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Centralized Exchanges Hit Hard as Crypto Theft Nears $1.4 Billion in 2024, Cyvers Report Reveals

Blockchain News/CD/Crypto News Today/DeFi

Centralized exchanges have become the primary targets for crypto thefts in 2024, according to Cyvers’ mid-year Web3 security report.

The total volume of stolen cryptocurrency is nearing $1.4 billion this year.

The second quarter of 2024 saw over $600 million in crypto losses, doubling the amount from the same period in 2023.

This dramatic increase is largely due to a 900% rise in thefts from centralized exchanges.

“This quarter has witnessed a significant shift in attack vectors, with centralized exchanges (CEX) bearing the brunt of major incidents, while decentralized finance (DeFi) protocols show improved resilience,” the report stated.

“This trend may be attributed to the concentration of assets in centralized platforms and potentially lax security measures in some exchanges.”

Access control breaches, particularly phishing attacks, were responsible for most of the stolen funds, totaling about $490 million in Q2.

In contrast, smart contract exploits resulted in less than $70 million in losses during the same period.

DeFi protocols have managed to protect users through quick action to freeze compromised smart contracts, although Cyvers warned that new vulnerabilities in complex contracts continue to pose risks.

Cross-chain bridges are also emerging as significant targets, with the report highlighting the $1.44 million exploit of XBridge in April.

A major incident impacting Cyvers’ Q2 data was the breach of Japanese cryptocurrency exchange DMM in May, where a compromised private key led to over $300 million being stolen.

Additionally, Turkish cryptocurrency exchange BtcTurk suffered a $50 million loss to hackers in June.

The report noted a positive trend in the recovery of stolen funds, with a 42% increase in recovered funds in Q2 compared to the same period in 2023.

However, the majority of stolen funds (around 76%) remain unrecovered.

Cyvers emphasized the need for vigilance among Web3 users, highlighting emerging threats from artificial intelligence and quantum computing, which could provide hackers with advanced tools to bypass onchain security measures.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Sell-Off Opens Door for Bargain BTC ETF Shares Amid Market Volatility

Bitcoin/Blockchain News/CD/Crypto News Today

Bitcoin’s significant sell-off might offer buy-and-hold enthusiasts a chance to purchase BTC ETF shares at lower prices.

Spot Bitcoin dropped to around $53,500, a four-month low, on Friday due to anticipated large BTC liquidations by Germany’s government and Mt. Gox, the defunct Japanese crypto exchange.

The share prices of major BTC ETFs are already being affected, and continued market volatility could lead to appealing discounts.

Bitcoin ETFs, such as Franklin Templeton Digital Holdings Trust (EZBC), VanEck Bitcoin Trust (HODL), and iShares Bitcoin Trust (IBIT), have become the benchmark for spot BTC holders since U.S. regulators approved these publicly traded funds in January.

However, the robust protections and security measures of these funds have resulted in shares trading at persistent premiums to their net asset value (NAV) since their inception, driven by institutional investments.

As of early July, the top five Bitcoin funds traded at an average premium of nearly 1%.

ETFs rely on a select group of professional market makers called “authorized participants” (APs) to maintain ETF share prices aligned with the fund’s NAV.

These APs are the only traders allowed to exchange and redeem BTC ETF shares for spot BTC, profiting from intraday pricing spreads.

Currently, only a few APs are equipped to handle BTC spot trading, making ETF shares susceptible to sharp price movements in volatile markets.

The ongoing liquidations by Germany and Mt. Gox could introduce billions of dollars of sustained selling pressure, leading to volatility and potentially wider ETF price swings, creating arbitrage opportunities for traders.

If traders are hoping for an arbitrage similar to the Grayscale Bitcoin Trust (GBTC) discounts of late 2022, they might be disappointed.

The GBTC situation, where shares traded at discounts approaching 50% of NAV, is unlikely to reoccur due to vastly improved liquidity and increasing institutional investor awareness of BTC’s value.

Bitcoin funds have already seen $398 million in net inflows since the recent sell-off.

Nevertheless, significant opportunities might still be available.

In May, shares of BlackRock’s IBIT ETF briefly dipped to a discount of nearly 2% during institutional end-of-month rebalances amid market volatility.

Other funds, including FBTC, BITB, and ARK 21Shares Bitcoin ETF (ARKB), also traded at discounts of nearly 1.5%.

With upcoming BTC liquidations from Germany and Mt. Gox, market volatility is expected to rise.

Investors should monitor ETF arbitrage opportunities closely, especially in EZBC, HODL, and IBIT, which offer attractive management fee discounts, some waiving fees entirely until 2025.

Traders willing to navigate the current volatility may find benefits.

Despite the selling pressure, BTC could see a bullish turnaround by year-end, driven by potential Federal Reserve interest rate cuts and favorable odds for Donald Trump in the upcoming U.S. presidential election.

Now is the time to look for discounts.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Flipster Launches Trading Competitions with 150,000 USDT worth of prizes to Celebrate 1st Anniversary

Press Releases

Warsaw, Poland, July 10th, 2024, Chainwire

Flipster, a cryptocurrency derivatives trading platform, is celebrating its 1st anniversary by launching two competitions and giving away 150,000 USDT worth of prizes.

Since its launch, the Flipster platform has been fueled by a 1,943% trading volume growth and 3,998% net asset growth. These figures accompany an equally impressive 190% sign-up growth, and a 565% growth in active traders, with users spanning across 177 countries, reflecting strong user retention and platform satisfaction.

A fast-growing cryptocurrency trading platform, Flipster has a daily trading volume exceeding $480,000,000, according to CoinMarketCap data as of the date of this release.

Source: CoinMarketCap

Platform Highlights

Wide variety of crypto: Traders can access over 250 perpetual futures listings with leverage of up to 100x, including tokens not readily found on other futures trading platforms and some with low visibility in spot markets, offering more diversification opportunities.
Zero Trading Fees: Our zero trading fees allows traders to maximize their profits by eliminating transaction costs, making Flipster attractive for retail users seeking the best prices compared to other exchanges.
High Liquidity: Flipster offers narrower bid-ask spreads and higher liquidity than larger trading platforms, facilitating seamless trading regardless of market conditions.

The past year has been packed with top-tier partnerships to bring the Flipster trading experience to a whole new level, including TON (The Open Network), Over Protocol, and Scallop (SCALLOP).

Flipster’s commitment to being the fastest trading platform to offer the world’s first perpetual futures listings on the latest cryptocurrencies, with recent listings including ZRO, ZK, AEVO, BLAST, and ETHFI, appeals to serious traders looking to elevate their crypto game.

The Flipster team aims to continually reimagine what exists in the crypto space to unlock unprecedented value for users. Through its Earn Campaign, users can trade while earning a 20% APR* (varies daily) on their USDT wallet balance simultaneously, with no lock-up period and automatic daily reward distribution. Other latest innovations include multi-position trading, launchpool, and position airdrops.

User safety and asset security comes first on Flipster. The trading platform adheres to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. Industry standard security measures such as two-factor authentication is compulsory for all user accounts, and the Flipster team performs continuous monitoring of all transactions for suspicious activity. To protect users’ accounts, Flipster continuously updates and improves its security measures in response to emerging threats and technological advancements, and performs ongoing security assessments and compliance checks.

Source: https://flipster.io/support/proof-of-reserves

As part of its commitment to transparency, Flipster conducts regular audits of its reserves and has published its Proof of Reserves (PoR) on its website. PoR is a form of verification that ensures all user assets held on Flipster’s platform are fully backed on a 1:1 basis and are securely managed. The safeguarding of their assets is always a top priority for Flipster. By doing this, users can easily authenticate that their assets are fully accounted for, reinforcing the trust and confidence they have in Flipster, and giving them peace of mind.

To celebrate this 1st anniversary milestone and appreciate the community’s support, Flipster is excited to announce two competitions, with prize pools of 75,000 USDT each. Users can take part in a trading volume competition or profit and loss (P&L) trading competition from 17 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC.

Be among the first 12,000 users to register for each competition from 10 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC for participation eligibility. To claim rewards, users need to contribute a trade volume value of at least 10,000 USDT. The top 200 traders for each competition can get their share of rewards. For more information, click here.

Flipster plans to host in-person meet-ups, offline events, social media contests, and more trading competitions. Stay tuned for more information.

About Flipster

Flipster is among the fastest-growing crypto derivatives trading platforms, offering lightning-fast perpetual futures listings on the latest cryptocurrencies. The easy-to-use platform provides users with an all-in-one trading experience with leverage of up to 100x on over 250 tokens with high liquidity and zero trading fees. For media enquiries or interview requests with the team, please reach out to pr@flipster.io.

Contact

Marketing Specialist
Shirlyn Tan
Flipster
pr@flipster.io

Masa Launches LLM-Powered AI Data Subnet on Bittensor, Bringing Hundreds of Developers into the Ecosystem

Press Releases

Brussels, Belgium, July 9th, 2024, Chainwire

Masa also becomes the first live token in the Bittensor Subnet Ecosystem, introducing a new dual-token reward structure to incentivize contributors and democratize AI development.

Masa, a decentralized AI network where people earn by contributing data, today announced the launch of an AI Data Subnet on Bittensor, a protocol pioneering the decentralized production of artificial intelligence. Masa will leverage Bittensor’s peer-to-peer machine intelligence network to supercharge AI data aggregation, transformation, and access. Together, this empowers a world of Fair AI powered by the people, where AI developers can build anything, anywhere with the world’s data.

The AI sector of the crypto industry is projected to reach $10.2 billion in revenue by 2030, according to a research report from VanEck, while centralized AI has a projected market share value of $1.8 trillion by 2030. However, there is a clear demand for decentralized players, as the essential components of AI including compute, models, and data, should not be monopolized by centralized entities.

Value Proposition of the Masa Bittensor Subnet

Bittensor has amassed a $10 billion AI ecosystem since its launch in March 2023. Institutional validators, such as DCG subsidiary Foundry and Polychain, collectively staked a total of 5.7 million – or $1.8 billion worth of – $TAO. Bittensor operates through a central network consisting of smaller, specialized sub-networks, each dedicated to different areas of AI. With its sophisticated TAO economic model that incentivizes the production of high-value AI subnets, Bittensor is a significant player in the DeAI space.

Masa enables people from all over the world to contribute data and compute to AI development, without centralized control. Masa allows AI developers to build anything, anywhere with the world’s data. It facilitates the fair, open, and permissionless contribution of AI training data, compute, and bandwidth.

Similar to Bittensor’s incentive mechanism, Masa contributors – validators and workers – are rewarded based on the value of their contribution to the network, using game-theoretical frameworks that optimize a contributor’s utility on the network. This ensures an effective system that uses economic incentives to drive growth and the equitable expansion of Fair AI.

The Masa Bittensor Subnet provides real-time and static, structured, annotated, and vectorized data from a variety of data sources critical for AI development, such as X (Twitter), Discord, diarized speech (e.g. podcasts, YouTube, TikTok), gated web data (e.g. New York Times), and public web data (e.g. Google Search).

Real-time data can be used to build robust datasets or directly in system prompts for current context. Static data sets are constantly updated and stored by subnet workers for further processing into vectors to fuel Retrieval Augmented Generation (RAG) in AI agents. These data sets are processed and annotated using agentic data pipelines that employ fine-tuned LLMs trained on JSON and other formats to deliver high-quality outputs from volatile data inputs. AI developers have been using Masa data for a wide range of use cases, such as capturing trading signals and building hyper-personalized AI companions.

The Masa and Bittensor communities can participate using low-power devices to run a Masa worker node from laptops, servers, or future mobile devices by contributing compute and bandwidth from anywhere in the world.

$MASA Joins Bittensor Subnet Ecosystem as First and Only Live Token

Masa’s token, $MASA, now becomes the only live token for any subnet in the Bittensor ecosystem. In addition, Masa Protocol and Masa Bittensor Subnet validators and workers can earn dual-token staking rewards in $MASA and $TAO. Masa Foundation-owned TAO from operating the subnet will be used to support $MASA through buybacks or distributions as part of the emissions schedule.

Masa was the first AI project to debut on CoinList in 2024 via a 17-minute public sale in March. Over the last 2 years, Masa has grown to over 1.6 million contributors and over 100 developers in its network, where individuals earn by contributing data. Masa’s ecosystem of contributors, developers, and validators is expected to significantly enhance Bittensor’s performance and utility.

“As an early crypto builder and adopter who participated in Ethereum’s ICO in 2014, Bittensor reminds me of Ethereum’s ecosystem circa 2017,” said Brendan Playford, Co-founder of Masa. “While Bittensor is still in its early days, it has the potential to surpass Ethereum’s growth, fueled by the rapid expansion of Decentralized AI. DeAI has the potential to become even bigger than Bitcoin. At Masa, we are integrating into the Bittensor ecosystem to exponentially accelerate the development of Decentralized AI, with data serving as the new currency of Fair AI.”

To date, Masa has raised $18 million backed by DCG, Anagram, Republic Digital, Animoca, and was incubated by Binance and Hashkey.

“The launch of Masa’s subnet underscores the growing momentum in decentralized AI. We proudly support Masa as they advance both decentralized and broader AI development, which aligns deeply with our belief in the power of decentralized technologies,” said Evan Malanga, VP Strategy at DCG.

To participate in the Masa Bittensor Subnet, users can visit Masa’s website. For additional information, usrse can follow Masa on X.

About Masa

Masa is a decentralized AI network, where people earn by contributing data. AI developers can build anything, anywhere with the world’s data. Users are welcome to join Masa’s mission to create Fair AI, powered by the people.

Contact

PR Manager
Lauren Bukoskey
Serotonin
lauren@serotonin.co

5 Ways to Start Earning with Notcoin (NOT) Today

Blockchain News/CD/Crypto News Today

The crypto world is abuzz with the recent listing of Notcoin on May 16, 2024. The digital asset has captured the attention of many investors worldwide before and during its listing. As the excitement surrounding Notcoin continues to mount, exploring all the opportunities it presents is essential. Discover NOT and learn how to maximize your earnings with this burgeoning currency.

What is Notcoin: Coin or Not?

Originally, Notcoin was a Telegram-based clicker game created by Open Builders. It has captured the attention of over 35 million enthusiasts. What was the primary motivation to play it? Every click on a gold coin brought players more and more NOT coins. In simple words, anyone could mine tokens by tapping on the screen. Moreover, the game included global leaderboards with various tiers, the ability to gather in squads, and many boosts or perks. This brilliant idea showed an alternative to the expensive mining process and unlocked a new era in the whole crypto industry.

Notcoin was recently launched on The Open Network (TON). It has become a meme coin, a tradable asset that has settled a price of ~$0.007 per token as of May 17, 2024. Although the mining phase has ended, it’s expected to return soon. Anyway, the most crucial thing is how Notcoin will show itself on the crypto market, where it will be listed, and how many investors will support the project in the long term.

What’s Special About Notcoin?

What sets NOT apart from its peers is the ease of obtaining it and the incredible response from its loyal community. This token has helped many enthusiasts dive into cryptocurrency to make quick and easy money. Notcoin allowed beginners to start small and build their trading experience for future achievements. Moreover, this token represented itself through tap gameplay and opened up a new approach to receiving cryptocurrency via the Telegram messenger. Hence, Notcoin has gained a reputation among millions of enthusiasts.

Why Do So Many Leading Platforms List NOT coin?

Notcoin is a phenomenon and one of the main trends of 2024. The decision of leading platforms to list Notcoin speaks volumes about its intrinsic value and prospects. Exchanges prioritize tokens with robust fundamentals, loyal communities, and unique utilities. Thus, the NOT’s listing makes this mutual partnership profitable for both sides. The exchange that adds hype to Noicoin gets many active users. At the same time, the token increases its area of distribution and recognition.

Where is Notcoin listed? The token has been added to the top exchanges, such as Binance, Bybit, OKX, etc. Therefore, you can search for a suitable platform and use a new trading asset to meet your needs.

5 Ways to Start Earning with Notcoin Right Now

Trading Notcoin: the token is now available for trading on leading decentralized exchanges like Binance. Surely, trading on DEXs or CEXs is a more standard way. If you’re keen on purchasing NOT coin and maximizing it through various crypto and entertainment features simultaneously, iGaming platforms are worth a closer look. The BetFury platform, with its own ecosystem of crypto-earning products, was the 1st platform to list NOT in the iGaming industry. You may quickly get Notcoin via BetFury’s crypto exchange and use it to earn more income through the special features on the platform.

Holding Notcoin: Notcoin holding is an excellent opportunity for users to accumulate assets for future use. NOT holding provides a secure and reliable means for individuals to build wealth over time as the token has a great potential to value growth, strong team, tokenomics, and trusted partnerships.

Staking Notcoin with up to 150% APR: crypto staking remains the most well-known tool for passive income. Every NOT owner can get attractive rewards and contribute to the token’s ecosystem. BetFury has launched an exclusive staking pool for Notcoin providers with up to 150% APR. It’s a time-limited offer to benefit from NOT coin with profitable rewards. Over 700 000 NOT coins are staked by users to the Notcoin staking pool:

👉 https://betfury.com/crypto-staking

In addition to the Notcoin Staking pool, this platform offers TON Staking with up to 140% APR and USDT staking with up to 130% APR. Therefore, that’s a great chance to gain NOT and other crypto this beneficial offer is valid for 30 days only at BetFury.

Providing Liquidity to NOT Trading Pools: Numerous trading pools emerged along with Notcoin’s listing on the leading crypto exchanges. If you become a liquidity provider, you will earn a share of the transaction fees as a reward. The most popular automated market maker (AMM) for this purpose is V3. The exchanges with AMM V3 are more advanced and allow liquidity providers to concentrate liquidity on a chosen price range. You can allocate your Notcoin to a specific position, optimizing your potential earnings. Moreover, V3 enables you to independently manage income from multiple positions, offering greater flexibility.

Playing Crypto Games with Notcoin: rooted in gaming and memes, Notcoin continues to thrive in the entertainment sector. Many iGaming platforms offer thousands of games and betting options with Notcoin, providing ample opportunities to have fun and multiply your crypto assets like BCGame, BetFury, Stake, and RollBit. It’s important to note that entering an iGaming platform for the first time gets you special bonuses for registration, which can be simply applied to grasp winnings via games.

For instance, If you’re a new user at BetFury, you get an exclusive bonus for registration. The first 100 users to register on BetFury and enter the promo code NOTCOIN by June 24th will receive 500 BFG on their bonus balance. Make an x40 wager playing on the platform to claim your registration bonus and get a chance to win crypto while reaching the wager. Also, newbies on BetFury can get a Welcome Pack with up to a $10,500 (590%) deposit bonus and 225 free spins.

Which Factors to Consider Investing in Notcoin?

Investing, staking, or trading cryptocurrency can be risky. To avoid or minimize them, consider the following points:

Do your own research: find helpful information from official resources and analyze it to understand the ongoing tendencies of NOT better and improve your earning methods.

Stop-loss: prioritize effective money management techniques to mitigate potential losses and safeguard your investments.

News Tracking: follow the public pages of Notcoin on social networks, and read various articles on trusted media platforms to stay up to date with the latest news.

Ensure Security: check for security audits proving the platform’s trust and install the necessary security measures for funds on the platform where you get income.

About the Future of NOT Coin

Due to the specialties described above, Notcoin has captured the attention of millions. However, each token experiences ups and downs during its development and sustainability journey. The price volatility of altcoins is affected by both the project and the market. It is impossible to precisely predict the price for the next three months or even a year. However, the token has prominent potential given the current achievements of NOT and users’ interest. If Notcoin maintains high-quality tokenomics distribution, regulates market circulation, creates favorable market conditions, and offers utility for holders, the token will be unlimited in its further growth. Presently, the token shows positive growth dynamics, but its future behavior depends on complex factors. Regardless of the future of this asset, make your own decisions and prioritize your safety.

Conclusion

Notcoin emerges as a beacon of innovation and potential in the crypto space. Whether through trading, staking, investment, or gaming, embracing the opportunities the token presents today could soon lead to significant rewards. As NOT continues to make waves, staying informed and actively participating in its ecosystem will be critical to unlocking its full potential.

Bitcoin Mining Difficulty Drops Over 5% to Quarterly Low, Impacting Profitability Thresholds

Bitcoin/Blockchain News/CD/Crypto News Today

Bitcoin mining difficulty saw a significant drop of over 5% on July 5, reaching a quarterly low of 79.50 terahashes per second (TH/s).

This reduction was the most substantial since March, when it briefly dipped below 80 TH/s. After spiking between March and May to an all-time high of 88.10 TH/s, the difficulty gradually settled to its current level at the time of this writing.

Bitcoin mining difficulty is quantified by hashrate, representing the number of attempts a mining machine makes to solve the cryptographic puzzle required to unlock a Bitcoin.

Hashrate updates occur every 2,016 blocks, approximately every two weeks. Generally, Bitcoin’s hashrate has increased monthly, with few exceptions.

In 2014, the hashrate was around 1.1 gigahashes per second, allowing most desktop PCs to mine Bitcoin.

As hashrate increases, more powerful and energy-efficient mining rigs are needed for profitability.

By the end of 2017, as Bitcoin adoption surged, the hashrate crossed the terahash threshold for the first time. As of July 6, 2024, the hashrate stands at 79.5 TH/s, awaiting the next difficulty adjustment.

Under the current difficulty of 79.5 TH/s, F2Pool, a prominent mining pool, suggests that an ASIC rig with an efficiency of 26 watts per terahash or better would remain profitable as long as Bitcoin’s price stays above $54,000.

“With a $BTC price of $54k, ASICs with Unit Power of 26 W/T or less can make a profit. We estimate this at $0.07 per kWh,” F2Pool stated.

Should Bitcoin’s price fall below this threshold, more efficient mining rigs would be necessary to sustain profitability.

However, if the price remains stable, conditions are expected to be favorable for major miners, especially those in regions offering energy subsidies for mining operations.

In summary, the recent decrease in mining difficulty presents an intriguing shift in the Bitcoin mining landscape, affecting profitability and operational strategies for miners worldwide.

The industry will closely watch upcoming difficulty adjustments and market conditions to navigate these changes effectively.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

U2U Network, Chain Capital, and JDI Ventures Launch Groundbreaking DePIN Alliance to Revolutionize Global Infrastructure

Blockchain News/CD/Crypto News Today

The inaugural DePIN Alliance Yacht Party, recently held as a glamorous kickoff for the groundbreaking initiative, marked a significant milestone in the world of decentralized physical infrastructure networks (DePIN). Hosted by U2U Network, Chain Capital, and JDI Ventures, the event successfully brought together leaders and innovators from across the globe, setting the stage for a transformative approach to global infrastructure challenges. This event attracted notable leaders from IoTeX, Bmoon, Borderless Capital, MVL Chain, Deeplink Chain, NOTT, Aethir, Witness Chain, Powerpod, AzCoiner, Farmsent, Hashlock, Haven1, ATOR, and Hotspotty, among others. This festive gathering not only showcased the potential of DePIN but also served as a precursor to a more significant announcement.

This illustrious gathering also marked the official launch of the DePIN Alliance, an initiative established by U2U Network, Chain Capital, JDI Ventures, and Social Live. The DePIN Alliance harnesses decentralized technology to create robust, accessible, and community-empowering infrastructure networks that drive innovation and promote sustainable development worldwide. The vision of the DePIN Alliance is bold and transformative, foreseeing a world where communities are empowered through accessible and resilient infrastructure.

Furthermore, the Alliance is dedicated to supporting cutting-edge research and development initiatives that push the boundaries of what decentralized technologies can achieve. This approach not only addresses the immediate needs of communities but also ensures long-term benefits, such as reduced environmental impact, increased resilience to global challenges, and enhanced social equity. By driving widespread adoption and educating communities, policymakers, and businesses about the practical benefits of DePIN solutions, the Alliance seeks to foster a new era of infrastructure development that is not only technologically advanced but also sustainable and beneficial to society at large.

The governance of the DePIN Alliance includes a council comprising leading venture capital investors such as Chain Capital and JDI Ventures, which specialize in DePIN investments, Social Live – The Protocol for Building Web3 Social Media, alongside U2U Network, the largest layer 1 blockchain network focusing on DePIN in Southeast Asia. The Alliance also boasts many top-tier VC firms and DePIN projects as members, including LBank, Blockus, Lightnet, Farmsent, Ktro Media, W Tech Labs, Zero1 Labs, Nott, Nimbus, and more. This council is actively seeking to expand its membership to include influential key opinion leaders and reputable Web3 organizations, thereby incorporating a diverse range of insights and expertise.

Members of the DePIN Alliance will gain access to many benefits such as exclusive industry insights, networking opportunities with key stakeholders, participation in collaborative projects, early access to research findings, and discounts on events and seminars. These benefits are designed to foster an environment of growth and innovation among its members.

Looking ahead, the DePIN Alliance has outlined a clear and ambitious roadmap for its development. Over the next two weeks, the Alliance plans to launch its official website and social media channels to facilitate communication and engagement. Within the next four weeks, it aims to onboard 20 pioneering DePIN projects. The next three months will see the hosting of the first DePIN Summit, establishing key partnerships that will further the Alliance’s goals. Over the next six months, the Alliance plans to expand its membership to include over 50 members and launch several collaborative projects that will demonstrate the practical applications of DePIN technologies. Within a year, the Alliance will release industry standards and a bi-annual report detailing the progress and developments within the DePIN sector.

The DePIN Alliance is steadfastly expanding its membership, ensuring a wealth of resources and fostering both the Alliance’s growth and the development of each individual member. This deliberate expansion underscores a commitment to creating a dynamic and collaborative environment, driving collective progress and innovation.

To become a member of the DePIN Alliance, interested parties are encouraged to follow the Alliance’s activities on X, join the Telegram group for real-time discussions, submit a membership application for approval, and actively participate in community initiatives and working groups.

The DePIN Alliance represents not just a technological shift but a paradigm shift in how infrastructural projects are conceived, developed, and implemented. It stands at the forefront of blending technological innovation with practical, community-focused solutions.

About U2U Network:

U2U Network is a pioneering modular chain built on top of DAG and compatible with EVM. Setting sights on becoming a comprehensive ecosystem for Web3 builders, U2U Network is dedicated to delivering a robust infrastructure emphasizing a Modular Layer-1 Network and a DePIN Ecosystem. Leveraging the innovative Helios Consensus mechanism, U2U Network’s Modular architecture bring an impressive throughput of 17,000 transactions per second (TPS) and a finality time of approximately 350 milliseconds, ensuring high performance, efficiency, and Ethereum Virtual Machine (EVM) compatibility. All this makes our network structure a perfect fit for DePIN.

Learn more about U2U Network:

Flincap CMO Highlights Solana’s Resilience and Growing Crypto Community in Africa

Blockchain News/CD/Crypto News Today/DeFi

Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform for African over-the-counter crypto exchanges, emphasized the cryptocurrency industry’s impressive growth and maturity, with a particular focus on Solana’s resilience and community efforts in Africa.

Akangbe discussed with Cointelegraph how the crypto industry is steadily maturing, showcasing its ability to overcome challenges that previously would have caused significant market downturns

Despite obstacles, including regulatory issues with Binance and its founder Changpeng Zhao pleading guilty in November 2023 to violating U.S. money laundering laws, the industry continues to expand.

Akangbe noted that the strength and adoption of technology largely depend on the vitality of its community.

Crypto projects that consistently address community problems, especially in areas like remittances and international payments, demonstrate positive year-on-year growth.

“With the kind of communities built around several crypto projects, we’re closer to mainstream adoption than ever before,” Akangbe stated.

His comments follow a series of Solana Allstars Nigeria community meetups across various Nigerian locations, highlighting Solana’s robust community presence in Africa.

The Solana Foundation has launched numerous activities, including meetups, hackathons, and educational workshops, effectively integrating many Africans into the Solana ecosystem.

These initiatives enhance community engagement and drive the practical application of blockchain technology.

Globally, various decentralized groups promote Solana, with the Solana Allstars team in Nigeria recently emerging as one of the most active Web3 adoption groups.

Akangbe pointed out that these efforts shift user focus from price fluctuations to the real-world utility of Solana’s projects.

Speculation has grown around the potential approval of a spot Solana exchange-traded fund (ETF) in the U.S.

Bloomberg analyst Eric Balchunas suggested that such an ETF might only become feasible with a change in U.S. administration and leadership at the Securities and Exchange Commission.

Several ETF issuers have submitted applications for a spot Solana ETF. On June 28, 21Shares filed an S-1 application with the SEC, a day after ETF issuer VanEck filed their application.

On July 1, Solana (SOL) dropped over 15% in 48 hours, reaching a low of $121. Weekly losses for SOL stood at around 10%, with a 23% decline over the past month.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Taiwan’s Central Bank President Advocates Steady Progress Over Speed in Developing Digital Currency

Blockchain News/CD/Crypto News Today

The President of the Central Bank of the Republic of China, Yang Chin-long, emphasized that developing a central bank digital currency (CBDC) is not a race.

He stressed that the central bank prioritizes steady progress over speed.

Yang mentioned that being the first to introduce a CBDC doesn’t guarantee success, as evidenced by countries that have already issued or tested CBDCs without achieving their desired outcomes, according to a July 7 news report by UDN.

In a report released on June 7, ahead of his presentation to the Finance Committee of the Legislative Yuan on June 10, Yang detailed the central bank’s plans for a digital New Taiwan dollar.

He explained that the bank is experimenting in three scenarios to enhance domestic payment efficiency and innovation.

While there is no set timetable for issuing a CBDC, efforts to improve the payment system’s efficiency and foster innovative applications are ongoing.

A significant development is the CBDC prototype platform designed for retail payments.

Yang highlighted that this platform can already support the cash flow operation of digital coupons, with transaction processing speeds reaching 20,000 transactions per second.

Additionally, a proof-of-concept for a wholesale CBDC is underway.

This initiative combines CBDC with bank deposit tokens to create a future digital currency system, aiming to function as a liquidation asset for asset tokenization.

The central bank also plans to use tokenization technology to digitally transform wholesale central bank currency and commercial bank currency, supporting various asset tokens.

To further these objectives, Taiwan’s central bank is conducting proofs-of-concept and collaborating with participating banks to build a common platform for tokenization.

This platform will be tested in three scenarios: inter-bank transfer of bank deposit tokens, simultaneous delivery of asset tokens, and special-purpose digital money.

Yang reiterated that Taiwan’s cautious approach to issuing a CBDC is designed to meet public digital payment needs and align with government digital policy goals, ensuring substantial benefits.

In March, the Financial Supervisory Commission announced that it would propose a new draft of digital asset regulations for Taiwan in September 2024.

This aims to create more effective regulations for digital asset markets and ensure investor safety.

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Certo Expands Testnet to Include USDC Deposits for stUSD, its Interest-Earning Stablecoin

Press Releases

Zurich, Switzerland, July 8th, 2024, Chainwire

Quick take

Certo protocol, decentralized stablecoin lending, previously working with USDT, has added support for USDC deposits and borrows.
stUSD is an interest-earning stablecoin utilizing Certo — a P2P lending protocol designed to work with tokenized real-world assets in the form of U.S. Treasuries.

Certo, as detailed on certo.finance, represents a pioneering approach in the realm of decentralized finance (DeFi). It is a peer-to-peer (P2P) lending platform that brings real-world assets into the space. Specifically, Certo facilitates the use of tokenized U.S. Treasuries as collateral in a lending stablecoins — and a lender of traditional stablecoins, the user receive the interest accrued to the borrowers.

stUSD is Certo’s dollar-denominated receipt token, which can be seen as a form of interest-earning stablecoin. This digital currency maintains a stable relationship to the U.S. dollar by using a stable collateral of tokenized U.S. Treasuries to maintain price stability, serving as a reliable medium of exchange and a value store for the whole DeFi ecosystem. More importantly, stUSD is designed to generate interest for its holders, which accrues over time based on the underlying lending activities conducted through the Certo protocol. This feature makes stUSD a potential choice for price stability and interest in the volatile landscape of cryptocurrencies.

Certo has been under development for some time, with its ambitious goal to bridge the gap between DeFi and real-world assets. Initially, when Certo launched its testnet earlier this year, it exclusively supported deposits and borrowing in Tether (USDT), a widely used stablecoin in the cryptocurrency market. This initial phase allowed Certo to test its systems, ensure robust security measures, and gather valuable feedback from early users within a controlled environment.

Today, Certo takes a significant step forward by announcing the addition of support for USD Coin (USDC) deposits and borrows on its testnet platform. This expansion is pivotal as USDC is renowned for its wide acceptance across financial and crypto markets. By incorporating USDC, Certo aims to attract a broader user base and increase the platform’s versatility, allowing more users to participate in testing and refining the protocol’s features.

With the inclusion of USDC, participants in the Certo ecosystem now have the flexibility to deposit both USDT and USDC to receive stUSD. This enhancement allows users to preview how their investments accrue interest over time, directly within the Certo interface. This dual-stablecoin option not only provides greater convenience but also enriches the user experience by demonstrating the practical benefits of stUSD in a more diverse and adaptable framework.

While today’s announcement marks a significant milestone, it is important to note that Certo is still operating within its testnet phase. This stage is critical as it allows the developers to finetune the protocol’s functionality, ensure the stability of the system under various scenarios, and most importantly, secure user feedback. The testnet phase is essential for Certo to meet its goal of creating a seamless and secure bridge between cryptocurrencies and real-world assets, ensuring that once live, the platform can operate effectively and reliably in the broader DeFi ecosystem.

Through initiatives like these, Certo is not just expanding its capabilities but also paving the way for more innovative solutions in the financial technology space.

About Certo

Certo is at the forefront of developing a secure, stable, and scalable platform, aiming to bridge the gap between traditional fiat currencies and the digital economy. With a focus on security, transparency, and community-driven development, Certo seeks to provide a robust foundation for financial transactions worldwide.

Contact

Certo
Certo Finance
pr@certo.finance