Friend.tech, the decentralized social media platform built on Coinbase’s layer-2 protocol, Base, has achieved remarkable milestones in terms of revenue growth and total value locked (TVL) on its platform.
Recent data from Dune Analytics reveals that Friend.tech’s revenue has surged to an impressive 10,663 Ether, while its TVL has exceeded 30,000 ETH as of October 2nd.
These accomplishments are especially noteworthy as they come at a time when the initial hype surrounding the platform has subsided.
Launched in August 2023, Friend.tech offers users a unique experience by allowing them to exchange “keys” associated with X accounts, formerly Twitter handles, belonging to their friends or influencers.
These keys grant users access to private in-app chatrooms and exclusive content restricted to the respective X account holder.
Additionally, users have the opportunity to invest in shares of their friends and favorite influencers within the platform.
The concept of a decentralized social network with a revenue-sharing model received praise within the Web3 community.
However, it also attracted its fair share of critics. Some skeptics declared Friend.tech “dead” shortly after its launch, citing concerns about its revenue model.
READ MORE: Google Cloud Joins Polygon Network as Validator, Boosting Blockchain Security
Predictions were made that the platform would lose its charm within six to eight weeks, and doubts were raised about the sustainability of the rapid share price increases observed in the initial weeks.
Despite the skepticism, Friend.tech has defied expectations by continually achieving record-breaking revenue and user growth.
Notably, the recent surge in revenue coincides with a significant increase in communicative transactions on the platform, reaching a staggering 9,200,882.
While current trading metrics have dipped from their peak in the first week of September, the consistent growth in both revenue and TVL indicates that the platform is still gaining traction among users.
In conclusion, Friend.tech’s decentralized social media platform, built on Coinbase’s Base protocol, has demonstrated its resilience and appeal in the face of initial doubts and criticisms.
Its impressive revenue growth and rising TVL attest to its ability to capture and retain user interest, even as the initial hype has waned.
Friend.tech appears to be well on its way to establishing itself as a significant player in the decentralized social networking space.
Other Stories:
Space and Time Integrates Its Proof of SQL Verifier Into Chainlink Nodes
SEC Delays Decision on Spot Bitcoin ETF Proposals Amid Looming Government Shutdown
Venture Capital Firm Paradigm Criticizes SEC’s Unconventional Approach in Binance Case
Global asset manager VanEck has pledged to donate 10% of profits generated from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers over a span of 10 years.
The announcement was made via the company’s X (formerly Twitter) account on September 29.
The recipient of these donations will be the Protocol Guild, a collective of more than 150 developers responsible for maintaining Ethereum’s core technology.
VanEck emphasized the importance of asset managers giving back to the community that underpins the crypto protocol, stating:
“As traditional finance (TradFi) stands to benefit from the contributions of Ethereum’s core developers, it is only right that we contribute to their ongoing efforts.
We encourage other asset managers and ETF issuers to consider adopting a similar approach.”
This commitment by VanEck aligns them with other crypto-native entities that actively support the Ethereum network, such as Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO.
The donations made to the Protocol Guild are tracked through a public dashboard, revealing that 4,846 contributions have amassed over $12 million.
These funds are then distributed among guild members based on a weighted ratio that takes into account their contribution periods.
Ethereum’s core developers are currently focused on Ethereum Improvement Proposal EIP-4844 (Proto-Danksharding), an upgrade that will introduce a novel transaction type to the Ethereum ecosystem.
This development aims to reduce transaction fees for layer-2 protocols, further enhancing the network’s efficiency.
VanEck recently disclosed its plans for an Ethereum Strategy ETF on September 28.
This ETF will invest in Ether futures contracts and will be actively managed by Greg Krenzer, the head of active trading at VanEck.
It is anticipated to be listed on the Chicago Board Options Exchange in the near future.
In addition to VanEck, other traditional investment firms like Valkyrie and Bitwise are gearing up to offer exposure to Ether futures.
Furthermore, there is a growing lineup of firms waiting for regulatory approval to launch a spot Ether ETF, including Invesco Galaxy, ARK 21Shares, and VanEck.
The United States Securities and Exchange Commission (SEC) recently postponed its decision on approving a spot Ether product until December, highlighting the continued interest and potential growth in the crypto investment space.
Other Stories:
New U.S. Bill Proposes Enhanced Oversight for Cryptocurrency Transactions
NFT Artist Raises £114,000 at Edinburgh Charity Event to Support Cancer Treatment
French Authorities Conduct Surprise Raid on Nvidia’s Offices Amid Antitrust Inquiry
In the lead-up to its eventual collapse in November 2022, crypto exchange FTX was ensnared in a web of increasingly perilous decisions, fueled by the ideology of effective altruism, according to a former software engineer at Alameda Research, Aditya Baradwaj.
Just days before FTX founder Sam “SBF” Bankman-Fried’s trial on October 3, Baradwaj provided insights into the role this philosophy played in the demise of the company, shedding light on his experiences working under the former billionaire.
Effective altruism, which encourages individuals to amass wealth to later donate for the greater good, took hold at FTX, gradually shifting the decision-making process towards irrationality.
Baradwaj remarked, “This ideology was used to justify increasingly risky and ridiculous actions that, honestly, should have been looked at with a saner mind.”
Despite being prevalent in Silicon Valley and quantitative finance circles, effective altruism led to a skewed perspective at FTX and Alameda Research.
Baradwaj highlighted the allure of the ideology, saying, “All of us at the company had this vision of, ‘I think altruism is good, and I think doing things effectively is good.’
So, you put these things together, and it’s like, ‘Obviously this thing is good.'”
However, he emphasized the danger when this philosophy turns into a means-to-an-end mentality, especially when the ends are bizarre and irrational.
READ MORE: Space and Time Integrates Its Proof of SQL Verifier Into Chainlink Nodes
Under the guise of effective altruism, Bankman-Fried made substantial donations to prevent pandemics and combat malaria in developing nations.
He was also a major donor to the Democratic party but later admitted to contributing to Republicans as well.
Notably, he even proposed paying Donald Trump $5 billion not to run for president in 2024, claiming it was to “protect democracy,” as revealed by Big Short author Michael Lewis in a recent interview.
Despite allegations that Bankman-Fried hid behind a fabricated altruistic persona, Baradwaj maintained that the former FTX founder genuinely believed in his mission.
He described Bankman-Fried as highly motivated and trustworthy, which may explain his staunch denial of the charges pressed against him.
Baradwaj reflected on Bankman-Fried’s possible mindset, stating, “Maybe he does genuinely believe that what he did was fine, or he actually believes that he did nothing wrong.”
He emphasized the importance of the truth and expressed hope that the trial would provide clarity on the events that transpired, leaving many questions unanswered.
Other Stories:
Google Cloud Joins Polygon Network as Validator, Boosting Blockchain Security
SEC Delays Decision on Spot Bitcoin ETF Proposals Amid Looming Government Shutdown
Venture Capital Firm Paradigm Criticizes SEC’s Unconventional Approach in Binance Case
The Department of Justice (DOJ) has confirmed its plan to summon former FTX clients, investors, and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former CEO of FTX.
In a letter motion submitted on September 30, the DOJ outlined its intention to call witnesses who can shed light on FTX’s handling of customer assets.
These testimonies aim to provide insights into the interactions between the accused and the witnesses and to gauge the witnesses’ understanding of Bankman-Fried’s statements and actions, particularly concerning FTX’s asset management.
The DOJ seeks to emphasize the experiences of both retail and institutional clients who entrusted substantial assets to FTX with the belief that their assets would be securely safeguarded.
However, a complication has arisen regarding one of the DOJ’s witnesses, identified as “FTX Customer-1,” who resides in Ukraine.
Given the ongoing conflict in Ukraine, the prospect of traveling to the U.S. to testify poses significant challenges.
To address this, the DOJ has proposed using video conferencing as a viable alternative, although Bankman-Fried’s defense has not yet approved this proposal.
Meanwhile, Bankman-Fried’s legal team, led by attorney Mark Cohen, has raised concerns about the jury questions presented by the DOJ.
Bankman-Fried’s defense argues that these inquiries could imply guilt on his part, potentially undermining the fundamental principle of “innocent until proven guilty.”
Furthermore, they assert that these questions may not effectively uncover potential biases among jurors, particularly concerning their familiarity with cryptocurrencies.
Specific questions could inadvertently influence the jury’s perspective rather than eliciting genuine insights, potentially compromising the trial’s impartiality.
As the jury selection is scheduled to commence on October 3, followed closely by the trial, all eyes are on this high-stakes legal showdown.
The proceedings will not only scrutinize the actions of Sam Bankman-Fried but also the integrity of the legal process itself, as both the prosecution and defense grapple with issues related to witness testimony and jury questions.
The outcome of this trial is eagerly anticipated by the cryptocurrency community and the broader financial industry.
Other Stories:
New U.S. Bill Proposes Enhanced Oversight for Cryptocurrency Transactions
French Authorities Conduct Surprise Raid on Nvidia’s Offices Amid Antitrust Inquiry
NFT Artist Raises £114,000 at Edinburgh Charity Event to Support Cancer Treatment
In recent updates shared by Spot On Chain, it has been revealed that an address associated with the FTX exploit, known as 0x3e9, has been actively involved in transferring over 10,000 Ether, with an estimated value of approximately $17 million, across five distinct addresses since September 30th.
Remarkably, these addresses had lain dormant for an extended period before the sudden resurgence of activity.
Notably, a significant portion of the aforementioned 10,000-plus Ether, valued at around $13 million, found its way to the THORChain router and Railgun contract.
Additionally, the exploit operator conducted a swap involving 2,500 ETH, equivalent to approximately $4.19 million, converting it into 153.4 tBTC tokens at an average rate of $27,281 per token.
It’s worth recalling that the initial hack on September 30th resulted in losses nearing 50,000 ETH, causing significant concern within the crypto community.
These developments have unfolded amidst the crypto market’s anticipation of the launch of Ethereum futures ETFs scheduled for October 2nd.
READ MORE: New U.S. Bill Proposes Enhanced Oversight for Cryptocurrency Transactions
Looking beyond the exploits and market developments, legal proceedings involving prominent FTX founder Bankman-Fried have garnered attention.
The trial, expected to span six weeks, is set to commence with jury selection on October 3rd, followed by initial court proceedings on October 4th.
Bankman-Fried is facing seven charges related to fraudulent activities, encompassing two substantive charges and five conspiracy charges.
Throughout the legal proceedings, Bankman-Fried has staunchly maintained his innocence, pleading not guilty to all allegations.
Despite numerous attempts to secure temporary release, he remains in custody, with Judge Lewis Kaplan recently denying his most recent request for release due to concerns about the potential flight risk posed by the defendant.
In light of these ongoing developments, the crypto community continues to monitor the evolving situation closely, with both market dynamics and legal outcomes poised to have far-reaching implications.
Other Stories:
French Authorities Conduct Surprise Raid on Nvidia’s Offices Amid Antitrust Inquiry
NFT Artist Raises £114,000 at Edinburgh Charity Event to Support Cancer Treatment
Toronto, Canada, October 2nd, 2023, Chainwire
In an exhilarating development in the world of crypto and blockchain, TYRION the trailblazer in decentralized advertising, announces its strategic move to build its advertising platform on Coinbase’s Base Chain. This monumental announcement underscores TYRION’s commitment to leveraging cutting-edge technology to offer unparalleled advertising solutions, anchored in transparency, efficiency, community incentivization, and innovation.
Base Chain, renowned for its robust scalability, security, and efficiency, aligns seamlessly with TYRION’s mission to revolutionize and decentralize the $377 Billion digital advertising landscape. By building on Base Chain, TYRION not only amplifies its technical prowess but also extends its reach, tapping into a dynamic ecosystem of builders, innovators, and users.
Brian Armstrong, CEO of Coinbase and Base Chain recently stated that he believes decentralized advertising is one of the top 10 next large developments in the blockchain industry. “The best business model in Web 2 has been ads. It’s a reasonable bet that some form of advertising will be big in Web 3. Developers and startups in Web 3 will increasingly be willing to pay for distribution, but can we do better than the traditional ad model? In Web 2, the big innovation was going from CPM (pay per thousand impressions) to CPC (only pay if someone clicks the ad). In Web 3, maybe we can go all the way to CPA (only pay when someone buys or takes an action onchain).”
This is precisely what TYRION is building with the future on-chain capabilities of its platform as it moves to disrupt the way ads are bought and sold in the future–while tackling the global digital marketing monopoly held tightly by Meta and Google.
The launch of $TYRION, the platform’s native token, has been noted in the crypto community. Twice TYRION has been the featured guest on Twitter’s (X) biggest crypto space, The Roundtable. Friday, at 12:30 PM Eastern Standard Time, September 29th 2023, Tyrion spoke on Twitter’s largest space, The Future of Crypto by Mario Nawfal. This routinely gathers 500,000 listeners and features guests like Elon Musk, CZ from Binance.
During the AMA segment of the show, Mario expressed interest in using the Tyrion platform when the MVP Beta is launched. This is a large step towards global adoption. Mario is one of the world’s leading figures in crypto and finance.
“As we build out our product on Base Chain, we are essentially stepping into a future where the confluence of advanced blockchain technology and innovative advertising solutions is not just a possibility but a tangible reality,” stated Patrick Gajda, CEO at TYRION. “Our decision is rooted in our unwavering commitment to offering our users an experience marked by speed, security, incentive, and seamless interaction.”
Base Chain’s impressive low transaction costs, quick transaction finality, and immense scalability offer TYRION an environment where the platform’s features can truly thrive. Advertisers and Ad Publishers on TYRION will experience enhanced performance, swift transactions, and an ecosystem that is ready to scale globally, without compromising on the user experience or security.
This strategic alignment heralds a new chapter where the synergies between TYRION and Base Chain will drive unprecedented value for users, partners, and stakeholders. The adaptability and resilience of Base Chain complement TYRION’s innovative approach to decentralized advertising, promising a future where digital advertising is not just seen but is also responsive, engaged, and trusted.
For media inquiries and more information on this exciting partnership, please contact:
Cale Tompkins, VP Of Communications, via email: [email protected]
About TYRION
TYRION is a beacon of innovation in the decentralized advertising space, committed to transforming digital advertising through transparency, efficiency, and community engagement. With its groundbreaking platform, TYRION is not just shaping the future of advertising but is also ensuring that it is participative, value-driven, and anchored in trust.
Contact
VP of Communications
Cale
Tyrion
[email protected]
The World Federation of Exchanges (WFE) has highlighted the growing potential of crypto-asset trading platforms (CTPs) in contributing to the broader economy and society.
In a paper released on September 28, the WFE emphasized the need for regulation to enhance the appeal and legitimacy of these platforms.
One of the primary principles proposed by the WFE is the segregation of functions within CTPs to prevent conflicts of interest, a concern echoed by Gary Gensler, the Chairman of the United States Securities and Exchange Commission.
Until CTPs adhere to these standards, the WFE recommends that they refrain from referring to themselves as exchanges.
The WFE also expressed concerns about the integration of distributed ledger technology (DLT) into traditional financial (TradFi) exchanges it represents.
Regulators are urged to consider the mutual benefits of this integration, rather than stifling regulated institutions from offering crypto asset services, potentially pushing such activities into less-regulated spaces.
Regarding decentralized finance (DeFi), the WFE noted that although it operates differently from traditional and centralized finance (TradFi and CeFi), the distinctions are not as pronounced as they might seem. DeFi platforms, where buyers and sellers interact, inherently possess central elements.
The WFE pointed out that even the Ethereum Merge, which transitioned the network from proof-of-work to proof-of-stake, was largely driven by a centralized team at the Ethereum Foundation.
READ MORE: Fornite Developer Cuts 16% of Workforce Amid Metaverse Revenue Shortfall
Consequently, the WFE suggested regulating DeFi on the level of decentralized applications (DApps) rather than at the protocol level.
Furthermore, the WFE commended the Financial Action Task Force (FATF) for its efforts to extend Know Your Customer (KYC) regulations, commonly referred to as the “travel rule,” to the crypto sector.
It also endorsed the International Organization of Securities Commissions (IOSCO) Principles for Secondary and Other Markets, aiming to elevate standards in crypto markets.
In summary, the WFE believes that CTPs have the potential to become significant contributors to the real economy and society.
However, to realize this potential, adherence to regulatory principles is essential.
The organization also underscores the need to balance innovation and regulation while acknowledging the interconnectedness of DeFi with centralized elements.
Finally, the WFE supports the application of KYC regulations and the elevation of market standards in the crypto industry.
Other Stories:
Marathon Digital Mines Invalid Bitcoin Block in Experiment, Network Resilience Proves Robust
Chinese Consultant Fined $144,907 for Unauthorized VPN Use
Do Kwon Requests Extradition Denial Amidst SEC Investigation
The United States Securities and Exchange Commission (SEC) has initiated legal proceedings against accounting firm Prager Metis, which had previously provided services to the cryptocurrency exchange FTX before the exchange’s declaration of bankruptcy.
According to an official statement released on September 29th, the SEC alleges that Prager Metis failed to maintain the necessary independence while offering auditing services to its clients, which is in violation of the auditor independence framework.
To prevent conflicts of interest, accounting and audit functions are required to be kept separate.
The SEC claims that these intertwined activities took place over a span of nearly three years, constituting a significant breach of fundamental auditing principles.
The statement underscores the critical importance of auditor independence in safeguarding investor interests.
While the SEC’s statement does not explicitly mention FTX or any other specific clients, it highlights that there were allegedly “hundreds” of violations of auditor independence throughout the three-year period in question.
This suggests a widespread problem within Prager Metis’ practices.
A previous court filing disclosed that FTX Group had engaged Prager Metis to audit its subsidiaries, FTX US and FTX, at some point in 2021. Subsequently, FTX declared bankruptcy in November 2022.
The filing argued that Prager Metis should have recognized that FTX would use their audit results to build public trust, especially after former FTX CEO Sam Bankman-Fried had publicly disclosed previous audit outcomes.
Concerns had been previously raised about the content presented in FTX’s audit reports.
On January 25th, FTX’s current CEO, John J. Ray III, expressed substantial concerns regarding the information presented in the audited financial statements during a bankruptcy court proceeding.
Senators Elizabeth Warren and Ron Wyden had also voiced concerns about Prager Metis’ impartiality, suggesting that the firm had operated more as an advocate for the cryptocurrency industry.
Meanwhile, another entity involved with FTX, U.S.-based law firm Fenwick & West, has recently faced legal challenges.
In a court filing dated September 21st, plaintiffs alleged that Fenwick & West should bear partial responsibility for FTX’s collapse due to its alleged excessive service offerings to the exchange.
However, Fenwick & West contends that it cannot be held accountable for a client’s misconduct as long as its actions remain within the bounds of its representation of the client.
This legal dispute further complicates the aftermath of FTX’s bankruptcy declaration and raises questions about the responsibilities of service providers in such cases.
Other Stories:
French Authorities Conduct Surprise Raid on Nvidia’s Offices Amid Antitrust Inquiry
NFT Artist Raises £114,000 at Edinburgh Charity Event to Support Cancer Treatment
New U.S. Bill Proposes Enhanced Oversight for Cryptocurrency Transactions
On September 29th, Polygon Labs made a significant announcement, revealing that Google Cloud had joined the Polygon proof-of-stake network as a validator.
This development marked a significant milestone for Polygon, as Google Cloud brought its extensive expertise and resources to the table.
As part of this collaboration, Google Cloud joined a diverse group of over 100 validators responsible for verifying transactions on Polygon’s layer-2 Ethereum network.
This move showcased Google Cloud’s commitment to supporting the growth and security of blockchain technology.
In a statement shared on the X platform (formerly known as Twitter), Polygon Labs expressed their enthusiasm for this partnership, highlighting that the same infrastructure powering platforms like YouTube and Gmail would now contribute to the security and efficiency of the Ethereum-based Polygon protocol.
Validators play a crucial role in maintaining the integrity of the Polygon network by operating nodes, staking MATIC tokens, and participating in the proof-of-stake consensus mechanism.
READ MORE: Marathon Digital Mines Invalid Bitcoin Block in Experiment, Network Resilience Proves Robust
The Google Cloud Singapore account officially confirmed its role as a validator on the Polygon proof-of-stake network, emphasizing its dedication to enhancing the network’s security, governance, and decentralization.
Notably, Google Cloud joined the ranks of other prominent validators, including Deutsche Telekom, one of Europe’s largest telecommunications firms.
Google Cloud described its collaboration with Polygon Labs as an ongoing strategic partnership, indicating a long-term commitment to blockchain technology. In tandem with this announcement, Google Cloud Asia Pacific released a YouTube video titled “Polygon Labs is solving for a Web3 future for all,” further underscoring their dedication to the Web3 ecosystem.
Polygon Labs had recently initiated “Polygon 2.0,” aimed at updating and enhancing the Polygon network.
This multi-phase project, with “Phase 0” being the current focus, involves several Polygon Improvement Proposals (PIPs). PIP 17 stands out as it involves transitioning from the MATIC token to the new POL token.
PIPs 18 and 19 address essential aspects like the technical description of POL and the update of gas tokens.
These changes are scheduled to be implemented in the fourth quarter of 2023, reflecting Polygon’s commitment to continuous improvement and innovation within the blockchain space.
Other Stories:
Fornite Developer Cuts 16% of Workforce Amid Metaverse Revenue Shortfall
Chinese Consultant Fined $144,907 for Unauthorized VPN Use
Do Kwon Requests Extradition Denial Amidst SEC Investigation
Paradigm, a prominent venture capital firm, has voiced strong criticism against the United States Securities and Exchange Commission (SEC) for what it perceives as a deviation from standard rulemaking procedures in its current legal action against the cryptocurrency exchange giant, Binance.
In a statement released on September 29th, Paradigm accused the SEC of attempting to reshape the legal landscape by leveraging the allegations in its complaint against Binance to effect changes in the law without adhering to established rulemaking processes.
Paradigm firmly contends that the SEC is overstepping its regulatory boundaries and vehemently opposes this unconventional approach.
The SEC initiated legal proceedings against Binance in June, alleging multiple violations of securities laws, including operating without the required registration as an exchange, broker-dealer, or clearing agency.
Paradigm emphasized that the SEC has been pursuing similar cases against various cryptocurrency exchanges lately, raising concerns that the SEC’s stance “could fundamentally reshape our comprehension of securities law in several critical aspects.”
Furthermore, Paradigm expressed reservations about the SEC’s application of the Howey test, a legal standard used to determine whether transactions qualify as investment contracts subject to securities regulations.
READ MORE: Do Kwon Requests Extradition Denial Amidst SEC Investigation
Paradigm’s amicus brief argued that many assets are actively marketed, purchased, and traded based on their profit potential. Despite this, the SEC has consistently exempted them from being classified as securities.
Paradigm cited examples such as gold, silver, and fine art, underscoring that the mere potential for value appreciation does not inherently classify their sale as a security transaction.
In a related development, Circle, the issuer of USD Coin (USDC), has entered the fray of the ongoing legal dispute between Binance and the SEC.
Circle firmly contends that stablecoins should not be categorized as securities by the SEC.
They argue that individuals who acquire stablecoins are not doing so with the intention of deriving profits, thereby challenging the SEC’s attempt to regulate these assets as securities.
In summary, Paradigm’s criticism of the SEC centers on the agency’s unconventional approach to legal action against Binance, which they believe goes beyond established rulemaking procedures and could have far-reaching implications for the cryptocurrency and securities landscape.
Meanwhile, Circle has joined the legal dispute, asserting that stablecoins should not be treated as securities by the SEC due to their distinct nature and use cases.
Other Stories:
Fornite Developer Cuts 16% of Workforce Amid Metaverse Revenue Shortfall
Chinese Consultant Fined $144,907 for Unauthorized VPN Use
Marathon Digital Mines Invalid Bitcoin Block in Experiment, Network Resilience Proves Robust