specified dates, and updates will be implemented at certain times during trading services.
Token Exchange Schedule and Service ChangesIn an official announcement dated February 28, Binance stated that all trading pairs for ERN tokens will be removed on March 10 at 03:00 UTC. Withdrawal operations for the tokens will be suspended starting at 03:30 UTC on the same day. Deposits for the new EPIC tokens will begin on March 13 at 07:00 UTC, while the EPIC/USDT trading pair will start trading on the same day at 08:00 UTC.
Additionally, Binance has revealed that as of March 6, ERN tokens will be removed from margin trading (Cross and Isolated Margin). On the same date, flexible rate and VIP lending services will be terminated. The Simple Earn service will be disabled on March 7. These regulations may also impact automated trading bots and copy trading services.
Market Response and Price MovementsFollowing Binance’s announcement, there was a sudden spike in the price of ERN tokens. The token value increased by 31% within 24 hours, reaching $1.67. During this period, trading volume surged by 514%, showing significant momentum.
The cryptocurrency market has responded positively to Ethernity Chain’s token exchange. Users view this transition as a favorable step for the project’s future. Binance’s support for large token exchange processes is seen as a notable example of the platform’s impact on the market.
With this announcement from Binance, updates to other trading services on the platform are also expected. Users should monitor upcoming changes to stay informed about their account statuses.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
NFT-focused Layer 3 blockchain aims to empower creators with guaranteed royalties.
RARI Chain, an Arbitrum-based Layer 3 blockchain dedicated to NFTs, has completed its mainnet launch.
Developed by the RARI Foundation using Caldera, a rollup deployment platform, RARI Chain operates as an Arbitrum Orbit chain and provides customizable rules, independent governance mechanisms, and an environment tailored to the specific needs of NFTs – such as its embedding of creator royalties at the node level.
The project is commemorating the launch with a series of open editions from ten digital artists - Alien Queen, Amber Vittoria, Andre Oshea, Ed Balloon, Jimena Buena Vida, Lindsey Byrnes, Ottis Ots, Saideart, Techkeyz, and Trizzy Trunk.
"RARI Chain makes it impossible to circumvent the value of royalties. By deploying marketplaces on RARI Chain, creators can be confident that their royalties are guaranteed," said Alex Salnikov, Chief Strategy Officer and co-founder of Rarible.
Rarible plans to integrate RARI Chain into its marketplace, making it easy to bridge assets back and forth. The team also plans to introduce credit card payments.
RARI Chain will establish grants for developers to build applications on the network. A planned Creator Fund would allocate a portion of the chain's revenue to a dedicated treasury to reward artists, controlled by the RARI DAO.
Earlier today, RARI Chain announced an upcoming migration to use Celestia Org, the leading modular DA layer. RARI Chain is a creator-first blockchain powered by Arbitrum, offering a secure and low-cost environment with royalties embedded on the sequencer level. According to the firm’s statement, moving our DA layer from a Data Availability Committee to Celestia Org is a crucial milestone for their path to decentralization.
Celestia Keeps Blooming This development comes at a time when the Celestia ecosystem is blooming based on recent data. According to Spencer Noon, more users post data to CelestiaOrg’s blobspace. According to them, the daily data posted to Celestia’s blob space has steadily increased since its inception and is now consistently hitting 200 MB/day.
More users are posting data to @CelestiaOrg’s blobspace…
“The daily data being posted to Celestia's blobspace has steadily increased since inception and is now consistently hitting 200 MB/day consistently – indicating that modular designs are gaining traction in the blockchain… pic.twitter.com/cZuXrbvmWc
— Spencer Noon 🕛 (@spencernoon) May 31, 2024 Spenser Noon states that modular designs are gaining traction in the blockchain space.
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Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.
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The SEC has settled charges against Rari Capital and its co-founders for misleading investors. Rari Capital was accused of misleading investors with false claims about automatic asset management. On Wednesday, the U.S. Securities and Exchange Commission (SEC) announced a settlement with Rari Capital, a decentralized finance (DeFi) protocol, along with its co-founders, over allegations of “misleading investors and engaging in unregistered brokerage activities.”
In a recent announcement, the SEC stated that Rari Capital’s Earn and Fuse pools operated similarly to crypto investment funds, allowing users to deposit their crypto assets and earn returns. The SEC’s complaint highlighted that Rari Capital conducted unauthorized sales of securities by offering interests in these pools and their associated governance tokens.
The SEC further alleged that the co-founders—Jai Bhavnani, Jack Lipstone, and David Lucid—misled investors about the functionality of the Earn pools. They had claimed that these pools would “automatically manage and optimize crypto assets for the highest returns.” However, the SEC revealed that they handled this process manually, and there were instances where the rebalancing did not perform as promised.
Additionally, the SEC accused Rari Capital of engaging in unregistered broker activities concerning its user-generated Fuse pools. At its peak, Rari Capital had over $1 billion worth of assets locked in its pools.
Overview of Rari Capital’s Operations and Challenges Rari Capital was founded in 2020 and aimed to provide automated yield farming. That platform optimized returns across various protocols such as Compound and dYdX. The Fuse protocol allowed users to establish personalized lending and borrowing markets.
In March 2022, Rari Capital suffered a significant security breach when the Fuse platform was hacked. That resulted in a loss of $80 million, as per SEC findings. Following this incident, Rari Capital halted new deposits and began winding down the Fuse service.
As part of the settlement, Rari Capital Infrastructure LLC, which took over Rari Capital after the hack, has agreed to comply with securities laws moving forward. Both Rari Capital and its co-founders did not admit to or deny the SEC’s allegations.
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RARI Chain and Arbitrum are teaming up to launch DeFi Days — offering workshops, quests, and contests to help creators explore new crypto-earning opportunities.
DeFi Days is an eight-week initiative designed to empower Web3 creators by offering new crypto-earning opportunities. This news comes from a press release shared with crypto.news.
The campaign, which starts on Oct. 24, will help creators use decentralized finance tools and knowledge to thrive in the evolving Web3 space.
The initiative includes a reward pool of approximately $80,000 to support creators through various activities, including Superboard quests, workshops, and contests, according to the release.
These efforts will guide creators in exploring economic opportunities beyond traditional NFT sales, such as decentralized exchanges, yield generation, and rewards for digital creations.
Defi Days initiatives RARI Chain, known for its community of around 150,000 members, is focusing on three main elements for DeFi Days: ecosystem project activation, DeFi Studio workshops, and an in-person creator contest in Bangkok.
The workshops in locations like New York City, Lisbon, and Bangkok will educate creators on DeFi tools and how to use them to generate sustainable income.
One of the key features of the initiative is the Web3 artist contest. The winners of this contest will have the opportunity to display their work at DevCon in Bangkok on November 13, 2024. This contest aims to shine a spotlight on digital artists and provide a platform to raise awareness about the potential of DeFi for creators and collectors.
Non-fungible tokens (NFTs) are evolving to create more “value and utility” for their creators and users, according to a recent panel discussion on "Navigating the Evolving NFT Landscape" at the TEN by RARI x Refraction event in Bangkok.
While the creator economy is the “flagship use case” of NFTs for consumers and retail, “There's going to be a lot of other applications of NFTs which are just in the backend,” Jana Bertram, Head of Strategy at RARI Foundation, told Rug Radio creator Pukerainbow.
Users won’t know that NFTs power the application, she said, adding that, “nobody really will care—it's just something that functions, but it will be powered by those NFTs.” She pointed to RARI Protocol’s integration with multiple ecosystems and chains, adding that “this tech stack can be powering NFT growth in all these different ecosystems.”
From speculation to impact-driven NFTsAs the technology underpinning NFTs evolves, so too are NFTs themselves, offering “different kinds of mechanisms you can play with,” said new media artist Shavonne Wong. Justin Gilanyi, Curator at Codex Projects added that during the crypto bear market, dedicated NFT artists, fashion designers and musicians have worked on “building their craft, learning their tools, and really developing their concepts.”
Creators are experimenting with the new tools available to them to add “meaning and story” to their NFTs, Bertram said. “You can then think about community and using NFTs as an engagement mechanism,” she added.
Sam Friedman, Head of Marketing at Arbitrum, pointed to a recent example where users, “could burn an NFT to then get a piece of physical merch, if that's what you want.” Another emerging use case is to “soulbound an NFT to someone, and then you can use that as a mechanism to then send subsequent information to that wallet address,” he said.
Educating creatorsThere are still “hurdles and thresholds to overcome for mass adoption,” said Gilanyi, with Friedman adding that, “Education and distribution are the things that we really have to work on, especially in the creator space.”
That education needs to encompass a broader view of Web3, beyond just minting NFTs or earning royalties on secondary sales, said Bertram. She explained that RARI is “onboarding creators" to decentralized finance (DeFi), so that they can “experience a bit of a different angle in Web3” and learn new ways to monetize their skills, such as staking and yield farming. To that end, RARI has launched workshops in locations around the globe, including Lagos, Bangkok, Lisbon and New York, to connect with NFT creators and educate them on the wider possibilities of Web3.
NFTs are about much more than just art, the panel argued, enabling creators to build deeper connections with audiences. “We have artists not only creating art, but creating experiences, creating activations, creating content,” said Gilanyi.
"Creator first" innovationsIncreasingly, traditional artists are being drawn to the technology, thanks to “creator first” innovations such as royalties that are embedded directly onto NFTs. “On RARI Chain, it's amazing that on the code level there are creator royalties embedded,” said Gilanyi.
Bertram explained that RARI Chain has leveraged Arbitrum One’s technology stack to seamlessly integrate royalties at the “sequencer” level. “In very plain terms, the sequencer will not enable or validate a transaction that does not respect royalties,” she explained.
By ensuring that royalties are “baked in,” Friedman said, it opens up wider possibilities for creators, such as royalties attached to physical products like sneakers.
“Creating is hard, and I think there's a sense of bravery that has to come with that and putting yourself out there,” Friedman said, explaining that NFT royalties enable creators to ensure that they have steady revenue streams. “Making sure that you're taking care of yourself is something that I think is really valuable and really important,” he said. “So doing that on a blockchain level is a way to protect it.”
With the crypto market picking up, a “trickle-down effect is happening,” bringing newcomers to the space, said Kim Madison, VP of Customer Success at Rarible. She added that, “Obviously, none of us really have a crystal ball to know what's going to happen in the future, but I think the trajectory of where we're at right now, it's going to be an exciting ride, and I think it's only going to go up from here.”
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Digital asset markets are constantly evolving, with fresh and interesting projects emerging continuously. Today December 4, many tokens grabbed the attention of the crypto community.
According to data shared by Phenix Group, cryptocurrencies with outstanding performance today include Tron, Amp, Status, RARI, JUST, Sharpe AI, Klever Coin, Braintrust, Hyperliquid, and Curve DAO. Each of these gainers displays extraordinary attributes and has witnessed unique market activity, providing smart investors with distinct avenues to make profits.
Leading crypto gainers today Tron (TRX) TRX rose tremendously, displaying the most remarkable surge today. Tron outperformed other dormant cryptocurrencies with an impressive increase after its founder made a huge investment into a DeFi crypto project backed by Donald Trump.
Last week, Justin Sun invested $30 million in World Liberty Financial (WLFI), a DeFi project owned by President-elect Trump. Today, TRX set a record in the crypto market by soaring as much as 66.1% and climbed to a new ATH of $0.4313.
Amp (AMP) AMP (AMP) surged 56.0% in the past 24 hours and maintained its bull run as big investors have started accumulating the alternative crypto.
AMP’s trading volume rose 829.80% in the last 24 hours, signaling a recent increase in its market activity. Its price pump boosted its market cap to surpass $1 billion for the initial time in 29 months before retracing its way back to $911.58 million.
Three factors are responsible for AMP’s increase. First, the rise aligns with the wider bull run in the altcoin market. Secondly, its partnership with Flexa, an online payments platform that leverages AMP as collateral. Flexa recently integrated its network with the Zcash wallet app, broadened its user adoption, and bolstered AMP’s utility. Lastly, AMP’s upswing has been driven by an increase in big investors’ activity over the last 24 hours.
Status (SNT) Status (SNT), a decentralized platform developed on Ethereum, has risen 51.3% over yesterday. Established in 2017, the altcoin enables users to engage with dApps, send coded messages, and also serve as a crypto wallet.
SNT price surge means that currently, more users are purchasing the token than selling it. SNT is becoming a preferred mobile browser and open-source messaging platform allowing people to interact with decentralized applications on the Ethereum network.
RARI (RARI) RARI takes the fourth spot on today’s dominant gainers list, displaying a robust 47.2% rise in the last 24 hours. This blockchain is garnering user attention, boosted by its role in providing users with DeFi tools and resources to thrive in the expanding Web3 landscape.
With its advanced blockchain infrastructure, RARI enables users to explore opportunities beyond traditional exchanges, NFTs, yield generation mechanisms, and rewards.
JUST (JST) JUST is among today’s top gainers, showcasing a 46.8% rise in the last 24 hours, indicating robust bullish sentiment and ability for continued gains. JUST is one of the major prominent decentralized ecosystems on the TRON blockchain.
It tries to set itself apart from competitors by offering various innovative resources. As a result, it is rapidly turning to be one of the prevailing dApps in the Web space. The network’s exceptional security, application, and interoperability serve as factors elevating JST price to witness breakout momentum.
Sharpe AI (SAI) Sharpe AI is the sixth top gainer in the list, exhibiting an incredible 43.1% increase in the past 24 hours. This uptick aligns with Sharpe AI’s commitment to enabling everyone to secure datasets and utilize AI agents to conduct tasks across its global data network. Its platform provides users with great opportunities to expand their earnings using advanced AI tools.
Klever Coin (KLV) Klever Coin is the seventh token on the list, posting its resilience in the competitive digital asset market. The crypto has witnessed price ascend by 41.4% in the last 24 hours. By providing users with a customer-friendly, efficient, and secure platform for managing crypto tokens, it thrives to guarantee users with seamless experience.
Its advanced ecosystem consists of various services and products like Klever blockchain, Klever exchange, Klever wallet, and others. The platform designed all these tools to empower people with the resources they need for seamless crypto investment and transactions.
Braintrust (BTRST) Braintrust is jumping onto the digital asset scene with amazing uptrend momentum, soaring an impressive 41.1% in the last 24 hours. This quick growth has grabbed greater user interest, with traders and savvy investors embracing its extraordinary ecosystem. Braintrust is a next-gen talent network that connects freelancers with companies and offers users earning opportunities.
Hyperliquid (HYPE) Hyperliquid seized the spotlight as today’s ninth top gainer. In the past 24 hours, HYPE price has surged by 37.8% and its trading volume rose by 20.70%, indicating robust market activity.
HyperLiquid is currently doing well in the market partly due to its recent airdrop event that provided users with huge payouts, sending its price to rise from $3.2 to $4.8, exceeding expectations.
Such a rapid surge reflects a robust belief from users in Hyperliquid’s prospects. The token’s outstanding features place it as one of the major digital assets in the industry.
Curve DAO (CRV) Curve DAO scopes the 10th position among today’s best-performing crypto assets. The altcoin’s 33.9% price increase reflects growing enthusiasm around its groundbreaking solutions.
Formed in 2020, Curve has been a driving force in the DeFi sector, offering liquidity solutions through algorithmic trading bots. Its DAO plays a crucial function role in the ecosystem’s growth.
Crypto market optimism grows Today’s top gainers reflect a broader trend in the digital asset market where overall cryptocurrencies are gaining momentum. The wider virtual currency market rose slightly on Tuesday. The total market valuation was up by 0.74% to $3.70 trillion, while the total transactions surged by 44.52% to $271.31 billion.
AUTHOR
Nicholas Otieno is a fintech writer specializing in cryptocurrency markets. Since 2019, he has written articles to educate readers about cryptocurrency and its substantial positive impact on global prosperity. Nicholas is a Bitcoin holder, believing firmly in its fundamentals. His work has been featured in publications such as Finance Magnates, Blockchain.News, Bitcoin Magazine, Coincub, and among others. When he's not writing, Nicholas enjoys performing domestic tasks, spending time with friends, listening to music, and watching football.
Rarible rallied 94.5% in the past 24 hours. CoinMarketCap data showed that the $7.27 million market cap token saw a 20-fold increase in daily trading volume.
The high volume was unable to break the $0.5 resistance, and the price was down to $0.35 at the time of writing.
As the native token of the Rarible NFT platform, Token Terminal data showed that onchain user counts were quite small. The metrics didn’t grow over time, either.
The token holders count has stayed at 24.4k-24.6k over the past year, and the active weekly users have been under 1,000 since April 2023. The platform’s NFT sales volume was also quite small.
Price analysis shows a year-long downtrend for RARI Source: RARI/USD on TradingView The bearish structure breaks since November were nothing new. Since January, RARI prices have been trending downward.
The CMF, which briefly climbed above +0.05, had previously climbed past the same benchmark in December 2024.
The OBV’s upward spike reflected the heavy trading volume during the weekend, but was not a sign of bullish confidence. To shift the swing structure, a move above the $0.5 level was needed, but it has not yet come.
Exploring the bullish case The rally past $0.29, a recent local swing high, was a sign of a bullish internal structure shift. As noted earlier, the swing structure remained bearish. In this case, a revisit to the $0.29 level could see the RARI bounce resume.
This is an unlikely scenario, given the long-term downtrend and the lack of users and demand.
Traders’ call to action — Sell the bounce Due to the Bitcoin [BTC] bounce to $90k on Monday, many altcoins saw a noticeable uptick in prices after steady losses in recent weeks. This was not the beginning of a recovery, but a bounce that sellers can target.
It was the same for the RARI token. A breakout past $0.5 would be a technical trend reversal, but it is hard to go long after a year of downtrend.
Final Thoughts The RARI crypto token saw a sudden price bounce and an immense increase in trading volume. After a year-long downtrend, the chances of a long-term trend reversal were slim. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
PANews reported on May 29th that NFT marketplace Rarible announced on its X platform that Impossible has acquired the Rarible brand and core platform assets. This acquisition marks Impossible's first foray into mergers and acquisitions and brand expansion. The RARI Foundation ecosystem and RARI tokens remain independently managed by the relevant foundation entities. The team stated that they will continue to support artists, collectors, and the community, and will share more plans in the future.
Updated May 14, 2024, 5:24 p.m. Published May 14, 2024, 1:00 p.m.
2 min read
Karn Saroya, CEO of Re (Re)The new fund backs low-volatility insurances covering properties, trucking, aviation and workers compensation, excluding catastrophic risks at the start, Re CEO Karn Saroya said in an interview.Re targets to back $200 million in insurance premiums by the end of the year, with another $3 billion in the pipeline.The firm also raised $7 million in a venture capital investment round led by Electric Capital.Re, a real-world asset (RWA) platform specializing in offering tokenized reinsurance, said Tuesday it has opened its first open-ended reinsurance fund using the Avalanche {{AVAX}} network.
First investors of the fund include Nexus Mutual, a crypto insurance alternative provider, with a $15 million allocation and the RWA-focused Vista fund of Ava Labs, an ecosystem developer organization of Avalanche, with a smaller deposit.
The company also raised $7 million in venture capital in its latest fundraising round led by Electric Capital, following a $14 million seed round in late 2022.
Re, which is regulated in the Cayman Islands, focuses on introducing blockchain tech for a traditionally opaque, conservative industry and aims to be a decentralized version of Lloyd's of London, though of as the premier marketplace for insurance.
Reinsurance companies offer protection for insurance firms, collecting premiums to cover certain types of risks. With nearly $1 trillion in premiums annually, reinsurance is a cornerstone of today's financial markets and commerce, Karn Saroya, chief executive officer of Re said in an interview with CoinDesk.
"Reinsurance is the ocean, and insurance companies are the boats floating on the water,” he said.
Bringing these assets to blockchain rails can improve settlements, operational efficiency and create greater transparency of capital reserves, Saroya explained. This is in line with the red-hot tokenization trend, with digital asset firms and global financial institutions such as BlackRock, Citi and Franklin Templeton creating digital versions of old-school investments – often referred to as RWAs – to trade them on blockchains for operational benefits.
Read more: Why Asset Tokenization Is Inevitable
In the beginning, Re's new fund backs more conservative, low-volatility insurances such as property, trucking, aviation and workers compensation, excluding catastrophic risks, Karoya said.
The fund targets to offer up to 23% annualized yield to investors, and is accessible to U.S. accredited investors and any investors outside the U.S. who complete Re's know-your-customer (KYC) process. The minimum lock-up period for deposits is one year, and funds are available for redemptions as collateral is released from the insurance companies.
Investing in the fund is similar to high-yield fixed income, Saroya said, making it attractive to decentralized autonomous organizations (DAO) and ecosystem funds to deploy capital.
[PRESS RELEASE – London, United Kingdom, September 18th, 2024]
The collaboration sets a new standard in decentralized finance (DeFi) by shifting blockchain transaction risk away from end users for the first time.
OpenCover, a leading platform for blockchain insurance and insurance alternatives backed by Coinbase Venture’s Base Ecosystem Fund, NFX, Jump, Alliance, Village Global and Orange DAO is announcing a strategic partnership with Request Finance and Nexus Mutual. This collaboration marks a historic milestone in decentralized finance (DeFi), offering unparalleled protection for blockchain users across multiple blockchain ecosystems including Ethereum, Arbitrum, Polygon, BNB, Optimism and Avalanche.
For the first time, eligible transactions on Request Finance are covered up to $100,000. This protects end-users from the main technical, economic, and security risks inherent to blockchain transactions, making onchain finance safer and matching transaction guarantees on traditional financial infrastructure.
Traditionally, the “your keys, your coins” mantra placed the full burden of blockchain risk — such as oracle price feed errors, smart contract bugs and stablecoins losing their peg — directly on the end-user.
OpenCover’s new Transaction Cover, underwritten by Nexus Mutual, transfers the risk of failure or unforeseen blockchain transaction outcomes away from the end-user. Users now benefit from the same transaction guarantees typically seen in traditional finance but with the advantages of faster settlement times, full transparency, and significantly lower fees attained by using blockchain rails.
“For decentralized finance to become a credible extension to traditional finance, blockchain transactions need to be as safe as they are efficient,” said Jeremiah Smith, Co-Founder and CEO of OpenCover. “This unique partnership with Request Finance and Nexus Mutual sets a new standard, allowing blockchain users to fully embrace self-custody and onchain finance without the downside of transaction risk.”
This collaboration not only strengthens OpenCover’s mission to promote blockchain safety but also aligns with the wider movement toward mainstream blockchain adoption. By abstracting transaction risk from end-users, OpenCover, Request Finance, and Nexus Mutual are bringing blockchain payments to parity with the protections that have long been standard in traditional financial systems.
About OpenCover (https://opencover.com)
Founded by Y Combinator alumni Jeremiah Smith and Yury Oparin, OpenCover works with top-tier underwriters to provide individuals and institutions protection against onchain risks, including transaction and protocol risk.
About Request Finance (https://request.finance)
Request Finance is a comprehensive invoicing, payment, and accounting platform for Web2 and Web3 businesses. By simplifying payments in both crypto and fiat currencies, Request Finance is helping businesses embrace decentralized finance while ensuring transparency and efficiency. Request has processed over $800 million in transactions since 2020.
About Nexus Mutual (https://nexusmutual.io/)
Nexus Mutual is the leading crypto insurance alternative for protocol and other blockchain risks. The mutual has underwritten close to $5 billion in risk since being established in 2019.
From a speculative asset to a foundational element, Bitcoin ($BTC) continuously grows in terms of decentralized finance. This continuous evolution urges Babylon Labs and Nexus Mutual to join their efforts to safeguard billions of dollars in staked Bitcoin ($BTC). They aim to protect staked Bitcoin with a product that pioneers slashing protection. Bitcoin ($BTC) has now become a crucial part of financial systems worldwide. So, this alliance strives to provide crypto holders peace of mind, resilience, and trust while participating in staking.
Babylon Labs and Nexus to Reinforce Bitcoin ($BTC) Staking Security Babylon Bitcoin staking protocol holds billions of dollars to protect comparatively imperative assets. Nexus Mutual is renowned as a leader in crypto-based insurance alternatives. The platform now aims to create a bespoke slashing protection protocol. Babylon’s users can directly approach this product, so Babylon Labs plays a significant role in this process. The lab stays ahead in the development of the product, providing technical insights while facilitating connections with potential users.
Nexus Mutual was established in 2019, underwriting more than $5.5 billion in the coverage of digital assets. The platform offered $BTC-denominated insurance products at first. Its collaboration with Babylon Labs aims to strengthen the missions of both firms. Babylon Labs continues to unveil Bitcoin ($BTC) utility by providing secure staking solutions. On the other hand, Nexus Mutual leads in crypto-risk innovations.
The Partnership Provides Custom Coverage for a Decentralized Future Through this partnership, Nexus Mutual and Babylon aim to explore expanded Bitcoin Secured Networks (BSNs). This advancement enables customizable protection, improving liquidity and user confidence. Nexus Mutual’s coverage products strive to meet the demands, ranging from individuals staking their Bitcoins to institutions participating at scale.
The Head of Business Development at Babylon Labs, Clayton Menzel, states, “We’re excited about Nexus Mutual’s upcoming slashing protection product and what it could mean for Bitcoin stakers.” He further says, “This collaboration supports our mission of unlocking Bitcoin to secure the decentralized economy.”
The Founder of Nexus Mutual, Hugh Karp, emphasized the statement, stating, “Bitcoin is now a crucial part of the global financial system, and we’re excited to work with Babylon Labs to offer new ways to protect and leverage this digital asset.”
The alliance between Nexus Mutual and Babylon Labs is a significant step towards creating a more scalable and secure environment for Bitcoin staking. This environment will merge the reliability of insurance with decentralized capabilities.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Nexus Mutual has transferred $250,000 to reimburse users caught in Arcadia Finance’s $3.5 million exploit, marking one of Base blockchain’s first major insurance settlements. The payout arrives as Arcadia’s own recovery plan remains weeks from implementation.
Summary
Nexus Mutual paid $250,000 to victims of Arcadia Finance’s $3.5 million hack, marking one of Base chain’s first major insurance settlements. The payout offers early restitution ahead of Arcadia’s own delayed recovery plan based on “Recovery Tokens.” On August 4, crypto insurance alternative Nexus Mutual announced it had paid out $250,000 to users impacted by the July 15 Arcadia Finance exploit on Base, where attackers drained $3.5 million in stablecoins through a contract vulnerability.
The smart contract bug allowed funds to be siphoned directly from user accounts, with stolen assets swiftly laundered into wrapped Ether. Nexus Mutual began processing claims in late July after a standard cooldown period, ultimately honoring coverage for eligible users who had purchased protection through OpenCover, a Base-native distributor.
A turning point for DeFi risk mitigation? The Arcadia Finance payout signals a deeper shift in the way decentralized finance is starting to confront its most systemic weakness: the lack of credible recourse when things go wrong. Nexus Mutual has now paid out over $18.2 million across 37 incidents since 2019, according to its public claims dashboard.
The Arcadia settlement joins a roster of landmark payouts including $5 million for the 2022 TribeDAO hack, $2.3 million for Euler Finance’s $197 million exploit, and nearly $5 million when FTX collapsed. These aren’t abstract numbers; they trace the evolution of crypto’s risk management infrastructure through its most chaotic years.
While smaller than other settlements, the Arcadia payout is symbolic. Its timing matters: this is one of the earliest high-profile insurance resolutions on Base, Coinbase’s Layer 2 chain, which has only recently started to see sustained DeFi activity. For affected users, the payout served as a crucial stopgap in the absence of protocol-native compensation, arriving before Arcadia itself was able to mobilize a full recovery plan.
Meanwhile, Arcadia Finance has charted a different course with its Recovery Token (RT) system, a complex mechanism where victims receive USDC-pegged tokens redeemable through staking, fee rebates, or secondary market sales.
Though innovative in its attempt to align incentives, the plan requires users to maintain long-term engagement with the protocol. Some may prefer Nexus Mutual’s straightforward ETH transfers, which impose no lockups or behavioral conditions.
Once the 14-day cooling-off period ended on July 29, users of Arcadia who had lost money began submitting claims. The reimbursement will not affect Nexus Mutual’s liquidity or its capacity to pay additional claims, according to Phil Johnston. Customers who had their funds stolen in the recent Arcadia Finance theft were reimbursed by Crypto-native insurance alternative Nexus Mutual.
An notification made public on Monday said that Nexus Mutual has paid out around $250,000 to customers who had their money stolen in the Arcadia Finance attack. A theft occurred in mid-July on the Base blockchain, stealing $3.5 million worth of stablecoins. The stolen assets were then exchanged for Wrapped Ether (WETH).
$250K Reimbursed via OpenCover Victims had their money stolen straight from their accounts. Once the 14-day cooling-off period ended on July 29, users of Arcadia who had lost money began submitting claims. So far, Nexus Mutual has reimbursed $250,000 via its relationship with OpenCover, a supplier of base-based coverage. “Zero risk does not exist offchain, nor will it exist onchain,” said OpenCover CEO Jeremiah Smith.
The reimbursement will not affect Nexus Mutual’s liquidity or its capacity to pay additional claims, according to Phil Johnston, director of marketing at the company. An active cover with over $100 million remains, he assured. Nexus Mutual allows its verification onchain and keeps its claims history accessible. Users have allegedly received claims payments totaling $18,256,181 since the service began in 2020.
Nexus Mutual claims that most legitimate claims are paid out within seven days, in contrast to conventional insurers that typically take months to settle claims, all because blockchain data is transparent and verifiable. Although custodial intermediary concerns are no longer an issue with DeFi, new vulnerabilities like as complicated smart contracts with large attack surfaces are introduced.
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Оновлено 11 груд. 2025 р., 1:28 пп Опубліковано 19 лист. 2025 р., 6:32 дп Перекладено AI
2 min read
Inside the Lloyd's of London insurance market. (Lloyd's of London)Summary
Капітал, виділений через Symbiotic, тепер може забезпечувати традиційні мережі з підтвердженням долі (PoS), одночасно страхуючи покриття Nexus.Партнерство вирішує структурний розрив у покритті ризиків DeFi: відсутність масштабованої та прозорої інфраструктури перестрахування.Децентралізований страхувальний протокол Nexus Mutual, інтегрувався з протоколом страхування та ефективності капіталу Symbiotic для створення шару перестрахування, що генерує дохід, з метою страхування ризиків децентралізованих фінансів.
Співпраця з Symbiotic запроваджує новий клас андеррайтингових сховищ, узгоджених із тривалістю покриття Nexus, що дозволяє здійснювати перерозподіл капіталу в режимі реального часу та швидке врегулювання претензій, повідомляється в пресрелізі у середу.
Капітал, розподілений через Symbiotic, тепер може забезпечувати традиційні мережі з підтвердженням ставки (PoS), одночасно підтримуючи страхове покриття Nexus, що допомагає масштабувати альтернативного провайдера страхового покриття без впровадження централізації чи неефективності, характерних для старих моделей, йдеться у релізі.
«Протягом багатьох років ринки ризиків на ланцюгу стикалися з проблемами масштабування через фрагментацію капіталу в ізольованих пулах», — сказав Міша Путятін, співзасновник Symbiotic. «Запроваджуючи композиційну інфраструктуру перестрахування, ми відкриваємо можливості масштабованих, бездозвільних ринків ризиків, де капітал нарешті може працювати на кількох рівнях екосистеми. Це не просто покращення ефективності, це те, що нарешті дасть змогу нам досягти масштабу»
Nexus Mutual прагне вирішити критичний дефіцит страхових потужностей у криптоіндустрії, дозволяючи учасникам вкладати активи у синдикати, подібно до того, як працює ринок Lloyd’s of London, за що вони отримують Токени NXM. Ці токени потім використовуються для покриття певних ризиків у обмін на прибутки, які, за словами засновника Nexus Mutual Г'ю Карпа, можуть сягати близько 25%.
Партнерство вирішує структурну проблему у покритті ризиків DeFi: відсутність масштабованої та прозорої інфраструктури перестрахування. Для Nexus Mutual це відкриває двері до додаткового попиту на андеррайтинг, що дозволяє протоколу розширювати покриття серед протоколів і класів активів без збільшення резервів.
«Оскільки інституційне впровадження DeFi продовжує зростати, інвестори все частіше звертаються до Nexus Mutual із проханням покривати ризики у ще більшому масштабі», — сказав Г’ю Карп, засновник Nexus Mutual. «Співпрацюючи з Symbiotic, ми забезпечуємо, щоб наші рішення з покриття на блокчейні відповідали потребам будь-якого інституційного інвестора чи протоколу.»
Updated Dec 11, 2025, 1:28 p.m. Published Nov 19, 2025, 6:32 a.m.
2 min read
Inside the Lloyd's of London insurance market. (Lloyd's of London)Summary
Capital allocated via Symbiotic can now secure traditional proof-of-stake (PoS) networks while simultaneously underwriting Nexus coverage.The partnership addresses a structural gap in DeFi risk coverage: the lack of scalable and transparent reinsurance infrastructure.Decentralized insurance protocol Nexus Mutual, has integrated with underwriting and capital efficiency protocol Symbiotic to create a yield-generating reinsurance layer to underwrite decentralized finance risks.
The collaboration with Symbiotic introduces a new class of underwriting vaults aligned with Nexus cover durations, enabling real-time capital reallocation and fast claim settlement, according to a press release on Wednesday.
Capital allocated via Symbiotic can now secure traditional proof-of-stake (PoS) networks while simultaneously underwriting Nexus coverage, helping scale the alternative insurance cover provider without introducing centralization or inefficiencies typical of legacy models, the release said.
“For years, onchain risk markets have struggled to scale because capital was fragmented across isolated pools,” said Misha Putiatin, co-founder of Symbiotic. “By introducing composable underwriting infrastructure, we’re unlocking scalable, permissionless risk markets where capital can finally work across multiple layers of the ecosystem. This isn’t just an improvement in efficiency, it's something that can finally get us to scale”
Nexus Mutual seeks to address the dire shortage of insurance capacity within the crypto industry by allowing members to deploy assets into syndicates, in a way similar to how the Lloyd’s of London market operates, for which they receive NXM tokens. These tokens are then used to back certain risks in return for yields which can reach around 25%, according to Nexus Mutual founder Hugh Karp.
The partnership addresses a structural gap in DeFi risk coverage: the lack of scalable and transparent reinsurance infrastructure. For Nexus Mutual, it opens doors to additional underwriting demand, allowing the protocol to expand coverage across protocols and asset classes without raising idle reserves.
“As there continues to be greater institutional adoption of DeFi, investors have been asking Nexus Mutual to cover risks at an even larger scale,” said Hugh Karp, Founder of Nexus Mutual. “By working with Symbiotic, we’re making sure our onchain cover solutions can fit the needs of any institutional investor or protocol.”
As institutions flood into DeFi, one protocol is selling something they all need: coverage.
The suits have arrived in crypto. In an interview with TheStreet Roundtable at the Digital Asset Summit in New York City, Nexus Mutual head of business development Ralf Turner noticed the shift firsthand.
For a protocol that's been building decentralized insurance since 2019, the real signal isn't the dress code. It's the demand.
Nexus Mutual operates as a decentralized finance (DeFi) insurance marketplace on the Ethereum blockchain.
How decentralized insurance worksCapital holders deposit Ethereum and other assets into the protocol, which mints them $NXM, the protocol's core token representing their share of a collective capital pool.
That pool then backs coverage for crypto-native risks like smart contract exploits and protocol hacks.
The protocol now counts around 10,000 members, from retail investors to institutional heavyweights.
One reason for that range is flexibility. Coverage doesn't have to be purchased in NXM. Buyers can pay in stablecoins, Ethereum, or Bitcoin.
"You don't run the fiat to crypto mispricing currency risk," Turner said. "You can actually just get it denominated in a primary core asset that you'd like it to be."
What separates Nexus Mutual from a traditional insurer is visibility. Capital adequacy, active coverage books, and leverage ratios are all publicly viewable on-chain.
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"It's all transparent on the blockchain," Turner said.
For institutional allocators used to opaque insurance markets, that's a meaningful upgrade.
More newsBitcoin, XRP surge on Trump's Iran U-turnLawmakers call to remove Trump after Iran warningSolana Policy Institute president says fight over stablecoin rules is about 'competition'A clear gap in crypto servicesAnd the need is real. Just a couple of weeks ago, Resolv's stablecoin USR suffered a significant exploit, sending the community into scramble mode.
"The community as a whole was scrambling to get reliable information, understand the impact," Turner said. "It's the kind of thing that we can really step in and help everyone out with."
In this case, attackers gained access to a private key, and were able to mint over 80 million USR tokens, causing the coin to depeg and fall to prices as low as $0.02.
Nexus Mutual has weathered its share of market chaos, from DeFi summer to the FTX bankruptcy and the Terra Luna collapse. Through all of it, the pitch to users has stayed the same.
"Buy Nexus Mutual Cover, you'll feel a lot better sleeping at night," Turner said.
PANews reported on May 27th that a16z crypto published an article on the X platform stating that not all tokenized assets truly and equally exist on-chain. Bonds are by far the largest class of tokenized assets, with a market capitalization of $15.2 billion, but only about 5% of this supply is used in DeFi. The situation is similar for precious metals: while they are on-chain, most are simply idle. Smaller categories are different. 84% of the supply of reinsurance tokens is deployed in DeFi, compared to 33% for private lending. This makes sense: these categories with the highest DeFi usage were built for DeFi from the beginning, for example, through protocols like Nexus Mutual and Maple Finance. Many practices now referred to as "tokenization" are actually closer to digitization: simply transferring records to the blockchain without unlocking any new functionality. This is important because one of the core value propositions of on-chain financial systems is composability.
Nexus Mutual (NXM); is a decentralized finance protocol based on the Ethereum network. Although Nexus Mutual has its own cryptocurrency, NXM, it is known that this can only be used within its own network. Users can obtain insurance through smart contracts using the network’s own cryptocurrency NXM and cover their losses against potential attacks or losses.
The decentralized finance sector has achieved incredible growth recently, but it also brings with it certain risks. Thanks to Nexus Mutual, the risk on smart contracts is distributed equally to everyone using it. The idea of Mutual, derived from the concept of partnership, quickly became popular in the cryptocurrency sector, and other cryptocurrency projects have also taken similar steps. Wrapped NXM Coin, on the other hand, is a cryptocurrency that users can use outside the Nexus Mutual platform.
While the governance token of the Nexus Mutual protocol, NXM, can only be used on this network, Wrapped NXM can be used on many networks. Users need to buy WNXM Coin or NXM Coin and hold a certain amount of NXM Coin to benefit from this insurance service in the DeFi sector.
Where to Buy WNXM Coin?WNXM Coin can be purchased using Binance, the world’s largest cryptocurrency exchange by trading volume. To buy WNXM Coin on Binance, you first need to send a certain USDT balance to the exchange. After sending the balance, WNXM/USDT trading pairs can be used for fast purchases due to high liquidity support.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The world’s largest crypto exchange Binance on Monday announced delisting and ceasing trading of these four cryptocurrencies from Binance spot and margin. Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM) delisting announcement has caused prices to dip massively.
Derivatives trading data report major trades as traders and investors move or readjust their holdings in WAVES, OMG, XEM, and WNXM, causing open interests to pump over 100% in the last 24 hours.
Binance Announces Delisting of WAVES, OMG, XEM, NXM In an official announcement on June 3, Binance said it has decided to delist and cease trading on all spot and margin trading pairs of Waves (WAVES), OMG Network (OMG), NEM (XEM), and Wrapped NXM (WNXM). Users will not be able to trade these cryptocurrencies after 03:00 UTC on June 17.
Exchange claims these crypto have failed to meet the standard and industry requirements in reviews done periodically by the crypto exchange.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” stated Binance.
The last date for withdrawing these tokens is September 17 as the exchange completely ends support for these crypto. Binance delisting these tokens from Binance Simple Earn, Binance Auto-Invest, and Binance Loans weeks before the delisting date.
Binance’s Delisting Factors For All Crypto Crypto exchange Binance reviews listed crypto for maintaining a high level of standard and industry requirements. These are in line with listing requirements of the exchange.
These include a team’s commitment to project, development activity, trading volume and liquidity, stability and safety of network, smart contract stability, level of public communication, response to exchange’s periodic due diligence requests, unethical/fraudulent conduct or negligence, regulatory requirements, and contribution to crypto ecosystem.
Prices Tumbled After Announcement WAVES price tumbled over 25% after Binance’s announcement, with the price currently trading at $1.77. The trading volume has jumped over 900% as traders and investors make quick readjustments to their holdings.
Meanwhile, OMG, WNXM, XEM prices have dropped over 25%, 3%, and 29%, respectively, in the last few hours.
Interestingly, the announcement caused massive futures trading as WAVES, OMG, XEM futures open interest jumped over 100%. The move is likely triggered by a change in margins and readjustments to trade.
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June 3, 2024
Binance, the world’s largest crypto exchange, is ceasing support and trading on all spot and margin pairs for four altcoins.
Starting June 17, Binance announced that it will delist altcoins including Waves (WAVES), OmiseGo (OMG), Wrapped NXM (WNXM) and NEM (XEM).
The exchange noted that these altcoin removals come in line with its periodical review of each digital asset. This ensures whether tokens continue to meet a high level of standard and industry requirements, Binance’s blog post read.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure best services and protections for our users while continuing to adapt to evolving market dynamics.”
Some of the factors evaluated during the periodical review includes token’s trading volume and liquidity, network stability and safety. The exchange also evaluates whether the token shows evidence of any fraudulent conduct, regulatory requirements, among others.
Further, Binance said that deposits of these altcoins will not be credited to user accounts after June 18. Additionally, it will not support withdrawals of these four tokens after September 18, 2024.
Following the delisting, WAVES token saw a sharp plunge of 25%, with the token currently trading at $1.67. The altcoin’s trading volume has jumped over 1340% as investors readjusted their holdings.
Binance Halts Cash Payments for P2P Trades in India
In the meantime, Binance’s India arm has stopped cash payment option for peer-to-peer trades.
The announcement to halt cash payments has affected local traders, who used Indian rupee (INR) option to avoid tax regulations.
Purushottam Anand, founder of Bengaluru-based blockchain firm Crypto Legal told Economic Times that P2P cash transactions expose parties to serious physical and financial risk, irrespective of whether any exchange is involved or not.
“There have been cases where traders have been physically assaulted and forced to transfer their virtual assets or hand over cash during physical meetings,” he added.
Giko Cat, Sudeng and inSure DeFi emerged as the top gainers in the last 24 hours with a double-digit surge.
CoinGecko data shows that while top coins like Ethereum (ETH) and Solana (SOL) are recovering with a 1-3% surge after the recent dump, some meme coins pulled off double-digit gains.
Cat-themed meme coin Giko Cat (GIKO) is up by 52% in the last 24 hours. It is the largest gainer as per CoinGecko’s top gainers list during this period.
The coin has a market cap of $63 million. GIKO’s surge can be attributed to the popularity of cat-inspired meme coins, which is led by Popcat (POPCAT).
GIKO is up by over 280% in the last seven days and up 2,100% in the last 30 days. This notable surge happened amidst the highly volatile market conditions.
Source: CoinGecko InSure DeFi pumps 40% InSure DeFi (SURE) is second on the list as the top gainer with its 40% surge. Trading at $0.003166, the coin has surged from its seven-day low of $0.00203.
Even though its 24-hour pump is commendable, the meme coin is down by over 35% in the last 30 days.
Source: CoinGecko Unlike GIKO, InSure DeFi is not a meme coin and is part of a crypto and RWA portfolio insurance ecosystem.
However, the exact reason for the surge of InSure is not clear as there haven’t been any notable development announcements in the last 24 hours.
Sudeng bags the third position Sudeng (HIPPO) is another spin-off token inspired by the Moo Deng hippopotamus. According to CoinGecko, HIPPO is the third-largest gainer in the last 24 hours.
Source: CoinGecko Amid the not-so-bullish market conditions, this meme coin has managed to surge by over 36%. HIPPO has gained investor attention as analysts are shilling the coin all over X.
With the meme coin now standing at a $169 million market cap, analysts speculate that $200 million could be next.
Key NotesGalxe's $50M fund seeks to revolutionize blockchain ecosystems by supporting decentralized projects.The fund was backed by venture capital companies like HashKey Capital and DAO5, supporting Galxe's vision for decentralized innovation.Galxe has added an additional $5 million in grants to bolster innovation. Galxe, a leading Web3 identity and rewards platform, has announced the launch of a $50 million ecosystem fund to accelerate innovation within its newly upgraded Gravity blockchain.
According to an announcement on Tuesday, this initiative, known as the Gravity Ecosystem VC Alliance, seeks to support developers and projects in building high-performance decentralized solutions while expanding the capabilities of the blockchain’s ecosystem.
A $50M Boost for Blockchain Developers The Gravity Ecosystem VC Alliance was established to provide funding, resources, and strategic backing for developers aiming to create scalable and efficient applications on the Gravity blockchain. Prominent investors, including HashKey Capital, DAO5, Draper Dragon, and Spartan Group, supported the new initiative.
Galxe’s co-founder, Charles Wayn described the initiative as a vital step toward supporting innovative projects that align with the platform’s mission.
“We wanted to start to build out the ecosystem and allow more developers to come over and build here. The advantage of building on Gravity is that you get instant access to the 1 million daily active users of Galxe,” Wayn told Cointelegraph.
To complement the ecosystem fund, Galxe has also allocated an additional $5 million in developer grants to encourage further innovation. These grants aim to attract developers looking to capitalize on Gravity’s robust technical infrastructure and vast community of 31 million users.
Introducing Grevm 1.0 In addition to the ecosystem fund, Galxe has introduced Grevm 1.0, an open-source parallel Ethereum Virtual Machine (EVM) to upgrade Gravity. The new blockchain solution was developed using the Rust programming language to offer a simplified and more efficient alternative to traditional EVMs.
The Grevm 1.0 seeks to provide a better foundation for developers compared to existing solutions.
The Gravity network boasts impressive technical capabilities, including 1 gigagas per second throughput, sub-second transaction finality, and robust Proof-of-Stake (PoS) security.
The protocol launched its Alpha Mainnet in August 2024, marking a strategic shift away from centralized infrastructure. During the transition, Galxe moved its core applications — such as Passport, Quest, Compass, and Identity Protocol — on-chain.
Galxe provides developers with a decentralized framework to build and grow their projects independently. The full mainnet is scheduled for launch next year.
A Vision for Interconnected Innovation Gravity’s infrastructure supports seamless integration across 70 interconnected blockchains, enabling developers to build applications that cater to a wide array of use cases. Additionally, its native token, G, facilitates uniform payment for gas fees across these networks, simplifying user interactions and improving accessibility.
The blockchain also has its own native SDK dubbed “Gravity SDK”, currently under development. According to Galxe, the open-source toolkit will enhance developer capabilities by providing a streamlined framework for creating decentralized applications.
Xia has high ambitions for the SDK, noting that it is being developed to outperform existing solutions like the Cosmos SDK by offering greater flexibility and efficiency.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
As blockchain networks grow and serve more users, their scale—measured by the volume of transactions and participants—can both solve and create challenges.
Blockchains running programs that automate agreements, like smart contracts, often face significant challenges, especially those with large, active user bases. Too many users are trying to do things simultaneously, and the Ethereum Virtual Machine (EVM) at its center simply can’t do all the transactions the ecosystem wants in quick succession, one after another. Limited space on the blockchain can also increase competition for inclusion in blocks, driving up transaction fees during times of heavy use.
If there’s one thing that stops a growing platform from keeping its users happy, it’s slow and expensive transactions on its applications. Web3 distribution platform Galxe, one of the crypto world’s busiest platforms with over 31 million users, sought to address these common issues when designing its own tailor-made blockchain, Gravity.
In August 2024, Gravity introduced its Layer 1 Blockchain with the launch of its alpha mainnet: a proof-of-stake (PoS) blockchain and smart contract platform, built specifically to cater to the needs of the Galxe community’s 31 million-strong user base.
What is Grevm 1.0?Grevm 1.0 is an open-source, parallel Ethereum Virtual Machine (EVM) runtime that is “the technological core” of Gravity, facilitating almost 800,000 daily transactions running on Galxe’s ecosystem. It’s based on revm, an EVM written in the programming language Rust.
What makes Parallel EVMs different from conventional EVMs is that they provide a way to run multiple transactions or smart contract operations simultaneously, rather than sequentially, which can help avoid performance bottlenecks during periods of very high demand.
How does Grevm work?Grevm uses an algorithm inspired by BlockSTM, a type of parallel execution engine, to run its smart contracts. BlockSTM was put together by a team of researchers from Aptos, Mystem Labs, UCL, Chainlink Labs and MIT in 2022. BlockSTM is inspired by an academic approach in computer science known as Software Transactional Memory (STM).
Galxe’s team enhanced BlockSTM using data derived from its simulation results. Grevm also uses Asynchronous I/O in its algorithm, a design feature that enables programs to do other tasks while waiting for input or output tasks to finish, instead of pausing and waiting.
According to Galxe, incorporating Asynchronous I/O, a feature not present in the vanilla version of BlockSTM, allows it to perform better in many circumstances, such as when high latency is present.
What's so special about Grevm?Galxe’s benchmark testing indicates that Grevm is the fastest current open-source parallel EVM implementation to date.
For transactions that are fully parallelizable, Galxe claims that Grevm can be 4.13× faster than sequential execution, running at up to 26.50 gigagas/s. When Galxe simulated a high latency environment of 100 μs, it was found to run 50.84x faster than sequential execution, with 6.80 gigagas/s throughput.
This leap in performance is attributed to both the use of parallelized execution and the integration of asynchronous I/O operations—enabled by parallelism—which further amplifies the speedup by efficiently overlapping I/O operations.
In practice, Galxe explained that Grevm’s ability to handle computations in parallel will “elevate” DeFi protocols and dapps running on Gravity’s network, by allowing them to execute multiple transactions in parallel, minimize latency, and boost throughput.
Who's building on Grevm and Gravity? Galxe Quest is a platform for building and engaging Web3 communities. Using a no-code solution, it allows numerous projects to create reward-based loyalty programs. Optimism, Arbitrum, Base and over 6,500 other Web3 projects use it to provide users with freebies like loyalty points and complementary NFTs. Galxe Passport is a digital identity product that allows users to securely store their identity information and use it across hundreds of supported applications. Galxe Score evaluates users based on their on-chain activities, project participation, and overall engagement in the Web3 community, providing a comprehensive view of their presence and reputation. Symbiosis is a cross-chain automated market maker (AMM) and decentralized exchange has integrated Gravity into its platform, which allows users to bridge assets between Gravity and over 35 blockchain networks. What is Gravity’s G token?The Gravity blockchain uses G as its native utility token, following a token migration from GAL in July. G is used to pay for gas fees on the network and to make payments on apps like Galxe Quest, Galxe Passport, and Galxe Score. G also grants users a variety of opportunities to participate in deciding the future of the Gravity network.
Users can stake their tokens to secure the network and participate in future governance decisions, deciding the future of the blockchain.
Where can you buy Gravity's G token?G can be purchased via major exchanges such as Binance, OKX, Upbit, and KuCoin. It’s also traded on decentralized exchanges (DEXs) such as Uniswap.
On Binance, you can buy G directly using USD; other exchanges offer trading pairs with Tether (USDT), USD Coin (USDC), Wrapped BNB (WBNB), or Wrapped Ethereum (WETH).
What does the future hold for Grevm?Grevm’s successor, Grevm 2.0, is pegged for release in early Q1 2025. The second iteration of Grevm will focus on refining parallel transaction processing to increase efficiency and precision. With continued testing and enhancements, Galxe expects that Grevm 2.0 will enable faster, more scalable solutions within Gravity’s ecosystem.
Grevm 2.0 will introduce fully Asynchronous I/O as well as “finer-grained” transaction-level concurrency, allowing related transactions to run in parallel once their dependencies are resolved.
Discover Grevm 1.0 here, or explore how Gravity is empowering projects to build scalable decentralized solutions with its $50 million initiative here.
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[PRESS RELEASE – New York City, New York, January 6th, 2025]
Galxe, web3’s largest onchain distribution platform, with over 30 million users and 6,000 partners, announces the launch of Galxe Earndrop, a cutting-edge token distribution tool that eliminates the complexities and inefficiencies often associated with airdrop campaigns and Token Generation Events (TGEs).
Designed to enhance user experience while streamlining processes for projects, Earndrop offers an automated, scalable solution for secure and transparent token distribution. Galxe Earndrop launches today in partnership with XRP, with additional partners including Solayer, Diam, Jambo, and SlamNet rolling out later this month, underscoring the platform’s reliability and market trust.
For projects, token distribution presents several technical and operational challenges:
Technical complexity: Custom token claim pages and eligibility checks require significant time and expertise. Security risks: Weak Sybil prevention exposes projects to bot abuse. Poor user experience: Clunky interfaces and confusing workflows lead to frustration and decreased trust. Reliability issues: Many unproven platforms are prone to bugs, creating an inconsistent process. “Token distribution shouldn’t be a roadblock to growth or community engagement,” said Charles Wayn, Co-Founder of Galxe. “ Galxe Earndrop allows projects to focus on their communities and products by providing a seamless, secure, and scalable solution for distributing rewards.”
Earndrop is revolutionizing airdrops for users, consolidating reward claims from multiple projects onto one platform. Users simply log in with their wallets, check eligibility, and claim tokens through an intuitive interface. By removing the need to navigate multiple platforms or worry about malicious links, Earndrop delivers the seamless experience users have been waiting for.
Galxe’s extensive track record ensures reliability, trust, and scalability for both Web3 projects and users:
Established trust: With millions of users and thousands of partners, Galxe minimizes the uncertainty of unfamiliar links and platforms. Proven reliability: Galxe’s infrastructure ensures accuracy and eliminates the bugs often seen in token claim processes. Enhanced security: Leveraging Sybil prevention and credential verification mechanisms, Earndrop guarantees a secure distribution process. As the web3 ecosystem grows, tools like Earndrop are essential to removing friction in the user and project experience. With Earndrop, Galxe delivers a solution that fosters trust, efficiency, and growth—helping blockchain projects focus on building stronger connections with their communities.
For more information about Galxe Earndrop and how it’s reshaping token distribution, users can visit XRP Earndrop homepage.
About Galxe:
Galxe is a decentralized super app and web3’s largest onchain distribution platform, empowering seamless web3 experiences through AI, digital identity, and blockchain technologies. Through its robust infrastructure and product suite — Quest, Passport, Score, Compass, Alva, and Earndrop — Galxe offers advanced tools and self-sovereign digital identity management to empower users to explore Web3 effortlessly.The recent introduction of Gravity, a Layer-1 blockchain designed for omnichain experience and full-chain abstraction, enables developers to tap into Galxe’s 30 million users and create new products that help onboard the world to web3.
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We haven’t heard much about Sony’s Layer-2 blockchain Soneium since its testnet’s introduction in 2023. Now, the company has announced a four-week contest where creators, developers, and users can explore Soneium’s capabilities.
The campaign will be hosted on the Galxe platform and will focus on gaming, communication, and creativity.
Sony is heavily invested in media production and distribution through Sony Pictures and Sony Music, so Soneium gives power back to artists, game developers, and fans through accessible, inclusive content.
This sense of unity lies at the core of Web3 philosophy, particularly decentralized autonomous organizations (DAOs) like Lido and MANTRA. Community governance drives these projects toward shared goals and is often more effective than centralized decision-making.
If Soneium gains mainstream adoption, these DAOs could also benefit from growing demand for projects that put the community first.
1. Wall Street Pepe ($WEPE) Raises $63M with Community-Centric Approach Wall Street Pepe ($WEPE) is an interesting DAO-like crypto project. Still on presale, it raised over $63M, becoming the second-most-popular presale to date (behind only Pepe Unchained).
The reason for such strong momentum is community support against institutional investors – presale buyers have become tired of whales manipulating the market and decided to rise up against them.
$WEPE holders will receive key trading insights to help them find hidden crypto gems and profit like never before.
While technically not a DAO, Wall Street Pepe checks all the boxes of one:
Strong community incentives and a loyal foundation Rewarding users for participating in ecosystem decisions The project is all about giving power back to the unbanked and creating a freer crypto market where regular traders don’t get hoodwinked by large whales.
The concept of DAOs is not new, but never before has a project encouraged active participation this way. In traditional DAOs, users often forget to exercise their governance rights because they don’t have a strong incentive. Wall Street Pepe changes this.
The presale hasn’t ended; there’s still an opportunity to buy $WEPE at a low price and join this rapidly growing community. Experts predict $WEPE to surge 100x after it’s listed on exchanges.
2. MIND of Pepe ($MIND), an AI Agent with a Bright Future MIND of Pepe ($MIND) is another community-centric meme coin presale that takes a different approach to DAO-based rewards.
The AI agent will curate crypto recommendations and insights after analyzing trends and crypto intelligence in real time.
Better yet, this will be an automated process. The AI will interact with influencers and engage with decentralized communities and platforms all by itself.
Although not a traditional DAO project, $MIND behaves like one in every way. Holders will receive exclusive rewards in the form of crypto insights and analyses.
And everyone is incentivized to HODL and contribute to the ecosystem by staking their tokens. So far, over 670M tokens have been staked for a jaw-dropping 522% APY.
One $MIND is now $0.0032144, and the presale has raised $4.2M, with the price increasing in the next 14 hours.
Considering the AI industry is estimated to reach $826B by 2030, it’s easy to see how AI agent projects like $MIND are catching so much investor attention.
3. Audius ($AUDIO), With Soneium, Might Reignite the Decentralized Music Revolution Audius is an established project that hit the market in 2020. However, after the initial hype wore off, it struggled to gain adoption, and the value of the $AUDIO token dropped from $4 to $0.13.
The Soneium mainnet launch might breathe new life into $AUDIO.
Audius is a decentralized music streaming protocol that gives creators full control over their content. It also connects artists with fans through direct messaging and live streams.
Traditional music streaming apps like Spotify take up to 70% of artist revenue. This means that indie creators can barely earn enough for coffee, so Audius implements a tipping system where artists get 100%.
Soneium’s and Audius’ vision aligns, so the project might very well migrate from Solana to this new network in the future.
4. MANTRA ($OM) Surges 4,503% Year-to-Date, New Records Ahead? MANTRA ($OM) is the second-largest DAO token with a $4.4B market cap. It grew 4,503% since January 2024 and hit a new all-time high of $5 three days ago.
What’s so special about it? And is this the top?
MANTRA is a decentralized finance protocol that offers services like staking, lending, and real-world asset tokenization. But community-led governance is one of MANTRA’s main appeals.
On top of that, MANTRA integrates the Cosmos ecosystem for interoperability with other blockchains through the Inter-Blockchain Communication protocol.
As an Ethereum-based project, MANTRA could also integrate with Soneium and lead as an example for other DeFi platforms on the network.
Final Remarks The main difference between Web2 and Web3 isn’t the technology – it’s the vision. Projects like Soneium, Wall Street Pepe, MIND of Pepe, Audius, and MANTRA create new governance and economic models where anyone can make an impact.
But remember, while these projects hold much promise, no gains are guaranteed in the crypto world. We remind you to DYOR and diversify to offset potential losses.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Trading agents that autonomously manage crypto wallets and optimize portfolios based on vast data sets top the list of practical applications exciting Charles Wayn, co-founder of Galxe and Gravity, as AI and Web3 converge.
In an interview with Benzinga over the weekend, Wayn detailed how these vertical AI agents, tailored for crypto trading, leverage blockchain's transparency and AI's analytical power to outpace traditional financial advisors, signaling a shift toward automated, data-driven investing.
His insights, drawn from Galxe's work with over 25 million users and Gravity's Layer-1 blockchain, highlight a burgeoning trend in the Web3 space.
Wayn pinpointed trading agents as a standout use case, emphasizing their potential to transform how users interact with crypto markets.
"Trading agent for crypto is the biggest use case in my opinion," he said.
"An agent that gives you all the information you need, sends you all the information you care [about], and operates your wallet, or even based on your preset risk preference, automate[s] your portfolio for you."
Unlike general AI tools like ChatGPT, these agents require deep domain knowledge, pulling from crypto-specific data—on-chain transactions, Twitter sentiment, and market trends—to execute trades and manage assets with precision.
Galxe, a decentralized super app and Web3's largest on-chain distribution platform, already supports this vision. Wayn highlighted their product Alva, a crypto-savvy AI tool, as part of this push.
He noted that trading agents' access to comprehensive data sets them apart: "They have the agent itself supposed to have more access to more information than any financial advisor because they know everything everywhere."
This capability, he argued, allows agents to aggregate insights across blockchains and social platforms, delivering real-time decisions that traditional systems can't match.
Also Read: Stablecoins Are Future Of Commerce, Says Base’s Tom Vieira
The trend extends beyond crypto, with potential applications in traditional finance looming on the horizon.
Wayn's excitement stems from a broader AI agent narrative he sees driving the next market cycle.
Vertical AI agents, unlike their general counterparts, focus on niche industries—crypto trading being a prime candidate due to its data-rich, fast-paced nature.
He contrasted this with past Web3 tools like tokens, which bootstrapped communities but lacked longevity without sustainable revenue models.
Trading agents, he suggested, thrive on utility, not gimmicks, reducing the need for token incentives.
Companies on Solana (CRYPTO: SOL) and Galxe's own ecosystem are already exploring this, though Wayn cautioned that success hinges on delivering tangible value, not just launching tokens.
The interview also touched on Galxe's broader mission. Gravity, their high-performance Layer-1 blockchain launched in 2024, enhances cross-chain interoperability, supporting applications like trading agents by simplifying data access across ecosystems.
Wayn's experience—from co-founding DLive to steering Galxe's 1 million daily active users—shapes his pragmatic view: Web3 must prioritize real applications with revenue, a lesson from past market downturns.
Trading agents, with their blend of AI and blockchain, embody this shift, promising a future where automation and trust redefine financial engagement.
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