Tag: Decentralized

OKX Global Ad Campaign Argues for a Decentralized Future

by Blockchain News

Crypto exchange OKX has launched a global ad campaign that calls for a decentralized future, arguing that the centralized financial system is outdated and needs a complete rewrite. The campaign takes aim at the “broken ways” of traditional finance and positions OKX as a leader in the crypto space.

Produced in collaboration with OKX’s advertising agency, BBDO New York, the campaign doesn’t mention Coinbase directly, but seems to take a subtle dig at the exchange’s “update the system” campaign launched in March. OKX argues that the system doesn’t need an update, it needs a complete overhaul to embrace the decentralized nature of Web3.

Haider Rafique, Chief Marketing Officer of OKX, explained that the campaign is a nod to those who believe in the need to rewrite the system into Web3. OKX’s vision is for a decentralized future, where consumers don’t need centralized players and can transact directly with each other.

The global ad campaign is part of OKX’s effort to expand its crypto services to Australia, which it sees as a key growth market. The exchange has signaled its intention to bring its crypto services to Australian consumers, highlighting the importance of the market as a growth opportunity.

As the crypto industry continues to evolve and expand, exchanges such as OKX and Coinbase are positioning themselves as leaders in the space. While Coinbase’s “It’s time to update the system” campaign proposed that crypto is the answer to the outdated ways of traditional finance, OKX argues that the decentralized nature of Web3 removes the need for centralized players altogether.

As the financial landscape continues to shift, the crypto industry is poised to play a significant role in shaping the future of finance. OKX’s global ad campaign is just one example of how the industry is pushing for change and innovation, positioning itself as a viable alternative to traditional finance.

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OKX Global Ad Campaign Targets Outdated Financial Systems

by Blockchain News

OKX, a crypto exchange based in Seychelles, has launched a global ad campaign that targets the “broken ways” of the centralized financial system. The campaign, which was produced in collaboration with OKX’s advertising agency, BBDO New York, takes a direct aim at Coinbase’s campaign launched on March 9 that argued for the update of the financial system.

In the 60-second video campaign launched on May 9, OKX argues that the system doesn’t need an update, it needs a rewrite. While the campaign doesn’t directly reference Coinbase, it does seem to take a subtle dig at the exchange with its tagline.

OKX takes Coinbase’s idea a step further by arguing that the decentralized nature of Web3 means consumers don’t even need to be involved with centralized players in the first place. “There are two camps of thoughts. One side suggests we update existing systems to create a better world. The other believes we need a system rewrite. Our new campaign is a nod to those who believe we need to re-write the system into Web3,” said Haider Rafique, chief marketing officer of OKX.

OKX’s campaign comes after Coinbase’s “It’s time to update the system” campaign, which argued that American financial institutions are an essential part of the traditional finance system but still rely on outdated technology to serve their customers. Coinbase proposed that crypto is the answer to this problem.

In contrast, OKX’s campaign argues that decentralized systems, such as Web3, remove the need for centralized players altogether. OKX’s global ad campaign is part of its effort to expand its crypto services to Australia, which the exchange sees as a key growth market.

As the crypto industry continues to grow, exchanges such as OKX and Coinbase are vying for market share and positioning themselves as leaders in the space. Both exchanges have shown a willingness to push the boundaries and promote the adoption of cryptocurrency and blockchain technology.

While Coinbase and OKX may have different approaches to how the financial system should be updated, both agree on the need for change. As the financial landscape evolves and traditional systems become outdated, the crypto industry is poised to play a major role in shaping the future of finance.

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Symmetry Launches Revolutionary Platform for Decentralized Crypto Indices and Actively Managed Funds on Solana

by Blockchain News

Paris, France, May 3rd, 2023, Chainwire

Today marks a groundbreaking step for decentralized finance (DeFi) on the Solana blockchain as Symmetry launches its highly anticipated User Interface at https://app.symmetry.fi/.

The platform aims to revolutionize the way users manage their portfolios through crypto indices and actively managed funds by providing an all-in-one solution for creating, managing, buying, and selling funds.

Symmetry is a decentralized Crypto Indices and Actively Managed Funds infrastructure layer built on Solana, powered by the Symmetry Engine. This innovative on-chain asset management infrastructure covers everything from on-chain funds, indices, and multi-token liquidity pools, to liquidity routing between indices and decentralized exchange (DEX) aggregators, and public APIs for other DeFi projects to integrate Symmetry products seamlessly.

The platform offers a wide range of opportunities for both fund managers and users. Managers can create and manage funds with multiple tokens that reweigh, rebalance, and refilter according to custom rules defined by the manager, or create a trustless Crypto Index with predefined rules. Users can create their own actively managed funds or indices and buy and sell funds created by other users or protocols.

Symmetry’s liquidity provision feature allows indices and actively managed funds to act as liquidity providers on DeFi aggregators such as PRISM and Jupiter when their token weights deviate from the target weights. This groundbreaking feature not only enables funds to rebalance at zero cost but also generates fees from aggregator users for fund managers and holders, a significant departure from traditional approaches where indices and funds typically pay fees on exchanges to rebalance.

The Symmetry Engine relies on Pyth, a reliable price oracle, to determine true prices for each asset utilized in Symmetry products. This is crucial for funds to accurately determine fund values, rebalancing triggers, and buy/sell values for users.

Example use-cases for Symmetry include decentralized index fund apps, decentralized fund management apps, treasury management tools, retail onboarding apps, copy-trading apps, and investing apps. The platform envisions a future where anyone can create an index fund, manage on-chain funds and portfolio strategies, convert wallet portfolios to funds, and integrate index or actively managed fund tokens for trading.

With the launch of the Symmetry User Interface, the world of decentralized finance on the Solana blockchain is poised to experience a paradigm shift in how users interact with and manage their crypto portfolios. As the platform continues to roll out its full suite of features to all users, the future of Solana DeFi looks brighter than ever.

Contact

PR
S. Martin
Symmetry
operations@symmetry.fi
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Stripe Is Integrated By Solana Market Maker For Fiat-To-Crypto Transfers

by Blockchain News

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The automated market maker Orca, which is situated in Solana, California, has just finished an interface with Stripe, and as a result, the company is now taking purchases using fiat money in addition to accepting transfers from fiat to cryptocurrencies.

As the Solana ecosystem continues to recover from the aftershocks generated by the FTX liquidity earthquake, Orca, which is considered to be one of the most significant automated market makers (AMMs) in the Solana ecosystem, has announced a new integration.

The announcement of the AMM’s relationship with Stripe, which will allow its new fiat-to-cryptocurrency on-ramp, was made earlier today. This will make decentralized finance (DeFi) more accessible to users who are already part of the existing ecosystem as well as others who are not already part of it.

Purchases may now be made using fiat cash, in addition to transactions including both fiat currency and cryptocurrency, thanks to the recently developed link.

The standard native SPL tokens that are native to the blockchain may now be purchased using fiat currency by users. These tokens are native to the blockchain. Among these tokens are the USD Coin and the SOL.

“With this new connection, we intend to make engaging in the DeFi ecosystem more more accessible to the whole Solana community,” said Ori Kawn, the co-founder of Orca. Ori Kawn also stated that the new integration helps generate greater access to economic instruments. “With this new connection, we intend to make engaging in the DeFi ecosystem more more accessible to the whole Solana community,” said Ori Kawn.

One of Stripe’s first blockchain-based integrations is the Orca connection, which comes as the company’s footprint in the cryptocurrency market is growing at a rapid pace.

This comes as the cryptocurrency industry as a whole is beginning to recover from the collapse of the once-dominant cryptocurrency exchange FTX.

Solana was just one of many people who worked in the area and had their livelihoods badly harmed as a result of the instability that pervaded the profession.

The value of its native token, SOL, dropped by 32.4% on November 10 as a direct result of the devastating effect.

In spite of this, major people in the industry, such as the co-founder of Polygon, Sandeep Nailwa, have provided encouragement to the ecosystem to keep growing on the value of the Solana network.

Prior to this, Solana unveiled its road map, which comprises of an important link with Google Cloud, freshly decentralized application stores, and goals for smartphones.

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Kompute Seeks to be the “AWS” of Decentralized Cloud Computing

by Blockchain News

Kompute, a blockchain company based in Estonia, intends to render significant control and anonymity in cloud computing through a decentralized model explicitly created for Web3. 

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In a statement, Xabier Almazor, Kompute’s CEO, pointed out:

“AWS, GCP, and many other big names are the leaders in centralized cloud computing; the problem is they control the users’ data, access to computing power, and privacy.”

Dubbed the “AWS” of Web3 economy, Kompute has launched a decentralized cloud computing model powered by the Ethereum (ETH) network with the off-chain layer running on Kubernetes. 

 

Therefore, the decentralized infrastructure is meant to propel low-cost, reliable, and scalable cloud computing services. 

 

Kompute will also connect cloud service consumers with resource providers for revenue generation. Per the announcement:

“Every transaction on the network is enforced by smart contracts and recorded on the blockchain. Only authorized actions are allowed against the blockchain, so code and data integrity are guaranteed.”

“There are multiple layers of confidentiality to protect intellectual property. Network providers are incentivized to provide resources and keep the network safe,” the report added.

 

Based on an autonomous and trustless network, Web3 continues to gain steam because it is seen as the future of the internet. 

 

Earlier this year, Google assembled a team to create services for developers in the Web3 ecosystem through its cloud unit, Blockchain.News reported. 

 

Google sought to tap the potential presented by the crypto space, given that Web3 Pioneers have developed peer-to-peer and decentralized systems to transform the internet.

 

Meanwhile, InfiniteWorld, a Web3, and metaverse infrastructure company, recently acquired Super Bit Machine to provide best-in-class experiences in the metaverse and Web3 worlds by incorporating multiplayer and real-time game development abilities.

Image source: Shutterstock

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Aleph.im raises $10M to develop censorship-resistant data storage

by Cointelegraph

The competition among the computing networks is warming up, with decentralized players coming into the stage with backing from the crypto ecosystem.

Decentralized storage and computing network Aleph.im completed a $10 million funding round led by Stratos Technologies. Zeeprime, NOIA Capital, Theia, Bitfwd Capital have contributed to the funding, among others. The cross-blockchain network aims to provide fully decentralized computing power and censorship-resistant data storage, according to the announcement.

Aleph.im scheduled its first computing resource node rollout for January following the funding round. The nodes would eventually become the decentralized network’s main processing power source.

Aleph.im rewards its core channel nodes with the network’s native token, ALEPH. The new funding would enable Aleph.im to increase its minimum wage payment capabilities from the current 70 core channel nodes to 150 node operators. This expansion aims to create a distributed virtual machine network to make full-stack decentralization possible for key blockchain and decentralized application (DApp) developers.

After kicking off the network’s computer nodes, Aleph.im also plans to activate storage nodes in 2022, according to Aleph.im founder Jonathan Schemoul. Decentralized storage would enable Web3 developers, DApps and protocols “to fully decentralize up to the last piece of their development stack,” he added.

Related: Solana-based DeFi protocol Hubble raises $10M, prepares for mainnet launch

Stratos Technologies’ Rennick Palley noted that Web3 development would continue to rely on a small number of service providers until the full stack supporting compute and processing power is decentralized.

“Aleph.im’s efforts benefit the industry as a whole, and, for this reason, we are proud to be contributing to the larger effort and movement toward truly decentralized full-stack architecture.”

Last year, Aleph.im introduced a DApp to let users automatically back up the data underlying their nonfungible tokens. Gaming giant Ubisoft picked Aleph.im to participate in the sixth season of Ubisoft’s Entrepreneurs Lab. Despite facing backlash from the gaming community, Ubisoft joined the Aleph.im network as a channel node operator.