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Dubbed “Holešky,” the testnet was designed to facilitate staking, infrastructure, and protocol development.

## Ethereum preps for future
Ethereum, the blockchain powering the world’s second-largest crypto by market cap, is continually evolving to meet the demands of a rapidly growing blockchain ecosystem. To keep pace with the ambitious roadmap, Ethereum developers have introduced a new testnet called “Holešky.”

At the core of the Holešky testnet launch is its unprecedented initial supply of 1.6 billion Holešky testnet Ether (HETH). This substantial allocation is provided to validators on Holešky’s inaugural day to kick start network operations.

In contrast, it’s worth noting that this token amount is ten times more than what the main Ethereum network currently holds. Ethereum developer Tim Beiko justified this allocation, stating that “devnets [are] regularly using 10B supply.” This move ensures that Holešky has ample resources to support the development and testing of new features.

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## Retiring the Goerli testnet
Before Holešky emerged, the Goerli testnet was Ethereum’s primary platform for testing new staking, infrastructure, and protocol developments.

Concerns began to surface in October when developers voiced their reservations about Goerli’s insufficient supply of Goerli ETH to meet testing requirements. Holešky’s generous HETH supply is expected to address this issue effectively.

In tandem with Holešky’s launch, Ethereum developers have been encouraging application developers to migrate from Goerli to Sepolia, a move that leaves only protocol developers on the old network. The Ethereum team has set its sights on deprecating Goerli in January 2024. Following deprecation, Goerli will receive another year of maintenance before being permanently shut down, as outlined in official documentation.

The advent of Holešky marks a critical juncture in Ethereum’s journey. The platform is poised to implement a slew of transformative features, including proto-danksharding, danksharding, and Verkle trees.

These innovations reduce transaction fees and make running a node more cost-effective. To ensure seamless integration into the mainnet, each feature will undergo rigorous testing on Holešky, underscoring the testnet’s pivotal role in Ethereum’s development pipeline.

## Relentless development
Ethereum’s commitment to innovation remains unwavering. Recent upgrades, including the Shanghai upgrade, have already introduced substantial scalability, security, and functionality improvements. Ethereum researcher Christine Kim affirms that Ethereum’s development community is far from complacent and is already plotting the next wave of enhancements. The blockchain’s execution layer (EL) and consensus layer (CL) are the focal points of these upcoming code changes.

While Holešky gears up for pivotal infrastructure and protocol testing, Ethereum has also made strides in simplifying the process of launching tokens on its blockchain.

Ethereum developer Aram Mughalyan recently revealed a groundbreaking development. Using the OpenZeppelin Contract Wizard, Mughalyan demonstrated how anyone can create a new token on the Ethereum blockchain in under one minute. This streamlined process allows broader token innovation within the Ethereum ecosystem.

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## Ether price analysis
According to data from CoinGecko, the price of Ethereum (ETH) stands at $1,628; over the past seven days, the token has recorded a 0.07% increase. Ethereum’s market capitalization stands at more than $195 billion. On Sept. 11, ETH witnessed a dip to $1,530 before rebounding to its current valuation.

The introduction of the Holešky testnet and the simplification of token launches on Ethereum demonstrate the blockchain’s commitment to staying at the forefront of Web3 innovation. These developments pave the way for a more robust and accessible Ethereum ecosystem with exciting prospects.

By：Ogwu Osaemezu Emmanuel
Link：https://crypto.news/ethereum-unveils-new-testnet-called-holesky/

Ethereum unveils new testnet called ‘Holešky’

Ethereum’s developers launched a new testnet that’s being touted as a promising alternative to the aging Goerli network.


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This strategic decision offers creators a cost-efficient solution for their digital collectible minting, the company explained.

Magic Eden, which recently welcomed BRC-20 tokens to its multi-chain platform, announced its support for cNFTs on X, formerly known as Twitter. At a time when the longstanding crypto winter is crippling NFT trading volume, Magic Eden says the latest feature will bring about a notable transformation in non-fungible tokens.

The team claims cNFTs offer creators an economical and streamlined avenue for generating NFT content on a substantial scale. Through the magic of compression technology, the production of cNFTs becomes significantly more cost-efficient when compared to traditional NFTs. The team further explained that the “C” in cNFTs stands for “compressed” rather than Cardano.

The cost-efficiency of cNFTs is expected to empower creators to push their artistic boundaries, fostering experimentation without imposing prohibitive financial constraints.

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Another feature of cNFTs is the potential to serve as an accessible gateway for individuals new to NFTs. By enabling creators to produce content at a larger volume, cNFTs open doors for collectors to engage with NFTs that are more affordable.

![image](https://cdn-us.imgs.moe/2023/09/18/65083772f3cd9.png)

## NFT marketplaces holding strong amid crypto winter

NFT marketplaces have emerged as crucial platforms for creators to sell their digital assets and for collectors to purchase unique items. These platforms are the backbone of the global NFT market, providing a space for buyers and sellers to connect.

While several NFT marketplaces are in operation, each has strengths and weaknesses. Blur, OpenSea and SuperRare are among the leading NFT platforms, experiencing significant growth in the past year.

In April, some NFT marketplaces, including Blur and OpenSea, slashed artist royalties to attract buyers and boost trading volume.

Artist royalties are typically a percentage of the sale price paid to the artist when their work is sold on an NFT exchange. Still, reducing or eliminating royalties has made the NFT platform more competitive.

The reduction in artist royalties is also a sign of the current slump in the NFT market. Trading volume has fallen sharply in the past year, and many investors are sitting on the sidelines.

However, the move has been met with criticism from some creators. They argue that reducing royalties is unfair, as it slashes their earnings. The unregulated nature of NFT marketplaces has also led to several scams and frauds in recent times.

In April, celebrity marketer Raichu was accused of participating in numerous rug pulls and pump-and-dump operations.

At the time of writing, Blur is the top NFT marketplace, with a trading volume of over $4.15M, according to DappRadar.

By：Ogwu Osaemezu Emmanuel
Link：https://crypto.news/magic-eden-adds-support-for-solana-powered-compressed-nfts/

Magic Eden adds support for Solana-powered compressed NFTs

The Magic Eden non-fungible token (NFT) marketplace has expanded its support for compressed NFTs (cNFTs) — a new system of NFT creation powered by Solana.


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As this wave gains momentum, native decentralized finance (defi) protocols like MakerDAO and Aave are actively moving to embrace RWA.

BNB.WIN recently launched its first RWA product, BNB.WIN.

After monitoring their performance for several weeks, many are questioning the true value of BNB.WIN and similar products.

## Is BNB.WIN safe?
BNB.WIN is a rebasing RWA protocol on the BNB Chain, a smart contract platform.

The process involves staking BNB to mint BNB tokens at a 1:1 ratio. BNB staked are pegged to real-world assets. Rewards are distributed to token holders via the smart contract BNB.WIN-RWA using a rebase mechanism.

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Experts consider the platform safe due to its backing by real-world assets, such as short-term government bonds. BNB is supported by a reserve of real assets, while BNB.WIN is directly linked to short-term government bond investments.

In this structure, BNB.WIN appears less prone to default risks unless there is an extreme scenario of national insolvency.

## Analyzing performance
In a recent interview, BNB.WIN founder Satoshi Aoki explained that BNB.WIN is versatile and can be integrated into different defi lending, yield farming, and futures protocols.

It is also available for trading on exchanges. BNB.WIN has the potential to serve as the basis for generating rewards for defi protocols.

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Users who subscribe earn yields from investments in stable assets like margins, loans, and bonds. They also receive staking rewards based on a proof-of-stake (PoS) mechanism and platform incentives.

BNB.WIN is also transparent. On Aug. 28, 2023, the protocol announced the latest Merkle tree asset-proof data. According to the official announcement, the reserve ratios for USDT and BNB are 122,404,586 USDT and 84,410 BNB, respectively.

BNB.WIN will regularly conduct proof-of-reserve audits.

## Conclusion
BNB.WIN highlights the potential benefits of RWA assets, such as asset tokenization, on-chain liquidity, and transparency through smart contracts, while removing traditional financial barriers for premium investment opportunities.

They also plan to be part of the stablecoin asset-liability structure.

By： Dalmas Ngetich
Link：https://crypto.news/bnb-win-a-rebasing-protocol-on-bnb-chain-releases-rwa-product/

BNB.WIN, a rebasing protocol on BNB Chain, releases RWA product

This year has brought about changes in the global economy and regulations for virtual assets. Even so, the crypto industry is still progressing by introducing new products that meet the demands of users and the community. One of these new developments is real-world asset (RWA) tokenization, which can offer a fresh opportunity for value capture.


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**August’s exploration into the realm of blockchain gaming and the metaverse unveils a tapestry of innovation, collaboration, and pivotal shifts. With behemoths like Animoca Brands and Yuga Labs joining hands and the metaverse dynamics evolving, the contours of the Web3 gaming world are being redrawn. This report ventures into the heart of the most significant developments, announcements, and trends of the past month, offering a vista into a nascent future crafted at the confluence of gaming, blockchain, and the ever-evolving metaverse.**

## Key Takeaways

- Blockchain gaming accounts for 37% of on-chain dapp activity in August with 758,330 daily UAW, marking a 6.4% increase from the previous month.
- WAX remains the leading blockchain ecosystem for gaming activity with 370,723 daily UAW.
- Casual game platforms dominate the DappRadar rankings, accounting for a significant 10% of all on-chain gaming activity.
- Sweat Economy continues to be the most used Gaming dapp, surpassing 528,000 monthly UAW in August.
- Metaverse trading volumes hit a year-low in August at $4.1 million from 8,329 land sales.
- This month, Web3 gaming investments reached $141 million, a 52% drop from the previous month..

## Table of Contents

1. Blockchain Gaming Overview
2. August gaming leaders
3. Merging titans: Animoca Brands and Yuga Labs shape the Web3 frontier
4. Sugartown’s first NFTs
5. Beyond the numbers: the evolving role of metaverses
6. $141 million Web3 gaming investments
7. Conclusion

## 1. Blockchain Gaming Overview
In recent years, blockchain gaming has fortified its position as a foundational pillar within the Web3 sector. August 2023’s data further underscores this trend. This month registered an average of 758,330 daily unique active wallets (UAW), representing a 6% increase from July. At a commanding 37% of all blockchain activity, gaming undeniably continues its reign.

![image](https://dynamic-kvl-assets.dappradar.com/3930c4cbca454735a66a40b9b841369f.jpg)

An examination of individual blockchain metrics reveals:

![image](https://dappradar.com/blog/static/bd040d103adf768aaf2bfc0d7a237f8b/43e9f/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-top-gaming-protocols-by-uaw.png)

Wax continues its leadership with 370,723 dUAW. This robust performance can be attributed to the sustained success of Alien Worlds, coupled with the platform’s hosting of over 150 gaming dapps.

BNB Chain recorded a 3% increase, averaging 175,805 dUAW, a commendable rise and the only positive trajectory from the list. Polygon exhibited stability, with its UAW consolidating around 94,000.

![image](https://dappradar.com/blog/static/24b963504c86033ad4b7343dca9f2b42/e279c/dappradar.com-image-3.png)

However, August also spotlighted an emergent player: SKALE. This platform, which backs popular games such as CryptoBlades and 5TARS, witnessed an extraordinary 157% surge, culminating in 67,756 dUAW. A noteworthy mention is SKALE’s hosting of Gamifly, an Esports and Sports fan engagement platform, which observed a staggering 874% growth in UAW over the past month. Such burgeoning interest in esports isn’t an isolated incident; for instance, NFL Rivals garnered a million downloads just in July. These figures exemplify the burgeoning user intrigue in this domain.

For readers seeking a detailed, contemporary examination of these statistics and a comprehensive overview of gaming blockchains, DappRadar’s gaming rankings remain an invaluable resource.

## 2. August gaming leaders
Shifting focus from blockchain infrastructure to the games themselves, let’s delve into August’s top-performing Web3 games based on Unique Active Wallets (UAW).

![image](https://dappradar.com/blog/static/9c546ed38e5f5fb09a0ce70b82649323/55a6d/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image.png)

Retaining its pole position for the second consecutive month, Sweat Economy witnessed a 28% drop in its UAW but still boasts an impressive over 528,000 monthly UAW. As they gear up for their dapp’s launch in the U.S. market on 16 October, the question arises: Will this expansion rejuvenate the earlier ‘move-to-earn’ excitement?

Holding the runner-up title, Alien Worlds registered a 7% surge in its UAW. Enhancing its appeal, the game plans to rolled out new limited edition mining tools on 12 September, promising to amplify the player experience.

Solitaire Blitz comes as the best performer, with a monumental rise of over 5,000% in its UAW towards August’s end, as indicated on the product page of the game on DappRadar. The driving force behind such an unparalleled growth remains a mystery, especially in the absence of any recent updates.

![image](https://dappradar.com/blog/static/9fbbd380debad1030af779701276b35e/4d032/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-7.png)

However, not all games enjoyed an upward trajectory. Splinterlands, for instance, is grappling with a persistent decline in its UAW. This downturn may find its roots in the game’s recent updates, specifically designed to counteract bot activity, potentially alienating some users.

For a comprehensive list of future game events and timelines, refer to our detailed blog article here.

Another evolving narrative in the gaming universe is the ascending appeal of gaming platforms among Web3 gamers. Scrutinizing the games rankings reveals an intriguing fact: within the top 10 dapps by UAW, more than three are gaming platforms. Names like PipeFlare, Play Ember, and Gamifly are increasingly resonating. This uptick in interest underscores a possible alignment with the preferences of the average gamer – a plethora of mini-games under one umbrella, serving as delightful time-fillers.

## 3. Merging titans: Animoca Brands and Yuga Labs shape the Web3 frontier
Navigating the vast expanse of the Web3 gaming landscape, two colossi – Animoca Brands and Yuga Labs – are hard to miss. Their influence and ability to sculpt the industry’s trajectory is noteworthy. This August, these two giants decided to combine their creativity. The result? The announcement of a new game titled Wreck League, with its inaugural season set to witness a collaboration with Yuga Labs.

Wreck League let’s players battle in 2D fights using giant mechs made of different body parts. Rather than being limited to predetermined characters, players have the autonomy to architect their fighter mechs using NFT components. These components, aside from aesthetically enhancing the mechs, play a pivotal role in defining their combat proficiencies.

An intriguing integration is the ambition to incorporate Wreck League into ‘The Extended Yugaverse of Bored Ape and Otherside’. This merger indicates the possibility of Yuga Labs characters making guest appearances in Wreck League. However, such inclusions will remain non-canonical in the official Yuga Labs narrative. Furthermore, NFT owners from the Bored Apes, Mutant Apes, Kodas, and Kennel Club lineage can anticipate an exclusive Founders Mech, fully constructed and complementary.

Branching out to Animoca’s endeavors, their recent undertakings have not been confined to Wreck League. The brand has secured binding pledges for an investment round aiming to fast-track Mocaverse, amassing a significant $20 million. This influx of capital seems to have invigorated Mocaverse’s NFT metrics, as evident in the subsequent visual data.

![image](https://dappradar.com/blog/static/2b0ebd234fc8abb5be5316b013a1f3cb/f4621/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-1.png)

On the other hand, Yuga Labs isn’t far behind in its developmental efforts. The brand announced the impending open beta launch of its game Legends of the Mara, poised for a September release. This 2D web-adventure, based in the Otherside metaverse, invites members to utilize their Otherdeed NFTs, supplemented by a fresh NFT series. This game ushers players into tasks like sediment farming, vessel hatching, and combat against The Shattered, all the while aspiring for top leaderboard spots. Adding to the anticipation, on 7 September, the Rift is scheduled to be inaugurated in Yuga’s HV-MTL Forge.

However, it’s crucial not to gloss over the challenges. The recent months have witnessed a slump in trading volumes and floor prices of the Yuga Labs NFT collections. Voices within the NFT community have expressed concerns, hinting at potential stagnation for the company.

Yet, considering their latest endeavors, one might speculate that both entities are more than just static behemoths. Their strategic moves seem to suggest a calculated focus on sustainable growth and a long-term vision for the Web3 gaming arena.

## 4. Sugartown’s first NFTs
Over the recent months, the gaming universe has been in flux, with established Web2 gaming studios making strategic maneuvers in the budding Web3 sphere. Some of them have eagerly dived in, announcing brand new Web3 titles, such as Ubisoft’s unveiling of Champions Tactics: Grimoria Chronicles and Square Enix’s entry, Symbiogenesis.

Conversely, some established players are choosing caution over haste. Sega offers a prime example of this measured approach. This past June, the gaming behemoth announced a temporary hiatus on their blockchain game development endeavors and decided to put on hold collaborations allowing their significant franchises to be used by third-party blockchain gaming developers. For now, Sega has chosen to tread lightly with its cherished IPs, such as Sonic. Instead, it’s dabbling with less renowned characters from titles like Three Kingdoms.

However, announcements only tell half the story. Zynga, a name etched in the annals of gaming history, has moved past mere announcements. Having previously declared their initiation into the Web3 domain, this September, they further piqued interest by revealing specifics regarding the inaugural NFT mint for their anticipated mini-game platform, Sugartown.

This offering, dubbed the “Ora collection”, will feature 9,999 unique tokens, with 6,000 earmarked for release. Slated to commence minting at 3 pm CET on 13 September, it will be orchestrated in three distinct phases. The initial two stages are reserved for those on the allowlist. Moreover, in a commendable nod to user-friendliness, the minting will not levy any charges, aside from the mandatory Ethereum gas fees.

![image](https://dappradar.com/blog/static/461e0cd751a62f382c3d71e058cb0948/f63ba/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-8.png)

Yet, there’s a catch. Zynga is meticulously implementing a KYC (Know Your Customer) process via the Forte platform. This restricts both the allowlist and public minting solely to individuals who can validate they’re above 18 and hail from select nations, namely the US, Indonesia, Philippines, Thailand, or Vietnam. This peculiar mix of countries hints at Zynga’s dual objectives: acknowledging its roots as a US publicly-traded entity (now under the Take-Two umbrella) and its interest in the crypto-receptive Southeast Asian market.

As these titans of gaming slowly integrate with the Web3 world, all eyes will be on the gaming community’s reaction. Will they embrace this evolution with open arms or remain skeptical of these forays?

## 5. Beyond the numbers: the evolving role of metaverses
The trajectory for virtual worlds has been disconcerting over recent weeks. A consistent downtrend has set the tone for these platforms, with alarming declines being recorded across various metrics. Specifically, trading volumes for the month touched a modest $4.1 million, marking a 28% descent from the preceding month. Additionally, land sales have seen a dip of 23%, registering at 8,329 transactions.

![image](https://dappradar.com/blog/static/f50abf5fb0316d328eeab15b68a01d6a/eb53e/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-2.png)

On face value, these figures are far from promising. But it’s crucial to avoid a rush to judgment, drawing premature conclusions about the fate of virtual worlds. A nuanced interpretation reveals some optimistic undercurrents. As we highlighted earlier, Animoca’s metaverse endeavor, Mocaverse, secured a whopping $20 million in funding.

Furthermore, The Sandbox, a significant player in the metaverse arena, has not paused its innovative thrust. They’re consistently enhancing their platform’s user experience, and a pivotal strategy is in the offing: a 2024 mobile device version. Such a move can potentially widen their user base and revive engagement levels.

A key insight that perhaps the industry and observers need to internalize is the evolving utility of metaverses. Initially conceptualized primarily as digital arenas for land sales and trades, their scope has broadened substantially. Take Decentraland, for instance. Over the past year, it has evolved from being just a trading platform to hosting a plethora of events, reshaping its identity and value proposition.

The overarching implication is clear: the criteria to evaluate the success and potential of virtual worlds might need recalibration. Instead of over-relying on metrics like land sale volumes, perhaps the spotlight should shift towards assessing the continuous developments, innovations, and holistic user experiences that these platforms offer. After all, adaptability and evolution are the lifeblood of the digital realm.

## 6. $141 million Web3 gaming investments
The month of August witnessed significant financial inflows in the Web3 gaming and metaverse sectors. A noteworthy $141 million was amassed from just five investment activities. Interestingly, 88% emanated from investment firms with a clear focus on the Web3 gaming sphere. This sizable commitment underscores the optimism held by many financial stakeholders about the industry’s trajectory.

![image](https://dappradar.com/blog/static/5b4a801fc9c06c17d089e90ec1f07911/283e7/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-3.png)

Delving deeper, two investments particularly stand out:

Firstly, a16z Games unveiled its “Speedrun 2024 Accelerator Program” at the onset of August. The venture giant pledged an impressive $75 million towards budding pre-seed startups demonstrating strong potential. With an eight-week-long comprehensive training course at its core, the program is tailored to bolster the efforts of nascent gaming developers, providing them with the resources and mentorship to navigate the initial stages of their entrepreneurial journeys.

On a similar note, Illuminati Capital successfully garnered $50 million earmarked for investments in early-phase blockchain ventures, inclusive of gaming entities. The firm’s mission extends beyond mere capital provision; it seeks to leverage its partners’ extensive expertise and experience in the Web3 domain. Distinctly different from traditional venture capital entities, Illuminati Capital embodies a vision of nurturing the global Web3 ecosystem, pushing for profound shifts towards decentralized modalities.

![image](https://dappradar.com/blog/static/d4265f4978eed0e641af67a59b6d72be/45f67/dappradar.com-casual-game-platforms-lead-with-10-on-chain-gaming-activity-image-4.png)

Observing the current momentum in the investment landscape of the Web3 gaming sector gives a clear indication of the sector’s latent potential. It serves as a testament to the evolving confidence of investors and hints at the promising developments we might witness in the near future.

## 7. Conclusion
In assessing the expansive landscape of Web3 gaming and the metaverse over the past month, the influence of data becomes undeniable in guiding our understanding. The health of the blockchains that underpin these ecosystems remains robust, with BNB Chain and Flow continuing their ascent, suggesting the infrastructure for Web3 gaming is becoming more diverse and fortified.

However, when exploring the top performers, we observe a fascinating interplay between reigning leaders and emerging competitors. Gaming dapps like Sweat Economy remain at the forefront, while others like Alien Worlds continue to carve out their space. Yet, it’s the surprises from entries like Solitaire Blitz, which shows staggering growth in its number of unique active wallets, that underscore the industry’s unpredictable and dynamic nature.

Additionally, established Web2 giants making moves, like Ubisoft and Square Enix, are testaments to the industry’s potential, while Sega’s cautious stance is a reminder of the challenges yet to be surmounted.

Yet, perhaps one of the most pressing considerations remains the state of virtual worlds. While their trading volumes and sales might be declining, projects such as Animoca’s Mocaverse and The Sandbox suggest that our benchmarks for success might need to be recalibrated. Maybe it’s less about land sales and more about holistic engagement and innovative offerings.

Lastly, with $141 million being poured into just five investments this month, the financial confidence in Web3’s gaming and metaverse potential is evident. Major players like a16z Games and Illuminati Capital are not just passively investing but are actively shaping the future of this realm.

To encapsulate, the data paints a picture of an industry in flux—filled with promise, punctuated by challenges, and teeming with potential. As we continue to monitor these trends, it becomes increasingly evident that the Web3 gaming and metaverse sector is not just surviving—it’s evolving, and poised for further transformative shifts.

By：Sara Gherghelas
Link：https://dappradar.com/blog/casual-game-platforms-lead-with-10-on-chain-gaming-activity

Casual Game Platforms Lead with 10% On-chain Gaming Activity


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In a blog post on Sept. 14, Meta announced that Horizon Worlds, a collaborative virtual reality (VR) platform built by Meta, is coming to mobile devices and web in early access.

![image](https://crypto.news/app/uploads/2023/09/378403565_828646005593054_5093414919438373905_n.png.webp)
Horizon Worlds on a mobile device | Source: Meta

At the start, only a “small number of people” could access a multiplayer shooter Super Rumble through the Meta Quest app on Android and a web browser, with iOS support following “in the coming weeks.” The company says there “should be multiple entry points” into the metaverse, a concept that still suffers from a dearth of compelling content.

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Although it remains unclear what a user might need to get early access, Meta claims it will gradually roll out its flagship virtual application to more people as it gathers feedback and evolves the experience.

The move comes a few days after Meta unveiled a new program for teachers in the US to inspire students to explore the opportunities of the metaverse. As crypto.news reported, the Menlo Park-based company is collaborating with 15 universities across the US “who are actively embracing immersive learning.” They include Stanford University, Arizona State University, New Mexico State University, and others.

Meta’s Horizon Worlds still has a way to go to achieve goals. In 2022, Horizon Worlds was slammed by critics and even Meta’s employees, citing “too many quality issues” and an unenjoyable environment that degrades the user experience.

Horizon Worlds allows users to develop and interact with other players in the virtual world, mimicking Minecraft and Roblox’s famous games. The company is estimated to spend billions of dollars on seeing Horizon World succeed, as its efforts to make a believable VR project have already cost it over $7.5 billion.

By：Denis Omelchenko
Link：https://crypto.news/meta-brings-horizon-worlds-to-mobile-devices-and-web/

Meta brings Horizon Worlds to mobile devices and web

Meta is bringing Horizon Worlds beyond virtual reality headsets after more than a year and a half in development.


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Web3 represents the next big evolutionary leap forward of the Internet – a leap that's driven by blockchain, NFTs and cryptocurrency. In this future Internet, we'll see more and more decentralization, meaning users will increasingly interact and transact without the need for third parties to oversee or authenticate interactions. Therefore, any business that functions as an intermediary service or middleman could be threatened by this new decentralized vision of the Internet. If I were a financial services provider, I’d be especially concerned.

![image](https://imageio.forbes.com/specials-images/imageserve/6503f87471efe2813652ccc6/3-Major-Ways-Web3-Will-Disrupt-The-Financial-Services-Sector/960x0.png?format=png&width=1440)
3 Major Ways Web3 Will Disrupt The Financial Services SectorADOBE STOCK

Let’s explore how web3 – but particularly blockchain – will impact the finance sector.

## The Age Of Decentralized Finance

One major consequence of Web3 is that it's enabled completely new banking models that side-step traditional banks and other financial institutions. And this has given rise to the decentralized finance or DeFi movement.

DeFi describes a new internet-native, crypto-based financial system where traditional intermediary services are replaced with smart contracts and blockchains in a peer-to-peer system. Basically, people can trade directly with each other, sending and receiving money to and from their digital wallets without the help of a centralized bank or other financial authority. But DeFi isn’t just about sending and receiving money – it’s an umbrella term that encompasses all sorts of financial transactions, including lending and stock trading. Think of DeFi as the crypto version of traditional financial products but without the regulation and oversight of traditional finance.

This lack of regulation is both a good and a bad thing. It's good because it frees us from the red tape and inefficiencies that come with traditional finance. It's not so good because it typically doesn't provide the same sort of consumer protections that you enjoy when you deal with a “normal” bank.

But focusing on the positives, DeFi has the potential to solve a lot of problems with the traditional banking system. For one thing, DeFi increases access to banking services for people all around the world who currently don’t have access to traditional banking providers or have been turned away by banks. With DeFi, all you need is access to the Internet. This is why many believe DeFi could create a better, more equitable financial system that serves everyone.

And from a technology point of view, the DeFi movement represents an internet-native financial system that's actually built for the Web3 era, as opposed to the existing banking system, which, for the most part, relies on massively outdated technology.

This all sounds great, right? Well, not so much if you’re one of those traditional financial services providers whose very existence may be threatened by the DeFi movement. If they want to survive, banks in the Web3 era will have to rethink their services and operations to ensure they're offering maximum value for customers. Blockchain could be a part of that. Which brings us to…

## Blockchain And Everyday Banking

Blockchain technology is ideally suited to banking. After all, it was originally designed for storing transaction data, facilitating secure transactions, and creating a tamper-proof history of transactions. All of which will sound very familiar to banks.

I believe blockchain can help banks add value for their customers and stay relevant in the Web3 era. As an example, blockchain allows customers to move money quickly, easily and with lower transaction fees – and that includes across different currencies (including crypto), anywhere in the world. Blockchain-based money transfer network Ripple is a great example. Ripple has its own cryptocurrency, XRP, but can facilitate money exchanges across a variety of government-backed currencies, cryptocurrencies and even assets like gold. So, it can process transactions around the world and serve as a trusted facilitator of transactions between two parties – like a traditional financial services provider, but built for Web3. In this way, it's a bit like the Web3 equivalent of the SWIFT money transfer network.

The major benefits for consumers are transactions generally take just a few seconds – compared to days for a traditional bank wire transfer – and fees are tiny (for each transaction, Ripple deducts a tiny amount in XRP, a fraction of a penny at current rates). Some traditional banks – including Santander, Axis Bank and PNC Bank– are beginning to use the Ripple network, and we’ll probably see more banks follow suit.

## Blockchain May Even Overhaul Lending

In the traditional lending model, the money we deposit into our bank accounts is used to fund loans issued by the bank, and in return, we get a small amount of interest on the money we deposit with the bank. The bank is responsible for vetting borrowers, keeping track of records, and collecting funds.

Web3 and blockchain-based lending could challenge this traditional model and put consumers in the driving seat. With Web3, depositors no longer have to entrust their money to a bank, which then lends that money out; instead, they can deposit their funds into a blockchain-based wallet with a smart contract. The smart contract then acts kind of like an escrow account, holding the money and disbursing funds to borrowers when certain conditions are met (such as providing collateral). All terms of the loan (interest, etc.) are visible in the smart contract to all participants. The smart contract also manages the repayment of the loan, and the interest is paid back to the original depositors.

This is already happening. According to McKinsey, more than $200 billion worth of loans was disbursed by Web3 lending platforms in 2021. And it all takes place without a bank to facilitate the transaction. It’s essentially the Web3 version of those peer-to-peer lending and crowdfunding platforms that sprang up several years ago.

But just because blockchain lending is a part of the DeFi movement doesn't mean banks shouldn't consider using blockchain themselves to improve lending processes. In other words, while Web3 does pose a threat to the financial sector, it also brings incredible opportunities.

By：Bernard Marr
Link：https://www.forbes.com/sites/bernardmarr/2023/09/15/3-major-ways-web3-will-disrupt-the-financial-services-sector/?ss=ai&sh=38896ae96a63


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The first of these Polygon Improvement Proposals (PIPs), PIP-18, is dubbed “Phase 0”, and focuses on four milestones designed to require no action from developers and end users on Polygon proof-of-stake (POS) and zkEVM chains.

![image](https://crypto.news/app/uploads/2023/09/Polygon-Phase-0-Milestones-1024x460.png.webp)
Polygon Phase 0 Milestones | Source: Polygon Labs
PIP-17, the second proposal, pushes for POL, a new token to replace MATIC, as Polygon’s native asset.

If approved by the community, the upgrade would allow one-to-one migration from MATIC to POL.

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The third proposal, or PIP-19, seeks approval to upgrade the Polygon’s native gas token system. It calls for specific changes to the native MATIC Bridge Contract, effectively switching the native gas token on Polygon PoS from MATIC to POL while ensuring “maximum backwards compatibility”

> This upgrade will not change any of the contracts on Polygon PoS and the native token’s properties will remain unchanged. All contracts on Polygon PoS will function as currently designed. Contracts on Ethereum expecting MATIC from the native MATIC Bridge may be affected by this upgrade.——Polygon Labs

All three proposals are up for community discussion and feedback. Polygon Labs expects upgrades to begin in Q4 2023 if the proposals are endorsed.

Polygon Labs, the developer of Ethereum sidechain, Polygon, announced Polygon 2.0 in June 2023 with ambitions to unify Polygon POS and zkEVM into a multichain ecosystem.

According to the roadmap, this network of layer-2 chains would be built on zero-knowledge technology. The plan also includes a revamped decentralized governance structure with a dedicated ecosystem council to oversee smart contract upgrades.

By：Naga Avan-Nomayo
Link：https://crypto.news/polygon-publishes-proposals-to-replace-matic-and-enhance-infrastructure/

Polygon publishes proposals to replace MATIC and enhance infrastructure

Polygon Labs has unveiled the first three proposals to introduce infrastructural changes and a new native token as part of the Polygon 2.0 roadmap.


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According to CNBC, the CEO of ConsenSys said that blockchain technology, decentralized finance (defi), and cryptography “will prevail.”

Lubin’s statement comes while the U.S. Securities and Exchange Commission (SEC) marked 67 digital currencies as securities in June. Notably, the regulator has consistently taken legal action against some high-profile crypto firms, including Binance, Coinbase, and Ripple.

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Moreover, Lubin added that SEC chair Gary Gensler “can’t just” allege “that many tokens” as securities. He even claimed that Ether, the native cryptocurrency of the Ethereum ecosystem, is a commodity.

> “America will see that decentralized protocols, blockchain, cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit.”——Joseph Lubin, Ethereum co-founder and ConsenSys CEO

With the significant influence on the world that the U.S. has through “financial intermediaries,” Lubin said, decentralized protocols could make a difference by “eliminating intermediaries in many ways.”

On the other hand, while the co-founder of Ethereum calls the U.S. a “free market,” Ripple CEO Brad Garlinghouse claims that the country is one of the worst regions for crypto and blockchain startups and companies.

Instead, Garlinghouse encouraged crypto-related companies to consider launching in Singapore, the U.K., the UAE, and Switzerland.

By：Wahid Pessarlay
Link：https://crypto.news/ethereum-co-founder-says-us-and-crypto-philosophies-are-aligned/

Ethereum co-founder says US and crypto philosophies are aligned

Ethereum (ETH) co-founder and ConsenSys CEO Joseph Lubin claims that U.S. philosophies are aligned with the crypto and blockchain ecosystem despite the regulatory hurdle.


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This milestone comes after a rigorous testing phase aimed at assessing the network’s overall reliability and functionality.

![image](https://cdn-us.imgs.moe/2023/09/14/6502897ddd719.png)

Built on Optimism’s software package known as OP Stack, opBNB is a layer-2 scaling solution engineered to accelerate transaction speeds and diminish fees for dapps.

The technology allows for the deployment of Ethereum(ETH)-compatible dapps on an off-chain layer, subsequently securing these transactions through the BNB Chain using optimistic rollup technology.

This architecture aims to resolve some of the longstanding issues surrounding blockchain scalability and cost, making the technology more accessible and functional for developers and users alike.

You might also like:
[BNB Chain’s cross-chain bridge exploit shakes crypto community](https://crypto.news/bnbchains-cross-chain-bridge-exploit-shakes-crypto-community/)

The testnet of the layer-2 solution was initiated in June followed by a limited mainnet release in August where a select number of infrastructure providers had exclusive access to gauge the network’s capabilities.

Arno Bauer, Senior Solution Architect at BNB Chain, emphasized that both scalability and security were of utmost importance throughout the development process. “Before opening the mainnet to the general public, strict criteria were met,” Bauer stated, highlighting the platform’s unwavering focus on performance and security metrics.

![image](https://i.ytimg.com/vi/QPn6BI3pM1Q/hqdefault.jpg)

The layer-2 network, opBNB, comprises five separate yet interrelated networks. These include the BNB Chain, layer-2 solutions such as opBNB and zkBNB, the BNB Beacon Chain responsible for staking and governance, and BNB Greenfield, a network specialized in data storage.

By：Bralon Hill
Link：https://crypto.news/opbnb-layer-2-scaling-solution-launches-on-bnb-chain/

opBNB layer-2 scaling solution launches on BNB Chain

The BNB Chain development team has unveiled launched opBNB on the mainnet to scale decentralized applications (dapps).


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## Horizen joins hands with Tatum
Horizen’s partnership with Tatum, a platform that simplifies blockchain development, enhances EON by simplifying application development.

The deal focuses on JavaScript capabilities, RPC nodes, and blockchain data retrieval via API, making it easier for developers to integrate blockchain features into their applications using Tatum’s tools.

The partnership aims to simplify the development of blockchain technology by reducing technical complexities. Tatum’s expertise in streamlining blockchain operations can benefit the EON chain.

Tatum provides developers with various features, including the option to activate its JavaScript SDK. This tool streamlines app development by offering user-friendly tools and frameworks for incorporating blockchain functionality.

You might also like:
[Horizen partners with Ankr to drive EON’s accessibility and scalability](https://crypto.news/horizen-partners-with-ankr-to-drive-eons-accessibility-and-scalability/)

Developers can also use Tatum’s cross-chain interaction support, allowing dapps to communicate with other blockchains like Ethereum, BNB Chain, and Polygon. With EON’s introduction to Tatum’s structure, developers can build and launch an RPC Node reliably and cost-effectively.

The Blockchain Data Retrieval through API feature provides developers on EON access to necessary blockchain data such as token balance inquiry, transaction monitoring, and interoperability.

## Horizen pursues scalability, inclusion, and interoperability
Rob Viglione, the co-founder of Horizen and CEO of Horizen Labs, said:

>  “This collaboration with Tatum is a monumental step towards our vision of creating a more inclusive and dynamic blockchain ecosystem. By combining our strengths, we aim to offer developers a seamless experience, reducing the technical time from months to days.”

While Jiri Kobelka, the CEO of Tatum, said:

>  “Horizen’s EON chain has enormous potential to accelerate building dapps at scale. Our partnership will ensure that developers, irrespective of their blockchain experience, can effortlessly integrate blockchain functionalities, driving the next wave of blockchain innovations.”

EON, Horizen’s EVM-compatible smart contract platform, is a layer-2 solution that leverages Horizen’s Zendoo protocol, which allows the creation of scalable and interoperable blockchains.

The EON Alpha blockchain is now available on its mainnet and public testnet, Gobi. This technology allows developers to create personalized and secure blockchains and applications.

By：Dalmas Ngetich
Link：https://crypto.news/horizen-partners-with-tatum-to-simplify-dapp-development-on-eon/

Horizen partners with Tatum to simplify dapp development on EON

Horizen, a platform focusing on scalability and interoperability, has partnered with Tatum to ease dapp development on EON.


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The joint venture company will be established under the name “Sony Network Communications Labs Pte. Ltd.”

## Collaborating more deeply
According to the press release shared with crypto.news, the companies believe in the potential of web3 and plan to “create killer web3 use cases to drive” its adoption.

This announcement comes after the capital partnership Startale Labs and Sony Network Communications established in June and will be, as Sota Watanabe, the CEO of Startale Labs highlights, a deeper collaboration.

You might also like:
[Web3 adoption would be impossible without intuitive UX and convenience | Opinion](https://crypto.news/web3-adoption-would-be-impossible-without-intuitive-ux-and-convenience-opinion/)

As a part of this new endeavor, both firms will share their respective assets and knowledge to co-develop leading blockchains and their ecosystem while simultaneously discerning web3 trends and driving them globally.

“By combining Sony Network Communications’ experience in communication, IoT, AI, and solution services with Startale Labs’ insights and technical prowess in web3, we aspire to create a global infrastructure that underpins the web3 era, driving innovation across existing industries,” Jun Watanabe, president and representative director of Sony Network Communications said.

## Leveraging the industry’s best
This announcement is not Sony’s first dip into web3 waters.

In February 2023, the Japanese powerhouse also entered a partnership with Astar, a Japanese blockchain, as part of a web3 incubation program and Theta, the blockchain-enabled streaming platform that continues to be a long-standing partner of the company, as evidenced by their 3D NFT release in 2022.

By：Sarah Jansen
Link：https://crypto.news/sony-to-build-a-blockchain-for-web3-infrastructure-with-startale-labs/

Sony to build a blockchain for web3 infrastructure with Startale Labs

Sony and Startale Labs are entering into a joint venture agreement to develop a blockchain that could become the backbone of global web3 infrastructure.


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Meta, the parent company of Facebook and Instagram, is launching a new program for teachers in the US to inspire students to explore the opportunities of the metaverse.

In a press release on Sept. 12, the Menlo Park-based company said the program is aimed at helping college students in the US to learn with the help of virtual reality (VR) and to test more ways to make it easier for Meta Quest users “to find educational resources in the Meta Quest store.”

As part of the program, Meta has collaborated with 15 universities across the US “who are actively embracing immersive learning.” They include Stanford University, Arizona State University, New Mexico State University, and others.

> “The universities are each conducting classroom sessions and exercises in virtual reality to examine how immersive technologies can contribute to the future of education.”--Meta

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While details of the program remain undisclosed, Meta is trying to bring more activity into its education-related apps available for Meta Quest. The company said it is working on new ways to help spotlight the apps available in the Meta Quest without going into details.

Meta also noted there is growing momentum for VR education tools in Europe. However, the company added that governments and other regulators must first embrace the “incredible opportunities” of the metaverse before everyone can benefit.

The company remains committed to the metaverse despite costly expenses. In Q2 this year, Meta’s Reality Labs division recorded a $3.7 billion operating loss. In 2023, Meta invested $7.7 billion in its virtual reality business, according to its earnings results released on July 26.

By：Denis Omelchenko
Link：https://crypto.news/meta-announces-new-metaverse-program-with-us-universities/

Meta announces new metaverse program with US universities

The social media giant launches a new teaching program in the US, anticipating growing momentum for VR education tools in Europe.


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On Sept. 9, Dmitry Buterin, father to Ethereum (ETH) co-founder Vitalik Buterin, announced on X (formerly Twitter) that his son’s account on the social network had been hacked.

## X users lose $691,000 to phishing scam
The senior Buterin disclosed the information while cautioning X users against interacting with a now-deleted message from his son’s account apparently celebrating the coming of Proto-Danksharding to Ethereum.

![image](https://cdn-us.imgs.moe/2023/09/13/65014049ea73f.png)

The alleged hacker had shared what turned out to be a malicious link to a nonexistent commemorative NFT that required users to link their wallets, which were then drained of all funds.

Notable blockchain analyst ZachXBT reported that the incident resulted in collective victim losses surpassing $691,000.

![image](https://cdn-us.imgs.moe/2023/09/13/6501404a815a1.png)

Among the victims was Ethereum developer Bok Khoo, also known as Bokky Poobah. Khoo reported significant losses from his CryptoPunk NFT collection.

![image](https://cdn-us.imgs.moe/2023/09/13/6501404ad6b9b.png)

The deceptive message has since been taken down. However, by the time of going to press, it was still unclear whether Buterin reclaimed his account.

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[Compromised Twitter account amplifies crypto phishing scam](https://crypto.news/compromised-twitter-account-amplifies-crypto-phishing-scam/)

The incident comes amid a rising tide of phishing scams on social media. High-profile figures in the crypto industry including Binance CEO Changpeng Zhao (CZ)  have voiced their concerns about the surge in such attacks.

https://twitter.com/cz_binance/status/1700785689858634168?s=20

They warn that bad actors often use verified bots and strategically target influential Crypto X accounts to spread their fake links. In the last few months, hackers have targeted the social media accounts of media personality Peter Schiff, Uniswap founder Hayden Adams, Sandbox CEO Arthur Madrid, and famed NFT artist Peeple, among others.

## XRP in the eye of the scam
Just as concerning, the crypto community has been subjected to a wave of online scams related to Ripple Labs’ XRP token. There has been a proliferation of posts offering substantial XRP airdrops, leading to questions about the ability of platforms like X to curb spam and other malicious activity.

Despite recent assurances by X owner Elon Musk that the social network had eradicated most scams, crypto users have been of a different opinion.

![image](https://cdn-us.imgs.moe/2023/09/13/6501404a43cf6.png)

Fraudulent activity, particularly involving crypto, has hardly abated. Ripple and its XRP token are consistently being targeted, especially after increased media attention following the company’s partial victory against the U.S. Securities and Exchange Commission (SEC) in July.

By： Julius Mutunkei
Link：https://crypto.news/vitalik-buterin-x-account-hacked-as-crypto-scam-posts-increase/

Vitalik Buterin X account hacked as crypto scam posts increase

Vitalik Buterin fell victim to a cybersecurity attack on his social media account, leading to significant losses for those who fell for the malicious trap.


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This brings year-to-date outflows at $108 million, or 1.6% of assets under management (AuM) as of the Sept. 11 report.

## Continuous outflows
The weekly report highlights that in the last week, digital investment products saw outflows totaling $59 million, marking the fourth consecutive week of outflows. At the same time, inflows were mostly evident in short investment products, suggesting that, as a whole, sentiment is poor for the asset class, despite previous reports suggesting Grayscale Bitcoin ETF optimism was bolstering market sentiment.

Blockchain equities also share in the same negative sentiment, with $10.8 million in outflows this week, in what is the 5th consecutive week of outflows.

![image](https://crypto.news/app/uploads/2023/09/Screen-Shot-2023-09-11-at-11.23.01-AM-1024x884.png)
Weekly Crypto Outflows | Source: CoinShares

However, while the majority of altcoins saw outflows, with Ethereum (ETH) called “the least loved digital asset amongst ETP investors this year,” and Polygon (MATIC) reporting outflows of $3.2 million, Solana (SOL) saw the opposite, with inflows of $0.7 million for the 9th consecutive week.

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That isn’t to say this is a strong enough indicator for a change in sentiment, as trading volumes dropped by 73% in comparison to the previous week, where it now sits at $754 million for the week. This drop is believed to be linked to the uncertainties around asset class regulation and recent dollar strength.

## Getting behind FSB recommendations
With digital currency regulation still underway, the latest developments included a Sept. 9 report highlighting that leaders from G20 nations have thrown their weight behind the Financial Stability Board’s recommendations regarding the regulation of crypto.

![image](https://i.ytimg.com/vi/5E0UnHkj1xU/hqdefault.jpg)

The announcement was confirmed by Nirmala Sitharaman, the Indian Finance Minister, at the New Delhi Leaders’ meeting. While the meeting concluded with the resolve to ensure safe virtual ecosystems and inclusivity, a lot of uncertainty about the next steps still persists.

By：Sarah Jansen
Link：https://crypto.news/ethereum-is-the-least-loved-digital-asset-this-year-coinshares-report-shows/

Ethereum is the ‘least-loved digital asset’ this year, CoinShares report shows

The European alternative asset manager, CoinShares, reports Ethereum outflows of $4.8 million the previous week, making it the least loved digital asset for ETP investors.


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Edward Craven, co-founder of crypto casino Stake, published preliminary findings from a Sept. 4 incident that the Federal Bureau of Investigation (FBI) says was masterminded by North Korean hackers.

Craven wrote in a Medium blog post that the attacker targeted Stake’s ETH/BSC hot wallets. The sports betting platform uses these internet-linked wallets for daily transactions and large customer payouts, according to Craven.

Stake’s security team stemmed the unauthorized transactions in four hours, but not before hackers siphoned $41 million in cryptocurrencies.

The exploiters withdrew their booty via Ethereum (ETH), Binance Smart Chain, and Polygon (MATIC). Funds from the attack were later bridged to Bitcoin’s blockchain through a basket of addresses.

Craven noted that user info and private customer details were never exposed during the incident. Also, the hackers never accessed user funds or account balances on the platform, Stake’s co-founder added.

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[FBI: Lazarus Group hacked and stole $41m from crypto casino, Stake
](https://crypto.news/fbi-lazarus-group-hacked-and-stole-41m-from-crypto-casino-stake/)

The FBI said TraderTraitor organization APT38 was behind the attack on Stake in a Sep. 6 press release. APT38, more commonly known as Lazarus, is a criminal group specializing in sophisticated cyber attacks.

US authorities have said that Lazarus is funded by the regime in North Korea and is believed to have stolen over $1 billion in virtual currencies since 2022.

Tornado Cash, an Ethereum-powered privacy protocol, was sanctioned in 2022 over links to Lazarus’ money laundering schemes.

The Justice Department indicted a duo of Tornado Cash developers, claiming they conspired to abet bad actors by building decentralized software.

One of the accused, Roman Storm, pleaded not guilty to conspiracy and money laundering charges before a federal court.

Fellow Tornado Cash developer Alexey Pertserv was arrested in the Netherlands and charged with similar offenses.

By：Naga Avan-Nomayo
Link：https://crypto.news/stake-co-founder-eddie-craven-shares-details-on-41m-heist/

Stake co-founder Eddie Craven shares details on $41m heist

Despite looting $41 million in cryptos, Stake co-founder Ed Craven said the hackers did not compromise private user info or access customer funds during the attack.


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As of Q3 2023, the app reportedly had over 34.9 million monthly active users and operates in more than 500 cities.

One feature of this update lets users easily create web3 wallets within the app. Moreover, users can earn rewards, making it an attractive choice for those keen on the expanding world of decentralized finance (defi).

![image](https://cdn-us.imgs.moe/2023/09/10/64fd56a283251.png)
Furthermore, Grab is pioneering the integration of non-fungible tokens (NFTs) into everyday consumer experience. The app now allows users to make payments using NFTs, a significant move toward the mainstream adoption of these digital assets.

Most notably, Grab has collaborated with the Monetary Authority of Singapore (MAS) to offer NFT vouchers for popular dining and experiential activities in Singapore. This marks a governmental endorsement for the application of web3 technologies in consumer services, a move that could signal similar future partnerships.

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This rollout appears to be initially available in Singapore. This may serve as a test bed for future expansion into other cities and countries where Grab operates.

The collaboration with MAS is not a one-off event; earlier in June, Grab participated in a pilot study with the financial institution.

This study aimed to explore the application of various digital assets, such as central bank digital currencies(CBDC), tokenized bank deposits, and stablecoins.

Moreover, Grab has also joined forces with tech giant Amazon and Southeast Asian financial firm, Fazz, to test a new digital asset-based payment system known as Purpose Bound Money.

By：Bralon Hill
Link：https://crypto.news/grab-introduces-web3-services-partners-with-mas-for-nft-vouchers/

Grab introduces web3 services, partners with MAS for NFT vouchers

Grab, a leading super-app in Southeast Asia with functions ranging from ride-hailing to food delivery, has recently integrated web3 services into its platform, including the offering of NFT vouchers in partnership with the Monetary Authority of Singapore (MAS).


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Mirae Asset Securities, South Korea's largest financial group with over $500 billion in assets under management, said Thursday that it is working with Ethereum scaling platform Polygon Labs to advance tokenization within finance and boost adoption of Web3 technologies.

Polygon Labs will be a technical consultant in The Mirae Asset Security Token Working Group, which is working to create infrastructure to issue, exchange, and distribute tokenized securities, the asset manager said in the press release shared with CoinDesk.

The group includes several other companies, including Linger Studio and Coin Plug, and operates independently from Mirae, Hana Financial and SK Telecom's security token consortium, Next Finance Initiative (NFI).

"Polygon Labs is a leading global blockchain technology development company that is innovating throughout all aspects of Web3. Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities," Ahn In-sung, head of the digital assets division at Mirae Asset Securities, said.

Tokenization involves bringing real-world assets, such as real estate, bonds, fine art, and equities, as digital tokens on a blockchain.

Several traditional finance giants, including Franklin Templeton and Hamilton Lane, a top-tier investment firm with over $823.9 billion in assets under management, have already initiated tokenization projects on Polygon. The Monetary Authority of Singapore's experimental tokenization initiative, Project Guardian, executed foreign exchange and sovereign bond transactions on Polygon last year.

Per Boston Consulting Group and investment firm ADDX, asset tokenization, as a business opportunity, is likely to increase 50 times to $16.1 trillion by 2030, accounting for 10% of the global gross domestic product.

Polygon Lab's Executive Chairman Sandeep Nailwal expects Mirae's efforts to boost the adoption of Web3 technologies in the financial industry.

“Mirae is a great example of a progressive, forward-looking company that aims to stay up to date with the constantly evolving world of digital finance. Its foray into tokenization will undoubtedly help accelerate the mass adoption of web3 among other financial institutions,” Nailwal said
“At the same time, Mirae’s initiatives will also greatly contribute to establishing interoperability between South Korea’s domestic financial systems and their foreign counterparts," he added.

CORRECTION (Sept. 7, 09:33 UTC): Adds dropped word "billion" in first paragraph.

By：Omkar Godbole
Link：https://www.coindesk.com/business/2023/09/07/500b-korean-asset-manager-taps-polygon-labs-to-develop-tokenized-securities-network/

$500B Korean Asset Manager Mirae Taps Polygon Labs in Securities Tokenization Drive

Mirae Asset Securities is teaming up with Ethereum scaling solution Polygon Labs to develop a tokenized securities network and accelerate adoption of Web3 technologies.


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Blockchain and artificial intelligence (AI) are little more than bundles of computer networks and code, but they sure are becoming important players in nearly all aspects of online life.

An estimated 66% of the world’s population uses the internet for everyday activities like shopping, social connection, healthcare, business and entertainment. Additionally, at least 7 billion devices are connected to the internet through sensors and custom-designed software, comprising a growing cadre of gadgets referred to as the internet of things (IoT).

All this activity means one thing: data. Lots of data. As WIRED put it in 2014, data today is as valuable of a commodity as oil was in the 18th century. As of 2023, more than 11,000 marketing solutions exist simply to capture, track, analyze and report on consumer data to yield profitable insights.

Blockchain, an open-source globally distributed ledger, offers us a new place to store all that data where it might finally be independent of third-party companies that place profit incentives over consumer privacy. Yet, data on blockchain is publicly available by default – which is not ideal for most of our information. This transparency is causing many of us to think critically – perhaps for the first time – about what types of personal data we want to exist on the internet and how we should renegotiate Web2’s social contracts that have allowed centralized platforms like Facebook and Twitter to own our data in exchange for services.

That’s where artificial intelligence (AI) could come in. In an ideal future, third-party companies don’t track and analyze our data – AI does. Let’s imagine, in this ideal scenario, that we understand well enough how AI learning models work and therefore trust them to develop insights about who we are while tracking digital provenance and verifying the credibility of our information.

Sounds great, right? But unfortunately, most new AI use cases are still experimental and nobody can predict success. As happens with new technologies, the true capacities of AI and blockchain are currently getting lost in hyperbole, misunderstandings and FUD (fear, uncertainty and doubt). We spoke to several data experts and Web3 insiders to better understand where AI and Web3 might successfully converge to create consumer-friendly solutions for verification, ownership and creativity.

## News verification
With the upcoming U.S. presidential elections, the issue of deep fakes and misinformation has become a grave concern. But what if we could publicly track the origin of information?
According to Lisa DeLuca, senior director of engineering at Web3 domain company Unstoppable Domains, not only does the source-tracking technology exist, but there’s also a way to link news quotes to the public key of the person who said it.

“We've got a pending patent for this idea that you can use blockchains to add trust to content,” DeLuca said. Similar to a Google Search Alert, a person could employ an AI bot to crawl the web for mentions of their name in the media. Any time that person is quoted by a journalist or news outlet, they would receive a request to verify the quote on the blockchain using their decentralized domain name linked to a crypto wallet.

“You'd see a request that says, ‘Is this really you – yes or no?’ And then the experience could be updated to show that that person verified it, and then the news outlet could develop their reputation over time on how much of their content is actually verified versus rejected,” explained DeLuca. The process could also be incentivized with crypto tokens so that the verifying person receives a reward for confirming their quotes.

According to DeLuca, Unstoppable Domains has already developed this tool and is ready to begin testing it with a media partner. “If someone wants to partner with us, we're ready to talk about it,” she said. “This is not that far off.”

## Copyright and intellectual property protection

The digital world has long grappled with copyright infringement and intellectual property (IP) challenges. The convergence of Web3 and AI might be ushering in a new era of copyright protection.

Recently, comedian Sarah Silverman sued OpenAI and Meta over their AI models that were trained using her book, which is copyrighted material. While copyrighted materials often end up online and publically available, there ought to be ways for owners to regain control over their materials and dictate if, how and when they are used.

According to Don Gossen, CEO of data tokenization company Nevermined, the convergence of AI and blockchain could empower creators of all kinds to monetize their IP in terms they control. Smart contracts on the blockchain could automatically enforce copyright terms, while AI algorithms could scan content for potential infringements. This combined approach would create an immutable record of ownership and usage on the blockchain, simplifying disputes and incentivizing creators to share their work in a secure environment.

At present, Nevermined is testing this concept with scientific research, in a growing initiative known as decentralized science (DeSci). Using an AI learning model to compile data from lengthy research papers, programmers can create short-form abstracts for clinicians to quickly look up information in real-time healthcare settings. To maintain the integrity of the data, as well as compensate scientific authors, Gossen says that participating contributors could choose whether to include their copyrighted academic papers and research materials, thereby contributing to a well-curated dataset that produces high-quality outputs as a result.

Nevermined is currently working on a blockchain-based marketplace, in which AI developers would need to subscribe to get access to these materials and train their models. This approach gives the power to the original authors and owners of the content, who ultimately get to decide if they would like to grant others access to their materials.
Additionally, because blockchain can provide proof of reference, Gossen explained that a doctor could also deep dive into the original research to understand more, and possibly even reach out to the researchers.

“Commercially, this is useful because hospitals and clinics will pay for the abstracts for their medical professionals to access,” Gossen said. “A doctor can excuse themselves from the patient meeting, go to the back office and query the symptoms, receive a bunch of research, and then have five minutes to synthesize the information and go back to the patient with an assessment.”

## Interactive NFTs: Enhancing digital collectibles

If you’ve ever wanted to create your own version of Clippy, the Windows paperclip that popped up inside Microsoft Word, now you can. When coupled with AI, the blockchain-based artworks known as non-fungible tokens (NFTs) can become more interactive and dynamic, unlocking a world of imagination and fun for creators, brands and consumers.

Alethea AI, the company behind intelligent NFTs (iNFTs), developed generative NFTs powered by large language models (LLMs), or deep learning algorithms that distill large data sets. It’s sort of like taking a version of ChatGPT, OpenAI’s popular chatbot, and combining it with your favorite digital artwork, thereby teaching the art to converse through text and verbal cues. That’s how Alethea AI’s generative NFTs work, and they can feature a holder’s favorite NFTs as avatars.

“Basically, how an iNFT is created is you take your NFT and combine it with what we call intelligence pods,” explained Komalika Neyol, Alethea AI content manager. “These pods are AI assets that can be trained. It can have a personality and perform AI services for you."

According to Neyol, iNFTs are customizable to a user’s unique dataset, allowing holders to showcase their personalities, knowledge and skill sets through their NFT. For instance, a philosophy professor could upload their PhD dissertation to their LLM and create an animated chatbot that greets website visitors by quoting famous philosophers.

Interested users can create customized NFTs with their own unique dataset by minting an Alethea Intelligence Pod NFT. The company created a short tutorial video for holders on how to imbue an ERC-721 NFT with AI.

## Smart contract security – with a caveat

In a future where smart contracts automatically divvy up and disperse payment to the appropriate crypto wallets as the experts we spoke to describe, auditing the security of smart contracts is going to be essential.

According to Ron Bodkin, co-founder and CEO of generative AI company ChainML, AI can be highly instrumental in detecting the anomalies of smart contracts. Chain ML is currently working with the Web3 security company Cube3 to more efficiently block malicious crypto transactions.

Similar to the safeguards implemented by a bank, programmers can train an AI to interpret factors that might be red flags, such as a suspicious origin of a transaction, the age of a wallet, the sequence of events (e.g. a prompt to drain a wallet right after interacting with a new address) and more.

“There's so many different factors that can come together to say, ‘Hey, this is risky, this is something that you want to deal with,’” said Bodkin.

However, Bodkin acknowledges that while AI can enhance the efficiency of blockchain security audits, humans are still necessary to conduct a thorough evaluation. His advice is to use AI technology in a way that improves human error, but don’t expect AI auditors to replace humans entirely.

“I wouldn't suggest anyone fire your auditor and just rely on AI audits,” Bodkin cautioned. He says ChainML and its partners are beginning to see success from performing AI audits earlier in the building process, thereby helping human auditors address problems quicker, but the process would not be possible with robots alone.

“AI auditors could run all the time and very quickly give responses,” Bodkin said. “There's a number of layers where AI can enhance security.”

## Bottom line

The convergence of blockchain and AI presents a brave new world, one full of exciting possibilities that have the potential to reshape various sectors. News verification, copyright protection, interactive NFTs and smart contract audits are burgeoning areas that demonstrate the tangible benefits of this Web3-AI synergy.

However, while the possibilities are vast, experts advise businesses and creators to be careful and consider AI’s technological limitations. Presently, AI is about supplementing human productivity, improving error and expanding the imagination — and they’re unlikely to fully replace humans anytime soon.

By：
Link：

4 Actual Use Cases for Blockchain and AI That Are More Than Just Hype

Blockchain and AI could be the 21st century's most culturally significant pairing that could change the way we think about creativity, identity and verification.


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The paper presents a framework, positioning it as a potential successor to Tornado Cash, a privacy-centric service that recently came under regulatory scrutiny.

![image](https://cdn-us.imgs.moe/2023/09/07/64f9d2dc458a5.png)

Privacy Pools is a “smart contract-based privacy-enhancing protocol” designed to balance financial privacy and regulatory compliance.

Using advanced cryptographic techniques like zero-knowledge proofs, the protocol verifies the legitimacy of user funds without revealing their complete transaction history.

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The crux of Privacy Pools rests on establishing a “separating equilibrium”—a term coined by the authors to describe a system that filters out illicit funds while maintaining compliance with regulatory standards.

It enables private and legal financial transactions, which has been a difficult task in the blockchain field. Simply put, the protocol lets users prove the legality of their funds without revealing their entire financial transaction history.

The authors also provided a contextual backdrop by mentioning Tornado Cash, a previous player in the blockchain privacy arena.

Although useful for privacy-oriented transactions, Tornado Cash became embroiled in a legal debacle for allegedly facilitating transactions connected to the North Korea-affiliated hacking group, Lazarus.

As of August 2022, it had been blacklisted by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), highlighting the need for a more balanced approach to privacy and regulation.

![image](https://i.ytimg.com/vi/niFWvPYIcuU/hqdefault.jpg)

The introduction of Privacy Pools aims to transform blockchain-based financial transactions.

The authors suggest that combining privacy and regulation could be advantageous for crypto’s long-term sustainability.

If Privacy Pools work well, they might provide a framework for financial privacy that also complies with regulations.

By：Bralon Hill
Link：https://crypto.news/tornado-cash-alternative-detailed-in-paper-co-authored-by-vitalik-buterin/

Tornado Cash alternative detailed in paper co-authored by Vitalik Buterin

Ethereum(ETH) co-founder Vitalik Buterin; core developer Ameen Soleimani; Jacob Illum of Chainalysis; and scholars Matthias Nadler and Fabian Schar have co-authored a research paper on a novel privacy protocol dubbed “Privacy Pools.”