Nomad (NOMAD) news

Crypto Taxes: Everything You Need to Know (2025 Edition)

Cryptocurrency has gone mainstream—whether you’re trading Bitcoin, minting NFTs, or yield farming on DeFi platforms, digital assets are no longer flying under the radar. But with greater adoption comes tighter regulation. In 2025, crypto taxes are unavoidable in most countries, and understanding how they work is critical for staying compliant—and keeping more of your gains. This comprehensive guide explains how crypto taxes work, what’s changed in 2025, and how to make your crypto tax reporting. Do You Have to Pay Taxes on Crypto? In most countries, yes. Even though crypto isn’t considered legal tender in most jurisdictions, it is usually treated as property, assets, or digital commodities—and that means it’s taxable. Simply buying and holding crypto isn’t taxable. But when you sell, swap, spend, or earn crypto, you may have to pay taxes. Crypto Tax Laws by Country Crypto taxation varies significantly from one country to another. Some treat digital assets like stocks. Others like property. A few don’t tax them at all. Here’s how some of the world’s major economies—and tax havens—approach crypto in 2025. United States The IRS treats cryptocurrency as property. Selling, swapping, or spending crypto triggers capital gains tax, while earning crypto through mining, staking, or airdrops is taxed as income. Capital Gains Tax Rates: Short-term (held ≤ 1 year): taxed as ordinary income (10%–37%) Long-term (held > 1 year): taxed at 0%, 15%, or 20%, based on income Income Tax: Mining, staking, airdrops, or payments in crypto are taxed as ordinary income when received. What’s New: Crypto exchanges must issue Form 1099-DA, reporting sales to the IRS and users. Cost basis reporting will become mandatory in 2026. DeFi platforms and self-custody wallets are currently not required to report, but users remain responsible for compliance. The IRS is increasing enforcement, and crypto tax non-compliance may result in audits, penalties, or criminal charges. United Kingdom The UK classifies crypto as property and applies Capital Gains Tax (CGT) to disposals, while income from crypto (e.g., mining, staking, or getting paid) is subject to Income Tax. Capital Gains Tax: 18% for basic-rate taxpayers 24% for higher/additional-rate taxpayers Annual CGT exemption is now just £3,000 Income Tax: Crypto earned from work, services, mining, or staking is taxed as income at 20%, 40%, or 45%. HMRC also uses share pooling rules and the 30-day rule to calculate gains. DeFi tax guidance is currently under review, with new legislation expected soon. European Union There is no unified EU crypto tax law—each country sets its own rules: France: 30% flat tax on crypto-to-fiat gains. Crypto-to-crypto is not taxed. Germany: Crypto held over one year is completely tax-free. Short-term gains are taxed as income. Italy: 26% flat tax on gains above €2,000. A proposed law may raise this to 42%. Portugal: Crypto gains are tax-free if the assets are held for over a year. Short-term gains are taxed at 28%. What’s Coming: By 2026, DAC8 will require all EU crypto platforms to report user transactions to tax authorities—similar to the U.S. 1099-DA. Canada Canada treats cryptocurrency as a commodity, not legal tender or foreign currency. Crypto is taxed under Capital Gains Tax or Income Tax, depending on use. Investors: Capital gains apply when you sell or trade crypto. Only 50% of the gain is taxable at your marginal income rate. Traders and Miners: If you trade frequently or operate a crypto-related business, profits may be taxed as business income (100% taxable). Crypto Income: Earnings from mining, staking, or receiving crypto for goods/services are taxed as income at the full marginal rate. Canada Revenue Agency (CRA) requires clear records of every transaction, including fiat values and wallet details. Crypto-to-crypto trades are also taxable. Japan Japan taxes cryptocurrency as miscellaneous income for individuals, not capital gains. This places crypto under higher progressive tax rates. Income Tax: Profits from trading, mining, or earning crypto are taxed up to 55% (national + local) depending on total income. No distinction between long-term and short-term gains. Crypto-to-crypto transactions are also taxable events. Crypto Tax Havens: Where Crypto Gains Aren’t Taxed Some countries offer zero or minimal tax on crypto gains, especially for long-term holders or qualified residents. Note: Tax residency, minimum stay requirements, and compliance with local laws are essential to benefit from these regimes legally. What’s Next for Crypto Taxes? Crypto taxation is evolving fast, and 2025 is just the beginning. Here’s what to expect going forward: 1. Global Reporting Standards: Governments are tightening oversight. The U.S. has introduced Form 1099-DA, and the EU’s DAC8 directive will require platforms to report user data across borders by 2026. International frameworks like the OECD’s CARF are also gaining traction. 2. DeFi and NFTs Under Review: Expect clearer tax rules on staking, lending, liquidity pools, and NFTs. Many jurisdictions are drafting legislation to close current gaps in DeFi taxation. 3. Smarter Tech, Less Anonymity: Blockchain analytics and AI-powered tax tools are making it easier for tax agencies to trace and audit crypto activity—especially across centralized and decentralized platforms. 4. Rise of Crypto-Friendly Jurisdictions: More countries are offering tax incentives, digital nomad visas, and crypto hubs to attract talent and capital—while others may introduce stricter exit or wealth taxes. 5. From Avoidance to Optimization: As rules become clearer, the focus will shift to legal tax strategies: long-term holding, loss harvesting, and smart residency planning. Make Tax Reporting Easier with Bitget Tax API For crypto investors, one of the biggest challenges isn’t knowing that crypto is taxable—it’s tracking and organizing all the transactions needed for accurate reporting. With growing tax obligations and stricter enforcement globally, keeping clean records has become essential. To simplify this process, Bitget has introduced a dedicated Tax API that helps users retrieve and organize their trading history across the platform for tax reporting. What the Bitget Tax API Offers Secure Access to Transaction Data: Once users enable Google 2FA and create an API key, they can automatically retrieve their full transaction history—no more manual exports. Seamless Partner Integration: Bitget integrates with trusted crypto tax tools like KoinX, allowing users to sync data directly and generate detailed, compliant tax reports. Faster, Error-Free Filing: With all trading records formatted and imported into tax software, users can reduce reporting errors and avoid potential audits or penalties. How to Use It Log in to Bitget and navigate to the Tax API section. Enable Google 2FA and generate a new API key. Connect to a tax partner (e.g., KoinX) and begin syncing your data. Generate reports based on your location’s tax rules and submit accordingly. As crypto tax rules become more rigorous, tools like Bitget’s Tax API are essential for staying compliant while minimizing administrative burden. Final Thoughts Crypto taxation may feel complex, but it’s a sign of the industry’s growth and permanence. As governments refine their policies, investors and builders alike are gaining the clarity they need to operate responsibly and strategically. Staying informed is no longer optional — it’s part of being a modern crypto participant. Understanding how, when, and where your crypto is taxed is now just as important as knowing when to buy or sell. Fortunately, the tools and guidance available are improving. With more standardized rules, automated reporting solutions, and growing support from exchanges like Bitget, crypto users have what they need to stay compliant without getting overwhelmed. In this next chapter of digital finance, those who plan ahead — and treat taxes as part of their long-term strategy — will be best positioned to thrive. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

StakeStone (STO): Revolutionizing Omnichain Liquidity for ETH and BTC

What is StakeStone (STO)? StakeStone (STO) is an omnichain liquidity infrastructure platform committed to building the first stable, yield-bearing liquid ETH and BTC assets. By leveraging an adaptive staking network, StakeStone supports various risk-free consensus layers with native assets, optimizing yield opportunities through adaptable underlying strategies and an on-chain proposal mechanism. The platform seamlessly redistributes liquidity across multiple ecosystems and protocols, aiming to establish new standards for liquid assets and enhance liquidity distribution within the DeFi landscape. Who Created StakeStone (STO)? StakeStone was co-founded by Charles K, who envisioned creating a next-generation omnichain liquidity infrastructure for decentralized finance. The team's mission is to drive innovation and global adoption of their products by integrating real-time high-performance blockchain networks, thereby propelling the crypto industry into the era of super applications. What VCs Back StakeStone (STO)? In November 2024, StakeStone announced the successful completion of a $22 million investment round led by Polychain Capital, a prominent venture capital firm specializing in blockchain-based projects. This funding round also saw strategic investments from Binance Labs and OKX Ventures, with additional participation from investors such as SevenX, Nomad Capital, HashKey Capital, HashKey Cloud, Amber Group, Coinsummer, Bankless Ventures, DAO5, Symbolic Capital, Arcane Group, and Quantstamp. This substantial financial backing positions StakeStone for accelerated growth, enabling the expansion of its product offerings and the strengthening of its presence in key markets. How StakeStone (STO) Works StakeStone operates by introducing innovative products designed to enhance the liquidity and utility of BTC and ETH assets within DeFi ecosystems. Its key components include STONE, SBTC, STONEBTC, and STO. 1. STONE: The Liquid Staking Solution for ETH STONE is StakeStone’s flagship liquid staking token for ETH, designed to enhance Ethereum staking efficiency while maintaining liquidity. Traditional ETH staking requires users to lock their assets for an extended period, limiting their ability to use staked ETH in DeFi. STONE solves this problem by providing a liquid representation of staked ETH, allowing users to earn staking rewards while retaining flexibility in DeFi applications. Key Features of STONE: ● Omnichain Liquidity: STONE can move across multiple blockchains, ensuring broad accessibility. ● Enhanced Capital Efficiency: Users can stake ETH, receive STONE, and continue using it in DeFi without waiting for unstaking periods. ● Yield Optimization: STONE automatically accrues staking rewards, offering a passive income stream. How STONE Works: ● ETH Staking: Users stake ETH via StakeStone’s protocol. ● Receive STONE: In exchange, they receive STONE, which represents their staked ETH. ● Use STONE in DeFi: STONE holders can trade, lend, or provide liquidity while still earning staking rewards. ● Unstaking Process: When users want to withdraw their ETH, they can redeem STONE for ETH at a 1:1 ratio, with processing times varying based on network conditions. By integrating STONE into DeFi ecosystems, StakeStone ensures that staked ETH remains liquid and productive. This approach allows users to maximize their staking rewards while maintaining full flexibility in their investment strategies. 2. SBTC: StakeStoneBTC SBTC is designed to act as a liquid, index BTC, addressing the issue of illiquid native BTC assets by providing robust omnichain liquidity. This solution facilitates BTC asset trading and enhances the utility of native BTC within Ethereum Virtual Machine ecosystems, as well as other Layer 1 and Layer 2 networks. SBTC is composed of a diversified basket of ERC20 tokens, primarily BTCB, ensuring a solid foundation of liquidity. Key Features of SBTC: ● Manifold Use Cases: Through collaboration with leading ecosystems and blue-chip DeFi protocols, SBTC offers a wide range of use cases, such as participation in various DeFi protocols on platforms like Berachain. These applications generate additional yields for SBTC holders and unlock the potential of more BTC assets. ● Omnichain Liquidity: SBTC provides seamless liquidity across multiple chains, addressing the liquidity fragmentation problem inherent in existing BTC derivatives. Upon launch, SBTC benefits from immediate omnichain liquidity, facilitated by mechanisms like Native's PMM, which ensures optimal pricing and liquidity depth. ● Instant Withdrawals: Users can enjoy instant withdrawals at a 1:1 BTC ratio, leveraging BTCB's liquidity to ensure that SBTC holders can easily convert their assets into native BTC. 3. STONEBTC: Yield-Bearing BTC Derivative STONEBTC is a yield-bearing BTC derivative designed to unlock the full earning potential of Bitcoin holdings while maintaining seamless liquidity across DeFi ecosystems. By integrating advanced BTC yield strategies across decentralized finance, centralized decentralized finance, and real-world assets, STONEBTC allows users to earn sustainable yields without sacrificing flexibility or utility. Key Features of STONEBTC: ● Automatically Optimized Yields: STONEBTC provides users with access to advanced, automatically optimized yield strategies. By leveraging diverse yield sources, including Bitcoin staking and restaking networks like Babylon and Symbiotic, STONEBTC dynamically allocates assets to maximize returns, offering a seamless, hands-off experience. ● Omnichain Liquidity: STONEBTC ensures liquidity for time-locked BTC assets, providing users with flexible methods for exit liquidity across various blockchain networks. ● Enhanced Capital Efficiency: By allowing users to earn yields while retaining the ability to utilize their assets in DeFi activities such as DEX trading, lending platforms, collateralized debt positions (CDP) collateralization, derivatives trading, and GameFi, STONEBTC enhances capital efficiency. How STONEBTC Works: ● Deposit: Users deposit their SBTC or LBTC into StakeStone’s protocol. ● Conversion: The holdings are automatically converted into STONEBTC. ● Yield Generation: From the moment of deposit, STONEBTC begins generating yield through StakeStone’s underlying strategy vaults, which integrate multiple yield sources by combining the innovation of DeFi protocols, the stability of CeDeFi institutions, and the growth potential of RWA projects. ● Withdrawals: Users can request a withdrawal of their STONEBTC holdings at any time. StakeStone, in collaboration with its market maker, ensures that withdrawals are processed and completed within a timeframe ranging from immediately to seven days, balancing asset security with efficient liquidity management. 4. STO: Governance and Liquidity Incentives STO is the governance token of StakeStone, allowing users to participate in decision-making and influence key protocol parameters. StakeStone employs a vote-escrowed token model where users can lock STO to receive veSTO, which grants governance power and additional rewards. Key Features of STO: ● Governance Power: veSTO holders can vote on emission allocations, protocol fees, and strategic integrations. ● Liquidity Incentives: veSTO holders receive boosted rewards from liquidity mining programs. ● Bribe Rewards: Protocols can offer incentives to veSTO holders in exchange for directing liquidity towards specific pools. How STO Works: ● Users acquire STO through staking rewards, liquidity mining, or direct purchases. ● STO can be locked to mint veSTO, which grants voting rights and boosts rewards. ● After a 30-day vesting period, veSTO can be converted back into STO. STO Goes Live on Bitget StakeStone is redefining liquidity in the crypto space by offering seamless omnichain solutions for ETH and BTC assets. With its liquid ETH staking (STONE), yield-bearing BTC (STONEBTC), and omnichain BTC liquidity (SBTC), StakeStone bridges liquidity gaps and enhances capital efficiency across multiple blockchains. The platform’s governance token, STO, empowers users to shape the protocol while earning additional rewards through veSTO staking, liquidity incentives, and bribe markets. As StakeStone continues to expand, STO’s role in governance and liquidity allocation will become increasingly valuable. For traders and investors looking to capitalize on the growth of omnichain liquidity, STO presents an opportunity to engage with StakeStone’s ecosystem while benefiting from its liquidity incentives and governance influence. With STO available for trading on Bitget, it’s easier than ever to gain exposure to the future of DeFi liquidity solutions. Deposit Available: Opened Trading Available: 3 April 2025 (UTC) Trade STO/USDT now! StakeStone (STO) to be listed on Bitget Launchpool — lock BGB to share 3,150,000 STO! Locking period: 3 April 2025, 13:00 – 4 April 2025, 13:00 (UTC) Lock Now Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Zircuit (ZRC): A Layer 2 for Secure Blockchain Transactions

What is Zircuit (ZRC)? Zircuit (ZRC) is a EVM-compatible zero-knowledge rollup that aims to provide a faster and more secure way to process blockchain transactions. By using zero-knowledge proofs, Zircuit enhances privacy and security, ensuring that users' information remains confidential while still allowing for transparent and verifiable transactions. Who Created Zircuit (ZRC)? The specific individuals behind Zircuit are not publicly known. What VCs Back Zircuit (ZRC)? Zircuit has garnered significant support from several prominent venture capital firms in the blockchain space. These include Binance Labs, Pantera Capital, Dragonfly Capital, Maelstrom, Mirana Ventures, and Nomad Capital. How Zircuit (ZRC) Works Zircuit’s architecture is designed to improve the performance and security of blockchain transactions through a combination of several key components: 1. Hybrid Architecture Zircuit employs a hybrid architecture that combines rollup infrastructure with zero-knowledge proofs. This design allows Zircuit to efficiently process transactions while maintaining high levels of security and privacy. ● Rollup Infrastructure: In a rollup, transactions are processed off the main blockchain. This reduces the load on the main chain, making it faster and cheaper for users to conduct transactions. By batching transactions, Zircuit can lower the overall transaction costs. ● Zero-knowledge Proofs: This cryptographic technique allows Zircuit to validate transactions without revealing the actual data. For instance, a user can prove they have enough funds to complete a transaction without disclosing the exact amount they hold. This enhances user privacy and reduces the risk of data breaches. 2. Sequencers, Provers, and Smart Contracts Zircuit’s system consists of three main components: sequencers, provers, and smart contracts. ● Sequencers: These are the nodes that manage the order of transactions in the rollup. They collect and bundle multiple transactions, ensuring they are processed efficiently. Sequencers play a crucial role in maintaining the overall performance of the network. ● Provers: Provers are responsible for generating zero-knowledge proofs. When a sequencer bundles transactions, provers create a proof that verifies the validity of those transactions. This proof is then submitted to the main blockchain, allowing the transactions to be recorded without revealing sensitive data. ● Smart Contracts: Zircuit utilizes smart contracts to automate processes and ensure that transactions are executed according to predetermined rules. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. This minimizes the need for intermediaries and enhances the efficiency of transactions. 3. Transaction Processing Transactions in Zircuit can originate from either Layer 1 (the main blockchain) or Layer 2 (the rollup). Here’s how the process works: ● Initiating a Transaction: A user can initiate a transaction from their wallet, whether it involves sending tokens or interacting with a decentralized application (dApp). ● Transaction Collection: The sequencer collects these transactions and prepares to bundle them together. ● Zero-knowledge Proof Generation: As transactions are bundled, provers create zero-knowledge proofs to validate the legitimacy of each transaction without revealing any sensitive information. ● Submission to Layer 1: Once the transactions are bundled and validated, they are submitted to the main blockchain for final confirmation. The zero-knowledge proof is included in this submission, providing evidence of the transaction's validity. ● Finalization: The main blockchain processes the bundled transactions, and once confirmed, the user’s transaction is complete. The result is a secure, efficient, and privacy-focused transaction process. 4. Security Measures Zircuit emphasizes security throughout its architecture. One key feature is the implementation of Sequencer Level Security (SLS). This protocol monitors the mempool (a collection of unconfirmed transactions) for any malicious activity. ● Malice Detection: SLS uses algorithms to identify potentially harmful transactions before they are included in a block. This proactive approach helps to prevent malicious activities from affecting the network. ● Quarantine and Release Procedures: If a transaction is flagged as suspicious, it can be quarantined, allowing for further investigation. Once determined to be safe, the transaction can be released for processing. This adds an additional layer of security to the network. ZRC Goes Live on Bitget Zircuit represents a significant advancement in blockchain technology by offering a solution that combines efficiency, security, and privacy. With its innovative use of zero-knowledge proofs and rollup architecture, Zircuit enhances the transaction process, making it more accessible and secure for users. If you are ready to be part of the next big thing in blockchain technology? Zircuit's native token, ZRC, is now available for trading on Bitget! ZRC is designed to empower users within the Zircuit ecosystem, enhancing security and efficiency for blockchain transactions. With its innovative technology and strong backing from top venture capital firms like Binance Labs and Pantera Capital, ZRC is positioned for significant growth. Trading Available: 25 November 2024, 10:00 (UTC) Withdrawal Available: 26 November 2024, 11:00 (UTC) Trading Link: ZRC/USDT ZRC on Bitget Launchpool — Lock BGB and USDT to share 9,125,000 ZRC Locking period: 25 November 2024, 10:00 – 30 November 2024, 10:00 (UTC) Campaign pool details: Total ZRC Campaign Pool: 9,125,000 ZRC BGB Campaign Pool: 8,750,000 ZRC USDT Campaign Pool: 375,000 ZRC Lock Now ZRC on Bitget PoolX — Lock ZRC to share 375,000 ZRC Locking period: 25 November 2024, 10:00 – 5 December 2024, 10:00 (UTC) Locking pool details: Total ZRC Campaign Pool: 375,000 ZRC Maximum ZRC locking limit: 6,250,000 ZRC Minimum ZRC locking limit: 62 ZRC ZRC pool airdrop per user = user's locked ZRC ÷ total locked ZRC of all eligible participants × corresponding pool. Lock Now Community Giveaway — Win Your Share of 62,500 ZRC Campaign Date： 24 November 2024, 10:00 – 4 December 2024, 10:00 (UTC) See more Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Today's TapSwap Daily Cinema Codes for November 7, 2024

Looking for today’s TapSwap Cinema Codes? We’ve got you covered! Each day, TapSwap releases new codes for players to redeem exclusive rewards and in-game bonuses. Make sure to check back daily to grab the latest codes and boost your TapSwap experience. Today’s codes are live for November 7, 2024. Redeem them quickly, as they’re only available for a limited time. Enjoy your rewards and stay tuned for tomorrow’s new codes! Sign Up With Bitget Today and Claim Your $200 Welcome Gift! Key Takeaways Daily Cinema Codes for November 7, 2024 are “6rypt”, “81p3s” and more. TapSwap is set to launch its token on November 30, 2024, with strong community interest. New Bitget users can earn up to 10 BGB by making their first crypto transaction with local payment methods from November 6 to November 30, 2024. TapSwap Daily Cinema Codes for November 7, 2024 Survive College Code: 81p3s Secrets About Telegram Code: urity $50K TON Giveaway! Code: 5P=DF Flipping Items on eBay Code: sett6 Print On Demand Products Code: 4s8hd Pudgy Penguins Story Part 4 Code: MAS%3 They Changed Our World Code: t5a8ng Memeland Unveiled Part 1 Code: LG9GF FIRE Method 101 Code: t1a7p Digital Nomad Business Ideas Code: 4shil Make Money with Freelancing Code: shitc TapSwap Token Launch: Everything You Need to Know TapSwap, a tap-to-earn gaming platform on Telegram, is set to list its token on November 30, 2024. With an active user base exceeding 35 million, the platform has attracted considerable interest in the upcoming launch. The token is expected to debut at approximately $0.044, driven by strong community engagement and demand observed in pre-market trading. Analysts suggest that initial trading volume may lead to fluctuations, with demand potentially pushing the token’s value beyond early estimates. This listing marks an important milestone for TapSwap as it formally enters the cryptocurrency market. To build momentum, TapSwap has engaged its community through daily codes and tasks, allowing users to earn additional in-game currency. This strategy aims to sustain user enthusiasm ahead of the market debut. As the listing date nears, users and investors are encouraged to stay updated through official TapSwap channels. While the initial trading phase may offer opportunities, the volatility associated with new listings warrants cautious consideration. In addition to TapSwap’s upcoming token launch, Bitget is offering an exclusive promotion for new users purchasing crypto through local payment methods. By completing your first transaction using designated payment options, you can earn up to 10 BGB and claim a share of the weekly 1,000 BGB promotion pool during the campaign period from November 6 to November 30. Earn Up to 10 BGB: Limited-Time Offer for New Bitget Users! New users on Bitget can earn up to 10 BGB by completing their first crypto transaction via designated local payment methods during the promotional period from November 6, 6:00 PM, to November 30, 6:00 PM (UTC+8). This exclusive offer allows participants to grab a share of the weekly 1,000 BGB promotion pool, with rewards available on a first-come, first-served basis. To participate, simply make a transaction using one of the specified local payment options, such as MoMo, bank transfers, or other listed methods. Eligible users can enjoy this bonus within 15 days after the promotion ends, while Bitget provides zero gas fees when purchasing crypto through Alchemy Pay. Sign Up With Bitget Today and Be Ready To Trade the TAPS Token!

Avail (AVAIL): The Future of Blockchain Scalability, Interoperability, and Security

What is Avail (AVAIL)? Avail (AVAIL) is a Web3 infrastructure layer that enables modular execution layers to scale and interoperate in a trust-minimized way. It consists of three primary components: Avail DA (Data Availability), Avail Nexus, and Avail Fusion. Together, these components form the Avail Unification Layer and aim to address the key issues of blockchain scalability, interoperability, and security. Who Created Avail (AVAIL)? Avail was co-founded by Anurag Arjun and Prabal Banerjee, two innovators dedicated to pushing the boundaries of blockchain technology. Anurag Arjun previously co-founded Polygon Labs in 2017, which laid the foundation for his work on Avail. The initiative began under Polygon Avail in 2020 and later became an independent entity in 2023. What VCs Back Avail (AVAIL)? Avail has garnered significant support from the venture capital community. It is backed by prominent investors such as Figment, Dragonfly, Nomad, SevenX, and Founders Fund. This backing highlights the confidence that the investment community has in Avail's potential to revolutionize the blockchain space. How Avail (AVAIL) Works Avail DA Avail DA is the core component of Avail. It prioritizes ordering and publishing transactions while enabling users to verify block data availability without downloading entire blocks. Its data-agnostic nature supports various execution environments, including EVM, WASM, and custom new runtimes. This versatility makes Avail DA a powerful foundation for diverse blockchain applications. The system design of Avail DA includes three main layers: ● Data Hosting and Ordering Layer: This layer ingests and orders transactional data, ensuring its availability without engaging in transaction execution. ● Execution Layer: This layer processes transactions, generates checkpoints, and submits proofs to the Verification/Dispute Resolution Layer. ● Verification/Dispute Resolution Layer: This layer verifies the checkpoints or proofs submitted by the Execution Layer, ensuring that only valid state transitions are accepted within the network. Consensus Mechanism Avail DA uses a Nominated Proof-of-Stake (NPoS) consensus model for scalability and energy efficiency. It employs Substrate's BABE/GRANDPA consensus, which combines fast block production with provable finality. Validators play a crucial role in this process, ensuring that only verified and agreed-upon data is propagated through the network. Transaction Lifecycle The transaction lifecycle in Avail DA involves several key steps: ● Transaction Submission: Rollups submit transactions to Avail DA, each carrying a unique application ID. ● Data Extension and Erasure Coding: Transactions are processed through erasure coding, adding redundancy and enhancing data reliability. ● Commitment Creation: Redundant data is applied with KZG polynomial commitments, serving as cryptographic proofs of data integrity. ● Block Propagation: Validators verify the commitments and reach consensus on the block, ensuring verified data is propagated through the network. ● Light Client Network: Light clients use Data Availability Sampling (DAS) to verify block data integrity, enabling decentralized and efficient data verification. Avail Nexus Avail Nexus connects multiple blockchains within and outside the Avail ecosystem, using Avail DA as the root of trust. It features a proof aggregation/verification layer and a sequencer selection mechanism, ensuring interoperability and cooperation among diverse blockchain networks. By providing a seamless user experience, Avail Nexus aims to unify the Web3 ecosystem, enabling users to engage with multiple rollups and external chains effortlessly. Avail Fusion Avail Fusion allows native assets from major ecosystems like Bitcoin and Ethereum to be staked alongside Avail's native assets. This innovative approach enhances Avail's economic security and marks a significant milestone in blockchain technology. The first public prototype for Avail Fusion is still under development, but it promises to bolster the security and stability of the Avail ecosystem significantly. AVAIL Goes Live on Bitget Considering the innovative strides made by Avail in the blockchain space, trading its native token AVAIL on Bitget presents a compelling opportunity for savvy investors. Avail's modular infrastructure addresses critical issues like scalability, interoperability, and security within Web3 ecosystems, backed by a robust framework and support from leading VCs. Bitget, known for its user-friendly interface and comprehensive trading tools, provides a secure platform to engage with AVAIL. As Avail progresses towards its mainnet launch for Avail DA and upcoming milestones like Avail Nexus and Avail Fusion, trading AVAIL on Bitget could offer early exposure to potential growth and adoption. AVAIL/USDT Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitget Research: Macro Uncertainty Leads to Market Downturn, BTC Tests $26,000 Support Level

the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market spotlight. In Summary: 1.Popular Tokens: SHANG (Token) — Named after Shanghai Inu, SHANG is a memecoin representing a futuristic cyborg hybrid dog. It possesses AI services, Liquid Staking, NFT, and P2E features. After experiencing a 5x increase yesterday, it is currently fluctuating at a high level. Its 24-hour trading volume is US$6 million, with a market cap of US$4 million. WAGMI (Token) — Originated from the phrase commonly seen on the internet, “we are gonna make it.” Vitalik Buterin was spotted wearing a T-shirt with this phrase at the Montenegro Conference not long ago. The token continued to fall after intense hype and has been consolidating at the bottom for several days. It experienced a rebound yesterday, doubling in value. Its 24-hour trading volume is US$5 million, with a market cap of US$8.3 million. BEN (Token) — A meme project initiated by Ben.eth, later acquired by the staking platform owner, Ben Armstrong. The token recently benefited from PSYOP’s pump, reaching an all-time high. Its market cap is nearing US$100 million, with a 24-hour trading volume of US$33 million. MRF (Token) — A memecoin related to the message “MR F WAS HERE” in the first block after the Ethereum Beacon Chain was launched in 2020. Created by MR F, the creator of the block, this token is known for its large initial liquidity pool. Upon launch, it experienced substantial hype, with a high market cap reaching US$45 million. Currently, the price has seen a significant decrease, with the market cap reduced to US$6.3 million and a 24-hour trading volume of US$23 million. AiONE (Token) — A platform for AI as a Service (AIaaS) that has raised US$3 million in private funding. Its financing information has been published on the U.today website and on Twitter. The website appears to be quite professionally done, and there’s already a usable product. The on-chain transactions in the past 24 hours have reached 34,900, with a trading volume of US$1.28 million. There are no apparent risks in the contract. AI PEPE KING (Token) — A PEPE replica on Polygon chain, launched through an airdrop, with a 24-hour trading volume of $4,900. Due to the airdrop on the Polygon network, the cost of interaction is relatively low. On-chain data indicate relatively high activity, but the actual popularity is moderate. SHAKA (DApp) — A new meme project on Arbi. The contract has trading pause and blacklist functions. The project was launched via an airdrop, and blue-chip token holders from ecosystems like Arb, Magic, and GMX can claim the airdrop. The price currently remains high with a 24-hour trading volume of US$1.14 million and a market cap of US$1.46 million. DMT (Token) — This newly launched NFT retro game is experiencing high market popularity. As a new project with no additional sell-off pressure, it has imposed a 25% sales tax. The token’s price increased substantially in the early stages of hype, but with the project team’s cancellation of the sell tax, significant price fluctuations have occurred. The 24-hour trading volume is US$1.46 million, with a market cap of US$13.39 million. GMD (Token) — This is a DeFi protocol on Arb. Its launchpad platform had two successful projects consecutively, with high price increases. One of them is the recently incubated project by the project team, Ghast, a leverage protocol. The token price shows a strong upward trend, bringing additional leveraged mining income to the protocol. As a result, the token’s value was discovered by the market, with the price increasing by 50% in the past two days, and a 24-hour trading volume of US$1.03 million. 2.Popular NFTs: RSTLSS (NFT) — A project team enabling wearable gear for the future, primarily involved in Web3, Gaming, and Social sectors. Today, they released a collaborative NFT with RSTLSS and Claire Silver, totaling 1470 items. Currently, there are 1000 unique holders, with a floor price of 0.162 ETH, and the total trading volume is 9 ETH. Draftkings (NFT) — A gaming and sports betting website. The US Golf PGA Tour has recently started, and users can purchase corresponding passes to enjoy corresponding benefits. The on-chain minting is very hot and the project previously created NFT passes for football. 3.Popular DApps: Coinbase (DApp) — The contract of the Coinbase wallet currently ranked among the top interactions for new users on the Ethereum network, indicating a significant number of on-chain active users. Recently, Coinbase’s subsidiary Layer2 network, Base, released its mainnet roadmap, signaling preparations for the launch of the mainnet. The release criteria include proving the stability of the testnet, successful upgrade of Bedrock, and completion of internal reviews and external audits. It’s important to note that Base does not plan to issue a token. After the generation of the genesis block of the mainnet, the Genesis Window will open for developers to deploy DApps on the Base mainnet. Given Coinbase’s exchange users, it is anticipated that Base L2 will attract a decent potential user base. Uniswap (DApp) — The contract of the Uniswap router stands at the forefront of all DEXs on Ethereum, far exceeding 1inch, Metamask, and 0X by several times. Due to the prevalence of MEV Bot, aggregator routes are prone to be targeted by MEV Bot for arbitrage. It’s easier for old users to avoid sandwich attacks by trading directly through Uniswap. TinyTap (DApp) — A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). It is among the top 10 highest-grossing children’s mobile apps on the App Store and Google Play. Yesterday, the project team initiated an AMA and is about to launch NFTs and other products. There is certain hype around EDU in the market, and it has risen against the trend by 7% in the past 24 hours, with a trading volume of US$120 million. Layerzero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Last week, the project announced a $15 million bug bounty program in collaboration with Immunefi. Recently, rumors in the community suggested that LayerZero had taken a snapshot for airdrop, but this was later denied by the official team. The daily on-chain interactions hit a historic high in May, with over 285,000 transfers in a single day, showing a high level of activity. Socket (DApp) — A multi-chain application. Its main product is the Bungee cross-chain aggregator, which has been activated in May to test the network. The project has been very well received by the market. Its user-friendly gas rebate has garnered positive feedback in the community. Lens (DApp) — Lens Protocol Profile, a leading on-chain social platform, is rumored to launch its token and conduct an airdrop to users in June. However, this news has not been confirmed. As a result, there has been an increase in NFT trading activity on the platform. Users are advised to stay tuned for updates on its ecosystem projects such as Phaver, Lenster, and Orb. WOOFi (DApp) — A decentralized exchange launched by WOO X. It provides users with the best unilateral passive income and the most powerful cross-chain exchange function. Its main modules include Swap, Earn, Stake, and an order book-style decentralized exchange. The project’s most recent audit was in October 2022. According to DeFiLlama data, the current total TVL of WOOFi is US$20.33 million, mainly formed by the staking of WOO tokens. MetaMask Swap (DApp) — The activity level of the DEX trading aggregator built into MetaMask continues to rise. Benefiting from a large user base, the number of unique addresses conducting transactions on MetaMask has reached 1.742 million, with a total of 15.75 million interactions. The estimated total revenue is US$207 million, with this week’s revenue at US$383,000. One World Nation (DApp) — This is a global gaming platform, notable for its flagship game, Crypto Fantasy. This fantasy crypto portfolio game allows players to earn stablecoin rewards using NFTs called Cryptonites, which are based on real-world cryptocurrencies like BTC, ETH, BNB, SOL, and others. Each token has a limited Genesis NFT collection, which players can breed to create additional NFTs. These NFTs can be freely traded on the platform’s market or loaned to other players for daily passive income. In Crypto Fantasy, players can create a five-person team, which includes power-boosting knights and guards. The game allows players to rank based on the performance of their fantasy crypto portfolio in real matches, thereby becoming masters of the volatile crypto market. The platform also offers other games such as predictions, lottery rewards, and slots, where players can win up to US$3500 in USDC daily. Gelato (DApp) — Gelato Network is a protocol focused on automating Ethereum smart contracts. Essentially, it’s an execution-layer infrastructure and a powerful tool for Web3 developers, aiming to build a large and perfect smart contract robot system. When certain preset conditions are triggered (both on-chain and off-chain), the system captures the signal and automatically executes the corresponding operations of the smart contract as required. The token GEL has shown no significant fluctuations recently. It is essential to observe this project. 4.Twitter Hot Topics: UMEE (Token) — UMEE is a protocol that prioritizes compilable and secure blockchain lending. The project’s token, UMEE, is currently promoting its Liquid Staking feature, and Stride has launched staking services for this token, offering a staking annual percentage yield (APY) of up to 17.5%. UMEE increased by 5.63% today, with a total market trading volume of $690,000, indicating moderate popularity. 5.Regional Trending Searches: ARPA (Token) — The project is in the phase of development. It recently completed the building of a random number generator. After the first phase of the testnet, it optimized the network, fixed bugs, and conducted tests on the second phase of the testnet. Currently, the ARPA BLS-TSS network interacts with Ethereum Sepolia 200,000 times a day. The mainnet will be launched soon. There is a strong willingness to speculate on the project, with the ARPA token rising 30% in 24 hours, and the total market trading volume reaching a staggering $680 million in 24 hours. The community’s enthusiasm for speculation is very high. ADA (Token) — ADA is currently promoting SPO-Poll’s launch on the mainnet, which can help ADA achieve more open and transparent community bid governance. The proposal has garnered significant attention from the ADA community and was retweeted by the Cardano Foundation, making it one of the most important recent events in the ADA ecosystem. Main Body Written by: Bitget Research Data collection time: May 25, 10:30 Data sources: Dune, DApps, Twitter, Google Note: 1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain. 2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours. 3) DApp daily activity (UAW: unique active wallets) 4) TGE (Token Generation Event) 1.Blockchain Profile — ETH Chain 1.1 User Profile 1.1.1 Core Data Total active users of ETH: 394,346 New active users of ETH: 70,962, with a daily decrease of 3.74% Existing active users of ETH: 323,384, with a daily decrease of 0.40% 1.1.2 New User Profile Core data: There were a total of 70,962 new active users on ETH yesterday, with a daily decrease of 3.74% Popular Sectors Popular Projects Key Projects: Coinbase (DApp) — The contract of the Coinbase wallet currently ranked among the top interactions for new users on the Ethereum network, indicating a significant number of on-chain active users. Recently, Coinbase’s subsidiary Layer2 network, Base, released its mainnet roadmap, signaling preparations for the launch of the mainnet. The release criteria include proving the stability of the testnet, successful upgrade of Bedrock, and completion of internal reviews and external audits. It’s important to note that Base does not plan to issue a token. After the generation of the genesis block of the mainnet, the Genesis Window will open for developers to deploy DApps on the Base mainnet. Given Coinbase’s exchange users, it is anticipated that Base L2 will attract a decent potential user base. 1.1.3 Existing User Profile Core data: The number of ETH active existing users is 323,384, with a daily decrease of 0.40% Popular Sectors Popular Projects Key Projects: Uniswap (DApp) — The contract of the Uniswap router stands at the forefront of all DEXs on Ethereum, far exceeding 1inch, Metamask, and 0X by several times. Due to the prevalence of MEV Bot, aggregator routes are prone to be targeted by MEV Bot for arbitrage. It’s easier for old users to avoid sandwich attacks by trading directly through Uniswap. 1.2 Popular Trading Pairs 1.2.1 Uniswap V2 SHANG (Token) — Named after Shanghai Inu, SHANG is a memecoin representing a futuristic cyborg hybrid dog. It possesses AI services, Liquid Staking, NFT, and P2E features. After experiencing a 5x increase yesterday, it is currently fluctuating at a high level. Its 24-hour trading volume is US$6 million, with a market cap of US$4 million. https://www.dextools.io/app/en/ether/pair-explorer/0xf0d417fc9fb2f1b6efe51b39db7ed60117dcd2e6 SAMO (Token) — After SAMO in the Solana ecosystem exploded yesterday, many imitations with the same name appeared on other chains. These tokens carry high risks, and investors should be cautious. WAGMI (Token) — Originated from the phrase commonly seen on the internet, “we are gonna make it.” Vitalik Buterin was spotted wearing a T-shirt with this phrase at the Montenegro Conference not long ago. The token continued to fall after intense hype and has been consolidating at the bottom for several days. It experienced a rebound yesterday, doubling in value. Its 24-hour trading volume is US$5 million, with a market cap of US$8.3 million. https://www.dextools.io/app/en/ether/pair-explorer/0xd6c2af244dd56db3c9d276808eda8b5fb040007b 1.2.2 Uniswap V3 BEN (Token) — A meme project initiated by Ben.eth, later acquired by the staking platform owner, Ben Armstrong. The token recently benefited from PSYOP’s pump, reaching an all-time high. Its market cap is nearing US$100 million, with a 24-hour trading volume of US$33 million. https://www.dextools.io/app/en/ether/pair-explorer/0xdce93ed9ae7c53143e19cf799d156b72d1cc2777 MRF (Token) — A memecoin related to the message “MR F WAS HERE” in the first block after the Ethereum Beacon Chain was launched in 2020. Created by MR F, the creator of the block, this token is known for its large initial liquidity pool. Upon launch, it experienced substantial hype, with a high market cap reaching US$45 million. Currently, the price has seen a significant decrease, with the market cap reduced to US$6.3 million and a 24-hour trading volume of US$23 million. https://www.dextools.io/app/en/ether/pair-explorer/0xdb1d1c9a42e3d10717c415bd06853ea7ae818823 2.Blockchain Profile — BSC Chain 2.1 User Profile 2.1.1 Core Data Total active users on BSC: 1,416,857 New active users on BSC: 195,513, with a daily decrease of 5.18% Existing active users on BSC: 1,221,344, with a daily decrease of 3.42% 2.1.2 New User Profile Core data: There were a total of 195,513 new active users on BSC yesterday, with a daily decrease of 5.18% Popular Sectors Popular Projects Key Projects: TinyTap (DApp) — A decentralized education platform supported by Animoca Brands. Established in 2012, TinyTap is a tech startup based in Tel Aviv, Israel that focuses on user-generated content (UGC). It is among the top 10 highest-grossing children’s mobile apps on the App Store and Google Play. Yesterday, the project team initiated an AMA and is about to launch NFTs and other products. There is certain hype around EDU in the market, and it has risen against the trend by 7% in the past 24 hours, with a trading volume of US$120 million. 2.1.3 Existing User Profile Core data: The number of BSC active existing users is 1,221,344, with a daily decrease of 3.42% Popular Sectors Popular Projects Key Projects: Layerzero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Last week, the project announced a $15 million bug bounty program in collaboration with Immunefi. Recently, rumors in the community suggested that LayerZero had taken a snapshot for airdrop, but this was later denied by the official team. The daily on-chain interactions hit a historic high in May, with over 285,000 transfers in a single day, showing a high level of activity. 2.2 Popular Trading Pairs 2.2.1 PancakeSwap V2 AiONE (Token) — A platform for AI as a Service (AIaaS) that has raised US$3 million in private funding. Its financing information has been published on the U.today website and on Twitter. The website appears to be quite professionally done, and there’s already a usable product. The on-chain transactions in the past 24 hours have reached 34,900, with a trading volume of US$1.28 million. There are no apparent risks in the contract. On BSC, there are numerous fake tokens with identical names, posing a risk. These include popular ones like SAMO, PEPE, and NOMAD. Caution is advised. 3.Blockchain Profile — Polygon Chain 3.1 User Profile 3.1.1 Core Data Total active users on Polygon: 463,537 New active users on Polygon: 133,008, with a daily increase of 6.43% Existing active users on Polygon: 330,529, with a daily increase of 2.44% 3.1.2 New User Profile Core data: There were a total of 133,008 new active users on Polygon yesterday, with a daily increase of 6.43% Popular Sectors Popular Projects Key Projects: Socket (DApp) — A multi-chain application. Its main product is the Bungee cross-chain aggregator, which has been activated in May to test the network. The project has been very well received by the market. Its user-friendly gas rebate has garnered positive feedback in the community. AI PEPE KING (Token) — A PEPE replica on Polygon chain, launched through an airdrop, with a 24-hour trading volume of $4,900. Due to the airdrop on the Polygon network, the cost of interaction is relatively low. On-chain data indicate relatively high activity, but the actual popularity is moderate. 3.1.3 Existing User Profile Core Data: The number of Polygon active existing users is 330,529, with a daily increase of 2.44% Popular Sectors Popular Projects Key Projects: Lens (DApp) — Lens Protocol Profile, a leading on-chain social platform, is rumored to launch its token and conduct an airdrop to users in June. However, this news has not been confirmed. As a result, there has been an increase in NFT trading activity on the platform. Users are advised to stay tuned for updates on its ecosystem projects such as Phaver, Lenster, and Orb. 3.2 Popular Trading Pairs 3.2.1 Uniswap V3 The main trading volume of Uni V3 on the Polygon network is contributed by mainstream tokens, with virtually no altcoins. 4.Blockchain Profile — Arbitrum Chain 4.1 User Profile 4.1.1 Core Data Arbitrum Active Users: 223,095 Arbitrum New Active Users: 44,737, with a daily decrease of 4.04% Arbitrum Existing Active Users: 178,358, with a daily decrease of 4.99% 4.1.2 New User Profile Core data: There were a total of 44,737 new active users on Arbitrum yesterday, with a daily decrease of 4.04% Popular Sectors Popular Projects Key Projects: Dabidou (NFT) — This is a meme project on Arbitrum, and its NFTs have been removed from Opensea. Tokens can be acquired by interacting with virtual crypto giants within the project, but overall popularity is average. 4.1.3 Existing User Profile Core data: The number of Arbitrum active existing users is 178,358, with a daily decrease of 4.99% Popular Sectors Popular Projects Key Projects: SHAKA (DApp) — A new meme project on Arbi. The contract has trading pause and blacklist functions. The project was launched via an airdrop, and blue-chip token holders from ecosystems like Arb, Magic, and GMX can claim the airdrop. The price currently remains high with a 24-hour trading volume of US$1.14 million and a market cap of US$1.46 million. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x765d9715986327422fb0308e6e75d06adfcc3b0f 4.2 Popular Trading Pairs 4.2.1 Uniswap V3 DMT (Token) — This newly launched NFT retro game is experiencing high market popularity. As a new project with no additional sell-off pressure, it has imposed a 25% sales tax. The token’s price increased substantially in the early stages of hype, but with the project team’s cancellation of the sell tax, significant price fluctuations have occurred. The 24-hour trading volume is US$1.46 million, with a market cap of US$13.39 million. GMD (Token) — This is a DeFi protocol on Arb. Its launchpad platform had two successful projects consecutively, with high price increases. One of them is the recently incubated project by the project team, Ghast, a leverage protocol. The token price shows a strong upward trend, bringing additional leveraged mining income to the protocol. As a result, the token’s value was discovered by the market, with the price increasing by 50% in the past two days, and a 24-hour trading volume of US$1.03 million. 5.DApp Ecosystem — All Chains SLM Games (DApp) — A crypto-based gambling platform that spans multiple chains, including BTC and ETH. There are currently six types of games, and the project has 513 followers on Twitter. SLM joined the OKX chain on April 18th. It had frequent promotions in May, but overall popularity is average. WOOFi (DApp) — A decentralized exchange launched by WOO X. It provides users with the best unilateral passive income and the most powerful cross-chain exchange function. Its main modules include Swap, Earn, Stake, and an order book-style decentralized exchange. The project’s most recent audit was in October 2022. According to DeFiLlama data, the current total TVL of WOOFi is US$20.33 million, mainly formed by the staking of WOO tokens. 6.DApp Ecosystem — ETH Chain MetaMask Swap (DApp) — The activity level of the DEX trading aggregator built into MetaMask continues to rise. Benefiting from a large user base, the number of unique addresses conducting transactions on MetaMask has reached 1.742 million, with a total of 15.75 million interactions. The estimated total revenue is US$207 million, with this week’s revenue at US$383,000. 7.DApp Ecosystem — BSC Chain Meta Merge (DApp) — This is a collectible-type AIGC game on BSC, closely related to UltiverseDAO. It has 60,000 followers on Twitter, including 26 influencers. The project is very active on Twitter with frequent promotions. 8.DApp Ecosystem — Polygon Chain One World Nation (DApp) — This is a global gaming platform, notable for its flagship game, Crypto Fantasy. This fantasy crypto portfolio game allows players to earn stablecoin rewards using NFTs called Cryptonites, which are based on real-world cryptocurrencies like BTC, ETH, BNB, SOL, and others. Each token has a limited Genesis NFT collection, which players can breed to create additional NFTs. These NFTs can be freely traded on the platform’s market or loaned to other players for daily passive income. In Crypto Fantasy, players can create a five-person team, which includes power-boosting knights and guards. The game allows players to rank based on the performance of their fantasy crypto portfolio in real matches, thereby becoming masters of the volatile crypto market. The platform also offers other games such as predictions, lottery rewards, and slots, where players can win up to US$3500 in USDC daily. 9.DApp Ecosystem — WAX Chain Alcor.exchange (DApp) — It provides the fastest and cheapest transactions for EOS, WAX, TELOS, and PROTON. The project launched the Alcor Swap V2 version on April 24th and has significant popularity in the EOS and WAX ecosystems. 10.DApp Ecosystem — Solana Chain Orca (DApp) — A decentralized exchange built on Solana. It launched a new product on May 5 and has been running promotions frequently. However, the overall UWA data is low. Its future development is highly linked with the Solana ecosystem. 11.DApp Ecosystem — Arbitrum Chain ODOS (DApp) — A DEX aggregator that supports one-click token swapping. Recently, it has been expanding rapidly on Arbitrum, and it has partnered with Camelot, as well as VE (3,3) Dex ChronosFi, and integrated with their platform. Odos has aggregated most of the DEX pools on Arbi to find the best prices, resulting in high activity on the Arbitrum chain. 12.DApp Ecosystem — GameFi Sector Across All Chains Pixels Game (DApp) — Pixels is a pixel-style, interactive Web3 farming game. In the game, players can use memecoins like PEPE to purchase fertilizer. Recently, several in-game parties were held in collaboration with other projects, stimulating daily activity. 13.Gas Fee Consumption — ETH Chain RSTLSS (NFT) — A project team enabling wearable gear for the future, primarily involved in Web3, Gaming, and Social sectors. Today, they released a collaborative NFT with RSTLSS and Claire Silver, totaling 1470 items. Currently, there are 1000 unique holders, with a floor price of 0.162 ETH, and the total trading volume is 9 ETH. https://opensea.io/collection/rstlss-claire-silver 14.Gas Fee Consumption — BSC Chain Link3 (DApp) — The protocol behind this product, CyberConnect, announced the launch of its native token CYBER. CyberConnect raised $5.4 million through its token sale on CoinList. A total of 532,000 users from 112 countries registered, and 11,540 participants participated in the token sale. Stargate (DApp) — Twitter user zhouzhou tweeted that there seems to be a bug in the Stargate cross-chain bridge, which a certain whale is exploiting to earn $1000 — $2000 with each cross-chain transaction. However, later on, smart contract developer 0xlittledevil tweeted that this user’s behavior is actually in line with the Stargate protocol and is helping with pool rebalancing. 15.Gas Fee Consumption — Polygon Chain Draftkings (NFT) — A gaming and sports betting website. The US Golf PGA Tour has recently started, and users can purchase corresponding passes to enjoy corresponding benefits. The on-chain minting is very hot and the project previously created NFT passes for football. https://opensea.io/collection/draftkings-2022-reignmakers-football-field-pass 16.Gas Fee Consumption — Arbitrum Chain Gelato (DApp) — Gelato Network is a protocol focused on automating Ethereum smart contracts. Essentially, it’s an execution-layer infrastructure and a powerful tool for Web3 developers, aiming to build a large and perfect smart contract robot system. When certain preset conditions are triggered (both on-chain and off-chain), the system captures the signal and automatically executes the corresponding operations of the smart contract as required. The token GEL has shown no significant fluctuations recently. It is essential to observe this project. 17.Twitter Trends Token Top 20 UMEE (Token) — UMEE is a protocol that prioritizes compilable and secure blockchain lending. The project’s token, UMEE, is currently promoting its Liquid Staking feature, and Stride has launched staking services for this token, offering a staking annual percentage yield (APY) of up to 17.5%. UMEE increased by 5.63% today, with a total market trading volume of $690,000, indicating moderate popularity. 18.Google Trends — Global ARPA (Token) — The project is in the phase of development. It recently completed the building of a random number generator. After the first phase of the testnet, it optimized the network, fixed bugs, and conducted tests on the second phase of the testnet. Currently, the ARPA BLS-TSS network interacts with Ethereum Sepolia 200,000 times a day. The mainnet will be launched soon. There is a strong willingness to speculate on the project, with the ARPA token rising 30% in 24 hours, and the total market trading volume reaching a staggering $680 million in 24 hours. The community’s enthusiasm for speculation is very high. https://www.bitget.com/en/spot/ARPAUSDT_SPBL?type=spot ADA (Token) — ADA is currently promoting SPO-Poll’s launch on the mainnet, which can help ADA achieve more open and transparent community bid governance. The proposal has garnered significant attention from the ADA community and was retweeted by the Cardano Foundation, making it one of the most important recent events in the ADA ecosystem. 19.Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan a) South Asia Region India Trending Tokens: BOB, ARPA, ADA, BTC Pakistan Trending Keywords: FOMC, Airdrop, Coindesk b) Southeast Asia Region Indonesia Trending Keywords: Faucet, Bob, Dogecoin Malaysia Trending Keywords: CoinGecko Thailand Trending Keywords: Cryptonews Philippines Trending Tokens: Holy c) East Asia and Hong Kong, Macau, and Taiwan Trending Tokens: XDC, GPT 20.Google Trends Surge — English-speaking Countries, Europe, CIS Region a) CIS Region Trending Keywords: Xen, Dune, CryptoNews, CMC b) English-speaking Countries Canada Trending Tokens: Polygon, Sandbox, ORCA UK Trending Tokens: ADA, Gala, Ladys, SBF USA Trending Tokens: ARPA, Tenet, PYR Australia Trending Tokens: LHINU, ARPA, QNT, WAVES, DOGE, XEN, SAND, BONE c) Europe Spain Trending Tokens: ARPA, HEX, PI, BTC France Trending Tokens: FTM, ICP, ARPA, IOTA Germany Trending Keywords: Opensea, LHINU, Matic, ADA Italy Trending Tokens: ARPA, KAS Poland Trending Tokens: ARPA Switzerland Trending Tokens: Pepe Turkey Trending Tokens and Keywords: DXY, Free ETH, MONG, VBET crypto login 21.Google Trends Surge — Middle East, Latin America, Africa a) Africa Trending Keywords: Etoro, Juno, Valr, Uniswap, XRP b) Middle East Trending Keywords: Uniswap, Rain, CMC, Crypto News c) Latin America Brazil Trending Tokens: Free BTC, ARPA, RADIX, ETH Argentina Trending Keywords: CMC, TradingView Mexico Trending Keywords: Bitcoin

BNB Chain’s $586M Hack - The Horror Before Halloween

Spooky season is finally here. After two years of pandemic and endless lockdowns, people are again flocking to cinemas, happily spending money to have their hair stand on end with horror movies. But why waste money on fiction when we can be spooked out by what really happens on the blockchain on a regular basis? Indeed, on October 6, just at the beginning of the spooky month, one of the biggest cryptocurrency hacks striked on BNB Chain, raking in nearly $600 million in just two hours. What Happened During the BNB Chain Hack? BNB Chain had been the favorite spot for IT people to showcase their hacking skills and perform no-blood massacres of the biggest DeFi protocols, but this time, it was the very chain that was targeted. The attack, in short, was an extremely sophisticated business, almost as much as the chain’s naming. It unfolded within a span of a few days with the involvement of numerous blockchains and DeFi platforms. Everything started on a fine Autumn day of October 5. It was getting colder in the Northern Hemisphere. The leaves were greeting their last glorious moments on Earth with marvelous shades of yellow and red. The girls were whipping out their pumpkin spice lattes and wool blankets for #autumnaethestics. The war in Ukraine was going on and Europe was struggling with its energy problems. 101.5 BNB was sent from ChangeNOW.io to a certain wallet address for a premeditated attack. That address then used 100 BNB to register with BSC Token Hub, the bridge connecting BNB Beacon Chain (previously known as Binance Chain) and BNB Chain (previously known as Binance Smart Chain or BSC), to become a Relayer. The job of a Relayer is to deliver messages from BNB Beacon Chain to BNB Chain, and relay messages he did. Two seemingly legitimate withdrawal proofs were sent to the BSC Token Hub on October 6. The bridge complied and released 2 million BNB in two transactions, one at 6:26 PM UTC and the other at 20:43 PM UTC. People took a glance at the transactions and thought: “Is this Binance or some whales moving their assets in scale? Will there be waves or is it just another day?” Then Tether blacklisted the wallet address out of the blue (09:24 PM UTC). The same people took another glance and wondered: “Menace or average? Could it be a wrong blacklist?” The exploiter’s main wallet was blacklisted by Tether, which means USDT in this wallet is frozen. Source: Etherscan And Tether never mistook a blacklist, it seemed. Between those two transactions, the same wallet address had 15 failed attempts at requesting millions of BNB from the BSC Token Hub, and borrowed huge loans at Venus Protocol, the notorious protocol that is seemingly involved in almost every major hack on BNB Chain. 900,000 BNB was deposited into Venus to take out massive loans: • 62.4 million BUSD • 50 million USDT • 13.7 million vBNB (approximately $129 million) • 35 million USDC Tether was quick to respond, but Binance was, too. The third largest public blockchain in the world halted all activities for about 8 hours. With only 26 active nodes, demanding the suspension of the whole chain was definitely no sweat for Binance. Thank God for decentralization! We only needed to contact 26 nodes to pause a decentralized public network for 197.3 million wallets. Because of the quick response from Binance, the exploiter only managed to move $119.5 million to other chains: • $66.9 million on Fantom • $24.1 million on Ethereum • $20 million on Avalanche • $4.1 million on Polygon • $3.3 million on Arbitrum • $1.1 million on Optimism Instead of dumping all the 2 million BNB in one go and causing a massive slump in price, the attacker opted to move the hacked amount around 6 multichain wallets, and use it on multiple DeFi platforms across seven blockchains to swap for different tokens, stake to earn rewards, and provide collateral for loans. The protocols utilized are: • On BNB Chain: Venus Protocol and PancakeSwap • On Fantom: Geist • On Ethereum: Curve Finance and Uniswap • On Avalanche: Platypus Finance Among the $119.5 million bridged to different blockchains: • $6.5 million in USDT was frozen • $37.5 million in lending pools • $16.5 million borrowed • The rest remaining dormant in the attacker’s wallets The exploiter’s main wallet analytics on October 17. Source: Nansen After the 8 hours halt of the whole BNB Chain, onlookers watched and prayed that the attack was stopped. But that was all in vain. While there was no further bug exploitation on the BSC Token Hub, activities of the exploiter’s wallet addresses are still going on till today. For instance, on October 8, 33,771 ETH was moved between the attacker’s wallets on Ethereum. The Aftermath of the BNB Chain Attack After the main attack on October 6, or more like after the attacker showed few signs of another exploit, CZ posted some disputable tweets, saying that the $100+ million USD bridged to other chains and out-of-reach of the decentralized BNB Chain was only “a quarter of the last BNB burn”. And perhaps, in an effort to hail the decentralization of the suspended-by-19-validators network, he tweeted: “I am not that involved in the technical side of BNB Chain. Far less than Vitalik with ETH. The principles of issue handling are simple important: fast, transparent responsible. ?” Ah yes, definitely, Vitalik is so involved in Ethereum that changes on Ethereum are voted upon and decided by 426,000 validators, so hard forks sometimes result in the birth of a separate chain. Meanwhile, BNB Chain is so fast, transparent and responsible with handling issues that two hard forks were completed in the span of 4 days without prior notice to the community, and despite the Chief Scientist saying cross-chain activities resumed 6 days after the exploit, users still reported their tokens not crossing the bridge. Nevertheless, the official BNB Chain exploit response started out with a sincere apology, owning their technical mistakes, and that sentence alone more or less had the ability to soothe the anxious souls following the third biggest exploit in blockchain history. Soothed as we might have felt, just 4 days later, BNB Chain released another official response to the exploit, saying in bold that “The blockchain (BNB Chain) was not compromised and no users were affected.” Indeed, halting the whole blockchain for 8 hours and the bridge for 6 days affected no one; all activities were normal. At 7 AM on October 13, Binance conducted its 21th quarterly burn, effectively removing 2.06 million BNB from circulation, which almost made it seem like the hack did not happen after all. Yet, even with all these efforts, BNB price dropped 12.9% from October 6 to October 13. Conclusion The hack that happened on October 6 amounts to more than half a billion USD in value, but no one lost any money because of the hack itself, as the 2 million BNB was newly minted, and the hacker has not withdrawn his fund. That being said, many people suffered as the BNB Chain was suspended for 8 hours, as well as the bridge between BNB Chain and BNB Beacon Chain was stopped for almost a week. This is another hack in a series targeting blockchain bridges recently. Ronin, Harmony, Solana, and Nomad were a few blockchains whose bridges were attacked. The non-stop exploits with total stolen value adding up to about $2.5 billion make blockchain bridge rightfully earn the name of “DeFi’s Achilles Heel” by Forbes. The exploit on October 6 also realized the major issue of decentralization on BNB Chain. If it took only 19 nodes to stop the activities for nearly 200 million wallets, is it decentralized? Are 26 nodes enough to decide the doings of 200 million wallets? Why was the chain suspended for this hack, but not for other hacks? Will the chain be halted out of the blue like this again in the future? Binance says in their official response that the number of community validators will increase and the blockchain will become more decentralized “as we progress”, but a definitive plan of how these will be achieved is still somewhere beyond the horizon. Probably the most incomprehensible thing out of this whole ordeal is the attacker’s activities. He preserved through 2 hours and 15 failed attempts to mint 2 million BNB, then went through a lot to disperse the fund over numerous blockchains before BNB Chain was halted. In spite of all the hard work, he has not cashed out a single cent from the exploit or used Tornado Cash to erase his trace. Is he trying to grow his money and cash out later, or is this exploit just an attempt to show BNB Chain its technical weak point, or was he merely messing around for fun? The answer, we can only know later. Not a Bitget user yet? Sign up today for more insights and receive a $5005 reward!

Bitget Hot Takes (August 01 - August 07)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes BGB beat Bitcoin, Ethereum and most exchange tokens in 7-day return. A new wave of big names is coming to the crypto space. Around US$200 million was stolen in three attacks; data shows the vulnerability of bridge protocols. BGB’s Stemina Surprisingly, Bitcoin and Ethereum closed the first week of August with a loss. Meanwhile, BGB was going strong, having achieved an 8.11% growth in the last seven days. That puts BGB in the second place of the exchange token category. Bitget users’ trading activities over the same period were remarkable with US$1.183 trillion in aggregated futures volume and US$305 million in spot volume. Historical data proves that BGB tends to perform exceptionally well in uncertain times and sideways markets, while maintaining a steady performance in the uptrend. Need to check on BGB’s self-sustained growth? Here are our BGB Report for the last three months: BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Big Names Join The Space Crypto’s Staples As seen above, Bitcoin cumulative returns have decreased by 2.83% at the end of August’s first week. BTC was trading between US$22,400 and US$23,600, seeing considerably less volatility than the week before. The hype for Bitcoin remains high as firms propose new hedging solutions using the largest cryptocurrency. Galoy, a banking software company that closed a US$4 million fundraise on August 3, has launched a Bitcoin-backed stablecoin called Stablesats shortly later. Meanwhile, the number of perpetual futures contracts with a negative funding rate has been on the way down, and so has Bitcoin risk signal. A reduction in negative funding rates means short sellers are less dominant; we could really consider this a positive sign for the following weeks. Source: Glassnode LVMH, Gucci, Tiffany, BlackRock and More Luxury brands are deepening their crypto involvements. If you don’t know about Aglaé Ventures yet, now is the time to do some research. The venture capital firm backed by Arnault, the controlling shareholder of LVMH, has launched a €100 million investment fund for Web3 projects at all stages. Former executives at CoinFund and Aave are leading the expansion of the VC from Web2 to Web3. Another lux giant, Gucci, now accepts ApeCoin payments through BitPay, becoming the first major brand to add APE to their payment options. Luxury jeweller Tiffany Co. explored another approach to the NFT space with their NFTiff collection. CryptoPunk owners would purchase a NFTiff pass, choose the punk of their preference, and wait for their bespoke pendant to be delivered around February 2023. All 250 NFTiffs were sold out for US$12,500 each, earning Tiffany Co. US$12.5 million in just 20 minutes. Within the same week, the world’s largest asset manager, BlackRock, entered into a partnership with Coinbase (COIN) to offer institutional investors direct access to crypto. The news immediately pushed COIN’s share price to go up by 31% to open last Thursday at US$106 - roughly one week after Cathie Wood’s Ark Invest dumped 1.41 million COIN at US$53. Even pension funds are eyeing the digital space. Fairfax County Retirement Systems, a $6.8 billion Virginia pension fund, has turned to yield farming for lucrative earnings. The iconic Starbucks and Meta decided to expand their business with the help of NFTs. After Meta successfully integrates Coinbase’s Wallet and DApp into the platform, the firm will release cross-platform NFTs across 100 countries. Starbucks, on the other hand, will incorporate NFTs in their customer loyalty program, allowing Starbucks lovers to earn digital collectibles through their everyday purchase. That could be the ultimate solution the NFT industry is looking for. Other crypto investments include: US$1 billion for Brevan Howard’s crypto fund US$20 million in Series A funding for NFT counterfeit detector MarqVision US$6.7 million in seed funding for Cosmos’ liquid staking protocol Stride Security Concerns Amplified On the first days of the new month, US$190 million was syphoned out of the Nomad cross-chain token bridge. A white-hacker who tried to protect Nomad’s funds at the time of attack has returned US$9 million to the protocol; and Nomad is offering a 10% bounty on any funds returned. An estimation by Chainalysis, which was released around the same time shows that cross-chain bridges appear to be the Achilles’ heel of the digital space: 13 hacks targeting this protocol type has resulted in a US$2 billion loss so far this year. The data platform also calls for ‘extremely rigorous code audits’ and ‘timely countermeasures’ to improve the security of cross-chain bridges. Source: Chainalysis Solana was the next victim of hackers. Nearly 8,000 wallets were compromised, mostly those provided by Phantom and Slope and US$5.2 million was stolen. Another Layer 1, Near Protocol, also notified its users of a wallet data breach that took place in June. Although the situation did not lead to any unfortunate consequences and the team had fixed the bug, it still adds to the concerns of blockchain security. ZB.com is a middle-tier crypto exchange that halted withdrawal only one day due to ‘sudden failure of some core applications’ before losing US$4.8 million. The Latest Bitget News Determined to bring our users the best crypto experience, Bitget constantly adds new trading pairs each week alongside the interesting, bountiful events. Don’t forget to register your Bitget account here to join the weekly, exclusive Live Trader AMA in our community group! Moreover, as pressure mounts on crypto firms, many exchanges have shut down or are about to, and you know that millions were drained from crypto wallets over the last seven days. That is to say how timely the launch of Bitget Investor Protection Fund is; with more than US$200 million available for any emergency compensation, Bitget is showing that nothing can stop us from providing an impeccably safe and reliable environment for crypto traders! To find out more about Bitget's Protection Fund, please visit here. New Listings CSPRUSDT CMPUSDT WOMBATUSDT ALPACAUSDT New Events Bitget Futures Trading Competition: US$10K and Samsung S22 Up For Grab! Buy Crypto With 0% Credit Card Fees Upgraded Bitget Referral Program Super Airdrops For Active Users Receive $4,163 In Welcome Bonus! 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