Mediaboss Marketing

The launch of Base, Coinbases layer-2 network, has been unusually successful, attracting significant volume in terms of both DeFi activity and cross-chain bridge transactions.

But the burst of activity begs the question: How much of the strong start is attributable to Sybil attackers and airdrop farmers?

Base launched yesterday. However, due to traders discovering what was at the time a one-way bridge, the network managed to attract significant volume prior to the official ribbon-cutting.

In an interview with Blockworks, Nansen analyst Sandra Leow compared the launch favorably to Mantle and Linea, two other layer-2s that went live in the past month.

Per a Dune Analytics dashboard, the total value bridged to Base exceeded $150 million on the day of the official launch, and sits at $162 million as of today exceeding Mantles $67 million and Lineas $47 million.

It seems like the Base ecosystem is far ahead compared to the other new [layer-2s], Leow concluded.

Part of Bases early dominance can be attributed to the raucous soft launch. Over the course of a busy July 29 weekend for altcoin traders, new DEXes on the chain ran up $200 million in volume on a 24-hour basis and a memecoin inspired by Coinbase founder Brian Armstrong BALD ran up a $100 million market capitalization before the token creator pulled liquidity.

In a written interview with Blockworks, a Coinbase spokesperson repeatedly emphasized the networks open and permissionless system and noted that the chain launched with over 100 protocol partners. Per DefiLlama, over 20 protocols have $100,000 or more in total value locked (TVL).

Nansens Leow says the variety has offered traders alternatives following the collapse of BALD.

So far, it does seem like this playbook is working, as even post-BALD rug and you would expect users to have lost confidence in the Base chain, it seems like the chain has gone past the Bald frenzy and [traders] are actually using other apps on the chain, Leow said.

Yesterday, the Ethereum base chain had just under 430,000 active addresses. By comparison, Base had 100,000 active addresses.

On its face, its unlikely that Base has already managed to capture a quarter of the active addresses on Ethereum. Whats more, the number of active addresses isnt the same as the number of active users. This raises the possibility that a portion of those addresses are managed by Sybil users.

Sybil attackers and/or airdrop farmers are users who deploy multiple blockchain addresses and perform actions on a chain that has yet to release governance tokens. Often new chains will use tokens to reward early addresses that complete certain actions, such as bridging a certain amount or using a DeFi protocol. By utilizing multiple addresses, a single user can trick a platform into giving them additional tokens by appearing to be multiple independent users.

According to pseudonymous airdrop farmer CC2 Ventures, large-scale operations can involve dozens of investors pooling hundreds of thousands of dollars to pay for gas fees, labor and software to deploy thousands of addresses in an effort to reap airdrop rewards.

Notably, Coinbase has publicly denied plans for an airdrop, and the chain uses ether (ETH) as the gas fee token. However, CC2 implied this might not stop many Sybil attackers.

Coinbase denying an airdrop will dissuade some farmers, but most simply wont care. In fact, it might even have a reverse effect as projects like Arbitrum, Paraswap and even Sui to an extent constantly denied all airdrop rumors, yet still followed through with it, they wrote.

These operations often use sophisticated methods to obfuscate the fact that multiple addresses are controlled by the same party. Because of that, its nearly impossible to calculate exactly how much Base activity is attributable to farmers.

However, both CC2 and Leow told Blockworks that a significant portion of the traffic and TVL is organic. CC2 added that the chains early reputation for memecoin mania could lead to it becoming a hub of activity for casual traders.

I can see it becoming a retail favorite due to having similar dynamics as Binance Smart Chain (reputable, normie friendly company) with even lower fees, they wrote.

Get the days top crypto news and insights delivered to your email every evening.Subscribe to Blockworks free newsletternow.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, cant-miss tweets and more fromBlockworks Researchs Daily Debrief.

Cant wait? Get our news the fastest way possible.Join us on Telegramand follow us onGoogle News.

See original here:

Early activity on Coinbase's Base chain shows promising signs - Blockworks

Solana (SOL) makes incredible progress in the crypto-sphere as its network activities boom and outperform industry giants. According to data, Solana recorded a 14 percent surge in its Total Value Locked (TVL) last month. This signifies a bounce back from the severe decline recorded last year following several downtimes and the seven major exploits that hit the chain.

The TVL of Solana started the year with $209.25 million. Since then, there has been an increase of 217 percent to hit $664 million as of press time. Interestingly, the heavyweight L1 networks like Ethereum, Binance Smart Chain, and Avalanche declined by 13 percent, 6 percent, and 10 percent respectively when Solana recorded an uptick last month.

The negative growth of TVL is not limited to layer 1 solutions as Arbitrum, a Layer 2 scaling solution also fell by 7 percent last month. Optimism, however, defied the odds to make a 10 percent surge in its TVL last month.

A careful observation of the Solana network shows a contradictory movement of its users activity within the period.

According to Token Terminal, there was a 5 percent decline in active user count in the past 30 days. This means no major improvement has been recorded since last years downtimes and exploits. In the past 180 days, the daily active user count has fallen by 15 percent.

In the last 12 months, it has recorded a whopping 50 percent fall. Just last week, the number of active user activity reduced by 1.6 percent due to the declined trading volume across the decentralized exchanges on the chain. It was also observed that zkSync, which has very low TVL, surpassed Solana in Decentralized Exchange (DEX) trading Volume in the period under review.

Solana, however, had other surges apart from TVL. Its transaction fee and network revenue recorded a surge. According to Solscan, network fees imposed on successful non-vote transactions moved to a high of 53.06 SOL on August 2. Compared to 31.64 SOL recorded last month, this is a significant growth in network fees. This is said to be a general issue as all network fees spiked by 50 percent last month. On a year-on-year basis, L1s revenue surged by 21 percent.

Solana recorded a 100 percent average uptime each month in the past six straight months and is said to be a contributing factor to the growth. Since this was a major issue last year as it eroded trust and raised concerns about the stability of the network, the current development appears as good news.

Follow us for the latest crypto news!

In other areas, Solana recorded an impressive $24.7 million in daily transactions as of June, surpassing Ethereum which only got half of Solanas numbers.

The native token (SOL ) is doing equally well; it surged by 19 percent in the last 30 days and recorded a 5.5 percent surge in the last seven days. Its 24-hour growth is also 5.6 percent, pushing the price to $24.75 as of press time. Regardless, Solana is still down by 90 percent from its all-time high of $259.96.

Get Started

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

See more here:

Solana TVL Soars: Outperforms Ethereum, BSC, and Avalanche ... - Crypto News Flash

Developing Automated Market Making on PancakeSwap: Tools, Approaches, and Evaluation

Cryptocurrency & Blockchain

In the rapidly evolving world of decentralized finance (DeFi), automated market making (AMM) has emerged as a groundbreaking concept, revolutionizing how users trade and provide liquidity on decentralized exchanges (DEXs). Among the leading DEXs, PancakeSwap has gained significant popularity due to its efficient and user-friendly platform. This article dives deep into the tools, approaches, and evaluation of developing Bitcoin Era which is an Online trading platform automated market making on PancakeSwap, providing valuable insights to empower both beginners and experienced traders.

Note: For more information then click on the image

Automated market making is a mechanism that enables the creation of liquidity pools, allowing users to trade digital assets without relying on traditional order books. Instead, AMM protocols utilize smart contracts to determine asset prices and facilitate transactions directly from these liquidity pools. This approach offers several advantages, including increased efficiency, lower fees, and reduced dependency on intermediaries.

PancakeSwap is a leading decentralized exchange built on the Binance Smart Chain (BSC), offering a wide range of trading pairs and opportunities for yield farming. With its intuitive interface and lower transaction fees compared to other major DEXs, PancakeSwap has attracted a significant user base. Understanding the tools and approaches for developing automated market making on PancakeSwap is crucial for individuals and projects seeking to participate in the DeFi ecosystem.

At the heart of any AMM protocol lies the smart contracts that define its functionality. PancakeSwap utilizes the BEP-20 token standard on the Binance Smart Chain, making it compatible with various decentralized applications (dApps). By leveraging smart contracts, developers can create liquidity pools, implement swapping mechanisms, and enable yield farming features on PancakeSwap.

To interact with the smart contracts on PancakeSwap, developers can utilize programming languages such as Solidity and Vyper. Solidity, a language similar to JavaScript, is widely adopted for building smart contracts on the Ethereum network and other Ethereum Virtual Machine (EVM)-compatible chains like BSC. Vyper, on the other hand, is a Pythonic programming language specifically designed for writing secure and auditable smart contracts.

Web3.js is a powerful JavaScript library that allows developers to interact with the Ethereum network and Binance Smart Chain. By utilizing Web3.js, developers can integrate PancakeSwaps functionalities into their dApps or create custom front-end interfaces for users to interact with the automated market making features.

To ensure the efficient functioning of an AMM protocol like PancakeSwap, liquidity provision is vital. Users can provide liquidity to specific trading pairs by depositing an equal value of both tokens into the liquidity pools. In return, liquidity providers earn transaction fees and, in some cases, additional yield from farming native tokens or rewards.

Before diving into developing an automated market making strategy on PancakeSwap, it is essential to understand the dynamics of the market and the specific trading pair of interest. Analyze historical price data, liquidity depth, trading volumes, and the behavior of other market participants. This analysis provides valuable insights into market trends, volatility, and potential risks.

To create an effective automated market making strategy, optimizing the asset allocation within the liquidity pool is crucial. This involves determining the appropriate ratios between the two tokens in a trading pair to maintain stability and maximize trading opportunities. Several factors, including market volatility, trading fees, and impermanent loss, influence the optimal asset allocation.

Developing an automated market making strategy is an iterative process. Continuous monitoring of the market conditions and liquidity pool performance is necessary to make informed adjustments. By leveraging real-time data, developers can fine-tune their strategies, ensuring optimal returns and minimizing potential risks.

Evaluating the effectiveness of automated market making strategies on PancakeSwap requires a comprehensive analysis of various metrics. Key performance indicators (KPIs) such as trading volumes, liquidity depth, fees earned, and impermanent loss should be considered. By analyzing these metrics, developers can assess the profitability and sustainability of their strategies, enabling them to make data-driven decisions.

Developing automated market making on PancakeSwap opens up a world of opportunities for traders and liquidity providers in the DeFi ecosystem. By leveraging the tools, approaches, and evaluation methods discussed in this article, individuals and projects can navigate the intricacies of AMM, optimize their strategies, and participate in the vibrant world of decentralized finance.

More:

Developing Automated Market Making on PancakeSwap: Tools ... - Rebellion Research

Visa, the global payment network, has announced a new experimental solution that aims to simplify the process of paying gas fees on Ethereum transactions. Gas fees are the costs associated with executing smart contracts and transferring tokens on the Ethereum blockchain. They are paid in ether (ETH), the native cryptocurrency of Ethereum, and they fluctuate depending on the network congestion and demand.

Visas solution, dubbed Visa Gas Fee Manager, is a middleware layer that connects Visas existing payment infrastructure with Ethereum nodes. The idea is to allow Visa clients, such as merchants, banks, and fintechs, to pay gas fees using fiat currencies or stablecoins, instead of ETH. This way, they can avoid the hassle of acquiring and managing ETH, as well as the volatility and unpredictability of gas fees.

The key component of this solution is a paymaster a specialized smart contract. This is not a new concept for Visa, as theyve previously explored this avenue, according to Mustafa Bedawala, staff product manager at Visa. The paymaster functions as a sponsor for gas fees on user contract accounts, making it possible for users to pay onchain gas fees directly through their Visa card without needing to handle native blockchain tokens.

Tekedia Mini-MBA (Sep 11 Dec 2, 2023) opens registrations for a new edition. Cost is N90,000 or $170 if you register by Aug 15, 2023. Register here

Tekedia AI in Business Masterclass opens registrations here.

Join Tekedia Capital Syndicate and co-invest in Africas finest startupshere.

This is a new and expanded experimental solution from the prior one in which we are accepting fiat and covering onchain fees on behalf of users using our offchain solution. It will simply appear to users in the same way that regular card-based payments are made for their onchain fee cost, Bedawala

According to Visa, the Gas Fee Manager works as follows:

Visa clients send their Ethereum transactions to Visas Gas Fee Manager, along with their preferred payment method for gas fees (e.g., USD, USDC, etc.). Visas Gas Fee Manager estimates the optimal gas fee for each transaction based on the current network conditions and the clients preferences (e.g., speed, cost, etc.). Visas Gas Fee Manager pays the gas fee in ETH on behalf of the client, using a pool of ETH that Visa maintains and replenishes periodically. Visas Gas Fee Manager charges the client for the gas fee using their preferred payment method, at a fixed rate that is determined at the time of the transaction.

Visa claims that this solution can offer several benefits for its clients, such as:

Simplifying the user experience and reducing the friction of using Ethereum-based applications and services. Enabling more use cases and innovation on Ethereum, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and digital identity. Enhancing the scalability and efficiency of Ethereum transactions, by optimizing gas fees and reducing network congestion. Providing more transparency and predictability of gas fees, by locking in the rate at the time of the transaction.

Visas Gas Fee Manager is currently in an experimental stage and is being tested with a select group of partners. Visa plans to expand the availability of the solution in the future, as well as to support other blockchain platforms that have similar gas fee mechanisms. Visa also intends to integrate its Gas Fee Manager with its other blockchain-based solutions, such as Visa B2B Connect and Visa Crypto APIs.

Visas Gas Fee Manager is part of Visas broader vision to become a bridge between the traditional and digital economies, and to enable more interoperability and innovation across different payment networks. Visa has been actively exploring and investing in blockchain and cryptocurrency technologies since 2015, and has recently announced several initiatives and partnerships in this space, such as:

Enabling Visa cardholders to buy and sell cryptocurrencies through platforms like Crypto.com, BlockFi, Fold, and ZenGo. Allowing Visa merchants to accept cryptocurrencies as a form of payment through providers like Coinbase, BitPay, and Wirex. Supporting the issuance and adoption of stablecoins, such as USDC, which are digital currencies that are pegged to fiat currencies or other assets. Collaborating with leading blockchain platforms and protocols, such as Ethereum, Circle, ConsenSys, MakerDAO, Compound, Chainlink, and Anchorage.

Visa initially expressed its interest in account abstraction in a blog post in December 2022. However, at that time, the functionality for account abstraction had not been implemented on Ethereum. Subsequently, in March 2023, developers made significant progress and introduced ERC-4337, code that enabled account abstraction on Ethereum through specialized smart contracts.

Visa believes that blockchain and cryptocurrency technologies have the potential to transform the future of money and commerce, and to create new opportunities for businesses and consumers around the world. With its Gas Fee Manager solution, Visa hopes to make it easier and more accessible for its clients to leverage the power and potential of Ethereum.

Meanwhile, Polygon Labs, a leading blockchain development platform, has announced a strategic partnership with Meroku Protocol V2, a decentralized application (DApp) store kit that enables developers to create and deploy DApps on multiple blockchains. The partnership will allow Polygon Labs to integrate Meroku Protocol V2s features and functionalities into its own DApp store kit, which is designed to provide a seamless and user-friendly experience for both developers and end-users of DApps.

Meroku Protocol V2 is a cross-chain DApp store kit that supports Ethereum, Binance Smart Chain, Polygon, Solana, and other popular blockchains. It offers a variety of tools and services for DApp development, such as smart contract templates, code verification, security audits, governance modules, and analytics. By leveraging Meroku Protocol V2s technology, Polygon Labs will be able to offer its DApp store kit users more options and flexibility in choosing their preferred blockchain platform, as well as access to a wider network of DApp users and communities.

Meroku Protocol V2 allows anyone to create, trade, and redeem synthetic assets without the need for intermediaries, centralized exchanges, or custodians. Synthetic assets are tokens that track the price of any underlying asset, such as stocks, commodities, currencies, or even other cryptocurrencies.

Meroku Protocol V2 consists of three main components: the Meroku Token (MRK), the Meroku Vault, and the Meroku Exchange. The MRK token is the native utility and governance token of the protocol. It is used to pay fees, stake as collateral, and vote on protocol upgrades and parameters. The Meroku Vault is a smart contract that holds the MRK tokens staked by users as collateral for minting synthetic assets. The Meroku Exchange is a decentralized exchange (DEX) that enables users to swap synthetic assets with each other or with MRK tokens.

To create a synthetic asset, a user needs to deposit MRK tokens into the Meroku Vault and specify the type and amount of the synthetic asset they want to mint. The protocol then calculates the required collateralization ratio (CR) based on the volatility and liquidity of the underlying asset and the current MRK price. The CR is the percentage of MRK tokens that must be locked in the vault relative to the value of the synthetic asset. For example, if the CR is 150%, a user needs to deposit $150 worth of MRK tokens to mint $100 worth of a synthetic asset.

The user then receives the synthetic asset in their wallet and can trade it on the Meroku Exchange or any other DEX that supports it. The synthetic asset tracks the price of the underlying asset through an oracle service that provides real-time price feeds to the protocol. The user can also redeem their synthetic asset at any time by burning it and withdrawing their MRK collateral from the vault.

The protocol charges a minting fee and a redemption fee for creating and redeeming synthetic assets. These fees are paid in MRK tokens and are distributed to MRK stakers as rewards for providing collateral to the protocol. The protocol also charges a trading fee for swapping synthetic assets on the Meroku Exchange. This fee is paid in the synthetic asset being traded and is used to buy back and burn MRK tokens from the market, creating deflationary pressure on the MRK supply.

Meroku Protocol V2 aims to provide a scalable, secure, and user-friendly platform for accessing any asset in the world through synthetic tokens. By leveraging the power of decentralization, smart contracts, and oracles, Meroku Protocol V2 enables anyone to create exposure to any asset without intermediaries, censorship, or counterparty risk.

The partnership with Polygon Labs will also enable both parties to collaborate on research and development of new features and innovations for the DApp ecosystem, such as interoperability, scalability, and usability. Polygon Labs and Meroku Protocol V2 share a common vision of empowering developers and users with the best tools and resources for building and using DApps. Through this partnership, they aim to accelerate the adoption and growth of the decentralized web.

Like Loading...

Original post:

Visa Unveils Experimental Solution to Abstract Away Gas Fees ... - Tekedia

Join Our Telegram channel to stay up to date on breaking news coverage

The value of Shiba Inu (SHIB) has surged significantly today, offering meme coin investors a reason to celebrate.

This upward momentum is not solely due to prevailing positive sentiment in cryptocurrency. Its also propelled by a fundamental factor contributing to its increased value.

An example is Shibarium, an innovative layer-2 scaling solution that distinguishes itself with unique attributes. This solution is important in driving the increase in SHIBs value.

According to data from CoinGecko, SHIBs trading price stood at $0.000009755 as of 04:48 am EST. Although there has been a slight 0.37% dip in the past 24 hours, SHIB has shown an upward trajectory of 19.27% over the past seven days.

In a recent incident on Wednesday, August 9, SHIB recorded a significant 5.75% upswing, reaching $0.00001005. This upward motion aligns with a trend of recovery that commenced two days earlier. The price has rebounded by nearly 15% from its recent low point of $0.0000947.

The bulls have again shown strength in the SHIB market today, creating a new green candle on the daily price chart. This action has impacted certain indicators, now projecting continuous bullish moves for its price.

Notably, SHIBs price remains above the 50-day Moving Average, mirroring the activeness of buyers on the market.The MACD line above the signal line further reinforces the bulls pressure on the market, bringing the RSI more into the buy zone at 65.84.

However, this bullish potential may be farfetched considering the resistance level around the $0.00001 mark.This position is backed by the 200-day MA, creating a solid opposing force to SHIBs upward momentum.

As a result, SHIB may face some difficulties getting past this level, dipping further to the position around the 50-day MA.However, any notable surge above this price point now could lead SHIB to new highs in the coming days.

SHIBs resistance from the 200-day MA and at $0.00001 could hinder it from rising further. As such, theres a higher tendency for a sell than a buy.

However, traders and investors must remain cautious, as prices may take wild turns away from the predicted trajectory.

Wall Street Memes has taken the crypto world by storm through its groundbreaking WSM token sale, amassing an impressive $22.8 million in funding thus far.

This revolutionary endeavor has undeniably captured the attention of both seasoned and novice investors alike, resulting in the rapid acquisition of $WSM tokens at an astonishing rate of over $100,000 daily.

The genesis of Wall Street Memes can be traced back to the monumental movement that unfolded in 2021. It was a movement characterized by the audacious challenge posed by small-scale investors to the entrenched powers of Wall Street.

Its driving force is the aspiration to transform this influential movement into a tokenized representation.

This vision is gradually becoming a reality through their dynamic approach, involving the ongoing $WSM token presale and the ingenious creation of Ordinals NFTs.

A cornerstone of Wall Street Memes triumph lies within its expansive and highly engaged community, which boasts an impressive membership of over a million individuals across social media platforms.

This communitys fervent participation and unwavering dedication undoubtedly enhance the projects resilience and potential for growth.

Emphasizing its commitment to community empowerment, Wall Street Memes has earmarked 30% of the token supply for rewarding its loyal supporters, which could potentially encompass exciting initiatives such as airdrops.

This forward-looking strategy further solidifies the projects unique position in the crypto landscape, drawing the attention of both seasoned and new investors alike.

With a foundation grounded in such formidable fundamentals, Wall Street Memes emerges as a project with the potential for substantial profitability.

Interested parties can conveniently acquire $WSM tokens through their Ethereum or Binance Smart Chain wallets, utilizing assets like USDT, BNB, or ETH, all facilitated by visiting the Wall Street Memes official website.

Wall Street Memes - Next Big Crypto

Join Our Telegram channel to stay up to date on breaking news coverage

See more here:

Shiba Inu Price Prediction: SHIB's Meteoric Rise; A Meme from the ... - Inside Bitcoins