Coin overview
AVAIL
Ended--
Last price (USDT)
151.62K
24h total (USDT)
250.92K
Total vol (USDT)
2024-06-28 10:00:00 ~ 2024-07-23 11:30:00
Trading time (UTC+0)
2024-07-23 16:00:00
Delivery time (UTC+0)
Can Decentralized Social Media Truly Guarantee Freedom of Speech?
In a world where traditional social media platforms dominate the digital conversation, are decentralized alternatives emerging as a promising counterpoint to censorship or a breeding ground for hate speech? BeInCrypto talks to Anurag Arjun, co-founder of Avail, a blockchain infrastructure pioneer who is passionate about how decentralization can potentially transform online speech and governance. Decentralized Social Media Faces Moderation and Privacy Challenges In October, X (formerly Twitter) suspended the Hebrew-language account of Iranian Supreme Leader Ali Khamenei for “violating platform rules.” The post in question commented on Israel’s reprisal attack on Tehran, reigniting global debates about the power centralized platforms hold over public discourse. Many asked: Can it be that a nation’s supreme leader isn’t allowed to comment on airstrikes happening within his own borders? Political sensitivity aside, the same thing happens all the time with everyday creators in much lower-stakes contexts. In the second quarter of 2024, YouTube’s automated flagging system removed approximately 8.19 million videos, while user-generated flagging removed only about 238,000 videos. YouTube Removed Videos 2019 to 2024. Source: Statista. In response, decentralized platforms like Mastodon and Lens Protocol are gaining popularity. Mastodon, for example, saw a surge of 2.5 million active users since Elon Musk’s acquisition of Twitter in November 2022. These platforms promise to redistribute control, but this raises complex questions about moderation, accountability, and scalability. “Decentralization doesn’t mean the absence of moderation—it’s about shifting control to user communities while maintaining transparency and accountability,” Anurag Arjun, co-founder of Avail, told BeInCrypto in an interview. Decentralized platforms aim to remove corporate influence over online speech. These platforms allow the users themselves to define and enforce moderation standards. Unlike Facebook or YouTube, which face accusations about algorithmic biases and shadow bans, decentralized systems claim to promote open dialogue. However, while decentralization removes single-point control, it certainly doesn’t guarantee fairness. A recent survey from the Pew Research Center found that 72% of Americans believe social media companies wield too much power over public discourse. This skepticism applies to decentralized systems, where governance must remain transparent to prevent louder voices from monopolizing the conversation. “Distributed governance ensures no individual or corporation unilaterally decides what can or cannot be said, but it still requires safeguards to balance diverse perspectives,” Arjun explains. Community-Led Moderation Challenges Without centralized oversight, decentralized platforms depend on community-driven moderation. This approach hopes to ensure inclusivity but also risks fragmentation when consensus is hard to achieve. Mastodon instances often have varying moderation rules, which can confuse users and jeopardize communities. Wikipedia is a great example of successful community-led moderation. It relies on 280,000 active editors to maintain millions of pages globally. Transparent processes and user collaboration ensure trust while protecting free expression. “Transparency in governance is essential. It prevents exclusion and builds confidence among users, ensuring everyone feels represented,” Arjun says. Decentralized platforms face the challenge of balancing free speech with controlling harmful content like hate speech, misinformation, and illegal activities. A high-profile example is the controversy surrounding Pump.fun, a platform that allowed livestreams for meme coin promotions. Misuse of this feature led to harmful broadcasts, including threats of self-harm tied to cryptocurrency price swings. “This highlights a crucial point. Platforms need layered governance models and proof-verification mechanisms to address harmful content without becoming authoritarian,” Arjun explains The seemingly obvious solution is to utilize artificial intelligence. While AI tools can identify harmful content with up to 94% accuracy, they lack the nuanced judgment required for sensitive cases. In any case, decentralized systems must combine AI with transparent, human-led moderation for effective results. So the question remains: How do you protect people from harm or enforce any form of regulation without first agreeing on what constitutes foul play? Also, what would the community remold itself into if it were to organically police itself successfully? Governance and New Censorship Risks Decentralized governance democratizes decision-making but introduces new risks. Voting systems, while participatory, can marginalize minority opinions, replicating the very issues decentralization seeks to nip in the bud. For instance, on Polymarket, a decentralized prediction platform, majority voting has sometimes suppressed dissenting views, demonstrating the need for safeguards. “In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth. Prediction markets are freedom preserving technology that move societies forward,” a blockchain researcher commented on X (formerly Twitter). Transparent appeal mechanisms and tabs on majority power are crucial to preventing new forms of censorship. Decentralized platforms prioritize user privacy, giving individuals control over their data and social graphs. This autonomy strengthens trust, as users are no longer at the mercy of corporate data breaches like Facebook’s Cambridge Analytica scandal in 2018, which exposed data from 87 million users. In 2017, 79% of Facebook users trusted Meta with their privacy. After the scandal, this number fell by 66%. User Trust in Facebook from 2011 to 2017. Source: NBC However, privacy can complicate efforts to address harmful behaviors. This ensures decentralized networks remain safe without compromising their core principles. Arjun explains, “Privacy cannot come at the expense of accountability. Platforms must adopt mechanisms that protect user data while enabling fair and transparent moderation.” Legal and Regulatory Concerns in Decentralized Social Media A primary challenge for decentralized platforms is addressing legal issues like defamation and incitement. Unlike centralized systems such as X, which receive 65,000 government data requests annually, decentralized platforms lack clear mechanisms for legal recourse. Arjun emphasizes the importance of collaboration between platform creators and lawmakers. “Engaging regulators can help establish guidelines that protect users’ rights while preserving the ethos of decentralization,” he says. In authoritarian regimes, decentralized platforms provide a fighting chance to resist censorship. During the Mahsa Amini protests in Iran, for example, government-led internet shutdowns affected 80 million users, stressing the need for censorship-resistant networks. While decentralized platforms are harder to shut down, they are not immune to external pressures. “Decentralization offers robust tools for resistance, but individual users remain vulnerable. Platforms must develop additional protections to shield them from persecution.“Decentralization began as a movement for user empowerment. To sustain that vision, platforms must prioritize inclusivity, transparency, and technological innovation,” Arjun concludes. Overall, the future of decentralized social media hinges on addressing these hurdles with creativity and collaboration. If successful, decentralized platforms could redefine the dynamics of online speech, offering a freer and more resilient ecosystem for expression. The question is not whether decentralization can work but whether it can evolve to balance freedom with responsibility in the digital age.
Lens launches Lens Network and opens testnet, with social modular functions at its core
the social network graph protocol Lens announced the launch of a high-performance network Lens Network (Lens V3) with modular social functions and opened a test network. Lens Network is built on ZKsync, protected by Ethereum, and uses Avail to achieve data availability. The new features of Lens Network include: on-chain social, accounts, usernames, charts, feeds, and groups. Lens stated that the developer community of existing Lens applications is beginning to prepare to migrate to Lens Network.
Ethereum fees poised for rebound amid L2, blob uptick
Ethereum’s network revenues are poised to rebound as surging activity on layer-2 (L2) scaling networks drives demand for data storage, according to cryptocurrency researchers and onchain data. In November, Ethereum L2s have been posting upward of three times more transaction data each day to the mainnet than they did in March, according to data from Dune Analytics. Ethereum’s revenues dropped by as much as 95% after the network’s March Dencun upgrade migrated L2 transaction data to temporary offchain stores called “blobs” in a bid to cut costs for users, according to data from asset manager VanEck. “ETH Fees Were Weak Due to Lack of Blob Revenues as L2s Have Not Filled Available Capacity,” Matthew Sigel, VanEck’s head of digital asset research, said in a Nov. 1 post on the X platform. “There is Some Evidence this is Changing, thanks to Base, Scroll and World Chain,” Sigel said, referring to three popular L2s. Source: Dune Analytics Related: Trump win could fast-track first staked Ether ETF — Nansen analyst In September, Sigel said he expects Ethereum to generate up to $66 billion in annual free cash flow by 2030, driving spot Ether’s price as high as $22,000 per Ether ( ETH ) token. His estimate reflects anticipated value accrual to ETH holders from transaction fees as Ethereum processes a growing portion of the world’s transactions. “Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa,” Sigel said. Since launching in 2015, Ethereum has generated $3 billion in fees (denominated in ETH), Sigel said. Other ETH value accrual mechanisms include “burning” — or permanently removing from circulation — a portion of transaction fees and emitting new ETH to reward stakers, who post ETH as collateral to secure the network. Scenarios for ETH by 2030. Source: VanEck On Nov. 6, ETH prices spiked 10% after crypto-friendly Republican Donald Trump prevailed in the United States presidential elections. Meanwhile, US spot Ether exchange-traded funds (ETFs) saw net inflows of $52.3 million, the highest in six weeks. Trump’s victory in the presidential election could pave the way for more crypto investing products to hit the US markets, including the first staked ETH ETFs , according to Edward Wilson, an analyst at Nansen. Other protocols are competing against Ethereum in data availability. They include Celestia, EigenDA and Avail, among others. Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes
Gavin Wood Signals Next Steps for Polkadot’s Revolutionary JAM Protocol at Sub0 Reset
November 4, 2024 – London, United Kingdom WebZero has announced the full agenda for its conference Sub0 Reset , inviting developers, investors and innovators to join Polkadot founder Dr. Gavin Wood – along with industry leaders from Parity and the Web3 Foundation – to work on building JAM (Join-Accumulate Machine), a new paradigm paving the way forward for writing and securing Web 3.0 applications. The three-day event, from November 9-11, 2024, in Bangkok, is dedicated to the most exciting innovation of the Polkadot ecosystem – advancing Gavin Wood’s visionary JAM chain project into the implementation stage and showcasing the most innovative projects built on Substrate. JAM takes Polkadot’s current architecture to a new level of flexibility, in which Polkadot’s cores can be used for any verification task – whether for smart contracts or sovereign blockchains – maximizing the potential of the cores. It seeks to offer a real solution to the scalability versus coherency dilemma in Web 3.0. Sub0 Reset kicks off with a dedicated education day. Attendees can learn from industry greats such as Polkadot founder Robert Habermeier and Avail’s Anurag Arjun, and join barcamp deep-dives focused on Substrate. Day two is ‘modularity day,’ with discussions from leading innovators at Avail, R0gue, Midnight and Parity Technologies. Day three is ‘JAM and scalability day,’ building out Polkadot’s founder Gavin Wood’s vision to transform the ecosystem into the world’s first global computer. The venue’s 24/7 hackerspace will give new teams the chance to co-work and compete for $10,000 in prizes. Fabian Gompf, CEO of the Web3 Foundation, said, “Sub0 Reset is the best opportunity for global developer talent to come together and catch up on the cutting-edge innovation happening in the Substrate and Polkadot ecosystems. “Ranging from network updates and milestones to parachains, solochains and a whole day covering [JAM], Sub0 Reset is an important step for driving forward progress on Polkadot.” Agenda highlights Saturday, November 9 Interoperability deep-dive from Anurag Arjun – 12:00 p.m. UTC, main stage Keynote from Robert Habermeier – 12:30 p.m. UTC, main stage Sunday, November 10 Workshop – ‘Building on Polkadot’ with Shawn Tabrizi from Parity – 2:00 p.m. – 3:00 p.m. UTC Building bespoke Web 3.0 gaming experiences with John Linden from Mythical Games – 4:30 p.m. – 5:10 p.m. UTC Monday, November 11 – JAM day Demystifying JAM with Kian Paimani from Parity – 11:00 a.m. UTC Keynote speech on JAM from Dr. Gavin Wood – 5:00 p.m. – 6:00 p.m. UTC JAM toaster – Developers can test and optimize JAM implementations on a full-scale simulation of the network with 1,023 nodes at full capacity and 16,384 AMD CPUs – All day The Venue Spectacular five-floor industrial venue 24/7 hackerspace with bounties and $10,000 prize Rooftop oasis Free catering and drinks from a private chef Practical details Sub0 Reset is taking place at 127 Na Ranong Rd, Khlong Toei, Bangkok, from November 9-11, 2024. A limited supply of free tickets for Sub0 Reset are available here . The event runs from 10:00 a.m. UTC until late each day. Make sure to subscribe to the WebZero Luma for full scheduling opportunities. The hackerspace runs 24 hours a day, ensuring developers can build at all hours of the night with food and beverages provided free of charge. Media lounge and recording rooms are provided. The event will be streamed on the Polkadot YouTube channel . For any further media enquiries, please email here . About WEBZERO WebZero is a developer experience builder that is establishing a hybrid between event production and developer relations, based on its own unique vision and methodology. About Polkadot Polkadot is the powerful, secure core of Web 3.0, providing a shared foundation that unites some of the world’s most transformative apps and blockchains. Polkadot offers advanced modular architecture that allows developers to easily design and build their own specialized blockchain projects, pooled security that ensures the same high standard for secure block production across all connected chains and apps connected to it and robust governance that ensures a transparent system where everyone has a say in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, users are not just participants – they’re co-creators with the power to shape its future. Contact Jonathan Duran , manager of communications at Distractive
South Korea Mulls Free Market Approach for Crypto Interest Rates
South Korea’s FSS Governor raises concerns over crypto exchanges’ competitive interest rates. The Governor reveals the country’s plans to promote a free crypto market approach. The FSC Chairman highlights the significant impact of interest rates on crypto prices. Lee Bok-hyun, Governor of South Korea’s Financial Supervisory Service (FSS), suggested the country may adopt a free market approach to crypto . During a parliamentary audit, the governor addressed concerns about competitive crypto interest rates on exchanges like Bithumb. As part of the Virtual Asset User Protection Act, the regulator is creating a flexible regulatory framework to ensure customer safety. At the same time, Financial Services Commission (FSC) Chairman Kim Byoung-hwan noted the sensitivity of managing interest rates. He stressed their impact on prices and expressed a preference for voluntary solutions from exchanges. South Korea began implementing new crypto regulations focused on customer protection on July 19 with the Virtual Asset User Protection Act . The FSS has already started enforcing these regulations, meeting with top crypto exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax. The regulator discussed deposit usage fees and addressed disagreements on appropriate fee levels. Read also: South Korea May Soon Allow Bitcoin Spot ETFs The interest rate competition also started on July 19, with leading exchanges announcing their rates. Upbit began with a rate of 1.3%, while Bithumb offered 2%. Upbit then raised its rate to 2.1%, prompting Bithumb to increase its rate to 2.2%. Korbit entered the competition with a higher rate of 2.5%. Bithumb tried to raise its rate to 4%, but the FSS intervened, forcing the exchange to reverse the increase. This regulatory action comes as South Korea investigates crypto market manipulation, including tokens like AVAIL and NFP. The country’s National Assembly is conducting a detailed investigation into AVAIL , while the exchange Coinone has hired law firms to investigate NFP . Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
NFP Token Plunge: Coinone Disputes Hack Claim, Launches Probe
South Korean crypto exchange Coinone has launched an investigation into the NFP token dispute. The token experienced a 70% dip on Coinone while the price remained steady in global exchanges. Though the NFP Foundation reported a hack, Coinone said the NFP tokens were correctly distributed. Coinone, a South Korean crypto exchange, has brought in local and Canadian law firms to investigate the NFPrompt (NFP) token dispute. In March, Coinone’s NFP price plummeted 70%, while prices on international cryptocurrency exchanges remained relatively stable. Coinone’s decision to launch a probe comes on the heels of South Korea’s investigation into the AVAIL token . At the time of this writing, the NFP token is trading at $0.2303 , down 5% in the past day. Although it’s down 1.15% over the past week, the token is up 1.91% over the past 30 days. The massive 46% drop in its 24-hour trading volume shows the community’s decreasing interest in the token. NFP Foundation Alleges Hack, But Coinone Finds No Evidence Before the token’s unusual price drop on Coinone, the NFP Foundation, the NFP token’s governing body, reported a hack. Afterward, the platform asked global exchanges to temporarily suspend the token’s activities. However, saying the NFP Foundation hadn’t provided sufficient proof, Coinone refused the halt request and continued NFP trading. This led to a sell-off frenzy, causing a significant price downtrend on the exchange. Coinone’s internal investigation found that the disputed NFP tokens were correctly distributed, contradicting the NFP Foundation’s hack claim. However, the foundation has provided limited assistance for token swaps, leaving roughly 700 affected Coinone users with little recourse to recover losses. South Korea Steps Up Regulatory Action Recently, the South Korean National Assembly launched a detailed probe into the AVAIL token over price manipulation concerns. According to reports, Democratic Party lawmaker Min Byeong-deok called the token the “second Burger Coin,” referring to foreign tokens traded on domestic exchanges. Read also: South Korea May Soon Allow Bitcoin Spot ETFs South Korea is working to establish regulatory clarity, as evidenced by the introduction of its first customer protection law . This move seeks to increase investor confidence and safeguard consumer interests. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
The head of the Financial Supervisory Service of South Korea: We are investigating various abnormal transactions including AVAIL on Bithumb
On October 17th, the Chairman of the Financial Supervisory Service of South Korea, Lee Ju-yeol, stated during a parliamentary audit that "we are investigating the issue of AVAIL coins traded on Bithumb." AVAIL was listed at 263 Korean won on July 23rd and rose to 3,500 Korean won within 15 minutes, but it fell to 296 Korean won less than a day later, raising suspicions of price manipulation. In response, Min Byoung-dug, a member of the South Korean Democratic Party, stated that "the AVAIL token incident means that Bithumb's own abnormal trading system did not work at all. Bithumb said that only trades that account for more than 5% of the total issuance would be considered abnormal trades."
South Korean National Assembly to Probe Altcoin AVAIL ‘Price Manipulation’ Case
Last updated: October 16, 2024 19:30 EDT The South Korean National Assembly is set to investigate transactions involving the altcoin AVAIL on the crypto exchange Bithumb in July amid “price manipulation” suspicions . Per Bloomingbit/Hanguk Kyungjae , lawmaker Min Byeong-deok, of the Democratic Party of Korea, will bring the case before an audit held by the Political Affairs Committee on October 17. AVAIL Price Audit Begins Min has labeled the token a “burger coin,” a variation on the moniker “ kimchi coin .” Whereas the term kimchi coin refers to low-cap domestic altcoins, “burger coins” are tokens “issued overseas but listed on domestic crypto exchanges.“ Min was the first to coin the term at an audit last year. That audit focused on “circulation issues” connected with the SUI coin. “October 17’s audit will let us address the recent controversy over AVAIL prices, as well as listing beam and manipulation suspicions on Bithumb, a platform that lists AVAIL.” South Korean lawmaker Min Byeong-deok The term “listing beam” refers to a phenomenon whereby the price of newly listed coins rises sharply immediately after listing before falling quickly. AVAIL prices over the past 12 months. (Source: CoinMarketCap) The regulatory Financial Supervisory Service launched its own probe into the coin in early August after a flurry of suspicious transactions in late July. The FSS thinks an unnamed investor bought “a large amount of AVAIL from overseas vendors” and then “led trading on Bithumb” on July 23. 💍 South Korea has made it possible for married couples to divide cryptocurrency holdings during divorce proceedings. #SouthKorea #Crypto https://t.co/jBqnrcwYf8 — Cryptonews.com (@cryptonews) October 10, 2024 The regulator thinks this trader drummed up support for their drive online and then tried to spike prices by executing scores of post-listing transactions. This, the FSS believes, helped drive AVAIL prices up from around $0.17 to the $2.56 mark “in the space of around 15 minutes.” Only AVAIL prices on Bithumb were affected, with the token’s prices remaining steady on rival exchange platforms. Trading volumes on the Bithumb crypto exchange over the past 12 months. (Source: CoinGecko) Lawmaker Demands Data Min has asked financial regulators to provide the commission with “relevant data” for its audit. This data includes “the status of abnormal transactions of AVAIL coins listed on Bithumb.” Many think the unnamed investor “sold Avail on behalf of non-Koreans who could not use domestic crypto exchanges.” Min’s office said: “The price manipulation […] issues connected with the Bithumb-AVAIL price incident are the joint responsibility of the exchanges and financial authorities. They are neglecting investor protection. We will hold them accountable.” Min has previously criticized crypto exchanges for “ignoring” the “damages” investors suffer from “burger coin” price manipulation events. South Korea’s current account recorded the biggest surplus in more than six years, boosted by global demand for chips used in AI https://t.co/BuFVsgt7OD — Bloomberg (@business) August 7, 2024 The Financial Supervisory Service’s probe is still ongoing. The regulator said it would not “disclose information” until its probe was “fully resolved.” “Any mention of the progress of the investigation could affect market prices.” Financial Supervisory Service Early Test for Virtual Asset User Protection Act Bithumb, meanwhile, has also refused to comment on the investigation so long as it remains active. It said: “We have a system in place to report to the financial authorities on abnormal transactions, based on monitoring, as per the terms of the Virtual Asset User Protection Act.” The act came into force in July this year . It contains clauses pertaining to investor protection and anti-price manipulation measures. An unnamed crypto industry insider told the media outlet the case would “serve as a useful precedent for the financial authorities and investigative authorities, regardless of its outcome.”
South Korea to Investigate AVAIL Altcoin Over Price Manipulation Concerns
The South Korean National Assembly is probing into the altcoin AVAIL’s trading on Bithumb in July. Lawmaker Min Byeong-deok will address AVAIL as the “second Burger Coin” during the Political Affairs Committee today. The term was first used by the lawmaker to refer to the circulation issues concerning the SUI token. The South Korean National Assembly is reportedly planning a detailed investigation into the altcoin AVAIL over price manipulation concerns. Democratic Party of Korea lawmaker Min Byeong-deok plans to call the AVAIL token the “ second Burger Coin ” during Thursday’s Political Affairs Committee meeting. South Korean regulators will examine AVAIL’s transactions on the Bithumb exchange in July. Byeong-deok first used the term “Burger Coin” last year to describe the SUI coin, which faced scrutiny because the foreign-issued token was being traded domestically. Now, the term is being applied to the AVAIL token. The legislator said: “October 17’s audit will let us address the recent controversy over AVAIL prices, as well as listing beam and manipulation suspicions on Bithumb, a platform that lists AVAIL.” “Listing Beam” and “Burger Coin” “Listing beam” refers to the phenomenon of a new coin’s price rapidly increasing after being listed on an exchange, followed by a sudden drop, leading to significant losses. The term “burger coin” distinguishes tokens like AVAIL and SUI from “kimchi coins.” Kimchi coins are low-cap domestic coins, while “burger coins” are foreign tokens traded on domestic exchanges. Under the Virtual Asset Protection Act , the South Korean regulators initiated an investigation into the suspicious AVAIL trading activities on Bithumb . Read also: South Korea Investigates KOK Token Crash, $3 Billion Lost The investigation will focus on AVAIL’s price fluctuations on Bithumb on July 23-24, when the token surged by as much as 1383% in just 15 minutes. AVAIL, which was priced at $0.17 at 10:00 pm on July 23, jumped to $2.56 in 15 minutes. Reports suggest regulators believe an unnamed investor may have engaged in suspicious trading activities. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Polkadot’s flagship sub0 conference is ground zero for ecosystem’s landmark overhaul
London, UK, October 16th, 2024, Chainwire Polkadot drives forward ecosystem-wide transformation with 24/7 hacking and masterclasses from industry greats. WebZero , a global event and DevRel force is presenting sub0 reset, the leading developer conference for the Polkadot Substrate ecosystem from November 9-11, 2024, in Bangkok, Thailand. sub0 reset is the first and only Substrate development conference, bringing together the best developers and builders of Web3 in a spectacular five-floor industrial venue, complete with a rooftop beach and catering and drinks from a private chef. Attendees will have the chance to learn from industry legends, including senior figures from the Web3 Foundation and founders of Polkadot, as well as meet like-minded partners to build next-generation apps and tools with Substrate in our 24/7 hackspace. Fabian Gompf, CEO of Web3 Foundation, said: “Great to see sub0 come back with a fresh concept showcasing the talent in the Polkadot ecosystem. It’s a perfect opportunity for developers, investors and industry leaders to come together and build solutions on Substrate that will have a real impact” Attendees can expect to learn about the latest projects building with Substrate, how to build with Substrate’s modular SDK and other emerging components in the Polkadot tech stack, with industry leaders such as Polkadot co-founder Robert Habermeier, Mythical Games founder John Linden and Nova Wallet founder Anton Khvorov taking to the stage and sharing their wisdom with guests throughout the 3-day event. sub0 kicks off with a dedicated education day, ranging from no-holds-barred analysis of the state of Web3, to barcamp deep-dives on building on Substrate. Day two is Modularity Day, with discussions from leading innovators at Avail, R0gue, Midnight and Parity. Day three is JAM Scalability day, building out Polkadot’s founder Gavin Wood’s vision to transform the ecosystem into the world’s first global computer. The venue’s 24/7 hackerspace will give new teams the chance to co-work and compete for 10k USD in bounties. Practical details Sub0 reset is taking place at 127 Na Ranong Rd, Khlong Toei, Bangkok from 9-11 November, 2024. A limited supply of free tickets for sub0 reset are available here . The event runs from 10 AM until late each day, make sure to subscribe to the WebZero Luma for full scheduling opportunities. The hackerspace runs 24 hours a day, ensuring developers can build at all hours of the night with food and beverages provided free of charge. Media lounge and recording rooms are provided. For any further media enquiries, users can contact [email protected] ABOUT WEebZero WebZero is a developer experience builder that is establishing a hybrid between event production and developer relations, based on its own unique vision and methodology. Contact Comms/PR manager Jonathan Duran Distractive [email protected]
Q3 report on Asia’s Web3 market: Rapid growth, with governments and enterprises jointly driving innovation
Original title: Asian Web3 Market Trends: Wrap-up for Q3 2024 Original source: Tiger Research Reports Original translation: TechFlow Key points summary: Asia's Web3 market is growing rapidly, thanks to a tech-savvy population, proactive government policies, and broad corporate participation. Major countries such as South Korea, Japan, and Vietnam are leading the way. · New regulatory frameworks in South Korea, Indonesia, and Thailand are promoting blockchain innovation, with sandbox regulations encouraging experimentation in real-world assets (RWAs), decentralized finance (DeFi), and digital asset services. · Emerging markets such as China and Cambodia are full of opportunities as well as risks. Despite regulation, China's unofficial participation remains significant, while Cambodia offers development potential for small and medium-sized enterprises willing to deal with legal complexities. 1. Tiger Research’s Focus on Asia Source: Chainalysis At Tiger Research, we focus primarily on the Web3 market in Asia due to its huge potential and rapid growth. Asia stands out due to several factors: 1) a young and tech-savvy population, 2) a high level of technology adoption, 3) a well-developed regulatory framework, and 4) a proactive attitude among businesses. These factors are driving Asia to become a leading force in the global Web3 space. Among the many countries in the region, we are currently focusing on the following major markets: 1. South Korea:Enterprise-level companies are entering the Web3 space, and blockchain game development plays a big role. Major gaming companies are actively preparing for the launch of blockchain games, marking a shift in the industry. 2. Japan: Japanese government-led initiatives are driving the revitalization of the Web3 industry and promoting active participation from businesses. Major companies with global IPs such as Sony and Bandai Namco are expected to make significant contributions. 3. Indonesia:With its large population and fast-growing market, Indonesia has considerable long-term potential. The government's proactive approach, including the launch of a state-owned cryptocurrency exchange, further enhances this prospect. 4. Vietnam:Vietnam is expected to become Asia's "Web3 powerhouse", thanks to its high level of technology adoption among its young population and a competitive developer community. 5. Thailand:Thailand's government, financial sector, and public are all highly involved in the crypto market. Traditional financial institutions are at the forefront of Web3 initiatives. 6. Singapore:Although Singapore has a clear regulatory framework and sandbox projects that promote innovation in ICOs, STOs, RWAs, and payments, it has been challenged by reduced corporate support. 7. India:India has great potential in the Web3 space with its large talent pool and thriving startup ecosystem. Success stories like Polygon highlight India’s ability to drive global Web3 infrastructure projects. These countries are leveraging their unique strengths to shape the future of the Asian Web3 market. Watching the dynamics of these countries in Q3 will provide valuable insights into emerging trends and opportunities in the Asian Web3 space. 2. New Regulatory Framework 2.1. South Korea: Questions about the effectiveness of the bill South Korea introduced the Virtual Asset User Protection Act on July 19, 2024 to enhance investor protection and ensure market integrity. The main provisions of the bill include: 1) a clearer definition of virtual assets, 2) mandatory interest payments on customer deposits, 3) requiring insurance in the event of an accident, 4) strengthening supervision of unfair trading, and 5) imposing penalties without exception for market manipulation (MM). One of the most direct impacts is that major exchanges such as Upbit and Bithumb began to compete, offering 2-4% interest rates on customer deposits. In addition, token issuance projects have strengthened internal controls to comply with the requirements of the new regulations. Source: Bithumb, Gate.io, Tiger Research However, the $AVAIL case has raised questions about the effectiveness of the bill. Arbitrage trading reportedly generated profits of approximately 1 billion won due to the large price differences between domestic and global exchanges.This highlights ongoing issues such as price manipulation and market interference, but the lack of a thorough investigation has raised questions about the actual impact of the bill. 2.2. Indonesia: Implementation of a Blockchain Technology Sandbox The Indonesian Financial Supervisory Authority (OJK) introduced the sandbox framework in June 2024, under Regulation No. 3/2024 on Technological Innovation in the Financial Sector (POJK 3/2024).The regulation covers a wide range of blockchain-related technologies and is expected to bring previously unregulated financial services into the official system. Focus areas include virtual asset services such as staking and stablecoins, which now have the opportunity to be tested within the regulatory framework and potentially gain recognition. The sandbox is expected to promote the development of new financial services, especially at the intersection of blockchain and traditional finance and the tokenization of real-world assets (RWAs). These innovations are expected to revolutionize Indonesia's financial markets. This on-site inspection shows that the new regulations are being actively used for market supervision. Going forward, we will continue to evaluate the effectiveness of these regulations and track market reactions to ensure sustainable growth of the Korean virtual asset market. The sandbox regulations reflect the Indonesian government's proactive attitude to support financial innovation while ensuring consumer protection and market stability. This move is expected to further accelerate the growth of Indonesia's fintech industry. Participating companies must meet specific criteria, such as demonstrating innovative and unique services for Indonesian consumers and businesses. In addition, they must submit the necessary documents to the OJK during the application process. Approved companies will have one year to test their services and, after passing the evaluation, will have six months to obtain a full license. This balanced approach provides companies with the flexibility to enter the market quickly while ensuring sufficient time to experiment and optimize their services. 2.3. Thailand: Sandbox regulations extend to real-world asset markets The Securities and Exchange Commission (SEC) of Thailand has taken significant steps to foster innovation in the digital asset and Web3 sectors. In August 2024, the SEC launched a digital asset sandbox to complement its existing detailed licensing framework. This sandbox allows for testing of key initiatives that are in line with emerging market trends. The sandbox provides space for experiments in multiple areas such as tokenization of real-world assets (RWA), payment systems, security protocols, decentralized finance (DeFi), etc. Bitkub Academy, a subsidiary of cryptocurrency exchange Bitkub, is optimistic about this, believing that it is a good opportunity for entrepreneurs to test innovative ideas within the legal framework. This move is also expected to directly benefit users, allowing them to experience new features and products in the field of digital assets and Web3. A typical example is RealX, as Thailand's first tokenized real-world asset, which was listed on the Bitkub exchange due to the SEC's open attitude towards innovation. Looking forward, more breakthrough projects are expected to emerge as new possibilities emerge in Thailand's digital asset market. At the same time, the formulation of clear and comprehensive laws and regulations is expected to enhance the stability of the market. Thailand's positive attitude will play a key role in shaping the future of the country's digital asset ecosystem. 3. New Government Initiatives 3.1. India: National Blockchain Framework (NBF) On September 4, 2024, the Indian government launched the National Blockchain Framework (NBF), marking a major step in the country’s digital transformation strategy.NBF is more than just technology adoption; it represents an ambitious plan to create a more secure and efficient digital infrastructure by addressing the limitations of legacy systems in India’s rapid digitalization. Several key objectives of NBF include: enhancing transparency in the public sector, fighting corruption, promoting technological innovation, and driving economic growth. In addition, the initiative aims to improve citizen-centric services. By leveraging the immutability and transparency of blockchain, NBF aims to improve the reliability of government transactions and records. The goal is to make data manipulation more difficult and increase citizen trust in government systems Praamaanik, Source: NBF-brochure The key components of NBF include: · Vishvasya Blockchain Technology Stack: As a Blockchain-as-a-Service (BaaS) solution, it provides decentralized infrastructure that enables startups and enterprises to quickly develop new blockchain-based services. By leveraging government data, the technology stack aims to accelerate the adoption of blockchain in both the public and private sectors. · NBFLite: This is a lightweight blockchain platform designed for startups and academia that supports rapid prototyping, research and education, aiming to drive blockchain innovation and talent development in India. · Praamaanik: This is a blockchain solution for mobile app origin verification, which enhances the security of India's mobile ecosystem by preventing the spread of malicious or fake apps, thereby improving user trust and system integrity. · National Blockchain Portal: This comprehensive platform provides the latest information on blockchain technology, including news, events and educational resources. Its goal is to raise public awareness and increase access to blockchain knowledge. India's NBF is one of the few state-led initiatives in the world to support blockchain technology across multiple industries. It regards blockchain as critical infrastructure and is expected to transform the country's digital landscape. If successful, NBF will serve as a model for other countries to show how blockchain can be integrated into national infrastructure. 4. Enterprise-driven market 4.1. Japan: Blockchain ecosystem dominated by the financial sector As mentioned in previous reports, Japan's blockchain ecosystem is still influenced by the financial sector. A recent notable development is that Sony has partnered with blockchain company StarTale to launch a new Ethereum Layer 2 solution, Soneium, and officially entered the blockchain field.Soneium was released in August 2024 and aims to leverage Sony's extensive global influence and user base to provide scalable infrastructure for Web3 applications. Source: Soneium Sony has also launched an incubation program called Soneium Spark, which provides developers with infrastructure, mentorship, industry partnerships, and up to $100,000 in funding. This move comes hot on the heels of Sony Bank announcing plans to launch a yen-backed stablecoin, further demonstrating Sony's growing involvement in the Web3 ecosystem and its active exploration of new opportunities in blockchain technology. Currently in a testnet phase called Minato, Soneium is expected to launch on the mainnet in the first quarter of 2025. The platform has attracted much attention, with more than 50 projects reportedly in development or planning to deploy on Soneium. This marks a significant step for major tech giants to enter the blockchain space, especially in a context where financial firms have primarily created blockchains on their own. Soneium's success could be a key step in the wider adoption and promotion of blockchain technology by large enterprises. Source: Ishiba Japan is also going through major changes on a political level. Ishiba is expected to become the next prime minister, and he belongs to the same Liberal Democratic Party as the current prime minister, Kishida. However, his attitude towards the blockchain market is still unclear. Although Ishiba's policy proposals include plans to use blockchain and NFT technology to revitalize rural areas, this initiative is mainly focused on regional development rather than promoting the broader blockchain industry. Once Ishiba forms a cabinet, it remains to be seen how his policies will affect Japan's blockchain industry. 4.2. Vietnam: Education and industry work together to develop the blockchain ecosystem Vietnam's blockchain ecosystem is growing rapidly, thanks to the strategic synergy between education and industry development. At the heart of this progress lies the efforts of the Vietnam Blockchain Association (VBA) and the Blockchain and AI Innovation Institute (ABAII). Source: ABAII The VBA has partnered with Tether to host educational conferences in major cities across Vietnam. Additionally, the VBA has partnered with ABAII to provide blockchain education to university students through its UniTour program, a series of university visits designed to spark interest in blockchain technology. In addition to education, the VBA has played a key role in helping students and young professionals enter the blockchain industry. One notable initiative is the SwitchUp accelerator program, which provides mentorship, support, and investment to Web3 startups and projects. Since its official launch on January 10, 2024, ABAII has embarked on an aggressive educational outreach campaign. Accredited by the Ministry of Science and Technology and supported by the VBA, ABAII is committed to becoming a leading center for blockchain research, development, and application in Vietnam. Its long-term goal is to provide blockchain education to 1 million Vietnamese by 2030. In the short term, ABAII plans to train 100,000 students in 30 universities. This coordinated approach, combining education with startup incubation, lays a solid foundation for the sustainable growth of Vietnam's blockchain industry. With a clear strategy, Vietnam is striving to become a major player in the global blockchain market. 5. New countries to watch in the blockchain market 5.1. China: Will the market open up? Source: X @justinsuntron Despite strict regulatory crackdowns in 2017 and 2021, China's cryptocurrency market is still secretly active.Despite the official attitude towards opening the market, there is still a lot of activity and enthusiasm among builders and investors. Chinese entrepreneurs continue to find ways to participate in the global blockchain ecosystem, such as participating in international projects and setting up overseas subsidiaries. Big capital from China remains a powerful force in the market, although this is not reflected in official statistics. Chinese investors are still actively involved and contribute to the growth of the crypto market. The existence of a gray market is another notable feature. Despite the government ban, transactions are still conducted through peer-to-peer and offshore exchanges. This phenomenon shows that regulatory measures alone have not completely stopped activity. While China is unlikely to officially reopen its cryptocurrency market in the short term, China's technological strength and capital influence in the global blockchain ecosystem cannot be ignored. If China opens its market, the impact will be far-reaching. However, even without an official market, China has already played an important role in shaping the global cryptocurrency landscape. It is crucial to keep a close eye on China's regulatory changes and market dynamics, as China-related developments may still be a key factor in the evolution of the global blockchain industry. 5.2. Cambodia: A market with both risks and opportunities Cambodia's cryptocurrency market has recently attracted much attention, but for bad reasons. In August 2024, Huione Guarantee was involved in a major scandal and was accused of being involved in illegal transactions worth US$49 billion. As a result, reports on Cambodia's cryptocurrency market are mostly about crime and fraud. Source: Soramitsu However, Cambodia’s blockchain development is not defined solely by recent turmoil. Until 2022, the Cambodian government has been actively exploring the application of cryptocurrencies. For example, the central bank developed a blockchain payment system called Bakong, showing early efforts to accept digital finance. At present, the Cambodian market may seem somewhat stagnant, but this state also brings opportunities, especially for businesses that see the potential for growth. Recent industry trends show that the trend of utilizing blockchain technology is emerging in Cambodia, indicating that entrepreneurial activity is increasing. Cambodia is a market worth watching. Despite the market chaos, companies that actively work with the government and take well-thought-out risks may succeed. However, this is not a market for large multinational companies, but a place where SMEs can thrive through a proactive and flexible approach. For SMEs willing to operate in a turbulent regulatory environment, Cambodia offers a first-mover advantage. Maintaining close communication with government agencies and having a deep understanding of local regulations are key to reducing risks and seizing opportunities. However, caution is essential, and legal risks and market instability remain significant concerns. Overall, Cambodia's cryptocurrency market is a "double-edged sword" with both risks and rewards. Companies with strong risk management capabilities and a willingness to adapt to local conditions may find promising opportunities in this dynamic and evolving market. 6. Conclusion While African markets, including Nigeria, are gaining momentum in the cryptocurrency space, Asia remains the fastest-growing region. To date, most of the changes in Asia have been driven by governments, large institutions, and corporations, while mass-market services for ordinary consumers are still in their early stages. Nonetheless, these developments mark an important step towards the future. Asia’s cryptocurrency market is developing rapidly, thanks to proactive government policies, huge corporate investments, and strong interest from the younger generation. While mass adoption will take time, the current stage is critical to laying the necessary foundations. We will continue to monitor Asia as the market continues to mature. The region’s key role in shaping the future of the global blockchain industry is clear. Original link
Announcement on Suspension of AVAIL-ERC20 Network Withdrawal Services
Bitget has suspended the withdrawal functions of all tokens under the AVAIL-ERC20 network from October 5 (UTC) until a later date. Please note that trading will not be affected during the downtime. When withdrawal of AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement. We’re sorry for any inconvenience this might cause, and we thank you for your understanding. Please keep informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> In order to provide a better trading experience, Bitget will suspend withdrawal services for the AVAIL-ERC20 network starting from October 5, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime. Once withdrawal services for the AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement or via the official community. We apologize for any inconvenience this may cause, and thank you for your understanding. Please stay informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> Bitget has suspended the withdrawal functions of all tokens under the AVAIL-ERC20 network from October 5 (UTC) until a later date. Please note that trading will not be affected during the downtime. When withdrawal of AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement. We’re sorry for any inconvenience this might cause, and we thank you for your understanding. Please keep informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> In order to provide a better trading experience, Bitget will suspend withdrawal services for the AVAIL-ERC20 network starting from October 5, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime. Once withdrawal services for the AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement or via the official community. We apologize for any inconvenience this may cause, and thank you for your understanding. Please stay informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>> In order to provide a better trading experience, Bitget will suspend withdrawal services for the AVAIL-ERC20 network starting from October 5, 2024 (UTC) until a later date. Please note that trading will not be affected during the downtime. Once withdrawal services for the AVAIL-ERC20 network can be resumed, we will notify our global users in a separate announcement or via the official community. We apologize for any inconvenience this may cause, and thank you for your understanding. Please stay informed through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>>
Avail DA and Lens officially announced their cooperation to unlock a new era of decentralized social networks
Original source: Avail enthusiasts Lens, a social network graph protocol, announced that it will use Avail DA to build a scalable and resilient decentralized social network. Lens said, Avail DA ensures instant data verifiability and accessibility, and through KZG commitment and data availability sampling (DAS), it can support the expansion of millions of users. Lens is a user-centric social application protocol, just like hey and orb. Lens aims to empower millions of users to enjoy an open and fair online social space. Its openness ensures that anyone can connect and participate at the protocol level, and its fairness ensures that anyone can participate freely and have the opportunity to distribute tokens more fairly. Lens chose Avail because of its powerful and future-proof DA solution, which is optimized for the ZK technology stack. Lens and Avail share a common vision to provide users with a unified blockchain experience. With the support of Avail, Lens is expected to unlock a new world in which blockchain-based social applications can seamlessly interact with various blockchain services. Through the integration, Lens and Avail are laying the foundation for a scalable, user-centric, and resilient future for open social networks. Why is it so difficult to scale social networks on blockchain? Social networks generate a lot of data. Posts, likes, comments, and connections are all data-intensive activities, and todays social networks are built on a centralized architecture that trades dynamic user experiences for control at almost every level of the stack. This has resulted in almost all of our online social interactions being controlled by a few companies. Historically, on-chain networks have struggled to support the high transaction throughput required for mainstream consumer applications. By leveraging ZKsync’s ZK stack, Lens is able to scale execution to support social applications and settle transactions on Ethereum. However, the remaining question is what to do with all the transaction data. Even with the implementation of EIP-4844, publishing transaction data to Ethereum is not a commercially viable option for social networks. This is where Avail DA comes in. Introducing Lens on Avail DA By connecting Avail DA, ZKsync, and Ethereum, Lens is able to build a modular blockchain that exponentially increases throughput at a very low cost. Lens can empower users and developers to create and enjoy user-owned, fair, and resilient online social networks. By opening up social networks at the protocol level, users can take advantage of different social applications while retaining all of their social connections and social capital. If Instagram stops showing posts to your followers and requires you to pay to access them, you can quickly switch to an application that provides you with the ability to interact freely with your users, which represents a major paradigm shift from the status quo. This is also a more urgent need for the millions of content creators who invest hours in producing content on centralized social platforms because they get very little in return. “Our goal at Lens is to create a fully resilient network on Ethereum that guarantees participation and transparency at every level, supports ownership and control, and unlocks new and interesting use cases,” said Stani Kulechov, founder of Lens. “With a scalable and resilient foundation, the next generation of modular Lens leverages Avail DA to enable the most advanced and future-proof data availability solutions.” Building a future-proof blockchain network optimized for ZK technology Lens believes that ZK technology is the best long-term solution for expanding blockchain applications. Its profound expansion advantages and rapid performance improvements far exceed any alternatives. It is based on this insight that the Lens team began to plan and implement Lens modular architecture. The Lens team began integrating with ZKstack to incorporate ZK rollup technology into its execution layer. Knowing that it was not feasible to publish all data to Ethereum, the Lens team began looking for the most optimized DA solution. This led them to Avail, the only on-chain neutral DA layer that combines KZG commitments and data availability sampling (DAS). With Avail DA, the Lens architecture is able to leverage proofs of validity for execution and data availability. This enables Lens to achieve scalability and data compression far beyond what is possible with optimistic solutions. In addition to leveraging Avails data availability layer, the ability to interoperate with a large number of blockchain services through Avail Nexus also fits in with Lens long-term goals. By choosing to integrate with Avail DA, Lens can provide a Web2-like user experience to mainstream audiences, built on a unified Web3 foundation with optimized interoperability. This is a complete game changer for decentralized social technology. Protecting open social data on Avail DA Lens is now live and currently has about 500,000 users and over 40 million transactions. The next generation of Lens will be launched in the fourth quarter of 2024, marking an important step forward for decentralized social networks. Developers can leverage Avail’s scalable technology to unlock mainstream use cases for blockchain technology and begin preparing to build the next generation of resilient social networks using Lens. Image source: https://dune.com/sixdegree/lens-protocol-ecosystem-analysis
Google Cloud Unveils Blockchain RPC Service: What It Means for Adoption
Google has expanded its Web3-facing services. The new service promises to be a catalyst for greater Web3 adoption. Google’s Web3 product suite is growing at a rapid pace. Crypto has grown significantly from its niche roots to becoming a globally recognizable industry worth trillions of dollars with institutionally accessible funds offered by investment giants like BlackRock and Fidelity. Amid this growth, legacy tech firms are expanding their services to cater to the industry. Among these firms is none other than global tech giant Google. In the latest instance, Google Cloud, the subsidiary in charge of the leading search engine’s cloud computing business, has unveiled a blockchain RPC service that promises to catalyze greater Web3 adoption. A Reliable Web3 Access Point for Enterprises? Google Cloud has expanded its Web3-facing services. On Wednesday, September 18, the firm announced a blockchain Remote Procedure Call (RPC) service that aims to provide developers with a reliable, cost-effective, and scalable way to access blockchain data. Sponsored RPC refers to protocols that allow developers to access and interact with blockchain data through an Application Programming Interface (API). Google Cloud’s RPC promises to be a catalyst for adoption, as the firm asserts that it will cater to “a wide range of organizations,” including “large enterprises.” Meanwhile, the Google Cloud Blockchain RPC is only compatible with the Ethereum mainnet and testnets at launch. According to Google Cloud, the service will extend to other blockchains in 2025. The Blockchain RPC service has a free tier that offers up to 100 data requests per second, which Google Cloud argues is plenty for real-time and data-intensive applications. The RPC is the latest tool in Google Cloud’s growing suite of Web3 products and services. Google Cloud’s Web3 Leap Google Cloud has made several forays into the Web3 space in recent years. These forays include BigQuery support for blockchains in 2018, a Blockchain Node Engine launched in 2022 , and more that can be found within its dedicated Web3 Portal. To encourage the use of these services, Google Cloud has a Web3 startup program offering up to $200,000 in free credits over two years. On the Flipside The service is limited to Ethereum for now. Google Cloud’s RPC service potentially threatens crypto-native providers like Alchemy, Infura, and QuickNode. Why This Matters Google is one of the world’s largest technology companies, with significant resources and expertise. Its effort to support Web3 services highlights the industry’s growing legitimacy while promising to bolster adoption. Read this for more on Google’s Web3 involvements: Google Cloud Flexes Web3 Capabilities in Tezos Partnership See how Lens is looking to scale decentralized social media networks: How Lens Network Is Leveraging Avail to Scale Decentralized Social Networks
Avail and Lens Team Up to Revolutionize Onchain Social Media with New Tech
Avail’s partnership with Lens aims to transform social media by boosting scalability and user control on decentralized networks. Lens Protocol and Avail’s collaboration will enable more open, user-centric social apps by integrating advanced data solutions. With Avail DA, Lens Protocol will support high transaction volumes, making decentralized social networks more efficient and resilient. Avail Project has announced a collaboration with Lens Protocol, aiming to transform onchain social media. This partnership seeks to advance a vision of an open and equitable internet by enhancing user-centric social apps such as hey and orb. Avail DA’s robust data availability solution will bolster Lens Protocol, enabling it to handle the high transaction throughput essential for social networks. We envision an open and fair internet. @LensProtocol plays a huge part in bringing that vision to life by revolutionizing onchain social media—one of the most impactful aspects of the internet today. That's why we're teaming up with Lens to drive this mission forward! Learn… pic.twitter.com/6n3rW5rh47 — Avail (@AvailProject) September 17, 2024 Addressing Centralization and Data Challenges Currently, social networks generate immense amounts of data, including posts, likes, comments, and connections. Traditional centralized systems manage these interactions but often at the expense of user control. Consequently, most online social activity occurs within the confines of a few major companies. However, such centralized control is increasingly criticized for limiting user participation and monetization opportunities. To address these issues, Lens Protocol has integrated with ZKsync’s ZK stack to scale its execution layer efficiently. Yet, managing and storing transaction data remains a challenge. Posting all transaction data to Ethereum is economically unfeasible for social networks, even with improvements like EIP-4844. Hence, Avail DA provides a crucial solution by connecting ZKsync and Ethereum, enabling Lens to build a modular blockchain with enhanced throughput at a lower cost. Source: dune.com Enhancing Efficiency and User Experience Moreover, the integration of Avail DA allows Lens to support social apps with greater efficiency and resilience. By opening social networks at the protocol level , Lens enables users to interact across various apps while retaining their connections and social capital. Read CRYPTONEWSLAND on google news This approach represents a shift from traditional models. For instance, if a platform like Instagram imposed additional costs to reach followers, users could seamlessly switch to an alternative app offering more freedom. Lens Protocol’s founder, Stani Kulechov, emphasized the importance of a scalable and resilient network. According to Kulechov, “Our goal is to create a network where participation and transparency are safeguarded, supporting ownership and unlocking new use cases.” Lens’s choice of Avail DA aligns with this vision, offering a future-proof data availability solution that integrates seamlessly with the ZK stack. The collaboration is poised to benefit developers and users. With over half a million users and 40 million transactions already on Lens, the upcoming integration of Avail DA in Q4 2024 will enhance functionality and scalability. This partnership signifies a pivotal advancement in decentralized social technology, offering a unified Web3 foundation that promises to reshape the landscape of online social interactions. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Top Trending Cryptos on Solana Chain Today – PLEB, Baby Neiro, Avail
TRON’s founder and CEO, Justin Sun, reiterated his prediction that TRX will join Bitcoin and Ethereum as a top-three cryptocurrency within the next two years. Sun’s confidence is based on the significant growth of the TRON ecosystem, which has seen its value surge by 7,000% since its inception. According to Santiment, a blockchain analytics platform, altcoins like Injective (INJ), Polygon (MATIC), and Render (RENDER) are showing strong potential for growth in both the short and long term. The platform noted that large holders, or “whales,” are moving these assets from exchange wallets to cold storage, indicating bullish sentiment. Meanwhile, tokens on the platform have also printed rallies. This article curates the top trending cryptos on Solana Chain today . Top Trending Cryptos on Solana Chain Today $PLEB is positioning itself as more than just a typical cryptocurrency, aiming to establish a stable foundation within the unpredictable crypto market. BabyNeiro, the eagerly awaited successor to $Neiro, is drawing increasing interest in cryptocurrency. Avail, a decentralized data availability layer, is designed to improve next-generation blockchain applications and facilitate sovereign rollups. Meanwhile, Memebet is emerging as a niche player in the expanding meme coin sector by integrating online gambling with cryptocurrency, gaining attention for its unique approach. 1. PLEB (PLEB) $PLEB is positioning itself as more than just another cryptocurrency, aiming to provide a stable foundation in the often volatile crypto market. It is designed to focus on transparency and fairness, targeting everyday traders. PLEB has no transaction taxes, and the liquidity is permanently locked. This is aimed at protecting the community from manipulation, offering a sense of security to investors. $PLEB caters to traders who face the typical challenges of the crypto market, whether aiming for profits or recovering from setbacks. It presents itself as a movement for everyday users, distancing itself from the influence of larger players and market manipulation. The emphasis is on unity and shared success. Currently, $PLEB is priced at $0.000188, showing a significant 207.17% increase in the last 24 hours. The coin has had 16 days in the past month where the closing price exceeded the opening, indicating a 53% rate of positive market performance. Liquidity is relatively high compared to its market capitalization, a promising stability indicator. The short-term price outlook for $PLEB is optimistic. Projections suggest it could range from $0.000212 to $0.000299 by September 23, 2024, with a potential increase of 41.10%. For the following week, estimates place the price between $0.000299 and $0.000348 by September 30, reflecting a further potential rise of 16.35%. 2. Baby Neiro (BABYNEIRO) BabyNeiro, the much-anticipated successor to $Neiro, is gaining attention in the cryptocurrency space. One of BabyNeiro’s key strengths is its active and engaged community. In the world of cryptocurrency, a project’s success often depends on the enthusiasm and support of its users. BabyNeiro benefits from a solid base of supporters who share the project’s long-term vision, creating a strong foundation for future growth. Another notable factor is the leadership behind BabyNeiro. The project’s CTO has a proven track record of successfully managing multi-million dollar ventures. This level of expertise is essential for navigating the complexities of the cryptocurrency market and ensuring that the project stays on a stable path. Additionally, BabyNeiro is well-positioned to take advantage of future market cycles. If the cryptocurrency market experiences a bull run similar to 2021, BabyNeiro could follow in the footsteps of tokens like $Doge and BabyDoge. This presents a potential opportunity for early investors, though success will depend on how market conditions evolve. Another point in BabyNeiro’s favor is its easily recognizable contract address. The token’s address begins with the prefix 0xBABE, making it simple for users to identify and verify on the blockchain, adding trust and authenticity to the project. BabyNeiro is priced at $0.000003 and has a market cap of $1.28 million. It has seen a significant increase in trading volume over the past 24 hours, reaching $970.80K. The token’s circulating supply is 420.69 billion BABYNEIRO, representing 100% of its total supply. Liquidity for the project is reported at $145.75K, and there are currently 1,170 holders. 3. Avail (AVAIL) Avail is a decentralized data availability layer designed to enhance next-generation blockchain applications and support sovereign rollups. It specifically focuses on ensuring data availability and security, which allows light clients to verify data using sampling over a peer-to-peer network. Moreover, the modular architecture simplifies blockchain integration for developers, removing the need to manage validator sets or tokenomics. Additionally, Avail is compatible with various execution environments and plays an important role in Layer 2 scalability by addressing data availability and transaction integrity issues. As of September 17, 2024, the price of Avail stands at $0.130. It has a market cap of $754.78K and a 24-hour trading volume of $1.27M. Furthermore, the token has experienced a 2.29% increase over the last 24 hours. There is a total circulating supply of 5.69M AVAIL coins, which represents its maximum supply. Based on technical analysis, Avail remains neutral in terms of market sentiment. However, eight indicators suggest bullish signals. Predictions for the token in the upcoming days indicate a potential price increase. By September 23, 2024, Avail could reach $0.192421, which would represent a 39.81% increase if it hits its upper target. Next week’s forecast suggests that the price could range between $0.192421 and $0.22317, representing a possible 15.98% rise by September 30. Meanwhile, 2024 Avail’s price is projected to trade between $0.137634 and $0.653611. If it reaches the upper target, this could mean an increase of 374.90%. What Might Be The Next Top Trending Crypto? Memebet is gaining attention as a niche player in the growing meme coin market by merging online gambling with cryptocurrency. Its main feature is the “Memebet Casino,” which targets both crypto traders and gambling enthusiasts, particularly those already involved with meme coins. Here, users can bet on various games using meme tokens. The platform operates without KYC requirements, allowing users to connect their crypto wallets via Telegram for easy access. Beyond crypto-based games, Memebet also includes a global sportsbook covering popular leagues like the EPL and NBA. Its strategy centers on the intersection of crypto gambling and meme coin trading, focusing on drawing in Telegram’s large user base. This makes it well-positioned to tap into the still-emerging crypto casino space. Although Memebet is in its early stages, it offers several incentives, including P2E airdrops and rewards for active traders. There are also VIP benefits for those investing in its native token, $MEMEBET, currently priced at $0.0252. With the next price increase approaching, user engagement could drive further demand. The project has raised over $240,000, suggesting some initial traction. Memebet offers a distinctive blend of crypto gambling and meme coins. While still developing, it has the potential to attract users seeking new forms of online entertainment as both sectors grow. Visit Memebet Presale Read More Top Trending Crypto Coins
How Lens Network Is Leveraging Avail To Scale Decentralized Social Networks
Lens Network is exploring Avail technology to scale decentralized social media networks. The collaboration promises to create more resilient and future-proof decentralized networks. The decentralized social media network continues to struggle. Blockchain technology has long been tipped to disrupt the social media industry due to its potential to resist censorship and revolutionize ownership. But this dream has so far remained just that, a dream, as existing solutions have failed to garner the required traction while still facing scaling and user experience challenges. Despite these challenges, Aave -backed decentralized social media platform Lens Network , one of the industry leaders in the decentralized social media sector, is not giving up. To address scaling concerns, in May 2024, Lens unveiled plans to migrate to an Ethereum Layer 2 chain powered by zkSync’s ZK Stack. In line with this scaling vision, it has now also entered a partnership with Avail to leverage its data availability (DA) in its new modular stack. Lens X Avail DA Lens Network is exploring Avail technology to scale decentralized social media networks. On Tuesday, September 17, Lens unveiled that it had entered a partnership with Avail to leverage its DA to further scale its planned decentralized social media network-focused blockchain. Sponsored DA refers to the guarantee that a network’s transaction information is available for every network participant to verify and, by so doing, maintain the network’s integrity. Typically, Ethereum Layer 2 chains like Len’s planned ZK-Stack powered Layer 2 ensure DA by posting transaction data to Layer 1. Storage on Ethereum, however, can be expensive for certain use cases, like data-intensive social media networks. Lens has partnered with @AvailProject to support high-volume consumer applications on Ethereum. pic.twitter.com/KATfRYuPao — Lens (@LensProtocol) September 17, 2024 This cost has led to the emergence of DA solutions like Avail, which promise to offer storage at a cheaper and faster rate, albeit at the cost of lower security guarantees than Ethereum. With Avail, Lens argues that it will be able to offer users unprecedented scalability. One reason for this is Avail’s optimization for ZK technology, which allows the use of ZK proofs for DA. Beyond better scalability, Lens argues that Avail’s ZK focus also helps further future-proof the network, as ZK is often touted as the endgame of scaling. Meanwhile, Avail has hinted that Lens may join its blockchain interoperability protocol Nexus, asserting that doing so aligns with the decentralized social media network-focused blockchain’s long-term goals. Lens’ recent Avail partnership comes as the decentralized social media platform appears to be stagnating. Lens Stuck? Save for a few brief spikes, activity on Lens has remained within a fixed range in 2024. Specifically, per Dune Analytics data , daily posts on the platform have remained between the 10,000 to 20,000 range for most of the year, save a few brief spikes above 30,000. Chart of Lens daily post count against Farcaster’s Source: Dune Analytics Dashboard At the same time, daily active users, which appeared to be in an uptrend in the first half of the year, have since peaked, dropping from highs of around 42,000 users on July 8 to an average of about 20,000 in the past few months. Chart of Lens daily active users against Farcaster’s Source: Dune Analytics Dashboard Lens will hope to reverse the recent downturn with the planned launch of its Layer 2 blockchain in Q4 2024. On the Flipside Lens’ planned Layer 2 network has yet to go live. The recent downturn in decentralized social media activity is not isolated to Lens. Activity on other popular platforms like Farcaster and Friend.tech has also plummeted in recent months. Why This Matters Lens Network intends to create fair and open social spaces for millions of users. Avail’s DA promises to make the network’s vision of scaling decentralized social media networks more feasible. Read this for more on Lens: Aave Launches Decentralized Web3 Social Media Platform, Lens See what Bridged USDC Standard support means for Sony’s Ethereum Layer 2: Sony’s Ethereum L2 Gets Bridged USDC Standard Support: Here’s What It Means
Lens network to use Avail's data availability solution for scalability
Lens Protocol has partnered with Avail to integrate its data availability solution into Lens' upcoming Layer 2 chain, designed for onchain social networking infrastructure. The upcoming Lens network will operate as an EVM-compatible Validium chain. It is being developed with zkSync's Layer 2 development tool, ZK Stack, and is slated for release in the fourth quarter of 2024. Lens network will incorporate Avail’s data availability layer, Avail DA, which is tailored for the ZK tech stack. Similar to other DA solutions such as Celestia , Avail's DA reduces the storage demands for chains that rely on them, improving scalability and lowering costs. This leverages the Data Availability Sampling (DAS) technique, which checks data availability on a blockchain without requiring every node to download and store the complete data set. This technique randomly selects subsets of data blocks to verify their accessibility. Such a setup will enable Lens to process more transactions by shifting data storage and processing responsibilities to the DA layer. This capability is particularly beneficial for supporting high-traffic applications on blockchain platforms, such as social media. “With a scalable and resilient foundation, the next-generation modular Lens utilizes Avail DA for the most advanced and future-proof data availability solution,” said Lens Founder Stani Kulechov. Lens operates a decentralized social graph — a user-owned network of connections and relationships among individuals and entities. Launched initially on Polygon, the project later decided to develop its own Layer 2 network on Ethereum.
Notice of Suspension for AVAIL-ERC20 Deposit and Withdrawal
In order to provide a better trading experience, Bitget has suspended the deposit and withdrawal functions of AVAIL-ERC20 from September 12 (UTC) until a later date. Please note that trading will not be affected during the downtime. When deposit and withdrawal of AVAIL-ERC20 can be resumed, we will notify our global users in a separate announcement. We’re sorry for any inconvenience this might cause, and we thank you for your understanding. Please keep updated through any of our official channels. Join Bitget, the World's Leading Crypto Exchange and Web 3 Company Sign up on Bitget now >>> Follow us on Twitter >>> Join our Community >>>
EtherFoundation AMA: DA projects like Celestia can't compete with the main EtherNet in terms of security
Davide Crapis, Ethernet Foundation Core Fellow, during the 12th Ethernet Foundation AMA, responded to the question, “If a blob fails to reach the target average (3), should the target be lowered to ensure fee price discovery?” The response to the question was: No. The mechanism prices congestion. The mechanism prices congestion, so if there is no congestion, it is fine for prices to remain low. However, current demand being well below the target will affect price discovery in the presence of congestion. Price discovery is important, and we should make the mechanism more effective, and in the short term, changes such as higher (but still very low) minimum fees or changes in the rate of updates would help.” Another core researcher, Dankrad Feist, commented on the issue, “Ether is currently creating a new market for rollup - the data availability (DA) market. Many alternative solutions are looking to take market share away from Ether - Celestia, Eigenlayer, Avail, and others. They can't compete on security, so they want to compete on price. Revenue from 3 blobs per block will never have an impact on Ether's protocol revenue. I think we should try to scale as much as possible over the next few years. Either way, I don't think blob fees will be the best value capture mechanism for Ether.”
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