Bitget, a major cryptocurrency exchange, is working with Indian regulators to secure the necessary licensing to operate in compliance with local laws.
The company announced on July 3 that it has been in active discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration.
Simran Alphonso, Bitget’s head of global communications, emphasized the importance of this registration for tax compliance and operational transparency.
“It also provides a safe ground to host meetups, interact with the community and run educational drives. It makes a crypto exchange more reliable and credible,” Alphonso noted.
Alphonso further explained that FIU registration would enhance consumer protection by aiding in dispute resolution, fraud compensation, and support from civil forces in tracking down scammers.
Bitget currently operates in India but faces challenges due to the lack of VASP registration.
Alphonso stated, “There’s difficulty for new users to access Bitget apps on Google Play store and App store while existing users can use the app with all its available features.”
She did not specify the exact services Bitget offers its current users in India.
Despite these challenges, Alphonso expressed Bitget’s commitment to the Indian market, describing it as a “high-priority market” for the company.
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Bitget’s move towards compliance follows recent approvals by India’s FIU for VASP applications from other major exchanges like Binance and KuCoin in May 2024.
These approvals reinstated their legal status in India after the FIU had issued noncompliance notices to nine crypto exchanges, including Binance and KuCoin, in late 2023.
Due to these compliance issues, apps from Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC were blocked on Apple’s App Store in India in December last year.
KuCoin reportedly paid a penalty of $41,000 and resumed operations in May 2024. The FIU also fined Binance $2.25 million for servicing Indian clients without adhering to local Anti-Money Laundering rules.
“Currently other global exchanges — like KuCoin and Binance — have paid penalties and are now completing the registration to restore full services.
“This is now the same case with Bitget — it’s applied for registration and is currently in talks with the regulators,” Alphonso stated.
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India’s largest cryptocurrency exchange, CoinDCX, has acquired BitOasis, a prominent virtual asset trading platform in the Middle East and North Africa (MENA) region.
This acquisition marks CoinDCX’s entry into the MENA market, reflecting the company’s ambition to expand globally.
BitOasis is known for its high trading volumes in Emirati dirhams, making this acquisition a strategic move for CoinDCX to establish a strong presence in the region.
BitOasis recently secured a Virtual Assets Regulatory Authority (VARA)-issued minimum viable product (MVP) operational license from the Central Bank of Bahrain (CBB).
This license allows BitOasis to operate as a broker-dealer under strict regulatory conditions, ensuring that its operations comply with legal requirements.
Sumit Gupta, co-founder of CoinDCX, explained to Cointelegraph that BitOasis would continue to operate independently under its existing licenses, supervised by the relevant regulatory authorities.
“Users’ personal data will remain protected in line with BitOasis’ privacy policy and applicable law and regulation.
“Users’ assets and funds will remain fully segregated and kept safe in line with applicable regulatory requirements.”
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The acquisition is expected to enhance the user experience on both platforms by offering a broader range of products and increased trading and token options.
Despite the acquisition, user accounts will not be migrated or linked between BitOasis and CoinDCX, maintaining the autonomy and privacy of each platform’s users.
In January, Gupta spoke with Cointelegraph about a $1 million fund to help investors transfer their assets from non-compliant platforms to CoinDCX.
With an estimated $4 billion invested in cryptocurrency on offshore exchanges by Indian investors, recent regulatory changes have raised significant concerns.
CoinDCX is actively supporting users by establishing secure deposit routes and offering a 1% bonus to those moving to the regulated exchange.
This strategic acquisition and CoinDCX’s initiatives underscore the company’s commitment to providing a secure and regulated environment for cryptocurrency trading, while also expanding its global footprint in the burgeoning crypto market.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Marathon Digital Holdings, the world’s largest Bitcoin mining company, has not sold any of its Bitcoin holdings over the past month despite a prolonged downtrend in Bitcoin prices.
According to the company’s operations report published on July 3, Marathon held 18,536 BTC worth over $1.1 billion as of June.
Marathon aims to strengthen its Bitcoin reserves through market purchases and other strategies to boost its Bitcoin yield. However, the firm noted that it might sell some of its Bitcoin in the future:
“MARA opted not to sell any bitcoin in June.
“The Company still intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury, and for general corporate purposes.”
The selling patterns of major Bitcoin holders, including mining firms, can significantly impact Bitcoin’s price.
The upcoming 2024 Bitcoin halving, which will reduce block rewards by half, might compel miners to sell more Bitcoin.
Marathon Digital, valued at over $6.25 billion, surpasses CleanSpark, the second-largest Bitcoin mining firm with a market capitalization of $3.85 billion, by 62%.
Marathon Digital has doubled its operational hashrate to 26.3 exahashes (EH/s) in June, thanks primarily to improvements at its Ellendale facility, which became fully operational in early July.
CEO and chairman Fred Thiel stated:
“Our proprietary mining pool outperformed, capturing 158 blocks during the month, a 10% increase over last year.”
Marathon’s goal is to achieve a hashrate of 50 EH/s by the end of 2024.
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Thiel highlighted the optimization of new sites with immersion cooling technology and the latest hardware, affirming the company’s path to meet this target:
“Domestically, our team continues to optimize our recently acquired sites with immersion cooling technology and the latest generation hardware.
“With these advancements and the expansion of our fleet, we remain on track to reach our target of 50 EH/s by the end of this year.”
Marathon is also pioneering the use of Bitcoin mining for renewable heating. In Finland’s Satakunta region, Marathon launched a 2-megawatt pilot project utilizing “district heating” to warm a town of 11,000 residents.
This method leverages the excess heat produced by mining rigs, offering a sustainable and cost-effective heating solution.
Thiel emphasized the benefits of integrating digital asset compute with district heating, which could reduce carbon emissions, lower costs, and minimize waste heat.
Marathon aims to expand its global presence and support the energy transformation through such innovative projects:
“Integrating digital asset compute with district heating can reduce carbon emissions, lower costs, and minimize waste heat, leading to enhanced sustainability and economic savings for both industries and end-users.
“We look forward to expanding our global presence as a leader in leveraging digital asset compute to support the energy transformation.”
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RedStone Oracles has successfully completed a $15 million Series A funding round to advance its modular blockchain oracle solution, which has already garnered 100 clients.
RedStone, branding itself as the “fastest-growing modular oracle,” plans to utilize the new funds to enhance its oracle products.
These products are designed to provide gas fee-optimized price feeds for all Ethereum Virtual Machine (EVM) and rollup-as-a-service (RaaS) networks.
The funding round was led by Arrington Capital and included contributions from other prominent investment firms such as Spartan, IOSG Ventures, SevenX, Amber, HTX Ventures, and angel investors including the founders of EtherFi and Berachain.
Michael Arrington, the founder of Arrington Capital, highlighted RedStone’s infrastructure as a key reason for their investment.
He stated, “We have been impressed by RedStone’s ability to push ahead web3 infrastructure in technical achievement, go-to-market, and security.
This is a team of builders who we believe will continue to lead in the oracle space.”
Founded in 2021 during the Arweave incubation program, RedStone has seen significant progress since its mainnet launch in January 2023.
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It has acquired over 100 clients and secured $4 billion in value.
The chain-agnostic solution supports over 60 blockchains, making it an appealing choice for projects on emerging networks like zkSync Era, Linea, Mantle, and Scroll.
RedStone aims to offer lower transaction costs (gas fees) compared to other oracle solutions, aiding decentralized applications (DApps) in reducing unnecessary data and price feed-related expenses.
It achieves this by avoiding redundant gas fees associated with pushing the same data to multiple chains.
Blockchain oracles represent a swiftly growing sector within decentralized finance (DeFi).
According to CoinMarketCap data, the total market capitalization of all oracle-related cryptocurrencies was $13.1 billion as of June 3.
Chainlink leads the market with over $24.3 billion in total value secured (TVS) across nearly 400 protocols, followed by WinkLink with a $7.35 billion TVS across two protocols, as per DefiLlama data.
Currently, RedStone ranks as the sixth-largest oracle solution tracked by DefiLlama, with a $1.32 billion TVS across 38 protocols.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The latest CertiK Web3 Security Report reveals that onchain security incidents resulted in $1.19 billion in losses during the first half of 2024, highlighting the urgent need for enhanced security measures.
The report indicates that phishing attacks and private key compromises were the primary causes, with phishing attacks alone causing nearly $498 million in losses.
In a written Q&A with Cointelegraph, CertiK co-founder Ronghu Gu emphasized the importance of multifactor authentication, such as two-factor authentication (2FA) and “security keys.”
He stated, “All wallets with significant funds should be interacted with using a hardware wallet or similarly secure and well-designed key management solution.”
The second quarter of 2024 witnessed the most significant security breach with the DMM Bitcoin attack, resulting in a loss of $304 million.
This incident is now among the most significant hacks in history. The Japanese crypto exchange was compromised, leading to the theft of 4,502.9 Bitcoin and prompting the platform to enhance its security measures to prevent future thefts.
Another notable incident involved the Turkish crypto exchange BtcTurk, which suffered a cyberattack targeting hot wallets and resulting in a $90 million loss.
Gu informed Cointelegraph that these breaches demonstrate that “attackers are still out there” testing the defenses of major crypto custodians.
He stressed the necessity of proactive measures and a reactive response team to handle incidents.
In response to the significant losses in the first half of 2024, the United States introduced and passed the FIT21 regulatory framework bill.
This bill aims to enhance consumer protections and support innovation in the crypto sector through a comprehensive digital asset regulatory framework.
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It received bipartisan support and is expected to create a safer, better-regulated environment for digital assets in the United States.
Gu noted that the FIT21 bill “will likely attract more institutional investors and drive greater compliance efforts and requirements across the industry.”
Despite the concerning findings of CertiK’s report, Gu explained that “the trend is not pointing downward.”
Although crypto hacks caused nearly $385 million in losses in May, exploits and hacks decreased by 54.2% in June.
PeckShield data indicates that $176.2 million was lost to crypto hacks in June, showing a significant reduction from May.
Gu advised that while these losses might be a part of the industry for now, users can take “simple measures” to protect themselves, such as implementing 2FA.
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On July 3, Bitcoin‘s price dipped below the significant $60,000 mark, sparking concerns of extended price consolidation as the potential release of $9 billion in BTC from Mt. Gox looms.
Bitcoin dropped 4.2% in the 24 hours preceding 10:33 am UTC on July 3, reaching a low of $59,600. According to CoinMarketCap, the cryptocurrency is down 1.8% over the week.
Since June, Bitcoin has been in a downtrend, marking an almost 18% decline in the second quarter of 2024.
Investors have been eagerly awaiting a breakout above $70,000 to trigger new all-time highs, but falling below $60,000 could signal a prolonged price correction.
The potential start of repayments to Mt. Gox creditors might be contributing to Bitcoin’s decline.
The defunct exchange may have begun repaying creditors, as suggested by a Bitcoin transfer volume chart for tokens last moved between seven to ten years ago, shared by Charles Edwards, founder of Capriole Investments. Edwards noted in a July 2 X post:
“The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B.
“But by who? Mt. Gox. It looks like those distributions really are coming.”
Mt. Gox owes over $9.4 billion in Bitcoin to about 127,000 creditors who have waited for over a decade to recover their funds. Many investors might cash out after years of untouched profits.
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However, the $9 billion from Mt. Gox could be offset by institutional inflows to U.S.-based spot Bitcoin exchange-traded funds (ETFs).
Since their January launch, these ETFs have amassed over $52.5 billion in BTC, according to Dune.
Questions arise about whether Bitcoin whales influenced the price drop below $60,000.
One large Bitcoin holder sold $180 million worth of Bitcoin within three minutes, an unusually high amount for such a brief period. Popular industry watcher Zaheer highlighted this large sale in a July 3 X post.
Further contributing to the decline, another unknown whale transferred 1,723 BTC worth over $168 million to Binance within the past 24 hours, according to Lookonchain. This transfer suggests the whale might be looking to sell and lock in profits.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Playboy Biden (PLAYBID) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Playboy Biden (PLAYBID), a Solana memecoin that was launched recently, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Playboy Biden presents a similar opportunity.
Playboy Biden has a market cap below $160,000 at the moment despite rallying 830% recently, meaning that when it just reaches a modest market cap of $5 million, early investors would generate returns of around 70,000% in a matter of days or hours.
The exciting memecoin is poised to rally 11,000% in the coming two days, and Playboy Biden could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Playboy Biden 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 Playboy Biden on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Playboy Biden by entering its contract address – D4xVc71di6F8187sD2Mkvo1Bs87QHGoHzbcJKdFPBhvt – 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 PLAYBID.
Bitcoin traded at $61,000 on July 3 following a worsening United States inflation outlook.
Data from Cointelegraph Markets Pro and TradingView indicated BTC price strength slowly recovering from a 2% dip at the daily close.
This downturn led to local lows of $60,561 on Bitstamp, erasing gains from the weekend.
The mood deteriorated further as Jerome Powell, chair of the U.S. Federal Reserve, spoke about the economy and monetary policy at an event in Portugal.
Powell explained that the Fed needed more convincing that conditions were right to lower interest rates, a key move being closely watched by crypto and risk asset bulls.
“We just want to understand that the levels that we’re seeing are a true reading on what is actually happening with underlying inflation,” Powell said, quoted by Reuters and others.
Markets slightly reduced the odds of a rate cut coming at the September meeting of the Fed’s Federal Open Market Committee (FOMC), with the likelihood standing at around 65% at the time of writing, according to CME Group’s FedWatch Tool.
“It’s clear that the Fed will continue their ‘meeting by meeting’ approach,” trading resource The Kobeissi Letter wrote on X.
“While markets are expecting 2 rate cuts this year, the Fed’s latest guidance says 1 cut is coming. The next few months are crucial.”
Bitcoin market participants watched with frustration as BTC/USD returned to the bottom of a familiar range.
READ MORE: Web2 Apps Will Enter A Brave New World In Web3, But How Can They Do It?
Popular trader Skew noted manipulative liquidity moves on exchanges via order “spoofing,” where overhead resistance was added and removed multiple times.
Spot demand on Binance, the largest global exchange, was at $60,000 “and lower,” he added.
Others noted that Bitcoin had filled the latest “gap” in CME futures, created by the weekend’s upside.
Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, expressed concern over the latest BTC price action.
Markets, he argued, had not yet reconciled with the ongoing capitulation phase among miners, a phenomenon recently reported by Cointelegraph.
“Price has not yet reflected the onchain obliteration,” he warned X followers. “It doesn’t have to happen, time also heals all wounds, but Bitcoin is not patient.
Either we’re lucky, and price just consolidates between $60-70K for up to 2 months, or we puke and get a healthy overdue correction.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Web3 is spreading like wildfire, and more businesses are becoming convinced that the future of digital interactions will find a home in decentralized, blockchain-based networks.
The blockchain is impacting everything from the way business operations are executed, to how financial transactions are handled, how startups raise money and how art and real estate are bought and sold. Businesses are seeing this, and more of them have decided that it’s time to take the plunge and embrace the vision of a permissionless and decentralized internet.
Advocates of Web3 say it’s the future of the internet, built on a foundation of new-age technologies like blockchains, cryptocurrencies and NFTs. By building on Web3, businesses can tap next-generation capabilities such as ownership of digital assets, data immutability, censorship resistance and complete data privacy.
Decentralized applications or dApps enable powerful new business models, such as revenue-sharing and a creator-focused economy, with enhanced security and a more equitable economy in which everyone can participate, free from the influence of traditional intermediaries. That’s why businesses are looking for ways to migrate their Web2 applications to Web3, or build new dApps from scratch.
What Goes Into Web2-To-Web3 Migrations?
Migrating a Web2 app requires a firm understanding of the different application architecture that supports Web3 dApps.
Whereas Web2 apps have three main components, the backend, frontend and database, Web3 dApps are based on a backend that lives on the blockchain, supported by blockchain nodes. The Web3 dApp’s frontend connects with those nodes to access the blockchain platform it’s built on. Furthermore, the backend leverages IPFS and data indexing protocols to store files and retrieve data hosted on the blockchain. To interact with a Web3 dApp, users must have a digital wallet with integrated authentication.
Understanding this, it’s clear that Web3 application architectures are more complex than their Web2 counterparts, but the process of migrating an app to Web3 can be broken down into various steps.
1. Infrastructure migration
The first step is to migrate the app from its centralized infrastructure, such as a database hosted on a server, to a decentralized blockchain. These blockchain infrastructures consist of numerous distributed nodes that make up a network, working with one another to verify and add “blocks” to the blockchain. By migrating to a blockchain such as Ethereum, Web2 apps will be able to support smart contracts, which can execute transactions based on predefined conditions, without any intermediary.
2. Code migration
When moving an app from a traditional server to a blockchain, it’s necessary to translate its codebase to a specialist language that understands how decentralized networks operate. If your Web2 app is written in a programming language such as Javascript, it will need to be rewritten in Solidity if, for example, you wish to migrate it to Ethereum.
3. Oracle integration
Most applications require access to offchain data. In a Web2 environment, this is done through the use of APIs. But in Web3, there is a requirement that off-chain data comes from decentralized sources so it cannot be manipulated. This means tapping into data oracles such as Pyth Network.
4. Data storage
One thing that doesn’t have to change is the underlying storage resource. Because blockchains are extremely inefficient at storing data such as content and user information, Web3 dApps use the same kinds of storage services as their Web2 cousins, such as AWS, Microsoft Azure, Google Cloud or DigitalOcean.
5. Payment gateways
Embracing Web3 means also embracing crypto, which is the currency of the decentralized world. In that case, it’s important to either build a Web3 wallet into your app, or else enable users to connect to it using a third-party wallet such as MetaMask or Trust Wallet. With this Web3 wallet, app users have a way to store, manage and transact with crypto assets such as cryptocurrencies and NFTs.
Most dApps will also want to incorporate what’s known as a crypto on-ramp, which makes it easy for their users to exchange fiat money into cryptocurrencies. It’s essential to integrate this with the dApp, because if users are forced to exit the dApp and go to a cryptocurrency exchange, there’s a big risk that they’ll never come back to use your dApp again.
Developers can integrate crypto on-ramps and off-ramps using an API-based service such as Transak. All they have to do is paste in a couple of lines of code, and the Transak widget will appear within their dApp, giving users an easy way to buy and sell digital tokens from within the app in just a few clicks. What’s more, by integrating with Transak, dApps also don’t need to worry about the KYC process to onboard new users, as this is streamlined as part of the process of purchasing crypto.
6. User flows
The actual user experience won’t likely be impacted too much. The trend these days is to abstract away as much of the complexity of blockchain as possible, so users won’t even know they’re interacting with it. The main difference is that users will have ownership of their content, data and assets, free of any censorship or control.
How To Perform A Web2-To-Web3 App Migration?
Now we understand what needs to be done, we can set about doing it step-by-step.
A. Consider your use case
First off, the task begins with understanding the requirements of your app migration and the new use cases you want to introduce with Web3. This involves making a list of the blockchain features and functions you desire. For instance, if you’re migrating a video game from Web2 to Web3, you’ll probably want to introduce crypto and NFTs that support specific features.
Developers should also consider the existing use cases of their Web2 apps and see if these can be improved with Web3. By moving to the blockchain, it’s possible to introduce more secure transactions, enhance data integrity, increase transparency and decentralize identity management.
B. Choose a blockchain
The choice of blockchain is an important one, and includes deciding whether to go with a public or private chain. Some of the best public blockchains include Ethereum, Solana, Polygon, Polkadot, TON and Avalanche, while private chain options include Corda, Cosmos, Hyperledger and Hyperledger Fabric. You’ll want to consider the various functions and capabilities of the blockchain, as well as its level of performance, transaction fees, the type of smart contracts it uses, and so on.
C. Create your smart contracts
The nature of your smart contracts will be determined by the features and functionalities you want to bring to your migrated Web2 application. Smart contracts are what power everything that goes on behind the scenes in Web3 dApps, and enable code to be executed automatically when specified conditions are met.
D. Integrate your app
Once you have everything set up, you’ll need to make your dApp composable by integrating with various Web3 APIs, libraries, node endpoints, frameworks, SDKs and other developer tools that might be relevant. It’s these integrations that make it possible for users to interact with your dApp, fetch and query data, enable smart contract logic and so on.
E. Test, upgrade and deploy
You’re now ready for the testing process, which should be rigorous and conducted on an ongoing basis to ensure everything works smoothly and no vulnerabilities are introduced. The final step is to deploy your Web3 app on the mainnet. Be sure to perform best practices to optimize the performance of your new dApp, to streamline transaction speeds and lower costs.
You’re now blockchain-ready
Web2-to-Web3 application migration is a tricky and time-consuming process. It requires careful planning, a significant degree of expertise with blockchain platforms and smart contracts, and a strong commitment to the cause of decentralization.
That said, migrating to Web3 is a no-brainer for any business that understands where the future of the internet is headed, enabling them and their users to take advantage of the numerous benefits and opportunities to be found in a world where every app will eventually run on a decentralized network.
Chromia has announced that its MVP Mainnet will be activated on July 16, marking a significant advancement in its relational blockchain technology. The MVP Mainnet launch is set to solidify the foundation of the Chromia network and initiate the use of the native CHR token. This move will allow the existing CHR token, currently operating as ERC-20 on Ethereum and BEP-20 on BNB Chain, to be migrated to the MVP Mainnet.
The Mainnet will start crucial functions essential for the network’s operations and security, including network hosting fee payments and provider payouts, which will be exclusively managed on the MVP Mainnet.
Henrik Hjelte, Chromia’s co-founder, reflected on the project’s inception and evolution, stating, “Our journey began twelve years ago with Colored Coins, the world’s first token protocol. Following this, we launched a bank-backed stablecoin and recognized the potential of integrating relational databases with blockchain, inspiring the creation of Chromia. After years of development, we are thrilled to see the concept of relational blockchain become a reality.”
Alex Mizrahi, another Chromia co-founder, emphasized the unique architecture of Chromia, “Chromia combines blockchain architecture with ideas from cloud computing and database theory to provide a full spectrum of tools needed to deliver an amazing end user experience. This launch sets the stage for the future growth and development of our network, and I’m excited to see what developers can create with our tech.”
Chromia’s platform, developed by ChromaWay, utilizes relational blockchain technology which restructures on-chain data management, enhancing the efficiency of complex searches and calculations without depending on external services like indexing, data availability layers, or RPC servers.
The platform offers a novel approach to blockchain economics where developers can lease resource containers and generate revenue, easing user interaction and fostering new Web3 business models. This setup allows even non-cryptocurrency owners to engage with decentralized applications (dapps).
With the foundation established, Chromia’s MVP Mainnet is poised for a gradual increase in network activity, expected to enhance the Total Value Locked (TVL) as more dapps and assets transition from EVM chains to the Chromia platform.