Tag: Blockchain

Dunamu’s Upbit Reports 81% Profit Drop in Q3 2023

by Blockchain News

The revenues of Dunamu, the parent company of Upbit, one of the most prominent cryptocurrency exchanges in South Korea, dropped by an astounding 81% during the third quarter of 2023, according to the company’s report. The performance of the corporation during the same quarter of the previous year stands in striking contrast to this dramatic fall made by the company. Dunamu had reported a net profit of 159.9 billion KRW (about $123 million) in the third quarter of 2022, but this number dropped to only 29.5 billion KRW (roughly $23 million) in the third quarter of 2023.

The recent decline in the cryptocurrency market is the primary cause of the financial performance of Dunamu, which has seen a large decline overall. It was admitted by the corporation that the falling pricing of digital assets, in conjunction with an investment climate that was typically slow, were important factors to this collapse. It is important to note that the issues that many organizations in the bitcoin industry had during this time period are reflected in this larger economic situation.

Dunamu continues to be dedicated to the blockchain and cryptocurrency field, despite the present bear market and the financial hardships that its investors have experienced. The organization is of the opinion that increasing the number of people who use blockchain services is essential in order to successfully navigate current challenging market circumstances. As a component of their long-term plan, there is a significant emphasis placed on reviving the blockchain ecosystem and enhancing the broader investment environment.

An further obstacle that Upbit, Dunamu’s cryptocurrency exchange, had to contend with was a considerable rise in the number of attempts to hack the system. In comparison to the same time period in 2022, the number of hacking attempts that were made against Upbit increased by 117% during the first half of 2023. Nevertheless, it is significant that the platform has been able to prevent any big security breaches since the hacking incident that occurred in 2019 and included fifty million dollars that occurred.

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Fireblocks Introduces ‘Off Exchange’ to Address Exchange Counterparty Risk, Integrates with Deribit

by Blockchain News

On November 28, 2023, Fireblocks, an innovative digital asset operations platform, announced the introduction of ‘Off Exchange’, a first-of-its-kind solution aiming to revolutionize the way institutional traders interact with digital asset exchanges. This groundbreaking platform is designed to mitigate the inherent counterparty risks that have long plagued the crypto trading market.

Exchange counterparty risk in digital assets trading encompasses a range of potential pitfalls, including the threat of cyber hacks, the risk of bankruptcy, and the potential for misappropriation of client funds. These risks are amplified in the crypto trading market due to the dual role of exchanges as both custodians and trading venues. Past incidents, such as the FTX collapse, have starkly highlighted these vulnerabilities.

Fireblocks’ Off Exchange platform represents a significant technological leap forward, employing multi-party computation (MPC) technology. This innovative approach enables traders to directly trade on centralized exchanges from a shared, on-chain MPC wallet. The shared wallet model ensures that traders maintain control over their assets, significantly reducing the risk of loss due to exchange-related issues like hacks, bankruptcy, and fraud.

The integration of Fireblocks Off Exchange with Deribit, a leading digital asset derivatives trading platform, marks a significant milestone in the journey towards more secure and efficient digital asset trading. This collaboration signifies the increasing recognition of the need for enhanced security measures in the burgeoning field of digital asset derivatives.

Fireblocks Off Exchange promises several key benefits for the trading community. Firstly, it offers enhanced security by allowing traders to retain control over their assets in a shared wallet, thereby reducing the risk of asset misappropriation. Secondly, it increases market liquidity by enabling real-time settlement of trades, allowing traders to move capital quickly and efficiently between various trading venues and counterparties.

Since its announcement, Off Exchange has garnered significant interest from the institutional trading community. Hundreds of hedge funds, market makers, liquidity providers, and brokerages have joined the waitlist to be onboarded onto the platform. The integration with Deribit is just the beginning, with plans to extend support to additional global exchanges, further broadening the impact and reach of this innovative solution.

The launch of Fireblocks Off Exchange is a pivotal moment in the quest to create a more secure and efficient digital asset trading environment. By leveraging the latest advancements in MPC and blockchain technology, Fireblocks is leading the charge in reducing counterparty risk, a move that is likely to encourage more traditional financial institutions to enter the crypto market.

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Hive Digital Technologies Bolsters Global Reach with Swedish Data Center Acquisition

by Blockchain News

Hive Digital Technologies, a prominent player in cryptocurrency mining, has recently announced a significant expansion of its global operations. The company’s latest move involves the acquisition of a new property and data center in Boden, Sweden. This acquisition is set to enhance Hive’s Bitcoin production capabilities significantly.

The newly acquired property, previously part of the European Union’s Horizon 2020 project, marks a substantial step in Hive’s expansion strategy. The company entered a property transfer agreement with Turis AB, underlining its commitment to fortify its presence in the cryptocurrency mining landscape. This strategic location in Sweden, positioned near Hive’s existing data center, is poised to become a key asset in the company’s portfolio.

Consistent with Hive’s dedication to environmental sustainability, the new data center in Sweden will adhere to the company’s green energy practices. Johanna Thornblad, Hive’s country president for Sweden, highlighted this expansion as a testament to Hive’s commitment to environmental responsibility and energy efficiency. The facility is expected to house the next generation of Application-Specific Integrated Circuit (ASIC) servers, a crucial component in enhancing Bitcoin production.

In a strategic shift earlier this year, Hive Digital Technologies rebranded itself by dropping the term “blockchain” from its official name. This move signifies the company’s evolving focus towards financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs). Despite the emphasis on AI, Hive remains deeply involved in Bitcoin and cryptocurrency mining, with its leadership affirming the synergistic coexistence of blockchain and AI as pillars of Web3.

Hive Digital Technologies’ acquisition of the data center in Boden, Sweden, represents a significant milestone in its global expansion strategy. By leveraging its commitment to green energy and innovative practices, Hive is poised to enhance its Bitcoin production while contributing to the sustainable growth of the cryptocurrency industry.

The acquisition aligns with Hive’s broader industry initiatives. Earlier, Hive participated in launching the Digital Power Network (DPN), which underscores the importance of proof-of-work (PoW) mining in the cryptocurrency ecosystem. Furthermore, the company plans to use its 38,000 Nvidia GPUs to offer more efficient alternatives for small and medium-sized businesses, highlighting its diversification and adaptability in the evolving digital landscape.

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Binance’s MVB Accelerator Program Collaborates with CMC Labs to Launch Innovative Founder Track

by Blockchain News

The Most Valuable Builder (MVB) accelerator program, which is a collaborative project between BNB Chain and Binance Labs, has been in the forefront of supporting Web3 builders and fostering the development of the BNB Chain ecosystem ever since it was first introduced in 2021. This forward-thinking program, which is well-known for its intense accelerator structure that lasts for ten weeks, has been instrumental in bringing early-stage businesses to the forefront of the blockchain and Web3 worlds.

There is a new Founder Track that has been introduced thanks to the collaboration between the MVB program and CMC Labs, which is the accelerator division of CoinMarketCap. This relationship represents a strategic expansion of the program’s purpose, which is to incubate one hundred new enterprises on the BNB Chain. In contrast to the Startup Track, which is already in existence, the Founder Track is intended to function as a venture studio that nurtures new company concepts and activities that are aimed at addressing difficulties that are encountered in the real world.

One of the most important aspects of the Founder Track is its dedication to fostering the development of builders and prospective founders. Participants will be able to bring their creative ideas to maturity with the assistance of the program, which will result in a substantial contribution to the development of the BNB Chain ecosystem. This will be accomplished via extensive cooperation and advisory support. The possibility of such partnerships to build important businesses within the blockchain realm is shown by the previous achievements of projects that are comparable to these, such as investments in Celestia and SafePal.

Several major sectors are the focus of the Founder Track, which is primarily concerned with initiatives that address critical areas in the blockchain and Web3 spheres. For example, SocialFi, on-chain games, digital identities, apps driven by artificial intelligence, large yield-bearing assets, security solutions, and payment rails leveraging BNB Chain are all examples of this kind of applications. It is anticipated that this focused strategy would stimulate innovation and user involvement on the BNB Chain, therefore providing builders with a wide variety of possibilities to pursue.

A highlight of this cycle is the Founder Track, which is presently accepting applications for the seventh season of the MVB program, which is currently accepting applications. With the program giving the one-of-a-kind chance to collaborate directly with the investment team at Binance Labs and key contributors of BNB Chain, founders and builders who have ideas that are considered to be revolutionary are strongly invited to submit an application. The program’s forward-looking strategy and dedication to continual innovation are highlighted by the fact that the Application Deadline for the forthcoming MVB 7 season has been set for January 15, 2024.

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Uniswap’s Front-End Fees Surpass $1 Million

by Blockchain News

Uniswap, a leading decentralized exchange (DEX), has reached a significant milestone. The protocol’s front-end fees have accumulated over $1 million, a feat achieved within just 24 days. This article delves into the details of this achievement, its implications, and the context surrounding Uniswap’s revenue model.

Data from Dune Analytics reveals that Uniswap’s front-end fees have exceeded $1 million​​. This rapid accumulation of fees highlights the growing activity and user engagement on the platform. Notably, this milestone was reached in less than a month, indicating a significant surge in transactions processed by Uniswap.

Following this achievement, projections for Uniswap’s annualized revenue are impressive. On-chain data platform Token Terminal estimates the annualized revenue at approximately $15.2 million​​​​. This figure not only underscores the financial success of Uniswap but also reflects the robust nature of its operational model within the DeFi ecosystem.

In the backdrop of this milestone, Uniswap’s daily fee rate has experienced noteworthy fluctuations. There was a remarkable surge of 69.8% in the last seven days, despite a decline of 43.5% in one day​​. These dynamics suggest a volatile yet strong market performance and user engagement on the platform.

The front-end fees contribute a substantial portion to Uniswap’s total revenue. In the last 24 days, these fees accounted for 17.4% of Uniswap’s total fees​​. This proportion highlights the significance of front-end fees in Uniswap’s overall revenue model.

The introduction of front-end fees by Uniswap in October sparked some controversy​​​​. The decision to implement a 0.15% exchange fee was a notable shift in the platform’s approach to revenue generation. This move, while contributing significantly to Uniswap’s income, also brought about discussions and debates within the DeFi community regarding the implications for users and the broader ecosystem.

Uniswap’s surpassing of $1 million in front-end fees in a short span signifies not only its growing prominence in the DeFi space but also the evolving dynamics of revenue generation in decentralized exchanges. As the platform continues to adapt and innovate, it remains a key player in shaping the landscape of decentralized finance.

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NEAR Protocol Partners with ZEP to Enhance Metaverse User Onboarding

by Blockchain News

South Korea’s prominent metaverse platform, ZEP, has announced a strategic partnership with the global Layer 1 blockchain platform, NEAR Protocol. This collaboration, revealed on November 13, 2023, aims to facilitate user onboarding and enhance the development of ZEP’s Web3 capabilities, marking a pivotal step in the evolution of both entities.

NEAR Protocol: A Catalyst for Growth in the Blockchain Space

NEAR Protocol, known for its user-friendly interface and stability akin to Web2, has emerged as a frontrunner among Layer 1 blockchains. Its optimized network for large-scale, user-oriented services has led to significant growth, with NEAR-based decentralized applications (dApps) achieving top rankings on DappRadar. This growth trajectory positions NEAR as a key player in the blockchain domain, offering robust support for various applications.

ZEP: Expanding Horizons in the Metaverse

ZEP, a joint venture between mobile game developer Supercat and NAVER Z’s Zepeto, launched its beta version on November 30, 2021. With 1.3 million monthly active users and 8.3 million cumulative users in 2023, ZEP has captured the attention of both domestic and international markets. Its success in the South Korean market lays the groundwork for expansion into Japanese and Southeast Asian markets in the latter half of the year.

Collaboration: A Gateway to Enhanced Web3 Experiences

Mark Mi, Gaming Director of NEAR Protocol, emphasized the significance of this partnership in expanding NEAR’s ecosystem into the metaverse. The collaboration is set to expose NEAR users to diverse content across various domains. By integrating with dApps in content and gaming, NEAR aims to bolster ZEP’s business growth in the Web3 space.

This partnership is expected to yield a business model that offers varied benefits to users, focusing on developing Web3-related features that enhance convenience for both developers and users. ZEP’s partners, leveraging this collaboration, will be able to issue and distribute diverse Web3-based digital assets, enriching the user experience in the ZEP metaverse.

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RISC Zero Announces Open Sourcing of Key Technological Innovations

by Blockchain News

RISC Zero, a Seattle-based pioneer in zero-knowledge (ZK) virtual machine technology, has announced a groundbreaking initiative. Through a series of tweets, the company revealed its plan to open source three major technological innovations: High-Speed Recursion, Proof Composition, and a STARK-to-SNARK Wrapper. These contributions, earmarked for release under the Apache2 licensing structure, represent a major commitment to transparency, agency, and integrity within the tech community.

Detailed Breakdown of RISC Zero’s Innovations

High-Speed Recursion: This technology aims to redefine the capabilities of private computing systems. It enables the creation of fast, scalable systems with the unique feature of sub-second proof recursion. This can significantly enhance the performance and scalability of blockchain and cryptographic applications.

Proof Composition: A novel approach to verifying one zkVM proof within another, this innovation is set to improve the reliability and security of zkVM applications. It allows for more complex and interconnected cryptographic operations, enhancing the overall utility of ZK systems.

STARK-to-SNARK Wrapper: Focused on onchain applications, this tool addresses the challenge of proof size and efficiency. By shrinking proofs, it facilitates smoother and more efficient integration of applications onto blockchain platforms.

Implications and Impact of Open Sourcing

By open-sourcing these technologies, RISC Zero not only contributes valuable tools to the developer community but also reinforces its position as a leader in OSS contributions. This move is expected to accelerate innovation in zero-knowledge cryptography, a field critical for ensuring privacy and security in decentralized computing and blockchain systems.

It’s important to contextualize this announcement with RISC Zero’s previous achievement of securing $40 million in a Series A funding round in July 2023. This investment, led by prominent players like Blockchain Capital, has enabled RISC Zero to push the boundaries in ZK technology development, culminating in these latest open-source offerings. The funding has been pivotal in advancing RISC Zero’s mission and enhancing its technological capabilities.

RISC Zero’s mission revolves around empowering developers and infrastructure providers with cutting-edge cryptographic tools. These tools are critical for building trustless, scalable, and decentralized computation solutions, both on and off chain. The company’s innovative zkVM technology, enabling the use of conventional programming languages like Rust and C++ for building ZK applications, signifies a breakthrough in blockchain technology.

RISC Zero’s latest announcement is more than just a contribution of tools; it’s a reinforcement of the company’s dedication to the ethos of open-source development and a testament to its vision of a more secure and efficient digital world. These innovations are set to transform the landscape of zero-knowledge cryptography and blockchain technology, enabling developers to create solutions that were once thought impossible.

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Sui Donates $1M to London Business School for Web3 Research

by Blockchain News

Sui has announced a significant donation of $1 million to the Wheeler Institute for Business and Development at London Business School (LBS). This contribution is earmarked for advancing research and educational programs in the rapidly evolving field of decentralized computing, signifying a major step in preparing future leaders for the challenges of the digital economy.

Sui is a groundbreaking Layer 1 blockchain and smart contract platform, uniquely designed for efficient digital asset ownership. Its innovative approach, based on the Move programming language, allows for parallel execution, rapid finality, and enhanced on-chain assets. Sui’s scalable architecture supports a wide array of applications, offering speed and affordability. 

Bridging Academia and Blockchain Technology

At the helm of this initiative is Dr. Greg Siourounis, a key figure in the Sui Foundation. With a rich background that blends academic prowess and entrepreneurial spirit, Dr. Siourounis, an alumnus of LBS with a Ph.D., has spent over two decades in academia and finance. Currently, he is an Assistant Professor at Panteion University in Athens, Greece, and plays a crucial role in expanding the Sui Network and its community.

Dr. Siourounis emphasized the importance of this collaboration, stating, “As we prepare the next wave of business and technology leaders, it’s critical to equip them with cutting-edge technological solutions. Sui’s endowment to LBS is a strategic move to empower young leaders with the necessary tools for implementing global positive change.”

The Core of Sui’s Contribution

The funds from Sui will be instrumental in developing new research initiatives, educational programs, and outreach activities at LBS, particularly in areas intersecting business and blockchain technology. Key focus areas include fintech, automation, payment systems, and blockchain technology, aiming to provide comprehensive guidance and support as LBS and the Wheeler Institute expand their technological and developmental research and teaching.

François Ortalo-Magné, Dean of LBS, highlighted the significance of Sui’s contribution, noting, “Gifts like Sui Foundation’s are pivotal for our school. They not only fund research but also empower future leaders to tackle global challenges innovatively.”

Sui’s Global Educational Initiatives

In addition to the LBS donation, the Sui Foundation has been active in promoting academic research in blockchain technology globally. This week, they announced the first recipients of the Sui Academic Research Awards (SARAs), distributing $225,000 in grants to nine universities worldwide. Furthermore, Sui has partnered with Costeas-Geitonas School in Greece to launch a new Web3 curriculum for high school students, titled “Blockchain and Business Innovation.”

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HK Legislative Council Member Advocates for Integrating Senior Economy with Web3

by Blockchain News

Hong Kong Legislative Council member and CPPCC member Johnny Ng, known as @Johnny_nkc on Twitter, attended the “2023 World Internet Conference” in Wuzhen, where he delivered a keynote speech on digital literacy and skills enhancement. Ng’s speech, dated 9th November 2023, focused on two main themes: the integration of the senior economy with the internet, and the role of Web3 technology in empowering content creators.

The Senior Economy and Internet Synergy

Johnny Ng highlighted the case of “Pan Lao Lao,” a senior internet celebrity with over 23 million followers, who uses the internet to stimulate rural revitalization and the senior economy. By creatively showcasing rural scenery and cuisine through short videos, she not only boosts local economic activities but also demonstrates the potential of seniors in leveraging their experience for economic benefit. This model is pertinent for Hong Kong, where discussions about the senior economy are gaining traction. Ng suggested that Hong Kong could learn from mainland China’s success in integrating the internet with the senior economy to foster industry growth in Chinese-speaking markets.

Web3’s Impact on Content Creators’ Earnings

In his speech, Ng mentioned recent developments in Web3 in Hong Kong. He emphasized that a key aspect of Web3 is blockchain technology’s decentralization feature. For content creators, this means the ability to bypass centralized platforms, directly monetizing their work through a decentralized model. This approach not only empowers creators financially but also serves as a practical application of Web3 technology in real-world scenarios.

Ng concluded by stressing the importance of merging technology with everyday life and the physical economy to drive societal progress. His insights at the conference underline the growing significance of the internet in the senior economy and the potential of Web3 technologies in reshaping content creation and distribution.

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Ripple and Onafriq Forge Alliance for Blockchain-Enabled Payments in Africa

by Blockchain News

Ripple, a frontrunner in blockchain and cryptocurrency solutions, has joined forces with Onafriq, a leading payments fintech, to revolutionize digital asset-enabled cross-border payments connecting Africa with the Gulf Cooperation Council (GCC), the UK, and Australia.

The partnership marks a new era of efficiency for remittances and business payments across these regions, as Onafriq integrates Ripple’s crypto-enabled payment technology to establish new payment corridors. This collaboration is set to address the longstanding hurdles in cross-border payments, such as high costs, slow transfer times, and reliability issues, thereby accelerating financial inclusion across the African continent.

Utilizing Ripple’s robust blockchain technology, Onafriq is poised to dismantle the barriers that have historically plagued cross-border financial transactions. The collaboration will connect PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia with Onafriq’s extensive pan-African network, encompassing 27 countries. This move is expected to vastly improve the speed and affordability of sending remittances and conducting business payments to Africa.

Onafriq boasts the largest mobile money footprint across Africa, a continent where mobile money has been transformative in enhancing financial services access. The fintech’s payment hub unites over 500 million mobile wallets across 40 countries, operating in more than 1300 payment corridors. This level of connectivity is pivotal for fostering regional payment interoperability and facilitating seamless cross-border transactions.

The announcement coincides with the appearance of Dare Okoudjou, Onafriq’s Founder & CEO, at Swell Global 2023 in Dubai. This event, Ripple’s annual customer conference, provides a platform to showcase the partnership’s potential to leverage blockchain technologies to amplify Onafriq’s impact on the African continent.

Aaron Sears, SVP of Global Customer Success at Ripple, expressed excitement over expanding their solutions into Africa. Meanwhile, Dare Okoudjou highlighted the partnership’s alignment with Onafriq’s mission to diminish the relevance of borders in African payments. Partner CEOs from PayAngel, Pyypl, and Zazi Transfer also shared their perspectives on the transformative potential of the collaboration for remittances and economic growth in Africa.

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