Tag: DAPPS

BNB Chain: Driving the Next Billion User Revolution in Web3, NFTs, and the Metaverse – An Exclusive Interview

by Blockchain News

Blockchain technology has been a game-changer, fueling the rise of decentralized applications and introducing novel concepts like Web3, NFTs, and the Metaverse. Leading this significant transition is BNB Chain, a platform dedicated to creating cross-chain/multi-chain infrastructure and interoperability. They aim to lay the groundwork for the next 1 billion Web3 users, making it effortless for Web3 Gaming, NFTs, and Metaverse dApps to scale.

In our exclusive interview today with Walter Lee, Web3 Gaming Growth Lead  in BNB Chain Innovation, we delve deeper into the strategies BNB Chain is employing to reach this ambitious target, their plans to bridge the gap between decentralized technologies and traditional users, their approach to keeping transaction fees affordable, and a sneak peek into some upcoming updates and features. We also touch upon BNB Chain’s competitiveness in the rapidly evolving blockchain space and their unyielding support for the development of decentralized applications (dApps). Keep reading to discover their innovative strategies, upcoming developments, and insights on the future of Web3.

BNB Chain aims to reach 1 billion users. What strategies are in place to achieve this ambitious goal?

BNB Chain provides cross-chain/multi-chain infrastructure and interoperability to lay the foundation for the next 1 billion Web3 users making it super easy for Web3 Gaming, NFTs and Metaverse dApps to scale.

To accommodate a large number of users, BNB Chain will improve performance and scalability. In addition to its storage network BNB Greenfield, it has optimized its infrastructure by implementing layer 2 solutions including opBNB into BNB Chain’s modular stack. Its EVM-compatibility means that it will be a value-add to the network and handle increased transaction volume and user demand

Performance improvements including its Layer 2 solutions such as opBNB is able to hit around 4K TPS. Also, it has an estimated 90% reduction in gas fees at $0.005. This creates a responsive and low latency environment for users.The gaming industry is huge and growing at a rapid pace, there are an estimated 3 billion gamers out there and there has been a lot of growth for web3 gaming on BNB Chain in recent times. Hence, we believe that Gaming will be one of the key verticals for BNB Chain to achieve 1 billion users!

How does BNB Chain plan to bridge the gap between decentralized technologies and users who still rely on consistent, centralized relationships and identities?

Web3 technology is not exactly a revolution for existing industries, it is in fact a market expansion. BNB Chain understands that existing users cannot be disrupted instantly. There has been observable maturity in the development growth in the web3 space to bridge this gap, starting from the user journey. For most dApps, there has been a move away from “forcing” users to connect to a blockchain wallet. Instead, dApps could leverage social logins to generate wallets attached to the social identity and assets would be automatically dropped into the linked wallet. Users would then be empowered to make their own decisions in terms of managing the owned assets.

For developers, BNB Chain’s goal is to provide the best and most extensive infrastructure for true web3 developments. For example, BNB Greenfield, which is a decentralized storage platform designed to revolutionize the data economy by utilizing the power of decentralized technology for data ownership and management. Built within the BNB Chain ecosystem, this platform introduces a decentralized approach to data management that seamlessly integrates with BNB Smart Chain (BSC).

Features include:

  1. Native integration of data permissions and management logic onto BSC as exchangeable assets and programmable smart contract programs.

  2. Providing of developer-friendly API and performance equivalent to popular Web2 cloud storage solutions;

  3. Comprehensive incentivization of all participants of the network to ensure high-quality service and a sustainable ecosystem

Compared to other decentralized storage services like IPFS, Filecoin, Arweave, and Web3.storage, Greenfield offers several advantages. It is designed to be highly scalable, cloud-native, and compatible with both Web2 and Web3 standards. It provides strong performance and reliability regardless of the amount of data being stored. The integration with BSC and the EVM environment allows for fully programmable capabilities and a wide range of use cases.

Overall, the web3 industry is still very young so there will be continued innovations that will aid users and developers in adding benefits and features to various industries such as in Finance and Gaming.

Can you tell us about BNB Chain’s transaction fees, and what measures are in place to keep them affordable for users?

BNB Chain’s transaction fees have been one of the lowest in the industry, starting off at around 5 gwei. In recent times, BNB Chain’s validators have opted towards reducing that further in order to encourage competitiveness, which will result in positive ecosystem growth. As of April 2023, BNB Chain’s gas fees have further reduced to 3 gwei, and that is around a few cents per transaction.

On top of that, BNB Chain has recently launched the testnet for opBNB, which will further reduce the gas fees by around 90% to $0.005! This should be very exciting for both developers and users, opBNB is expected to launch into the mainnet in Q3 this year.

Can you discuss any upcoming updates or features that users can look forward to on BNB Chain?

opBNB – The opBNB Testnet is live and we are calling on testnet Validators and dApp Builders to try the Testnet and provide feedback.

opBNB represents our commitment to ensuring a seamless and efficient experience for users, developers, and projects on BSC. This development is part of our ongoing mission to bring the power of blockchain to everyone while embracing and driving forward innovation.

opBNB is BSC’s answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.

Optimistic Rollups was proposed to reduce the computational load on the main chain by executing transactions off-chain and only posting transaction data on-chain as calldata. This approach drastically improves scalability by bundling multiple transactions together before submitting them to the main chain.

The mix of BSC’s strong ability and opBNB’s dedicated new features, which includes making data access easier, improving the cache system, and adjusting the submission process algorithm to allow simultaneous operations (also known as batcher), allows OpBNB to push the gas limit up to a whopping 100M. This is a big jump from Optimism’s 30M (source: link). Thanks to these new features, OpBNB can handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD. By harnessing the power of Optimistic Rollups, opBNB moves computation and state storage off-chain, alleviating congestion and driving down transaction costs.

BNB Greenfield – The BNB Greenfield testnet is live and the community is calling on testnet Validators, Storage providers (SPs), and dApp Builders to join the decentralized storage tech stack to shape the future of data ownership in Web3.

BNB Greenfield is an innovative blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy. It is a decentralized, open-source storage chain with BNB as its token.

With a focus on facilitating decentralized data management and access, Greenfield aims to revolutionize the data economy by easing the storing and management of data and linking data ownership with the DeFi context of BNB Smart Chain (BSC).

  1. Greenfield, a decentralized storage chain using BNB tokens is now Live, marking asignificant milestone as it implements core features outlined in the whitepaper. Developers can explore various features like account creation, data storage, access control, cross-chain communication, storage provision, node validation, and staking.

  2. Greenfield aims to offer the fastest data service among decentralized storage solutions with cost-effective features, comparable to Web 2 cloud storage. This sets the stage for widespread adoption.

  3.  A native relayer links BSC and Greenfield, enabling BSC Dapps to integrate with Greenfield using a simple SDK and minimal development. Upon Greenfield mainnet launch, thousands of Dapp data sets will be available, fostering rapid ecosystem growth and easing data-related innovation compared to other chains.

  4. Users will have control over their data, meaning they can decide who can access it and set the access fees. This broadens ownership from assets to data.

  5. The BNB token’s use will extend to large-scale data storage and trading, which will enhance its value over time

What sets Greenfield apart from existing centralized and decentralized storage systems are its three key components:

  1. Data Ownership: Users own the data and can grant permissions either manually or programmatically.

  2. EVM Compatibility by Integration with BSC : It allows Ethereum-compatible addresses to create and manage both data.It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.

  3. High Performance Rich API/SDK: It provides developers with similar API primitives and performance as popular existing Web2 cloud storage. The performance is comparable to commercial cloud as well.

Hackvolution – BNB Chain are inviting all developers, researchers and scientists to participate in the online Hackvolution event that seeks to redefine and empower the next-generation of dApps with the potential of opBNB and BNB Greenfield.

Whether you are interested in Infrastructure, DeFi, Gaming, or AI, this hackathon provides the platform to explore, innovate, and make a lasting impact. This is your chance to demonstrate your creativity, technical skills, and entrepreneurial spirit as you work alongside a vibrant community of like-minded individuals.

The hackathon is supported by industry leaders such as COMBO, CyberConnect, Hooked Protocol, Alibaba Cloud, Google Cloud and Ultiverse. Generous rewards, including cash prizes, marketing packages, participation in the BNB Chain’s Gas Grant program, and discounted access to essential tools and services, are up for grabs.

It’s an exciting chance for dvelopers to gain recognition, network with industry experts, and propel their project to new heights.

How does BNB Chain plan to stay competitive as the blockchain space continues to evolve and new players enter the market?

BNB Chain is one of the most up to date and extensive infrastructure technology. A good example would be the launches of zkBNB and opBNB, as well as the fully decentralized storage layer, Greenfield. With an extensive infrastructure, developers and users get to build and experience Web3 in the best ways possible, building the strongest advantage of BNB Chain our large and fast growing community.

BNB Chain has more than 3 million in our social communities, and over 1500 dApps. This vibrant range of products and community size are the key contributions for over 1 million daily active on-chain users in this current market.

As “BNB” actually means “Build N Build”, we believe by continuously building with developers and community through support provision and engagements respectively, BNB Chain will continue to be a dominant ecosystem in the web3 industry.

How does BNB Chain support the development of decentralized applications (dApps)?

BNB Chain recognizes the importance of the community and hence, we have been constantly engaging developers and users. We understand that developers are our pillars for growth, and there are many challenges in developing Web3 products, so BNB Chain has been providing various supports including but not limited to:

  1. Marketing collaborations and support – BNB Chain plays an active role in bringing useful information and knowledge of its Web3 dApps to the community

  2. Grants – For projects that are in need of funding, BNB Chain offers the Builders’ & Gas Grants. The Builders’ grant aims to encourage projects to bring value and growth to the ecosystem, while the gas grant helps projects to run growth campaigns by offering grants based on gas fees incurred by the on-chain transactions

  3.  Developer Programs – the industry is ever-changing and the BNB chain is agile in its program creation and implementation to help developers in the space. One of the most popular programs would be the Kickstart program, where providers of various essential web3 services such as on-chain wallet development and security audits are able to list and get connected to new developers. This helps start-ups in web3 navigate and develop their projects effectively

There’s no doubt that BNB Chain is making significant strides in propelling the mass adoption of blockchain technology, particularly in the realms of Web3, NFTs, and Metaverse. The platform’s cutting-edge features such as opBNB, BNB Greenfield, and upcoming initiatives like Hackvolution, promise to revolutionize not just the world of blockchain but the larger digital ecosystem as well.

BNB Chain’s commitment to remaining agile in the ever-changing tech industry, their comprehensive support to developers, and their dedication to building a robust, active, and vibrant community all testify to their potential for continued growth and success. As the blockchain space continues to evolve, we look forward to seeing more innovative developments from BNB Chain and its dedicated team. 

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Google Cloud and Polygon Labs partner for Ethereum scaling

by Blockchain News

At the Consensus 2023 conference, Polygon Labs and Google Cloud made the announcement of a multi-year partnership with the intention of developing and improving the tools and infrastructure associated with the Ethereum scaling protocol. As part of the cooperation, Google Cloud will make a framework and developer tools available to Polygon in order to facilitate the creation of Web3 products and decentralized apps (DApps) on Polygon.

The deployment of Google Cloud’s architecture and development tools is expected to be beneficial to Polygon’s key protocols, such as Polygon proof-of-stake (PoS), Polygon zkEVM, and Polygon Supernets. Through this partnership, we hope to simplify the process of integrating developers, which will in turn make it simpler to construct, launch, and grow DApps on Polygon.

Additionally, it is anticipated that the partnership with Google Cloud will accelerate the development of Polygon’s zero-knowledge system. In comparison to the currently available infrastructure, it has been revealed that the testing of Polygon zkEVM’s zero-knowledge proofs on Google Cloud has resulted in transactions that are both quicker and less expensive.

An Ethereum Virtual Machine (EVM) scaling solution known as Polygon zkEVM beta was released to the mainnet in March of 2023. This technology is intended to enable decreased transaction costs and higher throughput in the implementation of smart contracts. The Polygon ecosystem intends to do away with the need that Polygon developers install and operate Polygon PoS nodes with the support of the Blockchain Node Engine that is offered by Google Cloud. This will assist with operations that are labor-intensive and need a lot of time, as well as the expensive overheads of purchasing, maintaining, and running specialized blockchain nodes.

In conclusion, the cooperation between Google Cloud and Polygon Labs aims to advance the tools and infrastructure of the Ethereum scaling protocol, as well as to ease developer integration in order to construct, launch, and expand Web3 products and DApps on Polygon. The integration of Google Cloud’s framework and development tools is predicted to be beneficial to Polygon’s fundamental protocols. Additionally, the testing of Polygon zkEVM’s zero-knowledge proofs on Google Cloud is anticipated to result in transactions that are both quicker and less expensive.

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Polygon and Google Cloud Partner for Ethereum Scaling Tools

by Blockchain News

Polygon Labs and Google Cloud have announced a multi-year partnership aimed at enhancing the development of Ethereum scaling protocol’s infrastructure and tools. The partnership was unveiled at Consensus 2023 and is expected to provide a significant boost to the Ethereum ecosystem.

Polygon’s core protocols, including Polygon proof-of-stake (PoS), Polygon zkEVM and Polygon Supernets, are set to benefit from Google Cloud’s framework and developer tools. The collaboration aims to simplify developer integration to build, launch and grow Web3 products and decentralized applications (DApps) on Polygon.

As part of the partnership, Google Cloud’s Blockchain Node Engine will be used by the Polygon ecosystem to assist with time-intensive processes and costly overheads of acquiring, maintaining and operating dedicated blockchain nodes. This specific integration intends to remove the need for Polygon developers to configure and run Polygon PoS nodes.

The Polygon zkEVM beta, an Ethereum Virtual Machine (EVM) scaling solution, was launched to mainnet in March 2023, powering reduced transaction costs and increased throughput of smart contract deployments. Google Cloud’s partnership with the ecosystem is expected to advance Polygon’s zero-knowledge development. Testing of Polygon zkEVM’s zero-knowledge proofs on Google Cloud reportedly resulted in faster and cheaper transactions compared to the existing infrastructure available.

The partnership is aimed at simplifying the development process for Web3 products and DApps, and advancing the growth of the Ethereum ecosystem. It is also expected to promote the adoption of blockchain technology by enabling developers to create more efficient, cost-effective and scalable decentralized applications.

Polygon has established itself as a leading player in the Ethereum ecosystem, providing scaling solutions and infrastructure to help developers build and launch DApps. With the help of Google Cloud’s advanced tools and infrastructure, Polygon is poised to further expand its offerings and provide even greater value to its users.

In conclusion, the partnership between Polygon Labs and Google Cloud represents a significant step forward for the Ethereum ecosystem, and is expected to have far-reaching implications for the development and adoption of blockchain technology. With the backing of one of the world’s leading cloud computing providers, Polygon is well-positioned to continue driving innovation and growth in the Web3 space.

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Cogni Launches KYC-Backed NFTs for Crypto Wallet Users

by Blockchain News

A recent upgrade has made it possible for users of the noncustodial multichain crypto wallet offered by Neobank Cogni to have access to a previously unavailable feature. Users of the wallet that the bank provides will soon be able to receive soulbound nonfungible tokens (NFTs) that incorporate information from the Know Your Customer (KYC) protocol. The NFTs, which will be constructed on the Polygon network, will provide customers the chance to convert their “Web2” KYC verification, which was performed by the bank when the client established their account, to a Web3 setting. This will be made possible via the Polygon network.

The cryptocurrency wallet that was introduced by Cogni in January allows users to send, receive, and store cryptocurrencies as well as NFTs. These capabilities were first made available to users. Users of wallets will now have the option to mint non-transferable soulbound NFTs, which can only be decrypted by decentralized apps (DApps) with the owner’s explicit authorization. Wallet users will be able to do this by using their private keys.

According to Ganesh Ravishankar, the Chief Executive Officer of Cogni, the user experience and a lack of faith in the ecosystem are the reasons why a lot of people have not jumped on the decentralization bandwagon just yet. This data was provided by the Chief Executive Officer of Cogni. The information about bank-level KYC that is contained on the NFT, on the other hand, satisfies the KYC rules in the United States, and it will be made available to cooperating DApps without the need for any further action on the part of those DApps.

Cogni’s mission is to provide a marketplace for decentralized apps (DApps) that can be connected to with just a few clicks, and this will include the KYC verification procedure. The use of wallets that do not contain custodial services has been on the rise, especially in light of the failure of large cryptocurrency organizations to escape bankruptcy during the crypto winter. This failure led to the money of customers being frozen in custodial wallets, which resulted in the increased popularity of wallets that do not include custodial services.

It is planned that sometime over the summer, the Cogni soulbound NFT will be made available to the general public. Initially, however, it will only be accessible to a select group of users. The objective of the firm is to improve the user experience of decentralized finance (DeFi) by creating a platform that is easy to use, has security on par with that of banks, and validates the identities of users.

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BNB Chain’s Red Alert Flags 191 High-Risk Projects

by Blockchain News

Binance’s BNB Chain has taken a proactive step to help users in their investment research by updating its red alarm list to include 191 high-risk projects and decentralized applications (DApps). The list, which is updated every Friday, is based purely on smart contract assessment and includes projects that are suspected of issuing fake tokens, having high or opaque tax fees, or simply because their websites or Twitter handles don’t work.

The red alarm list serves as a warning to users to carry out their own due diligence before investing in any of the flagged projects. It is important to note that the list is not investment advice and does not represent the risk level of the underlying DApp projects. Instead, it is aimed at helping users make informed decisions by highlighting potential risks associated with the projects.

In addition to the red alarm list, BNB Chain has also launched a portal that allows users to scan any BNB Chain project for risks. The portal provides users with detailed information about the flagged projects, including the reasons for the red alert, the smart contract address, and the token symbol.

Out of the 191 new projects added to the list, three were flagged for suspected funding by assets originating from Tornado. These projects are CycGo, Piston token, and Shorter Finance. BNB Chain’s red alert serves as a warning to users to be cautious when investing in these projects.

On April 10, BNB Chain also began testing BNB Greenfield, an in-house attempt to deliver decentralized storage solutions. The move is part of Binance’s larger strategy to expand its offerings beyond cryptocurrency trading and into the broader blockchain industry.

With the increasing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), the risk of fraud and scams in the blockchain industry has also increased. BNB Chain’s red alarm list is a timely reminder for users to conduct thorough research before investing in any project. By providing users with relevant information about potential risks associated with projects, BNB Chain is playing an important role in promoting transparency and accountability in the blockchain industry.

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ZenGo uncovers dApp vulnerability

by Blockchain News

ZenGo, a crypto wallet developer, has discovered a security vulnerability in decentralized applications (dApps) called the “red pill attack.” This vulnerability allowed malicious dApps to steal user assets using opaque transaction approvals. ZenGo conducted research that revealed that many leading vendors, including Coinbase Wallet, were vulnerable to such attacks. However, ZenGo stated that all vendors were receptive to their reports, and most of them were quick to fix their faulty implementations.

The vulnerability is possible due to a programming oversight in “Special Variables” among smart contracts storing general information on the blockchain functionality, such as timestamp of the current block. During simulations, there is no correct value for Special Variables, and developers “take a shortcut” and set them to an arbitrary value. This vulnerability is where the “red pill attack” derives its name from the iconic “red pill” scene from The Matrix movie series. “If malware is able to detect it’s actually being executed in a simulated environment or living in the matrix, it can behave in a benign manner, thus deceiving the anti-malware solution, and reveal its true malicious nature only when actually executed in a real environment.”

ZenGo demonstrated in a video how a smart contract simulation on Polygon (MATIC) could be compromised using this method. ZenGo showed that when the user sends the transaction on-chain, COINBASE is filled with the non-zero address of the current miner, and the contract just takes the sent coins.

ZenGo said the fix for the vulnerability was straightforward. Instead of populating these vulnerable variables with arbitrary values, the simulations need to populate them with meaningful values. ZenGo presented redacted screenshots of bug bounties, apparently awarded by Coinbase, for solving the issue. The Ethereum Foundation has also awarded ZenGo a $50,000 grant for its research on transaction simulations.

Decentralized applications or dApps are an essential part of the blockchain ecosystem. They operate on decentralized networks, where there is no central authority, and transactions are recorded on the blockchain. The advantage of dApps is that they provide users with a more secure and transparent way to transact without a central authority. However, as with any technology, there are vulnerabilities that need to be addressed. The discovery of the “red pill attack” vulnerability by ZenGo underscores the importance of security in the blockchain ecosystem.

In conclusion, ZenGo’s discovery of the “red pill attack” vulnerability in dApps is a significant development in the blockchain ecosystem. The vulnerability, which allowed malicious dApps to steal user assets, highlights the importance of security in the blockchain ecosystem. ZenGo’s research has shown that many leading vendors were vulnerable to such attacks, but they were quick to fix their faulty implementations. The fix for the vulnerability is straightforward, and ZenGo has urged developers to populate vulnerable variables with meaningful values.

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Coinbase Announces Launch of Ethereum Layer-2 Network

by Blockchain News

The cryptocurrency exchange Coinbase made the announcement about the launch of Base, an Ethereum layer-2 network, on February 23. The business has said that the newly launched network would provide a low-cost, secure, and user-friendly environment for the development of decentralized applications (DApps) on the blockchain.

According to Coinbase, Base was developed with the intention of serving as a gateway for people into the cryptocurrency economy. It does this by providing users with access to other L1 ecosystems, such as Solana, and by ensuring that it is compatible with other chains. Additionally, it will provide consumers access to Coinbase’s products, users, and tools, in addition to providing simple on-ramps for fiat currency and strong acquisition tools. The corporation has indicated that it does not intend to provide a fresh network token at this time.

Optimism’s “OP Stack” will be the foundation upon which Base will be constructed. It will begin with a significant degree of centralization; however, Coinbase has disclosed a comprehensive blueprint outlining how the network will gradually become decentralized over time.

In the statement that Coinbase made, the company said that Base will be “completely open source and readily accessible.” The business announced that it would be joining the core development team for OP Stack in order to “ensure that it is a public benefit that is open to everyone.”

The release states that Coinbase will continue to connect itself as an exchange with other networks, and that Base itself will function as “a bridge, not an island.” Coinbase wants Base to be a network that is simple for its consumers to use so that they can get used to using cryptocurrency. However, the company will urge users to “start on Base, but travel elsewhere.”

Coinbase stated in its decentralization plan that it is collaborating with Op Labs and the Optimism Collective to decentralize the Optimism ecosystem. This will be accomplished by building a “Superchain” of connecting networks based on the OP Stack. Coinbase’s plan calls for the creation of this “Superchain.” Citing Vitalik Buterin’s paper on the decentralization of rollups, the business has come to the conclusion that the present version of Optimism is what is known as a “Stage 0 rollup.” Coinbase has said that it intends to have developed Base to “Stage 1” by the end of the year 2023.

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Blockchain Gaming is Having a market caps increment

by Blockchain News

Play-to-earn Over the course of the last year, blockchain gaming has seen a decline as players have emphasized on the quality of their overall gameplay experience.

On the other hand, a recent research from DappRadar reveals that during the first month of 2023, gamers were responsible for over half (48%) of all blockchain activity.

The market capitalization of the top gaming tokens increased by 122% on average over the month of January. Gala (GALA), the digital utility token of the Gala Games ecosystem, had its value climb by 218% during this time period.

According to the survey, the increased interest in these gaming tokens is a result of buzz from the sector reaching viewers in more mainstream media. For instance, Gala Titles made news when it announced the acquisition of a new mobile gaming company that had more than $20 million in assets under control as well as 15 games.

This is due to the fact that blockchain gaming is already a subset of the old business. As blockchain technology becomes more popular, more people will start playing Web3 games, which will eventually become widespread.

The Wax blockchain still has the most active gaming activity, with 331,000 distinct active wallets. This continues to be the case. The BNB Chain was the only one of the top four blockchain gaming ecosystems that did not see a growth in the number of gaming protocols between the end of 2022 and the beginning of 2023.

The beginning of 2023 was marked by increasing activity, and robust financing helped set the ground for what many people refer to as the “building” year of blockchain gaming. This word highlights the attention that the industry has placed on developing games that are more powerful and of higher quality.

According to Gherghelas, the amount of money being invested in this particular sector is “growing dramatically.” Total investments are expected to reach around $7.6 billion in 2022, which is a 105% increase from 2021. During the month of January alone, investments in the blockchain gaming business reached more than $156 million.

In addition to this, the research emphasized the significance that the metaverse has had in the rise in activity around blockchain gaming this year. The information showed that the trade volume for January in games connected to virtual worlds reached $44.5 million, which is a 114% rise over the amount seen in the previous month.

Although there was a 19% decline in sales, the total gain may be credited to the success of key metaverse platforms such as The Sandbox and Decentraland, which both had an increase in trade volume of 114% and 83%, respectively. This was despite the fact that sales fell.

According to a research published by DappRadar in 2022, blockchain-based transactions related to gaming on Web3 accounted for about half of all transactions in that year.

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ConsenSys Acquires Hal to Improve Alerts

by Blockchain News

ConsenSys, a company that provides services related to blockchain technology, has just completed the purchase of Hal, a platform for no-code blockchain development tools, with the purpose of causing a disruption in Web3’s alerts and notifications at the protocol level.

ConsenSys’ Web3 API provider Infura will be able to include Hal’s configurable webhooks or notification service into its developer stack as a direct consequence of the acquisition. As a direct result of this modification, it will be much simpler for developers to generate warnings and notifications at the protocol level for a wide range of signals.

According to ConsenSys, Infura offers a collection of tools to link apps, which the developer community may use to connect applications to the Ethereum network and other decentralized platforms. These tools were developed by Infura. The collection of these tools is sometimes referred to as a suite.

According to Eleazar Galano, one of the co-founders of Infura, the company wants to fix inadequacies in the present approach of creating apps for the bitcoin ecosystem. This information was provided by Galano. In relation to the acquisition of Hal by ConsenSys, Galano made the following statement: “Enabling developers to have a seamless end-to-end experience is a critical objective, and one of the most important trends is the use of little code / no code solutions.”

In February of 2022, ConsenSys successfully finalized the purchase of Ethereum wallet interface provider MyCrypto with the purpose of improving both the security of MetaMask and the level of the user experience it provides.

ConsenSys purchased Hal in order to expand upon this endeavor, which has been ongoing for an entire year, and to make it possible for MetaMask to provide a dynamic and tailored notification system. Additionally, the acquisition of Hal was made in order to make it possible for ConsenSys to expand upon this endeavor.

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The Importance of NFTs in the Web3 industry

by Blockchain News

Over the course of the last year, nonfungible tokens, often known as NFTs, have maintained their position as an integral part of the expanding Web3 economy.

The introduction of NFTs marked the beginning of a transition away from hype-based drops and toward utility-centered programmes with long-term worth.

According to a recent estimate published by DappRadar on blockchain technology and the use of decentralised applications (DApps) in the year 2022, the number of NFTs sold in 2018 reached 101 million, representing a 67.57% rise from the previous year.

According to the findings of the study, the Ethereum ecosystem is now in first place in the NFT ecosystem. It currently controls 21% of the market share and has successfully completed over 21.2 million transactions.

Next on line is Wax, with 14.5 million, then Polygon, with 13.3 million, and finally Solana (12.9 million).

When compared to the previous year, transaction volume in the Solana and ImmutableX ecosystems exploded, increasing by a whopping 440% and 315%, respectively. Neither environment is showing any signs of slowing down anytime soon.

The statistics, meantime, suggest that the BNB ecosystem has not changed at all, with about 1 million transactions recorded for both 2021 and 2022.

Within the last year, there has been a movement in the DApp category that predominates across a number of chains.

By the year 2021, decentralised finance (DeFi) applications had established themselves as the industry standard on all but two of the 13 chains considered for this article.

This year, however, a significant movement toward high-risk, gambling, and non-fungible token decentralised applications (DApps) levelled the playing field.

In addition, the survey identified Ethereum and Cardano as the blockchains with the most active developers working on-chain, with 223 and 151 active protocols, respectively, for each of these two blockchains. While modular blockchains like Polkadot and Cosmos saw their network developer activity increase by 16% and 131.7% respectively during the same time period.

In 2018, not only did the significance of NFTs in the Web3 area spread into the general culture, but they also did so in a big way.

The National Basketball Association (NBA) is one of the legacy organisations that has continued to accept NFTs, and now Amazon is producing a documentary series about those who collect NFTs.

In December of the previous year, China made an announcement on the launch of its first national NFT marketplace. This market is intended to act as a secondary market for the trading of digital assets.

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