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Friend.tech Creators Bail on Ethereum Social Platform Four Months After Token Launch
Friend.tech’s development team effectively walked away from the social media platform Saturday when it handed off control to a burn address.
The creators of cryptocurrency-fueled social network Friend.tech relinquished control over the platform’s smart contracts Saturday, signaling that development work has effectively ended just four months after its token launched.
The invite-only application built on Ethereum layer-2 network Base burst onto the crypto scene in August last year, letting users buy and sell “keys” attached to Twitter (aka X) accounts. Describing itself as a “marketplace for your friends,” the keys let Friend.tech users access private group chats within Friend.tech’s app.
In a Saturday post on Twitter (aka X), the project said that “admin and ownership parameters” had been set to an address that’s commonly used to burn (or permanently destroy) tokens. Friend.tech said the move was made to prevent any changes to its platform’s “fees or functionality” for the foreseeable future.
Since launching last August, Friend.tech’s protocol has generated $22 million in fees according to a Dune dashboard. Until recently, the platform charged a 10% fee on transactions, which was split evenly between Frend.tech and the owner of an account that a key was based on. Read More
Kujira team to build new THORChain app layer following ‘Rujira’ merge
DeFi project Kujira has merged with three ecosystem partners to create an alliance to build THORChain’s app layer, which will be backed by a new token.
Decentralized finance (DeFi) network Kujira and several of its major ecosystem projects have agreed to merge into a single entity called the “Rujira Alliance” to build a new application layer for cross-chain liquidity protocol THORChain.
The new application layer wouldn’t just be “another little project” but a new DeFi “behemoth” that could one day rival Solana, THORChain founder John-Paul Thorbjornsen — who goes by the name “JP.THOR” — claimed in a Sept. 10 X post.
Thorbjornsen told Cointelegraph that the new project would feature a “combined treasury,” and he would be the project lead for the foreseeable future, allowing the Kujira team to focus solely on building out the Rujira app layer:
“Rujira will allow THORChain to debut a safe, well-managed and well-executed DeFi app layer to allow THORChain to become the leading DeFi chain.”
He said the new app layer will feature a product for each major DeFi vertical, including order books, perps, a token launchpad, non-fungible tokens (NFTs), lending and money markets, which is “fully plumbed to eight chains already.” Read More
Apple Intelligence rival secures $10M to develop open-source alternative
PIN AI, backed by a16z, develops a privacy-focused, open-source alternative to Apple’s AI, utilizing blockchain to empower users in monetizing their personal data.
PIN AI, an artificial intelligence infrastructure company, has secured $10 million in pre-seed funding and joined the Fall 2024 cohort of the a16z Crypto Startup Accelerator (a16z CSX).
According to a press release shared with Cointelegraph, the startup is focused on developing the first open-source Personal Intelligence Network (PIN).
The open-source solution, emerging from research collaborations at Ethereum Core, Stanford, and MIT, directly competes with Apple’s newly launched Apple Intelligence AI solution.
In a written Q&A with Cointelegraph, Ben Wu, a co-founder of PIN AI, explained that the Sept. 9 announcement coincides with Apple’s same-day announcement to “maximize the impact of the communication.” Read More
Stablecoin aUSDT Backed by Gold As Precious Metal Much Less Volatile Than Bitcoin, Says Tether CEO Paolo Ardoino
The CEO of Tether says that the stablecoin issuer’s synthetic aUSDT product is backed by gold rather than Bitcoin (BTC) because the precious metal is more stable in price than the crypto king.
In a new interview with Bloomberg, Paolo Ardoino says the firm could have chosen Bitcoin to back aUSDT but BTC’s tendency to go through wild price swings made gold a more preferable option.
“Until 1971, the US dollar was backed by gold and we often hear interest from our customers to have optionality…
[So] we also see the opportunity to provide an [option] for others that want to see a more transparent backing of a synthetic dollar and gold is probably the best asset to make that happen because it’s much less volatile than Bitcoin. We could have done Bitcoin but gold is probably a better choice for the short term.” Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
Prediction markets are the killer blockchain app we've been waiting for
As markets continue to evolve and integrate with Web3 — from DeFi to gaming — we're likely to see an explosion of creativity.
In 2024, the blockchain world is at a turning point. Although big institutions are starting to see the value in this technology, blockchain-native prediction markets are emerging as the game-changing crossover "killer app."
The most exciting part is how these markets can provide accessible, relevant information about current events to everyone. This shift lets people tap into the “wisdom of the crowd” and play a role in shaping our understanding of what’s to come.
Rewarding Accuracy and Building Trust:
In the book "Superforecasting," the authors suggest that some people have a natural talent for making accurate predictions. And with Web3 — which is intended to return value in the Internet experience to the users, it’s now possible to recognize and reward these "superforecasters" with crypto incentives.
And then the potential integration of prediction markets with the broader DeFi ecosystem opens up a whole new realm of possibilities, like being able to use your prediction market positions as collateral in these protocols. Read More
Elon Musk-Themed Telegram Game ‘X Empire’ Opens Pre-Market Trading Ahead of Airdrop
X Empire follows the Notcoin model with NFT vouchers for pre-market token trading, but questions persist around the conversion rate.
X Empire, a rising Telegram tap-to-earn game, is following the Notcoin playbook, launching pre-market trading Tuesday through the use of custom NFT vouchers ahead of the upcoming token launch and airdrop.
While fellow Telegram games like Hamster Kombat and Catizen have rolled out pre-market trading through established exchanges, X Empire (originally Musk Empire) is instead letting players redeem an early share of their airdrop allotment by minting an NFT. Those NFTs, minted on The Open Network (TON), can then be traded on the Getgems marketplace.
It’s very similar to the approach earlier this year of Notcoin, the tap-to-earn game that set the mold for X Empire and other spiritual successors. Notcoin also previously let players cash out a share of their earned coins via NFT vouchers, which similarly were traded via Getgems, allowing traders to speculate on the future price of the NOT token.
There’s one key difference in the approaches, however. Because Notcoin’s gameplay was purely focused on the tap-to-earn design, the developers could provide a clear conversion rate, offering a single on-chain NOT token for every 1,000 in-game coins earned. Read More
PayPal and Venmo Users Can Now Send Crypto Payment With ENS Names
The feature, available initially for U.S. users, will simplify how users interact with crypto on these platforms, the companies said in a release.
U.S. payment processors PayPal and Venmo have added support for Ethereum Name Service, meaning that people can send crypto payments to ENS usernames, according to a press release from ENS Labs.
The new integration simplifies wallet address management and reduces the risk of errors, the companies said in a statement.
The feature, available initially for U.S. users, will simplify how users interact with crypto on these platforms. Previously, users had to input long wallet addresses manually or scan QR codes, creating friction and increasing the risk of sending funds to incorrect recipients.
With ENS, users can enter an ENS name directly into PayPal or Venmo to automatically retrieve and verify the associated wallet address. Read More
Binance Now Shows When Token Unlocks Are Hitting the Market
Binance has launched a new tokenomics data feature on its platform, which it says will help users trade smarter.
Binance has integrated token unlocking and vesting data into its platform in a team-up with price resource CoinMarketCap, in a move that could change the way everyday crypto traders evaluate tokens on the world’s top cryptocurrency exchange by volume.
Binance acquired CoinMarketCap in April 2020, although the two entities have operated independently.
Token vesting is the process of gradually distributing, or unlocking, a virtual token for stakeholders such as investors and creators over a predetermined time period.
When crypto projects like blockchains and gaming projects launch a token, they typically lock up certain token allocations for years to come, in part to avoid overloading the market. Such moves also provide incentive for developers and contributors to continue working, since the strength of a project (or demand for it) can impact a token’s price. 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
