Ethereum Adoption is About dApp Network Effect, Not Users 6158

Martin Köppelmann, the creator of decentralized marketplace Gnosis, has said that the adoption of Ethereum should be measured by the network effect of decentralized applications (dApps), not the number of users on the blockchain network. As a decentralized computing platform, the Ethereum blockchain network enables dApps and users to process data in a peer-to-peer and distributed manner. Users on Ethereum are not required to trust any intermediary on the network to initiate transactions or carry out operations with dApps.

Köppelmann, who created a major decentralized marketplace that has been competing against Augur, said that the adoption of Ethereum should be measured by the network effect of dApps and the ability of dApps to use the smart contracts of other applications on Ethereum to process information.

“The best metric of success for Ethereum is not how many DAPPs are deployed or how many transactions those DAPPs have. It is about how many DAPPs are created and used that use smart contracts from other dApps,” he explained.

As an example, decentralized exchange protocol 0x is a base layer which supports decentralized exchanges and relayers launched on the blockchain. The Ethereum-based 0x protocol is leveraged by a wide range of digital asset trading platforms such as Radar Relay, Paradex, Melonport, Maker, imToken, Aragon, and Augur, all of which use the 0x protocol to allow users to trade digital assets in a decentralized manner.

Coinbase co-founder and former Goldman Sachs trader Fred Ehrsam stated that protocols that enable dApps to share smart contracts and leverage the functionalities of other platforms on Ethereum allow for the creation of an ecosystem wherein users can benefit from the compatibility of dApps across a wide network.

For instance, because 0x protocol enables decentralized exchanges to operate on its base layer, potentially, exchanges can share a pool of liquidity that allows users across various decentralized exchanges to trade digital assets in a shared environment.

Köppelmann said:

“Few examples from Gnosis context: DutchX uses the MakerDAO price oracle; the 0x token registry and will be itself controlled by a Daostack DAO. Melonport uses Oasisdex… but many more are coming.”

If base layers like 0x and dApps such as OasisDEX and MakerDAO that offer specific functionalities that are beneficial to dApps in other categories continue to see an improvement on their network effect, a decentralized network of dApps will form, allowing many applications and platforms on Ethereum to benefit from each other’s unique and innovative solutions.

In essence, Köppelmann stated that the increase in the network effect and interconnectedness of dApps will be the main contributor to the mainstream adoption and long-term growth of Ethereum.

How About Users?

The number of users of dApps is an important metric but is a number that will naturally increase as the network effect of dApps, scalability of Ethereum, and user interface of dApps continue to demonstrate exponential growth and improvement.

If utilizing dApps to create bets on platforms like Gnosis and Augur, and using computing power of decentralized cloud networks like Storj become as easy as using centralized alternatives, then the active number of users on Ethereum will inevitably increase.

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Ironblocks launches open-source, on-chain, self-service firewall to protect DeFi protocols and Web3 platforms from cyberthieves 3985

Ironblocks, the only blockchain-native security platform, is excited to announce that it has launched an industry first – an open-source, on-chain, self-service firewall purpose built for DeFi protocols and web3 applications.

The Ironblocks Firewall is the result of over two years worth of research and development, and counts Linea, AltLayer, and Kinto among launch partners already using Ironblocks’ industry-altering solution to protect their projects and/or users on their networks.

“We believe that we have solved many of the problems that have plagued the DeFi and web3 for some time,” said Or Dadosh, CEO at Ironblocks, adding, “and we are just getting started – the firewall is the first in a series of launches coming this year.”

More than $730 million worth of crypto was stolen during the first quarter of 2024, according to one estimate, with another $60 million pilfered in April, and an additional hundreds of millions stolen in May alone. Hacks are down, but threats still remain, and the Ironblocks on-chain firewall is a novel solution to an ever-present problem.

In an industry-first, modular policies able to be implemented by security teams and real time threat detection feeds into an intuitive dashboard that visualizes all activity and enables easy identification of malactors. Additionally, when a transaction is flagged as being illicit, the transaction in question is siloed off from being able to access funds or information on the protocol and the remaining users can continue using it normally.

Ironblocks’ open-source solution has no paywall and requires no demo to start. Regular operations no longer need to be suspended, revenue is not lost, and users still have access to their funds and the functionality around them – and implementation can be done in only minutes.

“Protocols experiencing rapid growth often become targets for hackers and cyberthieves,” said Declan Fox, Product Lead at Linea. “Ironblocks’ on-chain firewall provides an essential layer of security, allowing us to confidently protect our users while continuing to grow and innovate. We value having robust security measures in place, including solutions like Ironblocks, to ensure the safety and trust of our community.”

This launch is the culmination of years of research and development, and is the first in a series of major announcements planned for 2024.

Ironblocks was co-founded in 2022 by Or Dadosh and CTO Assaf Eli, veteran software engineers and blockchain natives with vast experience in cyber security and in DeFi, having been part of the team responsible for creating Bancor and securing more than $300 million in total value locked (TVL).

Or Dadosh also previously was head of blockchain innovation and solidity developer at Orbs, blockchain engineer at eToro, and blockchain leader at Bancor. Assaf Eli previously also was a blockchain consultant for projects on the Ethereum Network ecosystem, and part of the former core team that built Bancor.

To learn more about Ironblocks and how the Firewall can help protect your protocol, visit www.ironblocks.com.

About Ironblocks

Ironblocks is an end-to-end security provider for Web3 platforms, DeFi protocols, bridges, market makers, and other digital asset projects. Ironblocks automates proactive threat detection and will soon enable teams to instantly take preventative measures in milliseconds.

Our mission is to protect decentralized finance and web3 from threats and thefts, creating the security needed to enable broad adoption of these platforms.

XiraBot: Revolutionizing Trading with Dynamic Capabilities, Seamless Chat, and Inspiring Visual Generation 4110

XiraBot is set to transform the trading landscape with its groundbreaking technology, merging dynamic trading capabilities, seamless chat integration, and inspiring visual generation across multiple platforms. This press release provides an overview of XiraBot’s innovative features and functionalities, designed to empower traders, facilitate communication, and enhance the trading experience like never before.

Empowering Traders with Dynamic Trading

XiraBot equips traders with an array of powerful tools to execute trades with precision and efficiency. By leveraging advanced algorithms and real-time market data, XiraBot enables users to analyze market trends, identify profitable opportunities, and execute trades confidently. Whether dealing in stocks, cryptocurrencies, or forex, XiraBot empowers traders to stay ahead of the curve and capitalize on market fluctuations.

Enhancing Communication with Seamless Chat Integration

XiraBot’s advanced chat functionality allows users to engage in meaningful conversations and receive instant assistance from Xira AI. Whether users have questions, need advice, or want to connect with fellow traders, XiraBot provides intelligent responses and support. This feature enhances communication and fosters a sense of community among users, making the trading experience more collaborative and supportive.

Revolutionizing Visual Content with Effortless Generation

XiraBot sets a new standard in visual content creation with its effortless visual generation capabilities. Users can describe the image they envision and watch as Xira brings it to life with precision and creativity. From presentations to social media posts, XiraBot enhances visual storytelling across multiple platforms, allowing users to captivate their audience with stunning visuals effortlessly generated by AI.

XiraBot Token Presale Details

  • Token Name: XiraBot Token
  • Token Symbol: XIRA
  • Token Supply: 10 Million

Presale Allocation:

  • Presale Allocation: 44.6% (4.46 Million Tokens)
  • Liquidity Pool Allocation: 25.422% (2.5422 Million Tokens)
  • Ecosystem Development Fund: 29.978% (2.9978 Million Tokens)
  • Total Tax: 0%

For more information about XiraBot, its revolutionary features, and the upcoming token presale, please visit our website or join our community on Telegram and Twitter.

Website: https://www.xirabot.com/
Telegram: https://t.me/TheXiraBot
Twitter: https://x.com/TheXiraBot

Term Structure Mainnet Launches, Revolutionizing DeFi with Market-Driven Fixed-Income Solutions 4618

Term Structure, the pioneering non-custodial fixed-income protocol, has officially gone live with its mainnet on Ethereum. This launch introduces the first institutional-grade, market-driven fixed-income protocol, revolutionizing how liquidity is provided between lenders and borrowers in decentralized finance (DeFi). Users can use their LSTs and LRTs as collateral to borrow tokens at fixed rates and terms and earn points and staking rewards in the primary markets, where the auction mechanism facilitates borrowing and lending. Meanwhile, the secondary markets support the trading of these fixed-income tokens through a real-time order book to enhance liquidity.

Co-founder Jerry Li, speaking from a traditional finance (TradFi) perspective, suggests that the lack of fixed-income products in the market is a major factor hindering the exponential growth of DeFi. The Term Structure Protocol fills this gap by providing fixed-rate and fixed-term products that enhance risk management and introduce a range of trading strategies previously unavailable in the DeFi ecosystem. These strategies are crucial for both institutional and individual investment planning.

With its mainnet launch, Term Structure aims to establish new global standards for liquidity management and allow users to secure a fixed cost of funds. This is essential for leverage opportunities to potentially earn higher floating APYs or to capitalize on token price appreciation.

“Our mainnet, designed to cater to institutional clients, traders, and retail investors, marks a pivotal development in DeFi. It allows users to leverage their digital assets with fixed rates and terms,” said Jerry Li.

Term Structure stands out by offering a unified fixed-income market that integrates both primary and secondary markets, unlike other protocols that separate them or use AMMs for different tokens. To get started, users can use their LSTs and LRTs as collateral to borrow tokens at fixed rates and terms, set their preferred interest rates, and choose maturity dates in the primary markets. When orders are matched, borrowers receive the borrowed tokens and must repay their debts by the maturity date to reclaim their collateral. Meanwhile, lenders receive fixed-income tokens redeemable at maturity for the principal plus interest. The secondary markets support the buying and selling of these fixed-income tokens through a real-time order book. Furthermore, the protocol leverages zkTrue-up, a customized ZK Rollup, to eliminate gas fees for placing and canceling orders, ensure fast finality, and maintain data availability. It includes safety features like Forced Withdrawal and Evacuation Mode to secure user assets in emergencies.

Ahead of its mainnet launch, Term Structure secured initial funding of $4.55 million in a series of seed fundraising rounds from industry-leading investors including Cumberland DRW, Decima Fund, HashKey Capital, Longling Capital, and MZ Web3 Fund. To further improve the protocol’s security and reliability, the protocol’s smart contracts and ZK circuits have been meticulously audited by ABDK and HashCloak, two leading blockchain security firms. Moreover, the protocol has completed the trusted setup ceremony for zkTrue-up in collaboration with ABDK, HashCloak, and Web3 software development company Bware Labs. This ensures the security of zkTrue-up by discarding “toxic waste” (i.e., data that could deceive the system into accepting false proofs), thereby preventing anyone from controlling it and eliminating the possibility of a rug pull.

The protocol has also demonstrated substantial market traction with its testnet, seeing over 8,000 wallets and facilitating more than 2 million transactions. “Our recent testnet trading competition saw enthusiastic participation, with 560 wallets actively engaging and executing over 314,000 transactions, showcasing the robustness and readiness of our platform for wider adoption,” added Li.

With the mainnet now live, Term Structure is set to roll out several innovative features that will further enhance the platform’s capabilities. These include trading API, Layer 2 swaps, roll to Aave, and debt de-register. The protocol will also support more potentially yield-bearing tokens as collateral, implement RWA tokens collateralized financing, and develop DeFi forwards and term futures. Please follow the protocol’s social media for the latest updates and information.

About Term Structure

Term Structure introduces a distinct ZK Rollup solution democratizing fixed-rate and fixed-term borrowing and lending as well as fixed income trading by offering low transaction fees. Backed by Cumberland, HashKey Capital, Decima Fund, Longling Capital, and MZ Web3 Fund.

For more information, users can visit Term Structure’s website at https://ts.finance/

Portkey Announces Integration of Zero-Knowledge Proofs for Enhanced Identity Management and Security 5534

Portkey, the innovative account abstraction wallet on the aelf blockchain, proudly announces its latest initiative to enhance user security and privacy through the integration of Zero-Knowledge Proofs (ZKPs). This cryptographic technique allows one party (the prover) to prove to another party (the verifier) that a particular statement is true without revealing any additional information, ensuring unparalleled privacy and security for Portkey’s users.

The integration of Zero-Knowledge Proofs (ZKPs) in Portkey’s Web3 wallet and decentralised identity management system promises to offer blockchain users unprecedented levels of provable and tamper-proof identity verification. Portkey will enable users to securely prove their eligibility and compliance with service providers’ requirements without disclosing sensitive personal information. By ensuring digital personas are both distinct and verifiable, Portkey’s adoption of ZKPs aims to bridge the gap between Web2 and Web3 applications, fostering a more secure, privacy-centric, and user-focused internet.

As the prevalence of digital transactions and online interactions increases, it has become even more imperative to protect user data. Portkey’s upcoming integration of ZKPs significantly strengthens its security framework, ensuring that sensitive user information remains confidential and secure. This allows users to engage with digital services confidently, knowing their data is safeguarded by the highest standards of cryptographic security. Portkey’s commitment to privacy and security is a cornerstone of its mission, aimed at establishing a safe and trustworthy digital environment for users navigating the complexities of this increasingly interconnected world.

Introducing SocialLogin

Portkey intends to operate ZKPs through SocialLogin, which encompasses a two-step process: proof generation and verification, for secure transaction validation. In the proof generation phase, the prover creates a proof that confirms the validity of a statement using advanced cryptographic methods. During verification, this proof is evaluated by a verifier who, if the proof is valid, accepts the statement as true without accessing any underlying data. This integration will grant developers the capability to allow users to authenticate themselves on their preferred dApps through their pre-existing social accounts on platforms like Google, Facebook, Twitch, and various other third-party providers.

At the application level, users register with Portkey by logging in with Google credentials and receive an identity token (JWT). This token is sent to the Proving Service, which generates a zk-SNARK proof. The proof is then used to sign transactions on aelf blockchain, where it is verified on-chain. If the proof is valid, the transaction is executed, ensuring enhanced security and privacy for users. At the protocol level, this involves creating a new interface to generate proofs, developing verification functions, and converting proof-based transactions to normal ones while ensuring robust error handling and testing.

This technological advancement for Portkey is critical for enhancing users’ security and privacy as it eliminates the dependence on external verifier services, and solidifies its position as a pioneering force in the realm of digital wallets and decentralised identity management. SocialLogin is currently being developed and intergrated swiftly on Portkey. Soon, users will be able to experience the smooth login and registration process.

Stay updated on Portkey’s news and engage with the Portkey community on:
Website: https://portkey.finance
X: https://x.com/Portkey_DID
Telegram: https://t.me/Portkey_Official_Group
Discord: https://discord.gg/zSBDUV9q

About Portkey

Portkey aims to be the most useful Web2-to-3 Wallet: it targets Web2 projects and provides them with simple, seamless, and scalable access to a complete Web3 ecosystem. While Portkey serves as an Account Abstraction Wallet with intuitive social recovery features, it also promotes Decentralised Identity Technology, enabling Web2 businesses and developers to migrate seamlessly into Web3. It also features aelf’s unique Virtual Address (VA) technical approach, which is cheaper, faster and easier to implement compared to other industry standards.

Fund Your Gnosis Pay Card Using Bitcoin 6019

The Kinetex team is thrilled to announce its integration with Gnosis Pay, the world’s first on-chain self-custodial account that connects the traditional payment rails to Web3 rails.

This collaboration provides a straightforward and fast way to top up balances from Bitcoin, Ethereum, and other EVM-compatible tokens by swapping them to EURe via Kinetex’s Flash Trade. It enables users to fund the Gnosis Pay account seamlessly and, in turn, be able to spend their on-chain assets at any Visa merchant worldwide.

Kinetex’s Flash Trade is an intent-based trading protocol that leverages the power of ZK technology to ensure a seamless cross-chain trading experience. One of the most revolutionary features of Kinetex is its support for Bitcoin. By introducing BTCX, a ZK light client built with Succinct Labs’ infrastructure for programmable truth specifically for Bitcoin, the team was able to connect the first cryptocurrency to the ever-growing DeFi ecosystem.

Swapping via Flash Trade is instant, secure, and cost-effective thanks to the advanced ZK technology. This technology enables users to carry out transactions without the need for intermediaries, centralized validators, or complex smart contracts. The process is streamlined by implementing an intent-based approach that connects traders and market makers, making the latter responsible for ensuring liquidity, fast execution times, and low costs.

The integration between Kinetex and Gnosis Pay is set to change how crypto owners can use their assets, empowering them to spend crypto funds in their everyday lives. Together, Kinetex and Gnosis Pay contribute to accelerating both the mainstream adoption of crypto as a means of payment and the maturing of the DeFi industry.

About Kinetex

The integration of Bitcoin into the DeFi ecosystem marks a monumental development for the cryptocurrency industry. As the pioneer and most valuable cryptocurrency, Bitcoin has long been seen as a store of value. However, with the rise of DeFi, Bitcoin’s potential for use in financial applications has soared. In this transformative landscape, Kinetex is leading the way, expanding Bitcoin’s use cases and acting as a bridge between orthodox finance and the new world of DeFi, thus unlocking its full potential.

Contributors to Kinetex Network are actively working on broadening the list of supported networks. Their goal is to encompass over a dozen networks, including popular L1 ones like Bitcoin, Solana, Aptos, Sui, BounceBit, and Berachain. They are also in the process of connecting various L2 Ethereum networks, including ZkSync, Linea, Base, Scroll, and Blast. As for L2 Bitcoin networks, Merlin, Rootstock, Bitlayer, and others will be integrated soon. By increasing the number of networks users can access, Kinetex is breaking down the barriers between different chains, uniting the blockchain ecosystem and thereby significantly enhancing the global crypto user experience.

Galactica.com partners with Zama to revolutionize Web3 identity stack with fully homomorphic encryption 6219

Galactica.com, the official Level 1 (L1) partner of SwissBorg, is thrilled to announce a groundbreaking collaboration with Zama to integrate Fully Homomorphic Encryption (FHE) into its Web3 Identity Stack. This partnership marks the dawn of an era defined by user-centric decentralized applications (dApps) empowered by persistent private identities.

Empowering secure and private data computation

FHE enables computations on encrypted data, ensuring that sensitive information remains secure throughout the process. This cutting-edge technology, combined with zk-SNARKs and zkKYC, allows for selective sharing of data, maintaining privacy while ensuring compliance. Additionally, GuardianNodes facilitate the verification and integration of data across on-chain, cross-chain, and off-chain environments.

Creating persistent private identities and augmented reputations

By leveraging these advanced technologies, Galactica.com provides users with the ability to create persistent private identities and build augmented reputations. This new paradigm allows dApps to adapt to each individual user’s reputation, which is based on the data the user chooses to share. This approach significantly enhances the accuracy and efficiency of peer-to-peer marketing and data markets.

Unlocking new use cases

The integration of FHE and other privacy-preserving technologies opens up a multitude of innovative use cases, including:

  • Data training for Large Language Models (LLM)
  • Reputation Augmented DeFi & SocialFi (RADeFi)
  • SoulDrops (Reputation Augmented Airdrops)
  • Dynamic launchpads
  • New credit derivatives
  • The merger of TradiFi assets into DeFi
  • And more.

Transforming the Web3 landscape for users and builders

The Web3 Identity Stack not only redefines the user experience but also provides builders with the tools to develop dApps that meet local compliance requirements throughout the development process. This transformative capability ensures that dApps are both innovative and compliant, setting a new standard in the Web3 ecosystem.

About Galactica.com

Galactica.com is a leading platform dedicated to advancing Web3 technologies and enabling secure, user-centric decentralized applications. In partnership with SwissBorg, Galactica.com is at the forefront of creating innovative solutions that empower users and builders alike.

About Zama

Zama is a cryptography company building open-source homomorphic encryption solutions for blockchain and AI. Their technology enables a broad range of privacy-preserving use cases, from confidential smart contracts to encrypted machine learning and privacy-preserving cloud applications.