Schlagwort: crypto business

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OKX launches public mainnet for its ZK-powered L2 network “X Layer”

  • X Layer is a zero knowledge (ZK), EVM-compatible Layer-2 network.
  • The Polygon CDK powered L2 is live and  integrates with over 200 dApps across DeFi, wallets, NFTs and gaming among others.

OKX, one of the world’s largest crypto exchange companies, has launched the public mainnet of its EVM-compatible Layer 2 network “X Layer” is now live.

Haider Rafique, the chief marketing officer at OKX, announced the launch in a blog post on Tuesday.

According to the OKX official, the Polygon Chain Development Kit (CDK)-powered L2 integrates with over 200 decentralised applications (dApps) onboarded during X Layer’s testnet.

X Layer integrates over 200 dApps

X Layer also integrates with the OKX exchange’s CEX platform and the OKX Web3 Wallet.

As an EVM-compatible network, X Layer allows users to tap into dApps on Ethereum as well as bridge assets from the OKX CEX and Web3 Wallet.

“Our objective is to make it cheaper and faster for millions of people to go in and out of on-chain applications through our Zero-Knowledge Proof (ZK) powered, EVM compatible L2 network,” Rafique noted in the blog post published on April 16.

Applications currently available with the mainnet launch include 40 DeFi projects, 20 Infrastructure, 12 bridge,  and 16 wallets. There are also 10 NFT and gaming, 10 SocialFi applications and numerous dev tooling dApps.

Popular DeFi dApps on X Layer include Chainlink, Curve, Renzo, and QuickSwap while Infra applications include LayerZero, Wormhole, and EigenLayer (DA).

X Layer is aimed at unlocking and accelerating adoption of Web3 economy, Rafique said.

OKB, the native OKX token, will serve as the native asset of the X Layer network. Users will leverage the token for transaction fees on the network.

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WOO unveils innovation hub focused on Bitcoin’s ecosystem

  • WOO plans innovation hub expansion to bolster Bitcoin’s ecosystem
  • The new initiative will focus on projects bringing Bitcoin Layer-2s, RWA, DeFi, AI and DePIN to the Bitcoin ecosystem.

WOO has announced plans aimed at using its innovation hub and the WOO token to power the next growth chapter for the Bitcoin (BTC) ecosystem.

WOO, which features a top CEX platform WOO X and top DEX platform WOOFi, revealed its latest initiative at Token2049 week in Dubai.

What are WOO’s plans to bolster BTC ecosystem?

According to a recently published announcement, WOO’s Europe-based innovation center will be expanded to tap into the native WOO token’s potential in driving the new era of decentralized projects on Bitcoin.

WOO’s strategic plans will initially target new growth verticals such as artificial intelligence (AI), Bitcoin L2s,  Real World Assets (RWA), Decentralized Physical Infrastructure Networks (DePIN) and DeFi within the BTC ecosystem.

The project’s goal is to ramp up WOO-aligned products across these verticals, with development focused on leveraging the WOO token. Projects will receive grants among other support, to work on these objectives, Ben Yorke, VP of Ecosystem, said in a statement.

“Our ecosystem can provide resources, such as access to liquidity, market makers, users, and partners, which will create a powerful flywheel effect as more high-quality builders become aligned with WOO,” Yorke noted.

Projects or teams that join the WOO Innovation hub will be selected on the basis of their commitment to AI, RWA, DeFi, and BTC L2 innovation. The criteria will also include their capacity and ability to integrate the WOO token, Yorke added.

The Bitcoin ecosystem has attracted a lot of developer attention in recent months, with innovative projects looking to tap into the top blockchain network’s security and traction. Experts have also opined that the burgeoning BTC L2 ecosystem could be a huge market in coming years.

As well as the highlighted sectors, there’s gaming and NFTs, the latter seeing great developments since the launch of Bitcoin Ordinals.

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Puffer Finance raises $18 million in new funding round

  • Puffer Finance secures $18 million in funding round led by Brevan Howard Digital and Electric Capital.
  • Crypto exchanges Coinbase and Kraken also invest in the Ethereum liquid restaking protocol.

Puffer Finance, an Ethereum liquid staking protocol on Eigenlayer, has raised $18 million in its latest funding round.

An announcement on Tuesday says Brevan Howard Digital and Electric Capital led the Series A funding round.

Puffer’s financing effort also attracted the participation of several top venture capital firms, including Fidelity, Coinbase Ventures, Franklin Templeton, and Consensys. Other key investments were by Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction and Animoca.

As a liquid restaking protocol, Puffer Finance allows ETH stakers to contribute to Ethereum’s decentralization by staking just 1 Ether (ETH). This is far less than the 32 ETH an individual staker needs to earn Ethereum staking rewards.

The project’s Liquid Restaking Token (LRT) also allows holders to earn yield from other DeFi projects.

Puffer Finance growth

Puffer Finance has so far raised $23.5 million as it moves closer to its mainnet launch. The Series A round follows a $5.5 million seed round raised in 2023 that venture capital firms Lemniscap and Lightspeed Faction co-led.

Puffer has recently partnered projects such as Ethereum L2 platform CyberConnect, DeFi’s yield hub Balancer and multi-chain interoperability platform Wormhole.

According to DeFiLlama data, Puffer’s TVL stands at around $1.15 billion. The total value locked reached $1.5 billion in mid-March.

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Three major UK banks experimenting with tokenised deposits amid ‘Britcoin’ uncertainty

  • Barclays, Lloyds, and Citi banks experimenting with tokenised deposits.
  • The trial aims to explore digital banking potential amidst the uncertain future of ‘Britcoin’.
  • BIS’s Agora project and UK government support reflect the global push for advanced financial systems.

In a bid to explore innovative financial technologies, three major British banks — Barclays, Lloyds Banking Group, and Citi — have commenced a trial to test tokenised deposits.

The trial, which began in February and involves collaboration with global payment giants Mastercard and Visa, aims to delve into the potential of digital banking solutions.

The future of UK’s Britcoin remains uncertain

The tokenized deposit trial comes at a time when the future of the digital pound, colloquially known as ‘Britcoin,’ remains uncertain despite initial explorations by the Bank of England in 2021.

In January, 2024, the UK Treasury and the Bank of England (BOE) announced a significant step forward in the development of the digital pound after a consultation process that garnered over 50,000 responses reflecting widespread interest and engagement in the initiative.

While the UK government supports digital finance innovations, there is a pressing need for clear regulatory guidelines to support tokenization initiatives within the banking sector.

The adoption of tokenised assets

Driven by a government-backed report urging local companies to adopt tokenisation technology, the UK is witnessing increased interest in digitising banking processes. Tokenised deposits offer the promise of enhanced efficiency and security in financial transactions, potentially revolutionizing traditional banking practices.

Internationally, the Bank for International Settlements (BIS) has launched Agora, a project aimed at connecting central and commercial banks through a shared infrastructure. The initiative, which includes participation from notable institutions such as the Bank of Japan and the Bank of France, focuses on improving cross-border payments and fostering collaboration within the global banking ecosystem.

Alongside Agora, BIS’s 2024 strategy encompasses projects like Project Aurum, which addresses privacy concerns in retail Central Bank Digital Currencies (CBDCs). These initiatives reflect a broader movement towards advanced and efficient financial systems on a global scale.

The experimentation with tokenized deposits by British banks signifies a proactive approach towards embracing digital finance solutions. However, the success of such initiatives hinges on navigating regulatory uncertainties and ensuring the security and integrity of digital transactions.

As the trial progresses over the next three years, initial results expected by late summer will provide insights into the feasibility and potential impact of tokenized deposits within the UK banking sector.

Whether these innovations will pave the way for wider adoption of digital currencies and transformative banking practices remains to be seen.

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NEO rebounds past $22.8 as this meme coin presale surges past $4.8 million

  • NEO surges past $22.8 amid broader crypto market recovery.
  • Kangamoon integrates SocialFi, Play-to-Earn, with $KANG tokens for community engagement.
  • $KANG token presale exceeds $4.8M, with 32.4% sold.

NEO, one of the leading altcoins, has made a significant rebound, surging past the $22.8 mark. This surge comes amid a broader recovery in the crypto market, particularly driven by Bitcoin’s resurgence following a flash crash over the weekend.

At the same time, a new meme coin, Kangamoon, has also seen a surge in interest among investors pushing the total amount raised in its ongoing native token presale past $4.8 million.

NEO price breakout

NEO, often dubbed the “Chinese Ethereum” due to its similarity in functionality, has witnessed a remarkable price surge of 25.30% within a day, reaching a hit of $22.89.

At press time, the toke’s price had slightly pulled back to $21.72.

This surge positions NEO among today’s top crypto gainers on various trading platforms.

Technical analysis suggests that NEO’s price is consolidating within an ascending parallel channel, indicating a bullish bias. With the Relative Strength Index (RSI) above the ’50’ mean level and rising Simple Moving Averages (SMAs), the market sentiment remains bullish and well below the overbought region.

NEO price chart

Should Bitcoin’s price continue to rise, NEO could surge and remain above the upper boundary of the channel, which it temporarily breached eariler today, with a possibility of reclaiming its recent peak at $23.83.

Kangamoon: a meme coin with SocialFi and P2E model

Amidst the crypto frenzy, a new player emerges in the meme coin arena – Kangamoon.

Kangamoon aims to create a vibrant and inclusive community of meme enthusiasts while integrating SocialFi (Social Finance) and Play-to-Earn elements. The project offers a unique platform where users can interact, grow, and earn rewards through various activities.

At the heart of Kangamoon lies its native token, $KANG, an ERC-20 token built on the Ethereum blockchain.

With a maximum token supply of 1,000,000,000, $KANG tokens serve as the backbone of the Kangamoon ecosystem. Users can participate in community-driven events, challenges, and giveaways to earn $KANG tokens and exclusive rewards.

Additionally, Kangamoon offers a social-fi model, allowing members to earn extra tokens by actively engaging with the platform.

$KANG token presale

The presale event for $KANG tokens has garnered significant attention within the crypto community, raising $4,845,970.943 at press time.

With 32.4% of the tokens already sold, there is growing anticipation for the remaining 67.6% of the tokens.

The presale offers participants the opportunity to acquire $KANG tokens at a discounted rate, with a 10% bonus available on all purchases in Stage 5 of the presale.

Once the presale ends, token claiming details will be made available on the Kangamoon website, social media channels, newsletter, and Telegram. Tokens will be accessible via a claim button on the website, facilitating a seamless process for participants to acquire their $KANG tokens.

Conclusion

With NEO’s resurgence and Kangamoon’s presale success, the crypto market witnesses yet another chapter in its ongoing saga of growth and innovation.

As Kangamoon continues to gain traction in the crypto sphere, the project’s innovative approach to community building and meme coin integration sets it apart in an ever-evolving landscape.

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