PRESS RELEASE. Since its launch, Genso Meta has been actively developing applications that combine gaming and blockchain technology. Beyond Play2Earn, Genso introduced UGC2EARN, allowing players to create and profit from content. They’ve also partnered with Hikone Castle in Japan to blur the lines between the virtual and real world for their users. With over 340,000 […]
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Bitcoin Meal Box: South Korean Convenience Store Chain Partners With Crypto Exchange to Promote BTC
Emart24, South Korea’s fastest-growing convenience store chain, has partnered with cryptocurrency exchange Bithumb to introduce a “bitcoin meal box” in a promotional campaign. Priced at 5,900 Korean won (.30) each, the company aims to sell 30,000 bitcoin meal boxes by May 31. Customers purchasing these boxes can receive 10,000 won worth of bitcoin by using […]
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Ripple and Hashkey DX Partner to Boost Blockchain Supply Chain Solutions in Japan
Ripple has teamed up with Tokyo-based consulting firm Hashkey DX to bring XRP Ledger (XRPL) blockchain solutions to the Japanese market, aiming to revolutionize enterprise blockchain use cases in Japan, primarily through supply chain solutions. This strategic partnership will leverage Hashkey DX’s expertise to develop and implement these solutions, in collaboration with SBI Ripple Asia—a […]
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BNB Smart Chain Shines In Q1: Triple-Digit Surges In Key Metrics
The Binance Smart Chain (BNB Chain), developed by the world’s largest cryptocurrency exchange by trading volume, Binance, experienced significant growth and performance in the first quarter (Q1) of 2024.
As highlighted in a recent report by Messari, Binance Smart Chain has surged in market cap, revenue, average daily active addresses, decentralized finance (DeFi), total value locked (TVL), and average daily decentralized exchange (DEX) volume.
BNB Outperforms Bitcoin In Q1 2024
During Q1 2024, BNB Smart Chain demonstrated notable market cap growth, soaring by 89% quarter-over-quarter (QoQ). It reached a market cap of .5 billion, securing the third position among all tokens, excluding stablecoins. Only Ethereum (ETH) and Bitcoin (BTC) surpassed BNB in market cap.
Interestingly, the report notes that BNB’s performance surpassed that of Bitcoin, which saw a 65% increase in outstanding market capitalization over the same period.
Revenue generated by the Binance Smart Chain experienced a substantial boost in Q1. The network collected .8 million in revenue, marking a 70% QoQ increase.
According to Messari, this surge in revenue was primarily driven by the appreciation of BNB’s price. Notably, Q1’s revenue exceeded that of any quarter in 2023. DeFi transactions, particularly gas fees, were significant in revenue contributions, accounting for 46% of the total.
Despite a slight decrease in average daily transactions, BNB Smart Chain experienced a 27% year-over-year (YoY) increase, demonstrating sustained growth in network activity.
Average daily active addresses surged by 26% QoQ, reaching 1.3 million. Several protocols on the BNB Smart Chain witnessed increased transaction volumes and active addresses, with Tether’s USDT and decentralized exchange (DEX) PancakeSwap leading the way.
DEX Trading Volume Explodes
BNB Smart Chain’s DeFi TVL, denominated in USD, experienced a 67% QoQ surge, reaching .2 billion. This growth positioned the Binance Smart Chain as the third-highest chain regarding DeFi TVL, denominated in USD.
However, when denominated in BNB, TVL decreased slightly by 12%. This indicates that the surge in USD value was primarily driven by BNB price appreciation and capital inflows.
Decentralized exchanges on the Binance Smart Chain witnessed a staggering 193% QoQ increase in average daily trading volume. The total DEX volume for Q1 reached .1 billion, with PancakeSwap emerging as the dominant DEX on the platform.
PancakeSwap’s average daily DEX volume surged by 140% QoQ, surpassing other competitors and solidifying its position as the preferred DEX on the BNB Smart Chain.
Overall, Binance Smart Chain’s performance in the first quarter of 2024 showed significant growth across various parameters, reinforcing its position as an important blockchain platform.
The exchange’s native token, Binance Coin, is currently trading at 7, reflecting a 2% price increase over the past 24 hours and a 10% increase over the past 7 days.
These positive price movements bring the token closer to its all-time high of 6, reached in May 2021.
Featured image from Shutterstock, chart from TradingView.com
Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive
Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network. This announcement occurred during Wood’s presentation on Polkadot’s future at the Token2049 crypto conference in Dubai.
Wood introduced the JAM Implementer’s Prize, a 10 Million DOT prize pool, to encourage diverse development of the JAM protocol.
Polkadot Unveils JAM Upgrade
According to the announcement, the JAM upgrade aims to replace the relay chain, which acts as the central data chain in the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run generic services and increase network stability.
The parachains service within JAM will support existing Substrate-based parachains, enabling developers to continue using Substrate to develop and deploy their blockchains.
Notably, these services will have no predefined limits on code, data, or state capacity and can accommodate additional DOT deposits for increased capacity.
JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA) used to develop custom processors.
It also introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network.
On The Path To Decentralization?
To realize the vision of “a truly decentralized protocol,” Polkadot aims to support multiple client implementations. Furthermore, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations. The announcement further reads on the matter:
We believe that supporting a range of implementations in various programming languages will strengthen the ecosystem’s foundation. It distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation taking down the entire network.
The JAM Implementer’s Prize will collaborate with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury.
The prize will be activated when JAM is ratified as a Polkadot technology through the network’s on-chain governance mechanism.
Overall, Gavin Wood’s introduction of the JAM upgrade and the associated 10 Million DOT prize reflects Polkadot’s intention to increase the protocol’s use and adoption. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network.
As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in various programming environments.
Despite the recent announcement, the network’s native token, DOT, has been unable to break the downtrend witnessed over the past month. Currently trading at .75, it reflects a significant 24% decline in price over the last 30 days.
Featured image from Shutterstock, chart from TradingView.com
Merlin Chain Launches MERL: A Major Leap Forward in Bitcoin Layer 2 Solutions
PRESS RELEASE. April 19th, 2024 — Merlin Chain, the largest Bitcoin Layer 2 protocol by total value locked (TVL), is thrilled to announce the launch of its native token, $MERL. As a significant enhancement to the Bitcoin network, Merlin Chain facilitates the rapid growth of decentralized applications (DApps) across various sectors, including decentralized finance (DeFi), […]
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Worldcoin Foundation Announces ‘World Chain’ for Enhanced Human-Centric Apps
Worldcoin is set to introduce a new blockchain called “World Chain,” which is designed to give precedence to human users over bots, purportedly enhancing both utility and accessibility. The Worldcoin Foundation stated that this platform will be deeply integrated with the Worldcoin protocol, employing the World ID’s proof of personhood to promote a user-centric approach […]
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Umoja Partners With Merlin Chain to Launch Bitcoin’s First High-Yield Synthetic Dollar
The smart money protocol Umoja has joined forces with the Bitcoin layer two (L2) initiative, Merlin Chain, to roll out a Bitcoin-based high-yield synthetic dollar. The newly introduced stablecoin is engineered to uphold a self-sustaining peg via transparent, onchain trading techniques developed by Umoja. Merlin Chain and Umoja Reveal USDb: The New High-Yield Synthetic Dollar […]
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Merlin Chain Sets New Standard for Blockchain Security and Innovation With State-of-the-Art Chain Architecture
PRESS RELEASE. Singapore, April 11th, 2024 — Merlin Chain, a trailblazer in Bitcoin-native layer 2 (L2) protocols, has rolled out a comprehensive suite of security measures alongside revolutionary chain architecture. This initiative follows the platform’s remarkable achievement of securing a .5 billion Total Value Locked (TVL) just 30 days after its mainnet launch, attracting an […]
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Particle Network Releases Modular Layer 1 for Chain Abstraction and Universal Accounts
Particle Network has introduced its modular Layer 1 solution for chain abstraction and universal accounts, aimed at simplifying user interactions across multiple blockchains. The design of this modular Layer 1 makes it an ideal tool for both new and existing ecosystems to leverage. Particle Network plans to launch its Testnet and V1 Mainnet in the […]
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