Cygnus(CYG)

The social app Friend.tech has registered a big increase in protocol fees, generating fees in excess of $1.4 million over the past 24 hours. The jump in 24-hour fees places it in the top three projects for fee generation, only behind Ethereum and Lido, according to data from DeFiLlama. A Significant Jump In Fees With the protocol fees generated over the past 24 hours exceeding $1.4 million, Friend.tech has surpassed several prominent blockchain projects when it comes to fees generated. This includes projects such as Tron and Uniswap. Currently, the project sits only behind Ethereum and Lido Finance, according to data sourced from DeFiLlama. Data also shows that the recorded fees for the protocol for the last week were $2.99 million, out of which $1.49 was revenue. Friend.tech is a social app that operates on Coinbase’s Base Layer-2 chain. The social app is integrated with platforms such as X (formerly Twitter), allowing users to trade tokenized shares directly in one another’s social profiles. Shareholders get plenty of unique perks, such as excluding access to content and access to private chat rooms. Friends.tech has only recently gained considerable traction among Twitter users. As a result, the protocol has seen a bevy of new, high-profile members join over the weekend. Prominent new joinees include NBA star Grayson Allen and startup incubator Y Combinator CEO Garry Tan. $26 Million In Volume Since Launch Since the platform’s beta release, Friend.tech has managed to record over 65,000 unique traders of shares, resulting in over $26 million in trading volume. These figures have been backed up by data sourced from a Dune Analytics dashboard created by Crypto Koryo. Friend.tech’s stellar rise to the third position among projects when it comes to 24-hour fees is even more significant when you consider the fact that the platform is currently available and accessible on an invite-only basis. Friend.tech also recently revealed a seed investment from venture capital firm Paradigm. However, the protocol did not disclose the exact amount of the investment from Paradigm. Friend.tech shared some details on X, stating, “Earlier this year, we partnered with @paradigm to build tools for new online social interactions. We’re grateful for the community’s warm reception and excited to continue growing with you all.” Critics Not Convinced While a majority of crypto heavyweights have been extremely bullish about the decentralized social media app, some critics remain unconvinced and have advised caution. Crypto commentator Yazan highlighted several factors that, according to him, indicated that the app had between six to eight weeks before share prices and general activity on the platform registered a significant drop. Yazan stated, “Let me tell you one thing. Something isn’t right about @friendtech. Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people? The way pricing works is ridiculous and can be easily taken advantage of. Pumps and dumps.” He also argued that the rate at which the share prices have increased is unsustainable. “The market making that guarantees that the app makes the most money along with creators — the price goes up too fast. How come there’s 100 holders, and the price is 1 ETH — 1 ETH to be able to see a private chat?” Meanwhile, in a thread on X, the pseudo-anonymous software engineer Cygaar stated that the price of a user’s shares on the app is proportional to the square of its outstanding supply. This means that as supply increased, the price increased exponentially. Web3 marketer Legendary drew comparisons with BitClout, a decentralized social app launched in 2021 that gave a bearish outlook regarding Friend.tech’s longevity. He stated that the platform would eventually collapse like BitClout did. “I think the platform will collapse as BitClout did. We are in a bear market, and there’s nothing to do. Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months.” However, some have shared a far more positive outlook and have praised the decentralized social media app for its novel developments in UX when it came to crypto applications. The co-founder of Jokerace and EcoDAO, David Phelps, called Friend. tech’s UX as the “greatest UX crypto has seen.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The social app Friend.tech has registered a big increase in protocol fees, generating fees in excess of $1.4 million over the past 24 hours. The jump in 24-hour fees places it in the top three projects for fee generation, only behind Ethereum and Lido, according to data from DeFiLlama. A Significant Jump In Fees With the protocol fees generated over the past 24 hours exceeding $1.4 million, Friend.tech has surpassed several prominent blockchain projects when it comes to fees generated. This includes projects such as Tron and Uniswap. Currently, the project sits only behind Ethereum and Lido Finance, according to data sourced from DeFiLlama. Data also shows that the recorded fees for the protocol for the last week were $2.99 million, out of which $1.49 was revenue. Friend.tech is a social app that operates on Coinbase’s Base Layer-2 chain. The social app is integrated with platforms such as X (formerly Twitter), allowing users to trade tokenized shares directly in one another’s social profiles. Shareholders get plenty of unique perks, such as excluding access to content and access to private chat rooms. Friends.tech has only recently gained considerable traction among Twitter users. As a result, the protocol has seen a bevy of new, high-profile members join over the weekend. Prominent new joinees include NBA star Grayson Allen and startup incubator Y Combinator CEO Garry Tan. $26 Million In Volume Since Launch Since the platform’s beta release, Friend.tech has managed to record over 65,000 unique traders of shares, resulting in over $26 million in trading volume. These figures have been backed up by data sourced from a Dune Analytics dashboard created by Crypto Koryo. Friend.tech’s stellar rise to the third position among projects when it comes to 24-hour fees is even more significant when you consider the fact that the platform is currently available and accessible on an invite-only basis. Friend.tech also recently revealed a seed investment from venture capital firm Paradigm. However, the protocol did not disclose the exact amount of the investment from Paradigm. Friend.tech shared some details on X, stating, “Earlier this year, we partnered with @paradigm to build tools for new online social interactions. We’re grateful for the community’s warm reception and excited to continue growing with you all.” Critics Not Convinced While a majority of crypto heavyweights have been extremely bullish about the decentralized social media app, some critics remain unconvinced and have advised caution. Crypto commentator Yazan highlighted several factors that, according to him, indicated that the app had between six to eight weeks before share prices and general activity on the platform registered a significant drop. Yazan stated, “Let me tell you one thing. Something isn’t right about @friendtech. Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people? The way pricing works is ridiculous and can be easily taken advantage of. Pumps and dumps.” He also argued that the rate at which the share prices have increased is unsustainable. “The market making that guarantees that the app makes the most money along with creators — the price goes up too fast. How come there’s 100 holders, and the price is 1 ETH — 1 ETH to be able to see a private chat?” Meanwhile, in a thread on X, the pseudo-anonymous software engineer Cygaar stated that the price of a user’s shares on the app is proportional to the square of its outstanding supply. This means that as supply increased, the price increased exponentially. Web3 marketer Legendary drew comparisons with BitClout, a decentralized social app launched in 2021 that gave a bearish outlook regarding Friend.tech’s longevity. He stated that the platform would eventually collapse like BitClout did. “I think the platform will collapse as BitClout did. We are in a bear market, and there’s nothing to do. Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months.” However, some have shared a far more positive outlook and have praised the decentralized social media app for its novel developments in UX when it came to crypto applications. The co-founder of Jokerace and EcoDAO, David Phelps, called Friend. tech’s UX as the “greatest UX crypto has seen.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

San Francisco, USA, August 16th, 2023, ChainwireLinera reaches a total of $12M in seed funding. The new round of funding was led by Borderless Capital with contributions from a16z crypto, Laser Digital Ventures, Matrixport, Flow Traders, GSR Markets, and moreLinera, the first blockchain network scalable via microchains, has successfully closed an additional $6M round, led by Borderless Capital. Founded by Mathieu Baudet, former Meta researcher on the Novi digital payments wallet and a cryptographic protocols specialist, Linera's pioneering technology aims to bring web2 scalability to web3 applications by introducing an unlimited number of user chains powered by an elastically scalable network.Linera has now secured a total of $12M in seed funding, with the most recent $6 million follow-on investment round led by Borderless Capital. Notable participants include Laser Digital Ventures, DFG, Cadenza, Block1, Eterna Capital, MH Ventures, Matrixport, L2IV, ArkStream, Flow Traders, GSR Markets, and Open Web Collective (OWC), alongside continued support from a16z crypto, Tribe Capital, and Cygni Capital, who participated in the initial seed round.“Among new web3 architectures emerging like the move away from a single monolithic blockchain, Linera’s microchains are a completely new and necessary evolution. Further, Linera’s capacity for linear scaling is designed to support millions and conceivably billions of simultaneous transactions. And, while unprecedented, this kind of performance and reliability is essential for web3 to actually scale applications like payments, messaging, trading, AI, and more to billions of users around the world," said Alpen Sheth, Senior Partner at Borderless Capital. "Linera has made significant progress since we led their initial seed round last year, and we're excited to expand our support for the project. Mathieu and the Linera team have designed a truly innovative multi-chain architecture that unlocks a broader design space for developers and their end users. We can't wait to see how the ecosystem takes shape and the utilities it enables as Linera advances into the devnet and testnet phases," said Ali Yahya, General Partner at a16z crypto.Linera recently made its initial software development kit (SDK) available for testing, targeting Rust developers. Thanks to the new funding, Linera will be expanding the team, launching a devnet and a testnet for the protocol and fostering a strategic presence in the APAC region while continuing to grow their developer academy.From microchains to mass-scalable applicationsThe competition for blockspace in traditional Layer 1 blockchains, coupled with limited production rates and block sizes, creates a bottleneck during traffic peaks, leaving users outpriced or delayed, rendering the infrastructure effectively unavailable.“We’ve taken a step back to completely redesign a blockchain infrastructure that scales from the start,” said Mathieu Baudet, founder and CEO of Linera. “Linera’s unique multi-chain architecture ensures predictable performance, responsiveness, and robust security at Internet scale."Linera empowers developers to create high-speed web3 applications used by a large number of active users in parallel, revolutionizing decentralized infrastructure for a variety of use cases, including retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.The Linera system scales by adding chains, not by increasing the size or the production rate of blocks. Its groundbreaking microchain model grants each individual user their own lightweight chains, which integrate into browser extensions or mobile devices for streamlined web3 app interactions within their wallets. During times of high demand, Linera's validators expand dynamically like elastic web services.Linera's innovative design is rooted in the expertise that Mathieu Baudet acquired at Meta while contributing to the Libra (now Diem) blockchain and co-authoring the academic paper "FastPay", which laid the foundations for the Linera protocol. Bernadette Cay, Linera's COO, brings extensive experience in launching products from Google and MoPub, the mobile ad exchange acquired by Twitter.About LineraLinera is the first low-latency blockchain designed to scale elastically like web2 applications. Founded by Mathieu Baudet, a former Meta Novi engineer and researcher, with a PhD in cryptographic protocols, Linera revolutionizes blockchain scalability by introducing microchains, removing mempools, and minimizing validator interactions. Linera optimizes performance for web3 applications used by a large number of active users in parallel, enabling unprecedented horizontal scalability for use cases such as retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.Join us in creating the next generation of high-performance decentralized applications. Learn more at linera.ioAbout BorderlessBorderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has made 200+ investments across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities.For more information, please visit their website at borderlesscapital.ioContactPR DirectorKarla VilhelemMarket [email protected]

San Francisco, USA, August 16th, 2023, ChainwireLinera reaches a total of $12M in seed funding. The new round of funding was led by Borderless Capital with contributions from a16z crypto, Laser Digital Ventures, Matrixport, Flow Traders, GSR Markets, and moreLinera, the first blockchain network scalable via microchains, has successfully closed an additional $6M round, led by Borderless Capital. Founded by Mathieu Baudet, former Meta researcher on the Novi digital payments wallet and a cryptographic protocols specialist, Linera's pioneering technology aims to bring web2 scalability to web3 applications by introducing an unlimited number of user chains powered by an elastically scalable network.Linera has now secured a total of $12M in seed funding, with the most recent $6 million follow-on investment round led by Borderless Capital. Notable participants include Laser Digital Ventures, DFG, Cadenza, Block1, Eterna Capital, MH Ventures, Matrixport, L2IV, ArkStream, Flow Traders, GSR Markets, and Open Web Collective (OWC), alongside continued support from a16z crypto, Tribe Capital, and Cygni Capital, who participated in the initial seed round.“Among new web3 architectures emerging like the move away from a single monolithic blockchain, Linera’s microchains are a completely new and necessary evolution. Further, Linera’s capacity for linear scaling is designed to support millions and conceivably billions of simultaneous transactions. And, while unprecedented, this kind of performance and reliability is essential for web3 to actually scale applications like payments, messaging, trading, AI, and more to billions of users around the world," said Alpen Sheth, Senior Partner at Borderless Capital. "Linera has made significant progress since we led their initial seed round last year, and we're excited to expand our support for the project. Mathieu and the Linera team have designed a truly innovative multi-chain architecture that unlocks a broader design space for developers and their end users. We can't wait to see how the ecosystem takes shape and the utilities it enables as Linera advances into the devnet and testnet phases," said Ali Yahya, General Partner at a16z crypto.Linera recently made its initial software development kit (SDK) available for testing, targeting Rust developers. Thanks to the new funding, Linera will be expanding the team, launching a devnet and a testnet for the protocol and fostering a strategic presence in the APAC region while continuing to grow their developer academy.From microchains to mass-scalable applicationsThe competition for blockspace in traditional Layer 1 blockchains, coupled with limited production rates and block sizes, creates a bottleneck during traffic peaks, leaving users outpriced or delayed, rendering the infrastructure effectively unavailable.“We’ve taken a step back to completely redesign a blockchain infrastructure that scales from the start,” said Mathieu Baudet, founder and CEO of Linera. “Linera’s unique multi-chain architecture ensures predictable performance, responsiveness, and robust security at Internet scale."Linera empowers developers to create high-speed web3 applications used by a large number of active users in parallel, revolutionizing decentralized infrastructure for a variety of use cases, including retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.The Linera system scales by adding chains, not by increasing the size or the production rate of blocks. Its groundbreaking microchain model grants each individual user their own lightweight chains, which integrate into browser extensions or mobile devices for streamlined web3 app interactions within their wallets. During times of high demand, Linera's validators expand dynamically like elastic web services.Linera's innovative design is rooted in the expertise that Mathieu Baudet acquired at Meta while contributing to the Libra (now Diem) blockchain and co-authoring the academic paper "FastPay", which laid the foundations for the Linera protocol. Bernadette Cay, Linera's COO, brings extensive experience in launching products from Google and MoPub, the mobile ad exchange acquired by Twitter.About LineraLinera is the first low-latency blockchain designed to scale elastically like web2 applications. Founded by Mathieu Baudet, a former Meta Novi engineer and researcher, with a PhD in cryptographic protocols, Linera revolutionizes blockchain scalability by introducing microchains, removing mempools, and minimizing validator interactions. Linera optimizes performance for web3 applications used by a large number of active users in parallel, enabling unprecedented horizontal scalability for use cases such as retail payments, gaming micro-payments, messaging, proprietary trading, and blockchain bridges.Join us in creating the next generation of high-performance decentralized applications. Learn more at linera.ioAbout BorderlessBorderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has made 200+ investments across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities.For more information, please visit their website at borderlesscapital.ioContactPR DirectorKarla VilhelemMarket [email protected]

Société Générale Forge (SG Forge), the digital asset subsidiary of the prominent French banking firm Société Générale, has unveiled a new stablecoin, CoinVertible ($EURCV), pegged on the Euro. The stablecoin was launched on the Ethereum blockchain, and will be exclusively available for qualified institutional clients. Société Générale has not disclosed the requirements for qualifying to access the $EURCV stablecoin, only stating that it has pre-qualified institutional clients who have passed for its KYC verification process. The launch can be seen as a response to the growing demand for an on-chain asset that can be used for cross-border settlements. In effect, this bridges a gap between traditional capital markets and the digital asset management, particularly those linked in decentralized finance and the Ethereum ecosystem. The stablecoin also aims to offer new solutions for corporate treasury management, cash flow and on-chain liquidity management, as well as cash pookling initiatives for funding and refinancing. However, the new stablecoin was met with a certain degree of criticism from blockchain developers, highlighting some concerning traits inside the contract code. A software engineer known as Cygaar has recently discovered that the stablecoin could potentially allow the bank to seize and burn all its users' funds through certain functions in its smart contract. Cygaar criticized the bank's choice of system, stating that Société Générale would have been better off using JPMorgan's Onyx or an internal database for a centralized settlement layer. Origin Protocol developer Scott Mitchell expressed skepticism about the stablecoin's feasibility on Ethereum from an economic perspective. He argued that even with batch validation and low gas costs, the system would still be too expensive at scale. Another developer, 0xfoobar, pointed out that the code requires every ERC20 transfer to be approved by the centralized registrar in a separate Ethereum transaction before it can be processed. Pseudonymous smart contract engineer alephv.eth also drew attention to this issue, noting that the bank coded the system in such a way that it necessitates the whitelisting of all users and the processing of all user transfers and ERC20 approvals before executing the "transferFrom" function. This could significantly slow down the transaction speed for the stablecoin and complicate the process. As concerns mount over the EUR CoinVertible smart contract's design and functionality, it remains to be seen how Société Générale-Forge will address these issues and whether the stablecoin will gain traction among institutional clients given the issues highlighted by blockchain developers. The EURCV stablecoin will be traded under the ticker symbol EURCV, accessible only to investors who have been onboarded by Société Générale through its Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. In the coming weeks, SG-Forge CEO Jean-Marc Stenger will assess the interest of prospective clients and address their questiopns as part of the gradual adoption process. The newly introduced stablecoin is designed to adhere to major market standards, including the open-source interoperability and securitization framework known as Compliant Architecture for Security Token (CAST). SG-Forge emphasizes that it will guarantee the "complete segregation" of the collateral assets backing the value of the stablecoins from the issuer. According to the bank, this will be coupled with daily transparency reports and collateral positions to ensure the utmost integrity. The EUR CoinVertible smart contract has undergone auditing by professional services network PwC. Law firm White & Case has advised SG-Forge on the issuance of the stablecoin, while the role of the fiduciary is entrusted to Equitis Gestion, a private equity firm regulated by the French financial regulator, the Autorité des Marchés Financiers (AMF). Jean-Marc Stenger, SG-Forge's CEO, is optimistic about the potential of stablecoins built under a banking-grade structure in bolstering trust and confidence in the crypto ecosystem, sharing that: “This issuance is a major step in SG-Forge’s roadmap to deliver innovative solutions to its clients, either real-money institutions and corporates or entities of the crypto industry, and to facilitate the emergence of new market infrastructures based on blockchain.” Société Générale, which operates as one of France's largest banks by volume and assets held, has been increasingly involved in crypto and blockchain-related implementations over the past few years. In September 2022, the bank introduced custodial services for crypto fund managers through its Security Services subsidiary. The bank has also been experimenting with issuing security tokens on blockchains such as Tezos. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.