Bancor Smart Tokens Provide Solution to The Issue of Liquidity 397

There are many facets to the notion of liquidity. Liquidity may be defined as the ability to convert an asset into cash readily on demand. If this definition seems myopic, you can see it as an asset that can be sold or bought at its fair price. Therefore, liquidity signifies that there are no premiums or discounts attached to an asset when selling or buying it. This makes it easy to enter and exit the asset at will.

For any tradable asset, liquidity is paramount. Liquid markets are smoother and deeper when compared to illiquid markets, which can put traders in a place from which it may be difficult to navigate out. For instance, Bitcoin has experienced significant growth within nine years of its existence. In 2009, there were only 50 Bitcoins but today, there are over 13,000,000 bitcoins in circulation. Virtual currencies or cryptocurrencies have witnessed waves of illiquidity. What are the factors that influence liquidity?

  • Exchanges: The increasing number of cryptocurrency exchanges has provided opportunities for more individuals to trade in cryptocurrency. The increase in volume and frequency of trading has contributed to enhancing liquidity.
  • Acceptance: The acceptance of cryptocurrencies at online shops, brick and mortar stores, bookings, etc. has contributed to its usability while reducing its volatility. Coins become more liquid when frequently used as a means of payment.
  • Regulations: Both direct and indirect regulations have played a crucial role. The position of cryptocurrency in each country is different – banned in certain areas, allowed in others, while in dispute elsewhere. Because of the increasing presence of cryptocurrency in the form of exchanges, ATMs, casinos, transactions in shops, financings, etc. these clarified regulations will continue to influence liquidity.
  • Awareness: Many people are practically unaware of what cryptocurrency is all about and how it works. In the midst of these are prospective investors, buyers, and traders of digital coins. Lack of clear guidelines by relevant authorities and limited knowledge has limited engagement to devotees to this moment, but as this changes, so will liquidity via increased volume and acceptance.

Then, How can one technically solve the issue of liquidity facing cryptocurrency? Below we will explore a solution provided by Bancor for addressing the challenges of liquidity faced by cryptocurrencies, conventional tokens, and community currencies. According to Bancor, the issue of liquidity can be addressed through the use of Smart Tokens, by programming tokens to be autonomously convertible for other tokens within the same network. This is achieved through the use of Connectors, which are modules in a token’s smart contract that hold balances of other tokens they are connected to.

What is the Bancor Protocol Smart Token all about?

Let’s begin with the Bancor Protocol which is the standard for what Bancor calls Smart Tokens. The method is as follows: A Smart Token is programmed with one or more connectors, which are modules in their smart contracts. Each connector holds a balance of another connected, the connected token, which can be deposited by the Smart Token creator. These balances are used by the Bancor Formula to calculate the exact price of a Smart Token in any of its connected tokens. The Smart Token can be bought and sold by depositing or withdrawing the calculated amount from its connector balances. For example, if a Smart Token has one connector which holds a balance of Ethereum, that Smart Token can be bought by sending Ethereum to the Smart Token’s contract, or sold by sending Smart Tokens back to the contract and receiving the corresponding amount of Ethereum in return.

If you haven’t heard of smart contracts, these are computer programs which run on the blockchain, meaning they are unchangeable as long as the underlying blockchain is operational. In the case of tokens, smart contracts allow for the programming of certain features, issuing policies and other attributes, directly into the token’s governing software. Bancor uses this ability to program Smart Tokens to buy and sell themselves from users, in exchange for any of their connected tokens, at an algorithmically calculated rate according to the open-source Bancor Formula. This allows Smart Tokens to be plugged into a network architecture, and continuously liquid to every other token in the network, according to a mathematical price which balances buy and sell volumes in the network (more on the formula below.)

The Bancor Protocol recommends a new solution to the issue of liquidity for cryptocurrencies by using an asynchronous price-discovery model, which is enabled by these balances holding Smart Tokens. The most unique characteristic of this solution is the fact that you can buy or sell Smart Tokens anytime, directly through their smart contracts (Bancor also offers a simple Web App user interface) without the need for an exchange or even matching buyers and sellers, as has been the case for decades. Does this sound like crypto magic to you? Let’s explain how it works.

  • Firstly it’s important to understand that Smart Tokens are money that themselves hold money, in their connector balances. What this means is that the smart contract that operates the Smart Token owns a minimum of one other token balance. This is the Smart Token’s initial liquidity “plug in” to the network, and from where the Smart Token can withdraw other tokens to sellers, and collect other tokens from buyers.
  • Secondly, the supply of a Smart Token can be dynamic, and handled by its smart contract directly. When a Smart Token is purchased by sending one of its connected tokens to the smart contract, these tokens are added to the connector balance and new Smart Token units are created and sent to the buyer. This means that a Smart Token’s supply is growing as demand for it is growing. Thankfully, so is its connector balance, so as you’ll see below, its price is also increasing. This means that increased supply does not mean inflation or dilution for Smart Token holders, since price is a factor of demand, not constrained by a traditional fixed supply. Similarly, when a Smart Token is sold, it is simply sent back to its smart contract, which withdraws the corresponding amount of connected tokens from the connector balance and returns them to the seller, and the sold Smart Token units are destroyed and removed from circulation. Price however, is still decreasing, thanks to the Bancor Formula which takes this decreased connector balance into account. You can liken this mechanism to when tokens are issued by initial coin offering smart contracts in exchange for other tokens like Ether.
  • Thirdly, is the realization that Smart Tokens calculate their own prices vis-a-vis other tokens they are connected to. This is according to the Bancor Formula which holds the ratio constant between a Smart Token’s total market cap, and its connector balance. As buys and sells add and subtract tokens from the connector balances, the price of a Smart Token will fluctuate to keep this ratio, configured by a Smart Token’s creator (and called the weight), constant. This ensures that buy and sell volumes strive for equilibrium, as a Smart Token’s price is rising when it is being bought, and falling when it is beind sold. Just as you’d expect with supply and demand principles, only here the supply can adapt to the demand, and price is calculated as a mathematical function between the Smart Token and its real-time connector balances. .

One may be thinking if all of this functionality is required, given the fact that price discovery and liquidity is already obtained via trading activity in traditional exchanges. Is there a reason for a different solution? The answer to this question is yes. This is because exchanges can be seen as “matchmakers” between individuals or parties with different wants. A particular trade comprises of two opposing transactions, one where each party is selling what the other party wants to buy. The situation where a particular party needs to find another party with opposite wants is the sole reason why currencies and other assets face liquidity risk. With this constraint, it is impossible for smaller scale currencies, such as loyalty points, community currencies, and other relevant credits, as examples, to become consistently liquid.

Additionally, people who provide liquidity such as market makers and traders are logically looking for ways to take full advantage of profits. This connotes that liquidity comes at a price or cost with the current exchange solution, allocating value to middlemen. This is why BancorSmart Tokens are unique, allowing currencies to enjoy automated and continuous liquidity, and with no added fees. The contribution or partaking of market makers and traders in their convertability isn’t compulsory, but optional for both parties. In fact, Smart Tokens may be regarded as a token with a built-in not-for-profit automated market maker for itself, being operated by its open-source smart contract.

A Bit About the Bancor Token Generation

This decentralized liquidity network Blockchain project raised approximately $153 million in Ether within three hours. Bancor was one of the most successful token launches of 2017. The token generation event took place on June 12, 2017, attracting more than 390,000 contributions in Ether, a world record in the market at the time.

Bancor’s BNT is the Bancor Network Token. According to the company, in the next two years, there will be a host of new features available to Smart Tokens, including security upgrades such as delegated account recovery, the ability to purchase them with a credit card, enabling communities without a token to easily create one without technical knowledge, and moving to a fully decentralized backend and front-end architecture, as well as taking the liquidity network completely cross-blockchain. Finally, we will see the launch of Bancor Grants, helping local communities build capacity towards launching and maintaining a local Smart Token for their economy or network, and subsidizing the BNT needed for qualifying communities to connect to the Bancor Network (via their Smart Token’s connector balance, which will be held in BNT.) Since launch, Bancor has activated their token, launched and activated Relay Tokens for over 20 ERC20 tokens which are now convertible via the Bancor Network, launched their Web App on desktop and mobile, and deployed a portable widget to enable users to convert Smart Token’s from anywhere on the Internet. This attribute alone safeguards users and enables them to convert their tokens remotely and in a decentralized fashion.

BNT holds Ether (ETH) as its connected token, making it possible to convert any token within the Bancor Network into ETH, instantaneously and without the need for matching buyers and sellers. This is groundbreaking in the blockchain world, with Bancor pioneering an autonomous technology that a technical solution for instant liquidity and eventually also the instant creation of intrinsically liquid cryptocurrencies.

What are the Benefits of Bancor Smart Tokens?

Smart Tokens bring about several benefits when compared to the traditional token model, which include:

  • No Extra Fees: Unlike the traditional token and exchange models, the only compulsory fee that is paid for converting Smart Tokens is the blockchain platform fee, which in the case of Ethereum is known as gas.
  • Continuous Liquidity: Because selling and buying are carried out through smart contracts, you can always convert Smart Tokens from/to their connected tokens, regardless of the volume of trading done.
  • Foreseeable Price Changes: The Bancor Smart Token allows for the pre-calculation of price changes according to transaction size, since each transaction itself will result in a change to the current price by adding to or subtracting from connector balances. This price predictability leads to relatively more stable prices.
  • No Spread: The same price is calculated for buying and selling Smart Tokens since the calculation of these prices is done formulaically by the non-profit smart contract, not by other buyer and seller offers, traditionally known as an order book.

In Conclusion

Bancor has discovered a way out of the historic challenge of liquidity without needing a counterparty to buy or sell a token. This is attainable through a smart contract, currently on the Ethereum network, which keeps a balance in another connected token at all times, and uses a simple formula to continuously recalculate the exact rate at which a Smart Token is convertible for any of its connected tokens, and as such, for any other token in the network. This innovation replaces traditional labor-based solutions, in the form of market makers and exchanges, both for-profit actors, with a technical solution, in the form of a non-profit smart contract that will always buy and sell Smart Tokens thanks to their built-in liquidity mechanism. This autonomous solution could offer a step-function improvement in efficiency, decentralization, accessibility, transparency, and stability for the emerging cryptocurrency economy – if Bancor can pull it off

 

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XVC Tech Announces Strategic Investment in TradeTogether to Enhance Web3 Wealth Management 7496

XVC Tech, has invested in TradeTogether, a leading Web3 wealth manager based in Singapore. The venture capital firm founded by the creators of the XDC Network blockchain.

XDC Network’s ecosystem includes RWA dApps focusing on Private Credit (TradeFinex), Trade Finance (XDC Trade Network), tokenized gold (Comtech Gold) and tokenized US Treasuries (Yieldteq powered by Tradeteq).

Ritesh Kakkad, co-founder of XVC Tech, noted, “TradeTogether approached XVC with a strong emphasis on compliance, which is key in sectors like private credit and trade finance. We believe this focus on compliance will attract more institutional adoption, leading to increased utilization of the XDC Network’s use cases.”

Added TradeTogether’s CEO Geoff Ira, “XDC Network is a robust Enterprise-grade Layer 1 blockchain with a strong focus on Real-World Assets (RWA). We eagerly anticipate collaborating with XDC and its ecosystem of dApps to develop top-tier Web3-centric funds, driving intelligent capital into RWAs and Web3, while adhering to regulatory compliance standards.”

TradeTogether introduces two innovative investment options

  1. Firstly, the TradeTogether Bitcoin Advantage Fund, allows clients to invest in Bitcoin with added protection against market downturns, offering a better experience than traditional ETFs.
  2. Additionally, TradeTogether provides high-net-worth individuals and financial institutions with transparent solutions in tokenized bonds and Web3 products for receivable financing, moving away from the DeFi platform model.

TradeTogether has prominent co-investors such as Orbit Startups, Tenity, Boleh Ventures and Leo Ventures. Other Angel investors who participated in TradeTogether’s funding round since it’s inception includes Samuel Rhee (Chairman of Endowus), Varun Mittal (Group Head Innovation Singlife), Reuben Lai (Former Senior MD Grab Financial Group), Mx Kuok (KUOK Family), E. BABA de Rothschild (EGR Partners), Chandrima Das (Ex bento founder acquired by Grab), Nicolas Gallet (Gallet Capital), David Bachelier (CEO Asia at Flowdesk).

About XVC Tech

Founded by the co-founders of XDC Network, Atul Khekade and Ritesh Kakkad, XVC Tech is a US $125mn Fund focussed on exploring investment opportunities in NextGen Technology Solutions. Portfolio companies include DeGaming, a decentralized i-gaming infrastructure protocol, Bolero, a platform fractionalizing IP of music assets via smart contracts or Truflation, an oracle for RWA, indexes and inflation.

Current areas of focus include RWA, Web3 infrastructure, AI, and DePIN. For Web3 startups looking to make an impact, new investment opportunities are actively being sought. Users interested in learning more can visit XVC Tech at XVC.Tech to get in touch.

About XDC Network

The XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain, operational since 2019 focusing on Enterprise use cases such as Trade Finance, Payment and RWA tokenization. More details at: Xinfin.org

About TradeTogether

TradeTogether Pte Ltd is a pioneering Web3 digital asset management company based in Singapore. Operating under a regulatory exemption since October 25, 2021, TradeTogether is at the forefront of innovative financial solutions in the digital asset space. Led by CEO Geoff Ira, who has a strong background in the financial and banking industry. For more information, users can visit TradeTogether.com

Multis Team Joins Safe to Build Cross-Chain Smart Wallet Infrastructure 8750

Safe, the leading smart wallet infrastructure, with more than $100 billion in value of digital assets secured, has welcomed the senior leadership team of Multis to the Safe Ecosystem Foundation and completed the strategic acquisition of the Multis source code; Multis is an all-in-one financial software designed for crypto businesses. At the same time, Thibaut Sahaghian, the former CEO of Multis, is set to take on the new role of Network Abstraction Lead as a core contributor within the Safe ecosystem, where he and his team will continue their work towards enabling businesses and individuals to adopt and easily use digital assets every day.

With this move, Safe embarks on the next phase of its mission to simplify, improve, and enhance Web3 user experience. Leveraging their unique collective expertise, the Safe and former Multis team members will collaborate to solve the complexities of cross-chain interaction through network abstraction, with the end goal of enabling users to manage assets across diverse blockchain networks effortlessly.

As crypto usage soars, the demand for faster and more cost-efficient transactions has led to the rise of Layer 2 networks built atop the Ethereum mainnet (Layer 1), aiming to enhance scalability. However, this growth has considerably fragmented the blockchain landscape, complicating the development of user-friendly, on-chain applications and wallets. Addressing this complexity through network abstraction, which simplifies asset management across various blockchains, is crucial for setting the stage for mainstream adoption—a vital goal for the Ethereum community.

“The demand for Safe’s services is skyrocketing, particularly from emerging L2 ecosystems seeking robust infrastructure support to help users manage their digital assets. As we expand, simplifying the cross-network experience becomes crucial,” noted Richard Meissner, co-founder of Safe. “The synergy between Multis and Safe will undoubtedly help us become a staple in these evolving networks and beyond.”

Thibaut added, “Joining Safe is a game-changer for us. We’ve already been harnessing Safe’s robust infrastructure for years, and this is a new journey for us. It empowers us to broaden our mission, tapping into Safe’s expansive platform and extensive user base. Together, we’re set on building an ecosystem where digital assets and applications interact seamlessly across multiple networks, easing the path to adoption and creating a more integrated blockchain world.”

This strategic acquisition marks a turning point for Safe. It aligns with Safe’s recent collaboration with Coinbase-incubated Base to make smart accounts the standard on Ethereum. This announcement furthers Safe’s commitment to providing a seamless and secure foundation for managing assets within exploding L2 ecosystems on Ethereum.

About Safe

Safe (previously Gnosis Safe) is an onchain asset custody protocol, securing ~$100 Billion in assets today. It is establishing a universal ‘smart account’ standard for secure custody of digital assets, data, and identity. With Safe{Wallet}, it’s flagship web and mobile wallet and Safe{Core} account abstraction infrastructure, Safe is on a mission to unlock digital ownership for everyone in web3 including DAOs, enterprises, retail and institutional users.

About Multis

Multis offers a comprehensive financial software solution, empowering DAOs and enterprises to seamlessly manage transactions with both USD and digital assets, across multiple networks. Historically backed by Sequoia Capital and Y Combinator, Multis has been a front-runner in enhancing the crypto business user experience, now set to amplify its impact with Safe.

AirDAO aims for the moon with ‘Star Fleet’ 9037

AirDAO, a community-governed layer-one blockchain ecosystem, is excited to reveal “Star Fleet,” an innovative marketing initiative to launch new products in 2024. The announcement comes in celebration of the fifth anniversary of the AirDAO blockchain, and Star Fleet marks a significant next chapter of growth and development.

The Star Fleet initiative is part of the AirDAO team’s long-term strategic plans to grow the AirDAO ecosystem this year. The initial DeFi products to launch with Star Fleet are a crypto bond market called ”Kosmos,” “Astra,” a decentralized exchange (DEX), and “Harbor,” a liquid staking product.

The AirDAO team’s marketing efforts will increase considerably over the next five months, prioritizing community & ecosystem growth and engagement. AirDAO’s $AMB token will be at the campaign’s center and act as the community’s ticket to join Star Fleet; AirDAO will give rewards in proportion to ecosystem participation.

The Star Fleet campaign will culminate in October 2024 with the single, synchronized launch of three tokens for the three new products. With a unified offering of all three tokens, venture capital funds and the community can get exposure to the next generation of the AirDAO ecosystem with a single investment. AirDAO is raising additional capital to expand the ecosystem and user base, with the end goal of a significant increase in network usage and total value locked (TVL).

AirDAO is a pioneering, community-led, layer-one blockchain ecosystem. The technical backbone of the ecosystem is the AirDAO blockchain. It’s an EVM-compatible layer one with 100% uptime since its launch. It also boasts high scalability, low fees, and rapid transaction times, making it the ideal platform for Web3 products. AirDAO isn’t just building a blockchain — it’s fostering a community where each member’s ideas shape the ecosystem.

Star Fleet is AirDAO’s latest achievement in what’s shaping up to be a pivotal year. It isn’t a small step forward; it’s a giant leap toward AirDAO’s north-star vision of becoming an industry-leading ecosystem.

The new Fintopio DeFi Wallet launches in open beta on Telegram and web app 9381

Fintopio, a Web3 company creating a wallet that enables digital asset sending and receiving via messaging apps, recently launched the beta version of the Fintopio DeFi Wallet. This launch is Fintopio’s first salvo in its mission of improving and simplifying digital asset transactions. The Fintopio DeFi wallet has been launched via Telegram bot and web app, and the company is working on a mobile application for iOS and Android.

Fintopio’s DeFi Wallet is built on Telegram, a messaging tool with 900 million monthly active members. The wallet provides a convenient way for people to send and receive crypto assets, and it also integrates with different DeFi services. Users maintain complete control of their assets by having their crypto stored in their non-custodial wallets.

Steve Milton, co-founder and CEO of Fintopio, noted that “There are a lot of untapped opportunities related to integrating convenient payment options in messaging apps, especially given that these are some of the world’s most widely and frequently used services. At Fintopio, we want to unlock this huge potential with solutions that allow people to send money just like sending a message or an emoji,”

Fintopio is led by Steve Milton, a prominent executive who worked in the field of multinational companies as a high-ranking official at BNB Chain and Binance. Working with him is a 20-member team of experts in the fields of Web3, cryptocurrency, technology, and finance. Fintopio is devoted to changing the crypto payments landscape and becoming a reliable global brand capable of providing cutting-edge financial solutions to individuals and enterprises.

Transforming digital asset payments with Telegram

Fintopio’s DeFi Wallet is a crypto financial solution integrated with Telegram. The app is designed so that users can send crypto payments directly on Telegram, as well as web and mobile platforms. What defines Fintopio as a robust DeFi wallet in contrast to other similar wallets released today is the careful attention paid to user-friendly interfaces and intuitive designs. This is crucial for Fintopio’s efforts to solve the ongoing challenge of making crypto easier and more convenient to use while maintaining the safety of users’ funds.

According to Steve Milton, “Telegram has a great combination of market size and growth trajectory. Even at its current reach, it’s still one of the most downloaded apps worldwide. And it has a young, tech-adept demographic, with 30.6% of its users being in the 25-34 age bracket, making it an ideal foundation upon which we can grow Fintopio especially in a crowded crypto payments space.”

The Future of Crypto Payments

Fintopio acknowledges the digital payments industry’s intricacies, the growth in the demand for new, innovative solutions on the market, and the vast opportunities that innovation can bring to the whole sector. According to the latest forecasts, the global volume of cashless payment services is expected to reach 1.9 trillion transactions by 2025 and double or triple that number by 2032. The fact that payment features have been integrated into major social media and messaging platforms shows that messaging is the new frontier in fintech and crypto solutions.

Through Fintopio, sending digital assets becomes the same as sending a message. Recipients can access their assets via a wallet they already possess, route them to familiar financial institutions, or, if they’re new to digital assets, create a lightweight non-custodial wallet within seconds, all through their Telegram app. This innovation extends the reach of digital assets beyond the confines of the cryptocurrency ecosystem.

Steve Milton explained, “Ultimately, what we’re doing with the beta launch of the Fintopio DeFi Wallet is an opening act that demonstrates what’s possible with messaging-based, convenient crypto payments, as well as what we can build further. Once the Fintopio infrastructure for simple payments through chat apps is built, and it shows significant traction, this innovation will be easier to replicate as a viable payment solution for other major messaging and social media apps. At that point, it’s not that big a leap to take.”

In the first phase of their DeFi Wallet beta starting program, Fintopio is implementing a beta test exercise. The exact process includes reaching out to the Fintopio community and inviting them to inform them of the bugs they encountered or provide them with their recommendations for improvement. In exchange, participants have a chance to gain rewards.

About Fintopio

Fintopio is a software development company at the forefront of digital asset distribution innovation. With its wallet solution, Fintopio simplifies the process of sending and receiving digital assets. The company’s groundbreaking approach is poised to democratize access to digital assets globally, reshaping the landscape of digital transactions.

Fintopio completed a $10 million seed funding round led by a group of private investors from the tech industry, fueling the company’s mission to provide people and businesses with easy, secure, and fast ways to pay. The company was also awarded a CSAP license in Poland.

Plena – The first Crypto Super App to use Account Abstraction announces $5M fundraising milestone 9654

In an impressive display of industry support and confidence, Plena Crypto Super App has successfully closed a $5 million funding round, uniting a broad spectrum of investors and partners in its mission to drive widespread crypto adoption. This formidable coalition includes Big Brain Holdings, DeWhale,GBV, WebWise, Galxe, Normie Ventures, FounderHeads, and more.

Accelerated by crypto giants Cointelegraph and ConsenSys, Plena Crypto Super App has drawn the attention and endorsement of the industry’s most respected advisors and angel investors. This prestigious group includes Ivan on Tech, Trader XO, Trader SZ, Boxmining, The Martini Guy, Michaël van de Poppe, Eric Cryptoman, Crypto Zoran, Nischal Shetty, Anshul Dhir, Crypto ISO, MANDO CT, Anbessa, ASH Crypto, Sjuul | AltCryptoGems, Ted Pillows, Joshnomics, vocado Toast andAlex Belov among others.

Plena’s extensive network of Key Opinion Leaders (KOLs) from every region underscores its position as one of the most universally supported applications within the crypto community. Since its inception in 2021 by Sparsh Jhamb, Yajash Jhamb, Tushant Suneja, and Sayuj Kumar, Plena has been dedicated to simplify the user experience for decentralized applications, with a mission to onboard a billion users to Web3. They pioneered Account Abstraction, setting the stage for a more accessible blockchain ecosystem a year before Vitalik Buterin’s white paper on ERC4337. This innovation marks a significant leap towards making blockchain technology user-friendly and widely adopted.

Throughout 2023, Plena has celebrated numerous achievements, including surpassing 5 million transactions, forming over 200+ Plena Connect partnerships, amassing a community of over 240K+ registered users, and expanding its blockchain integrations. The launch of Plena 2.0 with Chat & Pay feature and the introduction of Plena Smart Portfolios have further solidified its commitment to simplifying the crypto experience.

Looking forward to 2024, Plena is set to expand its chain integrations, launch Super App 3.0, and further develop its Plena Connect SDK across an even broader array of dapps. Additional highlights include the $PLENA Token Generation Event (TGE), and a series of community-engaging Plena Quests.

Plena’s ecosystem stands as a testament to its commitment to innovation and community, providing grants to dApps integrating the Plena Connect SDK. Moreover, Plena has announced its largest airdrop campaign in partnership with DAO Maker, Chain GPT, Decubate, AI Tech, and Viction Chain by Coin98, distributing 2% of its total supply ahead of its eagerly anticipated listing.

About Plena Crypto Super App

Plena Crypto Super App is a crypto super app with a base layer of a wallet designed to simplify and enhance the user experience in the crypto space. By leveraging account abstraction and a comprehensive suite of crypto tools, Plena is on a mission to onboard the next billion users into the cryptocurrency world.

Somnia Launches Betanet, Ushering in a New Era of Interoperability in the Metaverse 9256

Somnia, an L1 blockchain and a set of omnichain protocols, has taken another step towards its goal of a connected metaverse with the recent launch of its protocol Betanet. This significant milestone marks the beginning of a new era in the metaverse, where experiences and assets can seamlessly move across different virtual environments.

Thanks to the technology from MSquared and Improbable, Somnia is able to launch a high-quality Betanet on their protocol, while simultaneously developing the highly scalable and affordable Somnia Blockchain.

Somnia’s omni-chain protocols, known as SOM0, are designed to connect the metaverse into a cohesive ecosystem, enabling unprecedented compatibility and interoperability. The Betanet will test these protocols, which consist of three key components: the ‘Object protocol’ for creating virtual objects that can move through any metaversal experience, the ‘Attestation protocol’ for streamlined validation, and the ‘Marketplace protocol’, which serves as a global liquidity layer for creators to sell digital assets.
“The metaverse is on the cusp of a major transformation, and Somnia is leading the charge with the launch of our Betanet,” Somnia CEO Paul Thomas said. “We’re excited to empower creators and users with the tools they need to bring their visions to life.”

Phase 1 of Somnia’s Betanet, running on the ETH Sepolia Testnet, allows users to bring their digital identities into the Somnia Protocol by creating personalized avatars through a collaboration with Avaturn. These avatars will be compatible with any world or experience built on Somnia, empowering users to attend massive MSquared events like the Twice listening party and MLB Virtual Ballpark.

In future phases, Somnia will collaborate with established NFT projects to give beloved collections a soul in the metaverse by rendering them as 3D avatars for use across interoperable experiences. This initiative will unlock new realms of utility and value for NFT collectors.

Later stages of the Betanet will grant users access to the Metaverse Browser, allowing them to explore the Somnia Ecosystem and the Playground, where they can create virtual spaces, socialize with friends, and import or create 3D objects. The following Testnet phase will introduce a prototype of Somnia’s blockchain, which will act as the foundation for the metaverse’s economy.

To participate in the Betanet visit betanet.somnia.network

About Somnia:

Somnia is creating a virtual society with an L1 blockchain and a set of omnichain protocols designed to bring millions of users into an open and unified metaverse, allowing users to move seamlessly across experiences. Somnia opens up endless possibilities for builders to create content that is portable and remixable content by upgrading existing NFTs. Somnia was developed by the Virtual Society Foundation (VSF), a nonprofit organization initiated by MSquared, and Improbable.