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Reddit Rolls Out Community Points on Arbitrum’s New Ethereum Scaler With FTX Support
Arbitrum’s new gaming and social dapp-centric Nova chain is live, and Reddit could bring millions of users to it via rewards. FTX is also on board.
Arbitrum Nova, a new Ethereum scaling solution built for games and social apps, has launched to the public.
Social giant Reddit will use Nova to scale its crypto-powered Community Points rewards program.
Arbitrum One is a popular layer-2 Ethereum scaling solution that enables faster, cheaper transactions than Ethereum’s own mainnet. But seeing a need for even cheaper transactions for certain applications, Arbitrum creator Offchain Labs has unveiled a second Arbitrum blockchain called Nova—and social community giant Reddit is onboard, along with crypto exchange FTX.
Offchain Labs opened Arbitrum Nova to the public on Tuesday. Reddit will use the new platform to scale its blockchain-based Community Points rewards program for users, and FTX will enable Redditors to purchase ETH to pay for their on-chain Community Points transactions on Nova.
Reddit first launched Ethereum-based Community Points in late 2019, and in August 2020, announced a “Scaling Bake-Off” competition to find an ideal scaling solution to bring the initiative from just two of its subreddit communities to potentially millions of them. Read More
OpenOcean to Integrate Chainlink Price Feeds for Limit Order on Multiple Chains
OpenOcean recently announced integrating Chainlink Price Feeds to secure its order limit functionality. The integration will allow OpenOcean to secure the feature on multiple chains, including Polygon, Fantom, Ethereum, BNB Chain, and Avalanche.
With Chainlink’s assistance, OpenOcean can now access highly precise price data to propose reliable DeFi limit orders. The integration will initially access multiple trading pairs, like BTC/USD, ETH/USD, MATIC/USD, AVAX/USD, LINK/USD, FTM/USD, ANKR/USD, CAKE/USD, etc.
Choosing Chainlink for its price feed solutions was a natural choice, given its seamless integration and proven capabilities. The oracle network has secured multiple leading DeFi protocols that hold billions of dollars in transactions.
Its ample security and availability amid unforeseen events like flash crashes, data manipulation, and downtime have been critical for many ventures. OpenOcean will leverage these functionalities to swap crypto assets while offering the best price across every DEX.
The network stands among the best swap spots in the DeFi community. Its intelligent swap routing does not involve protocol fees to offer the best return. In addition, it supports limit order functionality on multiple chains. It allows users to prepare targets to make the most out of favourable market conditions. Read More
Crypto Popularity to Spur Growth in Blockchain-Powered Banking, Financial Services
The surging use of cryptocurrencies is expected to enhance the development of blockchain in the banking and financial services market, according to The Business Research Company.
The report noted that the worldwide blockchain in banking and financial services market size is anticipated to hit $1.89 billion this year from $1.17 billion recorded in 2021.
As a result, recording a compound annual growth rate (CAGR) of 61.9%. The report added:
“The blockchain in banking and financial services market is expected to reach $12.39 billion in 2026 at a CAGR of 60%.”
Reinsurance companies have been adopting blockchain technology for more accurate, faster, and more efficient compliance checks and claim settlements.
For instance, Ryskex, an insurance company, deploys a blockchain-powered platform to streamline insurance analysis and minimize risks. The report stated:
“Blockchain technology allows for safe data management across different interfaces and stakeholders while maintaining data integrity. The system reduces operational expenses across the board, from identity management and underwriting to claims processing, fraud management, and reliable data availability.”
With SAP SE being the biggest company in the blockchain in the financial market, it is continuously adopting cutting-edge technologies to streamline processes. Read More
Coinbase Betting Big On Staking Ahead of Ethereum Merge
The company aims to be the top provider of staking services and already considers it an “early win.”
Facing a slump in cryptocurrency prices on one hand, and less revenue from user transactions on the other, Coinbase CEO Brian Armstrong said the company isn’t focused on turning a profit. It’s focused on staking.
“Any given quarter it could be up or down,” he said of the crypto market on Coinbase’s most recent earnings call. “It’s important to distinguish between what is in our control and what’s out of our control.”
The chill of crypto winter has cooled interest in trading digital assets from both retail and institutional investors. The trading volume on Coinbase fell by over 50% when compared to the same quarter from a year ago, down to $217 billion from $462 billion.
On the company call, Coinbase CFO Alesia Haas admitted that when facing headwinds, “investors tend to shift from traders to hodlers.” But, she said, the number of monthly transacting users is still up by 200,000 in the recent quarter compared to the same period from last year. Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
Truly decentralized Web3 needs more developers — Animoca co-founder
Animoca Brands’ Yat Siu said developers continue to “struggle under the yoke of centralized platforms,” urging them to move into the Web3 space.
Animoca Brands co-founder and chairman Yat Siu has urged more developers to enter the Web3 space, warning that without “choice” there can be no “decentralized environment.”
Speaking to Cointelegraph during Korean Blockchain Week (KBW) 2022, Sui stressed that more developers need to come into the space to give consumers more alternatives when it comes to their platform of choice — which could be based on “best value” or one they most culturally associate with:
“We need as many choices of Layer-1’s and Layer-2’s [...] or creative companies so that they [crypto users] have a choice in machine code from one another […] so we have a desire to create many alternatives.”
Siu noted that while developers have been excited to build software applications, many have continued to “struggle under the yoke of centralized platforms'' such as Apple and Google, forcing developers to “exist under [their] rules.”
Siu also noted that added that although many developers aren’t necessarily “blockchain versed,” “they’re keen on the idea” of moving into the space, again stressing the need for more developers to come into the space in order to offer Web3 users more options:
“The fact that I don’t have an alternative to Facebook is the reason why Facebook is a monopoly. But if it was on a blockchain, I could transmit data freely, there could become [different] Facebooks. So I could choose to go with Facebook that gives me the best value.” Read More
Decentralized apps on Polygon hit 37,000, rocketing 400% this year
It comes as the number of monthly active teams for the blockchain reached 11,800 in July, up from 8,000 in March.
The number of decentralized applications (DApps) on Ethereum-scaling-platform Polygon has topped 37,000, marking a 400% increase since the start of 2022.
The Polygon team shared the figures via a Wednesday blog post, which was sourced from partnered Web3 development platform Alchemy, noting that the figure represents the cumulative number of applications ever launched on both the testnet and mainnet.
It also noted that the number of monthly active teams — a measure of developer activity on a blockchain — reached 11,800 at the end of July, up a whopping 47.5% from March.
The project team also highlighted a breakdown of DApp projects which notably showed that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.”
Polygon’s Ethereum Virtual Machine- (EVM)-compatible proof-of-stake (PoS) blockchain hosts DApps from a long list of prominent projects and brands in the crypto space, such as nonfungible token (NFT) marketplace OpenSea, Metaverse platforms Decentraland and The Sandbox, decentralized finance (DeFi) lending platform Aave and NFT venture fund/gaming firm Animoca Brands. Read More
Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report
Ripple is actively seeking to scale the company through merger and acquisition deals, a spokesperson told Reuters.
Ripple Labs—the blockchain payments company behind XRP—may be interested in purchasing assets belonging to the insolvent crypto lending company Celsius.
A company spokesperson told Reuters that Ripple is “interested in learning about Celsius and its assets, and whether any could be relevant to our business.” When asked whether Ripple planned to wholly acquire Celsius, the spokesperson declined to say. CEL, the native utility token of Celsius’ platform, rose 23% on Wednesday following the news.
Celsius froze its users’ assets in June due to “extreme market conditions,” followed by a handful of other crypto firms like Voyager and CoinFLEX. It then hastily paid down its outstanding debts on various DeFi loans, reclaimed its collateral, and filed for bankruptcy a month later.
The filings revealed that the lending firm’s assets included cash, cryptocurrency, the company’s own Celsius (CEL) tokens, and various digital assets within its custody accounts, loans, and Bitcoin mining business. Read More
CurateDAO Launching Decentralized Data Curations on Avalanche
CurateDAO recently released decentralized, Pinterest-like data curations supported by Incentives on Avalanche. Now, curators who assemble diverse lists to help users can earn tokens.
The integration has made CurateDAO’s curate-to-earn protocol available on Avalanche. It allows users to assemble boards similar to the ones on Pinterest to earn AVAX tokens if other users find them useful.
These Pinterest-like boards are decentralized, using smart contracts to share the revenue with curators and content creators. Users can access curated lists on CurateDAO, including codes for NYC bathrooms, metaverse governance books, security vulnerabilities, futuristic snakes, Web3 apps, etc.
The protocol aims to migrate to a Subnet to increase its reach. CurateDAO is trying to achieve this objective with the recent Blizzard grant fund it received from Avalanche. Michael Fischer, CurateDAO’s founder, commented on the recent integration.
As per Fischer, CurateDAO is currently the most useful platform to help users find the best content. It uses a Web2 application-like interface while offering high usability. Integrating with Avalanche will offer high throughput and low transaction fees, which are natural perks for CurateDAO. 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.
