Category: DeFi

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.

Preserving Polish Art Through Blockchain and Arctic Storage

Blockchain Meets Cultural Heritage Preservation

Poland’s bank Pekao is trying to preserve its cultural heritage with blockchain technology. Pekao has partnered with Aleph Zero in order to carry out this project. This innovative project, Archiv3 aims to digitalize and tokenize famous Polish artworks to ensure their easier accessibility and make them more secure for future generations.

Tokenizing Art and Storing it in the Arctic Vault

Archiv3 uses 3D scanning technology to convert physical artwork into Non-Fungible Tokens (NFTs) on eco-friendly Aleph Zero Blockchain. These NFTs are then stored in the Artic World Archive, which is a highly secure facility situated in Norway. Arctic World Archive is a crucial storage designed to store important information in case of cyber threats and disasters.

The Role of Blockchain in Safeguarding Cultural Assets

This innovative initiative by Bank Pekao highlights the fusion of traditional, cultural artwork into modern technology. This initiative ensures long-term preservation of cultural assets. This project along with other several projects going on currently shows the increasing role of Blockchain in digital asset management.

Donald Trump to Launch World Liberty Financial DeFi Project on September 16

Wyoming, U.S.A. The former President of the United States of America, Donald Trump, is releasing the date of the launch of his new decentralized finance, DeFi crypto creation, the World Liberty Financial.

In a new video update on the social media X, the Republican presidential nominee has stated that his DeFi platform that he has stated many times will be an opportunity to help those that the standard banking structures have locked out, will be going live on Monday, the 16th of September.

He says,

“Join me live on Twitter Spaces at 8pm, September 16th, for the launch of World Liberty Financial. We’re embracing the future with crypto and leaving the slow and outdated big banks behind.”

Earlier this month, the project issued the following statement regarding its roadmap: “The idea behind this project is to share the experience of USE, educate people about the US dollar-pegged stable coin, and introduce the topic of decentralized finance around the world”.

According to World Liberty Financial, stablecoins are the very essence of DeFi, and, therefore, they want to maintain that US dollar-linked tokens are the global settlement layer for DeFi protocols.

“Our mission is crystal clear: make crypto and America great by driving the mass adoption of stablecoins and decentralized finance. We believe that DeFi is the future, and we’re committed to making it accessible and secure for everyone.

By spreading U.S.-pegged stable coins around the world, we ensure that the US dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”

The project also shared that it is in partnership with cybersecurity firms and one of the largest decentralized finance platform, Aave (AAVE). Trump announced the plans for a project launch in early August already. It was popular at the time with the name called The DeFiant Ones.

Read More: Big Money Returns to Crypto! $436 Million Invested Again

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