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Decentralized Lending Platform Cream Finance Announces Integration with Polygon Network

Decentralized lending platform Cream Finance officially announced that it would combine with Polygon to launch its money markets on the Ethereum layer 2 scaling solution Polygon network.

The integration with Polygon will help Cream Finance users to enter and trade in different markets with faster transaction speed and lower gas fees.

According to official reports, users will be able to lend and borrow the following ten tokens in the smart contract currency market of Cream Finance, including digital assets USDC, USDT, DAI, WMATIC, WETH, WBTC, LINK, SUSHI, CRV, QUICK.

Cream Finance is a blockchain-agnostic and decentralized peer-to-peer lending platform based on the Ethereum network by providing an algorithmic money market for underserved assets through a fork of Compound Finance Cream liquidity bridge.

According to DeFi Pulse data, Cream Finance ranks as the 15th largest DeFi protocol, with a total locked value of $658.4 million.

Cream Finance is not the only Defi Protocols cooperating with Polygon. As early as June of this year, 0x Project officially announced that its API is officially integrated with Polygon (previously known as the Matic network). The launch of the DEX liquidity API aims to expand this vibrant ecosystem-polygon, which is based on the liquidity of aggregation of various DeFi protocols.

Coinbase Incubated Base Network Sets Sights on Mainnet Launch: A Boon for Ethereum Layer 2 Ecosystem

Base, an Ethereum Layer 2 (L2) network backed by Coinbase, is preparing for a mainnet launch, bringing its secure, low-cost solution for decentralized app (dApp) development to the forefront of the blockchain world. The news, released in a blog post, outlines Base’s dedication to security, stability, and the successful upgrade of Bedrock by Optimism.

The Base project was initiated to further Coinbase’s mission to expand economic freedom globally. By providing a platform for the next wave of developers and users, Base aims to attract millions to the cryptoeconomy. The network’s mainnet launch, known as Mainnet Genesis, is anticipated to offer a scalable, low-cost and secure way to transact on the Ethereum network.

Throughout its testnet phase, Base has witnessed a tremendous reception from the developer community, leading to a wide range of projects being deployed on the testnet. Applications span numerous sectors, including gaming, NFTs, infrastructure, developer tooling, security, DeFi, and more.

The blog post highlighted several intriguing projects already capitalizing on Base’s functionality. Among them is Blackbird, a rewards platform for restaurant loyalty, Parallel, an NFT-based trading card game, Thirdweb, a blockchain development toolkit for easy dApp deployment, and OAK, a community currency aimed at boosting local economies.

Blackbird aims to revolutionize restaurant loyalty programs with a platform that incentivizes repeat customers. Early initiatives include a rewards program for Williamsburg diner GERTIE and the Upside Pizza Club, a membership offering daily pizza slices and exclusive event access.

Parallel is set to transport its sci-fi universe onto the Base Mainnet, aiming to provide users with true ownership of their cards and in-game items, all while battling interstellar factions. The move to Base will enable users to collect and play with significantly reduced fees.

Thirdweb is making strides towards making blockchain development accessible. The company launched Web3 Warriors, the first full-scale game on Base, within three weeks, showcasing the speed and efficiency of their development toolkit.

Finally, OAK is using Base to foster a thriving local economy in Oakland. Residents can use the OAK-branded stablecoin with local merchants, aiding local businesses, reducing transaction fees, and supporting local causes. Despite these promising developments, Base’s team clarified that there are no plans to issue a network token. As the project moves towards its mainnet launch, stability, safety, and the completion of necessary reviews and audits remain their primary focus.

Friend.Tech Boosts Security with CoolWallet on Base Chain

Friend.tech, a decentralized social media platform operating on Base’s Ethereum layer-2 chain, has been a significant contributor to Base’s recent growth. Base is a secure, low-cost, builder-friendly Ethereum layer-2 chain designed by Coinbase to bring the next billion users on chain. It has become a favorite for DApp developers and early investors due to its outstanding performance and the innovative projects it attracts.

According to the latest data, the platform has surpassed one million daily active users and has a total value locked (TVL) exceeding $35 million. The platform allows users to buy “shares” of other users to chat with them, emphasizing the concept that “Your network is your net worth.”

However, this rapid growth has also attracted cybersecurity threats, notably phishing attacks. These social engineering tactics have been a significant concern in the Web3 sector, with losses already amounting to $650 million as of June 2023. High-profile individuals like Mark Cuban and Vitalik Buterin have also fallen victim to such attacks. To mitigate these risks, Friend.tech strongly recommends its users to employ hardware wallets for enhanced asset security.

In response to these security challenges, CoolWallet, a hardware wallet maker that natively supports the Base ecosystem, has initiated a Web3 Guardian competition. This campaign aims to raise awareness about its Web3 SmartScan feature, which proactively screens all Web3 transactions and flags any malicious behavior or smart contract vulnerabilities. The SmartScan feature is available on the CoolWallet App and offers an added layer of protection against phishing attempts.

To further promote Web3 asset protection, CoolWallet is launching a global competition with generous rewards for participating users. The competition aims to enhance user security awareness and encourage the use of SmartScan for safer transactions. This move is particularly timely, given the increasing number of phishing attacks targeting not just individual users but also high-profile personalities in the crypto space.

The Web3 Guardian competition is expected to draw significant attention, especially among Friend.tech users who are already concerned about asset security. The competition will not only offer rewards but also educate users on the importance of transaction screening, a feature that is often overlooked but crucial in the current landscape of frequent cyber attacks.

Polkadot Developer Parity Technologies Reportedly Cuts Over 300 Staff This Week

After making a statement on the 10th of October 2023 outlining changes in its operational emphasis, the blockchain technology company Parity Technologies, which is the service provider behind the Polkadot (native token: DOT) blockchain, is said to have let go of more than 300 workers this week. According to a tweet published by Parity Technologies, the firm is “sunsetting its go-to-market functions” in order to make room for more extensive community-driven initiatives amid the expansion of Polkadot’s ecosystem.

In a series of tweets, Parity Technologies focused on its strategy move towards a more community-centric approach, highlighting its view that the “strength of any ecosystem lies in the diverse builders, where competition meets collaboration.” This was done in order to highlight the company’s strategic transition toward a more community-centric approach. The move also aligns with a bigger narrative around Polkadot’s development and the obstacles faced by its ecosystem, including an imminent huge supply event with over 400 million parachain unlocks slated in less than two weeks, followed by a 110 million unlock in January. Specifically, the move coincides with an impending large supply event with over 400 million parachain unlocks scheduled in less than two weeks.

Concerns have been raised among community members as a result of the supply dynamics, which have been contrasted with what seems to be a lack of demand, as seen by the fact that recent parachain auctions have garnered just 1-2 million dollars in interest. Notably, Astar, Polkadot’s most active parachain, has changed its attention towards becoming an Ethereum Layer 2 solution utilizing Polygon, which further emphasizes the difficulties that are present within the ecosystem. As a result of the scenario, some have begun to wonder whether or not Polkadot will be able to keep its market valuation of $5 billion by the end of the year, particularly in light of the fact that other projects, such as Optimism, are presently valued at $4.2 billion.

On social media, members of the community have expressed a range of opinions, with some expressing worries regarding the supply and demand dynamics of Polkadot in the near term, while others have shown an interest in seeing how the lifespan of a mature blockchain ecosystem evolves. The possible influence of these developments on the larger blockchain ecosystem, in particular for other alternative Layer 1 solutions, was another topic that was brought up throughout the conversations.

The dedication of Parity Technologies to bringing Polkadot’s next-generation technology to market, enhancing the overall quality of the developer experience, and cultivating a robust developer community has been reaffirmed. There are high hopes that many teams from Parity will continue to contribute to the expansion of Polkadot with the introduction of the new financing scheme offered by the Web3 Foundation.

Arbitrum Community Pilot: Voting on the Distribution of 25 to 45 Million ARB in Long-Term Incentives

The Arbitrum community has recently initiated a significant proposal vote, marking a strategic shift towards a pilot program designed to test a new long-term incentive structure. This initiative proposes the distribution of 25 to 45 million ARB tokens to protocols based on the Arbitrum platform, with the exact number to be determined by community voting. The distribution is planned to be executed over a period of 12 weeks.

Proposal Details

Arbitrum, known for its Ethereum layer-2 scaling solutions, has been exploring ways to foster a robust ecosystem. The latest proposal is a testament to this commitment, aiming to incentivize protocol development and adoption within its network. The distribution range of 25 to 45 million ARB tokens, a substantial amount, highlights the foundation’s commitment to long-term ecosystem growth.

Community Engagement and Voting Process

The community’s role in determining the specifics of this distribution underscores the decentralized nature of Arbitrum’s governance model. The voting process not only involves deciding the number of tokens to be distributed but also outlines the mechanisms for their allocation, ensuring a fair and transparent process aligned with the community’s interests.

Impact on Protocol Development

This pilot program is set to have a significant impact on the protocols operating on the Arbitrum network. By receiving a share of up to 45 million ARB tokens, these protocols can further develop, innovate, and attract users, contributing to the overall health and diversity of the Arbitrum ecosystem.

Market Response and Future Implications

The announcement of this long-term incentive program has the potential to influence market perceptions positively, as it demonstrates Arbitrum’s dedication to supporting its network’s growth and sustainability. Furthermore, the success of this pilot could pave the way for more innovative incentive schemes in the decentralized finance (DeFi) space.

Conclusion

The Arbitrum community’s move to launch this long-term incentive pilot program represents a significant step in decentralized governance and ecosystem development. The outcome of the vote and the subsequent implementation of the incentive distribution will be closely watched by the wider blockchain and DeFi communities, potentially setting a precedent for future governance and incentive models.

Pantera Capital: Crypto Market Turns Bullish Amid Regulatory Clarity

Market Resilience Emerges from Trials

In an analysis dated February 20, 2024, Pantera Capital reflected on the cryptocurrency market’s resilience following a period marked by unprecedented challenges. The firm, led by CEO Dan Morehead, highlighted a significant shift from a tumultuous phase characterized by “rare, crazy bad things” to a climate with an “absence of bad things,” which is now fostering market recovery. The year 2022 was particularly brutal for investors, with U.S. bond markets experiencing their worst year and IPO proceeds plummeting by 95% from the preceding year, as per the analysis by Edward McQuarrie.

Bitcoin’s Potential Beyond Perception

Shifting the focus to Bitcoin, the letter underscored the cryptocurrency’s overlooked potential for programmability and its capability to foster decentralized finance (DeFi) and non-fungible tokens (NFTs). With a market capitalization 60% larger than Visa’s and daily trading volumes 250% more than Apple’s, Bitcoin’s global influence is undeniable. Despite this, traditional financial institutions have largely neglected Bitcoin’s technological aspects for a decade. The Pantera team posits that Bitcoin’s “digital Fort Knox” status and its vast computational power backstop could lead to a foundational role in a DeFi system that currently remains untapped.

Institutional Adoption and Positive Regulation

Pantera’s letter noted increased institutional adoption, further propelled by regulatory clarity and the approval of a spot bitcoin ETF earlier in the year. The report also alluded to favorable rulings in high-profile cases, such as Ripple’s XRP not being classified as a security and Grayscale’s victory against the SEC over its Bitcoin ETF application. These developments are seen as harbingers of a regulatory environment that is becoming more conducive to innovation within the United States.

Technological Advancements and Market Outlook

The discussion also touched on the technological advancements within the blockchain ecosystem, particularly the growth of Ethereum layer 2s and hyperscale blockchains. Pantera anticipates these developments to be the “dial-up” to “broadband” moment for blockchain, potentially catalyzing a wave of new applications and use cases. Looking ahead, the firm positions the upcoming Bitcoin halving in late April 2024 as a potential catalyst for a strong bull market, aligning with historical patterns of increased demand and reduced new bitcoin supply impacting prices.