Tag: Blockchain

NFT Sales Surge 16.1% to $96.1M as Bitcoin Network Overtakes Solana

In brief

The amount of NFT sales rose 16.1% to $96.1 million as a result of the recent surge in the cryptocurrency market. This rise caused Bitcoin’s blockchain NFTs to surpass Solana’s in terms of overall sales volume. The NFT market is still robust and does well in several chains, even if there has been a noticeable drop in active buyers.

The expansion of the NFT market during the cryptocurrency boom

NFT revenues have increased significantly in sync with the rise of the cryptocurrency market, rising 16.1% to $96.1 million.Important contributing causes include the worldwide cryptocurrency market cap increasing 3.29% to $2.6 trillion and Bitcoin hitting a new high of $77,252.75 following Donald Trump’s victory in the U.S. election.

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Bitcoin NFTs Surpass Solana

Ethereum remains the top NFT blockchain with $31.2 million in sales, but Bitcoin has now claimed the second position, overtaking Solana with $26.3 million in NFT sales—up 93% in a week. Solana dropped to third, while Mythos Chain and Polygon earned fourth and fifth places, respectively.

Highlights of the Collection and Best-Selling NFTs

During a week with significant sales, some of the best-selling NFTs were:

1) $198,680 for SuperRare #7533

2) $154,044 for CryptoPunks #7596

(#142,742) Protoshrooms Additionally, CryptoPunks maintained its high demand, earning several spots among the top-grossing NFTs for the week.

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Binance Labs Backs DeSci Platform BIO Protocol

In its first investment in the decentralized science (DeSci) space, Binance Labs, the company’s venture capital division, has contributed to BIO Protocol, a platform that uses decentralized finance to advance scientific research. With this investment, Binance demonstrates its deliberate foray into the biotech and decentralized finance (DeFi) sectors.

Pioneering Decentralized Science

BIO Protocol, also referred to as the “Y Combinator of on-chain science,” offers a special decentralized funding platform for early-stage scientific enterprises. The platform focuses on topics including women’s health, mental health, and cryopreservation and leverages a network of seven BioDAOs to facilitate collaboration between investors and scientists on ground-breaking research initiatives.

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Growing Funding and BioDAOs

By incorporating more BioDAOs, BIO Protocol intends to expand its ecosystem and support new scientific entities with the funding from Binance Labs. The platform aims to distribute seed finance and enhance community and tokenomics support to further decentralized research efforts.

Binance Labs’ Growing VC Footprint

As part of its continuous attempts to expand its startup capital portfolio, Binance Labs has recently backed innovative projects like Solayer, a Solana staking protocol, and Lombard, a Bitcoin staking platform. Putting money into BIO Protocol aligns with Binance’s objective to back projects that provide important, long-lasting technology solutions for a variety of industries.

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Blockstream Opens R&D Center in Lugano to Advance Bitcoin Innovation

Summary

To support Bitcoin layer-2 developments and the expansion of financial technology, Blockstream, a well-known Bitcoin infrastructure company, has established a new research and development facility in Lugano, Switzerland.

Blockstream’s Strategic Move in Lugano

Blockstream’s R&D hub in Lugano aims to boost innovation in Bitcoin’s Liquid and Lightning networks. The center will bolster Lugano’s position as a center for blockchain development by providing grants, mentorship, and assistance to local startups. The city is also well-known for launching a statue of Satoshi Nakamoto and holding recent Bitcoin events.

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Funding and Layer-2 Development

The new R&D center follows Blockstream’s recent $210 million funding to drive Bitcoin layer-2 growth, expand its BTC holdings, and enhance mining operations. Blockstream’s previous investment rounds centered on cryptocurrency mining and growing the Bitcoin finance ecosystem are complemented by this endeavor.

Tools for the Bitcoin Community

Blockstream’s product suite includes Blockstream Green, a secure BTC wallet, and Greenlight, which simplifies BTC payment integration for developers. Additionally, the Liquid Network, launched in 2018, provides a platform for inter-exchange transactions, supporting brokers and market makers within the Bitcoin ecosystem.

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Chainlink and AI Join Forces as Big Banks Tackle $3.1 Trillion Challenge

Summary

Chainlink is taking in charge of a huge issue in finance, the data fragmentation. Its solution includes blending AI , oracles and blockchain techs. According to them, Chainlink’s Oracle protocol will give financial institutions access to real time and standardized data and it even automates every validation making everything much faster and way more accurate. Its definitely a game changer for cutting through the messy data systems that banks have struggled with for years.

Rise of artificial intelligence has no doubt gained major traction by investors and businesses alike over the past year. AI makes every thing much easier by giving quick solutions to most daily internet surfing problems, this might be the reason why chatGPT is so mainstream right now. Its amazing search engine has made lives of millions easier and hence have uplifted the “AI” name as a whole.

Financial industry have always faced a daunting challenge named, fragmented data concerning with corporate actions such as mergers, dividends, and stock splits. These fragmentations leads to a very messy and inaccurate calculations which often lead to institutions losing $3 million to $5 million every year. In the midst of this Chainlink emerged as the savior as it has taken responsibility to solve this with an innovative solution.

Basically Chainlink plans on mixing AI, oracles and blockchain to create a single, reliable data source, or “Unified Golden Record,” for financial info. Its reportedly working with big names such as Swift, Euroclear and UBS which helps in Chainlink’s oracle to pull real world data into its blockchain systems. This really makes everything more accessible and trustworthy for banks, asset managers, and investors as a blockchain system is transparent and secure. Additionally it is also integrating popular AI models like ChatGPT, Google’s Gemini to further boost data accuracy and transparency across both private and public blockchains. This behind-the-scenes innovation could completely streamline outdated financial workflows.

Read more about : Chainlink Merges AI, Blockchain, and Oracles to Deliver Real-Time Market Data On-Chain

Layer 2 Network Taiko Achieves Remarkable 1,000% Growth in TVL on Ethereum

Summary

Taiko’s Ethereum Layer 2 network is going absolutely bonkers right now! Its total value locked (TVL) shot up by over 1000%, reaching a crazy height of $81 million. That’s not it, as their daily transactions have also skyrocketed to 5 million which indicates more people joining in on Ethereum Layer 2 to make their lives easier through faster and cheaper transactions. Taiko’s big numbers are huge flex in the L2 game and signals huge adoption in the Ethereum ecosystem.

Taiko is an L2 scaling solution for the Ethereum Blockchain. In simple words, its designed to make transactions faster and more affordable while keeping Ethereum’s security and decentralization. Reports say it has seen major growth over the last month, according to DefiLlama, the total value locked on Taiko has increased more than 1,000% which led it to reach cross its all time high and stay at $81 million.

Main reason behind this is its big moves on Ethereum’s Layer 2. Its native decentralized exchange (DEX), Panko Finance, and lending platform Avalon Finance are leading the charge and reports say each of these platforms holds over $30 million in total value locked (TVL). According to a report Taiko network has crossed a record breaking 5 million transactions on November 4 2024. Well, this just shows how popular its becoming with both users and investors. Its clear Taiko is becoming an obvious go-to for anyone looking to seriously scale on Ethereum Layer 2.

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Arkham Launches Perpetuals Exchange with On-Chain Auditing and Rewards

In brief

According to a release from Arkham Intelligence, the Arkham Perpetuals Exchange, a platform for trading spot and perpetual futures, will launch on Wednesday. The proof of reserves and on-chain auditing elements of the exchange will provide transparency for users. Arkham will also have a point-based rewards system that lets users trade points for the ARKM token, but access may vary by region.

Arkham Perpetuals Exchange: Transparent, On-Chain Auditing

The new Arkham Perpetuals Exchange is built for spot and perpetual futures trading, focusing on transparency with on-chain auditing and verifiable proof of reserves. This setup aims to meet demand for secure, accountable trading environments, providing users with insights directly from Arkham’s blockchain-based verification tools.

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Integrated Analytics for Enhanced Trading

Arkham’s platform integrates seamlessly with its existing analytics suite, offering users research and investigative tools to support trading decisions. This combination allows traders to access data-driven insights and track trends without leaving the platform, creating a more robust trading experience.

Point-Based Incentives and Restriction by Jurisdiction

Arkham Points, which are obtained through trading volume and exchanged for ARKM tokens after 30 days, are being introduced by Arkham in an effort to increase involvement. VIP accounts are rewarded much more. However, regulatory limitations limit distribution in some areas, like as the U.S., highlighting Arkham’s dedication to operating in a compliant manner in the crypto arena.

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MANTRA and Libre Capital Partner to Launch Tokenized Money Market Funds

Summary

Using MANTRA’s blockchain and Libre’s tokenization capabilities, MANTRA and Libre Capital have partnered to provide institutional and accredited customers with on-chain access to tokenized real-world asset (RWA) investments, such as money market and hedge funds.

Institutions’ Tokenized Investment Access

The partnership between UAE-based Libre Capital and Layer-1 blockchain MANTRA aims to offer tokenized investment options in hedge funds, money market funds, and private credit to MANTRA’s accredited and institutional customers. In order to increase on-chain investment access, our collaboration integrates Libre’s issuance capabilities with MANTRA’s RWA-focused blockchain.

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The Libre Gateway DeFi Solution

The Libre Gateway DeFi dApps, developed by Libre, will serve as the integration tool to allow eligible institutional investors on MANTRA access to top-tier, tokenized money market funds. This compliant access will bring institutional-grade finance to the blockchain ecosystem.

Statements from Executives at MANTRA and Libre

John Patrick Mullin, co-founder and CEO of MANTRA, highlighted the collaboration, saying it will provide users with the tools they need to grow the RWA economy. Dr. Avtar Sehra, the CEO of Libre, expressed optimism about expanding Libre’s tokenized asset offering by utilizing MANTRA’s RWA infrastructure.

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RWA Expansion with MANTRA’s Accelerator Initiative

Since MANTRA Chain’s mainnet became live in October, the network has partnered with Google Cloud as an infrastructure partner and validator. The accelerator program, which is scheduled to begin in early 2024, is intended to support MANTRA’s RWA market.

Kraken, Galaxy Digital, and Robinhood Back New USDG Stablecoin via Global Dollar Network

Summary

Paxos created USDG, a regulated stablecoin that is supported by well-known cryptocurrency companies Kraken, Galaxy Digital, and Robinhood. As a member of the Global Dollar Network, the stablecoin is expected to face competition from big heavyweights like Circle and Tether.

USDG Launch with Industry Support

Prominent crypto companies including Kraken, Galaxy Digital, and Robinhood are supporting USDG, a newly launched dollar-backed stablecoin from Paxos. According to a Nov. 5 announcement, the Global Dollar Network—a consortium of firms backing USDG—has been formed, with partners like Anchorage Digital, Bullish, Nuvei, and DBS Bank. USDG is regulated by the Monetary Authority of Singapore and backed by liquid U.S. dollar reserves.

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Compliant and Globally Expandable

USDG began operations on the Ethereum blockchain on October 31 and intends to spread to other networks as stablecoin laws change. Managed by DBS Bank in Singapore, the stablecoin is redeemable for fiat currency and is compliant with Singapore’s regulatory framework.

Addressing Market Gaps

In order to assist the stablecoin market reach its full potential, the consortium intends to solve “the lack of competition,” according to Kraken co-CEO Arjun Sethi. Sethi believes USDG will foster mainstream adoption and “accelerate new use cases” for digital assets.

Growth Driven by Consortiums

The USDG reserve yields will be used to reward consortium members, promoting worldwide adoption. Exchanges, banks, fintech companies, and payment providers are among the areas the network plans to onboard partners from, even though it is presently in an invite-only phase.

Going up against Circle and Tether

Since USDG is Paxos’s second stablecoin, it can rival well-known stablecoins like Tether and Circle’s USDC. With the planned entry of new players like Ripple with RLUSD and Stripe through its acquisition of stablecoin provider Bridge, the competition is anticipated to get more fierce.

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JPMorgan to Launch Dollar-Euro FX Settlements on Kinexys Blockchain

An overview

Using its digital token JPM Coin, JPMorgan Chase will soon launch quick dollar-euro foreign exchange settlements on its Kinexys blockchain. The bank wants to advance blockchain-based financial products and access FX revenue.

Instant Dollar-Euro FX Settlements

JPMorgan Chase & Co. is set to roll out blockchain-based foreign exchange settlements for dollar-euro transactions via its Kinexys platform. According to a Nov. 6 Bloomberg report, Kinexys—formerly known as Onyx—will use JPM Coin, JPMorgan’s dollar-pegged digital token, to process FX transactions instantly. After regulatory approval, the bank intends to launch sterling settlements.

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Generating Revenue through FX Spreads

Naveen Mallela, JPMorgan’s global co-head of Kinexys, shared the bank’s goal to open new revenue streams through FX spreads on its blockchain platform. Launched in 2020, Kinexys was designed to facilitate digital payments and streamline currency exchanges with JPM Coin, adding efficiency and speed to traditional banking services.

The Cautionary Approach of Institutional Traders

Institutional traders are still wary of blockchain’s potential despite JPMorgan’s blockchain projects. According to a recent JPMorgan study of more than 4,000 institutional traders, only 7% believe blockchain will be a valuable asset in the next three years. This outcome demonstrates the general reluctance of the industry.

JPM Coin’s Growing Achievement

In mid-October 2023, JPMorgan released a report highlighting JPM Coin’s increasing use in digital settlements and the potential of blockchain technology to transform financial infrastructure. The report indicated that JPM Coin handles more than $1 billion in transactions every day.

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Standard Chartered and Ant International Settle SGD Transaction on Blockchain

Summary

Standard Chartered and Ant International successfully completed SGD liquidity transfers via Ant’s Whale platform, enhancing cross-border transaction efficiency and transparency. The companies aim to expand their blockchain partnership in Singapore.

Blockchain-Based SGD Settlement Completed

British banking giant Standard Chartered and Ant International, a division of Ant Group, have completed an SGD-denominated liquidity transfer using Ant’s blockchain-powered Whale platform. The transaction aims to improve the transparency and efficiency of fund transfers between bank accounts, according to a Nov. 5 report by The Asian Banker.

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Enhanced Liquidity Management

The integration of Standard Chartered with Ant’s Whale platform optimizes intra-group liquidity management for cross-border transactions. Mahesh Kini, global head of cash management at Standard Chartered, highlighted blockchain’s transformative impact, stating, “The technology is revolutionizing treasury management, and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.” Kini emphasized the goal of providing real-time, transparent liquidity flows.

Expanding Collaboration to Singapore

Following successful tests in Hong Kong, Kelvin Li, head of platform tech at Ant International, revealed plans to extend blockchain-based settlements to Singapore. “We hope to build on the momentum of our previous collaboration and continue developing new solutions to make global liquidity management even more seamless and secure,” said Li.

Participation in Ensemble Sandbox Project

Both Standard Chartered and Ant International are active in the Hong Kong Monetary Authority’s Ensemble Sandbox, where they explore various tokenization use cases. Standard Chartered’s Hong Kong branch has been involved in Project Ensemble since May, working to establish industry standards for tokenized transactions with Ant International’s Whale platform supporting two use cases.

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