New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs

New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs

XDEFI has released its rival to the popular crypto wallet MetaMask which reported more than 10 million active users in August.

Last month, XDEFI Wallet raised $6 million led by Mechanism Capital and Defiance Capital, with other investors including Alameda Research, Sino Global, and Animoca Brands.

Now it has announced the public release of its non-custodial, cross-chain wallet built with a focus on decentralized finance (DeFi) and non-fungible tokens (NFTs).

This week, the team unveiled XDEFI Wallet 7.0 and introduced the Ape Mode for the apes and degens of crypto.

The wallet uses a proprietary gas algorithm to ensure that even during times of congestion, transactions get into the next block timely, says the team.

It is also optimized for EIP-1559 allowing “users the maximum benefit from Ethereum’s London hard fork while still maintaining an accessible interface.” By adding a network activity section in-app, it reduces reliance on third-party sites. ETH 3.35% Ethereum / USD ETHUSD $ 3,608.86
Volume 16.15 b Change $120.90 Open $3,608.86 Circulating 117.91 m Market Cap 425.53 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 11 h US Dollar Hits One-Year High But Bitcoin No Longer Holds an Inverse Correlation with it 1 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

While the wallet already offers access to chains like Terra (LUNA) and THORChain (RUNE), which are not available on MetaMask, support for other popular blockchains like Solana (SOL) and Avalanche (AVAX) along with layer 2 solutions like Arbitrum will be added along the way. LUNA 2.38% Luna Coin / USD LUNAUSD $ 0.01
Volume 0 Change $0.00 Open $0.01 Circulating 1.71 m Market Cap 12.73 K
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 5 d AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH 1 w Shift to Risk-on: Bitcoin Is Up 12% Already in Uptober Amidst Stock Market Weakness
RUNE 1.10% THORChain / USD RUNEUSD $ 7.33
Volume 47.74 m Change $0.08 Open $7.33 Circulating 224.41 m Market Cap 1.65 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 3 w DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700 1 mon DeFi Rallies Towards New Highs As Multiple Layer 1 Blockchains Amaas $50 Billion in TVL
SOL -2.60% Solana / USD SOLUSD $ 148.26
Volume 2.07 b Change -$3.85 Open $148.26 Circulating 299.9 m Market Cap 44.46 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 d NFT Deposits and Withdrawals are Now Live on FTX US for Institutional Favorite Solana (SOL) 1 d Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King
AVAX 1.39% Avalanche / USD AVAXUSD $ 55.04
Volume 651.96 m Change $0.77 Open $55.04 Circulating 220.29 m Market Cap 12.12 b
7 h New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem 5 d AnySwap and Aave Fork Geist Finance Send Fantom TVL Past $9 Billion, FTM Makes a New ATH

As for NFTs, the wallet offers automatic detection and a drag-and-drop NFT display grid.

Users can also buy crypto directly within the XDEFI Wallet, for which it claims not to charge a fee.

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Author: AnTy

Wormhole Launches Solana-Ethereum Bridge to Move NFTs Cross-Chain

Solana-based interoperability protocol Wormhole officially announced the launch of a cross-chain bridge between the competitors Solana (SOL) and Ethereum (ETH).

This bridge will enable the transfer of digital assets between ERC-20 and SPL blockchains.

The total value locked (TVL) in the decentralized finance space has skyrocketed to nearly $170 billion, climbing towards the $192 billion peak earlier this month. This growth in TVL continues to grow as more and more layer 1 blockchains gain traction, driving this demand for cross-chain bridges.

Ethereum is currently in the lead at $118 billion, followed by Binance Smart Chain (BSC) at $16.23 billion, then Solana at $8.74 billion, Terra $8.05 billion, Polygon at $4.1 billion, Avalanche $3.16 billion, and Fantom at $1.24 billion, according to DeFi Llama.

As Yearn Finance (YFI) creator Andre Cronje explained last week in a panel hosted by Sanctor Capital,

“The whole DeFi wave gave a reason for people to begin interacting with different blockchains.”

“The more we’re interacting, the more we are realising that there’s actually a little bit too much activity for any one chain to handle this stuff.”

“While I can’t specifically pinpoint a big bang moment, it’s a combination of the maturing of different blockchains and their DeFi ecosystems, and things like NFTs that are giving people more and more of a reason to interact.”

On Wednesday, Wormhole stated that they are launching the NFT bridge between Ethereum and Solana, meaning users will now be able to send Ethereum and Solana NFTs such as CryptoPunks and Bored Ape Yacht Club, and Degen Ape Academy cross-chain.

Just like different layer 1 blockchains are cropping up and ruling the cryptocurrency market, non-fungible tokens (NFT) are all the mania right now as well.

NFTs are currently the most vibrant sector, representing material activity on Ethereum, as can be seen in the daily number of ERC-721 transfers that increased by over 10x from the beginning of 2021 to today.

NFT marketplace OpenSea, meanwhile, is the economic hub of NFT activity on Ethereum, which grew at a staggering pace this year. In August, OpenSea registered more than $3 billion in total volume while the number of unique buyers peaked at 35k the same month.

Besides attracting new users and generating new economic activity, NFTs also congested the Ethereum network and started growing on other blockchains, which offered cheaper and faster alternatives.

So, Wormhole is enabling the users to move digital art across the two blockchains.

For now, in the initial version, the bridge will only support ERC-721 (with metadata) and SPL assets with plans to expand NFT support even further to enable cross-chain transfers of ERC-1155 assets as well.

“We can’t wait to see how users will leverage the NFT bridge to bring together previously disparate communities of artists, musicians, and content creators across multiple ecosystems,” tweeted the team.

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Author: AnTy

Avalanche Launches New Cross-Chain Bridge To Connect Users With Ethereum

Avalanche Launches New Cross-Chain Bridge To Connect Users With Ethereum

Blockchain protocol Avalanche has launched a new bridge aimed at facilitating cross-chain interoperability.

Avalanche Bridge To Replace Avalanche-Ethereum Bridge (AEB)

According to Emin Gün Sirer, creator of the Avalanche protocol, the new Avalanche Bridge (AB) would replace the existing Avalanche-Ethereum Bridge (AEB).

Sirer said the new bridge provides a faster user experience alongside stronger security and lower fees than the AEB bridge. Users will be able to merge Avalanche Bridge seamlessly with other basic applications of Avalanche like the Avalanche Wallet and Avalanche Explorer.

This bridge was built using Intel SGX Enclave technology, a software program that enables all operations in an environment to be secure.

Currently, the Avalanche Bridge will support only the Avalanche and Ethereum blockchain. However, the firm plans to rapidly expand the bridge to other new chains across the decentralized finance (DeFi) community.

Sirer is optimistic that the new Avalanche bridge will encourage users to explore the Avalanche blockchain and the DeFi sector more. He stated,

“Day-by-day I see incredible innovation happening across the Avalanche Community. This bridge will unlock a vast amount of opportunities for builders who get their start on $AVAX, as well as projects who have been waiting to expand to Avalanche.”

DeFi Protocols Migrating To Avalanche Network

Avalanche is an open-source platform for launching decentralized applications. Since its mainnet launch in September 2020, the platform has been focused on solving the speed and scalability problems of other blockchain platforms, especially Ethereum.

The platform claims to be an interoperable and highly scalable ecosystem that can process more than 4,500 transactions per second. Avalanche is similar to other base-layer blockchains like Solana and Binance Smart Chain. However, Avalanche has declared itself as the best smart contracts compatibility network.

Avalanche has been actively integrating other protocols on its blockchain recently. DeFi Yield farming platform, known as DYP, announced its expansion to Avalanche earlier this month. The platform revealed that three of its products, DYP Farming, DYP Tools, and DYP NFTs, would be live on Avalanche.

Before the DYP integration, Onomy, a crypto lender, also integrated its FX marketplace DEX called Onomy Exchange with Avalanche. The implementation of this partnership will be completed in Q3 2021.

Tenderly, a developer platform, also recently expanded to the Avalanche blockchain. This integration allows developers to use Tenderly’s toolkit to facilitate building on Avalanche. According to Tenderly, the toolkit allows for stressless bug fixing and testing different scenarios without spending any gas fees.

Avalanche has also been pushing its native token, AVAX. A few days ago, AVAX was launched on the digital asset trading platform BitMart. The tokens are now available for trading on the platform. Users would also be able to transfer AVAX tokens between their Avalanche Wallet and BitMart Account.

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Author: Jimmy Aki

DeFi Ecosystem Acala Launches EMV for Polkadot-Ethereum Connection

Acala has stepped into the cross-chain functionality space with a new Polkadot-native EMV, as more blockchain projects seek to put a spin on cross-chain functionalities.

With the decentralized finance (DeFi) space seeing impressive growth, several blockchain developers have flocked into the industry, hoping to serve as viable Ethereum substitutes.

While Polkadot is one of the leading Ethereum competitors, a surprising new project is bringing the two rivals together.

Ethereum Developers Welcome

Polkadot stablecoin Acala has announced the launch of a native Ethereum Virtual Machine (EVM) that will bridge both the Ethereum and Polkadot blockchains.

The project explained that the Acala EVM had launched ahead of the ETHDenver 2021 hackathon in a tweet, bringing a surprising spin to the hopes of cross-chain interoperability.

According to the company’s announcement, the new EVM will allow Acala to provide full-stack developers’ tools using Substrate, Solidity, and Web3 to seamlessly integrate decentralized applications (dApps) and access the DeFi sector with a single wallet.

It will also provide protocol composability for EVM and Substrate runtime, allowing developers to deploy their applications on Acala without any tooling support.

All dApps developed will be able to use Polkadot-native and cross-chain assets like ACA, DOT, renBTCm, and more. They can also deploy ERC-20 tokens in the EVM and list them on decentralized exchanges to be used as gas fee tokens.

Acala’s developers dismissed the notion they were trying to steal some of Ethereum’s considerable market share in the DeFi space. Instead, they plan to empower project developers to access cross-chain functionalities. The statement read,

“We are firm believers in the power of Substrate and built the Acala EVM to optimize for Substrate’s full potential and longevity rather than simply redeploying Ethereum on Polkadot.”

Compound Finance Brings Cross-Chain Functionality

Cross-chain functionality is becoming more of a growing trend in the DeFi market. This feature allows Compound to provide its assets and DeFi projects to move freely across multiple blockchain platforms.

In a world where Ethereum continues to experience scalability problems and rising gas fees, projects like Polkadot have presented viable alternatives. With cross-chain functionalities, the blockchain takes a significant step towards widespread adoption by providing one of DeFi protocol developers’ most glaring needs in cross-chain functionality.

Last December, Compound Finance, a top DeFi lending protocol, announced Compound Chain, a standalone blockchain that allows Compound to offer its services on multiple blockchain networks.

In a whitepaper, Compound noted that its new blockchain would support new developments in the general blockchain and crypto space. These include Ethereum 2.0 and possibly even Central Bank Digital Currencies (CBDCs). Thanks to its cross-chain integration, assets developed on the chain will be immediately available for lending on other platforms, allowing users to access more borrowing choices.

Speaking on support for other blockchains, Robert Leshner, Compound Finance’s founder, explained to industry news sources that the project’s community would vote on the blockchains to support. However, support for Ethereum will be a no-brainer. As long as a blockchain works with smart contracts, it is a viable candidate for Compound Chain support.

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Author: Jimmy Aki

Binance Backed Layer-2 DEX, Injective Protocol, Launches Solstice Testnet

Injective Protocol, the Binance backed cross-chain DeFi derivatives trading platform, is launching its testnet according to a publication on TechCrunch yesterday. This milestone comes as a significant step in the DeFi derivative market where action has been picking up in recent months; Injective Protocol plans to bridge the existing gap between chains so that derivative traders can operate freely across multiple decentralized exchanges.

This initiative allows DeFi derivative traders to operate on Ethereum and Cosmos blockchain networks’ likes without being limited to a particular chain. Injective Protocol leverages the Tendermint-based Proof-of-Stake (PoS) consensus to power an ecosystem where traders can engage in cross-chain derivatives trading. The project enjoys a $3 million funding from Binance and other prominent crypto investors, who include Pantera Capital & Hashed.

Pantera Capital has successfully existed in crypto, having invested in heavyweights like Bitstamp, Kik, and Blockfolio. A partner at the firm, Paul Veradittakit, praised the Injective Protocol cross-chain DEX derivatives exchange model;

“Injective’s Solstice testnet trades and feels like a state of the art derivatives exchange, but it’s actually entirely supported by a fully decentralized infrastructure.”

Notably, this project has been under the wraps for around two years as the team validated it with sizeable institutional traders, market makers, and funds. The co-founder and CEO, Eric Chen, previously worked in a blockchain-oriented fund where his role spun around cryptographic research. So far, Injective Protocol has already established partnerships with leading blockchain firms like Frontier, Ramp DeFi, and Elrond.

Meanwhile, DeFi operations continue to experience the increased activity as more participants join the nascent crypto niche. DEX volumes went up by almost 70% during the summer DeFi craze, a trend that is unlikely to reverse in favor of centralized crypto exchanges. DeFi innovations like Injective Protocol tout solutions to the underlying CeFi challenges include exchange hacks, exit scams, and front running.

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Author: Edwin Munyui

Interlay to Bring Tokenized Bitcoin to Polkadot Via PolkaBTC in 2021

A tokenized BTC coming to Polkadot as it is integrated with blockchain through a cross-chain bridge to Bitcoin that will go live in the Q1 of 2021. It would enable users to transact BTC as PolkaBTC on various platforms falling under the umbrella of decentralized finance (DeFi).

Interlay is behind the development of PolkaBTC, backed by Parity Technologies, and funded by the Web3 Foundation. Integration aims to accelerate Polkadot’s young DeFi ecosystem.

In the case of transferring a tokenized BTC (as like BitGo’s WBTC) out of its native blockchain, a copy of the underlying token is declared, where real BTC gets locked. And these copies of BTC are burned whenever a user shifts back to the Bitcoin blockchain.

On the contrary, PolkaBTC would get labeled in a 1:1 ratio and supported in many decentralized exchanges, lending protocols, and stablecoins.

Moreover, Interlay revealed that the permissionless and trustless nature of the ecosystem makes users have more control over their money as its working infrastructure doesn’t include any central or monitoring sector.

BTC-Parachain, since its initiation, is run by multiple nodes around the world, including community members and various companies, as a decentralized platform.

To use PolkaBTC at decentralized apps, you need to have some DOTs (Polkadot’s native token) used as collateral to mint the PolkaBTC. Three things you must have to mint are BTC wallet, Polkadot’s Wallet, and some DOTs. Interlay stated:

“In the case that a vault misbehaves, you will be reimbursed from the Vault’s collateral and will make a very profitable trade between BTC and DOT. At launch, collateral will be put down in DOT. In the mid/long run, this may be extended to stablecoins or token-sets to improve stability.”

If one wants to redeem the PolkaBTCs equivalent to a whole bitcoin, he needs to burn the tokens on the BTC-Parachain first. Interlay added,

“PolkaBTC can remain on Polkadot indefinitely (no expiry date) and can be redeemed for BTC at any point in time.”

The first Alpha testnet will be held next month for PolkaBTC, and Beta tesnet is expected in January 2021, and the mainnet launch is scheduled in the first quarter of 2021.

Also, the projects based on Polkadot would be integrated with PolkaBTC. Some of them include Moonbeam, Equilibrium, and Polkaswap.

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Author: Hank Klinger

Binance Smart Chain Partners With BAND Protocol to Bring In Real-World Data to DApps

Binance Smart Chain has partnered with the cross-chain data-oracle platform, Band protocol. Completing its integration with the smart chain, Band protocol is known for aggregating real-world data and connecting with smart contracts via API. The alliance would also help Binance to use Band’s decentralized and customizable oracles to scale the defi applications.

The official announcement listed several advantages that would come to the Binance smart chain with Band protocol integration. The official statement read:

“The integration with Band Protocol offers an efficient oracle request process, low-cost real-time data, high-quality data, end-to-end customizability, and decentralization – opening the gateway for reliable DeFi and blockchain applications to be built on Binance Smart Chain.”

“Binance Smart Chain developers are now equipped to build truly scalable products, including DeFi, programmable payments, betting games, VRF applications, prediction markets, and more!”

The Binance team’s decision to go with Band protocol was because it sought to enter the defi ecosystem. Band Protocols tools and APS can be used by developers to create various new use cases for smart contracts which powers the defi ecosystem. They also listed few features of the BAND protocol that led to select it over other oracle service providers.

Optimized For Scalability & Efficiency:

Band Protocol’s oracle mechanism is based on BandChain, an independent high-performant blockchain, which has been built purely for oracle computations such as data sourcing, aggregating, updates, and settlement.

Low-Cost Real-Time Data:

Built on the Cosmos-SDK, BandChain can handle over 1,000 transactions per second and has a short block time of roughly 2 seconds

High-Quality Data With End-to-End Customizability:

Developers can create custom decentralized oracles on BandChain that specify any external data source or API.

Fully Decentralized Oracle Mechanism:

Band Protocol currently has 59+ validator nodes on the BandChain decentralized oracle network, who are required to stake BAND tokens to participate in the data request process as determined by a randomized stake-weighted algorithm.

Binance smart chain aims to use the data oracle and API tools offered by BAND to strengthen its position in the defi space, which has been multiplying and has drawn tremendous interest from various traders and investors.

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Author: Rebecca Asseh

Celo Lab Announces Acquisition Of Summa To Boost The Celo Ecosystem

  • Leading cross-chain architecture firm Summa with the help of its technical expertise in cross-chain architecture will enable easier system communication between Celo and various blockchains.

On the 13th of August 2020, token-funded startup cLab was thrilled to announce the acquisition of the leading blockchain interoperability firm Summa. This is to enable cross-chain bridges between Celo and other various blockchains. Marek Olszewski, the Chief Technology Officer at cLabs, asserted that the new acquisition would help Celo execute the platform’s long term vision.

His counterpart James Prestwich who is the co-founder of Summa, also expressed his excitement working with Celo, saying that over the past two years, they had built the interoperability space from scratch.

cLabs multifaceted engineering team is behind the cross-chain architecture that drives BTC. Summa, which is backed by Polychain Capital, is a significant contributor to the Bitcoin, Ethereum, Zcash, and Cosmos ecosystems. Together, they have a proven track record of innovation in blockchain interoperability as well as extensive knowledge of blockchain architecture.

The addition of Summa’s expertise in interoperability will allow cLabs to bring additional support to the Celo chain, enabling further diversification and decentralization of the Celo Reserve in a fully-permissionless way and improving both the security and user experience of the Celo Platform.

Marek Olszewski, the Chief Technology Officer of cLabs, praised Summa as one of the best teams focused on cross-chain bridges. The latest acquisition of Summa is expected to contribute to the adoption of Celo as the technology is bridged to the broader ecosystem. Through venture capital and token sales, Celo has so far raised 40 million dollars.

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Author: Lujan Odera