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SocialFi application protocol Friend.tech (FRIEND) says it’s leaving Coinbase’s Base chain to develop its own network. In a new thread, the team behind the social finance platform says that it will be partnering up with Conduit, a firm that provides Ethereum (ETH) rollups, to work on Friend chain , its very own block chain that will utilize FRIEND as its gas token. “We’re pleased to be working with Conduit on Friend chain , our own block chain that uses FRIEND as a fully transferable gas token. We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter.” According to Friend.tech, users can sign up for the upcoming Friend chain testnet, but no specific date was mentioned for its launch. Friend.tech, which launched in 2023, allows users to link their X accounts to a crypto wallet address, creating a social decentralized finance (DeFi) space where fans and creators can...

Sceptre, a new liquid staking protocol for the ‘ blockchain of data’, Flare, has launch ed in private beta. Designed to maximize FLR yield, Sceptre will enable users to use their tokens in DeFi protocols while also continuing to claim native Flare rewards and monthly FlareDrops. The Sceptre protocol has been developed by Rome Blockchain Labs (RBL), who are simultaneously building the lending and borrowing platform Kinetic. The two protocols will function hand in hand to help maximize the functionality of the FLR token. Flare, which is billed as the blockchain for data, has three native reward mechanisms: Staking to infrastructure providers to support network consensus and security Delegating to the Flare Time Series Oracle to support the delivery of decentralized data to the network Receiving monthly FlareDrops for network participation. Hugo Philion, co-founder of Flare, welcomed Sceptre to the ecosystem: “The Flare tokenomics, and...

On February 6, Orbs, a block chain infrastructure project, revealed the forthcoming release of its latest Network protocol iteration, Orbs V4.  Characterized as a significant advancement, V4 aims to optimize the efficiency and resilience of Orbs’ Layer3 technology, positioning the network to accommodate the projected increase in demand and usage anticipated for 2024, per the latest information shared with Finbold. As decentralized applications progressively incorporate Orbs’ products, the necessity for an advanced network has become evident. Orbs V4 looks to meet this imperative requirement by prioritizing a comprehensive set of node enhancements, sustaining Orbs’ leadership in block chain technology, and fortifying its capacity to manage the forthcoming surge in L3 adoption. V4 comes as a long-awaited upgrade The release of V4 follows two years after introducing its precursor, Orbs 3.0, which introduced the venture’s innovative L3 architecture. Concurrent...

Horizen Labs, Offchain Labs and Arbitrum Foundation have submitted an ApeCoin DAO proposal for ApeChain. The platform targets the blockchain gaming ecosystem and will be built using Arbitrum’s technology. ApeChain will utilise ApeCoin (APE) as the native gas token. In a recent proposal, Horizen Labs, Offchain Labs and the Arbitrum Foundation outlined plans for an ApeChain platform, part of the broader vision to support growth for the ApeCoin ecosystem. The price of ApeCoin (APE) was around $1.67 on Tuesday, down 0.2% in the past 24 hours. APE has struggled to mirror broader market gains in recent weeks and is up only 13% in the past 30 days. ApeChain targeted for gaming ecosystem  The ApeCoin DAO idea reveals that ApeChain will be developed using the Arbitrum technology with Horizen Labs spearheading the overall ecosystem growth. The ApeChain network will be an Orbit chain built using AnyTrust. “ We believe that leveraging Arbitrum’...

John Galt, Head of Strategy at Stride, recently revealed that the Inter chain Foundation (ICF) holds a significant 1.6% stake in Celestia (TIA), currently valued at $70 million, in addition to its $125 million holdings in Cosmos (ATOM). This revelation sheds light on the ICF’s extensive holdings amid its decision to back Celestia. Beyond Celestia, the ICF holds assets like Bitcoin (BTC), Ethereum (ETH), ATOM and the USD, totaling $350 million, in its treasury, according to Galt. 1/9 @CelestiaOrg is backed by the @Inter chain _io Foundation (ICF), which funds public goods for Cosmos. The ICF has a 1.6% stake in Celestia, currently worth $70M. Additionally, its treasury also holds BTC, ETH, USD, ATOM – currently worth about $350M. Celestia and the ICF — John Galt (@lurkaroundfind) November 28, 2023 Of the $350 million cumulative holding, Galt emphasized that the ICF spreads its treasury to apportion $125 million to ATOM, another $125 million to both BTC and ETH, an...

Pancakeswap now allows users to purchase crypto with debit card, Google Pay, Apple Pay, and other methods through Transak. Decentralized exchange Pancakeswap now offers Transak as a provider in its “buy crypto” tab, giving Pancakeswap users an additional option when shopping for crypto, according to an announcement on September 21. Mercuryo and Moonpay were previously providers for this feature, making Transak the third provider to be added. Caption: Pancakeswap buy crypto tab. Source: Pancakeswap Pancakeswap is a multi chain decentralized crypto exchange (DEX). It’s available on 8 different block chain networks, including BNB Chain, Ethereum, Base, Polygon zkEVM, and others. It has over $1.3 billion worth of crypto locked in its contracts and does over $150 billion in volume per day, according to crypto analytics platform DeFi Llama. As with all DEXs, Pancakeswap can’t perform fiat to crypto conversions on its own. Users have to first own cryptocurrency in a wallet before they can ...

Some Multichain contracts on Ethereum suffered withdrawals of more than half of their deposits, causing on-chain sleuths to fear an exploit is underway. Abnormally large outflows from the Multichain MPC bridge platform on July 6 have sparked fears that an exploit could be underway. Over $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Multi chain likely hacked. Exit all multi chain assets. Good idea to revoke approvals to multi chain bridge if you had any — Curve Finance (@CurveFinance) July 6, 2023 On July 6, 7,214 Wrapped Ether (WETH) tokens (worth $13.6 million), 1,024 Wrapped Bitcoin (WBTC) (worth $31 million) and $58 million worth of US Dollar Coin (USDC) were withdrawn from the Fantom bridge’s Ethereum smart contract, with a total of approximately $102 million in cryptocurrency withdrawn. July 6 withdrawals from the Multichain Fantom Bridge contract o...

Bitcoin ordinals or stamps have failed to provide an answer to Bitcoin’s DeFi problems. Bitcoin (BTC) is known for its immutability and the hard-coded rules that make the system secure but slow to modernize. However, that doesn’t mean the Bitcoin blockchain — the underlying network that empowers the original cryptocurrency — is closed to innovation and development. Even though the initial efforts to introduce decentralized finance (DeFi) to Bitcoin such as cross-chain bridges and wrapped tokens resulted in a massive wave of hacks and exploits in the DeFi space, developers continue to look for new and more reliable ways to tap into the unmatched liquidity of the BTC pool. Launched in November 2021, the Bitcoin Taproot upgrade was an important step in adding extra functionality to the base layer of Bitcoin. Among other benefits, including cheaper and more efficient transactions, the Taproot upgrade also introduced rudimentary smart contracts — the backbone of DeFi — to Bitcoin for the f...