United Arab Emirates: OneGram, Gold-Backed Cryptocurrency That Complies With Sharia Law 735

United Arab Emirates-based OneGram is issuing a gold-backed cryptocurrency in attempts to convince Muslims that investing in cryptocurrencies complies with their faith.

Islam and Cryptocurrency

The growing global interest in cryptocurrencies naturally extends into the Gulf and southeast Asia, the main centers of Islamic finance. But because cryptocurrencies and associated technologies are products of financial engineering and objects of speculation, the coins don’t fit particularly well with the religion. This is because Sharia principles, in addition to not permitting interest payments, emphasize real economic activity based on physical assets, not speculation.

 In attempts to sway the debate, cryptocurrency startups are looking to launch instruments backed by physical assets and thereby certified as valid by Islamic advisors. Case in point: in order to attempt to limit speculation, each OneGram cryptocurrency unit is backed by at least a gram of physical gold stored in a vault.

“Gold was among the first forms of money in Islamic societies so this is appropriate,” said Ibrahim Mohammed, who founded the firm with other investors last year. “We are trying to prove rules and regulations from Sharia are fully compatible with digital blockchain technology.”

OneGram

So far, tens of millions of dollars worth of the coins have been issued (about 60% of the total planned amount). OneGram hopes to issue all of them before an exchange listing that’s planned for the end of May. The company obtained a ruling that its cryptocurrency conforms with Islamic principles from Dubai-based Al Maali Consulting, which is one of dozens of advisory firms around the world that offer opinions on whether financial instruments meet Sharia standards.

OneGram isn’t the first startup to take this approach. In Malaysia, HelloGold launched an initial offer of its gold-backed cryptocurrency in October, after receiving approval from Islamic scholars at Kuala Lumpur-based Amanie Advisors.

Manuel Ho, HelloGold’s chief marketing officer, said its coin conforms with Islamic principles because transactions occur within a defined period, making them less volatile and addressing the issue of ambiguity of pricing. There are others, too: United Arab Emirates-based Halal Chain conducted an ICO in December. Halal Chain’s price is linked not to gold, but to data on Islamically permissible goods.

Sharia Law Globally

National Sharia authorities have not ruled on whether cryptocurrencies are permissible, and while several global bodies recommend standards for Islamic finance, none has the authority to actually impose them. Many governments seem ambivalent: worried about the potential for instability, but unwilling to lose the chance of benefiting from new technology.

The Saudi Arabian and UAE central banks warned their citizens about the risks of trading Bitcoin, but have not imposed outright bans. Islamic jurists in South Africa have ruled in favor of cryptocurrencies, arguing they have become socially acceptable and commonly used.

In October, however, the Durban-based Darul Ihsan Centre refrained from endorsing them, citing concern over potential pyramid schemes. Further, some scholars in Turkey, India, and Britain have labeled cryptocurrencies impermissible. In January, Egypt’s Grand Mufti declared they should not be traded.

What makes the debate particularly complex is that there are thousands of digital coins each with unique features related to distribution, mining, and trading, said Farrukh Habib, research officer at Malaysia-based International Shariah Research Academy for Islamic Finance. Because of this fact, Habib believes that a “blanket” Sharia ruling on cryptocurrencies is not appropriate: 

“They are also very different in terms of their underlying commodities, projects or businesses, so it’s not appropriate to have a blanket Sharia ruling for all,” said Habib. “Most of the existing Sharia rulings either deal with only Bitcoin, or include all types of cryptocurrencies, disregarding their peculiarities.”

Previous ArticleNext Article

Leave a Reply

MoneyGram Announces Plans to Launch Non-Custodial Digital Wallet 2726

MoneyGram International, Inc. (“MoneyGram” or the “Company”), a leading global financial technology company that connects the world’s communities, today announced plans to launch its own non-custodial digital wallet on stage at the Stellar Development Foundation (“SDF”) annual Meridian conference. The wallet, which will officially debut in Q1 2024, will enable consumers around the world to leverage stablecoin technology to seamlessly move from fiat to digital currency, to fiat again — all with the same global brand they trust.

Introducing the MoneyGram Non-Custodial Digital Wallet

The Company’s non-custodial digital wallet will redefine cross-border payments and enable MoneyGram customers to send and receive money in new and exciting ways.

Once launched, wallet users will be able to visit any participating MoneyGram location to cash-out their digital assets to increase the utility of their holdings. Users will also be able to seamlessly send digital assets to other users in the wallet. Importantly, and unique to the industry, MoneyGram will apply its best-in-class global compliance screening capabilities to all wallet users.

“Our vision to connect the world’s communities, by empowering our customers through innovative financial solutions, takes another step forward today. Through the services we provide in partnership with SDF, MoneyGram has made strides to create equitable access to the global financial system, having become the single largest fiat on and off-ramp provider offering blockchain access worldwide,” shared Alex Holmes, MoneyGram Chief Executive Officer.

“The MoneyGram non-custodial digital wallet advances this mission even further. We’re thrilled to have the vision, strategic plans, innovative technology and expansive retail network in place to continue offering consumers access to the digital economy, but now further backed by our global reputation for speed, efficiency and trust.”

As the Company rolls out the wallet next year, MoneyGram will expand the wallet’s capabilities and introduce new features within the app that will help further bridge the worlds of international money transfers and blockchain payments.

Building on the Company’s Global Fiat On and Off-Ramp Service

In 2022, MoneyGram launched a first-of-its-kind global fiat on and off-ramp service for digital wallets to increase the utility of digital assets by creating a bridge between fiat and digital currencies. Since launch, the Company has expanded the service to eight digital wallets on the Stellar blockchain, providing consumers the ability to cash-out in 180+ countries and cash-in in 30+ countries around the world.

The MoneyGram non-custodial digital wallet – which will be offered as a zero-fee service until June 2024 – will leverage the Stellar network and MoneyGram’s fiat on and off-ramp services integrated with the Stellar network. The wallet was built by Cheesecake Labs in partnership with MoneyGram.

Holmes concluded: “As a global fintech, the work we’re doing on the blockchain is one of the many ways we’re thinking differently about how MoneyGram’s services can play a broader role in the lives of consumers globally. We’re excited to continue to share more in the coming months.”

About MoneyGram International, Inc.

MoneyGram International, Inc. is a leading global financial technology company that connects the world’s communities. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends, and buy, sell and hold cryptocurrencies on its industry-leading app. The Company’s innovative cross-border platform enables its customers to send funds directly into bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile and API-driven, MoneyGram’s white-labeled remittance service also provides some of the world’s top brands and organizations the ability to disburse funds directly to their consumer clients. Based in Dallas and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for two consecutive years, an honor based entirely on employee feedback.

L7 DEX: Exploring Something New for Decentralized Derivatives Exchanges 3158

L7 DEX is ushering in a paradigm shift in decentralized futures contract markets by adopting the PvP-AMM model.

Within the L7 DEX ecosystem, a novel liquidity trading model is being developed, focusing on liquidity-as-a-service.

Recognizing the higher risks associated with futures trading, L7 DEX has also introduced an order insurance (stop-loss insurance) mechanism.

In the future, L7 DEX aims to provide the market with even more straightforward and efficient investment solutions through liquidity and IEO combination.

What is L7 DEX?

Compared to centralized exchanges, decentralized exchanges (DEXs) initially had a smaller share in the futures trading market due to on-chain performance constraints. However, recent advancements in mainstream blockchains and Layer 2 solutions have propelled the decentralized perpetual futures exchange sector into the spotlight as high-frequency trading is increasingly viable.

L7 DEX is a decentralized contract trading platform based on Web3 with its major innovations of the PvP-AMM protocol, liquidity-as-a-service (LaaS), and more. The innovative PvP AMM protocol, coupled with optimized smart contracts, provides users with a seamless futures trading experience while addressing issues such as high slippage, front running, poor liquidity, and the inability to place orders, making futures trading safer, more stable, and cost-effective.

How Does L7 DEX Work?

In the DeFi sector, most protocols use automated algorithms like AMMs to balance the supply and demand of tokens in liquidity pools. However, L7 DEX introduces the PvP-AMM mechanism, bringing a paradigm shift in decentralized futures markets.

In the L7 DEX ecosystem, LP (Liquidity Provider) tokens act as an intermediary in the PvP-AMM model and are minted through depositing USDC, BTC, or ETH. These tokens can be used as collateral for perpetual futures trading or to provide liquidity to the market for a share of the protocol revenue. In particular, LP tokens are introduced to present the overall profit and loss of trades and the income and expenses of the insurance business. Here’s an example to illustrate:

Suppose Alice mints 1,000 LP tokens by depositing 1,000 USDC and opens a $10,000 long ETH position while Bob mints 2,000 LP tokens with 2,000 USDC deposits and opens a $20,000 short ETH position. Now, there are 3,000 USDC in the LP pool and 3,000 LP tokens, where 1 LP token = $1. If ETH rises by 5%, and both Alice and Bob close their positions, Alice’s balance will become 1,500 LP tokens, and Bob will have 1,000 LP tokens left. Then, there are 3,000 USDC in the LP pool and only 2,500 LP tokens, with 1 LP token = $1.2.

The specific calculation is as follows:

Alice: 1,000 + $10,000 * 5% / $1 = 1,500 LP tokens; Bob: 2,000 – $20,000 * 5% / $1 = 1,000 LP tokens

New LP Supply = Alice’s LP tokens + Bob’s LP tokens = 2,500 LP tokens

New LP Price = 3,000 USDC / 2,500 LP tokens = $1.2

In this example, we can see that the total deposits in the pool remain constant, and the profit and loss of traders are reflected in the LP token supply, inversely affecting LP token prices. This means that PvP traders are regarded as a group, and when the group profits, it drives up LP token supply and lowers token prices. Traders need to make relatively higher profits compared to the group level to earn money by trading USDT-margined futures.

Further analysis reveals that in the PvP-AMM model, the critical factor influencing profit and loss is the ratio of long positions and short positions. This allows PvP-AMM to address issues related to one-sided market conditions. It is pure Alpha trading that is less affected by market trends and doesn’t require additional liquidity providers, as traders can perform trades independently. Additionally, this model provides a combination arbitrage opportunity for API and SmartMoney, attracting new minority orders and automatically balancing the long and short ratio.

Apart from serving as initial margin in futures trading, LP tokens have several use cases: 1) Users purchase LP tokens (i.e., mint LP tokens) at the current price by depositing USDC, BTC, or ETH assets into the protocol vaults. 2) Users sell LP tokens (i.e., burn LP tokens) at the current price by withdrawing USDC, BTC, or ETH assets from the protocol vaults. 3) After purchase (minting), LP tokens enter Staking Earn.

Note: The PvP-AMM model gained industry attention primarily because of GMX’s X4 plan in 2022. However, the X4 plan was put on hold as GMX later shifted its focus to synthetic assets.

What Are the Advantages of L7 DEX Ecosystem?

Within the L7 DEX ecosystem, a new liquidity trading model centered around LaaS has been established. In this context, liquidity procurement entails acquiring liquidity from the market through a combination of “token incentives” and “transaction fee rewards”. Liquidity distribution (often through compensated means) involves providing the acquired liquidity to other entities, including institutions, project teams, or users in need of liquidity. Additionally, liquidity management includes offering liquidity management tools to project teams that have purchased liquidity, enabling them to plan their liquidity expenditure effectively. L7 DEX’s liquidity provision mechanism generates income for the platform by efficiently managing obtained liquidity while maintaining synergy between trading and the liquidity markets. This integrated approach ensures long-term financial stability and sustainable operations.

Recognizing the higher risks associated with futures trading, L7 DEX has also introduced an order insurance (stop-loss insurance) mechanism. This mechanism significantly raises the threshold for potential losses, albeit potentially sacrificing a portion of profits. Consequently, it is more suitable for long-term investors and traders with higher risk tolerance. Traders can choose to create diverse insurance strategies for the same trading asset. Different insurance ratios used in trades will generate multiple distinct positions, while trades with the same insurance ratio will be merged with existing positions. Subsequently, the PnL along with the insurance fees will be calculated. Regarding the PvP-AMM protocol, traders have the option to apply insurance to long-term trading orders, adding an extra insurance ratio that can range from 10% to 50% of the trading margin. If an order is settled or liquidated, traders who experience losses can receive compensation up to a maximum equivalent to the trading margin. Furthermore, L7 DEX’s PvP-AMM protocol calculates the PnL percentage of trading orders using an index price (derived from ChainLink and the average weighted prices from multiple CEXs). This approach helps mitigate potential issues associated with Oracle latency arbitrage.

In the future, L7 DEX aims to provide the market with even more pure and efficient investment solutions through liquidity and IEO combination. It attempts to establish an asset management and allocation system centered around LSD (L7 DEX’s native token) and other platform assets. This comprehensive system seeks to remove barriers that have previously hindered ordinary users from participating in the primary market.

L7 DEX distinguishes itself from other DeFi protocols through its innovative design mechanism, which offers liquidity providers a higher income ratio while bolstering overall system stability. Additionally, it diminishes platform token volatility and elevates the user experience within the protocol. Participants, encompassing institutions, project teams, and individual users who provide liquidity within the L7 DEX ecosystem, stand to benefit not only from trading fees and insurance fees generated by L7 DEX but also from the potential upside associated with the growth of other blue-chip project tokens within the ecosystem.

What Is the Token Mechanism of L7 DEX?

In its early developmental stages, L7 DEX has successfully cultivated synchronized growth in both its incremental and existing user base by establishing a global community and a fundamental NFT economic model. Owning an NFT within the project is akin to actively participating in its construction. Users have the opportunity to stake their NFTs and reap long-term profits, simultaneously becoming early-stage investors who benefit from the project’s growth. NFT holders can also enjoy advantages such as reduced trading fees and increased liquidity rewards. Furthermore, these users actively contribute to shaping the community and influencing the direction of product development through voting.

LSD is the native governance token of the L7 DEX platform, offering users a diverse array of utility and value-driven interactions. The total supply of LSD is 210 million tokens. In addition to its governance functionality, holding LSD offers several advantages within the ecosystem:

  1. Provide users with reduced or waived trading fees for futures trades on L7 DEX.
  2. Engage in LP mining for blue-chip projects within the L7 DEX ecosystem.
  3. Enjoy priority access to all forthcoming airdrop benefits released by L7 DEX, along with high-priority participation and early access to the platform’s future innovative products.
  4. Have the right to vote on crucial proposals within the ecosystem, with governance rights commensurate with their holdings.
  5. Gain early investment opportunities in a diverse range of distinguished projects.

Summary

In the long term, the decentralized derivatives trading sector presents significant opportunities. L7 DEX is ushering in a paradigm shift in decentralized futures contract markets by adopting the PvP-AMM model, poised to accelerate its growth. Furthermore, L7 DEX distinguishes itself through unique features such as an innovative liquidity trading model, an order insurance mechanism, and the “liquidity + IEO” development approach. These attributes bolster the protocol’s efficiency and security, making decentralized contracts more accessible and enhancing the user experience. Moreover, they act as compelling incentives, attracting a wider user base to participate in the ecosystem.

Website: https://www.l7dex.finance/

Twitter: https://twitter.com/L7_DEX

Telegram: https://t.me/L7DEX_Official

Discord: https://discord.gg/l7dex

Bitget: Leading the Charge in European Cryptocurrency Exchange Services 3318

With growing interest and investments in cryptocurrencies, Bitget, a major digital exchange, is progressing well in Europe, known for efficiency, advanced features, and secure trading.

Europe Investments

In recent years, Europe has seen a big shift in fintech, especially crypto and blockchain. Despite a 59% fintech investment drop in the Europe, Middle East, Africa (EMEA) region from H1 2022 to H1 2023, crypto remains strong. Finch Capital’s “European Fintech Landscape” report highlighted France and Germany as crypto and blockchain investment leaders in H1 2023.

In H1 2023, the UK’s crypto industry was 28% of all fintech transactions; the Netherlands exceeded this with a notable 35%, showing a strong presence of blockchain and crypto in fintech. Notably, France and Germany maintained strength, with 29% and 27% of fintech transactions involving crypto and blockchain.

Bitget: Trusted Name in Crypto

Bitget is a top crypto exchange, ensuring excellent services and smooth trading with various crypto offerings.

  1. Bitget Price: Bitget provides real-time price observations for over 12,000 cryptocurrency assets, including BTC price;ETH price;BNB price;DOGE price;XRP price, allowing users to track cryptocurrency prices easily.
  2. How to Buy Crypto Easily: Bitget offers a user-friendly platform for”how to buy Bitcoin” securely with no fee.
  3. Bitget Academy: Bitget Academy offers guides, practical tips, market updates for understanding crypto markets, news, and trading strategies, speeding up trading learning.
  4. Bitget API: Bitget Crypto API enables developers for program trading, data integration, copy trading, and tailored solutions.
  5. Bitget Calculator: Crypto Calculator compares cryptocurrency values and accurately converts specific tokens to fiat currency.

Bitget’s Impressive Presence in the European

In Europe’s growing crypto scene, Bitget is a top choice for enthusiasts and traders. Its user-friendly platform, security commitment, and leveraged trading draw a large user base, securing a significant market share in Bitget France and Bitget Germany.

Bitget stays ahead in Europe’s crypto market by being proactive and adaptive. With a friendly interface, varied cryptos, tight security, and great support, it leads the exchange arena. Bitget is set to provide cutting-edge crypto services across Europe, reinforcing its leadership.

Polkadot reveals future-proof scaling updates at sub0 developer conference 4348

Developers of Polkadot, the blockspace ecosystem for boundless innovation, will start testing a new process that will provide radical scaling solutions for the network within a matter of weeks.

The plans were unveiled at sub0, the Polkadot Developer Conference, by Sophia Gold, Engineering Lead at Parity Technologies, a leading contributor to Polkadot.

She said asynchronous backing would enable Polkadot to more than triple its number of validators by the end of 2024 to around 1,000, describing this as “the most significant evolution of parachain consensus since we launched parachains almost two years ago.”

She added: “What’s unique about backing in Polkadot is that it’s enshrined – it’s implemented natively on the protocol level and not on the smart contract level, which gives us capital efficiency and censorship resistance. Asynchronous backing enables flexible scheduling for our future scaling work through elastic scaling and instantaneous coretime. We have a credible roadmap to get Polkadot to support 1,000 parachains and 1m+ transactions per second. The design is there – we know how to scale Polkadot for the indefinite future.”

A release of asynchronous backing is due to be deployed to Polkadot’s Rococo testnet in about two weeks.

Habermeier expands blockspace narrative

Sophia Gold was followed on-stage by Polkadot cofounder Robert Habermeier, who unveiled new concepts and architectural components that would enable roadmap features first outlined at Polkadot Decoded in June.

These features, including those known as ‘agile coretime’ and ‘elastic scaling’, would enable more flexible and efficient use of Polkadot’s blockspace and computing power, better serving innovators at all stages of growth, and taking the network beyond the existing parachain model.

He outlined a proposal for a new process of submitting work to Polkadot that would enable the network to process a much wider range of activity than parachains alone, including the ability to deploy smart contracts directly to a Polkadot core.

He explained: “This is how you would get to the point of cores being used by different parachains or bundled in all these different ways without having to enshrine that directly into Polkadot’s protocol. Rather, we make it possible through experimentation at higher levels.”

This new model would also enable a much anticipated feature known as atomic composability, enabling simultaneous execution of operations from multiple parachains at a time for more complex cross-chain transactions.

Accelerating smart contract delivery

The second day provided some important updates on the work carried out by OpenZeppelin on the OpenBrush contract library, intended to ease the development of Polkadot’s native ink! smart contracts. This includes the creation of easily implementable and extensible smart contract standards and translating Solidity contracts into ink!.

Felix Wegener, Security Services Manager of OpenZeppelin, said: “We made suggestions on how to change design choices, tooling, upgradeability and macros, and moving forward we see great promise in the ongoing developments of the Polkadot ecosystem.”

João Santos, Project Manager of OpenZeppelin, said his team had proposed open-source parachain runtimes and underlying FRAME pallets to accelerate the development and deployment of new and secure parachains.

He added: “We believe the initial step here is a generic runtime to allow projects to have a common base and start building immediately. Then we can start taking the learning we had developing this runtime, take the community feedback and then think about what’s next.”

New Ledger app coming

Juan Leni, CEO of Zondax, a major software developer for the Ledger hardware wallet, explained how his team is developing a new Ledger app for Polkadot that depends on verifiable metadata. He said: “I haven’t seen anything similar in other ecosystems. It will feature very minimal updates to the runtimes and to the wallets, we started research and development back in June.”

The single Ledger app can support any parachain in the Polkadot ecosystem, a boost for user experience of cold wallets on Polkadot, as previously, a separate app was required for each network. The app will feature clear signing of all transactions for maximum security.

His colleague Fernando Theirs said: “The integration for new parachains should be super simple. If you respect the metadata protocol it should be almost out of the box.”

Attendees also heard how Snowbridge, an Ethereum bridge to be built on the Polkadot Bridge Hub, is in position to deploy on the protocol’s canary network before the end of the year.

The plan is for each parachain to have its own dedicated messaging channel to Ethereum, unlocking a high degree of flexibility. Snowbridge is a trustless, decentralized mechanism for linking the Ethereum and Polkadot ecosystems, and is designed for general purpose.

About Polkadot

Polkadot is the blockspace ecosystem for boundless innovation. It enables Web3’s biggest innovators to get their ideas to market fast, with flexible costs and token options. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web.

Moondance Labs Introduces Tanssi ContainerChains: The Next Phase in Appchain Deployment 4714

Moondance Labs, the company developing the Tanssi appchain infrastructure protocol, announced today ContainerChains, a more efficient and developer-friendly solution to deploying application-specific blockchains (appchains).

The rise of appchains is valued for their dedicated blockspace, customizability, and adherence to blockchain’s core tenets: security, governance capabilities, and decentralization. Yet, their intricate deployment demands often complicate projects, leading to higher costs and delays.

Developers need more flexible options. While smart contracts offer speedier launches, they compromise on depth of customization and scalability. On the other hand, rollups, despite their popularity, have decentralization concerns due to their reliance on centralized sequencers and face challenges like data availability and transaction ordering.

To easily overcome these obstacles, Tanssi’s ContainerChains provide immediate access to a wide set of infrastructure resources. By simply connecting an appchain to the Tanssi network, it is transformed into a ContainerChain. This drastically simplifies the deployment process and reduces it from months to just under an hour, delivering the benefits of appchains along with the ease of smart contract deployment.

“Tanssi is the only protocol that allows developers to deploy a secure and decentralized appchain in just hours. While the appchain and rollup sectors have grown considerably, there’s a glaring need for an automated yet uncompromised approach,” said Francisco Agosti, CEO of Moondance Labs and Co-founder of Tanssi. “With the launch of ContainerChains, we aim to fill this gap without sacrificing decentralization, security, or native composability, upholding the fundamental values of web3.”

ContainerChains: Advancing Appchain Capabilities

Tanssi ContainerChains are anchored in the Substrate framework, known for its modular architecture that promotes advanced customization. Substrate’s versatility is a strength, but can also present a steep learning curve. Using pre-built templates with essential components pre-installed for compatibility with Tanssi’s protocol eases developers into the Substrate and Polkadot ecosystem. Developers can deploy these templates directly or modify them to fit their specific needs. For those accustomed to the Ethereum Virtual Machine (EVM), EVM-compatible templates are available.

When an appchain connects to Tanssi and evolves into a ContainerChain, it benefits from the following:

  • Collation-as-a-service: Block-builder assignment to ContainerChains is overseen, with managed incentives to ensure continuous, secure chain activity.
  • Data-retrieval-as-a-service: Equipping developers with the capability to retrieve the complete chain history for ContainerChains.
  • Key integrations: Seamless integration with top wallets, indexers, and explorers, including EVM-compatible platforms like Frontier, is a feature of the nodes.
  • XCM integrations: While mastering XCM for cross-chain communications can be intricate, built-in templates simplify this with pre-configured XCM support and potential predefined connections.
  • Chain-Management tooling: ContainerChain management tools cover initialization, monitoring, easy upgrades, migrations, and maintenance, ensuring performance and efficient troubleshooting.

In addition to these extensive features, Tanssi’s connection with Polkadot’s Relay Chain leverages the advantages of Polkadot’s shared security and inherent interoperability.

Accessing ContainerChains: Join the Dancebox TestNet

Dancebox, Tanssi’s first public TestNet, paves the way for broader ContainerChains adoption. Over 40 projects, including RMRK (NFT infrastructure), LeverFi (DeFi), and Galaxia Studios (gaming), have joined the Tanssi ecosystem and will be onboarded to Dancebox.

As Tanssi’s early ecosystem grows, the community can expect enhanced cross-chain integration, user-friendly tools, and expanded features.

“Connecting RMRK with Tanssi’s Dancebox highlights our drive for chain-level customizations, a necessity that goes beyond what typical EVM L2 rollups can deliver,” said Bruno Škvorc, RMRK Founder. “Thanks to Tanssi’s pioneering approach to appchain infrastructure, our expansive vision for NFTs is taking shape. We can focus on constructing entire universes of interactive, evolving assets and refining these complex functionalities without infrastructure management distractions.”

In May, Moondance Labs secured a $3M seed round led by Arrington Capital and supported by renowned VCs such as Fenbushi, Borderless Capital, Hashkey Capital, among others.

Developers keen to explore the future of appchain deployment can delve into Tanssi ContainerChains via the Dancebox Testnet. Supported by comprehensive documentation from Moondance Labs, the platform is designed to facilitate a seamless onboarding experience for all.

About the Tanssi Network

Currently under development, Tanssi is an appchain infrastructure protocol designed to simplify and accelerate appchain deployment, making it more secure and efficient. This stands in contrast to the lengthy and complex processes associated with traditional appchain implementations. Through Tanssi’s permissionless and developer-friendly protocol, appchains can be deployed in under an hour — a stark improvement over the usual months-long timelines. Additionally, Tanssi leverages the shared security and native interoperability of the Polkadot relaychain. Learn more at tanssi.network.

CoinScan Emerges from Stealth with $6.3 Million in Funding 5017

CoinScan, a crypto analytics platform built to give traders an edge in the market with free in-depth charting and safety features, today emerged from stealth with $6.3 million in funding to fuel product development and expansion. CoinScan is the first product from CryptoHub, a Web3 company focused on improving the blockchain economy with scalable, accessible solutions.

The company is backed by DraftKings’ #1 individual shareholder and billionaire Shalom MecKenzie alongside Playtech’s CEO Mor Weizer and Head of Business Development and M&A Roy Samuelov, Shy Datika, iAngels, and publicly traded digital asset company Tectona.

“Crypto, much like sports betting, should give people the tools and data to make their own assessments about risk and reward,” said MecKenzie. “CoinScan is introducing a hub of crypto information that users can finally trust for accurate, real-time insights. I see CoinScan as becoming the home page for anyone involved in the crypto industry.”

This year alone, nearly $1 billion has been lost to crypto exploits, hacks, and scams – much of which could have been avoided with better access to data. CoinScan’s unique, groundbreaking scam prevention features include:

  • Safety Checks: This feature assesses a token’s susceptibility to rug pulls or scams by analyzing key indicators such as liquidity locks, token taxes, contract renounce status, and honeypot risks.
  • Holder Analysis: Traders can assess a token’s distribution and health in real-time through CoinScan’s charting terminal. Users can track wallet holdings in tokens and USD, keeping an eye on top wallets’ buying and selling activities.
  • Airdrop Analysis: Traders can protect themselves from ‘soft rug’ scams by using this feature to identify wallets that have received airdrops, assess their value, and cross-reference this information with social feeds to verify legitimacy.
  • Social Sentiment: Recognizing the importance of social sentiment in crypto, CoinScan integrates live project feeds from Twitter, Telegram, Reddit and Instagram to allow users to extract information about a token from its community in real time.

While many crypto data providers are plagued by price inconsistencies and potential biases, CoinScan provides transparent data pulled from multiple sources to provide the deepest charting insights available on the market.

“CoinScan is leading the charge in bucking crypto’s negative reputation by providing better access to data directly from multiple sources,” said Yariv Gilat, Chairman at Tectona. “The platform provides unmatched safety features that make me optimistic for the industry’s future growth, and we’re thrilled to support CoinScan on their mission.”

CoinScan is also the first to bring a Pending Transactions feature to the market in a user-friendly format, giving traders insights into the price action of a token before it happens, rather than after the transaction fully completes. This gives users an unprecedented advantage, as they can essentially see into the future. Traders can also use the platform’s Market Navigation page to search and compare similar tokens to cross-analyze before investing.

“No one wants to spend all of their time researching and analyzing blockchain transactions and social media just to avoid getting scammed. The bar for crypto data was very low, so we built the platform that we wished we had,” said Eliran Ouzan, CEO of CoinScan. “We’re not just giving traders an edge, we’re introducing tools that allow new investors to enter the market with free, accessible, unbiased information that will allow them to succeed.”

CoinScan has been under development for over two years, and recently completed beta testing. The platform’s fundamental mission is to elevate the experience for crypto and DeFi users of all experience levels. To learn more, please visit www.coinscan.com.

About CoinScan

CoinScan is a crypto analytics platform built to give traders an edge in the market with free in-depth charting and safety features. It’s the first product from CryptoHub, a Web3 company focused on improving the blockchain economy with scalable, accessible solutions. The CoinScan platform offers several key features including Safety Checks, Holder and Airdrop Analysis, Social Sentiment, Pending Transactions and Market Navigation. The company has raised $6.3 million from investors including DraftKings shareholder Shalom MecKenzie and publicly-traded company Tectona. To learn more about CoinScan, please visit www.coinscan.com