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Uniswap to Join the Polkadot Ecosystem via Moonbeam Network, Bolstering Liquidity and Volume

by Blockchain NewsMay 18, 2023

According to a recent series of tweets by Polkadot, Uniswap, the most widely used decentralized exchange (DEX) based on daily traded volume, is set to make its debut in the Polkadot ecosystem via the Moonbeam Network parachain. This integration is anticipated to significantly enhance liquidity and trading volume across the ecosystem.

Uniswap offers users a trustless, permissionless, and non-custodial method to access a broad range of tokens. Its entrance to the Polkadot ecosystem propels forward the development of a novel universe of decentralized financial (DeFi) products and services on Polkadot.

Oelassar, Global Head of Growth & Business Development at Parity Tech, commented on the development. “Polkadot is a strong fit for Uniswap, whose users can discover the network’s high performance, scalability, security, and interoperability. Polkadot’s DeFi ecosystem benefits from a marquee name in the space.”

Moonbeam, a layer-1 Polkadot parachain, enables full Ethereum Virtual Machine (EVM) compatibility, native interoperability, and prioritizes secure cross-chain integration solutions. Over the last year, the network has reported significant user growth.

The initiative to bring Uniswap to Polkadot and Moonbeam has been led by the University of Michigan Blockchain group. This proposal has successfully passed through Moonbeam’s governance process today, with robust community support. Upon activation, all parachains within the Polkadot ecosystem will have immediate access to Uniswap.

This development marks a significant milestone for Polkadot as it continues to foster innovation and inclusivity in the blockchain industry. By welcoming Uniswap, one of the flagship platforms in the DeFi space, Polkadot is further positioning itself as a leading hub for decentralized finance, ensuring its users have access to the most advanced and diverse range of DeFi services.

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Bored Ape Yacht Club wins legal battle

by Blockchain NewsApril 23, 2023

Bored Ape Yacht Club (BAYC) creator Yuga Labs has emerged victorious in a legal battle with Ryder Ripps, the co-creator of copycat NFT project RR/BAYC. Yuga Labs had filed a complaint against Ripps and his co-founder, Jeremy Cahen, alleging trademark infringement, false advertising, and unfair competition, among other things. The US District Court for the Central District of California ruled in favor of Yuga Labs in a pre-trial summary judgment on April 21, finding that Ripps and Cahen had indeed infringed Yuga Lab’s trademarks with their RR/BAYC NFT collection. The court has also ruled that Yuga Labs is entitled to an injunction and damages, which will be determined at trial.

This legal victory is being hailed as a landmark moment for Web3, as it sends a message to scammers and counterfeiters that they will be held accountable. Ripps and Cahen had created RR/BAYC back in May 2022 as a protest against Yuga Labs, using all of the same imagery as the original BAYC NFTs. Ripps is also known for his conspiracy theory that the BAYC artwork was designed to convey racist caricatures, and that the project’s logo and branding have several nods to certain Nazi symbols and language.

In other news, Mandala Metaverse has selected Polkadot to host its first major NFT drop on April 28. Mandala Metaverse is a story-based project that spans TV, graphic novels, gaming, and AR, and its gaming elements have been developed in Epic Games’ AAA quality Unreal Engine. The NFT drop, called “Cryptonauts,” features various avatars that will serve as playable characters in the game. The artwork was illustrated by comic artist Bruce Zick, who has worked with giants such as Disney and Marvel.

Polkadot is not known for hosting gaming and NFT projects, with no recorded sales data on aggregators such as CryptoSlam. However, Mandala Metaverse CEO Jon Shanker believes that Polkadot’s real future-proof NFT applications, such as nesting, staking, and the ability to send NFTs over bridges, make it an ideal choice for the Cryptonauts NFTs.

Moving on, Square Enix, the developer of Final Fantasy, has partnered with Web3 infrastructure firm Elixir Games to bring blockchain gaming to the mainstream. Although details on the partnership are still scarce, Elixir Games offers both traditional and Web3 games on its platform, along with Web3 distribution features such as NFT sales and marketplaces. Square Enix is increasingly interested in launching games via Elixir, and this partnership is expected to bring blockchain gaming closer to mass adoption.

Finally, a free-to-play multiplayer NFT cricket strategy game called Cricket Stars has been launched on the Tezos blockchain.

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Tagged : Blockchain Gaming / Bored Ape Yacht Club / LEGAL VICTORY / News / NFT / Polkadot / Web3

Bored Ape Yacht Club wins legal battle, Mandala Metaverse selects Polkadot, Square Enix partners with Elixir Games, and Cricket Stars launches on Tezos

by Blockchain NewsApril 22, 2023

Bored Ape Yacht Club (BAYC) creators Yuga Labs have scored a key win in their long-running court battle with Ryder Ripps, the co-creator of copycat NFT project RR/BAYC. Yuga Labs initially filed a complaint against Ryder Ripps and co-founder Jeremy Cahen back in July 2022, alleging that the duo had engaged in trademark infringement, false advertising, and unfair competition, among other things. In a pre-trial summary judgment ruling on April 21, a U.S. district court in central California found that Ripps and Cahen had infringed Yuga Lab’s trademarks with their RR/BAYC NFT collection. The Court further ruled that Yuga Labs is entitled to an injunction and damages, the latter of which will be determined at trial. The case highlights the importance of protecting intellectual property rights in the burgeoning NFT market.

In other news, Mandala Metaverse has chosen Polkadot to host its first major NFT drop on April 28. Mandala Metaverse is a story-based project that has content spanning across TV, graphic novels, gaming, and AR. Its gaming elements have been developed in Epic Game’s Triple-A quality Unreal Engine. The drop, called the “Cryptonauts,” features different avatars that will serve as playable characters in the game. The artwork was illustrated by comic artist Bruce Zick, who has worked on projects for giants such as Disney and Marvel. The decision to take the Cryptonauts NFTs to Polkadot is a significant development for the platform, which is not traditionally known for hosting gaming and NFT projects. The move underscores the potential of Polkadot’s future-proof NFT applications and its ability to offer innovative ways to use NFT assets.

In addition, Square Enix has partnered with Web3 infrastructure firm Elixir Games to bring blockchain gaming to the mainstream. The move was announced on April 19, but specific details on the partnership are sparse at this stage. Elixir Games hosts both traditional and Web3 games on its platform, and also offers Web3 distribution features for its partnered games, such as NFT sales and marketplaces. As such, Square Enix will likely take advantage of those features when launching games via Elixir. This partnership is a significant development for the blockchain gaming industry, as it brings the mainstream gaming industry closer to the world of Web3.

Finally, a free-to-play multiplayer NFT cricket strategy game called “Cricket Stars” has been launched on the Tezos blockchain. The game is being led by Tezos India, an organization that focuses on developing projects on Tezos, in partnership with esports game publisher GoLive Games. The game offers player cards that can be used to affect the game or traded on the marketplace. It also offers player vs player modes, knockout tournaments, and esports tournaments. Despite the name, no licensing deals with actual cricket stars appear to be in place. The launch of Cricket Stars on the Tezos blockchain is a positive development for the platform, as it highlights the versatility of the technology in the gaming industry.

Overall, the developments in the NFT and blockchain gaming space are indicative of a growing interest in Web3 technologies. The Bored Ape Yacht Club legal victory is a significant win for the NFT market, as it reinforces the need for creators to protect their intellectual property rights. The launch of the Cryptonauts NFT drop on Polkadot highlights the platform’s potential for future-proof NFT applications. The Square Enix and Elixir Games partnership brings blockchain gaming closer to mainstream gaming. Finally, the launch of Cricket Stars on Tezos highlights the versatility of blockchain technology in the gaming industry and its potential for broader adoption.

As Web3 technologies continue to evolve and mature, it is likely that we will see more significant developments in the NFT and blockchain gaming space. The integration of these technologies into mainstream industries, such as gaming and entertainment, is an exciting development that could have far-reaching implications for the future of digital content creation and distribution. As more creators and developers experiment with these technologies, it is likely that we will see new and innovative use cases emerge that push the boundaries of what is possible with NFTs and blockchain gaming.

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Tagged : Blockchain Gaming / Bored Ape Yacht Club / CRICKET STARS / ELIXIR GAMES / LEGAL BATTLE / MANDALA METAVERSE / News / NFT / Polkadot / SQUARE ENIX / Tezos

Web3 Foundation Claims DOT is a Piece of Software and Not a Security

by Blockchain NewsNovember 5, 2022

Web3 Foundation, a non-governmental organization headquartered in Zug, Switzerland has released an announcement that they have come to the realization that Polkadot’s native token (DOT) is only software and not a security because it has morphed.

Their view is consistent with that of the U.S Security and Exchange Commission (SEC).

In a recent press statement made by Web3 Foundation’s Chief Legal Officer, Daniel Schoenberger, the staff of the United States SEC Strategic Hub for Innovation and Financial Technology (FinHub) released a framework for Investment contracts to analyze digital assets.

The framework suggested that almost all digital assets that are being sold for the purpose of fundraising were initially meant to be a security in the hands of the initial buyer.

The framework, however, also suggested that there also exists factors that could result in complaints, for example, a complaint that exists when initial digital assets initially offered are sold as a security and to be re-evaluated at a later date. This security therefore no longer exists under federal security laws in the U.S because it has morphed.

Daniel also highlighted that it has been three years since the interaction between Web3 Foundation and SEC. He reiterated that their discussions have been positive and have brought about a deeper understanding of the issues raised by the SEC while seeking solutions to address their concerns.

Web3 Foundation has also developed a workable theory on how token morphing can be adopted for decentralized projects such as Polkadot and other digital assets because aside from being offered for fundraising purposes lacks security-like properties.

The Launch of Polkadot

Polkadot was developed in 2016. The Polkadot is a representation of the vision of the Web3 Foundation founder Dr Gavin Wood to develop a decentralized internet which is known as Web3.

Polkadot is a sharded blockchain, which means it connects multiple chains into a single network, allowing them to process and exchange data in parallel while maintaining strong security guarantees between chains. By parallelizing the workload, Polkadot addresses major issues that have previously tempered with decentralized application development.

In a bid to delve into the digital educational sector, Polkadot recently partnered with edX to promote educational courses.

The course outline covers blockchain and Polkadot technology fundamentals, as well as the Substrate blockchain framework and the Rust programming language. Users are permitted to try the courses free of charge without prior knowledge or experience.

Image source: Shutterstock

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Tagged : Altcoins / Polkadot / SEC / WEB3 FOUNDATION

Gavin Wood Steps Down as CEO of Parity Tech While Retaining the Chief Architect Position

by Blockchain NewsOctober 23, 2022

Gavin Wood, founder of Polkadot and Chief Executive Officer (CEO) of Parity technologies has officially resigned as CEO of Parity.

According to news reports from Parity, Wood will continue to be a major stakeholder and chief architect but will give up his role as CEO. The next CEO will be Parity co-founder Bjorn Wagner.

Wood’s decision to step down as the CEO comes from his need to find eternal happiness and also have enough time for the things he enjoys doing such as coding, designing, creating ideas, and working on Polkadot token (DOT) so as to deliver value toward fulfilling the company’s mission.

“My retained efforts will be geared toward ensuring that Polkadot and Web3 become available to a large amount of the population,” says Wood, adding that he believes the first step in doing this will be to assist the community in creating a number of intriguing chain-integrated social primitives, which are essential for the company to create a truly Web3 platform.

Parity technologies is a key provider of blockchain technology built to disrupt centralized online services and provide institutional innovation.

This was made available with the creation of Parity Ethereum, a prominent Ethereum Client. Currently, Parity is concentrating on Substrate, a blockchain foundation that is industry standard. It has made use of it to create Polkadot, a decentralized web blockchain meta-protocol that connects and secures global crypto-economies.

Through the Polkadot Relay Chain, the Polkadot Protocol can link public and private chains, permissionless networks, oracles, and emerging technologies. This enables these separate blockchains to share data and transactions in an untrustworthy manner.

Many Polkadot users do not seem to be bothered by the news. A Twitter user @Qinwen_Wang says “anything Gavin does or chooses, we support.”

The news of Wood’s resignation as the CEO of Parity comes after Alex Mashinsky recently tendered his resignation as CEO of the troubled crypto loan company Celsius Network.

Peng Zhong, CEO of Ignite, the organization that created the Cosmos blockchain ecosystem also announced his departure from the company earlier in July.

Image source: Shutterstock

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Tagged : GAVIN WOOD / Industry Expert / PARITY TECHNOLOGIES / Polkadot

Tether (USDT) Tokens Now Live on the Polkadot Network

by Blockchain NewsSeptember 25, 2022

Tether Limited recently expanded its reach across various blockchain platforms by launching its stablecoin (USDT) on the Polkadot network. Connecting to Polkadot allows users to work with multiple blockchains in the Polkadot network.

According to a press statement from Tether, adding Tether’s stablecoin to the Polkadot network is the right step towards achieving the goal of spreading across decentralized ecosystems. This will mitigate the potential adverse effects of market volatility and provides a stable currency to earn income and move in and out of the network.

USDT stablecoin is currently live on a total of 11 blockchain platforms including Avalanche, Kusama, Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, Tron, NEAR, and Bitcoin Cash’s Standard Ledger Protocol. The launch of USDT on Polkadot further underscores Tether’s commitment to collaboration and interoperability as a pioneer in the growing digital asset space.

“We are excited to launch Polkadot USDT, providing its community with access to the most liquid, stable, and reliable stablecoins in the digital token space,” said Tether CTO, Paolo Ardoino.”Polkadot is on a trajectory of growth and development this year, and we believe the addition of Tether is necessary for it to continue to evolve.”

Tether becomes the first stablecoin to be launched on Algorand 2.0 in facilitating instant confirmation of payments, wallet support, and micropayments. Users of Algorand will be able to get access to USDT with high scalability and speed.

Paxful, a leading peer-to-peer Bitcoin (BTC) trading platform had earlier announced the addition of USDT to its crypto payment options. Paxful hopes that its investors will be more in control of their finance and protected against the volatility of the blockchain ecosystem as a result of their collaboration with Tether. Paxful users can also convert BTC to USDT and vice versa according to Co-founder, Ray Youssef.

Image source: Shutterstock

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Tagged : Polkadot / Stablecoin / Tether / USDT

Acala Network’s aUSD Depegged from Dollar Mark after Breach

by Blockchain NewsAugust 15, 2022

Acala Network’s stablecoin was depegged from the dollar mark on Sunday following a breach.

The decentralised finance hub of Polkadot on Sunday tweeted saying a vote was proposed to pause operations on Acala after it noticed configuration issues regarding the Horizon protocol, which affects its stablecoin Acala USD (aUSD).

“We have noticed a configuration issue of the (Horizon) protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.”

The stablecoin, at one point, dropped to a low of $0.58, according to CoinMarketCap. Currently, it is trading below the $1 mark.

Acala claims that aUSD is “a decentralised, multi-collateralised stablecoin backed by cross-chain assets”.

“We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD,” said Acala in a Twitter statement. “The misconfiguration has since been rectified, and wallet addresses that received the erroneously minted aUSD have been identified, with on-chain activity tracing in respect of these addresses underway.”

Although Acala has not publicly shared the amount involved in the breach, Binance CEO Changpeng Zhao believes that “over a billion $AUSD” could possibly have been obtained by the attacker. The executive said the change is monitoring, adding that aUSD is not listed on the Binance.

In March, Acala launched a $250 million fund to fuel the adoption of aUSD as the dominant stablecoin for the Polkadot and Kusama ecosystem, respectively, according to a report from Blockchain.News.

The report added that the funding round had come as a result of the collaboration between the top 9 known parachain protocols and prominent names in the digital currency ecosystem.

The $250 million commitment was pulled by notable investors in the crypto industry, including Alameda Research, Arrington Capital, Digital Currency Group, IOSG, Jump Crypto, Kraken Ventures, and Pantera Capital, among others.

Image source: Shutterstock

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Tagged : Acalanetwork / AUSD / Blockchain / Crypto / Polkadot / Stablecoin

Revolut Launches Learn & Earn Program in Partnership with Polkadot

by Blockchain NewsJuly 12, 2022

Revolut, a London-based financial technology company that offers banking services, has announced the launch of its flagship ‘Learn & Earn’ education courses.

The new courses are designed in conjunction with Polkadot and the program is designed to award as much as $15 to learners who complete the courses and pass the quiz at the end of the course.

The fintech unicorn said the Learn and Earn course was created to bring the right educational exposure to users bordering on cryptocurrencies, and the most popular blockchain networks. The course is divided into two, with ‘Crypto Basics’ and the ‘Polkadot Multichain Network’ being the outlines.

Under the Crypto Basics, the program will “educate customers on what cryptocurrencies are compared to fiat money; the meaning of a ‘decentralised system’; cryptography; the mechanics of the blockchain technology; and the risks associated with crypto investments.”

The insight into the Polkadot multi-chain network will showcase how the protocol unites blockchains in the Web3.0 ecosystem. As announced by the firm, the program will use “visual materials including interactive cards and videos to share key insights about Polkadot’s native token, DOT, as well as Polkadot’s use cases, Polkadot’s governance system, and the Polkadot’ Relay Chain’, the central chain used by the Polkadot network that allows specialised and public blockchain to connect in a unified network.”

Learn and Earn is one of the most common methods through which blockchain and crypto startups fuel interest amongst the masses to learn about their projects while earning incentives along the side. The concept is widespread amongst crypto trading platforms. However, the move by Revolut to launch a similar program is evident that there is a need to fuel the acceptance of crypto across the board.

“There’s a huge appetite from our customers to learn more about cryptocurrencies. ‘Learn & Earn ‘will help them better understand the trends, risks, and potential opportunities associated with Crypto. Our collaboration with Web3 Foundation on Polkadot, one of the most popular blockchain networks, will help customers become more familiar with crypto concepts,” said Emil Urmashin, Crypto General Manager at Revolut.

While starting with Polkadot, Revolut is optimistic the courses will be expanded to more protocols shortly.

Image source: Shutterstock

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Tagged : Learn / LEARN AND EARN / Polkadot / Revolut / WEB3.0

Polkadot Developers Gains Access to Chainlink Oracle Through Moonbeam Integration

by Blockchain NewsJune 16, 2022

Thanks to the latest integration of Chainlink oracle into the Moonbeam smart contract platform, developers in the broader Polkadot ecosystem can now access reliable price feeds as they seek to build functional DApps.

While the access to Chainlink oracles was first introduced into Moonbeam back in December last year, the access was to permit the parachain’s developers to access the needed data through the Chainlink oracle resident on Polkadot. The latest integration is a more direct linkup and is projected to expand the activities on the Moonbeam network.

“Price Feeds complete a critical component of Moonbeam’s developer infrastructure, and that’s something that will lead to the development of future DeFi products,” Niki Ariyasinghe, global head of partnerships at Chainlink Labs, said in a message.

Chainlink Oracles helps developers within a blockchain ecosystem work with external data from a particular protocol, helping to create applications based on data integrity. Considering how vital their roles are in the industry, stakeholders within the Moonbeam community had been requesting that Chainlink oracle be integrated for quite some time as confirmed by Derek Yoo, founder of the Moonbeam Network.

“Chainlink was a top requested feature from our community, and with the integration in place, friction is further reduced for developers building DeFi and other use cases,” Yoo said, noting that Chainlink is a “reliable oracle service.”

The Moonbean Network came on as the second winner of the parachain auction slot to build on the Polkadot blockchain back in November last year. Like the other winners including the Astar Network and Acala amongst others, Moonbeam is interoperable with the main Polkadot block known as the Relay Chain as well as the other parachains.

This interoperability will easily aid the integrated Chainlink Oracle to feed every developer in the Polkadot ecosystem, helping them to create new solutions across the board.

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Tagged : Altcoins / Chainlink / Moonbeam / Parachains / Polkadot

Parachain Auction Winner Acala Commits $250M to Fuel aUSD stablecoin Adoption on Polkadot

by Blockchain NewsMarch 24, 2022

Parachain auction winner Acala Network has launched a $250 million fund to fuel the adoption of Acala USD (aUSD) as the dominant stablecoin for the Polkadot and Kusama ecosystem respectively.

As unveiled by the blockchain protocol, the funding round came as a result of the collaboration between the top 9 known parachain protocols as well as prominent names in the digital currency ecosystem.

The $250 million commitment was pulled by notable investors in the crypto industry including Alameda Research, Arrington Capital, Digital Currency Group, IOSG, Jump Crypto, Kraken Ventures, and Pantera Capital, among others. The fund will be used in supporting protocols that are built on either Polkadot or Kusama, but which has the right use cases on how stablecoins and most importantly, the aUSD can be integrated across the board.

“Building the native, decentralized stablecoin of Polkadot and Kusama has been at the heart of Acala’s work for over three years,” said Acala co-founder Bette Chen. “It is fantastic to see this group of parachains and funds coming together to grow the cross-chain ecosystem with aUSD as a foundational building block.”

Acala Network, tasked with the creation of a native stablecoin for the Polkadot ecosystem, came off as the first protocol to win the Polkadot auction slot as announced back in November last year. The aUSD Ecosystem fund has a number of primary goals including to help “grow the Polkadot and Kusama ecosystem through increased cross-chain activity and growth of Polkadot’s native stablecoin, aUSD.”

Just as the name implies, the only listed qualifying projects include early-stage startups building on Polkadot and Kusama, but with a strong focus on driving the growth and utility of aUSD. Acala Network named Astar Network, Centrifuge, Efinity, HydraDX, Manta, Moonbeam, OriginTrail, Parallel, and Zeitgeist as the parachain protocols that supported the emergence of the ecosystem fund.

Beyond Acala which is streamlined to Polkadot, a number of venture capital firms have been floating funds to back innovative projects in the broader digital currency ecosystem, a trend that is likely to pick up massive momentum in the near future.

Image source: Blockchain.News

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Tagged : Acala Network / AUSD STABLECOIN / Polkadot / Stablecoin