Degen Orange Cat could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Degen Orange Cat (DEGCAT), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because DEGCAT has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Degen Orange Cat can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Degen Cat could become the next viral memecoin.
Degen Orange Cat launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Degen Orange Cat on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Degen Cat by entering its contract address – SswPK5VWTrhusTx1uenWYsy2HoUBzziWveiuqB7jQuY – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like DEGCAT.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Don’t Stop Daddy (DSDCOIN) presents a similar opportunity for a limited time.
Don’t Stop Daddy (DSDCOIN), a newly launched Solana memecoin, is poised to explode over 17,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
DSDCOIN will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Don’t Stop Daddy.
Currently, Don’t Stop Daddy can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DSDCOIN on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Don’t Stop Daddy by entering its contract address – GqtsBS3rK2hw5CUPumQBxGVdTkttmPL94npHDY3euqZq – in the receiving field.
DSDCOIN currently has a market cap of just under $16,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Hong Kong, China, June 7th, 2024, Chainwire
Memeland sets sail for MemeDay, declaring a new tradition in Web3
Memeland, one of the largest and fastest growing Web3-focused venture studios, announces the inaugural celebration of the first-ever MemeDay on 6.9 (June 9th), a day set to celebrate and remind Web3 of the power of community.
MemeDay is the vibrant fusion of meme and Web3 culture brought to you by the original Meme-sayers, 9GAG. Collectively, 9GAG and its Web3 project Memeland, have a combined audience of over 200 million people. As a community-focused brand, Memeland prioritizes its members while embracing the world of memes. Memes connect us, fostering humor and a sense of belonging, and on June 9th, MemeDay will serve as a Festival of Unity, honoring the power of laughter and shared values.
Drawing inspiration from Web3’s annual Bitcoin Pizza Day, which marked a significant milestone in the cryptocurrency world, MemeDay has the same intentions—-to become an annual tradition for the Web3 community. This year’s celebrations will take place simultaneously at 10 different McDonald’s locations, creating a synchronized global event that celebrates all things memetic.
In a nod to Web3 culture, the choice of McDonald’s as the venue for MemeDay symbolizes resilience and camaraderie. It humorously acknowledges market ups and downs while uniting our community. MemeDay is poised to become a landmark event, showcasing the harmonious blend of meme and Web3 culture, and celebrating laughter, creativity, and the spirit of the Memeland community.
Ray, the architect behind Memeland, has been instrumental in fostering a new culture within Web3. “MemeDay is more than just a celebration; it’s a manifestation of our community’s strength and unity,” says Ray Chan, CEO of Memeland. “It’s about coming together, sharing a laugh, and reinforcing our connections, both online and offline.”
This event not only celebrates the community’s strength but also pays homage to pop culture and playful engagement. Each regional event will unite community members, echoing the Memeland mantra: “I’m lovin’ MEME!”, a clever twist on a familiar slogan capturing the spirit of Memeland—a combination of nostalgia, novelty, and nautical flair.
The impact of Memeland’s community goes beyond digital interactions. It’s about setting a new precedent in the Web3 world, where community-driven initiatives lead to meaningful, real-world interactions and traditions. As we approach MemeDay, Memeland is not just inviting participants; it’s calling on creators, thinkers, and dreamers to join in forging a new chapter in digital community culture.
Those interested can join Memeland on June 9th as history is made, one meme at a time.
Event Details and Meetup Links:
- Hong Kong Meetup: RSVP Here
- Seoul Meetup: RSVP Here
- Kuala Lumpur Meetup: RSVP Here
- Singapore Meetup: RSVP Here
- Taipei Meetup: RSVP Here
- Bangkok Meetup: RSVP Here
- Ho Chi Minh City Meetup: RSVP Here
- London Meetup: RSVP Here
- New York Meetup: RSVP Here
- Passo Fundo Meetup: RSVP Here
About Memeland
Memeland, one of the largest and fastest growing Web3-focused venture studios, is on a mission to empower communities around the globe. Originating from the team that established 9GAG, Memeland is dedicated to building and investing in social products that foster community engagement. By bridging the gap between creators and communities through creativity, $MEME, and NFTs, they are setting a new standard in community ownership.
The story of Memeland is rooted in the humble beginnings of 9GAG, which was founded in 2008 and became the first Asian YC company. Over a decade later, 9GAG has emerged as a global platform with an audience of 200 million across various social media channels. Memeland stands as a beacon for community empowerment, where ownership is democratized and creators are connected.
Contact
Senior PR Manager
Ryleigh Ebron
Serotonin
ryleigh@serotonin.co
HongKong, China, June 7th, 2024, Chainwire
BEVM has announced a new incentive program, the BEVM Visionary Builders (BVB), following its recent partnership with Binance wallet for an airdrop event.
Introduction to BEVM Visionary Builders
Launched by BEVM, the “Visionary Builders” ecosystem incentive program aims to promote the development of 17 tracks, including DEXs, lending, stablecoins, and more. Through community participation and multi-dimensional evaluation, the program will provide rewards totaling $60 million to outstanding projects and users.
The program also introduces an on-chain community voting mechanism. Participating project teams can demonstrate their active user base through on-chain voting, which is a crucial dimension for project evaluation. Users participating in on-chain voting will not only receive airdrops of ORDINALS•RUNE but also BEVM tokens.
Currently, the Visionary Builders program is open for applications. Interested project teams can fill out the form in the Ecosystem section of the BEVM website or directly apply through this link: BEVM Visionary Builders Application Form
The application process for the Visionary Builders program is as follows:
- Project teams fill out the application form.
- Upon passing the review, projects are listed on the “BVB” section of the BEVM website, and teams can invite community members to vote.
- After the first month, BEVM distributes ORDINALS•RUNE assets and $60 million worth of tokens based on the community ECO score ranking.
- From the second month, BEVM will announce the first batch of BVB winners, with voting scores continuing to accumulate.
Reward Distribution
BEVM will provide $60 million worth of assets to reward ecosystem projects and voting users participating in the BVB program. The actual value of the rewards will “rise with the tide” as BEVM develops. The distribution is planned as follows:
- 30% for airdrops to on-chain voters
- 70% to incentivize outstanding ecosystem projects and their users
Overall, the airdrop rewards will be distributed based on the proportion of ECO scores that on-chain voting users hold. In other words, the higher a user’s voting score, the more token rewards they will receive. ECO scores can be earned through the following three methods:
1. Genesis Box
The Genesis Box (GBX) is an early-stage BEVM ecosystem asset used to reward users who supported the project during the mainnet launch. Holders can open the Genesis Box to randomly earn between 500 and 1,500 ECO scores based on their on-chain activity, but the Genesis Box will be consumed upon opening.
2. Inviting Users
Users who enter the voting page using an invitation code (the invitee) will receive a 5% score boost. For every vote the invitee casts, the inviter will earn 5% of the score.
3. Voting
After earning scores, users can vote for their favorite protocols on the voting page. Each vote earns 100 scores, and there will be a corresponding leaderboard.
Each month, BEVM will regularly announce the ecosystem projects that have earned the “Visionary Builders” title and execute the corresponding incentive plan. This transparent and fair reward mechanism ensures that every participant’s efforts are rewarded accordingly.
BEVM Visionary Builders: The Engine of the Bitcoin Ecosystem
The BVB program is not only an activity to vitalize the ecosystem but also a strategic move by BEVM to promote the prosperity and development of its ecosystem. This program carries profound significance, as it not only brings new opportunities for BEVM but also provides valuable insights for the entire cryptocurrency industry.
In the cryptocurrency industry, technological innovation, market potential, and community engagement are crucial factors in determining a project’s success. By utilizing multi-dimensional evaluation and on-chain community voting, BEVM can not only discover and support projects with the greatest potential but also mobilize community participation. Through market potential assessment, BEVM can identify projects that truly have the potential to reshape the industry landscape and drive the prosperity of the entire ecosystem.
According to current estimates, BEVM is investing $60 million worth of assets into this program, which is a massive reward rarely seen in the industry. By introducing on-chain voting and multi-dimensional evaluation mechanisms, BEVM ensures that every project and user receives rewards commensurate with their contributions.
Incorporating a community voting mechanism makes BEVM’s governance more decentralized and democratic. In the cryptocurrency industry, decentralized governance is key to enhancing project transparency and credibility. Community users directly participate in project selection through voting, not only increasing their sense of involvement but also ensuring fairness and transparency.
In the BVB program, BEVM will provide comprehensive technical support to the selected projects, helping them solve technical challenges and enhance their technical capabilities. Additionally, BEVM will leverage various marketing strategies to increase the visibility and influence of the selected projects. Furthermore, BEVM will collaborate with investment institutions like Bitmain, Waterdrip Capital, Satoshi Labs, and exchanges to establish an acceleration fund focused on the BEVM ecosystem, investing in outstanding projects within the ecosystem.
About The Visionary Builders Program
The launch of the BEVM Visionary Builders program demonstrates BEVM’s determination to build a thriving ecosystem. As the program progresses, BEVM is poised to attract more outstanding projects and users to join its ecosystem, further promoting its prosperity and injecting new vitality into the expansion and application of the Bitcoin Layer 2 network.
Contact
brand
BEVM
brand@bevm.io
Willemstad, Curacao, June 6th, 2024, Chainwire
The BetFury crypto ecosystem announced a great Cryptodrop. The prize pool of $20,000,000 will be distributed from the end of Q3 to the beginning of Q4. This initiative offers participants the chance to earn cryptocurrencies by completing various tasks. The Cryptodrop pool consists of top-tier crypto and BFG tokens, which have strengthened their position after burning 33% of the total supply and locking 48% of circulation.
About the Cryptodrop
Cryptodrop involves distributing tokens to users who complete specific tasks. Unlike other projects, BetFury’s Cryptodrop features tokens with established market value. Participants can earn more crypto by accumulating points through various activities.
Key Features of BetFury Cryptodrop:
- Prize pool of $20,000,000;
- Rewards in real crypto and the valuable BFG token;
- Transparent drop duration (Q3 – Q4, 2024);
- Easy-to-join mechanics via Telegram and a user-friendly interface;
- The chance to earn free crypto and interactive Fury Game.
The Cryptodrop event offers a gateway for beginners to enter the crypto industry and allows experienced users to explore new opportunities within the BetFury ecosystem.
Funding and Transparency
BetFury Cryptodrop consists of crypto, which the project has accumulated over a certain period, and 350,000,000 BFG, which is transferred from the Community wallet allocated by the team. Thus, every active Cryptodrop participant has a chance of earning currencies like USDT, ETH, BTC, and BFG.
Since the project has been developing in the industry for over four years, it can afford the Cryptodrop with the $20 million pool. Moreover, BetFury has located this round amount on a public address for total transparency.
About the Growing BFG token
BetFury’s Cryptodrop is also an investment in the future prosperity of its native token. BFG has already demonstrated price growth – by 40+% over the last month, according to CoinMarketCap statistics. It’s explained by upgrading a deflationary strategy, which provides for BFG buybacks, locks, monthly burnings, and permanent support for active holders. In addition to transferring 100% of revenue from iGaming activities and crypto functionality to BFG utilities, the BetFury team locked up one billion BFG for 4.8 years. These moves demonstrate the platform’s strong desire to evolve its product and the native token.
How to Participate in BetFury Cryptodrop?
To take part in the BetFury Cryptodrop, the user must go through a few simple steps:
- Launch BetFury Cryptodrop Bot on Telegram.
- Create a Cryptodrop account via this Bot.
- Read a short Cryptodrop overview.
- Launch the BetFury Bot and create/connect a BetFury account. This step is necessary to obtain rewards at the end of the event.
After completing these steps, the user becomes an official participant of the Cryptodrop. The more points a participant accumulate, the higher your chances of winning the grand crypto prize.
BFG Farm
BFG Farm is a unique feature that allows users with the potential to earn free crypto. Users can get up to 96,000 BFG daily depending on the BFG Farm level. These levels can be upgraded by collecting Wager points. To claim crypto, the participant should invite two or more friends and connect to a Twitter account for daily shares.
Play Fury Game – Get USDT, BFG & Game Points
This 2D runner is the best entertainment for the chance to earn real crypto with gameplay that sets it apart from ordinary tap games. Playing as a raccoon, the participant can collect USDT, BFG, game points, and energy recovery badges The duration of each round in Fury Game is determined by energy that can be pumped up, increasing game levels.
Collect Plenty of Points in Quests
Quests are tasks of several types for collecting various points. They are similar to Notcoin Quests but offer more opportunities due to the extensive platform functionality. There are currently four types of Quests:
- Gaming Quests: Participants can play Original games and Slots, bet on Sports, and open Lootboxes to get Wager points.
- Earn Quests: Participants can join Crypto Staking and take Crypto Loans. Collect Earn points for subscribing to Flexible, Fixed-Term, Boosted Fixed-Term Staking and paying interest for borrowing.
- Trading Quests: Participants can trade Futures and swap crypto to receive Trading points.
- Social Quests: complete different tasks on BetFury social networks to obtain Social points.
Cryptodrop Wheels – Win Up to 1 Million BFG
Collecting points allows participants to spin different Cryptodrop Wheels. The Social Wheel activates after collecting 9,000 Social and Referral points, while the BetFury Wheel activates after collecting 3,000 Wager, Earn, or Trading points. These Wheels offer additional points and real currency rewards up to 100,000 BFG. The Social Wheel is for one-time use, whereas the BetFury Wheel can be spun unlimited times, with the tenth spin being a Super Spin that increases all rewards and offers a main prize of up to 1,000,000 BFG.
Referral Program
The Cryptodrop event includes a Referral Program where participants can earn rewards based on their referrals’ activities:
- 1,000 Referral points for each invited friend;
- 3% of crypto earned by user’s referrals in the BFG Farm;
- 15% for all points received by user’s referrals.
Referrals also receive 1,000 Referral points when joining through a referral link, making the program beneficial for both parties.
Conclusion
BetFury Cryptodrop is a significant crypto event combining unique reward mechanisms and opportunities for both beginners and experienced users. By participating and accumulating points, users have the chance to share in the $20,000,000 prize pool.
About BetFury
BetFury is a well-established ecosystem offering the chance to various crypto-earning features. With over five years in the market, the platform has achieved:
- Over 2.3М of the global community worldwide;
- $7.6В total wager and $48.9M bonuses paid;
- More than $122.5M of staking payouts.
BetFury offers a fast crypto swap with low fees, trading Futures with a unique FuryWaves randomizer tool, and NFT Lootboxes. Participants can access all these features directly on the BetFury website or via its Telegram Bot for faster platform access and a chance to earn rewards
BetFury is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
Alisia Preston
BetFury
pr@betfury.io
Tokyo, Japan, June 6th, 2024, Chainwire
- Organized as an official event of the Japan Blockchain Week, it will be held on July 31st, 2024 in Tokyo
- Focused on Blockchain builders, it brings together the brightest minds in the blockchain industry to explore the future of scalability and privacy on the Ethereum network
- Plasma is gaining attention again as an Ethereum scaling solution, especially after Vitalik announced the Return of Plasma in his blog last year. Vitalik will further discuss the future of Plasma at the event
INTMAX, a Fam Sponsor at EDCON Tokyo and an innovative Layer 2 zkRollup with stateless architecture is delighted to announce the PlasmaCon event in Tokyo on the sidelines of EDCON Tokyo 2024, the globally acclaimed Ethereum development conference committed to serving the Ethereum ecosystem & enhancing Ethereum community interaction worldwide. PlasmaCon is scheduled to take place from 12:30 to 17:00 local time at the United Nations University in Tokyo on July 31st.
INTMAX PlasmaCon will be a builder-focused event that brings together the brightest minds in the industry to explore alternative methods for scaling Ethereum, privacy solutions, statelessness, and many more fascinating topics. The event will feature an array of top-tier speakers, including:
- Vitalik Buterin, the Co-founder of Ethereum
- Justin Drake, a researcher at the Ethereum Foundation
- Barry Whitehat, a researcher at the Ethereum Foundation and PSE
- Scott Moore, Founder of Public Works and Co-founder of Gitcoin
- Suji Yan, Founder of Mask Network
- Ventali T. Co-founder of Lita
- Leona Hioki, a renowned Plasma researcher and Co-founder of INTMAX
- And more…
Venue: The United Nations University is located on Aoyama-Dori Avenue at:
5-53-70, Jingumae, Shibuya-ku, Tokyo 150-8925 Japan
PlasmaCon 2024 will be particularly special because it was Joseph Poon and Vitalik Buterin who originally conceptualized Plasma as an Ethereum scaling solution in 2017 to help bring Visa-level transaction volumes to Ethereum. Though Plasma was superseded by Rollups due to issues with user experience and online requirements, Vitalik Buterin mentioned his conviction of Plasma’s comeback, which he described in his blog post “Exit games for EVM validiums: the return of Plasma.”
The number of attendees is capped at 400, and there will be over 15 experts from across the world sharing their knowledge and insights on everything from the Return of Plasma to privacy, data availability problem, blobs, recursive ZKP, dApps on Plasma and much more. Attendees will have the opportunity to engage with industry leaders, and all the guests will have the chance to ask questions about the panels and participate in discussions with some of the smartest minds of today.
Key Themes:
- Scalability Solutions for Ethereum: Discussions will delve into new technologies and protocols designed to enhance the scalability of Ethereum, making it faster and more efficient.
- Privacy Enhancements: The conference will cover the latest advancements in ensuring user privacy on the Ethereum network, addressing one of the most critical concerns in today’s digital age.
- Application Use Cases: Attendees will get insights into various applications of blockchain technology.
Leona Hioki, the Co-founder of INTMAX, said, “It’s time to let everyone know that Plasma is not dead—it’s even stronger than it was in 2018! PlasmaCon brought together incredible thinkers and visionaries who have transformed the entire tech industry. Now, it’s time to revisit Plasma, Statelessness, and Privacy. Join us in Tokyo on July 31st!”
Through its active involvement in the Edcon 2024 Tokyo and the PlasmaCon side event, INTMAX reaffirms its dedication to support innovative builders and promote insightful discussions in the Ethereum space. These events are pivotal in advancing knowledge, addressing industry challenges, and showcasing the diverse capabilities that INTMAX brings to the blockchain community.
About INTMAX
INTMAX is the Stateless Ethereum Layer built for mass adoption. Crafted on the principles of statelessness, advanced offline safety and capital efficiency, it is one of the most efficient native Ethereum L2 solutions currently available. By leveraging a mere 5 bytes of on-chain information to confirm the validity of computations, INTMAX drastically cuts the typical computational and storage overhead found in traditional blockchain systems. This minimalist approach not only increases scalability but also fortifies censorship resistance across the network. Moreover, it enhances privacy and security, moving beyond traditional rollup constraints and offering robust protection against a variety of network disruptions and threats.
Website: https://www.plasmacon.tech/
Contact
Media Relations
PlasmaCon 2024
sergei@intmax.io
Singapore, SIngapore, June 6th, 2024, Chainwire
Dora Factory, the pioneering infrastructure of decentralized governance technology and public good funding, announces the gas fee airdrop of its native token, $DORA, to all ATOM stakers on June 5, 2024. Over one million addresses are eligible to receive $DORA token, with the airdrop campaign inviting the Cosmos community to participate in the governance of its democratic public goods funding program, the ATOM Economic Zone Quadratic Funding, on DoraHacks.io. With 1.04 million addresses whitelisted, the privacy voting round implemented by the Dora team will be the largest MACI (Minimum Anti Collusion Infrastructure) voting round ever.
1.04 million ATOM stakers are eligible for the airdrop
On June 5, all ATOM stakers have received $DORA tokens in their wallets. $DORA is the native token of Dora Vota, a decentralized governance application chain developed by the Dora Factory using the Cosmos SDK.
This airdrop is one of the largest in history. With over one million addresses, Dora Factory aims to mobilize the Cosmos community, known for its passion for decentralized governance, to participate in a crucial public goods governance experiment for the community.
Empowering Community with AEZ Funding and MACI Voting
After receiving the airdrop, Cosmos communities can participate in the ATOM Economic Zone (AEZ) quadratic funding initiative jointly launched by DoraHacks, Dora Factory, and ATOM Accelerator DAO. They can use ATOM to vote for and donate to public goods teams they value, support early-stage developers, and determine the distribution of an 80,000 ATOM and $200,000 USDC matching pool across 10 rounds of AEZ Quadratic Funding and MACI voting. The smart contracts for this quadratic voting round are deployed on the Dora Vota network, and the community can use $DORA to cover gas fees.
This campaign goes beyond merely distributing the reward pool to early-stage projects and essential public goods in AEZ in the first round; it is a democratic governance experiment designed to mobilize community power in supporting public goods and promising early-stage developers. The quadratic funding mechanism ensures that even small donations from community members have a substantial impact.
MACI Voting With Enshrined Privacy
Dora Factory invites community members to participate in MACI (Minimal Anti-Collusion Infrastructure) privacy voting, distributing a $20,000 USDC prize pool to selected teams. Unlike traditional quadratic voting, this method allows voters to express their opinions on public goods without revealing their identity (address). Addresses with more ATOM staked will receive more Voice Credits (voting power).
Through MACI voting, Dora Factory aims to introduce cutting-edge privacy-enabled voting technology to the Cosmos community. This initiative marks the beginning of integrating secure, private, and anti-collusion technologies into a wider range of governance use cases in the future.
Dora Factory’s Dedication
To ensure every community member can participate in MACI voting without concerns, Dora Factory will implement Dora Vota’s native Gas Station feature to cover all voting fees for the MACI voting round. This fee subsidy represents Dora Factory’s commitment to the community outlined in Cosmos Governance Proposal 917.
A Historical Community Governance Ceremony
With the quadratic funding module now natively implemented on Dora Vota for the Cosmos Hub, Cosmos has the potential to become one of the largest on-chain communities that supports public goods. The first round of the two-year quadratic funding plan for the ATOM Economic Zone commencing in June 2024 has attracted numerous outstanding projects and awaits the attention and support of community members.
The Largest Privacy-Preserving Governance Experiment
MACI implementation is a groundbreaking step for the Cosmos community, as its first privacy voting attempt. Dora Factory has whitelisted over 1 million addresses, setting a new record for the largest whitelist, and marking the largest voting experiment in MACI’s history. The Dora Factory team is excited to invite the Cosmos community to create a historic moment collectively.
About Dora Factory
Dora Factory is at the forefront of decentralized governance protocol stacks, providing governance and long-term incentives for the global hacker movement, open-source communities, and decentralized organizations through Public Good Staking and Dora Vota. The platform has pioneered the development of public good staking infrastructure, revolutionizing the way developers are funded long-term in the PoS ecosystem. Additionally, Dora Vota offers a comprehensive decentralized governance platform, enabling users to create programmable governance mechanisms such as MACI and quadratic voting through its open platform. This reduces the cost of decentralized governance, laying a solid foundation for its widespread adoption.
To better understand and try the products of Dora Factory, users can visit DoraFactory.org.
Users can visit Dora Research Blog for more details: research.dorahacks.io
Contact
Contributor
Chris Lee
Dora Factory
winniedrinkwater@gmail.com
One of the more exciting developments in the world of crypto casinos in recent years has been the slow but steady rise of stablecoin gambling.
Stablecoins like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) are becoming popular choices for gamblers, in some cases even outpacing the use of Bitcoin and Ethereum.
What are stablecoins and what makes them so attractive in the eyes of iGaming players? Are there any downsides to this type of cryptocurrencies? Let’s find out in this brief guide to stablecoin gambling.
What are Stablecoins?
Stablecoins are a type of cryptocurrency that are pegged to a more stable asset, typically a fiat currency like the US dollar, the euro, or commodities like gold. This pegging mechanism ensures that the value of the stablecoin does not experience the same levels of volatility as other cryptocurrencies like Bitcoin and Ethereum.
The stability is achieved through various methods, depending on the type of stablecoin, of which there are three distinct categories:
1. Fiat-collateralized stablecoins. These are the most common type of stablecoins, backed one-to-one by fiat currencies (e.g., USD, EUR) held in reserve. For every stablecoin issued, an equivalent amount of the fiat currency is kept in a bank account as collateral. This straightforward approach provides a high degree of price stability for stablecoins like Tether (USDT) and USD Coin (USDC).
2. Crypto-collateralized stablecoins. As the name implies, these stablecoins are backed not by fiat currencies but by other cryptocurrencies. Because the reserve cryptocurrency can also be volatile, such stablecoins are often over-collateralized to absorb price fluctuations. An example of a crypto-collateralized stablecoin is MakerDAO’s Dai (DAI), which is pegged against the US dollar but backed by Ether.
3. Algorithmic stablecoins. Unlike the previous two, algorithmic stablecoins are not backed by any collateral. Instead, their stability is maintained through working algorithms that control the supply of the stablecoin, expanding or contracting it in response to the market situation. This type is more experimental and can sometimes be subject to significant volatility if the underlying mechanisms do not work as expected.
The infamous TerraUSD (UST) is a perfect example of an algorithmic stablecoin gone wrong. (Don’t worry, we’ll get back to UST later.)
Stability Meets Gambling
Now that we’ve figured out how stablecoins operate, it’s not hard to see why casinos and players may feel a certain way about using stablecoins in gambling.
The main selling point is the predictability they bring to the value of your wagers. By virtue of being pegged to a stable or semi-stable asset, these coins prevent your potential winnings from decreasing in value due to market volatility. Compare that to Bitcoin gambling, where your bets are subjects to all kinds of minute-to-minute fluctuations even in the best of times.
This also means that tax reporting is simpler compared to other, highly volatile cryptos, which is always a plus for iGaming enthusiasts.
Sheer LUNAcy: The TerraUSD Saga
The aforementioned TerraUSD (UST) represents an intriguing chapter in the story of stablecoins. Unlike its more common counterparts, UST’s value was maintained through a complex mechanism tied to its sister token, Luna. The design of UST aimed to stabilize its price around $1 USD through an algorithm that adjusted its supply based on changes in demand.
When the price of UST deviated from the dollar, the system encouraged users to either burn Luna to mint more UST (when UST was above $1) or burn UST to mint Luna (when UST was below $1). This process was intended to bring UST’s price back to parity with the USD through market dynamics and arbitrage opportunities.
For a time, TerraUSD and its creator, Do Kwon, enjoyed good press and the image of “stable crypto done right”. The coin gained significant attention for its innovative approach to maintaining price stability without direct collateral.
The skepticism it faced – mainly about the potential risks associated with TerraUSD’s reliance on algorithmic processes rather than tangible assets – was largely brushed aside. In May 2022, however, the concerns were fully realized when UST dramatically lost its peg to the dollar.
Efforts to restore the peg by burning UST and minting large amounts of Luna flooded the market with Luna, causing its price to plummet. As Luna’s market value eroded, it further diminished the confidence in its ability to back the UST peg, leading to a vicious cycle of declining prices for both tokens.
At the height of the crisis, UST fell to a low of around $0.30, far below its intended $1 peg, while Luna, which was trading at over $80 in early May, crashed to mere fractions of a cent by mid-May.
The rapid devaluation erased nearly $40 billion in market value for holders of UST and Luna. This event not only devastated investors but also sparked widespread debate about how not all stablecoins are created equal and that the viability of algorithmic stablecoins may have been overestimated.
The Future of Stablecoins in Gambling
Thankfully, the trust in stablecoins as a whole has not eroded. The integration of asset-collateralized coins into the gambling sector offers the same tried-and-true benefits of blockchain technology — security, transparency, and speed — while avoiding the volatility typical of traditional cryptocurrencies.
Nearly 99% of the stablecoin market is dominated by USD-denominated stablecoins, which not only means global acceptance but also translates into even less volatility. The US dollar is widely regarded as the world’s primary reserve currency. As such, stablecoins pegged to the USD inherit these qualities.
The recent developments, such as advanced blockchain technologies like Layer 2 solutions, enhance functionality even further by reducing transaction costs and increasing processing speed.
While stablecoins as they are right now represent but a small portion of the digital gambling, their unique attributes make them ideal posterboys for crypto iGaming. As the market matures and regulations evolve, stablecoins like USDT, USDC and BUSD will undoubtedly begin to shape the industry.
One of the best sources of the latest news and developments surrounding the crypto gambling market is the official Mr. Gamble forum about crypto casinos. It is a true marketplace of ideas where casino brands and players can meet and share their suggestions, concerns and stories.
Singapore, Singapore, June 5th, 2024, Chainwire
Ambitious 2024 Roadmap Includes 8x Improved Throughput, zkAuth for Web2 ID, Major Grants
Moonbeam Network, a smart contract platform for building cross-chain connected applications, announced the ‘Moonrise’ initiative anchored by a 2024 Product Roadmap that includes the introduction of parallel processing to improve throughput by 8 times, upgrading ecosystem integration, improving the developer and user experience, and more. Moonrise signals the next phase in evolution for Moonbeam and canary network Moonriver, which is incorporating Axelar bridging technology.
More than two years since its mainnet launch in January 2022, Moonbeam is well-established as the leading solution for integrating networks such as Polkadot, Ethereum and the broader EVM ecosystems. The 2024 Roadmap demonstrates Moonbeam’s dedication to continually improving its cutting-edge performance and experience for developers and users.
The Moonrise initiative is reflected in a comprehensive rebrand of Moonbeam’s look, underscoring how Moonbeam is more than a chain. It’s a hub for developers, Web3 enthusiasts, interoperability supporters and more.
“We’re beyond excited to reveal Moonbeam’s new look in conjunction with our ambitious plans for 2024. This year we are implementing improvements, upgrades and announcements to all facets of the Moonbeam and Moonriver networks,” said Aaron Evans, Head of Operations at Moonbeam Foundation. “As our passionate community of supporters knows, Moonbeam is a modern blockchain with features for developers and users that are still just a dream for other networks that remain in testnet phase.”
A lynchpin of the 2024 Roadmap is enhancing the core protocol with the introduction of asynchronous backing, a form of parallel processing that will quadruple block space and halve block times to 6 seconds, resulting in an 8x increase in overall throughput for Moonbeam.
More improvements include ensuring compatibility and seamless interoperability with Ethereum’s gas-saving Dencun upgrade, substantial upgrades to the UX for Moonbeam Routed Liquidity, and improvements to governance mechanisms.
Other highlights include:
- Ecosystem Integration: Glacis integration for reliable cross-chain transactions, Tanssi integration for appchain deployments, revitalized Moonriver with Axelar’s Amplifier program for bridging and a v3 AMM liquidity program.
- Developer Tools: Governance tracks for dApps, support for EIP-4337 Account Abstraction, expanded tooling integration for ease of development, deployment, and debugging/monitoring.
- User Experience: Zero Knowledge Initiative (zkAuth) for Web2 authentication, tokenomics incentive updates, and streamlined stablecoin flows.
The series of initiatives will begin rolling out immediately and will continue to be deployed through Q3 and Q4 of 2024, and into 2025.
To check out Moonbeam’s new website and follow the network’s upcoming developments, see: https://moonbeam.network.
About Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
Social media links:
Website | YouTube | GitHub | Telegram | Medium | X | Discord
Contact
Patrick Brendel
SCRIB3
patrick@scrib3.co
Australia is set to launch its first spot Bitcoin exchange-traded fund (ETF), which directly holds the asset, on Tuesday.
The Monochrome Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on June 4.
While Australia already has several exchange-traded products offering Bitcoin exposure, Monochrome Asset Management is the first to receive approval under a new crypto asset licensing category established in 2021 under Australian Financial Services (AFS) licensing rules.
This new category allows the ETF to directly hold Bitcoin.
Monochrome ensures that IBTC’s holdings are stored offline in a device not connected to the internet, utilizing a crypto custody solution that meets “Australian institutional custody regulatory standards.”
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold Bitcoin or through offshore Bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset AFS licensing regime,” Monochrome stated.
Unlike its U.S. counterparts, which are cash-settled, the ETF allows in-kind redemption from investors.
Monochrome CEO Jeff Yew expressed optimism about the new ETF, citing the consistent growth of indirect Bitcoin ETF products in recent months.
He told Cointelegraph that he anticipates “strong interest” in the firm’s ETF and confirmed that Monochrome is prepared to launch an Ether ETF, which will also hold the asset directly.
“We are also exploring other thematic opportunities within the digital asset sector to meet investor demand,” he added.
The launch of IBTC follows the introduction of four spot Bitcoin ETFs in Hong Kong on April 30.
However, three of the four Hong Kong ETFs have experienced cumulative net outflows since their launch, with the exception of Bosera’s spot Bitcoin ETF.
In contrast, U.S. Bitcoin ETFs have seen better performance, with cumulative inflows of $13.9 billion, although this is offset by $17.9 billion in outflows from the Grayscale Bitcoin Trust.
Yew noted that Australia is a “very crypto-heavy country” and predicted that local spot Bitcoin ETFs could generate between $3 billion to $4 billion in net inflows within the first three years.
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