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💎TON Foundation launches Society DAO to drive decentralized governance and ecosystem growth.
The Open Network (TON) Foundation has launched a new governance model, Society DAO, aimed at fostering a more decentralized ecosystem.
Society DAO wants community members to take an active role in decision-making, resource allocation, and project management, with a goal to enhance autonomy and growth within the TON ecosystem, according to the TON Foundation blog.
The goal is to create a more decentralized governance model instead of having a centralized foundation that can create a single point of failure.
"TON Foundation is advancing a community model that redistributes resource allocation power back to the community.
Under this approach, respected and proven community members are empowered to coordinate vision, goals, and strategies, collectively determining resource allocation in alignment with TON's overall growth," said President of the TON Foundation Steve Yun and Ton Society co-founder Jack Booth in a… 0 reply
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⚡Kraken plans 'Ink' Ethereum Layer 2 launch in 2025 built using the OP Stack.
Kraken is planning to launch its own Ethereum Layer 2 blockchain called Ink early next year in partnership with Optimism, following the lead of rival crypto exchange Coinbase.
Confirming initial reports from November 2023, Ink is expected to debut its testnet later this year, with a full mainnet launch anticipated in the first quarter of 2025.
It is designed to offer permissionless access to DeFi applications, including trading, lending and borrowing services, according to a statement on Thursday.
Ink will join the broader Ethereum ecosystem as part of the Superchain—a network of interoperable Layer 2 blockchains built using Optimism's OP Stack, which enables seamless communication and scalability across networks.
Projects including OP Mainnet itself, Base, Zora and Worldcoin have already deployed Layer 2s on the Superchain, with the decentralized exchange Uniswap unveiling its own Unichain optimistic rollup plans earl… 0 reply
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💰'Network State' project Praxis secures $525 million to build crypto-friendly city.
Praxis, the ambitious project that bills itself as the world’s first "Network State," announced on Tuesday it secured $525 million to finance the building of a tech-forward city that will support the development of crypto, artificial intelligence, energy and biotech.
"With this capital, Praxis can execute its vision of building the next great city," the project said in a statement. "The city will be designed to attract entrepreneurs and foster breakthroughs in AI, crypto, biotech, energy, and advanced manufacturing ... The culture of the city will promote the traditional values of Western Civilization."
Praxis, helmed by 28-year-old cofounder Dryden Brown, provided a long list of new investors, including Arch Lending, GEM Digital, Manifold Trading, and angels like Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project has previously raised money from Paradigm, Alameda Research and Three Arrow… 0 reply
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🔵Base becomes largest Ethereum rollup by total value locked, surpassing Arbitrum.
Base, a Layer 2 Ethereum network developed by Coinbase, has now become the largest rollup in terms of total value locked.
Base has a TVL of $2.49 billion distributed across 366 protocols, slightly surpassing Arbitrum’s TVL of $2.39 billion, data from DeFiLlama shows. A large portion of Base’s TVL comes from the decentralized exchange Aerodrome, which accounts for over $1.3 billion in deposits.
Moreover, Base now ranks among the top five blockchain networks in terms of TVL, positioned just behind Layer 1 chains such as Ethereum, Tron, Solana, and BNB Chain.
Base functions as an optimistic rollup utilizing the OP Stack. This Layer 2 solution processes transactions off the main Ethereum blockchain and periodically commits data back to it. 0 reply
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💎TON-based projects Notcoin and Dogs to collectively burn $4 million in tokens.
Telegram-based gaming pioneer Notcoin and the memecoin project Dogs Community announced that they collectively will burn $4 million worth of tokens.
"Following a community vote, $DOGS and $NOT will burn tokens for a value of approximately $4 million," according to a statement.
🔥"This burn will permanently reduce the overall supply of tokens for both projects, while a sizable portion of the unclaimed $DOGS tokens will be donated to charitable causes, as decided by the community."
Notcoin's native NOT token, which has a market cap of over $800 million, was changing hands at $0.0078 as of 9:29 a.m. ET, according to The Block Price Page. The DOGS token has a market cap of roughly $370 million, according to CoinGecko.
🐶After a vote, the Dogs Community decided to "burn 4.8 billion tokens while donating about six billion unclaimed tokens to charitable causes selected by the community." That would mean at current prices,… 0 reply
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📉Geopolitical risks could drive bitcoin below $60,000, creating buying opportunity, Standard Chartered analyst says.
Standard Chartered's global head of digital assets research Geoff Kendrick said that while risks in the Middle East may drive bitcoin lower, investors should consider it a buying opportunity due to Donald Trump's rising chances in the U.S. presidential election race.
"Risk concerns related to the Middle East seem destined to push bitcoin below $60,000 before the weekend, but, positions like the $80,000 call options highlighted here and the circularity vis-à-vis Trump probabilities suggests the dip should be bought into," Kendrick said in a note.
He observed that the odds in the U.S. presidential race between Donald Trump and Kamala Harris have shifted slightly this week. According to Polymarket, Trump's chances have increased by about 1%, while Harris's have dropped by the same amount. As a result, Harris's likelihood of winning the November election now stands at 49%, whereas Trump's… 0 reply
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📉The cryptocurrency market sell off, which saw the Bitcoin price nose-dive by over 5% late Tuesday, resulted in massive liquidations totaling $526 million over 24 hours.
Long positions accounted for $453 million and short positions for $73 million, according to data from CoinGlass.
At the time of writing, Bitcoin is trading down 3.5% at $61,720 early Wednesday, while Ethereum (ETH) fell over 6% to $2,480, according to CoinGecko data.
It's worth noting that analysts have been saying the setback, however painful, is temporary—not the harbinger of a prolonged bear market. In the coming months, Bitcoin stands to see a boon from China's stimulus, U.S. employment figures, clarify on FTX payments to creditors, and an end to the U.S. election season.
The cryptocurrency market sell off, which saw the Bitcoin price nose-dive by over 5% late Tuesday, resulted in massive liquidations totaling $526 million over 24 hours.
Long positions accounted for $453 million and short positions for $73 million, according… 0 reply
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💰Initia raises $2.5 million in under 2 hours on Cobie's Echo at $250 million token valuation.
Initia, a blockchain project that announced a $14 million Series A funding round on Wednesday, raised an additional $2.5 million in under two hours on Thursday via Echo, the angel investor platform founded by well-known crypto trader Jordan Fish, also known as Cobie, two sources with direct knowledge of the matter told The Block.
The fundraise on Echo was conducted through a token purchase agreement, unlike Initia's Series A, which was structured as a simple agreement for future equity (SAFE) with token warrants, the sources said.
Notably, Initia's Echo round took place at a $250 million valuation, 28.57% lower than the $350 million valuation for the Series A, the sources added.
Initia co-founder Ezaan Mangalji, who goes by "Zon," and Cobie both confirmed Initia's fundraising on Echo to The Block but declined to comment on specific details of the raise. 0 reply
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⚡Plume Network says it's tokenizing over $1 billion in real-world assets like solar farms, Medicaid claims and mineral rights.
Plume Network has announced plans to tokenize about $1.25 billion worth of real-world assets, and in the process, offer holders a chance to earn yield, the company said in a statement.
The goal is to tokenize assets including "solar farms, private credit, Medicaid-backed invoices, [and] mineral rights" in order to make them accessible to investors by the fourth quarter, said a Plume Network spokesperson.
Plume Network aspires to "eventually" have $3 billion in assets tokenized, the person added.
"What makes Plume stand out is its proprietary access to high-yield, privately held assets, such as private credit, Medicaid receivables, and renewable energy, that are being tokenized exclusively on our platform,” said Plume Network co-founder and CEO Chris Yin in a statement. “These assets, traditionally out of reach for most investors." 0 reply
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💱Former Coinbase Execs Debut Stablecoin Exchange and PayPal USD Settlement Network
The exchange is "leveraging the power of stablecoins to facilitate efficient liquidity and settlement solutions,” said Vishal Gupta, CEO of TrueX.
TrueX, founded by a former Coinbase exec, has launched True Market, a stablecoin-native and non-custodial crypto trading platform. The company has also completed a $9 million seed funding from investors including Solana Foundation, Aptos, Paxos, and others. The platform features PayPal's PYUSD as the preferred stablecoin for settlements.
Founded by former Coinbase, Circle, and Goldman Sachs executives Vishal Gupta and Patrick McCreary, TrueX represents the flagship product of True Markets, a non-custodial platform offering innovative liquidity solutions.
TrueX uses Paxos for its infrastructure—the same firm that previously issued Binance USD (BUSD) and now oversees PYUSD. 0 reply
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