0x is the foremost decentralised exchange protocol currently on the market. They are also one of the first having launched back in 2017.
Many in the cryptocurrency space are convinced that the era of centralised cryptocurrency exchange has to come to an end. This has led to a flood of decentralised exchange protocols that have launched over the past 3 years.
So, with so much competition, is 0x still worth it?
In this 0x review, I will give you everything that you need to know. I will also analyse the long term use cases and price potential of the ZRX tokens.
What is 0x?The 0x protocol website is pretty clear on the overarching goal of the project as it immediately states:
Powering Decentralized Exchange, 0x is an open protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.
Back in 2016 the founders of 0x, Will Warren and Amir Bandeali, had a strong belief that blockchain technology was going to be a disruptive force. They saw a future where any asset at all would be tokenized and traded publically on blockchains.
With the versatility and scope that Ethereum brings to the table, they decided that the Ethereum blockchain would be the perfect medium for hosting this type of asset exchange and they set to work on creating the 0x protocol.
Basics of 0xThe decentralized trading offered by 0x is based on an off-chain relay that acts to keep network bloat minimized, and gas prices as low as possible.
For those familiar with the increase in gas prices and bloating that can occur on the Ethereum blockchain (think Crypto Kitties or Ether Delta), you can probably imagine the benefits realized by using an off-chain relay.
For those less familiar with the workings of Ethereum, here’s an explanation of why off-chain is the way to go for decentralized exchanges.
Most decentralized exchanges use Ethereum’s smart contracts to power all of the order functions and trades on the exchange. Using smart contracts in this way keeps user funds within their control, rather than needing to send funds to a third-party (such as Coinbase or Bittrex) and hope that the funds remain safe.
0x Compared to Centralised & Decentralised Exchanges. Image via 0x Blog
Using smart contracts also means a transaction needs to be executed on the blockchain for everything done on the exchange. That includes deposits and withdrawals, as well as placing, modifying, canceling, or filling an order. And every single transaction costs gas to ensure the transaction is processed.
When you consider how many trades a day trader might make, the number of orders being placed, modified and filled would mean gas fees could add up quite quickly. That’s a good part of the downside with decentralized exchanges. They are far ahead of centralized exchanges when it comes to security, but fall behind the centralized exchanges when you consider costs and accessibility.
The 0x protocol addressed these shortcomings of the decentralized exchange by using an off-chain relay together with on-chain settlement. In this scenario, any user is able to broadcast their order off-chain.
These orders can be picked up and filled by another user, and the only part of the entire transaction that occurs on-chain is the actual value transfer. This reduces the number of transactions being run on-chain, thus reducing the potential for bloat, and keeping gas fees from trading actions as low as possible.
The 0x RelayerThe key to off-chain transactions for 0x is the use of what they call “relayers.” These relayers broadcast the orders placed across the public or private order books, as well as bringing liquidity to the network by hosting the order books.
While this function is similar to an exchange, the relayer differs from an exchange because it is unable to provide trade execution. It’s more like a bulletin board that presents maker orders to the network.
In order to fill an order, a taker must submit their own signature along with the makers to the exchange’s smart contract. Relayers are compensated for providing this service with the 0x currency ZRX.
Overview of how the 0x Protocol Functions. Image Source
When a trade is sent through a relayer they are called “Broadcast Orders.” This allows anyone to submit orders to the network easily, and it also allows anyone to see the orders as they are broadcast and then fill them.
The 0x solution can also accommodate point-to-point orders in which the maker specifies a taker when the order is broadcast. With this type of order, users can directly transfer funds using a variety of communication channels, including email and various messaging programs.
When an order is specified as point-to-point in this manner only the specified taker can fill the order, thus protecting the transaction from hijacking by malicious actors.
Additional 0x FeaturesBesides being a basic decentralized exchange, the 0x project has included several other features and products. These include a governance mechanism, open-source smart contracts, and a token registry.
0x GovernanceIn addition to being used as compensation for relayers, the ZRX token is also used to facilitate the decentralized governance of the 0x platform. Stakeholders of the ZRX token can vote on proposals that will affect the blockchain, thus affecting the future development of the 0x protocol.
0x Update StructureOne huge benefit to 0x is that the smart contracts are open source, and the protocol itself is application agnostic.
This means any developer can build on 0x to create an exchange function, which allows the protocol to serve as a plug-in for other Ethereum dApps. There are already a number of projects being built on 0x because of this, including Publish0x, Augur, Gnosis, district0x, and more.
0x Launch Kit Screenshot. Image Source
0x itself has improved on this even further by releasing the 0x Launch Kit, which enables anyone to launch their own exchange or marketplace in minutes. The Launch Kit removes the complexities of building a relayer. The codebase allows any user to connect to wallets, wrap ETH, make and take orders, and get notified of order state changes.
0x Token RegistryNot least of all 0x includes a token registry contract which stores a list of ERC-20 tokens and the associated metadata for each, such as the token name, symbol, contract address and other details. This is the official on-chain reference that can be utilized to verify address and exchange rates.
Trading Statistics with Asset Swapper. Image Source
It has also been used to create the 0x Asset Swapper and the related 0x Instant. With the Asset Swapper, any digital asset can be programmatically exchanged. This was the base for 0x Instant, which allows anyone to offer simple crypto purchasing as a widget on any website.
You would think a project that began in 2016 would have a fairly large following on most social media sites, especially the big three for cryptocurrencies – Twitter, Telegram, and Reddit.
You’d be mostly right too, except for one change. The 0x team uses Discord, not Telegram. On Twitter, they have a massive 151,000 followers. That’s huge even for cryptocurrency projects. They’re also active on that Twitter account, not only posting their own stuff but also re-tweeting interesting bits from others.
On Reddit, the 0x sub-Reddit has over 15,000 followers, which is a pretty large following too. Things are a bit quieter over here though. Sometimes a few days will go by without any new posts, and most posts only have a few comments and replies. Good, but not great.
Some of the conversation taking place in the 0x Discord. Image via Discord
I would also say the Discord server is just good, not great. Actually, with just over 2,500 members I was surprised because I would have expected a larger following. However, there was quite a bit of interesting discussion going on with a range of different topics.
The 0x team is also on Facebook, with just over 2,000 followers. The account has regular posts, but they are several days apart, and there isn’t a whole lot of interaction.
Finally there is a forum created specifically for the 0x protocol. That has activity similar to Reddit. Posts are spread several days apart, and there are usually just a handful of replies to posts. The good news is it looks as if the more recent posts are gaining the most traction, meaning adoption of the forum may be growing.
The 0x TeamThe 0x team is led by co-founders Will Warren and Amir Bandeali, who serve as CEO and CTO respectively. The team has grown to 38 core members located in San Francisco, but there are dozens more assisting with the project globally.
One notable aspect of the 0x team is the advisors of the project. Fred Ehrsam (Coinbase co-founder), Joey Krug (Pantera Capital Co-CIO), and Linda Xie (Co-founder Scalar Capital) all advise the project.
Some of the 0x Team Members
CEO Will Warren has a Bachelor’s degree in Mechanical Engineering from the University of California – San Diego. He went on to pursue a Ph.D. in Structural Engineering from the same university, but never completed the degree, moving on to the founding of 0x instead.
CTO Amir Bandeali graduated with a Bachelor’s degree in Finance from the University of Illinois at Urbana-Champaign. He went on to work as a trader for four years prior to joining the 0x team in 2016.
The ZRX TokenThe 0x team held an ICO in August 2017, selling 500 million ZRX tokens for $0.07 each and raising $24 million in just 24 hours and 10 minutes.
The ICO was somewhat unique in that there was no marketing performed, and once the sale began registered buyers were only permitted a total of 6.77 ETH ($1,893) worth of ZRX tokens. That cap was put in place to encourage wider distribution of the ZRX tokens, and following the sale the team determined that ZRX tokens were spread across more than 13,000 Ethereum addresses.
ZRX has had a number of spikes and drops during its trading history, but it is notable that the all-time low for the token was $0.103962 on August 16, 2017. That’s notable because it is almost 50% above the ICO price and it occurred the day the ICO ended.
ZRX Price Performance. Image via CMC
Unlike most altcoins that fell throughout most of 2018, ZRX saw three more significant peaks throughout the year. The first was in late April and May when the price briefly moved above $2 again. It fell quickly from that height, trading below $0.70 by June, but then jumping back above $1 in conjunction with the 0x v2 testnet launch.
It dipped back below $1 but remained in the $0.70 to $0.90 range over the next few months as enthusiasm over the mainnet launch of 0x in September kept price elevated. Surprisingly the price began falling in October after Coinbase announced it was listing ZRX.
Since then the price has been steadily retreating and as of September 9, 2019, the price of ZRX is down to $0.160732.
As we’ve seen from the historical movements in ZRX the token seems to get a healthy boost when the team meets major milestones. With that in mind, it could be good to keep an eye on the project’s roadmap to determine when the next major announcement might occur.
Buying & Storing ZRXIf you’re interested in buying ZRX you’ll be pleased to know that it is available from a huge number of exchanges. The greatest volume is at MXC, followed by HitBTC and BitMax. It’s also available from Coinbase, Binance, OkEx, Bittrex, Poloniex and many others.
The volume is well spread out across these exchanges which means that ZRX is not dependent on a singular market. There is also strong liquidity on the individual order books. For example, on Binance the ZRX / BTC books are deep and there is high turnover.
Once you have your ZRX in hand (so to speak) storing it is easy. It’s an ERC-20 token, so it can be stored in any wallet with ERC-20 support. That includes MyEtherWallet and MetaMask, as well as the hardware wallets Trezor and Ledger. There are also a number of software wallets that can be used such as the Exodus desktop wallet.
DevelopmentOften there can be a mismatch between the amount of development that a project claims that they are doing vs. the amount that is actually been done.
Therefore, I often like to dive right into their public code repositories and check out the amount of coding activity. Below are the top three most active repos in the 0x GitHub.
Code Commits to Select Repos over past 12 months
As you can see the developers are really active and have been pushing regular commits over the past year. These are also only three of the repos when there are a further 71 others with varying degrees of code commits.
This ranks 0x pretty highly when it comes to raw developer output. In fact, if we were to take a look at it compared to some of the other blockchain projects it is ranked at 13 in terms of code commits and 14 with overall activity.
Indeed this level of coding activity could make sense when viewed in the context of the broader roadmap. For example, in September of last year they released v2.0 of their protocol which required extensive testing and iterations.
0x RoadmapLooking ahead, there are some really exciting projects and features that the 0x developers are working on. These include larger protocol upgrades as well as numerous 0x Improvement Proposals (ZEIPs).
There are a number of these so I won't go into them here but some of the most exciting include the 0x Mesh & networked liquidity. This is a a peer-to-peer network for sharing orders which will serve as an alternative to the Standard Relayer API
There is also some really exciting research that is taking place on coordinators. These are essentially a service that will enforce certain rules over the execution of trades. They combine the best features of Order matching and the Open Orderbook.
There is also the many strides that are being made on the launch of v 3.0 of the 0x protocol. This has currently been deployed on the Kovan testnet. One of the most interesting features of v3.0 will be the inaugural launch of 0x staking.
The 0x team keeps their community fully updated about their development in their official blog as well as their broader documentation.
Conclusion0x is attempting to bring the strengths of both decentralized and centralized exchanges to the crypto space while leaving the weaknesses behind. Decentralization provides security of funds, while the use of off-chain relayers gives users the same low-cost trading they’ve come to expect from centralized exchanges.
By keeping settlements on-chain users receive all the benefits of a decentralized exchange, with transactions cleared just once to keep fees at a minimum. Adding smart contracts to manage the entire process keeps everything as secure as possible.
When you consider the huge amounts that have been involved in so many different centralized exchange hacks, it’s clear that a good decentralized solution is necessary.
0x could be that solution, but we wonder if their first-mover advantage will be enough to keep them in the lead as Binance prepares to launch their own decentralized exchange, and other leading centralized exchanges explore the possibility of decentralization as well.
Bad Idea (BAD), Shiba Inu artificial intelligence partner, has taken to X to provide an update about its AI chatbot developed for the SHIB army.
According to an announcement yesterday, the BAD/SHIB AI chatbot has debuted on the Shiba Inu official global channel and 28 SHIB-related ecosystem rooms on Telegram.
Bad Idea Expands Its Chatbot Coverage Notably, the total number of users across these Shiba Inu-related Telegram channels was around 105,000 at the time of the post. Overall, the AI chatbot has now been deployed across 250 Telegram channels with nearly 250,000 users.
The thing to note is that the chatbot is also found in the Telegram rooms of Shibarium-based projects. For instance, the Bad Idea chatbot is in Telegram group of MARSWAP and ChewySwap.
The $Shib #Ai bot powered by @badideaai now serves @Shibtoken global room along with 28 $Shib ecosystem rooms with a total population of 105,000 users. As a whole the bot now covers 250 @telegram groups spanning a total population of just under a quarter of a million users. pic.twitter.com/sHrkDuTBmL
— Bad Idea AI (@badideaai) March 15, 2024
The deployment of the AI chatbot across multiple Shiba Inu-related channels would play a pivotal role in boosting the experience of SHIB holders.
Members of the Telegram channels where the chatbot has been deployed can leverage it to study market trends and get help on supported projects.
SHIB AI Chatbot Launches The chatbot first debuted on Shibarium Tech’s Telegram channel in October 2023. During its launch, the bot noted that it was designed to help Shibarium projects by giving them access to its data, regardless of whether they have limited technical resources.
In addition, the Shiba Inu ecosystem team announced plans to use the chatbot to examine upcoming Shibarium projects before being deployed on the mainnet version of the Layer-2 network.
So far, Bad Idea has taken significant steps to enhance the performance of the AI chatbot. In January, Bad Idea rolled out version 4.2 of the chatbot with exciting updates, including improved accuracy of knowledge matching and custom modes.
Additionally, Bad Idea announced free listings in the chatbot training model, specifically for Shibarium projects.
The rationale behind the move was to enable the AI chatbot to understand better the technical and general aspects of all Shibarium projects approved under the program.
Armed with this knowledge, the bot can be integrated into the project communities on Telegram and offer valuable answers to users’ inquiries.
Notably, the SHIB AI chatbot was launched as part of Bad Idea and Shiba Inu’s partnership in July 2023.
Since the collaboration, the Shiba Inu community has played pivotal roles in ensuring that Bad Idea AI secures a security audit from CertiK, listing across various crypto exchanges, and a branded hardware wallet from Tangem.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Shiba Inu (SHIB) partner Bad Idea AI has sparked intrigue in the nascent crypto world following the parabolic run in its native token BAD by about 20%. This phenomenal price rally comes primarily attributed to a listing announcement unveiled by a renowned cryptocurrency exchange, GateIO, which appears to be fueling market optimism for the token.
Bad Idea AI is an innovator in AI technology, facilitating solutions that jack up decentralized autonomous organizations (DAOs). Following its partnership with Shiba Inu, a prominent meme-based cryptocurrency, the project marked a storm of breakthroughs within the cryptocurrency realm.
GateIO Extends Support For BAD According to the official announcement shared by GateIO, the new listing, BAD/USDT, commenced trading starting 9:00 AM UTC today. This announcement by the CEX showcased the firm’s efforts to offer support to the token. In turn, BAD’s price rallied remarkably, as mentioned above.
🔔#Gateio New Listing: $BAD @badideaai
⏰Trading Starts: 9:00 AM on March 27th (UTC), 2024
Meanwhile, as seen previously, GateIO’s listing chronicles appear to have an optimistic market effect on tokens. Earlier this month, with the CEX commencing margin trading for Shiba Inu’s BONE token, even Shibaswap’s BONE price rallied nearly 10%. Bad Idea AI token’s today’s surge further falls in line with this. Conspicuously, BAD’s rally also aligned with Shiba Inu’s broader uptrend in the market.
Also Read: Bitcoin Miner Stronghold Digital Sued Over Environmental Concerns
BAD Token Rallies As of writing, the Bad Idea AI token surged a whopping 20.18% in the past 24 hours, however, the price has corrected at the time of writing. It is currently standing at $0.00000005789. Coupled with a 24-hour trading volume surge of 69.22% and a market cap jump of 17.07%, the token sparkled with bullishness.
The project’s listing manager, going by the name Mr. Lightspeed, further took to a post on X, claiming the listing to be a monumental stride for Bad Idea AI. In conjunction with S.A.R.A.H, an AI chatbot resulting from the collaboration with Shiba Inu, the project additionally anchors its foothold across the industry. Meanwhile, its partner Shiba Inu also noted phenomenal gains, as spotlighted by Ethereum co-founder Vitalik Buterin today.
Also Read: CryptoQuant CEO Explains Why KuCoin Won’t End Up Like FTX
Shiba Inu’s lead developer Shytoshi Kusama has conveyed a new cryptic message to the community through its official AI partner Bad Idea (BAD).
Kusama dropped the cryptic post on Bad Idea’s official Telegram group in commemoration of the project’s first anniversary.
Kusama’s Latest Exchange with Bad Idea Community While Kusama was active in the group, Bad Idea community members used the opportunity to make certain requests and inquiries.
Notably, a comment from a Bad Idea community member named Eshan attracted Kusama’s attention. According to Eshan, the community hopes to see him play a more supportive role in the Bad Idea project.
Kusama responded to this request with a cryptic message, which reads:
“The sun is bright. You can feel the rays on your skin. The moon is subtle but brightens the night.”
Interestingly, the official Bad Idea X handle shared Kusama’s comment on the social media platform. The handle also gave a big shout-out to Kusama for “dropping into” its official Telegram group to commemorate its one-year anniversary. Bad Idea mentioned that it carries the SHIB flag.
Big shoutout to @ShytoshiKusama for dropping into @badideaai telegram today : https://t.co/rtcIxX9Rzi ; as $Bad continues to celebrate its 1 year anniversary with almost 30K in buybacks today. We carry the $Shib Flag pic.twitter.com/jejCId4j5R
— Bad Idea AI (@badideaai) May 11, 2024
Bad Community Reacts In the meantime, Kusama’s comment has elicited some bullish reactions in the group. Overall, his comment has received 29 bullish emojis, including fire, heart, and thumbs up.
As expected, both Bad Idea and Shiba Inu community members have been attempting to decode the true meaning of Kusama’s cryptic message.
Interestingly, Eshan deciphered the message to suggest that fathers illuminate the path to their children’s future by offering early support. In turn, the children reciprocate by assisting when they reach old age.
Bad Idea 1 Some users wished Kusama provided more clarity about his future plans for Bad Idea, including upcoming exchange listings among others. Nonetheless, others suggest that his surprise visit to the Bad Idea Telegram group shows the project is part of the plan.
Bad Idea 2 Bad Idea Commemorate First Anniversary Meanwhile, Bad Idea is still celebrating its first anniversary, which started on May 5. The AI-focused project provided insight into some of the milestones it achieved in the first year, which includes positioning itself as an innovative leader in the crypto sector.
Bad Idea introduced various initiatives to commemorate its one-year anniversary, including launching a buyback program and publishing a new series of columns from community members, reflecting on the project’s impact over the past year.
For context, Bad Idea became Shiba Inu’s official AI partner last year. Both projects have benefited immensely from the partnership. In particular, Shiba Inu’s Shibarium projects gained free listings in the training model of Bad Idea’s AI chatbot.
Notably, Bad Idea’s affiliation with Shiba Inu saw the project’s token listed on multiple crypto exchanges, including Poloniex. Bad Idea currently has a customized Tangem wallet, thanks to its affiliation with Shiba Inu.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Popular crypto exchange BitMart announces a limited-time flash sale for Shiba Inu’s artificial intelligence partner token Bad Idea AI (BAD).
According to an announcement yesterday, the move is part of an effort to celebrate the listing of Bad Idea on the BitMart Fixed Savings product.
“To celebrate @badideaai $BAD listed [listing] on BitMart, BitMart Earn is offering a limited-time flash sale for Fixed Savings product on BAD,” an excerpt from the announcement read.
🔥To celebrate @badideaai $BAD listed on BitMart, BitMart Earn is offering a limited-time flash sale for Fixed Savings product on BAD & enjoy 75% APY! ！🤑🤑🤑
BitMart Lists BAD on Its Fixed Savings Product For context, BitMart rolled out support for BAD on its Fixed Savings program yesterday at 08:00 PM (UTC). The exchange offered an estimated return of up to 75% for BAD, with a lock-up period of 30 days.
To put it into perspective, a BitMart user who subscribes with 5,000 BAD with a 30-day lock-up period will earn an interest of 308.21 BAD.
The interest is calculated by multiplying the user’s principal by the annualized interest rate of 75%. Afterward, the total is then multiplied by 30/365. Users cannot redeem their funds until the scheduled redemption date. The funds, including the principal and interests, will be paid to the users’ spot wallet at zero fees on the redemption date.
Notably, the fixed savings product for BAD has a total subscription volume of 56,760,000,000 (56.76 billion) BAD. Consequently, subscription to the product is based on a first-come-first-serve basis. Interestingly, the fixed savings product for BAD has already sold out in the hours leading up to press time.
BAD sold out on BitMart BitMart’s Support for BAD Meanwhile, BitMart’s support for Shiba Inu’s partner token dates back to July 2023. At the time, the exchange listed BAD for spot trading under the BAD/USDT pair.
Furthermore, the exchange expanded its support for BAD by rolling out a fixed savings product for the token on September 6, 2023, featuring a 90% APY and a 30-day lock-up period. The previous savings program had a subscription volume of 1.59 trillion BAD tokens.
On November 29, BitMart offered a 24-hour flash sale for its users, allowing them to purchase BAD at a discount of 50% below the asset’s 7-day average price.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Dubai-based crypto exchange CoinW announces the listing of Shiba Inu’s artificial intelligence partner token, Bad Idea AI (BAD), on its trading platform.
According to a recent announcement, CoinW will list the token in its innovation zone under the BAD/USDT trading pair. The exchange also took to X to announce the development.
🚨 #CoinW Listing Alert!$BAD (BAD IDEA AI) @badideaai will be Listed on 4th June 2024, 10:00 UTC.
🔥 Join the BAD bounty program and share a 10,000 USDT reward! 🔥
🔸 Deposit: 3rd June 2024, 10:00 UTC
🔸 Trading: 4th June 2024, 10:00 UTC
🔸 Withdraw: 4th June 2024, 10:00 UTC… pic.twitter.com/ggAQf7EIc5
— CoinW (@CoinWOfficial) June 3, 2024
CoinW opened deposits for BAD yesterday, allowing its users to send the token into their accounts in preparation for the trading set to begin today. Notably, trading and withdrawal of BAD will officially commence today at exactly 10:00 AM (UTC).
Shiba Inu Congratulates Bad Idea Team The Shiba Inu ecosystem team took to X to congratulate their AI partner on the listing of its native token on CoinW. They emphasized that the listing resulted from the Bad Idea AI’s team dedication and hard work.
Huge congrats to our partners @badideaai on their well-deserved CoinW listing! The Bad Idea team's hard work is paying off! #Partnershib https://t.co/lJErCsMCXe
— Shib (@Shibtoken) June 3, 2024
The CoinW listing will further bolster the widespread adoption of BAD, which could positively impact the token’s price in the long term. This is because CoinW is ranked as the 29th-biggest exchange, with a 24-hour trading volume of $1.14 billion.
CoinW supports 393 crypto assets and a total trading pair of 411. Some of its supported coins include Shiba Inu ecosystem tokens like SHIB, KNINE, and SHEB.
BAD Price Soars 11.7% in 24 Hours Meanwhile, since BAD’s launch on May 5, 2023, it has secured listings across ten crypto trading platforms, including Gate.io, Bitget, MEXC, BitMart, Poloniex, Bilaxy, and LBank.
With CoinW announcing further support, the number of trading platforms that have listed the AI-focused token has increased to 11.
The token, which surged to an all-time high of $0.000000194 on August 13, 2023, was trading at $0.000000027. Its current price represents a 24-hour surge of 11.7%.
CoinW Launches Giveaway to Celebrate BAD Listing Interestingly, CoinW announced a special bounty program with a reward pool of $10,000 to celebrate the listing of BAD. The one-week bounty program will commence today, June 4, at 10:00 (UTC) and end on June 10 at 16:00 (UTC). Per the announcement, the bounty program was segmented into five categories.
Tier 1 The first category is designed for new users who register a new account and trade any amount of BAD/USDT during the promotion period. A prize pool of 1,000 USDT of BAD has been set aside for this event, and eligible users will receive a $5 airdrop on a first-come-first-served basis.
Tier 2 According to CoinW, the second category involves a trading competition for the BAD/USDT pair. Users who trade a maximum of 100 USDT of BAD within the promotion period will be eligible to share the daily prize pool of 500 USDT in BAD.
The total reward for this event is 3,500 USDT worth of BAD. Notably, the top 10 users with the highest trading volume will share 50% of the daily reward pool, while the remaining 50% will be distributed to users who meet the trading requirements.
Tier 3 The third event is a referral program, where users are rewarded for inviting new users to register on CoinW, complete KYC, and execute any amount of BAD/USDT transactions during the promotion period. CoinW has set aside 500 USDT as the total reward pool for this event. Existing CoinW users will receive at least 3 USDT worth of BAD for every successful invitation.
Tier 4 Notably, the fourth event is a social media campaign with a total reward pool of 3,000 USDT worth of BAD. The social media task involves retweeting an X post on CoinW’s account and completing tasks on the Gleam platform. Winners of this event will be selected via a lucky draw, and each will receive 5 USDT worth of BAD.
Tier 5 Lastly, the fifth program will see the exchange distribute a prize of 2,000 USDT worth of BAD to users who join an upcoming AMA session featuring the CoinW and Bad Idea team. CoinW said more details about the upcoming AMA will be released soon.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Major Milestone: Expanding Global Reach with New Listings and Exciting Promotional Events Table of Contents
Major Milestone: Expanding Global Reach with New Listings and Exciting Promotional EventsKey Listing DatesAnnouncement DetailsEvent Details for CoinW ListingEvent Details for BingX ListingAbout Bad Idea AIFollow Us on Social MediaRisk Warning and Disclaimer Bad Idea AI, a tokenized artificial intelligence project working at the intersection of project governance and artificial intelligence, is thrilled to announce its listing on two major centralized exchanges: CoinW and BingX. This pivotal development marks a significant milestone for Bad Idea AI, expanding its reach and accessibility to a global audience of cryptocurrency traders and enthusiasts.
Key Listing Dates CoinW: Listed on June 4, 2024. Trading Pair: BAD/USDT BingX: Listed on June 6, 2024. Trading Pair: BAD/USDT Announcement Details CoinW has officially announced the listing of BAD, including the commencement of trading and a bounty program with rewards totaling 10,000 USDT. For more information, please visit the CoinW announcement.
BingX has detailed the listing event, including a promotional campaign to attract traders and increase participation. For more details, visit the BingX announcement.
Event Details for CoinW Listing To celebrate the listing on CoinW, Bad Idea AI has launched a bounty program with rewards totaling 10,000 USDT. Key activities include:
Bounty Program: Participants who trade BAD/USDT during the event period can share a total reward pool of 10,000 USDT. Trading Competition: Engage in trading to win a share of the bounty. Social Media Campaign: Participate in social media activities to increase visibility and engagement. For further details on these events, visit the CoinW event page linked above.
Event Details for BingX Listing To celebrate the listing on BingX, Bad Idea AI has launched an exciting campaign with multiple activities designed to engage the community and incentivize trading. These include:
Sign-Up Bonus: New users who sign up and complete any amount of spot trading in BAD are eligible to win a share of the 782,000,000,000 $BAD prize pool. Trading Competition: Participants can trade BAD/USDT to win a share of a prize pool. Deposit Rewards: Users who deposit BAD tokens during the event period can earn additional rewards. Social Media Campaign: Engage with Bad Idea AI on social media to participate in various promotional activities and win prizes. Rewards are limited to the first 1,000 eligible participants on a first-come, first-served basis. For further details on these events, visit the BingX event page linked above.
About Bad Idea AI Bad Idea AI is an innovative project that combines the power of blockchain technology with state-of-the-art artificial intelligence. The project aims to create a decentralized platform where AI-driven solutions can seamlessly integrate with blockchain applications, providing enhanced security, efficiency, and innovation.
For more information about Bad Idea AI, visit the official website: badidea.ai.
Additionally, detailed market data and performance metrics for Bad Idea AI can be found on CoinMarketCap.
Follow Us on Social Media Twitter: @BadIdeaAI Telegram: Bad Idea AI Community Bad Idea AI invites the crypto community to join in celebrating this exciting new chapter as it continues to push the boundaries of what is possible in the intersection of AI and blockchain technology.
Risk Warning and Disclaimer Disclaimer: The information provided in this press release is not intended as, and shall not be construed as, investment advice. The information herein is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security by Bad Idea AI or any third party. Users are advised to conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Bad Idea AI does not endorse or recommend any commercial products, processes, or services. The views and opinions of authors expressed on Bad Idea AI’s websites do not necessarily state or reflect those of Bad Idea AI, and they may not be used for advertising or product endorsement purposes.
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.
Dr. Christopher Johnson (a.k.a Mr. Lightspeed), the President of Lightspeed Crypto Services and an advisor of Bad Idea AI, expresses frustration over Etherscan’s continuous display of inaccurate Shiba Inu (SHIB) data.
In an X post yesterday, Mr. Lightspeed said Etherscan’s reported total supply for Shiba Inu is “100% wrong.”
He noted that Etherscan’s data still displays Shiba Inu’s total supply as 999,982,346,380,367 (999.98 trillion) SHIB. The Bad Idea AI advisor asserted that this information is completely inaccurate. According to him, Shiba Inu’s correct total supply is calculated by subtracting burned tokens from SHIB’s max supply.
“That’s the super simple version of the math,” Mr. Lightspeed remarked.
Shiba Inu Supply on Etherscan and CoinGecko At press time, data from Etherscan shows that Shiba Inu has a max total supply of 999,982,346,341,694 (999.98 trillion) SHIB. The blockchain analytics platform did not indicate Shiba Inu’s total and circulating supply.
SHIB total supply on Etherscan In addition to Etherscan, CoinGecko claims that Shiba Inu boasts a total supply of 999.98 trillion tokens. However, CoinGecko data displayed Shiba Inu’s circulating supply, which currently stands at 589.27 trillion.
The inaccurate display of Shiba Inu’s total supply on Etherscan and CoinGecko suggests that both analytic platforms have yet to subtract the number of SHIB burned since the token’s inception.
Total Supply Drops to 589.27 Trillion After Hefty Burns For context, Shiba Inu launched in August 2020 with a total supply of 1 quadrillion SHIB tokens. Interestingly, Shiba Inu’s total supply has decreased significantly due to the huge amounts of tokens burned so far.
At press time, 410,727,951,111,035 (410.72 trillion) SHIB have been incinerated, leaving Shiba Inu with a total supply of 589,272,048,888,964 (589.27 trillion).
While analytics platforms like CoinMarketCap have updated Shiba Inu’s total supply with accurate information, others like Etherscan and CoinGecko have yet to provide the necessary update.
The need for blockchain analytics platforms to provide accurate information for assets like Shiba Inu cannot be overemphasized. It is common knowledge that new investors are always advised to conduct due diligence before investing in digital assets. Consequently, inaccurate data, like those displayed for SHIB on Etherscan and CoinGecko, could discourage newcomers from investing in Shiba Inu.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Singapore — WEEX Exchange, an industry leader in cryptocurrency trading, proudly announces its latest WEEX WE-Launch event, featuring the disruptive and forward-thinking Bad Idea AI (BAD) project. This initiative not only includes an enormous 840,000,000,000 BAD token airdrop but also offers participants a chance to engage in a “Share 2 Earn” program, where they can win a share of 2,000 USDT by promoting the project on social media.
Understanding Bad Idea AI (BAD): A Bold Step into the Future
Bad Idea AI ($BAD) is an experimental project that seamlessly integrates Blockchain technology, Artificial Intelligence, and Decentralization. This project is designed to explore the limits of AI’s potential and poses a critical question: Can AI be trusted to guide humanity’s future, or is it a recipe for disaster?
The $BAD project decentralizes control, placing decision-making power in the hands of AI and the global community. This structure creates a unique environment where the outcomes are uncertain, reflecting the high-risk nature of the project. $BAD is more than just a digital asset; it’s an exploration of how far we can push AI and what it could mean for our collective future.
Participation Guide: How to Get Involved with Bad Idea AI (BAD)
Participants in the WEEX WE-Launch event can commit WEEX Tokens (WXT) to earn BAD tokens. The event’s reward pool consists of 840 billion BAD tokens, which will be distributed based on each participant’s Effective Commit. This commit is calculated using the actual WXT committed and a multiplier based on the participant’s tier, ensuring that those who commit more, especially in higher tiers, are rewarded accordingly.
Details of the WEEX WXT Committing Pool:
Total Reward Pool: 840,000,000,000 BAD tokens Minimum Commitment: 1,000 WXT Maximum Commitment: 500,000 WXT Reward Calculation: Your Effective Commit / Total Effective Commit of All Users × Total Reward Pool One of the unique aspects of this event is that the WXT committed by participants remains accessible, allowing users to engage in multiple projects at once without any staking or lock-in requirements. This feature maximizes the potential for earnings and participation across different initiatives within the WEEX ecosystem.
In addition to earning BAD tokens, participants can take part in the “Share 2 Earn” program, which rewards users for spreading the word about Bad Idea AI on social media. To participate, users need to:
Repost the official announcement on X (formerly Twitter). Sign up on WEEX during the event period. Complete the registration form provided by WEEX. The first participants to complete these steps will be eligible for a share of the 2,000 USDT prize pool, which is distributed on a first-come, first-served basis.
About WEEX Exchange: Pioneering the Future of Cryptocurrency Trading
Since its founding in 2018, WEEX has grown to become one of the most trusted cryptocurrency exchanges, known for its robust security protocols and commitment to regulatory compliance. With over 400 trading pairs and new additions regularly, WEEX provides users with access to a wide array of digital assets, making it a preferred platform for traders and investors alike.
The platform’s native token, WXT, offers users significant advantages, including a 30% discount on futures trading fees and exclusive access to VIP events. Through the WEEX WE-Launch platform, WXT holders can participate in airdrops and other special events, such as the current Bad Idea AI launch, keeping them at the forefront of the digital asset landscape.
In partnership with Shibarium, WEEX serves as the primary platform for launching new projects within the Shiba Inu ecosystem. This collaboration underscores WEEX’s role as a leader in the crypto industry, continually providing its users with access to innovative and rewarding projects.
Be Part of the Future: Join the WEEX WE-Launch and Engage with Bad Idea AI (BAD)
This WEEX WE-Launch event is a unique opportunity to explore the intersection of AI, blockchain, and decentralization. By committing WXT and participating in the “Share 2 Earn” campaign, users can engage with a groundbreaking project and earn valuable rewards in the process.
Contact Information:
Sign up: https://www.weex.com/register Website: https://www.weex.com/ Media Email: [email protected] Customer Support: [email protected] For more information on how to participate in the WE-Launch event and to learn more about Bad Idea AI (BAD), visit the WEEX Support page. 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.
Bad Idea AI Airdrop News: Earn Rewards & 840 Billion Tokens On WEEX What is Bad Idea AI?
Bad Idea AI ($BAD) is an innovative project combining Blockchain, Artificial Intelligence (AI), and decentralization into a bold experiment.
Bad Idea AI Airdrop NewsIn an exciting update for Bad Idea AI holders, WEEX Exchange has launched the next round of its WEEX WE-Launch platform, spotlighting Bad Idea AI.
The platform is hosting a massive airdrop of 840 billion Bad Idea AI tokens, allowing users to participate and earn rewards.
WEEX Hosting a Massive Airdrop: WEEX is giving away 840 billion BAD tokens for a promotional event. Users can earn these tokens by participating through the WEEX platform. For those wondering where to buy Bad Idea AI, WEEX is the ideal starting point.
Share 2 Earn Campaign: WEEX has launched a "Share 2 Earn" campaign. By promoting the airdrop on social media, participants stand a chance to win a share of $2,000 USDT. This initiative encourages users to spread Bad Idea AI token news and raise awareness of the project.
Token Commitment: Participants can commit WEEX WXT tokens to earn a portion of the BAD tokens, with the reward based on the amount of WXT committed. For those curious about how to buy Bad Idea AI, committing to WXT through WEEX is a great option.
Bad Idea AI Airdrop DetailsThe total reward pool includes 840 billion BAD tokens.
participants can commit between 1,000 WXT and 500,000 WXT through the WEEX WE-Launch platform.
The higher the commitment, the more Bad Idea AI tokens participants can earn, using the "Effective Commit" formula.
This system enables users to calculate their rewards using this formula: Effective Commit/Total Effective Commit of All Users × Total Reward Pool.
Even after participating, users can freely access their WXT tokens for other WEEX projects. This is an advantage for exploring, is Bad Idea AI a good investment option (as per market reviews)
How to Participate in Bad Idea AI Airdrop to Earn BAD TokensCommit WEEX WXT tokens via the WEEX WE-Launch platform.
Your rewards are based on your "Effective Commit."
Join the "Share 2 Earn" campaign by reposting the official announcement on X (formerly Twitter), sign up on WEEX during the event, and complete the registration form.
The first participants to complete these steps will qualify for a share of the $2,000 USDT prize pool. This exciting initiative aligns with the growing Bad Idea AI news around the potential of this project.
Final ThoughtsThe Bad Idea AI Airdrop News is a significant opportunity for Bad Idea Ai Token Holders. Participants can earn rewards, explore Bad Idea AI price prediction, and engage in a unique experiment.
Joining the WEEX WE-Launch platform not only opens doors to Bad Idea AI price opportunities but also introduces the potential for decentralized innovation in the crypto space.
Read More: Tomarket Airdrop Launch Date is Out: Countdown Begins
Shiba Inu has teamed up with Astra Nova in an epic partnership that blends the meme-based cryptocurrency with AI-driven innovation.
The partnership aims to revolutionize the Web3 space by combining artificial intelligence (AI), gaming, and community-driven projects.
Key Features The collaboration fuses the strengths of both projects. While Shiba Inu will showcase its expertise in community engagement and decentralization, Astra Nova’s proficiency in Web3 integration and AI storytelling will come into play.
Under the partnership, Shiba Inu and Astra Nova will leverage their collective strength to foster community-driven initiatives while exploring Web3 opportunities. The partnership will also explore multiple avenues for potential collaboration, particularly those involving AI and blockchain.
Being an inception partner of NVIDIA, Astra Nova focuses on creating an advanced AI-powered ecosystem that features NPCs and user-generated content. Furthermore, the partnership will create a participatory environment by harnessing the strength of their respective communities to foster innovation.
Epic Partnership In a follow-up tweet, Astra Nova emphasized that the partnership is going to be epic. It highlighted two main features of the collaboration.
First, under the partnership, Astra Nova will integrate its core gaming feature, Survival Mode, into Shiba Inu’s Layer-2 blockchain Shibarium.
Also, the alliance will leverage Astra Nova’s decentralized application, Nova Toon, to create web comics-themed around Shiba Inu and Astra Nova for rich transmedia storytelling. Users can mint this comic novel as non-fungible tokens (NFTs) on Shibarium.
Astra Nova promised to share additional developments about its partnership with Shiba Inu in the coming days.
Shiba Inu Lead Reacts Meanwhile, Shytoshi Kusama, the leader of the Shiba Inu ecosystem, referenced Astra Nova’s involvement in NVIDIA’s Inception Program as the major reason behind the partnership.
“We’re thrilled to announce we are a part of NVIDIA’s Inception Program to bring AGI-driven innovation and community-first gaming to life,” Astra Nova announced yesterday.
Leveraging NVIDIA’s tools, specifically its AI and GPU technology, Astra Nova aims to unlock immersive AI NPC Agents, RWA rewards, AI-generative playthroughs, and AI-empowered fandoms.
Notably, Kusama first hinted about this partnership in a private Ask Me Anything (AMA) session with crypto YouTuber Random Artz. At the time, Kusama disclosed that the Shiba Inu ecosystem team will unveil a new partnership later this month.
Interestingly, he kept to his word, as Shiba Inu has added another partner, Astra Nova, to its ecosystem, joining projects like Chainlink, Bad Idea AI, K9 Finance, and Unification.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
After a multi-million dollar hack last summer, Conic Finance has already won over hearts and wallets with its latest launch.The team boasts even more code audits from leading security teams.Diversified yield has helped the project attract over $26 million in deposits in just three days.Multi-million dollar hacks can be a death knell for DeFi projects.
Conic Finance, however, has bucked that trend.
In just three days, the liquidity protocol has already raked in a cool $26 million after falling to a $3.2 million exploit last summer.
It’s still much lower than its peak of $157 million just before last year’s hack, but proponents, including Curve founder Michael Egorov, say the protocol is moving in the right direction – including promising to pay back users affected by the hack.
New label, same brandLaunched on January 31, Conic v2 was built to be more secure than its predecessor, according to pseudonymous Conic Finance core contributor bb8.
“The Conic v2 implementation includes features such as flash loan restrictions and guardians which address the previously found vulnerabilities, while also adding additional layers of security,” bb8 told DL News.
Hello! This chart will be available in a few moments
Conic Finance reemerges from last year's hack pull millions in depositsThe DeFi protocol allows liquidity providers on Curve Finance to earn yield from diverse liquidity pools on the stablecoin exchange.
A flash loan re-entrancy attack downed Conic’s first iteration. A flash loan does not require the debtor to put up collateral as long the loan position is repaid within the same blockchain transaction.
A flash loan isn’t inherently malicious. It can also be used to obtain trading capital to profit off temporary arbitrage opportunities — situations where the price of a crypto token differs in two marketplaces.
However, malicious actors, like the one who attacked Conic last summer, can use flash loans to fund their attacks in a protocol’s smart contract code to steal funds.
Last year’s attackIn Conic’s case, the exploiter used a flash loan to launch a re-entrancy attack.
This kind of attack tricks a DeFi protocol into accepting commands from an external contract with malicious codes and enables an attacker to steal funds.
While the attack cost the protocol $3.2 million in losses, the attacker only profited $300,000, per Conic’s post-mortem.
Several DeFi protocols lost $61 million when hackers used similar re-entrancy attacks to exploit bugs in the coding of several Curve pools. Curve Finance itself lost over $47 million to that incident.
Even the infamous DAO hack of 2016 that led to the loss of $60 million and a major schism in Ethereum’s early community was due to a re-entrancy vulnerability.
More auditingFor Conic, the vulnerability was present in a newly deployed Ether omnipool at the time. Blockchain security firm PeckShield, Conic’s previous auditor, said the smart contract for the pool was not part of its audit scope at the time.
Conic has new auditors this time around and claims its contracts are more secure than ever.
“Conic v2 underwent rigorous auditing from two of the most reputable auditing firms in the industry — ChainSecurity and MixBytes,” bb8 said.
Curve founder Michael Egorov also commented on the audits via X, formerly Twitter, saying the protocol’s code has been “deeply reworked for safety and received excellent audits.”
Egorov invested $1 million into the protocol after last summer’s hack.
MixBytes, one of the auditors, told DL News it carefully reviewed the patches made to Conic’s past vulnerabilities.
“Our audit team tested this attack vector for the Conic v2 and verified that the error was corrected,” a MixBytes representative said.
However, more audits do not always mean better security. Re-entrancy vulnerabilities can be difficult to spot, even in comprehensive code audits, especially for protocols with a large codebase.
The Conic attack was a read-only re-entrancy exploit, a new twist on the re-entrancy problem, which was even more difficult to detect, Nikita Kirilov, a researcher at blockchain security company Pessimistic, previously told DL News.
Unlike typical re-entrancy bugs, this kind does not change the smart contract’s target function. Instead, it tricks it into assuming an incorrect state for the hacker’s benefit, making it even more imperceptible to the protocol’s defences.
ChainSecurity, the other auditing firm used by Conic, also confirmed that this variety of re-entrancy is a novel twist on the old re-entrancy class of smart contract vulnerability.
Emilie Raffo, founding partner and head of sales at ChainSecurity told DL News that ChainSecurity was the first to discover this new form of the problem and said the company had “extensive working knowledge of it.”
“On the Conic audit specifically, it is important to note that security audits are time-boxed and cannot uncover all vulnerabilities,” Raffo told DL News. “This being said, we have determined that the Conic codebase we have reviewed provides a high level of security.”
Bigger and betterApart from being more secure, the Conic team also says v2 improves the yield-earning potential for users.
Built on top of Curve, Conic’s previous version allowed liquidity providers on Curve to diversify their exposure to Curve’s many pools and earn rewards on Convex.
In v2, Conic has expanded this model with what it calls liquidity allocation modules, or LAMs. These LAMs allow users to allocate their liquidity to other protocols, upscaling their yield potential.
Disclaimer: The two co-founders of DL News were previously core contributors to the Curve protocol.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at [email protected].
Conic Finance is shutting down.Developers couldn’t fix issues identified in a forthcoming version of the protocol.Conic never fully recovered after a pair of hacks in 2023.Conic Finance, a three-year-old DeFi protocol that once held over $156 million in investor deposits, has shut down more than a year after a pair of exploits that left the project on life support.
The developers behind Conic were unable to fix several security bugs identified in an upcoming version of the protocol, they said in a blog post Friday.
Conic’s token, CNC, fell more than 80% after the announcement, to just over $0.01. At its all-time high, the token traded above $10 and had a total market value just shy of $50 million.
“Over the past months, the core team has been working on a new version for Conic,” the company said in a blog post Friday.
“However, despite working with auditors, the team did not manage to come up with sufficient fixes to several issues of the new version. Ultimately, this made the team feel not fully confident in releasing the new and audited version.”
During development of the new version of the protocol, several developers left the team, adding to the frustration of those who remained, according to the blog post.
“I’m sad; I thought the idea was a great addition to what we had at the time in DeFi. When the hack happened, I instantly lost over 90% of what I had — $80,000 lost,” an investor in Conic’s token CNC, who spoke on condition of anonymity, told DL News.
“I decided not to sell after the hacks — I was now an accidental long term holder.”
Conic allowed users who provided liquidity in Curve, a decentralised exchange, to diversify their exposure to Curve’s token pools.
With $1.8 billion in crypto deposits, Curve is the second-largest decentralised exchange on the Ethereum blockchain. It’s particularly popular for stablecoins, in part due to its deep liquidity for such tokens.
Conic’s troubles began in July 2023, when it suffered a pair of unrelated exploits in quick succession, losing $3 million to the first and $300,000 to the second.
The total value of crypto deposited in Conic plunged from $156 million pre-hack to under $600,000, according to DefiLlama data.
Fewer than half of all DeFi protocols that suffer a hack or exploit survive the experience, but Conic appeared to buck the trend after releasing a new version of the protocol.
That version attracted more than $30 million in crypto deposits at the beginning of 2024, according to DefiLlama data. But those deposits slowly dwindled, stabilising around $5 million.
Hello! This chart will be available in a few moments
Conic Finance never fully recovered after a pair of hacks in 2023. Conic’s remaining developers have disabled deposits and shut down the protocol’s so-called omnipools.
Users previously deposited tokens to omnipools, which then programmatically allocated those tokens across different Curve pools.
Curve founder Michael Egorov invested $1 million in Conic Finance after the hacks. Conic’s developers said they will return unused funds to Egorov.
Disclaimer: The two co-founders of DL News were previously core contributors to the Curve protocol.
Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at [email protected].
PIP Labs unveiled $80 million in Series B funding Wednesday to flesh out Story Protocol, a layer-1 network for licensing and maintaining intellectual property in the digital era.
If crypto’s pioneers sought to cut out financial intermediaries from online transactions, then Story has taken aim at a common source of friction for creatives: lawyers. Empowering artists is one of PIP Labs’ biggest priorities, but the firm also seeks to address issues around artificial intelligence, as companies scrape the internet for heaps of data to train models.
PIP Labs’ Series B funding round was led by VC giant Andreessen Horowitz with participation from Polychain, also drawing investment from the likes of Walt Disney Imagineering executive Scott Trowbridge and the pseudonymous Cozomo de' Medici, an influential collector in the NFT space.
Lifting PIP Labs’ total fundraising figure to $140 million, the latest round follows the project’s announcement last year with backing from Samsung Next and Paris Hilton’s 11:11 Media. Andreessen Horowitz also led the previous round.
“PIP Labs is building the necessary infrastructure for a new covenant in the AI age,” Andreessen Horowitz Managing Partner Chris Dixon said in a press release. “Blockchains are perfectly suited for large-scale economic coordination, and Story's platform ensures creators are compensated.”
Story’s public testnet launches next week, providing a first look at the technology where users can register IP and access others’ work, while also setting parameters for licensing and monetization. When it comes to handiwork, such as viral memes, PIP Labs’ co-founder and chief product officer Jason Zhao told Decrypt that Story Protocol could provide a more lucrative alternative than traditional IP models.
“Your pen and paper lawyers, that’s just a medieval, antiquated system,” he said. “But a blockchain-based IP system can actually scale and maybe capture some of that value.”
Within the crypto industry, decentralized finance (DeFi) has flourished as developers look to create programmable systems for trading and lending assets. Dubbed IPfi, Zhao envisions a similar ecosystem, but intellectual property assets trade hands instead. With Story, IP assets will eventually be represented by NFTs, while licenses take the form of fungible tokens.
“Can I trade the rights or the license to Thanos?” Zhao asked. “Can we actually tokenize the world's creativity and [...] create new sorts of markets and financing structures?”
Using memes as collateral for loans would perhaps represent new ground for financial markets. Still, PIP Labs recognizes that a blockchain-based protocol can’t fully replace lawyers yet.
Creatives will have access to a so-called Programmable IP License, Zhao explained, if someone is leveraging their work outside the network. Effectively, the network has a system in place for accessing legal documents associated with registered IP, so creatives can take up legal action or strike deals in the real world.
Zhao worked for two years at Google DeepMind, a research lab and subsidiary of the tech giant. As a result, a large part of Story’s push is centered around AI. Using Story, Zhao said large language models can become registered as IP too, letting developers mix and match parts.
Story would also provide tech companies with data free of legal concerns, while simultaneously rewarding creatives. The New York Times sued OpenAI last year, for example, alleging the tech firm trained its AI model using the publication’s copyrighted work.
“They're just taking it for free, and then they're charging people to use their service,” Zhao said of user-generated content on the internet, from Yelp reviews to Reddit posts. “If this continues, basically what happens is there's no incentive for creators to do anything.”
Edited by Andrew Hayward
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
PIP Labs, the core contributor to layer-1 network Story Protocol, has raised $80 million to build an ecosystem where creators can “grow their IP in the age of AI.”
Programmable IP Labs, the mastermind behind the blockchain startup Story Protocol, has attracted $80 million in a series B funding round, bringing the total value raised to $140 million.
PIP Labs wants to tokenize the “multi-trillion-dollar asset class of intellectual property” as more than “200 teams, totaling more than 20 million addressable IPs, are already building on Story across various sectors.”
In an X announcement on Aug. 21, the firm said the funding was led by a16z crypto and participated in by Polychain Capital, Hashed, and Foresight Ventures, among others. According to reports, Story’s valuation soared to $2.25 billion following the latest funding.
“We hope for a future in which AI systems and creative people can happily co-exist. For this to work, creators need a modern way to ensure they get compensated for their work.”
a16z crypto in a press release
Story set to launch mainnet in Q4 2024 Although still in development, the funding is expected to assist PIP Labs in ensuring a smooth launch of Story Protocol’s mainnet, which is anticipated later this year. It remains unclear, though, if the startup plans to introduce a governance token for project management.
Founded in 2022, Story uses tokenization and a universal licensing agreement to onramp IP to the blockchain. Per the project’s official website, Story wants to bridge real-world assets to smart contracts by leveraging the Programmable IP License, a “license agreement template” that bridges real-world IP with its on-chain tokenization, the firm says. With the template, PIP Labs wants to provide a backstop to the on-chain asset, allowing it to onramp intellectual property to the blockchain.
In 2023, Story raised $25 million in a series A round backed by a16z crypto, Insignia Ventures Partners, DeFi Alliance, LLC, Foresight Ventures Investments, and Endeavor Group Holdings, among others, per data from Crunchbase.
Venture capitalists firm, a16z has backed PIP Labs in a new $80 million funding round that drew participants from top companies. The round brings the firm’s valuation above $2 billion as it records increased momentum. Crypto VC investments record upticks this year on the heels of growing adoption.
a16z Leads $80 Million Funding Round Andreessen Horowitz has backed the developer behind Story Protocol in a new $80 million funding round. According to Bloomberg citing people familiar with the matter who refused to be named, the company’s valuation soared to $2.25 billion. S.Y Lee, the CEO of PIP Labs highlighted the importance of Intellectual Property representation in all forms of art including music and other creatives.
“We are building the programmable intellectual property layer for the age of generative AI. Every single IP is a massive asset class. It can be your voice, characters, music pieces, it can be anything that’s represented as creative, outdoor intellectual output that can be an IP.”
The funds raised will be spent on developers and research towards IP creators. The company has raised $140 million so far. A major selling point for the platform is its utility to allow creators to establish ownership of their IP. This reduced copyright infringement in sectors including memes, music, and other forms of art. The funding round attracted firms to the project including Polychain Capital and top executives like Scott Throwbridge, Stability AI’s Vice President, Adrian Cheng, K11 founder, and Cozomo de’ Medici.
Crypto VC Investment Surges VC firms have increased funding in the crypto market this year as adoption and transactions surge. Particularly, a16z has invested in several platforms with the firm continuing its bullish stance in the market. Recently, the firm announced a move to open a Japanese office to fund start-ups. The move towards the industry from institutions comes as its mainstream traction ignited amid the U.S. elections.
This year, Bitcoin price soared above $73,000 tapping a new all-time high alongside other altcoins. Bitcoin price stands at $59,487, a slight 0.4% gain in the last 24 hours.
Venture capital (VC) funds invested $634 million in crypto startups in August — up 15% from July, based on DefiLlama data.
Projects focusing on blockchain infrastructure secured nearly $460 million in funding, accounting for 72% of the total raised by crypto startups last month.
PIP Labs conducted the most successful funding round among infrastructure projects, receiving $80 million to develop its intellectual property-focused blockchain network Story. The Series B round was led by a16z, with the participation of Polychain Capital and digital artist Cozomo de' Medici.
Bridge, a platform for stablecoin issuance and transactions, raised roughly $58 million in a private round led by Sequoia Capital, Ribbit Capital, Index Ventures, and Haun Ventures.
DeFiThe DeFi sector received nearly $129 million for its projects, roughly 50% more than the amount of capital received in July.
This significant increase was mainly driven by Morpho Labs, which secured $50 million from investors such as Ribbit Capital, Coinbase Ventures, Variant Fund, and Pantera Capital. Morpho is a decentralized cross-chain lending application compatible with the Ethereum Virtual Machine (EVM).
Duelnow, a decentralized sports-betting platform, raised $11 million in the second-largest DeFi-related funding round to foster its growth in the Arbitrum ecosystem.
CryptoSlate Daily Brief
Daily signals, zero noise.Market-moving headlines and context delivered every morning in one tight read.
5-minute digest 100k+ readers
Free. No spam. Unsubscribe any time.
You’re subscribed. Welcome aboard.
GamingThe web3 gaming ecosystem saw VC money flow more than double between July and August, with more than $43 million raised last month.
Gameplay Galaxy, the developer of the biking game Trial Xtreme, raised $11 million in a Seed+ round last month. This is the most relevant blockchain gaming funding round of the period, with Blockchain Capital and Merit Circle participating.
The gamer-focused ecosystem Moonveil also captured considerable investment in the blockchain gaming ecosystem last month. Players such as HashKey Capital, The Spartan Group, and Animoca Ventures invested $9 million in the project.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
7 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
7 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
7 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
7 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
7 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on January 15th that the Polygon Foundation announced the official launch of PIP-69. Validator share tokens are now mapped 1:1 to dPOL, improving wallet visibility and expanding the uses of staking POL. The implementation of PIP-69 fully enables dPOL to be ERC-20 compliant, simplifies the creation of POL Liquidity Staking Tokens (LSTs), and enhances their composability in the DeFi space. For users already staking POL, these tokens will automatically appear in their wallets. However, depending on the wallet, the token name may be displayed as dPOL, dPOL1, or dPOLa4. The Polygon Foundation specifically reminds users that this is not an airdrop.
In brief Story Protocol developer PIP Labs has let go of several employees and contractors. The reductions come as the firm explores opportunities associated with AI. The company unveiled an $80 million Series B funding round in 2024. PIP Labs, the company behind Story Protocol, a layer-1 network for licensing and maintaining intellectual property, has let go of several employees as it explores opportunities associated with artificial intelligence.
The reductions include five full-time employees and three contractors, representing around 10% of staff contributing to Story across various entities, the company told Decrypt. That includes the Story Foundation and infrastructure layer Poseidon, according to Story Chief Protocol Officer Andrea Muttoni.
“PIP Labs is sharpening focus [through] a small workforce adjustment,” he said in a statement to Decrypt, noting that the company has begun leaning into IP infrastructure for AI, with a focus on AI trading data and the emergence of AI agents.
In a Telegram message reviewed by Decrypt, a former employee said the layoffs pertained to 15% of the staff behind Story Protocol, including staff that worked on events.
When Story unveiled an $80 million Series B funding round in 2024, PIP Labs positioned the network as a new way to reduce friction for creatives, by allowing them license and remix IP without the need of rent-seeking lawyers. Through programmable licensing, Story is designed to automate royalty payments.
The funding round valued PIP Labs at $2 billion and was led by venture capital giant Andreessen Horowitz, drawing participation from individuals including Walt Disney Imagineering executive Scott Trowbridge and pseudonymous NFT collector Cozomo de' Medici.
The network debuted last February alongside its native IP token, which has fallen 86% to about $0.80 over the past year, according to CoinGecko. In September, the token reached an all-time high of $14.78, equating to a market cap of nearly $3.4 billion.
That month, a Story-based meme coin modeled on “Baby Shark” creator Pinkfong collapsed after a dispute emerged over IP from the South Korean firm behind the viral YouTube hit. On X, Story apologized for the confusion, noting that it wasn’t involved in licensing matters between IP World, a platform for IP-backed meme coins, and other entities.
Muttoni said Story remains focused on IP, whether that touches industries like media or biotech, but its latest round of layoffs suggests the company has grown increasingly interested in machine-based users as opposed to humans. The shift comes as companies including Coinbase race to bring crypto wallets for agents to market.
Last year, Poseidon, a company incubated by Story, raised $15 million in a seed funding round also led by Andreessen Horowitz. The startup allows AI developers to access legally cleared training data, and Muttoni said Poseidon’s recent “traction is shaping where Story will double down.”
In January, Poseidon introduced a dataset containing 33,000 hours of audio across 17 languages. On X, Poseidon Chief Scientist Sandeep Chinchali said audio represents a limiting factor for AI because it is becoming a primary interface between humans and AI.
PIP Labs’ layoffs follow a series of staff reductions among crypto industry firms this year. Earlier this week, the team behind Ethereum layer-2 network Optimism let go of 20 employees. And last month, Jack Dorsey’s Block Inc. let go of 4,000 employees—roughly 40% of its workforce—attributing the move to its pivot towards AI alongside PIP Labs.
Editor's note: This story was updated after publication to correct attribution for a quote.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Story Protocol developer PIP Labs has let go of several employees and contractors. The reductions come as the firm explores opportunities associated with AI. The company unveiled an $80 million Series B funding round in 2024. PIP Labs, the company behind Story Protocol, a layer-1 network for licensing and maintaining intellectual property, has let go of several employees as it explores opportunities associated with artificial intelligence.
The reductions include five full-time employees and three contractors, representing around 10% of staff contributing to Story across various entities, the company told Decrypt. That includes the Story Foundation and infrastructure layer Poseidon, according to Story Chief Protocol Officer Andrea Muttoni.
“PIP Labs is sharpening focus [through] a small workforce adjustment,” he said in a statement to Decrypt, noting that the company has begun leaning into IP infrastructure for AI, with a focus on AI trading data and the emergence of AI agents.
In a Telegram message reviewed by Decrypt, a former employee said the layoffs pertained to 15% of the staff behind Story Protocol, including staff that worked on events.
When Story unveiled an $80 million Series B funding round in 2024, PIP Labs positioned the network as a new way to reduce friction for creatives, by allowing them license and remix IP without the need of rent-seeking lawyers. Through programmable licensing, Story is designed to automate royalty payments.
The funding round valued PIP Labs at $2 billion and was led by venture capital giant Andreessen Horowitz, drawing participation from individuals including Walt Disney Imagineering executive Scott Trowbridge and pseudonymous NFT collector Cozomo de' Medici.
The network debuted last February alongside its native IP token, which has fallen 86% to about $0.80 over the past year, according to CoinGecko. In September, the token reached an all-time high of $14.78, equating to a market cap of nearly $3.4 billion.
That month, a Story-based meme coin modeled on “Baby Shark” creator Pinkfong collapsed after a dispute emerged over IP from the South Korean firm behind the viral YouTube hit. On X, Story apologized for the confusion, noting that it wasn’t involved in licensing matters between IP World, a platform for IP-backed meme coins, and other entities.
Muttoni said Story remains focused on IP, whether that touches industries like media or biotech, but its latest round of layoffs suggests the company has grown increasingly interested in machine-based users as opposed to humans. The shift comes as companies including Coinbase race to bring crypto wallets for agents to market.
Last year, Poseidon, a company incubated by Story, raised $15 million in a seed funding round also led by Andreessen Horowitz. The startup allows AI developers to access legally cleared training data, and Muttoni said Poseidon’s recent “traction is shaping where Story will double down.”
In January, Poseidon introduced a dataset containing 33,000 hours of audio across 17 languages. On X, Poseidon Chief Scientist Sandeep Chinchali said audio represents a limiting factor for AI because it is becoming a primary interface between humans and AI.
PIP Labs’ layoffs follow a series of staff reductions among crypto industry firms this year. Earlier this week, the team behind Ethereum layer-2 network Optimism let go of 20 employees. And last month, Jack Dorsey’s Block Inc. let go of 4,000 employees—roughly 40% of its workforce—attributing the move to its pivot towards AI alongside PIP Labs.
Editor's note: This story was updated after publication to correct attribution for a quote.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
7 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
7 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
7 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
7 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
7 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on March 14th that, according to Decrypt, Story Protocol developer PIP Labs has laid off some employees and contractors, affecting 5 full-time employees and 3 contractors, approximately 10% of the total workforce involved in Story Protocol-related entities. Affected teams include the Story Foundation and the infrastructure project Poseidon. Andrea Muttoni, Chief Protocol Officer at Story, stated that this personnel adjustment aims to further focus on core areas, and the company is increasing its investment in AI intellectual property infrastructure, with a focus on AI training data and AI agent-related applications.
Publicly available information shows that Story Protocol aims to automate intellectual property licensing and royalty processes through a programmable licensing mechanism. The company behind the project completed an $80 million Series B funding round in 2024, valuing the company at approximately $2 billion, led by Andreessen Horowitz.
PANews reported on March 27th that, according to Cryptopolitan, Ethereum Layer 2 network Polygon has proposed a new fee model, PIP-85, aimed at reversing the over 60% drop in its native token POL's price over the past year and addressing competition from Base and Arbitrum. The proposal would redistribute 50% of priority fee revenue to network validators and delegators, and adjust validator reward distribution from being based on staking size to being based on contribution performance. Of the remaining validator pool, 75% would be allocated based on contribution rather than staking size, while 25% would remain allocated according to existing staking weights. The authors stated in the proposal that implementing this proposal requires no direct on-chain changes.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
7 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
7 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
7 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
7 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
7 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
7 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
7 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
7 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
7 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
7 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
The price of SEND and dForce jumped triple digits, while Bitcoin shows clear signs of struggling to reclaim $100,000.
The cryptocurrency market is showing signs of recovery after the recent slump. Ethereum (ETH), which fell as low as $3,000, has managed to push above $3,400.
Bitcoin (BTC) has also shown slow reversal, with prices hovering around the $97,000 level. Meanwhile, a community token on Solana (SOL) called Send (SEND) has seen its price surge by over 360%.
SEND 1D Price Chart From CoinGecko The price of SEND has gone up from a 24-hour low of $0.01468 to as high as $0.1626 before falling to its current level. The coin is also up by over 4,700% in the last 30 days.
The SEND team has released their Solana agent kit, which is an open-source toolkit for connecting AI agents to Solana. This development could be one reason for its price surge.
Coming second on the list of the top gainers in the last 24 hours, dForce (DF) price pumped by over 160%. The coin’s price has gone up by over 200% in the last 30 days.
While there haven’t been any technical developments that could have triggered a price surge, the only evident development has been their recent Optimistic winter campaign.
1D price chart from CoinGecko Third on CoinGecko’s top gainer’s list is Odos (ODOS). The project’s native token, ODOS, has pumped 90% in the last 24 hours.
The surge was primarily because of Binance’s revelation of its fourth batch of project tokens as part of its Binance Alpha initiative.
Binance Alpha is a new feature that showcases tokens that could be listed on the exchange. The latest list included ODOS, which could have helped in its recent pump.
ODOS 1D price chart The project also announced that it will soon arrive on Bybit, where the exchange is hosting an Odos giveaway.
Binance announced new perpetual contracts for Phala Network (PHA) and dForce (DF) with up to 75x leverage. This news sparked excitement in the market, amid a remarkable 310% weekly surge for PHA and a 120% monthly gain for DF. The added support from the exchange highlights the exchange’s strategic focus on expanding trading options, further driving trading activity and market attention toward these tokens.
Binance Revealed Perpetual Contracts for Phala Network and dForce On December 30, Binance announced the launch of USDT-margined perpetual contracts for Phala Network (PHA) and dForce (DF) tokens. These contracts offer up to 75x leverage, providing traders with high-risk, high-reward opportunities.
The PHAUSDT perpetual contract was launched at 11:30 UTC, followed by the DFUSDT perpetual contract at 11:45 UTC. Both contracts will allow 24/7 trading and feature a capped funding rate of +2.00%/-2.00%. The leading crypto exchange also said that it will support these contracts in Multi-Assets Mode, enabling users to utilize multiple assets, like BTC, as a margin for trading.
According to the Binance, the funding fee for these contracts will settle every four hours. The platform highlighted that these future listings may not guarantee spot listings, ensuring users understand the differences in product offerings. The exchange may adjust trading specifications based on market conditions. This highlights its focus on risk management and enhancing user experience.
PHA and DF Prices Surge as New Exchange Listing Drives Momentum Phala Network (PHA) price was trading at $0.522 and recorded an extraordinary 310% weekly surge, with its price ranging between $0.41 and $0.58 in the last 24 hours. The token’s market cap stands at $395 million, while trading volume hit $400 million despite a 27% drop. This growth was driven partly by its listing on Bitget, which caused a 50% price jump. Now, with the exchange’s support, the token’s user base is expected to expand further, amplifying its trading activity.
dForce (DF) price gained significant traction, with a 120% monthly increase and a 15% rise in the last 24 hours. The token’s price was trading at $0.099 and fluctuated between $0.076 and $0.1277, with a market cap of $91 million and $159 million in trading volume.
Meanwhile, Binance’s perpetual contract launch is likely to boost PHA and DF’s visibility and trading volume, driving the crypto’s growth in the competitive crypto market. With both tokens gaining backing from one of the top crypto exchanges, traders are anticipating a potential rally ahead for the assets.
Binance launches USDT perpetual contracts for the native tokens of dForce and Phala Network on Dec. 30. After the Binance Futures announcement, dForce surged by 26%.
According to the official notice posted on Dec. 30, PHAUSDT will be available for trading on Dec. 30 at 11:30 UTC. Meanwhile DFUSDT will be listed on the same day but 15 minutes after PHAUSDT’s launch, specifically at 11:45 UTC.
Both perpetual contracts will be offered with up to 75x leverage and a tick size of 0.00001. The maximum financing rate for DFUSDT and PHAUSDT perpetual contracts at launch will be +2.00% and -2.00%. The funding fee calculation frequency will occur every four hours.
Moreover, Binance will provide multi-asset trading support for both perpetual tokens.
Shortly after the announcement, the dForce native token went up by as high as 26%, according to data from crypto.news. At the time of writing, DF is trading hands at $0.095. Over the past week, the dForce native token has gone up by more than 30% and 103.71% in the past month.
Price chart for the dForce token after the Binance Futures listing, December 30, 2024 | Source: CoinGecko DF holds a market cap of more than $83.2 million, placing the token in 636th place on the rankings. The dForce native token has a fully diluted valuation that stands at $84 million and a 24 hour trading volume of $157 million.
On the other hand, PHALA only received a slight boost of 10% after its Binance Futures listing. However, the token’s long term performance seems to reflect a better outlook. According to CoinGecko, PHALA has skyrocketed by 327% in the past week and around 212% in the past month.
dForce is a Chinese decentralized finance network known for its permissionless liquidity, offering various infrastructure protocols including decentralized stablecoins, real-world assets and yield tokens. DF is dForce’s utility token that can be staked to govern the network.
The Phala Network is a blockchain platform that operates mainly in providing privacy and secure cloud computing solutions on Web3, powering its system using the PHA utility token.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
dForce, a prominent DeFi infrastructure entity, has released a new proposal. The new DIP070 proposal of dForce suggests the onboarding of the Chinese Yuan-pegged $AxCNH stablecoin of AnchorX, a fintech firm in Hong Kong, into its ecosystem. As disclosed by dForce in its official social media announcement, the integration will start on the Conflux blockchain with Unitus Finance. Additionally, the strategic move places dForce among the pioneers in CNH-associated DeFi, moving in line with its objective to serve as the entry point for on-chain compliant yield in CNH.
🗳 DIP070 – Onboarding AnchorX ($AxCNH) to dForce
This proposal recommends onboarding AxCNH — an offshore Chinese Yuan (CNH)-pegged stablecoin — to dForce protocols, starting with Unitus Finance on the Conflux blockchain.@AnchorX_Ltd
⚡️ Read the full proposal and cast your… pic.twitter.com/EY4taO6iHL
— dForce (@dForcenet) September 13, 2025 dForce Suggests Integration of AnchorX’s Stablecoin $AxCNH for Borrowing The proposal of integrating the AnchorX’s $AxCNH stablecoin will permit consumers to borrow and deposit $AxCNH. Released $AxCNH back in July this year on Conflux eSpace, following getting regulatory green light from the Astana Financial Services Authority (AFSA) of Kazakhstan. The stablecoin reportedly has a 1:1 peg ratio with the Chinese Yuan (CNH), which can be withdrawn for fiat and is supported by transparent reserves.
Fortifying dForce’s Status in CNH DeFi Landscape According to dForce, the proposal to incorporate $AxCNH will reportedly broaden consumer access to CNH-centered assets within the DeFi sector. Apart from that, with the implementation of conservative measures like stringent supply/borrow caps, along with exclusion of collateral usage. With this, the platform guarantees the minimized risk while preparing for more expansion.
Overall, this initiative endeavors to strengthen the role of dForce as a notable infrastructure platform providing compliant worldwide stablecoins parallel to boosting its long-term expansion within the CNH DeFi sector.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
dForce (DF) could be set for a massive jump, according to a revelation disclosed today by market analyst PumpDumbAlert.
The DF coin is the cryptocurrency of dForce, a DeFi protocol that provides users with a wide variety of financial services, including borrowing and lending, trading, stablecoins, and yield products. Driven by its decentralized liquidity network, dForce aims to build an open, reliable, and transparent DeFi ecosystem where anybody can access and engage with financial services.
Today, the digital asset experienced a more than 14% jump, a move that enabled it to reclaim a crucial resistance level. With the push, the analyst believes that bulls are entering the DeFi platform.
dForce Breaking Technical Pattern Today, while most assets in the larger cryptocurrency market are down, dForce has remained up. To give a picture of the wider virtual currency market today, Bitcoin and Ethereum currently trade their prices at $69,652 and $2,043, down 1.25% and 3.40% over the past 24 hours, respectively, showing the ongoing crypto market difficulty. However, dForce today experienced an impressive 14.07% rise from its late January and early February lows, reaching a high of $0.003492 today. According to market monitoring by the analyst, this surge was fueled by a bullish divergence seen on the 4-hour timeframe, as indicated in the charts above.
Despite its ongoing downtrend, the price of dForce remains above a trendline (support level) that it has been maintaining over the past two months. Despite increasing its price to the $0.003492 level noted today, dForce has been down 63.0% and 71.1% over the past week and month, respectively, showing a downward momentum. However, after witnessing a weekly low of $0.00225, the altcoin has reacted strongly, suggesting that buyers have returned in action with strength in the support zone.
The analyst identified that the range between $0.0029 and $0.0035 as a strategic zone for accumulation. The confluence between reclaiming the trendline and the formation of an inverse head-and-shoulders pattern reinforces buying pressure at the zone. DF currently trades at $0.00354; it has already reclaimed its move above this zone, a rise that comes after several weeks of sideways consolidation driven by a sharp correction.
Besides that, the analyst identified a major technical structure, recognized as a classic inverse head-and-shoulder pattern, forming on the DF weekly chart. The setup signals a bullish reversal move, expecting the cryptocurrency to continue pushing upwards, possibly towards the $0.01062 target, a 200% rise from the current price.
The current price of dForce is $0.003660. Why DF Surge Is On Horizon Furthermore, today, dForce experienced an 81.12% increase in its trading volume, another indicator pointing out bullish developments surrounding the DeFi project. This shows strong user enthusiasm in the DeFi protocol. This surge in trading volume is a testimony to dForce’s robust fundamentals and rising adoption in DeFi, indicating it is a hidden gem awaiting to explode.
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.
FARM, the native token of the yield farming protocol Harvest Finance, was trending in the U.S. as it was exchanging hands at $88, up 80% in the past day.
At the time of writing, FARM had a 24-hour trading volume of $218 million, which was up by a massive 19000%. The recent price action left the token’s market cap at $60 million.
FARM 24-hour price chart | Source: CoinMarketCap Harvest Finance is a yield farming protocol that shifts user funds across multiple defi platforms to generate returns. It is native to the Ethereum blockchain and can also be traded as a BEP-20 token on the BNB Smart Chain.
FARM reached an all-time high on its first day of trading on Sep. 2, 2020, most likely because it began with a circulating quantity of 0 tokens and the few coins that entered circulation shortly after rocketed to high values. Crypto price aggregator CoinMarketCap records FARM’s all-time high as $2,236.
While data providers dispute the all-time high, all aggregators agree that FARM’s price dropped to around $78 a few weeks after its debut, just as the “defi summer” of 2020 was coming to an end.
During the second wave of the 2021 crypto bubble, FARM reached highs of approximately $303. However, as the second wave subsided around the end of the year, FARM tanked. Things became worse when an October 2020 hack took $24 million from Harvest Finance, causing FARM to drop by 65% in just one hour. The spiral lasted through 2022. By May 2022, FARM had reached a low of $33.35.
The protocol hard-coded a maximum supply of 5 million coins. In the fifth week following its launch, investors voted to limit the supply to 690,420 by reducing the number of tokens generated by 4.45% each week until the end of August 2024.
Even so, according to crypto price tracker Messari, the supply of FARM is growing quickly, going from roughly 250,000 in October 2020 to about 456,000 in January 2021. As a result, the project’s market capitalization reached its peak much later than the cost of any one FARM token, peaking at $194 million in February 2021.
A capped maximum supply is consistent with scarcity concepts, potentially increasing FARM’s value as demand develops.
Harvest Finance issues new tokens on a weekly basis. From this issuance, 70% is allocated to liquidity providers and individuals contributing capital to the platform’s asset management strategies.
A further 10% is directed towards ongoing protocol development, while the remaining 20% is placed into a development fund. The fund is periodically utilized to remunerate the developers responsible for building the protocol.
Harvest Finance Coin (FARM) is the native cryptocurrency of Harvest Finance, a yield optimizer that moves funds around the DeFi ecosystem to achieve high returns.
What is Harvest Finance (FARM)?Harvest Finance (FARM) is an automated yield farming protocol designed for users who want to utilize their assets in high-yield farming opportunities. Harvest Finance automatically identifies the latest DeFi platforms with the highest returns and optimizes yield with the latest farming techniques.
The main reason for choosing Harvest Finance is that the manual farming process takes too much time for the average person. Even if you have the time, high transaction fees can make most profitable farming strategies inaccessible to average investors. The platform offers a unique operational protocol by considering all these factors.
By pooling Harvest funds together, transaction fees can be saved. Despite recent slowdowns, yield farming will never completely disappear. The fact that high transaction fees can push investors into a deadlock is another issue. For this reason, Harvest Finance offers an easy and cost-effective way to participate in yield farming.
Where to Buy FARM Coin?FARM Coin can be safely bought and sold on Binance, the world’s largest cryptocurrency exchange by trading volume. Harvest Finance Coin is traded on the Binance platform in FARM/BTC, FARM/BNB, FARM/USDT, and FARM/BUSD pairs.
To purchase FARM Coin, you must first become a member of the Binance exchange. Once the membership is completed, you need to transfer cryptocurrency or fiat currency to your Binance wallet. After completing the transfer, you can purchase FARM Coin from any of the four pairs mentioned above. To buy from the FARM/USDT trading pair, first navigate to the interface of this pair. In the limit tab on the FARM/USDT interface, enter the amount you wish to purchase in the specified field. After specifying the amount, the purchase is completed with the Buy FARM order.
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.
