Ethereum Based NFT Game, Axie Infinity, Raises $860,000 in Governance Token Sale

Top Ethereum-based crypto game Axie Infinity has raised $860,000 in its sale of AXS governance token.

The firm launched the AXS token officially this month on Uniswap and Binance. It was valued at $0.12 when it was first launched. But its current market price stands at $0.47, according to CoinGecko.

The fundraising was led by Delphi Digital and was necessary to make yield farming more simplistic. Other contributors to the funding include Sparg and Arca.

Axies’ are used like CryptoKitties, which are non-refundable tokens, symbolized by cryptographically distinguished cartoon characters that are almost difficult to find elsewhere. The NFT collectible creatures are rare, especially the Axie NFT, which was sold for 300 ETH ($1,300) this month.

Axie Infinity the only NFT project with over 10,000 users

Jeffrey Zirlin, the co-founder of Axie Infinity, commented on the achievement in an interview.

“We’ve overtaken CryptoKitties by quite a lot,” he said, adding that the company is the first Ethereum-based NFT project to cross the 10,000 level for monthly active users.

Based on information available on data site DappRader, Axie Infinity game currently maintains over 2,500 users per day, which makes it the most popular game on the Ethereum blockchain.

AXS token has been in development for two years

The AXS project may be coming when blockchain is taking center stage for the latest technology. But the Vietnam-based start, who also developed the Sky Mavis game, said the AXS token project began two years ago. According to Zirlin, the launch would have happened earlier, but the pandemic put a little hold on its development.

The scale of today’s governance token is coming amidst collaboration with Chainlink, announced a few days ago.

The announcement stated that Chainlink’s decentralized ETH/USD had been integrated into the game to make sure players always see the current price. The game also added Chainlink’s Verifiable Randomness Function (VRF) for more efficient in-game play involving breeding Axis.

Zirlin also said that the governance token’s primary goal is to bring everyone onboard by aligning their incentives. Core developers, content creators, and players can all have their aligned incentives, which the token will provide.

He also revealed that the tokens would have both fee-sharing features and governance functions, and the proceeds from such features will be sent to the Community Treasury.

Zirlin also confirmed the crypto gaming firm is about launching a new game mode, which will be available on the platform early next year. The game will feature an animal crossing-like setting, where the players can farm on virtual pieces of land to earn in-game tokens.

The play-to-earn approach is part of the game’s success.

Zirlin responded to questions about the game’s play-to-earn approach and said the process is one reason for its success.

According to him, players can spend time playing the Axie Infinity game to earn ERC-20 tokens, which is approximately $5 per hour.

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Author: Ali Raza

Decentralized Indexing Protocol, The Graph, Raises $5M In A SAFT From Coinbase and DCG

Ethereum-based data startup, The Graph, has revealed that it has raised $5 million after its token sale.

The San Francisco firm announced on Tuesday that the new token sale, utilizing the Simple Agreement for Future Tokens (SAFT) model, for various accredited investors.

Among the participants were highly reputable firms such as Coinbase Ventures, ParaFi Capital, Framework Venture, as well as Digital Currency Group. Previously, the company had acquired $2.5 million during the seed round, which was led by Multicoin Capital.

The Graph has developed an indexing platform that will help organize blockchain data for easy accessibility. Individuals can utilize The Graph’s open-source platform for searching specific Ethereum data just as is the case with Google search.

According to Yaniv Tal, The Graph CEO, there are thousands of developers who are already using the firm’s tools, which includes the team that came up with decentralized exchange (DEX) Uniswap as well as token-fueled Aragon project.

Hayden Adams, Uniswap’s co-founder, confirmed that they use The Graph’s tools for – the company’s analytics site.

Speaking to the press, Framework Ventures’ Michael Anderson, one of the lead investors, stated that his firm was pleased to support Yaniv and his team. According to Anderson, his firm would help The Graph to grow further once it launches. Anderson also stated that The Graph’s reputation was at par with that of Chainlink as well as Ethereum.

At the moment, The Graph is a hosted service but, plans are underway to ensure it moves to a decentralized network before the end of the year.

The Graph was founded in 2018 and currently services thousands of applications. The firm claims that it processed approximately 50 million queries every day, and in May, it processed 750 million queries, which represented an increase of 45% compared with April.

SAFTs are designed to allow firms to sell the rights to future tokens that are only available once the network is launched. The format was developed to ensure that a startup isn’t operating an unregistered securities sale.

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Author: Joseph Kibe

Trustless Bridge Between BTC & ETH Remains a Pipe Dream; tBTC Paused Two Days After Mainnet

“tBTC lasted on mainnet two days.” That’s right, the Ethereum-based token tBTC which was backed 1:1 by bitcoin has been paused just two days after its public launch.

A sidechain, tBTC allows to move BTC in and out of Ethereum without a trusted counterparty. As the project lead Matt Luongo explained, “think cool dApps and new privacy tools for BTC.”

Luongo shared the news via Twitter earlier today that they have pulled the stop and are not helping the users with their funds.

But the team lead was “glad” that they caught it this early as it means the depositors’ funds are saved. The smart contract bug was found by Antonino Salazar Cardozo, Thesis’ head of engineering and confirmed by James Prestwich of Summa. “It’s not so bad. Finding things early means protecting users,” said Luongo.

As for what happened, the team will be posting a deep post-mortem once everything is cleaned up but in short, “Smart contracts are very hard.”

They have taken down the dapp and are now helping users recover funds in Discord. From a maximum of 11 BTC, 7 are pegged in, shared Luongo. Those holding tBTC are asked to visit here.

On May 16, Luongo was the “proud” first tBTC minter on mainnet. Because the system is young and most of the minters were active community members, they are expecting to get this all sorted out in a couple of days only.

“All depositor funds are safe now- but they might not be if they aren’t withdrawn within the 10-day new deposit pause,” warned Luongo.

An ambitious attempt failed

The idea with tBTC was to bring BTC over to ETH network via decentralized custodians.

Keep Network, an Ethereum-based system for storing data off-chain and Summa that provides tools for cross-chain communication are the team behind this project.

Unlike BitGo’s Wrapped BTC (WBTC), tBTC took a unique approach to bring a decentralized version of pegged BTC to Ethereum’s DeFi. As we reported, its launch also saw double the amount of BTC locked in DeFi last week while the amount of Ether locked in DeFi continues to drop since February.

With tBTC, it was possible to mint tBTC directly on the Ethereum blockchain in a trustless manner and use their held BTC to generate yield in DeFi.

If tBTC had succeeded “in bringing significant BTC liquidity into DeFi, DeFi could grow significantly” given bitcoin’s market cap, noted Token Daily. It had hoped to reflect in Ether’s price and benefitted in the form of having its interoperability capabilities enforced with other chains.

But it would have also threatened to replace ETH as the main collateral for DeFi protocols.

But now that tBTC isn’t running anymore, its advantages and risks are all fruitless, for now.

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Author: AnTy

Coinbase’s Visa Debit Card Available In UK and EU, Adds First Stablecoin Support in Maker’s DAI

The Visa debit card offered by the crypto exchange Coinbase now has Ethereum-based DAI stablecoin support.

The news was released on Friday, when Coinbase Card made the announcement that DAI is the first stablecoin to be included in its offering. The debit card was launched in April this year and it allows UK and EU customers to spend the crypto they’re holding in their Coinbase accounts.

Coinbase Card added Support for Other Crypto Assets Last Month

In November, Coinbase Card added Brave’s token (BAT), Stellar (XML), Augur (REP) and 0x (ZRX). Besides, it furthermore supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ether (ETH). The Coinbase UK head of marketing, JD Millwood, said in a recent commentary the offering of the debit card has managed to help many users spend crypto just as easily as they’re spending money from their traditional bank accounts, and that the Coinbase Card is going to be more in demand now that Christmas is coming.

10 More European Countries Added Last Month to Coinbase Card’s Portfolio

In November, Coinbase Card has expanded to 10 new European countries, making a total of 20 countries in which it operates. The newly added ones were Denmark, Liechtenstein, Sweden, Romania, Iceland, Norway, Bulgaria, Poland, Croatia, and Hungary.

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Author: Oana Ularu

Iceland-based IKEA Utilizes Ethereum-Based Token To Settle An Invoice via Monerium

Renowned Swedish furniture store IKEA has used an Ethereum-based token to clear an invoice. According to the Nextweb, the payment was done with a local retailer using blockchainfield digital cash.

The payment was enabled by Tradeshift which is a supply chain payments management firm. The transaction was made using the digital Icelandic version of the Krona that was developed by Monerium.

According to a press statement released by Monerium, the company explained that the transaction made Monerium the first authorized provider of e-money for blockchains. The report also explained that programmable digital money that is under government regulations is now available for mainstream adoption.

Monerium was licensed as a digital money company by Iceland’s financial regulator in June this year. Monerium which operates from Reykjavik was able to raise $2 million in a funding round earlier this year and was backed by the biggest Ethereum development company, ConsenSys.

For Monerium to achieve the status of an electronic money institution, it satisfied the requirements set by the European Central Bank which was developed in 2009. Although the law has been in existence for about 10 years now, this marks the first time that such a settlement has been made in Europe using the digital form of fiat currency.

IKEA’s entrance into the Ethereum space is remarkable as it will help in enhancing adoption of the cryptocurrencies into mainstream use. The settlement of the invoice using digital money will also enhance easy and cheap cross-border payments.

Monerium CEO Sveinn Valfells explained that electronic money is less volatile than cryptos and can be used as an alternative to fiat and can easily be redeemed when needed.

Valfells also added that Monerium and Tradeshift are working together to change the financial landscape by providing a supply chain management solution where transactions can be settled immediately and at low costs. He also believes that the two companies can spread the solutions to other countries to support small companies.

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Author: Joseph Kibe