Category: DeFi

Okto Wallet Partners with Agglayer to Streamline Cross-chain Transactions

In brief, okto wallet has announced a cooperation with Agglayer. which was formed in partnership with Polygon labs to promote and advertise smooth cross-chain transactions. This is done by making sure the users could interact and communicate with many blockchain networks via a single interface. This collaboration wants to improve interoperability and streamline DeFi interactions.

AggLayer and Okto Wallet Collaboration

During the Aggregation Summit, Okto announced its partnership with AggLayer, a cross-chain settlement solution co-developed with polygon Labs. This collaboration aims to make cross-chain interactions easier and simpler. If this is to come true and be fruitful then this platform will be tackling one of the major hurdles in decentralized finance (DeFi)— chain interiperability.

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Simplified Cross-Chain Transactions

With the help of newly integrated AggLayer, Okto Wallet users can now conduct transactions across multiple blockchain networks within one unified interface. Now the users don’t have to go through each chain individually, making DeFi more accessible to non-technical users and beginners.

Launching the Chain Abstraction Stack

Okto alongside the AggLayer collaboration also introduced its Chain Abstraction Stack, which includes the customizable Okto App Chain built using Polygon’s Chain Development Kit. This stack provides a base for developers to build dApps without the need of in-depth information and knowledge about blockchain which enhances the potential audience for DeFi.

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Advancing Chain Abstraction

By making things easier for beginners and non-technical users, Okto’s chain abstraction approach enables smoother interactions within DeFi ecosystem. This partnership takes a major steps towards making decentralized finance more and more user-friendly. This helps pave the way for a more interconnected blockchain environment accessible to millions and millions.

Crypto Startup Layer Secures $6M to Solve Smart Contract Limitations

A blockchain infrastructure startup, Layer, has successfully raised $6 million in a seed funding round. This project is led by 1kx and joined by Fabric Ventures, Arrington Capital and Stake Capital group. The company aims to utilize this money on advancing Ethereum’s Capability by innovating developer tools for full-stack dApps using web assembly.

Pioneering Blockchain Infrastructure

Layer, A company found by blockchain veterans Sam Cassatt, Jake Hartnell and Ethan Frey, aims to fix the limitations of contracts by forming more complex Decentralized Applications (dApps). This projects aims to solve surrounding smart contracts performance and scalability through the combination of blockchain security with off-chain services like AI agent and decentralized messaging server.

Sam Cassatt, co-founder of Layer Stated:

“We wanted to complete the full narrative arc of decentralized architecture, and give the world the tools necessary to build any application, with any performance requirements in this trust-minimized way.”

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Angel Investors and Layer SDK

Angel investors, including Sreeram Kannan from EigenLayer, Mike Silagadze from Ether.fi, and Paul Taylor, a former BlackRock executive also helped raise a funding of $6 million. These industry insiders are showing effort and support towards the release of “Layer SDK”, which will help developers to build full-stack blockchain applications with Ethereum as its base.

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Addressing Smart Contract Vulnerabilities

This project is about to be launched when concerns about vulnerabilities in smart contract are rising. Trugard Labs, a blockchain firm identified over 34,000 high-risk vulnerabilities in smart contract being used on various blockchains, including Ethereum and BNB chain.

Layer aims to minimize potential risks and improve Smart contracts functionability with enhanced security. This is a critical development in the growing decentralized finance (DeFi) ecosystem.

Flare from Google Cloud Offers Cheap Blockchain Nodes

In conclusion, Web3 developers can now easily and economically install blockchain nodes with Flare Network’s Blockchain Machine Images on Google Cloud. This solution supports popular networks including Avalanche, Ethereum, and Bitcoin.

Launch of the Blockchain Machine Image

Flare Network unveiled its Blockchain Machine Images solution on October 25. It provides a useful node-as-a-service choice via Google Cloud. This application makes it possible for developers to quickly establish nodes for networks like Avalanche, Ethereum, and Bitcoin, which streamlines and speeds up node maintenance.

Affordable node services

At about $300 per month, a dedicated Flare node for Blockchain Machine Images is a cost-effective option for companies. Comparable services can cost up to $2,000, which is far less than this. Remote procedure calls (RPC), data indexing, and unlimited workloads make the platform popular for a wide range of applications.

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Improving the Flare Ecosystem

The service also supports Flare’s attestation providers, who safeguard and validate the network’s external data sources, including Bitcoin. According to Josh Edwards, VP of Engineering at Flare, Blockchain Machine Images will facilitate infrastructure maintenance and ensure consistent data access across Flare’s ecosystem for these crucial businesses.

Blockchain Democracy App Released by Georgia Opposition Party Prior to Elections

In brief The United National Movement has introduced United Space, a blockchain-based application intended to encourage civic engagement and voter turnout by providing incentives for participation, ahead of Georgia’s parliamentary elections. The app, which is powered by Rarimo, presents a liquid democracy paradigm and allows anonymous voting.

Blockchain Voting with United Space

In a move to address low voter turnout, Georgia’s United National Movement, an opposition party, has launched United Space, a blockchain-powered identity app. United Space leverages the Rarimo zero-knowledge protocol to reward citizens for participating in democratic processes and enable anonymous voting. The party plans to better link United Space with the country’s Public Service Hall in order to investigate experiments with Universal Basic Income and other digital governance alternatives if elected.

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Voting Security and Anonymity

Rarimo’s Freedom Tool, a zero-knowledge proof technique for confirming citizenship, is the foundation upon which the app is based. Voters can take part in the democratic process with unparalleled privacy by uploading their encrypted identification documents onto a safe, on-chain registry. Given Georgia’s political unrest stemming from authoritarian worries, this degree of anonymity is essential.

Civic Involvement and Benefits

Through a points system, United Space promotes greater civic engagement in addition to voting. By participating, citizens can accrue points and become stakeholders in strategic assets and public services. While Kitty Horlick of Rarilabs highlights the app’s function in transforming citizens into direct stakeholders in public resources, Giorgi Vashadze, MP and head of the United National Movement, views United Space as a tool to strengthen democracy in Georgia and beyond.

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Vitalik Buterin Calls Michael Saylor’s Bitcoin Comments ‘Insane’

Summary

Ethereum co-founder Vitalik Buterin directly criticized Michael Saylor, the chairman of MicroStrategy over his comment on Bitcoin’s recent activity. Buterin didn’t leave no crumbs and sharply called Saylor’s remarks “batshit insane” in a heated X (formerly Twitter) post.

Buterin Fires Back at Saylor’s Views

Vitalik Buterin took personal issue with the remarks made by Michael Saylor on his recent interview regarding bitcoin’s activity. The activity being the custody, where Saylor firmly believed that Regulated Finance Institutions. However, Buterin rejected this remark saying this goes against the decentralized ethos of crypto and calling out this action to be a push towards “regulatorty capture”.

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Crypto Leaders Side with Buterin

Several crypto famous leaders like Jameson Lopp and Eric Voorhees sided with Buterin. All of them shared the same view regarding involvement of third party on crypto space. Many believe this remark from Saylor as a direct contradiction to the whole concept of decentralization nature of blockchain.

Saylor’s Stance on Bitcoin Custody

In the interview, Saylor suggested the Bitcoin custody to be taken over by too Big to fail banks, believing it would protect assets from being seized. This seemed to contradict his previous vicious advocacy for self-custody. Just a year earlier, after the collapse of FTX, Saylor supported self-custody, stating that people should hold their own private keys. This hypocrisy surprised many, as he appears to favor institutional control over digital assets, a shift that Buterin and others find alarming.

Hyve Unveils High-Throughput Data Availability Protocol, HyveDA

Summary 

Blockchain infrastructure company, Hyve has released a Data Availability Protocol, HyveDa. This project aims to provide faster services with throughput of 1 gigabyte per second, which is 100 times faster than current solutions.

Revolutionizing Data Availability

Protocols like HyveDa are crucial for decentralized applications to get reliable and necessary data without being controlled by centralized system. HyveDa offers high speed permissionless network connections where anyone can join without approval, which removes the bottleneck of decentralized system also enhancing scalability and decentralization.

Scaling for High-Volume Applications

Currently capable of 1 GB/s, Hyve plans to scale HyveDA’s throughput to 50 GB/s as the network expands. This positions the protocol to handle data-heavy applications such as artificial intelligence, decentralized finance, and Web3 gaming. Its permissionless design aligns with the core principles of decentralized ecosystems, providing flexibility and accessibility.

Strategic Partnerships and Funding

HyveDa is in mutually beneficial relationship ecosystem aiming for reliable security. Hyve raised $1.15 million in pre-seed funding, to grow and improve its team, enhance layer-2 blockchain system and other platforms. This project aims to solve digital challenges related to large scale data handling in decentralized system.

Future Outlook

HyveDa is showing a great promise in blockchain environment but it’s real success will be determined by it’s scalibility in real world environment. It provides High speed permissionless network which does solve network issues but might cause security problems as anyone can access data without approval. However, the protocol’s focus of handling high-throughput, data intensive applications puts it in positive blockchain space.

Bitfinex Backs Plasma to Expand USDT Payments on Bitcoin

Summary

Bitfinex has invested in Plasma, a Bitcoin focused payment and decentralized finance (DeFi) system. This aims to improve the usage of Tether on Bitcoin, creating fee-free global transaction.

Plasma’s Payments Vision

Plasma is innovating a fee-free payment system where users can send U.S. dollar-backed assets like USDT globally. This leverages Bitcoin’s infrastructure. Plasma focuses on stable coins like USDT instead of BTC as their payment asset. This platform also supports paying gas fees in BTC due to its Native unspent transaction output support, while still being compatible with Ethereum Virtual Machine (EVM).

The Bitfinex team announced via X on Oct. 18 that it had invested in Plasma

Hybrid Architecture for DeFi

Plasma provides a combination of traditional and digital system where users can stake and access other benefits, integrating Bitcoin’s secure system with decentralized finance. Plasma aims to enhance and boost global payments for Real World Assets (RWA) and DApps.

Bitfinex and Tether’s Strategic Support

Bitfinex’s investment aligns with its broader vision to strengthen the Bitcoin ecosystem. Paolo Ardoino, CTO of Bitfinex and CEO of Tether, stated:

“With the uncertainty that covenants will come to fruition, it’s very important to explore different avenues to build on top of the most secure, decentralized, and resilient money and speech network ever built by humanity: Bitcoin.“

Plasma’s Investor Backing

Plasma has secured backing from Apeiron Investment Group founder Christian Angermayer and venture capital firms like Split Capital, Manifold, and Anthos Capital.

Mysten Labs Rolls Out Walrus Protocol Public Testnet for Decentralized Storage

Summary

Mysten Labs has launched an official public testnet for Walrus Protocol. It is a new digital and decentralized storage network capable of handling large files such as videos, images and audio.

Introducing Walrus Protocol

Walrus Protocol is a fresh approach to decentralized Storage which aims to enhance every Blockchain experience. This storage network offers various features including, the ability to delete files, staking system and an explorer tool to manage stored data. Unlike cloud storage which is dependent on a single company, Walrus distributes stored data on different nodes on different locations ensuring greater security and reliability.

How it Works

The protocol breaks large files into smaller chunks and spreads them across various locations. Even if some pieces are lost, the file can still be put back together, ensuring users never lose access to their data.

Powered by Sui Blockchain

Walrus works on the basis of Sui Blockchain, which makes the system more effective and efficient. Walrus also supports testnet token called WAL, which can be staked by users to earn rewards. The goal is to run the network system smoothly and to provide faster, more reliable storage for apps that manage large media files.

Industry Partners

Innovative concept of Walrus has attracted several partners. Akord is moving its secure storage from Arweave to Walrus and Decrypt Media is using it to store its media files. These partnership shows early sign of Walrus getting recognition in decentralized storage space.

21.co and Crypto.com Join Forces to Boost Wrapped Bitcoin Liquidity

In an important move to enhance liquidity in the cryptocurrency space, 21. co, the parent company of 21shares has announced a tactical partnership with crypto.com. This partnership focuses on improving liquidity and custom solutions for 21. co‘s wrapped tokens, starting with wrapped Bitcoin (21BTC)

Wrapped Bitcoin: Bridging Blockchains

Wrapped tokens like 21BTC allow users to leverage Bitcoin’s market value while utilizing other blockchain ecosystems, particularly Ethereum. This collaboration aims to “wrap” Bitcoin in a Smart Contract, which allows investors to associate with Decentralized Finance (DeFi) that operates on a different blockchain. This partnership brings together the best features of both worlds: the value and trustworthy nature of Bitcoin integrated with the flexibility and functionalities of Ethereum.

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Partnership Details and Benefits

Crypto.com’s vast will be leveraged by this collaboration, which will provide necessary support for 21BTC tokens. This platform also allows competitive fees and advanced trading technology, improving the efficiency of 21.co’s product.

Head of Strategy at 21.co, Eliezer Ndinga expressed the importance of combining 21BTC with crypto.com, stating that it will eventually improve accessibility for investors worldwide.

Ndinga stated:

“Crypto.com is one of the world’s largest digital assets exchanges serving over 100 million users globally. As one of the world’s largest issuers of crypto ETPs, 21.co brings asset management best practices and operational excellence to the world of wrapped assets.”

Looking Ahead:

With a major aim to improve liquidity for wrapped bitcoin, both companies have expressed plans to further expand their partnership. When crypto products are highly demanded, collaboration like this aims to streamline access and enhance liquidity for both retail and industrial traders across the globe.

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By joining forces 21. co and crypto.com are aiming for seamless, efficient, and effective Wrapped Bitcoin. This aims to make the crypto market available to a broader audience.

TradFi Meets DeFi: Zignaly’s Vision for the Future of Finance

From Banking to Blockchain

Abdul Rafay Gadit, co-founder of Zignaly, made a strong and bold move by moving his attention from traditional finance (TradFi) to digital decentralized Finance (DeFi). Traditional Finance is all about protection and regulation of customer information and assets but it tends to be really slow as it requires manual effort for the most part. Decentralized Finance on the other hand offers anyone with internet access the chance to involve themselves in this digital money world. Gadit believes that DeFi also comes with major problems such as the risk of hacking, and bugs on smart contracts however, he also believes we’re at a turning point where TradFi and DeFi are about to merge.

ZIGChain’s Vision for the Future

Gadit’s experience in traditional finance has made him well versed in its flaws so he aims to blend TradFi and DeFi into one, this way TradFi’s weak sections like risk management and user protection can be strengthened by innovation and openness of DeFi. That’s why he shaped ZIGChain, Zignaly’s upcoming decentralized blockchain, it aims to be a decentralized wealth-generation platform. This offers builders, fund managers, and users all over the world be able to make their own DeFi tools, dApps, and many more blockchain elements. This project also seems to have a bright future as it’s backed by a huge amount of $100 million. ZIGChain aims to make DeFi, Real-world assets, and NFTs into something way bigger than it already is, providing users with a wide range of investment opportunities.

TradFi and DeFi Are Converging

Gadit believes the future of all finance businesses leads to the merging of the digital aspect of finance with the traditional physical aspect of finance. He foresees a future where financial systems are more accessible and efficient, and users can very very easily rotate between traditional financial systems and Decentralized financial systems. Zignaly’s new mission is to create a new way of building wealth and making investment more inclusive, stable, and rewarding at the end of the day.

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