Autor Cointelegraph By Tom Farren

PancakeSwap governance proposal set to cap CAKE supply at 750M

PancakeSwap governance proposal set to cap CAKE supply at 750M

Uverejnil používateľ | máj 12, 2022 |

PancakeSwap, the decentralized finance (DeFi) application built on Binance Smart Chain, synonymous with its automated market maker (AMM) service and its quirky branding style, has released a governance proposal for the second iteration of its tokenomics roadmap.The centerpiece of the lite paper’s new version suggested an imposed supply cap on the project’s native token, PancakeSwap (CAKE). Currently operating with a circulating supply of 293.4 million, according to quantitative data verified by CoinMarketCap, the paper advised a maximum figure of 750 million.A governance voting window was opened to the community for a 24-hour period and attracted 11,008,360.64 CAKE votes, with an overwhelming majority of 98.80% of voters advocating for the admission of the proposal.Speaking to Cointelegraph, the team revealed that there was “no cap on individual voting rights,” and that “it’s dependent on how much CAKE they have locked.”️ Wow! You, our community, overwhelmingly supported our latest proposal, and we will be working hard to build and deliver on PancakeSwap’s future.We will be hosting an AMA later today at 13:00 UTC – not just on tokenomics – so do join us if you can. pic.twitter.com/cM6RyF2Y1P— PancakeSwap #BSC (@PancakeSwap) May 12, 2022The final outcome of the snapshot was evaluated by the team as an astounding positive, as they noted their intentions to implement the changes in the near future.Cointelegraph reached out to the business developer of PancakeSwap, Chef Icy — who facetiously identifies himself as four quarters bunny, one-quarter robot — to expand upon their decision to select a three-year runaway for the tokens supply span, as well as learn more about their quantitative ambitions for the CAKE token and community impact of PancakeSwap over the time period:“First, the three-year runway is a very conservative estimate based upon 14.25 CAKE-per-block calculations. In effect, our effective CAKE emissions is around 10.5 CAKE per block, due to the additional burns brought about by our weekly burns (trading fee burns, etc.). Based on a 10.5CAKE per block, our effective runway will be 4.2 years.”The team, or more aptly, the chefs in the kitchen, acknowledge that this conservative estimation for a tree-year runway — referring to the timespan expected until the maximum supply is met and entirely circulating in the market — would surpass close competitors Uniswap, TraderJoe and SushiSwap with 2.5 year-, 1.75 year- and 1.5-year runways, respectively.Related: Opera browser enables direct access to BNB Chain-based DApp ecosystemAlongside the supply cap proposition, there are also expected to be three new utilities to drive value within the staking ecosystem: vCAKE to enhance mechanisms of governance voting, iCAKE to boost IFO benefits and bCAKE to increase farming rewards.Pledging to “continue to introduce innovative DeFi practices to our platform and users that are battle-tested”, and citing last month’s introduction of -ve and POL in the decentralized finance (DeFi) sector, Icy revealed more about how the introduction of vCAKE, iCAKE and bCAKE could impact CAKE stakers, and especially their annual percentage yield (APY) options:“It impacts stakers by accruing more value to locked CAKE. APY of the locked CAKE pool will still be based on our current calculations so the APY Model does not change. However, as users will be able to extract more value out of their locked CAKE, the potential benefits should increase.”PancakeSwap is hosting an AMA Twitter Space on Thursday to provide an opportunity for the community to engage and ask questions on their latest developments.

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US crypto adoption remains high despite global inflation fears

US crypto adoption remains high despite global inflation fears

Uverejnil používateľ | apr 29, 2022 |

A quantitative analytics report published by DappRadar has unveiled a number of revelatory behavioral market indicators for the global adoption of digital assets.The blockchain data portrays a positive sentiment for the Web3 and metaverse sectors, especially in the United States, a reactionary rise in crypto interest throughout Ukraine and Russia following the outbreak of the conflict, addition to how the well-documented surge of gas prices throughout Europe is impacting inflationary metrics.Bar chart statistics reported a high correlation between unfavorable economic dynamics witnessed in times of currency deflation and the interest in engaging with cryptocurrencies – the data suggesting that the latter could serve as an investment hedge.The tumultuous 217.65% deflation of the Brazilian Real (BRL) against the U.S. dollar over the past decade was reported to be an influencing factor for the 45% of participants who attest to considering purchasing a digital asset within the upcoming year. Similarly, India witnessed a 40% uptick in crypto interest following a 58.58% deflation in their native currency, the rupee (INR).In the category titled ‘Countries with highest social media indicators for Web3 Metaverse,’ the U.S. ranked highest with a 2.2 score, followed by Indonesia and India with 1.4 and 0.6, respectively. The United Kingdom came in seventh with 0.3.Many of the leading metaverse platforms like Decentraland, The Sandbox, Somnium Space and Roblox have attracted a large portion of their user base from the U.S.”Fashion giants like Gucci, Dolce and Burberry have launched NFT collectibles, while Nike and Adidas have partnered with Web3 leading brands. HSBC and JP Morgan will open virtual booths in The Sandbox and Decentraland.”Despite the growth of the total value locked (TVL) in the decentralized finance (DeFi) market to just shy of $200 billion at the time of writing, transaction volume has been steadily declining since registering a peak level in mid-January.Similarly, the report noted that “the industry’s TVL is recovering behind the surge of holistic and fast ecosystems in Terra, Solana and Avalanche.”Related: DappRadar pivots business model to DApp store with native tokenA prime indicator of this growth is the number of developers transitioning over to the network. As the below graphic reveals, Terra experienced a 313% year-to-year growth, while Solana and NEAR received a 307% and 291% influx, respectively. 

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Dragonfly Capital raises $650M in tertiary funding round

Dragonfly Capital raises $650M in tertiary funding round

Uverejnil používateľ | apr 27, 2022 |

Dragonfly Capital, a prominent venture capital corporation operating in the cryptocurrency sector, has announced its third funding round, valued at $650 million. The figure surpasses its two prior rounds of $100 million in October 2018 and $200 million in December 2020.The $650 million raise saw participation from Tiger Global, KKR, Sequoia China and Invesco, among others, and arrived at slightly higher than the $500 million initially declared to the Securities and Exchange Commission in a Form D filing in January.The introduction of Dragonfly Fund III was coupled with a pledge to distribute financial support to projects at seed to Series B funding levels within the sectors of decentralized finance, crypto gaming and the metaverse, among others.Gm anons! We’re launching Dragonfly Fund III, a $650M crypto venture fund—our largest fund ever.With this new fund, we’ll be be backing founders all across their lifecycle in crypto. Excited to be a small part of the next chapter of this industry.https://t.co/YuN5oz1v9v— Haseeb Qureshi (@hosseeb) April 27, 2022The Cayman Island-based corporation is often positioned at the forefront of the industry’s most prominent venture raises, having invested in 54 projects, including Avalanche’s $12 million private token sale in June 2020, Dune Analytics’ $2 million seed round in September 2020, and Dydx’s $10 million Series A in October 2018, among others.

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‘Web3 offers us the promise to rearchitect the internet,’ says NFT.com Founder Jordan Fried

‘Web3 offers us the promise to rearchitect the internet,’ says NFT.com Founder Jordan Fried

Uverejnil používateľ | apr 22, 2022 |

Nonfungible tokens (NFTs) experienced a record-breaking year throughout 2021 in which sales volumes surpassed $14 billion, avatar collectibles permeated the mainstream market to become cultural status symbols, and avant-garde utility sparked innovative Web3 opportunities for a panoply of industries. Despite a retracement in financial and emotional fortunes in the opening quarter of 2022, expectations within the NFT community are reigniting for the impending schedule of calendar events such as the launch of Coinbase’s public NFT platform, and the potential for OpenSea and MetaMask tokens. In an exclusive interview with Jordan Fried, the CEO of Immutable Holdings and Founder of NFT.com, Cointelegraph learned Fried’s perspective on Buffett’s impact on Web3 ideologies, the imminent release of NFT.com, as well as the usage of Hedera’s consensus service to track the minting of profiles. Fried has been active in the cryptocurrency space since 2012, utilizing Bitcoin as a payment method in a VPN business, and later as a core member of the founding team at distributed ledger technology Hedera Hashgraph, personally recruiting Google, IBM, Boeing, LG Electronics to join the Hedera Governing Council. Just over a year ago, he founded Immutable Holdings, a blockchain management company which now operates with over $80 million in assets under management (AUM) and holds the ambition of “democratizing access to blockchain technology.” Citing the prohibitive access of many traditional markets whereby accredited investors operate in walled-garden capital raises, Fried defined that his vision for Immutable Holdings is to facilitate greater accessibility for retail participants, coupled with an aspiration to scale the business into the Berkshire Hathaway of the blockchain industry. On Sept. 28, Immutable Holdings became publicly tradable on the NEO Canadian stock exchange under the ticker HOLD, and currently registers a value of CAD$1.35. Early in the conversation, Fried expressed a bold prediction — which echoed Coinbase CEO Brian Armstrong’s comment in a recent conversation regarding the platform’s NFT marketplace launch — that NFT’s have demonstrated the financial potential to eclipse the value of crypto assets in the coming years. “Everything that we own in the physical verse and metaverse is going to be represented in the form of an NFT. So, if you were to sum that aggregate value, it will likely be much more than the $1.9 trillion worth of coins that are circulating on CMC today.”Consistently publicising his avidity to emulate the successes of Warren Buffett, Fried recognized his legacy investment prowess, but candidly criticized his lack of receptiveness towards technological evolution, stating: “No disrespect to the oracle of Omaha, but that man has missed every single technological wave of his lifetime. He is one of the best investors of our generation, but when it comes to Bitcoin and blockchain, he just hasn’t spent enough time with it.” Fried’s latest venture, NFT.com is a decentralized platform for creators, artists and collectors to trade and distribute value of NFTs, engage in digital discourse, as well as operate and participate in a community-governed ecosystem – Fried even thinks of himself not as NFT.com’s CEO but as its ‘chief decentralization officer’. Commencing with an inaugural NFT release, the platform will include: profile name NFTs and a web3 social network, a cross-chain data hub consisting of rankings, leaderboards and data statistics on a litany of NFT collections — akin to a CoinMarketCap of NFTs — and a peer-to-peer marketplace. Collectively, these services will seek to support the overarching ambition of becoming a fully comprehensive headquarters for all-things nonfungible. If you’re not part of a DAO right now don’t worry; by this time next year you will be.— Jordan Fried (nft.com ) (@jordanfried) December 17, 2021As an entrepreneur who has thrived during the previous two iterations of the web, Fried places significant emphasis on the potential for Web3 to “rearchitect the internet” through the concerted formation of blockchain-powered DAOs, which he believes are two-to-three years behind the curve of NFTs in terms of consumer recognition and engagement. “We want to decentralize NFT.com over time by inviting the community to become leaders – where it’s the community of creators, artists and users who will help shape the future of the platform.”Related: Coinbase announces beta of NFT marketplace with social engagementA flurry of recent appointments, including Jeanna Liu as Chief Operating Officer to Immutable Holdings, and Balaji Srinivasan as a Strategic Advisor to NFT.com, were sought to strengthen the team’s expertise. Pre-existing partners of NFT.com include Shark Tank tycoon, Kevin O’Leary and Snoop Dog under his NFT pseudonym, Cozomo de’ Medici, and Logan and Jake Paul, among others..@Hedera is a Top 10 network. It’s only a matter of time.— Jordan Fried (nft.com ) (@jordanfried) May 14, 2021

When questioned whether the platform will be built upon Hedera, as many community participants have rumoured due to his contiguous relation to the network, Fried declared that while his vision is for a multi-protocol world, he exclusively revealed that “we are launching first and foremost on the Ethereum network because there’s over 200 million accounts, and that’s where users are.” “The way that we’ll govern NFT.com is through genesis key holders, so if you have a favourite NFT protocol, the best way to ensure that it gets integrated is to [acquire] a genesis key and vote on which protocols we should consider integrating with.”Despite the user profiles and genesis keys existing on Ethereum, the Hedera consensus service was implemented to ensure fairness and enhance traceability of the profile minting process.Asserting the importance of supporting NFTs wherever they exist in Web3, he speculated that Hedera, Solana, and Polkadot could be destined for future integrations based upon their popularity, as well as disclosing his own intentions to deploy his single vote for the inclusion of Hedera in democratic snapshot proposals.“I really want your NFT.com profile to be your address in a digital world where people can come and visit you. It’s a destination, your web3 homeplace, a metaphysical experience where the physical verse and metaverse collide.”

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Earth Day: A closer look at crypto projects that make the world a greener place

Earth Day: A closer look at crypto projects that make the world a greener place

Uverejnil používateľ | apr 22, 2022 |

Earth Day, a 52-year-old tradition celebrated annually on April 22, provides an opportune moment for the world’s citizens to reflect upon their environmental progress, as well as rally support for political policy-making, cultural climate awareness and individual commitments to sustainability.The emergence of blockchain and Web3 has provided the core architecture for a structural remodeling in public transparency, and as such, a technology that has the potential to be harnessed in service of the visions established by the United Nations Sustainable Development Goals and the Paris Climate Accord.Cointelegraph spoke to a number of environmental experts to gauge their opinions and ideas on how Web3 companies can make positive impacts in the global climate endeavor by utilizing the power of blockchain technology.Sander DiAngelis, the head of growth and partnerships at Toucan Protocol, advocated for an amalgamation of physical and digital initiatives, noting that “tokenized carbon credits” are enabling the creation of “virtual carbon sinks that generate real-world planet-positive impact.”Coinbase’s philanthropic climate program, which allocates 1% of its corporate revenue towards projects seeking to enhance the democratization of cryptocurrency, recently awarded a $500,000 ecosystem grant to Toucan Protocol to build their carbon markets infrastructure.Announcing: @Coinbase Giving x Toucan: Ecosystem Grants for Regenerative Innovation How this looks? Coinbase Giving is granting $500k to Toucan to kickstart our Builder Hub!https://t.co/C63JcKqbFFDetails pic.twitter.com/BG6B5jk7bZ— Toucan Protocol @ETHAmsterdam (@ToucanProtocol) April 20, 2022Projects such as Pachama and Dovu are utilizing artificial intelligence and hash graph technologies, respectively, to calculate, quantify and report carbon footprint data for the purpose of enhancing accountability and transparency within the corporate and Web3 industries.In partnership with action groups such as REDD+, Pachama have established a number of restorative ecosystem projects such as the Colombian coastal deforestation-prevention scheme titled Bajo Calima y Bahía Málaga. Nearing the end of its ten-year term, over 1.2 million metric tonnes of carbon have been sequestered from the environment via credit issuance.Within the crypto space, organizations such as the Climate Chain Coalition and Crypto Climate Accord — both of whom earned the spot of 34th in Cointelegraph’s Top 100 of 2022 list — have made considerable advances in encouraging collaboration, and enacting environmental pledges with the crypto space.Mitch Liu, the CEO of blockchain video streaming platform Theta Network, shared his belief that the cultural significance placed on the climate change crisis could instigate the creation of cutting-edge decentralized solutions.He cited ClimateDAO’s work in “pooling its members’ resources to buy shares in big, polluting companies to make their activities more sustainable from the inside” as a prime example of this innovation. He continued on to say: “As NFTs have entered the mainstream conversation over the past year, the environmental backlash has become fierce. There has been a pernicious assumption that all NFTs are bad for the environment.”Liu says that this blanket assessment “completely ignores Proof of Stake blockchains like Theta, which use 0.05% of the energy compared to chains like Bitcoin and Ethereum.”It’s time to settle it with a poll. Which Metaverse token do you prefer?— Cointelegraph (@Cointelegraph) April 19, 2022

Christian Hasker, Chief marketing officer of Hedera Hashgraph spoke about “striving for a clean Web3” within the distributed ledger technology (DLT) space, emphasizing the industry’s collective obligation to ensure that “We not only have the knowledge and solutions to ensure that the next generation of the internet is sustainable – but crucially, we have a responsibility to do so.”Prior to pledging Hedera’s continued focus on building green applications with the support of their twenty-six council members, he cited the negative perception of Proof-of-Work consensus mechanisms, even those adopting environmentally-friendly principles, stating:“It is my firm belief that carbon neutrality at Layer 1 is the only way to deliver on the promise of a sustainable future built on DLT. The greatest way to preserve energy is to not use it in the first place — a sentiment that is shared by mammoth industries and large organizations which are introducing zero carbon goals.”

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