Monat: Juni 2024

• Coinbase has launched a Smart Contract Wallet with simpler onboarding and no gas fees.
• The smart contract wallet supports Ethereum, BNB, Polygon, and others for seamless transactions.
• Developers using the smart contract wallet can waive gas fees.

In a move to enhance user experience and streamline cryptocurrency transactions, Coinbase, one of the leading cryptocurrency exchanges, has unveiled its latest innovation: the Coinbase Smart Contract Wallet.

The groundbreaking smart wallet promises to revolutionize the way users interact with cryptocurrencies by eliminating gas fees and simplifying the onboarding process.

Key features of the Coinbase Smart Contract Wallet

Unlike traditional wallets that require users to manage complex recovery phrases and incur gas fees for transactions, the Coinbase Smart Contract Wallet offers a seamless and cost-effective solution.

One of the key features of the smart contract wallet is its simplified onboarding process. Users can create a new wallet and onboard onto a blockchain without the need to download additional apps or manage recovery phrases. Instead, the smart wallet integrates seamlessly with major applications and offers multiple authentication methods, including Face ID, fingerprint ID, and Yubikey.

Moreover, the smart wallet ensures self-custody, allowing users to have full control over their funds. Users can make payments directly from their Coinbase Wallet or Coinbase account, further enhancing convenience and accessibility.

Another notable aspect of the Coinbase Smart Contract Wallet is its integration with major blockchain networks.

At launch, the wallet will support a variety of networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora. This multi-chain support enables users to access a wide range of cryptocurrencies and decentralized applications (DApps) within a single platform.

Furthermore, Coinbase has introduced a unique feature that allows developers to waive gas fees by sponsoring transactions through a paymaster. This incentivizes developers to support the adoption of the smart wallet and contribute to a more seamless user experience.

The companion web app serves as the primary platform for users, offering comprehensive asset and identity management, as well as features such as buying, sending, swapping, NFTs, and transaction history.

Coinbase aims to provide users with a fluid and intuitive experience throughout their interactions with the smart wallet.

Loopring and Argent pioneered the smart contract wallets

Coinbase is not the first to launch a smart contract wallet. It is only building upon the growing trend of smart wallet technology in the cryptocurrency space.

The smart contract wallet technology was pioneered by companies like Loopring and Argent. The wallets offer enhanced security, usability, and cost-effectiveness compared to traditional wallet solutions.

The post New Coinbase Smart Contract Wallet eliminates gas fees and recovery phrases appeared first on CoinJournal.

• Polygon Labs acquires Toposware to advance ZK research in blockchain.
• Toposware brings expertise in ZK technology to Polygon’s ecosystem.
• MATIC token sees positive market response following acquisition news.

Polygon Labs has announced its acquisition of Toposware to pioneer the next wave of zero-knowledge (ZK) technology.

The acquisition signifies a significant step forward in blockchain research and engineering, with a focus on pioneering the next wave of ZK innovation.

The acquisition seeks to foster practical ZK solutions

The objective behind this acquisition is clear: to leverage the expertise and talent of Toposware to push the entire ZK community forward. Polygon Labs, known for its contributions to ZK research over the years, seeks to further solidify its position as a leader in practical ZK solutions.

The integration of Toposware’s resources will span across various aspects of Polygon Labs’ ecosystem. This includes enhancements to AggLayer, Polygon zkEVM, and Polygon CDK, among others.

Notably, the acquisition also underscores Polygon Labs’ commitment to advancing zero-knowledge technology, a crucial element in the evolution of decentralized systems.

Toposware brings a wealth of knowledge and engineering prowess to the collaboration, complementing Polygon Labs’ existing capabilities. This synergy is expected to drive innovation and accelerate the development of practical ZK solutions, benefiting both developers and users within the blockchain ecosystem.

Polygon Labs’ strategic focus on ZK technology is underscored by recent developments, including insights into how Succinct’s SP1 will foster performant and cross-chain interoperability for AggLayer.

By leveraging leading ZK solutions such as Polygon Plonky 3, Polygon Labs aims to create a robust framework for decentralized applications, laying the groundwork for the future of blockchain technology.

With the acquisition of Toposware estimated to have cost approximately $1 billion, Polygon Labs solidifies its commitment to advancing zero-knowledge technology. This marks the third major deal in zero-knowledge technology for Polygon Labs, following previous acquisitions of Hermez (HEZ) and Mir in 2021.

On the sidelines, while there have been speculations regarding Polygon’s intentions to surpass Ethereum, Anurag Arjun, Co-Founder of Polygon, has downplayed such claims. Emphasizing Polygon’s initial motive to provide a scaling solution for Ethereum, Arjun clarified that the primary goal remains unchanged despite the ambitious strides in ZK research and development.

Polygon (MATIC) price reaction

The announcement of Toposware acquisition has not only garnered attention within the industry but has also had a positive impact on MATIC’s price, the native token of Polygon Network.

With a 2.31% increase in the last 24 hours, MATIC’s position as one of the best-emerging cryptocurrencies in 2024 has been further solidified.

Despite slight declines in value over the past 7 and 30 days, the overall trajectory remains positive, with notable growth in market capitalization and trading volume.

The post Polygon Labs acquires Toposware to advance ZK research appeared first on CoinJournal.

• IOTA launches layer 2 EVM network, integrating real-world assets and boosting DeFi.
• The newly launched EVM network features smart contracts, cross-chain capabilities, and MEV protection.
• IOTA token has seen a 3.23% increase to $0.2352 following the EVM network launch.

IOTA has launched its layer 2 Ethereum Virtual Machine (EVM) network focused on the integration and tokenization of real-world assets (RWAs).

Besides revolutionizing the IOTA ecosystem, the L2 EVM network offers robust functionalities tailored to meet the needs of both individual users and institutional investors.

Features of IOTA’s L2 EVM network

The new L2 EVM network introduces advanced features such as smart contracts, cross-chain capabilities, and parallel processing. These enhancements are designed to facilitate the seamless operation of decentralized financial (DeFi) applications and enable the efficient tokenization of physical assets.

A notable aspect of this network is its built-in protections against Maximal Extractable Value (MEV), a predatory practice where network validators manipulate transaction order to extract higher fees.

By preventing such activities, IOTA aims to create a more secure and equitable environment for all participants.

Dominik Schiener, co-founder of IOTA, in a Telegram message emphasized the network’s potential to bring vast amounts of real-world assets on-chain. Dominik said:

“We are positioning IOTA to bring the real world to Web3 and help to bring trillions of assets and institutional investors on-chain.”

Dominik’s ambition is supported by the establishment of the IOTA Ecosystem DLT Foundation, the first distributed ledger technology foundation registered under Abu Dhabi Global Market (ADGM) regulations.

This regulatory compliance ensures that IOTA is well-equipped to cater to the requirements of institutional investors, including features like on-chain KYC to identify investors and facilitate institutional DeFi trading pools.

Parallel processing is another key feature of the new L2 EVM network, enabling multiple transactions to be processed simultaneously. This approach significantly enhances the network’s scalability, reduces gas costs, and increases transaction speeds, addressing some of the most pressing challenges faced by blockchain networks today.

IOTA price reaction

Following the launch of the layer 2 EVM network, the IOTA token has experienced a notable uptick.

At press time, the IOTA token price was $0.2352, marking a 3.23% increase in the last 24 hours. The market capitalization stood at $773,040,069, reflecting a 3.27% rise. In addition, over the past 24 hours, the trading volume has surged by 25.71%, reaching $20,353,145.

However, the current price of is a far cry from its all-time high of $5.69, achieved in December 2017.

Despite the fluctuations, the recent developments and strategic focus on real-world asset usage points to a promising future for the token.

The post IOTA has launched its L2 EVM network focusing on real-world asset usage appeared first on CoinJournal.

• The new Lift Dollar (USDL) stablecoin launched by Paxos offers daily yield from US government securities.
• The USDL stablecoin is issued on Ethereum.
• Currently the new stablecoin is accessible in the UAE, Europe, UK, and Japan.

Paxos International has introduced a revolutionary stablecoin, Lift Dollar (USDL), issued and regulated under the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA).

At its core, the USDL stablecoin offers unique overnight yield from US government securities, representing a significant innovation and democratizing access to interest earned from stablecoin reserves.

The unique features of the Lift Dollar (USDL)

Lift Dollar (USDL) is distinguished by its yield-generating capabilities, offering overnight yield from short-term, high-quality liquid US government securities and cash-equivalent reserve assets.

Unlike traditional stablecoins, USDL pays daily yield to token holders, reflecting the total value of the circulating USDL, which is fully backed by reserve assets.

This approach shifts the interest earned from stablecoin reserve assets directly from the central issuer to the appropriate end holders, democratizing access to financial gains typically reserved for institutional investors.

Furthermore, Paxos International will ensure USDL’s issuance is permissionless on the Ethereum blockchain, promoting transparency and accessibility. This permissionless issuance model allows for greater trust and ease of access for users.

Additionally, the design of USDL includes programmatic daily returns, likened to a savings product, offering users a consistent and predictable yield, distinguishing it from other stablecoins that function more like checking accounts.

Paxos’ regulatory compliance and strategic availability

Paxos has launched USDL through its UAE branch, Paxos International, adhering to stringent regulatory standards set by the ADGM’s FSRA. This compliance underscores Paxos’ commitment to regulatory adherence and financial security, positioning USDL as a reliable and secure investment option.

In addition, the assets backing USDL are kept safe from potential bankruptcy situations, ensuring that the value of the stablecoin remains robust and protected.

However, due to a lack of regulatory guidance in the US, USDL will not be available to American users. Instead, Paxos has strategically targeted regions including Europe, the United Kingdom, and Japan, where regulatory environments are more favorable.

This strategic move allows Paxos to tap into markets with significant demand for stable, yield-generating investment options, expanding its global footprint.

Paxos CEO Charles Cascarilla has emphasized that USDL is structured similarly to other stablecoins issued by Paxos, such as PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). All these stablecoins are matched 1:1 to the dollar and backed by short-term US government securities, ensuring stability and trust.

With planned collaborations with exchanges and wallet service providers, Paxos aims to enhance the usage and accessibility of USDL, making it a significant player in the stablecoin market.

The post Paxos launches Lift Dollar (USDL), a unique overnight yield generating stablecoin appeared first on CoinJournal.

• Stacks (STX) price soared 11% to hit highs of $2.40 as Bitcoin broke above $71k.
• STX has gained amid a surge in DeFi activity on the Bitcoin Layer 2 for smart contracts.

The price of Stacks (STX) has jumped more than 11% in the past 24 hours to reach highs of $2.37, gains that rank STX as the top crypto gainer on the day.

According to data from CoinMarketCap, Stacks currently sits top ahead of Floki (FLOKI), ORDI (ORDI) and Cronos (CRO).

STX token’s 14% upside comes with a spike in daily trading volume, with over $275 million worth of the token traded in the past 24 hours.

Comparatively, FLOKI is up 10% at the time of writing after paring some of the earlier gains. The memecoin has seen about $1.2 billion in 24-hour volume.

Stacks price gains as Bitcoin surges to $71k

Stacks’ double-digit gains came as Bitcoin pierced the $71,000 mark and altcoins such as BNB soared to new all-time highs.

A look at the recent performance of Stacks shows STX has pumped nearly 30% in the past three days. Gains for STX currently stand at 305% over the past year.

On the other hand, Bitcoin price has jumped more than 170% in the past year, and reached an all-time high above $73k in March.

Stacks gains amid spike in DeFi activity

Stacks, a Bitcoin Layer 2 project, is witnessing the latest upward momentum amid fresh growth in its smart contracts ecosystem.

As a leading L2 for Bitcoin, Stacks has experienced decent traction with key projects launching to bring the value of a decentralized finance (DeFi) ecosystem on Bitcoin.

This week, and as the project moves towards its highly anticipated Nakamoto upgraded, the team shared major milestones with regard to top projects already taking the Bitcoin L2 space by storm.

Data from DeFiLlama shows the Total Value Locked (TVL) on Stacks has increased more than 400% in the past year. Currently, the TVL stands at $126 million.

While the TVL pales when compared to top DeFi platforms, its growth illustrates the potential that projects such as Bitflow Finance, Zest Protocol and Stacking DAO among others have.

Key protocols, which the project highlighted in its latest “DeFi show” include DEXs, lending and liquid staking.

STX price and news

STX price has also surged amid positive news in the crypto market. Earlier this year, Stacks soared to a new all-time high of $3.86 amid the spot Bitcoin ETF frenzy.

Recently, the token surged after Grayscale Investments announced the Grayscale Stacks Trust, which the digital asset manager said would solely focus on investing in STX.

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