Your universal basic income will be in crypto
Your universal basic income will be in crypto
Elon Musk wants to challenge financial giants with the help of Twitter and DOGE
Welcome to Stay on-chain! Today we navigate inside Worldcoin, Sam Altman’s revolutionary venture, that leverages blockchain technology for privacy-focused identity verification in the modern world.
We then move on to Avalanche’s bet on Real World Assets, Binance’s on the money market Radiant Capital and Elon Musk hyping up DOGE once again.
August is just days away, nevertheless, builders build! Optimism wants to add zk-proofs, and PancakeSwap is being successful on its way toward deflation.
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In today’s issue:
Weekly market performance
Crypto news round-up
Upcoming catalysts
One tool you should try
Further readings
Here’s how you’ll get your universal basic income
Worldcoin, the crypto project co-founded by Sam Altman (the ChatGPT mastermind), has recently launched its WLD token. The company behind Worldcoin is Tools for Humanity, based in San Francisco and Berlin, and it aims to address the crucial challenge of verifying individuals' identities online through the use of “iris-scanning Orbs” — considered much safer than fingerprint and face-id authentication.
Worldcoin is one of the most controversial initiatives in the space. It wants to provide secure, efficient, and privacy-focused identity verification through blockchain technology and zk-proofs, aligning its vision with the rise of AI and its potential implications for the future of work, especially in the context of tools like ChatGPT. The Worldcoin team envisions a broad range of applications such as uncollateralized lending programs, universal basic income models, and blockchain-based virtual worlds.
During its beta phase, the project already gained two million users, and with its official launch, Worldcoin is planning to scale up "orbing" operations in 20 countries.
The team is now set to distribute WLD tokens to verified users, offering each of them 25 tokens initially, with periodic grants in the future.
The total supply of WLD tokens is expected to reach 10 billion, with 75% reserved for users, while the remaining 25% is set aside for the Worldcoin team and its backers. Following the token's listing on Binance, Huobi, Bybit, and OKX, the value of Worldcoin's WLD token surged by 88.4%, reaching $3.14. This sharp increase brings the token's fully diluted valuation to nearly $27 billion.
Avalanche goes $50M deep into Real World Assets
The Avalanche foundation is set to allocate up to $50M in Real World Assets (RWA) through the “Avalanche Vista” program, in an effort to demonstrate how the synergy between the blockchain technology and operationally-intensive use cases (asset issuance, settlement, transfer, administration) could be beneficial. RWAs are tokenized assets, representing on-chain tangible assets that exist in the physical world — an example could be real estate, commodities, equity, stocks or art. The foundation sees this as a big leap toward easing the access to private markets for retail investors, hence considerably fostering financial inclusion. Real-world assets quickly grew in TVL rising from under $200M at the start of the year to about $1B as of today, showing a strong interest behind the novel trend — with Binance Research estimating it to become a $16T market by 2030.
Binance Labs invests $10M in Radiant Capital
Binance Labs, the venture capital arm of Binance, invested $10 million in the cross-chain lending and borrowing protocol Radiant Capital. Radiant, built on LayerZero, enables communication between multiple blockchains. Currently offering lending and borrowing options on Arbitrum and BNB Chain, Radiant aims to extend its functionality to more Ethereum-compatible chains with the goal to streamline cross-chain transactions for DeFi purposes and consolidate the fragmented liquidity across the top ten blockchains.
The $10M funding, with $5M allocated to the DAO and $5M directly to the team, will support product developments, in particular the expansion to other Ethereum-compatible chains, the extension of oracle support and collateral options, and deployment on the Ethereum mainnet.
Elon Musk changes name to Twitter, DOGE involved?
Yeah, we get the confusion. Twitter changed its name to “X”, and Elon Musk is at it again teasing everyone while we’re here wondering what his next move gonna be. Citing the man himself, X could potentially make up for half the financial system in a not-so-distant future, revealing his plans to focus more on the financial aspect. DOGE, of course, is in the picture. Many are the clues suggesting a possible involvement of the cryptocurrency in Musk’s plans: his profile’s location is set to “𝕏Д, and he recently reposted an X’s teaser crediting DogeDesigner. The coin rose in price by about 10% following the news, now stabilizing at around $0.071 and waiting for further developments.
Fun fact: Elon Musk Co-founded X.com in 1999, an online financial services and e-mail payment company. Later on, the company was rebranded as Paypal and was acquired by eBay, and the rest is history.
Optimism wants to add zk-proofs
Optimism, the Ethereum Layer 2 scaling solution, is advancing with two proposals from O(1) Labs and RISC Zero to integrate zk-proofs into all OP chains for secure and efficient cross-chain communication. RISC Zero's proposal upgrades Optimism's fault protocol to leverage zk-proofs for verifying state changes, while O(1) Labs suggests using Kimchi, a zk-proof system used by Mina Protocol, to efficiently validate transactions and update Ethereum's state via smart contracts. Coinbase's L2 BASE, which currently relies on the OP Stack, is expected to participate in this development.
For those who don’t know, ZK-proofs are cryptographic proofs that enhance privacy and security in blockchain transactions by allowing one party to prove to another that they know a value or truth without revealing further information, making validation on blockchain networks much more secure and efficient.
Pancakeswap on its way to become deflationary
Chef Mochi, Pancakeswap’s Head, recently discussed CAKE’s tokenomics and in particular its inflation nearing 0. As a matter of fact, the token’s supply changed from 390.1M to 390.2M tokens in three months, virtually achieving the goal for the time being — with higher burns coming from strong volumes, reduction in emissions, and successful product releases playing a big role. Along with consistent updates during 2023, the protocol is actively fostering a multi-chain future, being already available on the BNB chain, Ethereum, Polygon zkEVM, zkSync Era, Linea, and Aptos. Considering the greater picture, this is great news, showing that it’s possible to overcome the liquidity mining paradigm that was giving headaches to most Web3 builders. h/t to Decrypted.
Defunct Midas Investments launches Locus Finance, a new DeFi investment platform with high yield-bearing tokenized vaults — link
TraderJoe migrating to Ethereum — link
Flashbots becomes unicorn after completing $60 million raise — link
Curious about how much are blockchains and protocols printing daily? Money Printer is a lightweight, user-friendly, and quick tool to do so. Check it out!
Did you know that the Bitcoin network prints $27M daily?
Delphi Digital dissecting Arkham Intel's Airdrop — link
High-quality alpha on how to get exposure on the ChatGPT and OpenAI “bull-run” — link
Tyler Cowen explains the two futures of crypto
Vitalik’s take on biometric proof of personhood — link
Learn more about ERC standards — link
Web3: read-write-own — link
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Disclosure: Authors may own crypto assets named in this newsletter. Stay on-chain is meant for informational purposes only. It is not meant to serve as investment advice. Please consult your investment, tax, or legal advisor before making investment decisions.