The initiative, targeting completion by 2025, aims to streamline digital financial services. Specifically, it plans to incorporate instant payment methods like Pix and leverage AI technologies similar to OpenAI’s ChatGPT.

AI-Powered Super App to Drive Financial Inclusion in Brazil

Central Bank President Roberto Campos Neto outlined the vision at the Blockchain Rio forum. Neto highlighted the thorough analysis already conducted on cryptocurrencies and digital payments.

He emphasized the need for a unified platform that enhances financial inclusion, security, and convenience for Brazilian citizens. Furthermore, he envisions a future where multiple banking apps are replaced by a single, comprehensive super app that aggregates financial data and uses AI to offer personalized financial services.

“Thinking about what a financial services aggregator of the future would be like, we already designed this some time ago, and it was a shock, but we thought about what a financial marketplace would be like,” Neto explained.

Read more: AI in Finance: Top 8 Artificial Intelligence Use Cases for 2024

The super app is expected to consolidate various financial functions into one platform. Therefore, it can reduce the need for multiple banking apps. Campos said this consolidation will leverage AI for enhanced data intelligence, providing users with a seamless and secure banking experience.

“Excited to see Brazil’s Central Bank progressing toward a “superapp” that combines AI, Pix, and the Drex CBDC. This project will enhance access to financial services for a broader audience, accelerate transaction speeds, and foster the adoption of Web3 technologies. To drive widespread adoption, it’s crucial to run campaigns that highlight the app’s benefits and security features. Offering rewards to early adopters and frequent users will also incentivize initial engagement and sustained use, integrating the app into the daily financial routines of Brazilians,” Chris Feng, Chainbase Co-Founder & COO, told BeInCrypto.

Separately, Italo Borssatto, the Bank for International Settlements (BIS) advisor, lauded the Drex initiative as the most forward-thinking in the region. Brazil distinguishes itself in the worldwide CBDC sphere through its focus on transparency and public engagement.

“Brazil remains a benchmark in central bank digital currency (CBDC). We see advanced projects in South Korea, Hong Kong, and Singapore. But Brazil is the boldest, with a concrete timeline,” Borsatto said.

Recently, the Brazilian Senate delayed the vote on PL 2338/23, a bill that aims to regulate AI tools in the country. This postponement shows ongoing debates and discussions before the implementation of any formal legislation. This regulatory framework will also be crucial in shaping the implementation and integration of AI within the super app.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

In parallel, Brazil’s Central Bank and Caixa Econômica Federal are collaborating on advanced payment solutions. They are testing offline payments using Drex, enabling transactions without internet connectivity. This initiative aims to facilitate financial transactions in remote areas, enhancing the accessibility and reliability of digital payments.

Local media reported Julierme de Souza of Banco do Brazil described the foundation of their offline payment solution as ‘symbolic money’. He emphasized that the devices, which operate without an online connection, reliably facilitate funds transfer between wallets. Overall, this initiative marks a crucial advancement in pursuing complete digital financial inclusivity.

The post Brazil’s Central Bank to Launch AI-Integrated Super App Featuring CBDC by 2025 appeared first on BeInCrypto.

Through this initiative, Meta aims to democratize AI development, providing cost-effective, adaptable solutions to a broader audience. Zuckerberg argues that this move will enhance innovation, security, and long-term sustainability in the AI ecosystem.

Why Open-Source AI is a Game-Changer for Developers and the Global Community

In his latest blog post, Zuckerberg unveiled his ambitious vision for the future of AI. Emphasizing the critical role of open-source development, he asserted that “open-source AI is the path forward.”

According to him, open-source AI enables organizations to develop customized solutions free from proprietary system limitations. This allows for the optimization of models for particular tasks.

Read more: AI in Finance: Top 8 Artificial Intelligence Use Cases for 2024

Open-source AI also prevents vendor lock-in, allowing developers to maintain control over their models and avoid dependency on a single provider that could alter terms or discontinue services. This independence is crucial for organizations handling sensitive data or operating in regulated industries.

“Open source addresses these issues by enabling you to run the models wherever you want. It is well-accepted that open-source software tends to be more secure because it is developed more transparently,” Zuckerberg said.

In addition to developers, Zuckerberg argued that open-source AI is crucial for the broader global community. He believes that AI has unparalleled potential to enhance human productivity, creativity, and quality of life while driving economic growth and scientific progress. Open-source AI ensures that these benefits are accessible to a wider audience, preventing power from being concentrated in the hands of a few large companies.

Despite some concerns about losing a competitive edge by open-sourcing Llama, he believes the benefits of fostering a strong open-source ecosystem far outweigh the risks. Furthermore, there are apprehensions regarding the safety of open-source AI models, particularly regarding unintentional and intentional harm. However, Zuckerberg highlighted that balancing power between individual bad actors and larger institutions could address the threat of intentional harm.

Zuckerberg also discussed the geopolitical implications of open-source AI, particularly in relation to countries like China. He advocated for a solid open ecosystem in the US and its allies, arguing that this approach would foster innovation and maintain a competitive edge over closed systems.

“There is an ongoing debate about the safety of open-source AI models, and my view is that open-source AI will be safer than the alternatives. I think governments will conclude it’s in their interest to support open source because it will make the world more prosperous and safer,” he noted.

The Intersection of AI and Web3: Decentralized AI’s Emerging Role

Zuckerberg’s move toward open-source AI aligns with the broader trend in the intersection of blockchain and artificial intelligence, which embraces the decentralized approach. Nick Havryliak, founder and CEO of Assister, highlighted the potential of decentralized AI (DeAI) to counter the dominance of big tech corporations. He explained that DeAI could create a competitive market environment by incentivizing participation through economic rewards for providing access to hardware and data.

“Moreover, it creates new economic prospects for regional startups and businesses operating at the intersection of AI and Web3,” Havryliak added.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

Dominic Williams, founder and Chief Scientist at DFINITY, also predicted the rapid development of DeAI models, particularly in smart contract capabilities and blockchain security. He argued that DeAI offers unique advantages, such as enhanced security against hacking and data theft.

“Decentralized AI could also offer benefits like cost-effective, decentralized autonomous [know your customer] KYC and reduced bad actor threats. Applications like these also provide strong regulatory advantages, further supporting the growth and development of AI and Web3. Smart contracts offer some really strong advantages to building and executing AI on-chain. They are tamper-proof, ensuring security and correct operation; unstoppable, as they are resilient and always running; autonomous, requiring no trusted intermediary; and composable, making them easy to integrate with other blockchain systems and services,” Williams explained to BeInCrypto.

The post Mark Zuckerberg’s Open-Source AI Ambition: Meta Releases Llama 3.1 405B appeared first on BeInCrypto.

This transformative platform accelerates digital asset innovation within the financial sector. It provides financial institutions with a streamlined, secure environment to explore and develop digital asset applications, enhancing their operational efficiency and market readiness.

Explore Digital Asset Solutions with Chainlink’s Latest Offering

Leveraging Chainlink’s industry-standard platform, the DAS allows institutions to experiment. They can explore various use cases, such as bond tokenization, within a sandbox setting.

For instance, institutions can leverage Chainlink DAS to explore bond tokenization in a sandbox, transforming traditional bonds into digital tokens. These tokens can then serve as collateral for financing or be traded across multiple chains with settlements on a Delivery versus Payment (DvP) basis. This platform also allows experimentation with other real-world digital asset use cases involving various financial instruments across their entire life cycles.

Read more: What Is Chainlink (LINK)?

Additionally, sandbox users receive the support and consultancy services of Chainlink Labs, the primary developer contributing to Chainlink. This enterprise-grade sandbox, powered by Chainlink’s industry-standard platform, has facilitated over $12 trillion in transaction value. It is at the forefront of pioneering global markets on-chain through partnerships with industry leaders like Swift, ANZ Bank, Fidelity International, Sygnum, and others.

Chainlink Labs can help evolve the next stages of product roadmaps and expertly guide institutions across all phases of the adoption process, including exploration, testing, development, and production. Angela Walker, Global Head of Banking and Capital Markets at Chainlink Labs, noted that the Chainlink DAS addresses this need by enabling institutions to create rapid Proof of Concepts in days and leverage Chainlink Labs’ experience in research and development to bring these use cases to life.

“The institutional world needs access to the blockchain industry, and Chainlink is the safe and secure standard that has the capabilities to facilitate on-chain finance at scale, improving financial industry infrastructure,” she told BeInCrypto.

Institutional Investors Eye Chainlink’s Expanding Capabilities

Chainlink has attracted notable interest, particularly from institutional investors, due to its increasing utility in financial services and blockchain interoperability. One of its key attractions is Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This protocol offers a straightforward interface for decentralized applications (dApps) and Web3 entrepreneurs, securely addressing their cross-chain needs.

By enabling the transfer of data, tokens, or a combination of both, CCIP supports smart contracts and externally owned accounts. This facilitates seamless interactions across various blockchains.

Chainlink’s CCIP now supports nine major blockchains. These nine blockchains are Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX.

This expansion has been pivotal in attracting institutional attention, as it enhances the utility and reach of Chainlink’s services. For instance, the Depository Trust and Clearing Corporation (DTCC) completed the Smart NAV pilot earlier in May.

Additionally, Chainlink’s partnerships with several banking institutions have further cemented its reputation. Institutions like Citi, BNP Paribas, Lloyds Bank, and Deutsche Bank have also shown interest in Chainlink’s offerings.

Read more: How To Buy Chainlink (LINK) and Everything You Need To Know

Interest is also evident in the whale accumulation of LINK, Chainlink’s native token. According to the on-chain tracking platform Lookonchain, as of July 14, 93 fresh wallets have withdrawn 12.75 million LINK, worth approximately $167 million, from Binance since June 24.

The post Chainlink Unveils Digital Assets Sandbox to Transform Capital Markets appeared first on BeInCrypto.

Tune.FM enables artists to publish their music for free while allowing listeners to pay directly, cutting out costly intermediaries and ensuring fair payments for the artists.

Antar’s Journey Through Music and Tech

Andrew Antar’s journey to founding Tune.FM is rooted in his diverse background in music and technology. A classically trained violinist since the age of four, he has won competitions and toured globally with orchestras. Antar has also collaborated with numerous bands and appeared on various recordings.

Simultaneously, he pursued a parallel career in technology, starting as a self-taught coder. This led to developing enterprise applications for companies like Comcast and Bank of America. Antar started in the cryptocurrency world in 2010 and managed a hedge fund for six years. This combination of skills and experiences led him to create Tune.FM, aiming to resolve the long-standing issues in the music industry.

Antar’s deep understanding of both music and technology gives him a unique perspective on the industry’s challenges and potential solutions. His experiences have shown him the persistent struggles artists face in monetizing their work.Despite massive changes in how people consume music, from CDs and LPs to digital downloads and streaming, artists have not seen financial rewards keep pace. Large rights holders and labels continue to dominate the industry, often at the expense of the artists themselves.

“Music is under-monetized. There are so many starving artists struggling to break out,” Antar said, reflecting on his lifelong involvement with musicians.

Having witnessed firsthand the various phases of the music industry’s evolution, Antar noted that the underlying issues of fair compensation and artist control have remained unaddressed. This insight was a key motivator in his decision to launch Tune.FM. By integrating blockchain technology, Antar built a platform that addresses these issues and empowers artists in unprecedented ways.

Tackling Industry Challenges

Tune.FM aims to tackle the main industry challenges by providing a new business model for music distribution. The JAM token, used on Tune.FM, enables micropayments that are processed instantly, allowing artists to get paid in real-time as their music is streamed. This contrasts sharply with the traditional model, where multiple intermediaries delay and dilute payments.

One of the major advantages of Tune.FM’s approach is its potential to level the playing field for independent artists. Removing intermediaries ensures the platform directs a larger share of the revenue directly to the artists. This is particularly beneficial for independent and emerging artists who often struggle to gain financial traction in the traditional music industry.

The platform also allows artists to provide unique experiences and exclusive content directly to their fans. They have the option to tokenize any creation, including unreleased music, albums, music videos, or photographs. Additionally, artists can combine these tokens with special experiences like backstage passes, VIP packages, or meet-and-greet opportunities.

“The ability to offer exclusive content and experiences is a game-changer for artists. It allows them to create a more personal and engaging relationship with their fans,” Antar says. “For example, an artist might release a limited edition NFT that includes a backstage pass to their next concert. Fans who purchase this NFT get to own a unique piece of digital memorabilia and gain access to an exclusive experience that enhances their connection to the artist. This kind of direct engagement helps artists build a loyal fan base and opens up new avenues for monetization”.

In addition to the financial benefits, Tune.fm’s model also offers greater transparency and control for artists. Traditional platforms often limit artists’ visibility into how their earnings are calculated and distributed. Tune.FM uses blockchain technology to keep all transactions on a public record, giving artists a clear and unchangeable account of their earnings. This transparency helps build trust and confidence, encouraging more artists to use the platform.

The JAM Token and Hedera Hashgraph

Central to Tune.FM’s approach is the JAM token, used for all transactions on the platform. Traded on 20 exchanges worldwide, JAM is essential for facilitating the platform’s unique payment model.

By leveraging Hedera Hashgraph technology, Tune.FM can process micropayments instantly and globally. This capability is crucial for the platform’s real-time payment system, where artists are paid instantly for every second their music is streamed.

Antar stresses out the importance of this technology, stating, “When the music gets played, the artist gets paid.” This immediate payment model is a significant departure from traditional systems, where payments can be slow and fragmented. 

Using Hedera Hashgraph offers many benefits, such as low transaction fees, high security, and the capacity to process many transactions at once. These features make it perfect for Tune.FM, ensuring artists get paid quickly and safely. The technology behind the JAM token and Hedera Hashgraph distinguishes Tune.FM from other music streaming platforms, providing an effective solution to the industry’s long-standing issues.

In addition to facilitating real-time payments, JAM also enables a variety of other functionalities on the platform. For instance, artists can use the tokens to run promotional campaigns, incentivize fan engagement, and reward loyal supporters. These uses help create a dynamic and interactive ecosystem that benefits both artists and fans.

Looking Ahead: What to Expect from Tune.FM

Tune.FM is not staying stagnant; the platform has big plans for the future. They aim to expand their content offerings and improve user experiences. One of the most exciting projects is “Jamfest,” a virtual music festival in the metaverse. This festival will provide a high-quality, immersive experience, enabling fans to attend virtual concerts and interact with artists in new and exciting ways.

Besides Jamfest, TuneFM is constantly developing new features. This includes forming partnerships with major record labels, improving the user interface, and finding new ways for artists to monetize their content. The aim is to create a comprehensive ecosystem that benefits both artists and fans, offering a seamless and enjoyable experience for all users.

“We also plan to integrate advanced technologies to enhance the user experience. For instance, we’re exploring artificial intelligence to provide personalized music recommendations and improve content discovery. It will create a more engaging and intuitive experience, helping users find new music and artists that match their tastes,” Antar shared.

Another area of focus for Tune.FM is expanding its reach to a global audience. Although the platform already has users worldwide, there is potential for growth in emerging markets where access to traditional music distribution channels is limited. Providing a decentralized solution for music streaming and monetization allows to bridge the gap and create more opportunities for artists and fans in these regions.

Andrew Antar envisions Tune.FM as a fair and innovative platform. By using blockchain technology and the JAM token, it creates a new music streaming model that benefits both artists and fans. As the platform expands, it could change the music industry for the better. With its focus on supporting artists and connecting with fans, Tune.FM is set to become a key player in music streaming.

The post How Tune.FM Transforms the Music Streaming Experience appeared first on BeInCrypto.

The report highlights blockchain’s transformative potential within the digital space and explores its role in tokenization.

Exploring the Potential of AI and Blockchain Intersection 

The consulting firm closely links blockchain’s prominence to its report’s broader digital trust and cybersecurity theme. The real-life applications of artificial intelligence (AI) and blockchain are some of the points in McKinsey’s analysis.

While being analyzed separately, some points in the report hint at the potential for the intersection of AI and blockchain. For instance, blockchain could enhance AI’s capabilities by providing secure, transparent data storage and facilitating complex transactions. This synergy is evident in various applications, from AI-driven financial analytics to secure data sharing in healthcare.

Read more: AI in Finance: Top 8 Artificial Intelligence Use Cases for 2024

Moreover, integrating blockchain with generative AI technologies is driving innovation across industries. Companies like IBM are developing tools to mitigate AI risks, such as bias and privacy concerns, by leveraging blockchain’s secure infrastructure. This collaboration ensures that AI technologies can operate with greater transparency and accountability.

Nuro Serafim, Managing Partner at 3 Comma Capital, also supports the potential of AI and blockchain convergence. He added that the synergy between these technologies will notably impact the energy sector by optimizing smart grids.

“Nevertheless, there is a clear temptation for entrepreneurs to force an unrealistic convergence of these two technologies in the pursuit of capital matching the need for VC investors to be in the forefront of the advancements. Therefore, investors, namely professional investors, need to be armed with knowledge to filter and due diligence all this extra complexity,” Serafim explained to BeInCrypto.

From Pilot to Mainstream: Tokenization’s Journey to Financial Integration

Furthermore, the report highlights tokenization as one of the uses of real-life blockchains. Tokenization, which involves creating digital representations of real-world assets (RWAs) on a blockchain, is moving from pilot projects to widespread deployment.

McKinsey’s report observes how several financial giants are making key developments in this area. For instance, Citibank’s Citi Token Services converts clients’ deposits into digital tokens, enabling immediate cross-border payments and liquidity management.

Additionally, Franklin Templeton has leveraged public blockchains Stellar and Polygon to create its first tokenized US-registered mutual fund—Franklin OnChain US Government Money Fund (FOBXX). Similarly, Société Générale’s issuance of tokenized green bonds on the Ethereum network marks a significant milestone. These products have presented blockchain’s potential to revolutionize traditional financial instruments.

“Tokenization enhances transparency, composability, and programmability, enabling financial institutions to improve operational efficiencies, increase market liquidity, and create new revenue opportunities. […] Rising user awareness and investor demand will further accelerate this trend,” Matt Higginson, partner lead for McKinsey Values in Boston, said.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

While blockchain’s potential is immense, the report acknowledges the challenges associated with its adoption. These include integration with existing systems, regulatory uncertainties, and the need for strong cybersecurity measures. However, McKinsey emphasizes that organizations can overcome these hurdles with top-down leadership and strategic investments and fully capitalize on blockchain’s benefits.

The post McKinsey Spotlights Blockchain as a Top Tech Trend in 2024 appeared first on BeInCrypto.

Experts like Luis Ocegueda, Head of Engineering at Trust Wallet, and Alvin Kan, COO of Bitget Wallet, highlight that Web3 wallets are adapting to meet user expectations.

Breaking Barriers: How Enhanced Web3 Wallets Simplify Crypto Use

Crypto adoption and the Web3 ecosystem have experienced a notable surge. DappRadar reports a record high in Web3 application users in Q2. Daily unique active wallets (dUAW) hit 10 million, marking a 40% increase from Q1 and the highest number to date.

Read more: 16 Best Web3 Wallets In 2024

Despite this growth, the complexity of blockchain technology remains a significant barrier for newcomers. An April report from Preply revealed that 35% of crypto investors did not feel confident in their crypto knowledge, and even 3 in 5 respondents did not know what blockchain is.

This is particularly due to the unfamiliarity with the new and complex technology. New users often struggle with some functionality, such as cross-chain transfers, seed phrases, gas fees, and decentralized applications (dApps). Alvin Kan acknowledged this challenge in a recent interview with BeInCrypto.

“You do require some kind of education in swapping or transferring tokens between chains. Why is this USDT on Ethereum different from USDT on Polygon? And stuffs like that. So, I do think multiple chains does increase the complexity,” he explained.

However, both Kan and Luis Ocegueda believe that enhanced Web3 wallets could mitigate these challenges. Smart wallets, for instance, play a crucial role in facilitating a smoother onboarding experience, making the crypto ecosystem more appealing to both new and experienced users. 

“This is where smart wallets come into play, serving as essential tools to facilitate a smoother onboarding experience and making the crypto ecosystem more appealing to newbies and natives alike,” Ocegueda told BeInCrypto.

Smart wallet is a non-custodial crypto wallet powered by a smart contract on the blockchain. It enhances usability and security features, improving user experiences. For example, smart wallets streamline the user experience by handling gas fees in a user-friendly manner.

The Role of Smart Wallets in Bridging Blockchain Complexities

Companies like Trust Wallet and Bitget Wallet have been at the forefront of providing enhanced Web3 wallets. With its SWIFT feature, Trust Wallet accepts gas payments in over 200 tokens, removing users’ need to hold specific tokens. Similarly, Bitget Wallet has an InstantGas feature to enable users to swap tokens without having any native tokens in advance.

Interoperability is one of the most significant challenges in on-chain transactions. Both Bitget Wallet and Trust Wallet address this with features like account abstraction and cross-chain swaps. Users can manage assets and perform transactions on various blockchains without needing multiple wallets, significantly improving convenience and accessibility.

Ocegueda explained how a smart contract wallet can be designed to work seamlessly across different blockchains and platforms. This design allows users to interact with a wider range of DeFi services and assets, providing accessibility for managing assets and performing transactions on the go. This is particularly appealing to new and younger users.

“There is also diverse progress regarding chain abstraction enabled through smart wallets. This means users can manage their assets and perform transactions on multiple chains much more easily, which appeals to experienced users seeking a seamless experience,” he added.

As Web3 evolves, so do user expectations from wallets. Kan sees users now expect sophisticated features akin to those found in centralized exchanges (CEX).

Features like swaps, earning opportunities, and questing for rewards have become integral. To meet these growing demands, Bitget Wallet incorporates various functionalities, including smart money insights and pre-market trading.

Meanwhile, Ocegueda mentions that smart wallets can be integrated into Web2 payment systems and support diverse forms of payment. For example, crypto payments could be enabled with a Visa or Mastercard, with automatic crypto withdrawal from the wallet whenever users pay with the card.

Improving UI/UX and Security Measures

User interface and experience (UI/UX) also play important roles for Web3 wallet users. Kan admitted that the current UI/UX across the Web3 sector needs significant improvement. Often, Web3 wallet interfaces require numerous clicks and substantial education to understand, which can deter new users.

“Web2 has done it very well. And that shouldn’t be an excuse for why we can’t do it in Web3. I think this has to do with certain things, like better talent coming from Web2 to Web3 to increase the products’ UIs,” Kan opined.

Read more: 9 Crypto Wallet Security Tips To Safeguard Your Assets

Nonetheless, both experts agree that security is paramount for Web3 wallet users and the broader crypto industry. Web3 wallets have witnessed enhanced security features like multi-factor authentication (MFA) and automated fraud detection.

For instance, Trust Wallet SWIFT eliminates the risk of unlimited approvals by merging the approval process into one, leveraging batch execution. As for Bitget Wallet, besides implementing strong security measures, it is adding a $300 million protection fund to safeguard users’ assets and transaction protection.

The post Enhanced Web3 Wallets Are the Driving Force Behind Crypto Mass Adoption, Experts Say appeared first on BeInCrypto.

This tool provides a decentralized approach to addressing the ongoing problem of Miner Extractable Value (MEV) during liquidation processing. It also aids in other transactions, which improves market efficiency within decentralized finance (DeFi) platforms.

Express Relay: Pyth Network’s Answer to MEV

MEV traditionally refers to the way miners or validators capture a significant portion of the value from searchers’ DeFi protocol transactions through tips for blockspace. This competitive environment encourages searchers to bid more aggressively for transaction value. Thus enabling DeFi protocols to increase their liquidation reward incentives.

Express Relay transforms this dynamic. It allows the searcher with the most competitive bid to execute the transaction, effectively bypassing miners.

Moreover, it aggregates liquidation and other valuable DeFi transaction opportunities across multiple protocols and blockchains. This streamlines access to these opportunities without individual negotiations and integrations.

Read more: Top 7 Projects on Solana With Massive Potential

Furthermore, it can mitigate miners’ extractive role and allow protocols to save resources. These savings can be used for more productive activities or given back to users.

Pyth Network’s new Express Relay tool connects DeFi protocols directly with a network of experienced searchers through protocol-controlled auctions for crucial transactions like liquidations. In keeping with the principles of decentralization, both DeFi protocols and searchers can integrate with Express Relay permissionlessly by simply adding a few lines of code. This collaboration includes notable searchers such as Flow Traders, Wintermute, Auros, Flowdesk, Caladan, Tokka Labs, and Swaap Finance.

Michael Lie, Global Head of Digital Asset at Flow Traders, shared his enthusiasm for the new tool. He noted Express Relay’s ability to allow market makers to provide deep liquidity during critical times.

“When we seek our ecosystem partners to collaborate with, we aim to have an active role in furthering our mission to create more efficient markets. Therefore, we are thrilled to be part of this new initiative and further our engagement with Pyth,” he said.

Additionally, protocols like Synthetix, Zerolend, Ionic, Synonym, Keom, Jax Finance, Vela Exchange, and Fulcrom Finance have already begun integrating with Express Relay to combat the impacts of MEV. Collectively, these applications represent approximately $1 billion in total locked value across 11 blockchains.

The launch of this tool had a positive impact on the price of the platform’s native token, PYTH. It increased from an intraday low of $0.297077 to $0.306840, marking a nearly 3.3% surge. However, at the time of writing, PYTH is trading at $0.303718.

Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024

This announcement follows Pyth Network’s recent strategic partnership with Ondo Finance to launch the USDY/USD price feed across 65 blockchain ecosystems. The collaboration provides real-time data for Ondo’s flagship yield stablecoin, USDY.

The post Combating MEV: Pyth Network’s Express Relay Tool Now Live on Mainnet appeared first on BeInCrypto.

The Freedom Tool enables Russian citizens to prove their citizenship and vote anonymously.

Rarimo’s Freedom Tool

Traditional voting faces challenges like logistical issues and security threats. Rarimo’s solution aims to overcome these obstacles using zero-knowledge proof technology.

“While voting makes the perilous consequences of the trade-off between privacy and digital identification particularly visible, it is in fact an endemic online issue. Rarimo’s mission is to reverse invasive online practices and embed privacy into the digital identity layer,” the company explains.

Indeed, zero-knowledge proofs have several practical applications, including private blockchain transactions, secure identity verification, tamper-proof voting systems, and ensuring supply chain integrity. They enable confidential transactions and protect sensitive data.

Read more: What are Zero-Knowledge Proofs? Securing Growth for Web3 Apps

Vitalik Buterin optimistically sees this tool as a significant step towards solving the challenges Russian citizens are facing today. Yet, he highlights the challenge of balancing verification and anonymity online.

“If you have a Russian passport then you can digitally prove your identity using zero-knowledge proof technology without revealing which one you are. So you can participate in an online vote and the results of the online vote are visible and they’re guaranteed to be tamper proof. It is an anonymous voting system,” Buterin said.

This technology can offer strong privacy while maintaining trustworthiness. According to Buterin, it solves the issue of verification against anonymity, creating an “infosphere that is at least guarded against you.”

“Either you’re verified, but then if you’re verified, people know who you are, and they can go after you. Or you’re anonymous, but if you’re anonymous, then no one has any need to trust you. This current batch of zero-knowledge proof technology manages to solve both of those problems,” Buterin added.

Therefore, zero-knowledge proofs can transform modern democratic systems by addressing current challenges and criticisms. While the tool is currently in beta, successful implementation could lead to growing influence and use cases worldwide.

The post Vitalik Buterin Talks About Rarimo’s Zero-Knowledge Proof Voting Tool appeared first on BeInCrypto.

“It’s the Liquidity, Mate”

The bull market never appears in just one market. While crypto investors enjoy the bull market cycle, the Nasdaq and the S&P 500 are continuously hitting new highs; precious metals such as gold and silver are also not to be outdone, and their performance has reached the best level in nearly five years.

In the interest rate market, traders optimistically estimate that the Fed will start cutting interest rates in Sept, and 4-5 rate cuts in the next 15 months will allow global investors to enjoy a feast no less than the bull market cycle in 2021.

SOFR fixing rate, which directly reflects inter-bank financing costs. Source: CME Group

However, unlike the previous bull market, which was caused by zero interest rates and excessive liquidity, this bull market was born against the backdrop of high interest rates. We are experiencing the highest interest rate period since the beginning of the 21st century; only the internet bubble cycle from 1995 to 2001 can be compared. Interestingly, these two bull market cycles also have many similarities.

Changes in the effective rate of Fed funds, as of Jun 2024. Source: FRED

The US banking crisis of 2023 was impressive. However, similar events occurred in the 1980s and 1990s, and the scale is no less than that of 2023. If inflation is considered, the impact of that year’s bank failures may be even more significant.  

The number of US Bank failures since 1934. Source: PEW Research Center

The large number of bank failures seriously hit investors’ confidence in the banking system and savings deposits. Although Greenspan and Powell chose to make high interest rates long-term, more investors still gave up deposits and risk-free returns instead of investing their funds in risky asset markets. This led to a significant slowdown in the growth rate of deposit size in the 1990s, and a similar situation occurred again 30 years later.

Changes in the scale of deposits in commercial banks, as of Jun 2024. Source: FRED

However, even if investors choose to enter the risky asset market, they remain cautious: they usually prefer to invest in stocks and other assets with sufficient potential, large market capitalization, and attractiveness. In 2000, the “Internet revolution” was about to peak; in 2024, AI was emerging. Both generations of investors chose to buy into the future; in 2000, the baby boomer generation held MSFT, CSCO, and INTC. Now, their children are holding NVDA, BTC, and ETH.

Top 20 S&P 500 companies by market cap in 2000. Source: Finhacker

Hey! Don’t forget that we are still in a high-interest-rate environment. Despite the liquidity from multiple sources, such as deposits and salaries supporting the prices of risky assets, investors still cannot laugh off the losses of investment failures as they did during the liquidity flood. 

The above has led to an interesting phenomenon. Although investors are willing to hold risky assets and invest in new narratives, they still hope to seek targets with sufficient risk resistance in the risky asset market to some extent. There is no better choice than large-cap stocks: they have enough liquidity, enough derivatives for hedging risks, and a large enough investor base.

As a result, the Matthew effect emerged: investors flocked to buy large-cap stocks as “safe havens,” further pushing up their market cap and attracting more investors with similar ideas. Eventually, the market concentration rose higher. In 2000, the total market cap of the Top 10 stocks accounted for 27% of the total market cap of the S&P 500 index, reaching a new high in decades. This proportion has reached 33.5% today, even higher than before.

Changes in the concentration level of S&P500, as of Jun 2024. Source: Goldman Sachs

For the crypto market, we are also going through a similar process. Magnificent 7 dominates the US stock market, while Magnificent 3 (BTC, ETH, and USDT), supported by numerous ETF providers and sought after by investors, occupies over 77% of the crypto market cap. MegaCap cryptos have also achieved more robust returns than altcoins. For HODLers, holding BTC and ETH is a perfect business. Investors can earn an average annual return of over 50% in the past five years by simply buying and holding. In contrast, the returns from altcoins are somewhat insignificant.

Comparison between the performance of MegaCap cryptos and Ex-MegaCap cryptos, as of Jun 2024. Source: SP Global

Obviously, the current macro environment is favourable for Magnificent 3 cryptos to gain more market cap. Since the beginning of 2024, the market share of altcoins has dropped from 22% to around 16%. The high interest rate environment will continue for months, so it isn’t easy to see better performance of altcoins in the short term.

Changes in cryptos’ market shares in the recent 12 months. Source: Coinmarketcap

Competition Between Giants: ETH’s Turn?

Of course, investors’ investment in Magnificent 3 is not fixed. As the spot ETH ETFs’ official listing date approaches, traders have gradually adjusted their investment portfolios. The relative strength of BTC has lasted for several months, but investors are changing their views: they seem to believe that the performance of ETH will strengthen for some time with the listing of the spot ETH ETFs.

The skewness data of options intuitively reflects the change in investors’ expectations. For most of the year, BTC’s skewness data has been more bullish than ETH’s. However, in recent weeks, this situation has reversed. Investors’ expectations for BTC’s short-term performance are biased towards “neutral” and “slightly bearish,” while ETH’s short-term performance is relatively more bullish.

Investors still maintain an apparent, bullish attitude towards the medium and long-term performance of BTC and ETH. However, their bullish attitude towards ETH has exceeded that towards BTC. One possible reason is that assets with relatively low market cap and relatively high volatility have a better potential for returns during the interest rate cut cycle. In addition, the “asset allocation period” after the approval of the spot ETH ETFs will positively impact ETH’s price, as BTC experienced in February and March.

Changes in BTC 25delta skew in the recent 14 days. Source: Amberdata Derivatives

Changes in ETH 25delta skew in the recent 14 days. Source: Amberdata Derivatives

The pricing of the “asset allocation period” can also be traced. The latest forward exchange rate term structure of ETH/BTC implies that investors believe that ETH will perform better than BTC in the next few months and push the exchange rate higher in the short term. The Risk Premium difference between ETH and BTC has also converged to within 25bps, and investors are looking forward to the potential new wealth effect brought by ETH after the listing of spot ETH ETFs.

ETH/BTC Forward Exchange Term Structure. Source: Deribit Metrics

BTC-ETH risk premium difference. Source: Deribit Metrics

From the perspective of volatility, investors also expect that ETH may experience relatively higher fluctuations in the coming months (17.6%/30 days, 33.5%/90 days). Ideally, it is not difficult for ETH to break through $4.1k; considering that ETH currently has more negative gamma than BTC, the hedging behaviour of market makers will become a significant force driving up prices.

ATM boxplots of ETH. Source: Amberdata Derivatives

The latest USD normalized gamma of ETH. Source: Amberdata Derivatives

The latest USD normalized gamma of BTC. Source: Amberdata Derivatives

In the spot market, ETH whales have also stopped reducing their holdings of ETH. Interestingly, whales have reduced their holdings of BTC in recent months; this may be due to miners regularly selling BTC for cash, but obviously, we cannot rule out the possibility of portfolio adjustments.

The number of addresses with BTC balances higher than 100, as of Jun 21, 2024. Source: Glassnode

The number of addresses with ETH balances higher than 1,000, as of Jun 21, 2024. Source: Glassnode

Overall, increasing some ETH-long exposure in the near future is a more appropriate choice. Besides, long-term holding is not a problem for BTC, but “wait and see” may be one of the few options for altcoins.

The post BloFin Whale’s View: Magnificent 3 appeared first on BeInCrypto.

This innovation aims to redefine the creation and functionality of Web3 technologies. Compared to traditional infrastructures, it offers a more efficient and cost-effective model.

How Modular DePin Infrastructure Solves the Pain Point of Startups

The surge in DePin startups highlights a growing interest in this technology. However, many face obstacles like limited funding and technical challenges, delaying their progress. To combat these issues, Modular DePin Infrastructure proposes a flexible, community-driven framework.

In a social media post, IoTeX outlined three major benefits of this modular infrastructure – it is cost-effective, allows the community to capture more value, and enhances collaboration. These ready-made modules resolve technical difficulties and also enable quicker and less expensive product launches. By decentralizing each module, the community retains greater value, strengthening the overall DePin ecosystem.

“That’s it! Modular DePin infra isn’t just efficient — it’s a catalyst for community empowerment and collaborative success,” Render Network said, supporting IoTeX’s views.

Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?

This infrastructure allows for the assembly of customized applications through various modules. These include hardware abstraction, connectivity, sequencer, data availability, long-term storage, off-chain computing, blockchain, identity, and governance. Developers can select and combine these modules based on their project’s specific needs, providing unparalleled adaptability.

One of the core advantages of this system is its community ownership. Different teams develop and maintain each module, fostering a collective ownership model. This setup creates a marketplace where developers can choose optimal modules for their applications, encouraging a module-specific economy.

In an interview with BeInCrypto, Domenic Carosa, the co-founder of Hivello, discussed how modular DePin infrastructure focuses on community-driven development.

“Unlike traditional centralized models, this decentralized approach ensures that value and decision-making power are more evenly distributed. Community members have a direct stake in the network’s success, encouraging continuous innovation and fostering a more collaborative and sustainable ecosystem. This participatory environment allows community members to contribute to and benefit from the network’s growth, driving innovation and long-term sustainability,” Carosa told BeInCrypto.

Moreover, the modular system’s flexibility supports the development of a wide range of DePin applications. These include sensor networks that monetize physical data, connectivity networks that utilize various wireless technologies for bandwidth monetization, and computing networks that offer decentralized computing resources.

Applications of the Modular DePin Infrastructure

Significant DePin projects such as DIMO, Hivemapper (HONEY), and WeatherXM in sensor networks, as well as Helium, Nodle (NODL), and Wicrypt (WNT) in connectivity networks, exemplify the successful application of this modular infrastructure. Additionally, computing resources are efficiently monetized through platforms like Render Network (RNDR) and Akash Network (AKT), showcasing the broad utility of the modular approach.

The connectivity module, in particular, explores wireless communication techniques to enhance connections within Web3 networks. Technologies such as Bluetooth, LoRaWAN, WiFi, and 5G have been incorporated into various projects, expanding the capabilities of these networks.

Furthermore, NetMind CEO Kai Zou also discussed his favorite applications of the modular DePin infrastructure with BeInCrypto.

“Of particular interest to me is its proposed use of token-incentivized, community-built PRN and DRN goods and services, as this direction fully aligns with my belief in a movement away from centralized web systems that benefit select corporations to more equitable distribution models that benefit all,” Zou told BeInCrypto.

Read more: Render Token (RNDR): A Guide to What It Is and How It Works

Furthermore, the sequencer and data availability modules have been adapted from existing solutions to better suit DePin applications. Long-term storage solutions like Filecoin (FIL) and Arweave (AR) play a crucial role in meeting these applications’ storage needs. While blockchain platforms such as Ethereum (ETH), IoTeX, and Solana (SOL) provide essential infrastructure for development.

The post IoTex Discusses 3 Huge Benefits of Modular DePin Infrastructure appeared first on BeInCrypto.

Powered by the Render Network, this feature has captured the attention of crypto enthusiasts and developers.

Render (RNDR) Shines Among AI Crypto Projects

Render Network’s decentralized GPU power enables Octane X on the iPad to offer Hollywood-grade computer-generated imagery (CGI) capabilities. This integration marks a significant milestone for Render, showcasing its technology on one of the most popular consumer electronics platforms.

Millions of Apple users now have the ability to tap into unprecedented rendering power, enhancing digital content creation.

“Octane X was featured in Apple’s Keynote! Apple users can augment the massive increase in rendering power on the M4 with access to near unlimited high performance decentralized GPU compute power on Render Network using Octane X,” Render Network stated.

This collaboration signals Apple’s endorsement of Render’s technology, potentially drawing a new wave of developers and creators to the network.

The integration is a strategic win for Render. It validates its vision and technology, indicating that a major player like Apple recognizes the value of decentralized rendering solutions. This could significantly expand Render’s user base and increase demand for its services, ultimately driving up the value of the RNDR token.

Read more: Render Token (RNDR): A Guide to What It Is and How It Works

Render Network offers a decentralized platform for GPU rendering, connecting artists with GPU owners who have unused capacity. This model creates a new revenue stream for GPU owners while providing artists with affordable, scalable rendering power.

It aims to support next-generation digital rights management, artificial intelligence, and virtual assets like non-fungible tokens.

“Render Network allows us to render 12K high resolution, high sample count, multiple passes in a very short amount of time that would otherwise take months to render on a single GPU,” Alex Pearce, Senior Creative Technologist at Light Sail VR, shared.

Read more: Top 9 Artificial Intelligence (AI) Cryptos in 2024

With the combination of Apple’s vast user base and Render Network’s advanced technology, RNDR’s future looks promising. Analysts like Mister Crypto are optimistic, predicting significant price growth, which could reach $100.

The post Apple’s New iPad Pro Puts Render (RNDR) in the AI Crypto Spotlight appeared first on BeInCrypto.

Speaking at the 30th Annual International Institute for Securities Market Growth and Development, Uyeda emphasized how technology has streamlined securities transactions, reducing costs and increasing efficiency.

SEC’s Mark Uyeda on Tokenization

In his remarks, Uyeda noted the evolution from physical securities certificates to digital transactions.

“Another way that we can learn from, and cooperate with, each other is through technology. Modern capital markets have the advantage of technology, which has significantly reduced costs and made the capital markets more efficient,” Uyeda stated.

He pointed out that countries in Europe, Asia, Africa, and Latin America have completely phased out physical certificates, leveraging technology for faster and more cost-effective settlements. The US has also benefited from these advancements, moving towards a T+1 settlement cycle for equity securities.

Uyeda identified tokenization as a key technological advancement with the potential to enhance market efficiency. Tokenization involves converting asset rights into digital tokens on a blockchain. This process promises greater security, transparency, and immutability in transactions. It could also reduce the need for intermediaries, further lowering transaction costs.

Read more: What is The Impact of Real World Asset (RWA) Tokenization?

However, Uyeda stressed the importance of regulators understanding the costs, benefits, and risks associated with tokenization. He referenced the UK Financial Conduct Authority’s (FCA) ongoing efforts to explore tokenization for FCA-authorized funds. The FCA’s detailed research and interim reports provide a valuable blueprint for other regulators considering similar steps.

The FCA’s approach underlines the necessity for thorough research and cautious implementation to protect investors while fostering innovation. Uyeda emphasized the importance of global regulatory cooperation in navigating the challenges posed by emerging technologies.

“As technology continues to evolve, regulators will face new and challenging issues. It is important that we continue our regulatory cooperation in order to advance our shared goal of protecting investors and facilitating capital formation,” he concluded.

By embracing technological advancements like tokenization, Uyeda suggests that capital markets can achieve greater efficiency and security, benefiting both investors and the broader financial ecosystem.

The post SEC Commissioner Mark Uyeda Praises Tokenization appeared first on BeInCrypto.