Tag: Polygon

Binance Announces Cessation of The Sandbox NFT Staking and Polygon Network Support

by Blockchain News

Binance NFT announced critical changes to its platform. As of September 26, 2023, at 06:00 (UTC), the platform will halt The Sandbox NFT Staking Program. This move results from a strategic decision to optimize the Binance NFT Marketplace’s product line-up.

According to the details provided:

Staking LAND NFTs, currently hosted on the Polygon Network, for daily SAND rewards will be suspended from 2023-09-26 06:00 (UTC).

All LAND NFTs staked on the platform will undergo an automatic unstaking process on September 27, 2023 (UTC). Users can expect the return of their staked LAND NFTs to their Binance accounts by September 28, 2023, at 02:00 (UTC). Furthermore, the final distribution of daily SAND rewards will transpire post this time.

Binance NFT also revealed another significant update concerning the Polygon Network. Starting from September 26, 2023, at 06:00 (UTC), the platform will cease support for the Polygon Network. Consequently, Binance NFT Marketplace users holding NFTs on the Polygon Network are advised to complete their withdrawals by December 31, 2023, at 23:59 (UTC). More specific guidance for affected users will be dispatched subsequently.

Post this deadline, activities such as buying, depositing, offering, or listing NFTs from the Polygon Network on Binance NFT Marketplace will be restricted. Simultaneously, any existing listings linked to the Polygon Network will be automatically nullified at 2023-09-26 06:00 (UTC), with the related NFTs being returned to the users’ accounts by September 28, 2023, at 02:00 (UTC).

While Binance NFT extended its apologies for any potential inconvenience, users seeking further clarity can direct their queries to Binance’s Customer Support or consult the platform’s guides.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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OKX NFT Adds Base, Linea Support, Beyond Ethereum, Optimism, Polygon

by Blockchain News

OKX, a key player in the Web3 technology landscape, broadened its NFT Marketplace’s capabilities by integrating support for Base and Linea blockchains on September 5, according to press release shared with Blockchain.News. This move follows the company’s earlier decision to include Base and Linea in its wallet services, thereby extending the marketplace’s compatibility to 17 different blockchains.

OKX has already supported NFTs on Ethereum, Solana, Binance Smart Chain, Polygon, OK Chain, Immutable X, Aptos, Optimism, Klaytn, Arbitrum and Avalanche Chain.

Base and Linea: A Technical Overview

Base, an Ethereum Layer 2 (L2) solution, is built on the open-source Optimism Stack. It aims to tackle the blockchain trilemma of scalability, security, and decentralization by offering interoperability and composability for participating rollups. The inclusion of Base also brings liquidity from OpenSea, a major NFT marketplace, into the OKX ecosystem.

Linea, a project by ConsenSys, employs Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (zk-SNARK) cryptography technology. The Ethereum L2 solution is designed to enhance transaction throughput while maintaining a secure environment, aligning with the broader push for scalability in the Ethereum network.

OKX’s Multichain Strategy

The OKX NFT Marketplace is notable for its extensive multichain support, accommodating over 11 blockchain networks. It serves as a centralized hub for NFT transactions, including buying, selling, trading, and collecting, making it one of the most comprehensive platforms in the Web3 space. Major NFT marketplaces like OpenSea, LooksRare, and Magic Eden are among those supported.

Strategic Implications

While OKX has been known for its partnerships with high-profile brands and athletes, including Manchester City F.C. and McLaren Formula 1, the company’s core focus remains on technological innovation. Its recent global brand campaign, “The System Needs a Rewrite,” underscores its commitment to challenging the status quo through Web3 technologies.

The integration of Base and Linea is more than a mere addition of new features; it’s a strategic move that could have ripple effects across the NFT and blockchain sectors. By supporting a diverse range of blockchains, OKX positions itself as a versatile platform capable of adapting to the evolving needs of the Web3 community.

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Shiba Inu Shibarium’s Wallets Top 100,000 as Transactions Exceed 445,000

by Blockchain News

Shiba Inu’s Ethereum Layer 2 network, Shibarium, has reached a significant milestone, crossing 100,000 wallet addresses and completing over 445,000 transactions, according to data from Shibariumscan, the network’s block explorer. This comes after an announcement by Shiba Inu’s lead developer, Shytoshi Kusama, who confirmed that Shibarium’s mainnet and cross-chain bridges are fully operational as of August 28, 2023.

A Rocky Start to a Promising Journey

Shibarium, a fork of Polygon, initially faced technical challenges due to an unprecedented surge in user activity shortly after its launch. The system’s fail-safe mode was triggered to ensure the safety and security of funds. Nearly half of the platform’s monthly allocation of 400 million compute units was consumed within just 30 minutes of its launch, posing significant scaling challenges. However, collaborations with teams like Alchemy facilitated a 1500% scaling of operations, ensuring Shibarium’s capability to handle its burgeoning user base.

Mainnet and Cross-Chain Bridges Operational

In a statement on August 28, Shytoshi Kusama clarified that the Shibarium mainnet and its cross-chain bridges are functioning smoothly. Users can now complete withdrawals of various assets, including ETH, Shib, Leash, and WEth, within a time frame of 45 minutes to 3 hours. However, withdrawals of the network’s native token, Bone, may take up to 7 days.

Rapid Adoption and User Engagement

The rapid adoption of Shibarium is noteworthy, especially considering the Layer 2 network aims to alleviate congestion and high fees on the Ethereum mainnet. The data from Shibariumscan indicates a growing user base, which is a critical factor for the long-term sustainability of any blockchain network.

Layer 2 Networks: A Growing Trend

Layer 2 solutions have been gaining traction in the crypto space as they offer scalability and lower transaction costs, features that are particularly beneficial for decentralized finance (DeFi) applications and non-fungible tokens (NFTs). Shibarium’s achievement is in line with this trend, and it adds another layer of utility to the Shiba Inu ecosystem, which initially gained fame as a meme cryptocurrency.

Implications for the Shiba Inu Ecosystem

The Shiba Inu ecosystem has been expanding its offerings, moving beyond its meme coin status. The introduction of Shibarium adds a new dimension to the ecosystem, allowing for faster and cheaper transactions. This could potentially attract more developers to build on the Shibarium network, thereby increasing its utility and value proposition.

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API3 Unveils Enhanced Data Feed Service to Bolster TVL on Polygon zkEVM

by Blockchain News

API3, a pioneering blockchain oracle provider championing the shift from conventional third-party oracle networks to first-party oracle solutions, has rolled out its managed data feed service. This service is designed to support the growth of Total Value Locked (TVL) on Polygon zkEVM, an initiative by Polygon Labs, a leader in developing Ethereum scaling solutions for Polygon protocols.

This development comes in the wake of Polygon zkEVM’s launch earlier this year, which aimed to harness the capabilities of zero-knowledge proofs while ensuring EVM equivalence. Since April 2023, API3 has been at the forefront, offering first-party oracle services to Polygon zkEVM. The recent unveiling of managed dAPIs on the API3 Market now empowers builders with access to multi-source, decentralized data feeds (dAPIs) delivered by first-party oracle nodes, complete with native-chain aggregation.

The DeFi landscape, with lending protocols and perpetual DEXs at its core, hinges on real-time market data. This data necessitates on-chain integration via an oracle. A significant portion of DeFi applications, representing tens of billions in TVL, predominantly rely on push-type oracles. However, existing blockchain oracles often come with high fees and limited source transparency, sometimes introducing vulnerabilities.

Addressing these challenges, API3 has crafted a novel push oracle solution centered around first-party architecture. This innovation facilitates DeFi protocols, currently using push oracles on other EVM chains, to seamlessly transition to Polygon zkEVM. The move is poised to accelerate the adoption and scaling of DeFi, potentially reaching the next billion users.

API3’s groundbreaking push oracle is constructed around the Airnode first-party oracle node. This design eliminates the need for intermediaries, paving the way for a safer and more efficient method to bring real-time market data on-chain. With features like native-chain aggregation and multi-source data feeds, developers can tap into more dependable data, minimizing downtime and enhancing data accuracy.

In a departure from traditional oracle designs that involve third-party node operators, API3’s first-party push oracle sources data directly from the origin. These oracle nodes, managed by the data providers themselves, ensure that cryptographically signed data is integrated onto the blockchain. This approach offers unparalleled data source transparency, setting a new industry benchmark.

Prominent DeFi platforms like Aave, Compound, and various DEXs have historically depended on push oracles. But API3’s innovative push oracle is set to redefine the playing field. This model harmonizes the interests of data providers, networks, and dApps. The introduction of API3’s managed dAPIs heralds a new industry standard, granting direct access to a diverse range of real-world data, encompassing crypto, forex, equities, and commodities.

The DeFi ecosystem is already benefiting from the DAO-managed oracle service of API3. Platforms like QuickSwap Perps and Dovish, a perpetual swap protocol, are leveraging dAPIs for precise pricing. MantisSwap, a DEX focusing on stable assets trading, employs dAPIs to bolster their protection mechanism against stablecoin depegging, highlighting the enhanced security features of dAPIs for DeFi applications.

Tropykus, a lending and borrowing dApp that branched out from AAVE V2, utilized self-funded dAPIs for a swift launch on Polygon zkEVM. With dAPIs requiring minimal alterations to tried-and-tested code, developers gain a competitive edge, potentially enabling rapid deployment on emerging networks.

API3’s collaboration with Polygon zkEVM underscores the pivotal role oracles play in scaling Ethereum. The upcoming generation of blockchain oracles promises heightened security and transparency through first-party oracle solutions. API3 DAO remains enthusiastic about exploring the vast potential of decentralized finance as the capabilities of smart contracts come to fruition.

Jack Melnick, Head of DeFi BD at Polygon Labs, remarked, “It’s very exciting to see API3 deploying on Polygon zkEVM, enhancing the DeFi ecosystem with an innovative push oracle solution. The integration of managed dAPIs with Polygon’s scalable infrastructure marks a significant step towards a more transparent and secure future for decentralized finance.”

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Tetra Partners with Kiln to Enhance Staking Service Including Ethereum and Solana

by Blockchain News

Tetra Trust Company (Tetra), Founded in 2019, Canada’s only licensed custody solution for digital assets, has announced the rollout of increased staking functionality through its strategic partnership with Kiln, a leading enterprise-grade staking platform.

The Tetra-Kiln Partnership

Starting today, Tetra clients can stake their assets with Kiln on the main Proof-of-Stake (PoS) blockchains such as Ethereum (ETH), Solana (SOL), Polygon (MATIC), Cardano (ADA), and Tezos (XTZ). This collaboration aims to provide secure and efficient methods for institutional clients to actively participate in blockchain networks and earn rewards on their digital asset holdings.

Kiln is the leading enterprise-grade staking platform, enabling institutional customers to stake assets, and to whitelabel staking functionality into their offering. Kiln runs validators on all major PoS blockchains, with over $2.2 billion of stake under management and over 3% of the Ethereum network.

Kiln, known for its high standards of operational excellence, manages over $2 billion worth of staked assets and is SOC 2 Type II certified. “We are excited to offer our clients staking opportunities thanks to our collaboration with Kiln,” says Didier Lavallée, CEO at Tetra. “The solution Kiln brings to the table is quite impressive, not only does Kiln meet our security and technical requirements, their all-encompassing capabilities make it a robust solution to offer our clients.”

Laszlo Szabo, CEO at Kiln, stated, “We strive to enable institutions to access staking. Being our first enterprise-grade custodian partner in Canada, we’re thrilled to collaborate with Tetra, with whom we share common values.”

Understanding the Staking Opportunity

In PoS blockchains, staking consists of locking native tokens to earn the right to help secure the chain via a validator. Staking plays a crucial role in network security, governance, and contributes to the growth of the Web3 ecosystem. By staking, token holders can earn rewards and grow their digital asset holdings.

This collaboration marks a significant milestone in both companies’ commitment to delivering the highest standards of security and service for institutional and corporate clients.

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Polygon Expanded Collaborations with Disney, Meta, Starbucks, and More in Q2 2023

by Blockchain News

Accordint to a report released by Messari, Polygon ($MATIC), a suite of Ethereum-based scaling solutions, unveiled key insights and recent developments in its ecosystem for the second quarter of 2023. Among the key highlights, Polygon Labs introduced Polygon 2.0, a network of zero-knowledge Layer-2 blockchains. This new development aims to become the “Value Layer of the Internet,” bringing significant updates to protocol architecture, tokenomics, and governance.

The Polygon zkEVM, a Zero-Knowledge (ZK) Layer-2 rollup protocol for Ethereum, showed steady growth, achieving 200,000 unique addresses by the end of Q2. This notable achievement was marked by collaborations and integrations with various industry players. An important aspect of the report was MATIC’s inclusion in the SEC’s complaints against Binance and Coinbase. However, the document emphasizes that Polygon’s network fundamentals were unaffected by this news.

Further, the report indicates that Polygon has expanded its partnerships with prominent legacy companies and institutions such as Franklin Templeton, Securitize, Mastercard, and Warner Music Group. These new additions join existing partners including Adobe, Adidas, Disney, Meta, Nike, Reddit, Robinhood, and Starbucks.

Other exciting developments include the launch of the Polygon zkEVM Mainnet Beta on March 27, 2023, aimed at enabling secure, quick, and cheap transactions. Additionally, the report provides insights into Polygon Miden, an upcoming ZK Layer-2 rollup protocol designed for Ethereum, utilizing the Miden Virtual Machine (MVM) written in Rust. An app-chain-focused scaling solution for Polygon PoS, known as Polygon Supernets, is currently in testnet. Finally, Polygon ID, a privacy-preserving identification service for Web3 users, uses ZK-proofs to verify user credentials privately.

Polygon’s Q2 report underscores the platform’s ongoing commitment to innovation, collaboration, and growth. These initiatives place Polygon at the forefront of the blockchain industry, reinforcing its position as a leading provider of Ethereum-based scaling solutions. 

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Bitcoin Dominates Digital Asset Fund Flows with $140M Inflows in a Week

by Blockchain News

In the past four weeks, digital asset investment products have seen a significant surge in inflows, totaling $742 million, according to the latest weekly report from CoinShares. This marks the largest run of inflows since the final quarter of 2021.

In the week ending July 17, 2023, these products attracted $137 million in inflows. Bitcoin, the leading cryptocurrency, accounted for the lion’s share, with inflows totaling $140 million, making up 99% of all inflows. This comes despite short Bitcoin investment products experiencing a 12th consecutive week of outflows, amounting to $3.2 million.

Trading volumes on investment products remained robust, totaling $2.3 billion for the week, well above the year’s average of $1.4 billion. This indicates that investment products are making up a larger proportion of total crypto volumes, accounting for 11% last week compared to the 2% average.

North America was the primary focus of inflows, with the US and Canada seeing inflows of $109 million and $28 million respectively. In the meanwhile, Europe experienced minor outflows, with the exception of minor inflows in Switzerland.

Despite Ethereum’s recent price appreciation, it did not attract inflows. Instead, it experienced outflows of $2 million last week, maintaining its position as the asset with the most outflows year-to-date.

Altcoins such as Solana, Polygon, and Litecoin saw minor inflows, ranging between $0.3 million and $0.5 million.

This data underscores the continued investor interest in Bitcoin, even as other digital assets show mixed fund flow trends. 

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Donald Trump’s NFT Success Unveils Former President’s Crypto Ventures

by Blockchain News

Former U.S. President Donald Trump has made significant strides in the NFT market, as revealed in a recent financial disclosure form submitted to the Office of Government Ethics. The disclosure, which unveils a staggering $1 billion in earnings from various sources, highlights Trump’s ownership of CIC Digital LLC. This company acquires licensing payments for using Trump’s persona on nonfungible tokens (NFTs) and holds a crypto wallet valued between $250,000 to $500,000.

Two sets of digital trading cards have been released as a result of Trump’s entry into the NFT market, and both have had a big influence. The first season, which debuted in December, sold out on the first day, a feat that the second season also accomplished. Despite a 60% drop in the price of the original collection following the unveiling of the second series, the “Trump Digital Trading Cards” have remained a hot commodity on the NFT marketplace Opensea.

The second series, sold for $99 each on the Polygon blockchain, generated over $4.65 million in revenue with 47,000 assets in the collection. The sales, conducted by wrapped Ether transactions, brought around $2 million worth of new funds into the Polygon network. This success came despite a downturn in the NFT market, with Trump’s NFTs experiencing a spike in sales after his indictment earlier this year.

In addition to his NFT ventures, Trump’s media pursuits include an ownership stake in Trump Media and Technology Group, valued between $5 million and $25 million. The group’s revenue streams include over $1 million in advertising revenue from a conservative live-streaming site.

Trump’s diverse income sources also extend to more traditional avenues. For speaking engagements, he claimed getting $12.6 million in fees, including $1.4 million from a live tour with an American journalist. He also disclosed large earnings from the sale of his Washington hotel, which totaled $284.5 million, and from the administration of his Dubai golf club, which brought him over $1 million.

As the world of digital assets continues to evolve, Trump’s involvement in the NFT market underscores the growing intersection of politics, celebrity, and cryptocurrency. With his digital trading cards making waves in the NFT space, it remains to be seen how this venture will influence his financial pursuits moving forward.

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$136M Inflow into Crypto Assets, Bitcoin Remains Preferred Choice

by Blockchain News

In the latest update from CoinShares, digital asset investment products have seen a significant inflow of $136 million in the past week. This surge marks the third consecutive week of inflows, totaling $470 million, effectively offsetting the outflows observed in the preceding nine weeks.

Bitcoin continues to be the primary focus for investors, with inflows totaling $133 million last week. This trend indicates a strong investor preference for Bitcoin over altcoins. In contrast, short-Bitcoin saw outflows of $1.8 million, marking its 11th consecutive week of outflows.

Despite the general upward trend, trade volume has decreased. Investment goods totalled $1 billion last week, down from $2.5 billion on average over the preceding two weeks. This volume decline might be attributable to seasonal impacts, since lower volumes are normal in July and August.

Ethereum, another significant participant in the digital asset market, had $2.9 million in inflows last week. However, it has profited only little from increased market sentiment. Inflows during the previous three weeks account for just 0.2% of total assets under management (AuM), compared to 1.9% for Bitcoin. Ethereum continues to have negative net flows year to far, with outflows totaling $63 million.

Other altcoins, including Solana, XRP, Polygon, Litecoin, and Aave, also experienced inflows. However, Cosmos and Cardano saw minor outflows.

In another noteworthy development, blockchain equities recorded the largest inflows for a year, totaling $15 million.

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Bitcoin (BTC) $ 41,944.24 4.15%
Ethereum (ETH) $ 2,234.71 4.73%
Litecoin (LTC) $ 73.14 5.44%
Bitcoin Cash (BCH) $ 231.27 8.86%