Category Archives: Smart Contracts
Voltz Protocol Launches First TradFi Rates Trading for DeFi on Avalanche – Yahoo Finance
In an industry first, anyone in the world where Voltz is available can trade SOFR (Secured Overnight Financing Rates) to hedge or speculate on the Federal Reserve's interest rate decisions.
LONDON, May 24, 2023 /PRNewswire-PRWeb/ -- Voltz Protocol, a synthetic interest rate swap (IRS) AMM with over $20B notional traded, launches the ability to trade SOFR (Secured Overnight Financing Rates) on Avalanche. Now anyone in the world where Voltz is available can access SOFR via Voltz's decentralized interest rate swap protocol. This marks the first time TradFi rates established by the Federal Reserve can be hedged by those outside of TradFi bringing TradFi off-chain rate hedging and speculation to DeFi via Avalanche.
SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral. Everyday investors, whether they are aware or not, are impacted by the SOFR and Fed Funds Rate because their cost of borrowing along with any investments they may hold are correlated to Federal Reserve policy. For TradFi traders, it's valuable to be able to have access to trading SOFR rates because it allows them to hedge their borrowing and exposure to Fed policy decisions. Conversely, outsiders to TradFi are at a disadvantage because they lack access to the same tools.
Simon Jones, CEO & Co-Founder of Voltz Labs, said, "Everyone is exposed to what the Fed decides to do; however only a handful of institutions have access to interest rate swap markets that allow them to hedge that exposure, until now. The launch of SOFR on Voltz Protocol changes this whilst simultaneously bridging the two financial worlds by making traditional financial markets accessible on DeFi rails."
The SOFR integration on Voltz Protocol is made possible by Avalanche, a decentralized, open-source smart contract platform, and RedStone, an oracle provider that delivers frequently updated, reliable and diverse data for dApps and smart contracts.
Morgan Krupetsky, Director of Business Development for Institutions and Capital Markets at Ava Labs, said, "One of our core focuses for Avalanche is to bridge the gap between TradFi and DeFi while delivering parity with the speed and user-friendliness of Web2 systems. Launching SOFR on Voltz Protocol exemplifies the innovation we need to take DeFi to the next level. We are excited to be a part of bringing these financial opportunities to the forefront and driving innovation throughout DeFi."
Marcin Kazmierczak, COO and Co-Founder, of RedStone, provider of off-chain data to Voltz SOFR trading, said, "At RedStone, we understand that data is the holy grail of unlocking DeFi's full potential. We are excited to be the first Oracle delivering SOFR to DeFi via Voltz's interest rate swap AMM on Avalanche, bringing traditional finance opportunities for hedging and speculation to any and all users, including institutions."
To learn more visit Voltz.xyz, and follow Voltz on Twitter @voltz_xyz.
For media inquiries, please contact Phil LeRoy at (310) 260-7901 or phil(at)melrosepr(dot)com.
About Voltz Protocol Voltz Protocol provides the underlying framework DeFi needs to become the world's financial system through its decentralized, transparent, and open-source solutions. Voltz is DeFi's first synthetic interest rate swap (IRS) AMM with more than $20B in notional trade volume, enabling decentralized access to IRS trading, a market opportunity that had previously only been accessible to banks and TradFi institutions. DeFi's first non-custodial clearing house, launched via Voltz, enables margin to be shared across trading venues, solving the liquidity fragmentation issue that traders currently must navigate across DeFi. Voltz puts the power of rate trading and liquidity into the hands of everyday traders and developers, ushering in a new era of composable, permissionless, and open-source financial products. Website | Twitter | Discord | Litepaper | GitHub | Documentation | LinkedIn
About Avalanche Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Website | Whitepapers | Twitter | Discord | GitHub | Documentation | Telegram | Facebook | LinkedIn | Reddit | YouTube
Phil LeRoy, Melrose PR, (310) 260-7901, firstname.lastname@example.org
SOURCE Voltz Protocol
Voltz Protocol Launches First TradFi Rates Trading for DeFi on Avalanche - Yahoo Finance
Aave considers proposal to expand into Coinbase-backed Base network – The Block – Crypto News
Lending project Aave's governing forum is mulling the proposed implementation of its version 3 on Base, the Layer 2 blockchain supported by Coinbase.
The proposal was brought forward on Wednesday by Francis Gowen, a protocol specialist at the analytics firm Flipside Crypto who also serves as a delegate and contributor to Aave. It's currently undergoing an initial temperature check stage, when Aave community members can provide feedback.
In the proposal, Gowen outlined suggested risk parameters for assets slated for deployment on Base. If the current phase secures enough preliminary votes of support, the proposal will transition to the next stage for further discussion and risk parameter evaluations. If successful, the proposal will advance to a final on-chain vote, paving the way for deployment.
Gowen's proposal also suggested that integrating Aave with Base could create significant revenue streams for the project and provide it access to a potentially large user base, an expectation underscored by robust developer activity observed during Bases initial phase. For instance, 18,000 developers have already deployed 55,000 smart contracts on the testnet, signaling strong growth potential for the mainnet upon launch.
Aave v3 is the third major iteration of the Aave protocol, a decentralized and non-custodial liquidity market protocol that enables users to lend, borrow and accrue interest on various crypto assets, encompassing stablecoins and other tokens.
If greenlit, the proposal would be beneficial for the Base network, which is currently in its testnet phase. The project initially rolled out in February, with plans for a mainnet launch later in the year. The Aave proposal comes a week after Uniswap, the largest decentralized exchange, started deliberations regarding an expansion to Base.
Built on the OP Stack, the Base network is backed by Coinbase and functions as a rollup network, executing off-chain computations on a secondary layer for faster, cheaper transactions, while maintaining the security benefits of the Ethereum mainnet. Its designed to be a cost-effective Layer 2, serving as a home for Coinbases on-chain products.
2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Aave considers proposal to expand into Coinbase-backed Base network - The Block - Crypto News
4 reasons why DAO development should be on your business to-do … – Digital Journal
Photo courtesy Hooman Motevalli
Opinions expressed byDigital Journalcontributors are their own.
DAOs everyone has heard of them, but what are they, and why are they poised to change how we work and create businesses? With the metaverse mixed with Web 3 allowing society to create a more immersive and interactive space, leaders cant ignore the rise of the 21st century. As it branches into arteries packed full of potential, we turned to expert Hooman Motevalli to find out why innovative creatives and thinkers should turn to the future of DAO to build business success and more.
If everyone knew all the brain mechanisms in great detail, imagine what our world would look like. We are so used to a world where we just go with the motions but never stop to think, appreciate, or recognize the power we have within us, shares business magnate Hooman Motevalli.
But if we observe, study, develop precisely and continue to be curious we can grow and become motivated to be and do greater things. Having curiosity is indeed powerful. It can help us develop and build relationships to create more innovative solutions.
To help further define this, the online creator economy is driving new ideas across industries, shifting definitions of work, and providing revolutionary and successful avenues to explode generating countless ideas to fly.
As more individuals take a stand, producing resolutions to our worlds most dire concerns, having a top-down because I said so approach to business seems to be slowly slipping away. With a background in the arts and sports world, Hooman Motevallis predictive view of the human mind witnessed first-hand how performers mindsets changed in a team or group effort.
There is a big gap between rare real top leaders and their followers, explains Motevalli. For one, confidence without clarity is a big problem, and to have clarity of perception is very important in todays ever-changing world, one renowned for a host of concerns.
Our current world is so far from the ideal, as its the product of bad decisions made by some of our worlds decision makers who should not be in those positions, he continues. Even most managers, directors, and people dont perceive they just try their best to follow the instructions.
Instead, he foresaw a surge whereby curious entrepreneurs would become more independent bosses, working together on an equal plain. Fast forward to today, the current Director at HSP Holdings, Hooman Motevalli, who has spent a near decade in the investment management industry, aims to help others unleash their full potential by giving peoples great ideas a chance to succeed.
As a successful entrepreneur, author, and trainer, his curiosity about the world has allowed him to extend his innovative insights further into the metaverse. One of its arteries stems into Decentralized Autonomous Organizations (DAO) a new iteration defined by permissionless, collective governance and decentralized finance that will allow people to be connected anytime and anywhere.
To find out more, we sat down with expert Hooman Motevalli to unearth four reasons why leaders or innovators should consider DAO an opportunity worth pursuing.
When first glancing at a DAOs infrastructure, things can look quite different compared to the traditional 9-5 office space. One of the main attractions is that its architecture forms one unified decentralized unit.
Held by participating members, with decisions being tallied upon and rules enforced through a particular type of contract, everything could be collectively owned.
There is no central authority when it comes to making decisions. The improvements on the platform are decided through a system where every individual holds equal rights to propose changes to the system. Whether critical or a regular decision, the final call could be based on every members opinion.
As decisions get made from the bottom up through voting processes on blockchain networks, all transactions, findings, and other activities on the platform are recorded. The community can easily access them.
This system allows people to put forward their innovative ideas and thinking worldwide. In other words, compared to traditional organizations, DAOs offer greater transparency.
For example, suppose it was set up as a fundraiser due to the DAOs documentation settling on a public blockchain. In that case, members can understand what happened with each transaction and ensure that the funds are used for the purpose they were raised.
DAO uses algorithms based on intelligent contracts (agreements) that initiate when certain conditions are met. These establish the rules of the organization.
Once created and set in place, the smart contract guarantees that all DAO activities abide by pre-coded rules. The smart contract can only be changed via a vote by all involved members. This eliminates human error from the equation and prevents the manipulation of funds two problems centralized organizations often face.
With a common goal to act in the entitys best interest, people within the community can operate transactions without needing any kind of third party or law practitioner.
This gives participants or stakeholders in the specific DAO a sense of ownership. As a result, they can encourage other members to be innovative and set new examples for financial rewards in return for participating in the first place.
The advantage of this, again, stems down to collaboration. Every member of a DAO can submit their proposals for improvement and changes in the set agreement.
To conclude, DAOs dont restrict decision-making privileges and instead invite all members of equal parties to join together and unite over a shared common interest, passion, or project.
Overall, the metaverses rise is becoming increasingly popular as lighthouse customers are already experiencing its real-life pros. The definition may remain easy and fluid on the tongue, but its impact is already profound as millions enter the curious Web 3 world.
Thanks to HSP Holdings, an investment company aimed at developing and launching either start-ups or innovative projects that promise to deliver positive change, their high-level blockchain and AI software, DAO platforms, and more innovators looking for a way in now have a chance to succeed.
I believe that the edge of tech and the ones with very bright futures, like Blockchain and DAO, could help to fill out this gap and help to overcome many current issues at the quickest possible time, Motevalli shares.
Our DAO was funded notably several months ago. Recently, I have been working on a DAO-based Metaverse, in which most of its lands are real, and this attribute differentiates it from most others out there. It will be a major competitor among the top three on the market.
After two decades of activity in the high-tech area, delivering tens of promising projects, his focus on Blockchain tech since 2017 has produced life-changing results. From providing and investing in high-level Metaverse platforms, NFT marketplaces, and more, the future for creatives curious potential has never looked so bright.
For more information, head to the new HSP Holdings website here. Or connect with Hooman Motevalli here.
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4 reasons why DAO development should be on your business to-do ... - Digital Journal
Polygon Partners with De.Fi to Integrate Web3 Antivirus – BeInCrypto
Polygon, the Ethereum layer-2 chain, has partnered with De.Fi to integrate the latters antivirus into its ecosystem. It is critical to understand how a Web3 antivirus functions and what it can and cannot do.
Polygon (MATIC), the Ethereum layer-2 chain, hopes its collaboration with De.Fi will result in a smooth incorporation of the De.Fi Antivirus into its ecosystem. Now, Polygon offers its users a DeFi suite of security tools that, in theory, protect against common crypto exploits. These tools address issues like phishing, smart contract vulnerabilities, blind signing, and more, enhancing the safety and security of transactions on the Polygon network.
The year 2023 is not half over and is already a record year for scams and hacks. Few people question the need for better protection. How effective is the Web3 antivirus?
The antivirus makes use of two separate tools. De.Fi Shield operates like a traditional antivirus, scanning downloaded files on users PCs.
It also scans smart contract approvals in their wallets. And it alerts them if they have come in contact with risky contracts. This tool enables users to revoke access to potentially malicious dApps, either proactively or reactively. Thus countering security breaches or hacking incidents.
The De.Fi Scanner serves as a due diligence tool, enabling users to assess the security level of NFTs, tokens, or staking vaults before engaging with them. Users can instantly analyze the security of assets, make informed decisions, and steer clear of high-risk behavior.
According to data from Crystal, nearly $17 billion has been stolen in crypto and DeFi scams since 2011. And 2023 is already a record year for exploits, with $4.17 billion stolen.
Customers want proven anti-hacking and anti-exploit tools and applications. Artem Bondarenko, a software architect at De.Fi, says that the concept of a Web3 antivirus is still relatively new.
There is ongoing research and development in this area, he told BeInCrypto. Users are becoming aware of the unique security challenges that come with interacting with decentralized applications (dApps), blockchain networks, and specific token smart contracts across DeFi, NFTs, gaming, and more.
Web2 has had a longer development and deployment history, allowing for the establishment of mature security practices and standards, continued Bondarenko.
The unique structures of Web2 and Web3 require different security solutions, he said.
Security measures in Web2 typically involve firewalls, intrusion detection systems, encryption protocols, and traditional antivirus solutions. On the other hand, Web3s security model focuses on decentralized consensus mechanisms, cryptographic primitives, and secure smart contract development, Bondarenko added.
Web3 is an amazing technology but as with every technology it contains many attack vectors that a regular user isnt prepared for, said Adrian Hetman, Tech Lead Triager at Immunefi. People are becoming more aware of the risks, but we still need to go way, way further, he continued.
Just looking at industry numbers, in total, we have seen a loss of $18,894,454 to fraud in Q1 2023 across 15 specific incidents. These numbers represent a 71.8% increase compared to Q1 2022, when losses caused by frauds, scams, and rug pulls totaled $11,000,000. This alone shows that were far from being well-educated about security if fraud seems to be increasing.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Polygon Partners with De.Fi to Integrate Web3 Antivirus - BeInCrypto
Coinbase-backed motion makes four key arguments to lift Tornado Cash sanctions – FXStreet
Six individuals seeking to overturn the United States Treasurys decision to sanction crypto mixer Tornado Cash have just relayed four key arguments in support of their motion.
In a May 24 filingin support of a prior motion for partial summary judgment, the individuals argue that the case is not about carving out special rules for new technology but rather was a case of government overreach and a breach of First Amendment rights.
Coinbases chief legal officer, Paul Grewal, summarized the arguments in a Twitter thread soon after, arguing that the government is seeking to use a property sanctions statute to ban open-source software which is contrary to the intentions of the law.
Coinbase has backed the lawsuit against the U.S. Department of Treasury, which was first filed on Sept. 8, 2022.The six plaintiffs behind the filing are Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch. The filing detailed that most of the group had previously interacted with Tornado Cash.
The first of these arguments relate to the Treasurys attempt to classify Tornado Cash as a foreign national which it must do to justify its action by calling it an unincorporated association.
But the plaintiffs noted that the Treasury had defined Tornado Cash to include all holders of the TORN token, whether or not they have combined for any common purpose. The plaintiffs argue that as a result of this definition, Tornado Cash cant be classified as an unincorporated association based on the Treasurys own tests.
The second argument refers to how the open-source smart contracts which provide Tornado Cash with functionality cannot be considered property as property refers only to something which can be owned.
Even if these smart contracts could be considered property, the plaintiff's third argument is that no Tornado Cash entity has any interest in them, and therefore the Treasury does not have the authority to sanction it.
Screenshot highlighting the third and fourth key arguments by the plaintiffs. Source: Court filing
The final argument is that even if the Treasury does have the authority to do so, sanctioning Tornado Cash violates the First Amendment, and the Treasury is unable to defend this imposition by claiming that Tornado Cash users should engage in free speech elsewhere.
The Treasury initially sanctioned a number of addresses linked with Tornado Cash on August 8, 2022, just a month after the user interface code was open-sourced.
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Coinbase-backed motion makes four key arguments to lift Tornado Cash sanctions - FXStreet
Pyth Network Releases New XRP Price Feed On Up To 20 … – The Crypto Basic
XRP is set to witness greater exposure following Pyth Networks recent decision to release the XRP/USD price feed for DeFi protocols.
Pyth Network, a Solana-based decentralized oracle solution, has announced the release of an XRP price feed to address the growing demand from different platforms. This development is expected to further bolster XRPs exposure by allowing numerous platforms access to real-time XRP price data.
Pyth Network revealed the move in a recent tweet. Per the disclosure, the Oracle solution has made the XRP/USD price feed available on up to 20 blockchains at the reporting time. This essentially means that smart contracts on these blockchains can now access the live price of XRP in US dollars.
For the uninitiated, Pyth Network is an Oracle solution that provides real-time, high-quality data feeds to decentralized applications (dApps) and smart contracts. The platform aggregates and validates data from various sources, including traditional financial institutions, and provides this data on-chain for developers.
Price feeds are crucial for decentralized applications that rely on accurate and up-to-date pricing information. Having a reliable and decentralized XRP price feed from Pyth Network would enhance the transparency and trustworthiness of applications that utilize XRPs price for various purposes, such as trading, lending, or portfolio management.
By integrating with Pyth Network, developers and platforms can leverage the XRP price feed to create or enhance new applications. This integration can increase the visibility and usage of XRP within the decentralized finance (DeFi) ecosystem, attracting more users, investors, and developers to the XRP market.
Notably, the XRP/USD price feed will join the numerous existing price feeds hosted by Pyth Network, including feeds of crypto assets, foreign exchange currencies, equities, and conventional commodities. It is important to note that the XRP/USD price feed is already hosted on numerous other Oracle solutions, including Binance Oracle.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Pyth Network Releases New XRP Price Feed On Up To 20 ... - The Crypto Basic
Charting the Crypto State of the Future: The World State’s … – 24-7 Press Release
A robust and growing World$tateCoin versus crypto-community identification and higher taxes the choice soon falls to the people.
NEW YORK, NY, May 25, 2023 /24-7PressRelease/ -- Just over a month since the advent of the world's 1st Crypto State, The World State (TWS) is already setting trends.
The recent presidential election ended in victory for Marwan Elbliety, an ordinary American citizen living in New York City who advocates for the benefits of a decentralized State model and vows to combat racism at all levels. He managed to win over thousands of TWS citizens, defeating formidable competitors such as Eddy Rudward, founder of the World Freedom Party, and Steven Ascher, an influencer deeply vested in the power of NFTs and Web3.
Elbliety made TWS history, not just as its first president, but also through significant contributions to the TWS community.
Thanks to his Presidential Bill, several key measures were enacted:1. A 25% share of The World State's Q2 revenues will be distributed among all active TWS citizens (NFT Passport holders).2. The "TWS NFT Passport for $1" limited-time promotion was launched, attracting over 80,000 applications for the NFT passport within just a week! The promotion, only offering whitelist slots to the top 10,000 most active applicants, continues until June 1.3. All NFT collections approved on the TWS Marketplace will provide at least 100 freemints for citizens (NFT Passport holders), further enhancing the appeal of TWS citizenship.
Elbliety stirred excitement when he made a live video address to the Crypto State, filmed directly outside the United Nations headquarters in New York a level of transparency and connection to the real world that is unmatched in other crypto projects. He also answered questions from the Polygon community during a live Twitter Spaces session, bolstering trust in the project.
What's Next for The World State Post-Election?
The ongoing TWS presidential elections add a new layer of intrigue, with Marwan Elbliety, already known for his community-focused approach, facing off against newcomer Max Stone. The candidates have strikingly different visions: President Marwan believes it's time to focus on developing the official project coin, the World$tateCoin (W$C), and proposes the development of staking programs. His opponent, on the other hand, suggests citizen identification and tax implementation for rapid Treasury replenishment and increased citizen initiative funding.
A robust and growing W$C versus crypto-community identification and higher taxes the choice soon falls to the people.
The World State continues to set a thrilling precedent in the world of blockchain governance.
About The World State
The World State is the first-ever decentralized Crypto State, fully driven by smart contracts and integrating NFT technology into its ecosystem. It's a NEXT-GEN NFT project, with an ecosystem that is built entirely on NFT technology and the direct interaction between NFT Passport owners - which is the key NFT in TWS - and the blockchain protocol.
For more information on The World State, Visit TWS websiteFollow TWS on TwitterJoin TWS community in Discord
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Charting the Crypto State of the Future: The World State's ... - 24-7 Press Release
What Is ERC721-C, and Could It Solve Web3’s Royalty Issues? – nft now
Creator royalties have become a major point of contention in the NFT space. This shouldnt be news to anyone who claims Web3 as their stomping ground. But what should be surprising is that the debate surrounding the necessity of royalties has failed to make any truly significant progress since its inception.
Sure, most of the NFT spaces most prominent marketplaces have taken a stance on the matter. Still, by and large, innovations like Manifolds Royalty Registry have fallen short of ensuring creators receive their dues. That isnt to say there arent builders actively trying to remedy the situation though. There surely are, and the recently announced ERC721-C standard is undoubtedly proof of such efforts.
ERC721-C is a new type of token standard created to effectively make on-chain royalties enforceable. In contrast with ERC-721 and ERC1155 the most commonly created and traded type of NFTs this new standard makes royalties programmable, allowing creators to block zero-fee exchanges from platforming their works once and for all.
Conceived by blockchain gaming company Limit Break, ERC721-C (and ERC1155-C) allow creators to set new rules for their royalties on-chain. In simple terms, this new standard means artists and developers can create a sort of permissioned smart contract that dictates where and how royalties are transferred.
Essentially, this new type of customizable royalties contract allows creators to choose where their NFTs are sold and empowers them to filter interactions from only the contracts and applications of their choosing. No longer will traders be able to circumvent royalties by using zero-fee platforms because any collection created with ERC721-C can simply opt out of trading on such marketplaces.
Limit Breaks new advent can also be applied to a variety of use cases other than simple end-to-end royalty transactions. As noted by strategist and writer Hunter Solaire in his tweets below, users of this new standard could easily find dynamic ways to customize their royalties to benefit themselves and their supporters.
ERC721-C could potentially even be used for community-building initiatives, as royalties from sales could be automatically split between, say, members of a DAO or winners of a contest. But instead of kickbacks happening in perpetuity, creators can allocate what percentages are doled out, when, and how frequently.
Moreover, ERC721-C is built to be fully backward compatible, meaning it will function without issue with existing chain and marketplace standards. About this specific functionality, the CEO of Limit Break, Gabriel Leydon, expressed his excitement during a Twitter Space by saying, You will actually be able to block exchanges for real now, and theres nothing they can do about it.
The standard that everybodys using right now cannot defend royalties, Leydon added. This is the real deal. This is a real on-chain solution for royalties. This will work, its going to work, and in my opinion, its going to change the internet.
An important consideration to be made with ERC721-C and ERC1155-C (or other new standards like ERC-6551 or BRC-20, for that matter) is that they wont be adopted overnight. Although interest has been steadily spreading throughout the NFT space, the standard is new and relatively complex and might become further compounded if more features are added.
Similarly, the customization features established by ERC721-C will likely mean that marketplaces will need to update their platforms to accommodate. But of course, even this step might not be achieved until Web3 sees proof of the viability of the new standard in the form of a successful collection implementing the new standard.
All in all, though, those in support of creator royalties should keep their attention fixed on this new standard rather than the combativeness ensuing between marketplaces. Because, as Leydon put it during his Twitter Space, Its ultimately the creator that drives volume, not the exchange.
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What Is ERC721-C, and Could It Solve Web3's Royalty Issues? - nft now
Crypto industry updates: Chainlink VRF live on Arbitrum One – InvestorsObserver
2023-05-20 07:12:07 ET
Chainlink is a web3 services platform and a decentralized Oracle network. On Saturday (May 20), the protocol joined forces with Arbitrum, an Ethereum layer two scaling solution, to reveal the launch of Chainlink VRF (Verifiable Random Function) on Arbitrum One.
That will offer developers access to a widely-recognized random number generator (RNG). Arbitrum Foundation and Chainlink will host a VRF workshop on 22 May.
The official press release revealed that Chainlink Verifiable Random Function joined the Arbitrum One platform. The launch will benefit Arbitrum and Chainlink, providing them access to new decentralized applications (dApps) and smart contracts that developers create.
Chainlink VRF remains the most adopted RNG (random number generator) within the cryptocurrency market. It allows smart contract creators to develop scalable, fair, and secure apps, including gaming and NFT . Moreover, Arbitrum One enables developers to build dApps at low cost and high throughput.
Chainlink Labs Johann Eid commented on Arbitrums benefits in unloading Ethereum transaction congestion without compromising security. He believes Arbitrums incredible speed will unlock many use cases by enhancing Chainlink VRF.
As mentioned, the collaboration is a win for the parties benefiting Chainlink and Arbitrum communities. Chainlink Verifiable Random Functions offers randomness to more than 6,300 smart contracts in various blockchains.
The Arbitrum-Chainlink connection will help developers to develop high-end decentralized applications to boast smart contract functions. Moreover, Chainlink Automations launch on Arbitrum One will automate crucial smart contract functionalities without sacrificing decentralization. Chainlink continues to expand on innovation, signing deals with companies such as Coinbase Cloud , Optimism, and SWIFT.
Chainlink and Arbitrum have LINK and ARB as their native tokens, respectively. LINK lost around 1% over the past day, changing hands at $6.50 at press time. The altcoin struggled in May following market uncertainty. LINK lost 2% over the past seven days.
Contrarily, ARB surged 1% within the past 24 hours, currently hovering at $1.16. It hit a $1.17 daily high and a $1.15 low. Meantime, Arbitrum dominates transactions on the Ethereum blockchain as it ensures low gas fees and high speed.
The post Crypto industry updates: Chainlink VRF live on Arbitrum One appeared first on Invezz .
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Crypto industry updates: Chainlink VRF live on Arbitrum One - InvestorsObserver
This Ethereum Proposal Wants to Bring Revenue Back to Developers – Blockworks
An Ethereum Improvement Proposal, dubbed EIP-6969, is looking to implement Contract-Secured Revenue (CSR) on Ethereum L2s.
CSR refers to a series of smart contracts that enable developers to earn revenue whenever others interact with the code they have deployed on-chain.
Kevin Owocki, one of the co-authors of EIP-6969, told Blockworks that his firsthand experience as a builder in the Web3 space made him aware of the difficulties involved in monetizing the products he had actively helped create.
There are really not that many opportunities to monetize in a way thats sustainable and not very speculative, Owocki said.
After learning about CSRs from the Canto Layer 1 network, a permissionless general-purpose blockchain, Owocki saw an opportunity to reward developers for their efforts sustainably and wanted to bring this idea into the EVM ecosystem.
On Ethereum Layer 2 solutions today, every transaction that calls a contract on the network sends a portion of the gas consumed to the sequencer as a fee.
EIP-6969 modifies this slightly by sending a portion of those gas fees to the developer of that smart contract as well.
When you deploy a contract onto the Ethereum network, the address you deployed that contract with would be attached to the contract, Owocki said. However much execution time EVM spends inside of your smart contract, thatll be mapped proportionally and a percentage of the fee revenue will return to that address.
Owocki notes that this new approach offers an opportunity to bridge the gap between Layer 2 solutions in need of more developers, and developers who are seeking avenues for generating revenue.
As Ethereum smart contracts are designed with composability in mind, Owocki believes that EIP-6969 could set up a strong foundation for the evolving open-source infrastructure that can expand the Ethereum ecosystem.
We have all these open-source lego bricks that exist in the Ethereum ecosystem, I as a hacker could walk into a hackathon and build something in a weekend that would have taken a bank 15 years ago $100 million to build because I can get so much software off the shelf, he said. So with EIP-6969, we really wanted to respect that modular architecture of the EVM.
This means that revenue will not just be given to a smart contract at the top execution level, but as you go down the stack, each contractor that has contributed to modifying the code will be given a portion of the revenue.
What this does is it incentivizes the creation of infrastructure, because people who might not have a business model right now are all of a sudden going to get more and more revenue as more people use their deployed version of [the smart contract], he said.
Every time an infrastructure is used, the gas fee trickles down to everyone who had participated in building the infrastructure, creating a reward loop that incentivizes more people to maintain open-source infrastructure.
CSR currently exists in the Canto ecosystem, Owocki notes. In the EVM ecosystem, the next step will be to wait for the EIP to be accepted by the community so that the development team can create a canonical spec for how it would operate in the Ethereum ecosystem.
Once that is complete, Owocki said that the next step would be to work with L2s to implement it into their ecosystems. This is expected to happen within the next six months.
The reason why we can move faster on this is because were deploying it to layer twos, he notes. This is not a specification that is meant for the Ethereum mainnet. Ethereum mainnet needs to be credibly neutral, and it needs to be capture resistant. I think its very important to prototype this on layer twos where the stakes are lower.
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This Ethereum Proposal Wants to Bring Revenue Back to Developers - Blockworks