According to Messari’s report, Fantom is a Layer-1 blockchain with smart contract capabilities, focusing on DeFi, NFTs, and gaming.
The network uses an aBFT consensus mechanism and an EVM-compatible state machine.
Despite market downtrends, Fantom has seen growth in daily transactions and active addresses.
The network is planning significant upgrades, including a new StateDB storage system and Fantom Virtual Machine (FVM).
Fantom’s DeFi ecosystem experienced a setback due to a Multichain bridge exploit but is recovering with new initiatives.
Background and Technology
Founded in late 2019 by Andre Cronje and Michael Kong, Fantom aims to address blockchain scalability and usability issues. It uses an asynchronous Byzantine fault-tolerant (aBFT) consensus mechanism known as Lachesis and an EVM-compatible state machine called Opera. The network achieves sub-second finality (~900 ms), offering advantages like transaction certainty, better user experience, and energy efficiency, according to Messari.
Network Activity and Ecosystem
Fantom’s network activity has seen several cycles since its launch. Despite a broader market downtrend, average daily transactions and active addresses have grown year-to-date compared to late 2021. The Fantom ecosystem comprises DeFi protocols, NFT marketplaces, and gaming applications. Initiatives like the Gas Monetization program and Ecosystem Vault aim to attract developers and grow the ecosystem.
DeFi and Security Challenges
Fantom hosts about $94 million in total value locked (TVL) as of now, a significant drop due to a Multichain bridge exploit in July 2023. The network is taking measures to recover, including collaborations with Axelar Network and Layer Zero to provide additional bridging liquidity.
Upcoming Technical Improvements
Fantom plans to introduce a new StateDB storage system and Fantom Virtual Machine (FVM) in the coming months. These upgrades aim to increase the network’s scalability and efficiency. Additionally, account abstraction is on the roadmap to improve wallet management and user experience.
Offchain Labs announced the public testnet and code release for Arbitrum Stylus on August 31, 2023. This new framework is designed to work on Arbitrum Nitro chains, allowing developers to build smart contracts using both Ethereum Virtual Machine (EVM) tools and WebAssembly (WASM)-compatible languages like Rust, C, and C++. Stylus aims to significantly reduce gas costs and enable new, resource-intensive blockchain applications. The open-source Software Development Kit (SDK) is now available for developers.
One Chain, Multiple Languages
Arbitrum Stylus is designed to be a “one chain, many languages” solution. It allows developers to use traditional EVM languages like Solidity alongside WASM-compatible languages such as Rust, C, and C++. According to Offchain Labs, this feature expands the potential developer base from approximately 20,000 Solidity developers to millions who are proficient in Rust and C languages.
Efficiency and Cost-Effectiveness
Stylus claims to offer over 10x improvement in computational speed and over 100x improvement in memory efficiency compared to traditional EVM-based solutions. These efficiency gains are expected to translate into significantly lower gas costs for executing smart contracts. Offchain Labs states that allocating megabytes of RAM in Stylus could cost 100–500x less than in Solidity.
New Use Cases Enabled
The efficiency gains are not merely theoretical; they open doors to new blockchain applications that were previously impractical due to resource constraints. These include alternative signature schemes, larger generative art libraries, C++ based gaming, and compute-heavy AI models.
Security Features
Stylus also aims to improve smart contract security with features like opt-in reentrancy, a common vulnerability in Solidity that Stylus disables by default unless intentionally overridden by the developer.
Community and Ecosystem
Arbitrum, the Layer 2 scaling solution for which Stylus is built, already has a large developer and partner community. Stylus aims to leverage this existing ecosystem to encourage rapid adoption and innovation.
What’s Next?
Offchain Labs has scheduled a security audit of the Stylus source code by Trail of Bits. Additionally, a Decentralized Autonomous Organization (DAO) vote will determine the inclusion of Stylus support in Arbitrum One and Arbitrum Nova. An “Ask Me Anything” (AMA) session is planned for September 7, 2023, and a Stylus Hackathon with $20,000 in bounties will be held at ETHGlobal NY from September 22–24, 2023.
Conclusion
The launch of Arbitrum Stylus marks a significant milestone in the evolution of Ethereum’s Layer 2 solutions. By offering multi-language support and efficiency gains, Stylus aims to broaden the developer base, reduce operational costs, and enable new blockchain applications. As the public testnet goes live, the blockchain community will be watching closely to see if Stylus delivers on its promises.
Chainflip, a decentralized and trustless protocol that enables seamless value transfer between various blockchains, has announced its Community Sale on CoinList. The sale is set to begin on August 31, 2023, at 17:00 UTC.
Chainflip’s protocol allows for the swapping of assets between different chains, including BTC, EVM, and substrate networks, without the need to wrap tokens or use traditional cross-chain bridges or centralized exchanges. The protocol’s Just-in-Time (JIT) Automated Market Maker (AMM) accesses liquidity from connected chains and partner aggregators, offering users competitive prices and low fees on spot trades.
The Chainflip Community Sale will offer 4,500,000 FLIP tokens (ERC-20) at a price of $1.83 per token. The tokens will be 100% unlocked on Token Generation Event (TGE) at mainnet launch, currently expected on or around October 24, 2023. This date is subject to change up to a maximum of 120 days after the sale closes. The initial purchase limits for the sale are set at a minimum of $100 and a maximum of $4,000. Registrations for the sale will close on August 28, 2023, at 12:00 UTC.
To participate in the Chainflip Community Sale, users must have funded their CoinList Wallet with the minimum purchase amount of $100 before the registration deadline. Additionally, the CoinList account must be fully funded with the desired purchase amount before the sale starts.
Chainflip aims to displace centralized exchanges by integrating the best aspects of existing cross-chain solutions and introducing unique optimizations. Key features include employing up to 150 validators per vault, providing redundancy, security, and anti-censorship. The use of Schnorr signatures and an innovative signing scheme allows these validators to support multiple assets without excessive hardware costs. The JIT AMM design minimizes slippage and offers precise pricing, efficiently using liquidity for large trades. Chainflip provides a permissionless method to swap assets between arbitrary chains and networks without introducing new wrapped assets or excessive confirmation times.
The Chainflip Community Sale is not available for residents of the United States, China, Canada, South Korea, and certain other jurisdictions. The sale is being distributed by Amalgamated Token Services Inc., dba “CoinList.”
Digital asset management platform, Fireblocks, has now incorporated Astar Network, Japan’s leading blockchain, marking an expansion in the company’s secure services for institutional investors. With the new integration, over 650 banks and financial institutions can now tap into Astar’s thriving DeFi ecosystem, as well as trade, swap, and lend digital assets on Astar via Fireblocks.
Astar Network has rapidly become a preferred choice in Japan owing to its support for the popular Ethereum Virtual Machine (EVM) environment, as well as the addition of WebAssembly (WASM), transforming it into a multi-chain platform supporting interoperable applications.
Fireblocks, well-known for its commitment to security, has managed to have its digital asset infrastructure system certified by the Cryptocurrency Certification Consortium (C4), making it the first service provider to receive such recognition. Its multi-party computation (MPC) technology has won over traditional financial clients including BNY Mellon, ANZ Bank, and NAB, as well as Japanese trading platforms such as CoinTrade.
Stephen Richardson, Managing Director, Financial Markets and Head of APAC at Fireblocks, commented on the integration saying, “Fireblocks has always focused on facilitating institutional adoption in the digital assets industry. By leveraging our highly secure network and MPC-based wallet infrastructure, banks, exchanges, OTCs, and hedge funds can now seamlessly access Astar’s assets.”
The integration was celebrated at a special event during WebX in Tokyo, attended by more than 200 guests, including executives of global enterprises, web3 founders, and venture capitalists. The attendees gained valuable insights into the application of web3 technology in the corporate sphere, and the growing role enterprises play in web3, particularly in Japan, where the government is progressively exploring ways to utilize web3 technology.
Maarten Henskens, CEO of Astar Foundation, emphasized the impact of the integration stating, “We’re looking forward to leveraging this integration to enhance adoption while giving institutions looking to build on Astar a secure and robust way to safeguard their digital assets.”
An eagerly anticipated Polkadot-based project is lighting up the night sky after crypto exchange Binance announced plans to list the token.
Moonbeam (GLMR) is a smart contract platform compatible with the Ethereum Virtual Machine (EVM) that functions as a Polkadot parachain. The project goes beyond Ethereum’s base features by also offering staking, on-chain governance and cross-chain integrations.
The project highlighted its launch via a series of tweets.
“Moonbeam is the first fully operational parachain on Polkadot.
Moonbeam’s successful launch follows a broadly supported crowdloan campaign hosted by the Moonbeam Foundation! 35M+ DOT tokens (~$944M USD at the time the crowdloan ended) were contributed from 200k contributors worldwide.”
The freshly minted altcoin was released yesterday at a price of $10.57, then surged by 84.4% to a high of $19.50.
Moonbeam has since corrected and currently trades for $13.47 for an overall gain of 27.4% since first being listed.
Moonbeam’s sister project Moonriver (MOVR) also saw its price go vertical after being listed by Binance back in early November. MOVR operates on Kusama (KSM), Polkadot’s canary network.
Polkadot (DOT) is the #9 crypto asset by market cap and valued at $25.72. The interoperability project recently launched its parachain feature.
Binance says GLMR will be available in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Ethereum co-founder Vitalik Buterin has put his thinking cap on again in an attempt to improve the current fee structure for the network.
The proposal titled “Multidimensional EIP-1559” was laid out in a blog post on Jan. 5 in which Buterin noted that different resources in the Ethereum Virtual Machine (EVM) have different demands in terms of gas usage.
He added that there are different limits for short-term “burst” capacity as opposed to “sustained” capacity within the EVM citing examples of block data storage, witness data storage, and block state size changes.
“The scheme we have today, where all resources are combined together into a single multidimensional resource (‘gas’), does a poor job at handling these differences.”
The problem is that channeling all the different resources into a single one leads to “very sub-optimal gas costs” when these limits are misaligned, he added.
Buterin outlined his fairly complicated proposed changes with a lot of technical math, but in a nutshell, the proposal offered two potential solutions using “multidimensional” pricing.
The first option would calculate the gas cost for resources such as call data and storage by dividing the base fee for each unit of resource by the total base fee. The base fee is a fixed-per-block network fee included in the EIP-1559 algorithm.
The second more complex option sets a base fee for using resources but includes burst limits on each resource. There would also be “priority fees” which are set as a percentage and calculated by multiplying the percentage by the base fee.
He stated that the drawback to the multidimensional fee structure is that “block builders would not be able to simply accept transactions in high-to-low order of fee-per-gas.” They would have to balance the dimensions and solve additional mathematical problems.
Related:Ethereum supply flips briefly into deflation as gas fees spike
It remains to be seen whether the proposal will be passed since the priority at the moment is the next big upgrade. The Ethereum network is currently gearing up for “the merge” which will dock the Ethereum blockchain with the Beacon Chain and effectively end Proof-of-Work. Testing is already occurring on the Kintsugi testnet and full deployment is expected in the first quarter of this year.
EIP-1559 was deployed in August as part of the London upgrade to burn a portion of the transaction fees in order to make gas pricing more predictable. Since it went live, 1.36 million ETH worth approximately $4.7 billion at current prices has been destroyed according to the burn tracker.
A long-time crypto trader known as Flood is showing support for an altcoin that helps bridge the gap between different types of blockchain projects.
Flood tells his 194,400 Twitter followers that there are several reasons why he thinks trustless automated market maker Synapse (SYN) has the potential to make insane gains over the next two years.
“Here’s some simple math, the EVM [Ethereum Virtual Machine] smart contract platforms have a combined $700 billion market cap and are projected to reach $12 trillion by 2023.
With Synapse’s superior user experience, hyper-efficient liquidity providing and one of the greatest developer teams in crypto, it’s sure to become the leading cross-chain bridge in the world and capture at least 10% of that market cap, $1.2 trillion, by 2023.
That puts the price target at $2,400 per SYN. Let the bears and fudders (fear, uncertainty and doubters) sell all they want, I will keep accumulating.”
The Ethereum Virtual Machine is a blockchain-based software platform where developers build decentralized applications (DApps). It eliminates the need for sophisticated hardware while creating smart contracts.
At time of writing, SYN is up over 10% on the day to $2.84. At Flood’s price target of $2,400 per token, that would signify a mind-boggling 84,407% gain for the 181st-ranked crypto asset.
According to the Synapse project website,
“By providing decentralized, permissionless transactions between any L1, sidechain or L2 ecosystem, Synapse powers integral blockchain activities such as asset transfers, swaps, and generalized messaging with cross-chain functionality.”
The SYN token entitles holders to vote on governance issues on the SynapseDAO (decentralized autonomous organization) as well as pays for network gas fees.
Another popular crypto analyst who goes by the name of Smart Contracter is also interested in Synapse.
The pseudonymous Twitter personality says,
“With all the layer ones competing against each other, accumulating something that bridges them all together feels like a picks-and-shovels play to me.
SYN chart looks amazing against ETH here on the weekly and allows you to bridge to almost every single chain from any chain.”
Source: Smart Contracter/Twitter
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On Friday, Assembly, a decentralized layer one smart contract network built within the IOTA ecosystem, announced it had raised $100 million from private investors, including LD Capital, HyperChain Capital assembly, and Huobi Ventures.
The project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens, and play-to-earn crypto games.
IOTA is a blockchain designed for facilitating internet-of-things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as with a regular blockchain. As a result, one new block can validate two other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete elimination of transaction fees and minimal energy cost.
The Assembly mainnet is currently scheduled to launch in early 2022 with a large community focus. 70% of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations, and grant programs.
Meet $ASMB, a token to fuel innovation and growth. The vast majority of tokens are designated to ignite #Assembly’s ecosystem growth and to reward the @iota community.
In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the IOTA Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM, blockchains stating:
“Ultimately, all of them will face the same problems with fees, scalability, and interoperability. Most of them will fail in the long term as they offer nothing unique.”
When asked about the uniqueness of the Assembly blockchain, Scheiner feels that it all comes down to flexibility:
“Each smart contract chain can be fully customized to the project’s needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages.”
Billionaire investor Stelian Balta, founder of HyperChain Capital, said:
We always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Assembly does that. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and their vision for the next decade.
Many people were over-excited when the news about Ethereum 2.0 broke out. However, the upgraded system to the already existing Ethereum blockchain has not fixed issues associated with transactions, scalability, and sustainability.
Ethereum 2.0 has left a major common problem, “front-running,” which crypto investors are still facing. This problem continues causing the loss of thousands of dollars and other more losses.
Investors are now joyous with the news that Telos, a popular third-generation blockchain, announced its EMV, which is described as having the capability to solve the front-running problem and many more. Therefore, it is important to examine how Telos solves this problem and outperform other systems.
Telos EVM
Telos EVM (Ethereum Virtual Machine) is a compatible layer-one blockchain that offers a scalable solution to run existing solidity applications and vyper contracts without modifications.
Telos EVM was built to revolutionize the DeFi landscape and to fix problems faced by other EVMs. Each part of Telos appears to solve different problems commonly witnessed in other networks. Telos EVM just functions like Ethereum but is different from the original EVM. The platform was developed to host a number of large programs from other networks without modifying anything.
Tackling Front-running Problem
Ethereum miners mainly use front-running to improve their spread while entering options and futures contracts.
However, front-running is a common problem in the crypto industry. This problem causes millions of dollars to drain in trading, and many users lose millions of dollars even without knowing.
The front-running problem occurs when bots or miners with insider knowledge about pending trades make a profit from it. Bots could offer a high gas fee to jump lines over high-value transactions, and even miners take bribes or insert their own transactions to get transactions directly.
The involved person can skip lines, complete transactions, and even differentiate between his purchase and sell price as profit. While the attacker is the only one making a profit from this, other general users do not benefit.
Telos solves this problem by having a strict anti-front running rule and a fixed transaction fee. This prevents any possibility for attackers to exploit users. At every second, Telos creates two blocks with a fixed gas fee on EVM transactions. Since EVM is fast, bots have no chance to scan pools for high trades. Moreover, Telos offers rules in that nobody can break these rules. Telos offers transaction processing on a FIFO basis (first-in, first-out); hence block producers cannot reorder any transactions to gain high profits.
Fixing Transaction Issues
Another important area where Telos is seen solving a significant problem – the transaction fee concern.
Telos has advanced features such as cost-efficient transactions, fast block times, and fair distribution that significantly benefit developers.
While only a few platforms can boast of offering low transaction fees, native Telos has no fee at all. Telos EVM, which uses the similar gas model used by the original Ethereum, costs $0.01. Telos EVM helps people save thousands of dollars since Ethereum’s gas fees are relatively high. With that in mind, Telos outperforms its competitors such as Cardano, Polkadot, and others and beats the original Ethereum down.
The time it takes to mine one block varies typically based on the chain and particular variables. There are various blockchains in the market with a high market cap, such as Ethereum, Cardano, Polkadot, and Tezos. And all these cryptocurrencies have a prominent position on the market.
Ethereum is popular and considered the king of decentralized apps. It has scalability problems and typically takes 10 – 15 seconds to mine one block. Polkadot has not yet launched the Parachains upgrade, allowing individual sidechains to hook on the main blockchain. On the other hand, Cardano recently launched smart contracts. Tezos most projects are still in development, but it can lend well to DeFi and NFTs.
Though such blockchains still boast of offering faster transactions, they still cannot rival Telos EVM. The time which Telos EVM takes to mine one block is less than 500ms. Such a fantastic time block means that Telos can handle 10,000 transactions per second. Telos, therefore, fixes the gap seen in the problem associated with transaction speed.
Harnessing Interoperability
Telos is considered the greenest blockchain due to its low energy consumption levels. It also provides a home to several dApps on its network.
Telos EVM makes it easy for developers to bring existing applications to the Telos blockchain. It is compatible with Vyper, EOSIO C++, and Solidity, providing a new experience for migrating users. The compatibility rate of Telos EVM with other apps is 95% and therefore makes migration much more accessible. With EOSIO, developers can migrate applications from the EOS blockchain to Telos, and for maximum performance, coders will be able to deploy Ethereum DApps on Eosio.
Apart from that, Telos recently announced partnerships with Anyswap, SushiSwap, and a popular NFT project, Cryptopunks. So, users on such platforms can take advantage of Telos EVM’s security, speed, and scalability with trading their crypto coins.
Telos Gains Popularity
Telos’s functionality to migrate applications from EOS blockchain has gained attention from big brands such Siemens, Zalando, Cisco, and Microsoft. These are just part of the big brand’s names using Telos blockchain to unlock real-world activities and build applications. A powerful hackathon platform known as Taikai uses Telos for open innovation events in the next generation. Telos uses a combination of the best of various ecosystems and successfully other benefits on top.
Telos, with its powerful enhancements, solves the weaknesses that other blockchains cannot solve. It will evolve governance solutions, provide network scalability, flexible and low fee models, and no front-running. Telos has become the web 3.0 stack and provides entrepreneurs and developers tools to succeed in the next-generation decentralized internet economy.
Transient Network, a Smart Contract Global Marketplace, has launched its much-anticipated TSC-Core mainnet on Ethereum, Binance Smart Chain, and HECO Chain networks.
The DApp’s clean and intuitive interface makes smart contract creation as easy as filling up a simple form.
With features like transfer, deposit, and digital signature, TSC-Core lets users create self-executing contracts for a wide range of use cases including startup funding, rental agreements, invoices, will contracts, and much more.
Most individuals and businesses don’t have the technical expertise to engage with smart contracts. With the launch of TSC-Core, they are no longer deprived of the immutability, transparency, speed, accuracy, and hyper-security that smart contracts bring to any transaction or agreement.
Smart contracts simplify transactions and agreements between anonymous as well as identified parties. Enabling not-so-tech-savvy individuals and businesses to use smart contracts will fuel the adoption of blockchain in a variety of industries and facets of life.
Transient is building the “Amazon of Smart Contracts” — a global marketplace of decentralized applications (DApps) designed to help non-coders to create self-enforcing and self-executing smart contracts for specific use cases and industries. As a blockchain-agnostic and Ethereum Virtual Machine (EVM) compatible platform, it can develop its DApps on multiple chains with ease.
After TSC-Core, Transient has three other DApps nearing the mainnet launch:
CryptoPool: Enables users to create their pools for crypto price predictions and share in the winnings
Esports: Builds an ecosystem of P2P market creation of your favorite Esports competitions and many other services—taking social betting and content-driven experiences to the next level
NDA: Lets users create smart contracts that make it easier to work with clients and partners. Transient’s legal advisors ensure the contracts are bulletproof within the legal landscape.
Transient is a decentralized ecosystem that gives non-coders the ability to create and manage their Next-Gen contracts in the digital world. Its Smart Contract Global Marketplace is built from the ground up to increase blockchain adoption across every sphere of industry and life by hosting and enabling the instantaneous creation and distribution of a wide range of self-enforcing and self-executing smart contracts.
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