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Conflux Foundation commits $500M to fuel PayFi Web3 payments solution
Consumer-facing blockchain applications with intuitive user experiences could bring more mainstream cryptocurrency users.
The Conflux Foundation plans to invest $500 million to support the growth of PayFi, short for Pay Finance, a Web3 payments solution.
Conflux’s $500 million investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.
PayFi aims to create a “more integrated value network” by bringing financial products like credit cards, invoice financing and reverse factoring onto the blockchain, Conflux Foundation announced on Nov. 11.
The PayFi stack is built on the Conflux blockchain, a layer-1 network focused on stablecoin and payment infrastructure for consumer-grade payments.
Blockchain applications with intuitive user experiences could attract more mainstream cryptocurrency users, as the usability challenges of current decentralized finance (DeFi) applications are a major barrier for new crypto investors. Read More
DWF Labs partners with UCLA for tokenized securities education
The RWA sector could see a more than 50-fold increase by 2030, potentially reaching over $30 trillion, according to the world’s biggest consulting firms.
DWF Labs has partnered with the University of California, Los Angeles (UCLA) on a new educational initiative focused on tokenized securities.
The Web3 investor and crypto market maker will be featured in a case study in the upcoming book, The STO Financial Revolution, the latest blockchain educational initiative spearheaded by UCLA faculty member and author Alex Nascimento.
Through these initiatives, DWF aims to advance institutional understanding of tokenization and security token offerings (STOs), according to Andrei Grachev, managing partner of DWF Labs.
Grachev wrote in an announcement shared with Cointelegraph:
“We are excited to share our experience and help shape the industry’s future by influencing how institutions understand and engage with digital assets and STOs.”
Tokenized securities are financial instruments minted on the blockchain ledger for increased accessibility as part of the wider real-world asset (RWA) tokenization sector — seen as the next significant opportunity in the blockchain industry.
Some of the world’s largest financial institutions and business consulting firms say the RWA sector may see a more than 50-fold increase by 2030, potentially reaching over $30 trillion. Read More
How Telegram Games Can Be More Sustainable in the Post-P2E Era
The gaming world is abuzz with the potential of Telegram’s Mini App platform. However, the meteoric rise and fall of P2E (play-to-earn) games like Axie Infinity offer a crucial lesson – hype alone isn’t enough. To build truly sustainable Telegram games, developers and game studios need to look beyond short-term gains and focus on creating engaging experiences that keep players coming back for more.
In this article, we’ll explore key lessons from the P2E era and how they can be applied to build successful Telegram games.
Lesson one – The importance of sustainable game design:
One of the critical factors contributing to the decline of P2E games was their unsustainable game design.
Many P2E games prioritized token rewards or airdrops over engaging gameplay, leading to repetitive and uninspiring experiences.
Players were primarily motivated by financial gain rather than the joy of playing.
Lesson two – Building a thriving community:
Community engagement is crucial for the long-term success of any game. Many P2E games only fostered a sense of community in a touch-and-go manner, leading to player isolation and disinterest.
Telegram game developers need to consider a combination of community building efforts, such as creating social features, encouraging player interaction and keeping an active feedback loop with the player base. Read More
PayPal USD links with LayerZero for transfers between Ethereum and Solana
PayPal’s US dollar-pegged stablecoin has integrated crosschain bridge LayerZero to allow native transfers of PYUSD between the two networks.
PayPal’s United States dollar-pegged stablecoin, PayPal USD has integrated with cross-blockchain bridging protocol LayerZero to enable transfers between Ethereum and Solana.
In a Nov. 12 statement, LayerZero said that PYUSD now uses its Omnichain Fungible Token (OFT) Standard to allow the crosschain transfers, which will “enable users who self-custody their tokens to seamlessly transfer assets between blockchains — without needing to rely on centralized platforms like Venmo or PayPal.”
PYUSD’s market capitalization and its distribution across the two blockchain networks have changed significantly in recent months.
On Aug. 26, PYUSD notched a record market cap of $1 billion, with over $660 million circulating on the Solana network, while $340 million circulated on Ethereum.
As of the time of publication, the total market cap of PYUSD has nearly halved to $513 million, with just $166 million circulating on Solana, while $384 million is deployed on Ethereum, per DefiLlama data. Read More
Breaking Free from Constraints: How Markethive Empowers You to Overcome Censorship, Government Restrictions, and Outdated Marketing Practices
We live in a world where every step you take toward your dreams feels obstructed by invisible barriers, as if the odds are intentionally stacked against you. This isn't just your imagination; it is a reality, and these obstacles are built into society’s very structure, protecting corporate giants and keeping aspiring entrepreneurs like you from gaining ground. Every hour, every dollar, every ounce of effort you pour into building something meaningful seems met with another wall carefully designed to hold you back.
Government policies seem to pile on, favouring established players in their grasp, while leaving smaller businesses to navigate a confusing labyrinth of taxes and regulations. Even social media, once a beacon of free expression and open connection, now censors and suppresses voices that challenge the norm and agendas that do not conform to their puppet masters' desires. And when you turn to marketing, the cost of visibility on major platforms puts real success out of reach for those without deep pockets.
But what if there were a place built just for entrepreneurs like you? A platform where censorship doesn’t exist, where your voice isn’t filtered through algorithms, and where you can freely connect, grow, and monetize your ideas. Thanks be to God, this place exists, and it’s called Markethive.
Markethive is a powerful and Godly movement built on the principles of decentralization, transparency, freedom, and empowerment of people worldwide. Markethive is a revolutionary hybrid ecosystem that blends social networking, inbound marketing, and blockchain technology. It’s designed to empower entrepreneurs with tools and resources you can’t find anywhere else, giving you the autonomy to thrive outside the limits of traditional systems. Here’s how Markethive sets you free from societal barriers and provides solutions that the world desperately needs. Read More
Crypto use more common among US underbanked, FDIC report says
Underbanked households more commonly used crypto than those with full banking access, an FDIC survey said.
The use of crypto in the United States in 2023 was more common in “underbanked” households than in those that were fully banked, the Federal Deposit Insurance Corporation (FDIC) revealed.
The FDIC’s Nov. 12 report surveyed about 60,000 households, finding that 6.2% of underbanked households used crypto, compared with 4.8% of those with full banking access.
The underbanked are those who have a bank account but also use nonbank financial services like payday loans and check cashing. Around 14.2% of US households, about 19 million, were considered underbanked last year.
Crypto usage was also higher among the higher-educated, younger households, Asian and white households and working-age households.
The report showed some income level disparities, with 7.3% of households with income of $75,000 or more using crypto, compared with just 1.1% of households with less than $15,000 in income.
Among all households that used crypto, the vast majority held digital assets as an investment, as just 4.4% of households that used crypto did so to make purchases online. Read More
Ethereum researcher unveils ‘time machine’ for even smarter smart contracts
Similar to how Gmail allows users to unsend an email, STXN’s new time machine feature will allow crypto users to revert Ethereum transactions.
A “time machine” that allows Ethereum users to reverse “Smart Transactions” on the blockchain has been created by Ethereum researcher and Smart Transactions (STXN) co-founder Vlad Zamfir — which now makes certain transactions less immutable.
The Smart Transactions also allow users to set specific conditions for transaction timing and execution, STXN’s co-founder Anuj Das Gupta told Cointelegraph at the DevCon conference in Bangkok.
“STXN is like a time machine because it allows us to guarantee the future when it comes to smart contracts,” Das Gupta said in a statement shared with Cointelegraph.
The feature will be supported on Ethereum Virtual Machine-compatible blockchains and could come in handy for the thousands of crypto users who fat finger transactions onchain.
“Ethereum smart contracts are no longer limited by what was known at the time they were written, Das Gupta said. “We believe this is an important solution to the tension between flexibility and immutability when it comes to blockchains.”
STXN’s newly-appointed CEO, Boris Mamlyuk, compared blockchain immutability to when internet users started sending emails in the late 1900s — once a message was sent, it wasn’t possible to unsend it. Read More
Consensys decentralizes Linea with new Swiss nonprofit association
The new Linea Association, a Swiss nonprofit dedicated to advancing Linea, will oversee development on its path to decentralization.
Linea, a layer-2 (L2) zero-knowledge Ethereum Virtual Machine (zkEVM) rollup developed by Consensys, continues its path to decentralization by establishing the Linea Association.
Linea Association, a Swiss nonprofit dedicated to advancing Linea’s growth and governance, officially announced its launch at the Devcon event in Bangkok, Thailand, on Nov. 13.
The newly launched association will serve three main objectives: support of the Linear technology, development of the Linea market and further advancement of Linea’s decentralization roadmap, Linea product lead Declan Fox told Cointelegraph.
Consensys founder and Ethereum contributor Joseph Lubin believes that the Linea Association is a major step to the network’s true decentralization that excludes excessive control by any governing entity. Read More
Immunefi suspends TrustSec amid bug bounty dispute
Immunefi suspended Trust Security over accusations of manipulating issues, sparking debate about fairness in Web3 bug bounty platforms.
Web3 bug bounty platform Immunefi issued a 90-day suspension on white hat security firm Trust Security. The decision was made after the latter accused Immunefi of unjust denial of bug bounty payment for discovering a critical bug that could potentially lead to the theft of funds.
On Nov. 12, Trust Security revealed on X that its bounty team identified a critical theft-of-funds vulnerability on a forked mainnet of an unidentified project.
The proof-of-concept of the vulnerability was shared with Immunefi, which acts as a mediator between the white hats and projects to ensure bounty payments are made on credible bug identifications.
Critical bug dismissed as “out of scope” report:
However, the project claimed that Trust Security detected an out-of-scope bug, which would effectively disqualify the white hats from earning bounty rewards.
According to Trust, Immunefi wrongly sided with the project’s “nonsense argument” and offered a “tiny goodwill bounty” instead of the full reward for identifying critical bugs. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
