Layer 2 Scaling Solution Polygon (MATIC) Sees Nearly $4B in TVL as QuickSwap Gains Traction

Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction

Increasing use of Ethereum, leading to extremely high fees on the network, has been resulting in BSC and Solana (SOL) getting traction. But it is not only layer 1 chains that are gaining support, but layer 2 solutions are getting just as much usage.

Polygon, previously known as Matic, is one such project that is working on transforming Ethereum (ETH) into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. ETH 15.91% Ethereum / USD ETHUSD $ 3,425.84
$545.0515.91%
Volume 49.15 b Change $545.05 Open $3,425.84 Circulating 115.73 m Market Cap 396.46 b
4 h Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio 5 h eBay CEO says Company Is Looking at Crypto as Payment Option & Selling NFT on the Platform 6 h Ethereum Co-Founder Vitalik Buterin is Now a Billionaire, Holding Over 333,520 ETH
BNB 8.83% Binance Coin / USD BNBUSD $ 676.92
$59.778.83%
Volume 5.28 b Change $59.77 Open $676.92 Circulating 153.43 m Market Cap 103.86 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 9 h Another Binance Smart Chain (BSC)-based DeFi Protocol Gets Exploited for Over $30 Million 2 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum
SOL -2.45% Solana / USD SOLUSD $ 45.71
-$1.12-2.45%
Volume 609.8 m Change -$1.12 Open $45.71 Circulating 272.64 m Market Cap 12.46 b
7 h Layer 2 Ethereum Scaling Solution Polygon (MATIC) Sees Nearly $4B in Value Locked as QuickSwap Gains Traction 6 d BadgerDAO & RenVM Launch A ‘Bridge’ to Bring Bitcoin to Ethereum in ‘One Click’ 6 d USDT Supply on Tron Surpasses Ethereum as Tether Hits $50 Bln in Market Cap

Currently, the side chain has $3.88 billion of value locked in it, the highest among any other side chain. Next in line is ZKSwap, with under $600 million in value locked. Sidechain xDAi has under $200 million, while Optimism has just under $100 million locked on it.

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Polygon’s Proof of Stake sidechain also sees a significant increase in its transaction volume, so much so that it is exceeding Ethereum’s transaction count by nearly 20%.

“Polygon is currently doing ~1M daily txs and has onboarded numerous DeFi blue chip projects, including AaveAave, which has >$2B in liquidity there — disproving the “Ethereum can’t scale” narrative,” noted Spencer Noon, general partner at Variant.

Compared to Ethereum’s 150 million unique addresses and BSC’s 61 million, Polygon still has only about 400k unique addresses. And top 3 addresses sent 573,000 transactions last week, with arbitrage trades making up a large majority of it, as per Nansen. Also, only 25% of all Polygon addresses ever sent transactions on Ethereum.

One of the primary reasons for the growth in transactions can be attributed to its native DEX Quickswap, which is accounting for half of those transactions.

A big increase was seen at the end of last month, seeing as much as $260 million in volume and over half a billion dollars in liquidity on QuickSwap.

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As a result of this growth, the tokens are also enjoying an uptrend. Quick is currently trading at $1,053, near its all-time high of $1,590 hit on Friday, presenting a 500% gain in the last week.

The same day, Matic hit a new ATH of $0.937. Currently, at $0.8118, MATIC is up from $0.3 at the beginning of last month and $0.0176 at the start of the year.

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Author: AnTy

Reddit Partners with Ethereum Foundation to Create Scaling Solutions on Its Social App

Reddit Partners with Ethereum Foundation to Create Scaling Solutions on Its Social App

  • Reddit partners with the Ethereum Foundation to scale its “Community Points Rewards” system.
  • The points system rewards quality user posts with crypto tokens.
  • The new system will be open source and available for every developer to use.

In mid-June 2020, Reddit announced a possible partnership with the Ethereum Foundation to scale its ‘Community Points Rewards’ system. The move was widely regarded as the first step the popular discussion social app was taking in creating a decentralized community to promote freedom and incentivize “quality” posts on the platform. Now, Reddit is formalizing its steps to decentralization with an official partnership with Ethereum’s lead development team, the Ethereum Foundation, announced on Wednesday.

Reddit’s “first-ever blockchain partnership” aims to boost community participation through blockchain, accelerate scaling and development tools for Ethereum’s ecosystem and bring value and decentralization to its millions of customers globally, the post reads.

The two companies worked together on the Scaling Bake Off competition in August 2020 to promote decentralization on Reddit. A total of 22 projects submitted their detailed scaling solutions pitches, including Matic Network, NEAR Protocol, and SKALE Network.

The new partnership will focus on scaling the Community Rewards Points system for a start, the post reads. The point’s system will reward users with crypto bonuses for “quality posts” and comments. The developments will be led by the Reddit development team, with help from the Ethereum Foundation, but the system will be available for anyone to use. The Reddit post reads,

“We intend to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

“The scaling technology developed through this partnership will be open-sourced and publicly available for anyone to use.”

The Community Points Rewards system is currently in the beta testing phase on the Rinkeby Network and tested in two communities on Reddit – r/CryptoCurrency and r/FortNiteBR. Each of these discussion groups has over 1 million users, and plans are underway to scale the rewards to every 430 million users on the social platform.

The report further states the rewards system aims to “utilize decentralized technology to empower individuals to have a sense of accountability and more ownership in the communities they create and contribute to.”

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Author: Lujan Odera

Aztec 2.0 Launches Ethereum Layer 2 Scaling Solution for Privacy Using zkSNARKs

Aztec, an Ethereum based protocol, has released its L2 scaling solution coupled with the project’s fundamental aspect of privacy. The startup announced this news in a Medium post earlier today, noting that Aztec 2.0 is now live on the Ropsten testnet. This comes as one of the many reliefs to an ailing Ethereum ecosystem due to network congestion and high gas costs.

According to the post, Aztec’s L2 scaling solution has been derived from the zero-knowledge (zk) rollup tech. This infrastructure is basically part of Ethereum’s zero-knowledge proofs that have come up to make transactions private. Based on the PLONK research, Aztec claims that its newly debuted L2 scaling network enables the protocol to leverage zkSNARKS tech in two distinct ways.

For starters, zkSNARKS is used to encode every transaction as part of protecting Aztec users’ data. It also plays a role in the ‘roll-up’ of these transactions, hence the batching into one proof that is, in turn, sent to Ethereum’s on-chain. Aztec has since said that this approach could scale its network throughput up to 300 TP/s and preserve on-chain data simultaneously.

“Using this technique, the network can scale on-demand up to a hard limit of ~300 TX/S, while preserving on-chain data availability.”

The firm further claims that gas costs will be slashed by 200x in Aztec 2.0 compared to prevailing costs within its 1.0 ecosystem. Other than scalability solutions, Aztec has also introduced an open-source scripting language dubbed ‘Noir.’ This will allow developers to easily compose the zkSNARKS transactions code compatible with the new L2 scaling solution by Aztec.

Aztec plans to upgrade this innovation in November to integrate DeFi access while maintaining scalability and privacy. The post reads,

“This upgrade allows users to anonymously access DeFi transactions at a fraction of the gas price. And, without having to port DeFi protocols to layer 2.”

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Author: Edwin Munyui

Bison Trails, Coinbase Custody Colab to Add Solana (SOL) Staking as Institutional Demand Grows

Bison Trails and Coinbase Custody are further scaling their collaboration by introducing staking on Solana (SOL) blockchain. According to a press release shared with Bitcoin Exchange Guide, this initiative will enable Coinbase clients to leverage enterprise-grade validators within the Bison Trails ecosystem.

The two entities have been working together and have recently introduced staking on Polkadot as well. This latest milestone, therefore, comes as a significant boost in the ongoing partnership between Coinbase Custody and Bison Trails. Interestingly, both firms are based in New York, with former being regulated by NYDFS while the latter operates as an Infrastructure-as-a-Service Company.

Following this development, Coinbase Custody will feature among the pioneer digital asset cold storage providers to offer to stake on Solana. Combined with the Bison Trails infrastructure, Coinbase Custody is set to give its users an option to stake Solana tokens while their digital assets are stored offline and safe. The press release reads,

“Customers of both Coinbase Custody and Bison Trails will be able to select their Bison Trails validator via the Coinbase interface. This will make it simple to participate in securing Solana and Polkadot in just a few clicks.”

While the press release does not specify a speculated reward range, it highlights that staking SOL tokens at the moment increases the time-frame of becoming active before inflation adjustments are triggered for users to start earning rewards.

Bison Trails CEO, Joe Lallouz, has touted this advancement, noting the underlying value proposition in user experience,

“It’s a seamless integration and a phenomenal user experience. We look forward to working with the Coinbase Custody team to continue to add support for more protocols in the near future.”

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Author: Edwin Munyui

Ethereum Layer 2 Solution, SKALE Network, Launches Its First Phase On Mainnet

SKALE – an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network – has started to roll out the first phase of its mainnet.

The Web 3.0 centered startup has been in the development mode for years with backing from the likes of Arrington Capital, Winklevoss Capital, Consensys, and more.

The main goal of the startup is to help decentralized applications (DApps) on the Ethereum network to scale better. The startup offers an elastic validator which can be utilized by developers and is fully compatible with the second-largest blockchain by market cap. In the first phase of the rollout, SKALE promises 2,000 transactions per second along with sub-second block time and also offers smart contract compatibility.

The second-phase rollout would see the addition of new features such as bounty and staking rewards facilitated via the Consensys Activate Platform. In contrast, the third and final phase rollout would see the removal of all kinds of transfer and exchange restrictions.

Jack O’Holleran, CEO of SKALE labs, commented on the first-phase rollout of SKALE protocol and how it would save a ton of cost and time by offering dapp scaling solutions. He said:

“SKALE pricing supports Ethereum by giving dapps their blockchain with a charge for the amount of server space over some time, rather than by transaction. On SKALE, it will be thousands of times less expensive to run transactions while not losing sync with Ethereum.”

The Second and Third Phase Rollout Will Coincide With Consensys Activate Platform Launch

Consensys is all set to launch a token sale platform called Consensys Activate which, would be a more structured and secure form of fundraising platform as an alternative to the scam ridden ICO boom in 2017. The phase two and three rollouts of SKALE protocol will coincide with the launch of the Consensys fundraising platform.

The ICO boom of 2017 saw many new projects and tokens being launched with millions and billions in raised funds. However, a majority of those projects turned out to be a scam that never made it to any exchange.

Consensys Activate platform would eliminate the fraudulent factor associated with the ICOs, where the platform would require strict identity verification and would require investors to have at least a basic knowledge of the project they are investing in.

Consensys Activate also aims to eradicate the technical complexities involved with buying and managing a new token. The platform promises to bring a simplified user interface for its platform allowing users to stake tokens and interact with the protocol easily.

O’Holleran while talking about the upcoming Activate platform explained what would be new with the platform saying:

“We have been working towards this moment for over two and a half years and, we could not have gotten to this point without such an amazing team, community, and supporters. The best thing about a network launch is that it marks not the end, but the end of the beginning.”

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Author: Hank Klinger

IOV Labs Launches Light Client for the Lumino Network to Boost BTC’s Smart Contract Capability

IOV Labs, an early-stage firm focusing on scaling solutions for Bitcoin’s blockchain, has launched a new layer to further enhance its course. The Gibraltar based startup released a light client for the Lumino payments network on May 13.

This milestone was confirmed in a statement issued to Cointelegraph by IOV Labs,

“IOV Labs announced the launch of its Light Client for the Lumino Payments Network, a third-layer Bitcoin scaling solution.”

Notably, the Lumino payments network is set to rival the popular Lightning scaling solution for Bitcoin. This initiative, however, enjoys a competitive advantage as it is compatible with smart contracts designed to leverage Bitcoin’s ecosystem.

Lumino Network Fundamentals

Bitcoin’s rise has not been short of challenges given its limiting tech infrastructure when it comes to scaling. This has resulted in slower transactions than stakeholders anticipated with approximate 7 transactions per second (Tps). The Lumino network comes as one of the solutions to increase throughput within Bitcoin’s blockchain.

With the new light client for Lumino, Bitcoin’s network can be boosted to 100 Tps accompanied by a possibility of scaling to 20,000 in the near future.

In order to achieve this efficiency, IOV Labs has boosted the so-called ‘layer three solution‘. This basically means that the platform leverages Bitcoin’s network to secure smart contracts and ERC-20 based tokens. RIF Labs had earlier launched sidechain solutions dubbed ‘Rootstock’ (RSK) for smart contract integration. The recently released light client will further reduce the resources required by developers to create DApps based on BTC’s network.

Lumino’s new light client allows the developers to build blockchain-based solutions without operating complete nodes. Instead, they can develop innovations with online web access and mobile hardware. This will, in turn, allow more focus on bootstrapping Bitcoin’s network given node availability hence a higher Tps.

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Author: Edwin Munyui