Hello and Happy New Year, Buddies! 🎉
As we step into 2024, I'm thrilled to bring you the latest and most riveting stories from the heart of the Polkadot ecosystem and the broader Web3 world. This edition is not just a compilation of updates; it's a reflection of our shared passion for the ever-evolving blockchain space.
In this issue, you'll find everything from Manta Network's NFT frenzy igniting the market, to HydraDX's latest milestone in the EVM landscape. We'll explore the highs and lows, the innovations, and the challenges that are shaping our community. From game-changing DeFi developments to the exciting world of NFTs, and even a peek into what's brewing outside of Polkadot – we've got it all covered.
So, whether you're a seasoned crypto enthusiast or just curious about the buzz around Web3, sit back with your favorite drink, and let's dive into these fascinating stories together. Your insights, questions, and participation make this journey all the more enriching, so let's kick off this year with a bang!
Polkadot Ecosystem
General News
Manta Network's Meteoric Rise: 50 Million $MANTA Tokens Up for Grabs in NFT Extravaganza!
Manta Network's New Paradigm event has catalyzed a surge to $380m in total value locked, with generous airdrop rewards of 50 million $MANTA tokens ready for distribution. Enthusiasts can enhance their holdings through NFT strategies and strategic partnerships.
The New Paradigm leaderboard fuels the competitive spirit, showcasing the top 200 participants and encouraging the collection of NFTs for ranking and rewards.
Extraordinary reward distribution with 30 million $MANTA tokens allocated for NFT holders plus a special 5 million $MANTA tokens reserved for supporting DeFi projects and wallet partners.
StakeStone's Milestone: 150K ETH Bridged to Manta Pacific
StakeStone has hit a new stride in the LayerZero ecosystem, with its Liquid Staking Token (LST) protocol reaching a 150k ETH milestone on Manta Pacific, underpinning its position in the top 5 stETH holders. The protocol's success showcases the dynamism of omnichain LSTs and redefines the potential for liquid staking and yield optimization within the decentralized finance space.
Omnichain LST Revolution: StakeStone is carving a niche in the DeFi ecosystem as an omnichain LST protocol that amplifies native staking yields and liquidity in a decentralized endeavor, backing leading staking pools and laying foundations for upcoming restaking solutions.
$STONE's Functionality and Yield: The non-rebase token $STONE not only allows for seamless cross-chain utilization but also accumulates staking yields in ETH, presenting a dual reward system for its users—growth through staking and additional earnings from diverse use cases.
Innovative Staking Mechanisms: StakeStone introduces the groundbreaking OPAP mechanism to offer a decentralized, transparent approach to liquid staking, pushing past traditional centralized solutions and ensuring users receive automatically optimized staking yields.
The Sea of Success: Manta Takeover Event Winners Surface!
The Manta Takeover event's winners are now announced, with emails dispatched to the victors' inboxes—time to check if you're one of the chosen! A treasure trove of New Paradigm NFTs and exclusive rewards await the holders of the Rare and Legendary Treasure Boxes.
Emails carrying good news are swimming into inboxes as the much-anticipated Rare and Legendary Treasure Box winners are unveiled. Check your inbox, spam, and official Galxe emails to see if luck favored you.
Winners can revel in their New Paradigm NFTs, unlocking access to the New Paradigm Campaign, NFT Marketplace advantages, and the prestige of leaderboard distinction for Rare Box holders, with Legendary Box winners snagging coveted Leet Codes and fixed high yields.
A heartfelt thank you to all participants of the Manta Takeover event—your enthusiasm was the current that powered this exciting expedition in the blockchain blue.
Manta Network's Ascent: A Beacon of Innovation in the Crypto Deep Waters
Manta Network's strategic integration of Celestia and LayerZero, alongside its dynamic New Paradigm initiative, has positioned Manta Pacific as a top 5 Layer 2 chain with a notable $500M in total value locked (TVL). The network is not slowing down, with plans for a Series A fundraise and a pivotal transition to zkEVM by 2024.
Manta Pacific's ambitious integration with Celestia's data layer significantly cuts gas fees, while LayerZero enables frictionless cross-chain asset transfers, addressing two major user pain points.
The New Paradigm initiative is a game-changer, dynamically adjusting fees to fuel user adoption and driving Manta Pacific's TVL to a whopping $500M.
Upcoming plans include hosting MantaFest and Manta Takeover to bolster community engagement, launching the Manta Pacific Grants Program to ignite ZK innovation, and transitioning to the powerful zkEVM ecosystem next year.
Subsocial's 2023 Triumphs & 2024 Vision: The Web3 Social Frontier Expands
Subsocial, a trailblazer among decentralized social media platforms, has not only celebrated a highly successful 2023 but is also embarking on an ambitious journey through 2024, with plans to enrich the Web3 ecosystem and foster synergies with Polkadot. They are gearing up to enhance governance features and support a wider array of decentralized applications.
Web3 Integration: Aiming to be at the helm of the decentralized internet, Subsocial is enhancing its integration with the broader Web3 ecosystem and capitalizing on its interoperability with the Polkadot network.
Platform Development: The platform is set to evolve with robust governance features, establishing itself as a more user-centric and autonomous space while paving the way for a diverse range of decentralized applications to thrive within its ecosystem.
NFT News
Moonsama's 2023 Leap: Bridging Worlds and Unleashing Potential
In a remarkable year of growth, Moonsama has established itself as a multi-faceted entity in the cryptocurrency world, bridging community governance and innovative cross-chain functionality. The project has seen the introduction of the SAMA token, a Polkadot Parachain win, and the release of the Multiverse Portal, signaling a strong future trajectory.
Joining Forces with Governance: Led by the charismatic Donnie, the Moonsama Senate emerged as a pivotal channel for community engagement, transforming user feedback into tangible product improvements, and empowering stakeholders in the project's direction.
Cross-Chain Pioneering: The Moonsama ecosystem expanded significantly with the SAMA token transition and the inception of Snowbridge—a critical step towards seamless Ethereum-Polkadot operability.
NFT Integration & Expansion: Through the Multiverse Portal and the Raresama marketplace, Moonsama is not just facilitating NFT interoperability across blockchains but also achieving noteworthy volume, capturing the attention of prominent platforms like Binance.
Bit.Country's Leap Into the Metaverse Future: A 2023 Retrospective
Amidst the festivities, the Bit.Country team celebrates a year of pushing boundaries within the blockchain space. From the launch of revolutionary projects and winning pivotal auctions to remarkable user engagement on their Pioneer App, they gear up for an even more dynamic 2024.
Strategic Victories: Bit.Country outpaced competitors to secure the 46th Polkadot Parachain Lease auction for Continuum and welcomed 12 new members to the MNet team, fueling their mission expansion.
Ecosystem Growth: MNet’s growth has been quantifiable, with over 4.6 million blocks produced, more than a thousand Spaces created, and a surge to 173,554 NFTs minted—vivid indicators of a vibrant and expanding community.
User Engagement: The Bit.Country Pioneer App recorded staggering numbers with 71,000 unique users, over 190,000 meeting minutes, and 189,438 NFTs minted in 2023, reflecting a strong and active user base.
Exiled Racers: Revving Up the Future of Gaming with 2023 Milestones
Exiled Racers made a significant stride in 2023 by enhancing NFT assets for a smooth browser gaming experience and took center stage at Convergence 23, sharing insights with the web3 gaming community. A partnership with Axelar, an innovative training event, and the Raceway platform launch are among the year's , broadening the horizons of blockchain gaming.
Browser-Based Breakthrough: Exiled Racers successfully refined their NFT assets, ensuring a fluid gaming experience right within your browser, setting a new benchmark in web3 gaming.
Convergence 23 Spotlight: As keynote speakers, Exiled Racers not only shared their journey but also carved out their space as thought leaders in the web3 gaming sphere.
Raceway Revolution: With the launch of Raceway, Exiled Racers brings gamified sports betting to the masses, allowing even non-crypto enthusiasts to dip their toes into the excitement of blockchain-backed racing.
DeFi News
Equilibrium's Game-Changer: Introducing the Q Tokenomics
Equilibrium's revamp with new Q tokenomics sets to reinvigorate its financial ecosystem, prioritizing the EQD stablecoin's growth and boosting holders' rewards through innovative staking mechanics. It's a pivotal shift aiming to tackle past tokenomic challenges and secure a solid future for the platform.
Liquidity Incentives & Partnerships: The Q token is designed to propel Equilibrium by activating enhanced liquidity incentives and unlocking opportunities for strategic partnerships, all while ensuring the project's longevity through renewed parachain slot leases on Polkadot.
Staking Mechanics & Governance: Q tokenomics not only emphasizes EQD stablecoin importance but also introduces a staking model that benefits users with a share of protocol income, simultaneously granting governance influence.
Unlock Potential Earnings with Solana's Restaking Revolution
Solana's Picasso Network is offering an early bird opportunity for users to participate in a Restaking Vault and a competitive team staking event to earn enhanced rewards, in anticipation of the Solana <> IBC connection.
Restaking Vault: By depositing jitoSOL, mSOL, or SOL, users can support validators and earn restaking rewards for the upcoming Solana <> IBC (Inter-Blockchain Communication) connection, with rewards paid out in PICA tokens.
Team Staking Competition: Engage in friendly competition and potentially increase your rewards by joining a staking team; team leaders with NFTs can generate referral codes for extra benefits.
Partnership with trustless.zone: This initiative will be facilitated through trustless.zone, ensuring a secure connection between Solana and the IBC.
Pendulum Swings High: Mainnet Launch & Stellar Integration Mark 2023 Milestones
In a whirlwind of achievements, Pendulum launched its mainnet on Polkadot to great acclaim and connected the dots between Polkadot and Stellar via its new Spacewalk Bridge—ushering in a new era for DeFi and Forex on blockchain.
Mainnet Magic: The Pendulum chain went live on Polkadot, immediately maxing out its crowdloan within minutes, and kickstarted its journey with high community engagement and successful governance structures.
Exchange Evolution: With $PEN now tradable on MEXC and solid audit scores under their belt, Pendulum is reinforcing its presence and user trust within the blockchain space.
Bridge Building: The debut of the Spacewalk Bridge on Amplitude symbolizes a tangible leap towards seamless stablecoin transfers and accessibility, potentially invigorating blockchain-focused financial markets.
Polkaswap's 2023 Innovations Redefining DeFi
Polkaswap has implemented transformative features, including a 'Connect with Google' sign-in, enhanced HASHI Bridge, the launch of Synthetic Assets (XST), Mises browser support, and a decentralized Order Book on testnet, promising to elevate the user experience in the DeFi space.
User Accessibility: Seamlessly manage Polkaswap accounts with the new 'Connect with Google' feature, which eliminates the need for external wallets.
HASHI Bridge & XST Assets: A substantive upgrade to the HASHI Bridge enhances asset transfers across networks, while the introduction of Synthetic Assets (XST) enriches trading options.
Tech Innovations: Transition to a decentralized Order Book nearing completion, and inclusion of Mises browser for a more flexible trading ecosystem.
Beamswap v3: Decoding DeFi Dynamism in a Year of Innovation
Beamswap v3 revolutionized the DeFi landscape with its CLMM-based hub, bringing pivotal upgrades like BrainDex, Gamma, and a new UI that merges with Beamex for a seamless experience. Getting GLINT listed on Binance Wallet and exceeding $1,000,000 in TVL marks a significant stride in its ecosystem's growth.
Beamswap v3 introduced innovative features, including a more capital-efficient CLMM, advanced trading functions on Beamex with up to x50 leverage, and unified UI, enriching the user experience and streamlining operations.
The GLINT token's integration into Binance Wallet and its impressive TVL of over a million dollars underscores its value proposition and the confidence investors have in the platform.
The team's commitment to the community was evident through interactive campaigns, strategic partnerships, and securing funding from Moonbeam Ecosystem Grants, reinforcing its position within the DeFi sphere.
Picasso's Trailblazing Year: Unveiling PICA & Inter-Blockchain Innovations
Picasso, a project aiming to paint a new future for DeFi, recently celebrated its momentous year with the launch of its native token PICA and the introduction of Pablo DEX. The project made strides in interoperability by successfully implementing Inter-Blockchain Communication (IBC) protocols beyond the usual confines of Cosmos and establishing crucial infrastructure like trustless.zone for asset transfers between Polkadot and Picasso.
Platform Growth: The year saw Picasso's ecosystem flourish with the launch of the Pablo DEX and the high-anticipated TGE of PICA, its native token, enhancing the liquidity and utility of the ecosystem.
Innovative Interoperability: By adopting Inter-Blockchain Communication and developing infrastructure such as Pallet Multihop and an open-source version of CosmWasm, Picasso is at the forefront of creating a more connected and efficient blockchain landscape.
Foundation and Research Commitments: Underpinning these technical achievements, the establishment of the Composable Foundation and Composable Research demonstrates Picasso's dedication to fostering an innovative and research-driven environment in Switzerland.
HydraDX: EVM Integration & Multi-Pool Expansion Powers Up
HydraDX incorporates Ethereum Virtual Machine, simplifying asset trading for MetaMask users, and launches Isolated Pools for low-cap tokens. Securing a second parachain slot on Polkadot cements its position as a DeFi leader.
HydraDX introduces EVM compatibility, bridging the gap between the Ethereum and Polkadot ecosystems for streamlined token trades using familiar Ethereum wallets.
Isolated Pools are rolled out to provide market-making opportunities for emerging tokens without the need for entry into the larger Omnipool, fostering diversity and innovation.
With a new parachain slot on Polkadot, HydraDX is set for two more years of reliable and scalable blockchain infrastructure, enhancing its DeFi offerings.
Outside Polkadot
BlackRock's Bitcoin ETF Leap: Will Wall Street Follow?
BlackRock and Valkyrie, possibly setting a new direction for the future of finance, have named heavyweight trading partners for their proposed spot bitcoin ETFs. With the SEC's decision forthcoming, the crypto community is on high alert for what could be a pivotal moment.
BlackRock and Valkyrie update their S-1 forms and confirm J.P. Morgan, Jane Street, and Cantor Fitzgerald as authorized participants for their bitcoin ETF proposals.
The industry was taken aback by J.P. Morgan’s involvement, considering CEO Jamie Dimon’s historically negative view on Bitcoin.
The SEC's decision on these spot bitcoin ETFs is imminent, expected between January 5th and 10th, in what could be a landmark ruling.
Miners' Massive Bitcoin Sell-Off Plunges Reserves to 7-Month Low
Amidst market pressures, Bitcoin miners have sold off a significant stash, causing reserves to hit their lowest point since May. In just one day, the volume of miner-held Bitcoin dropped sharply to 1.832 million BTC.
Miners offloaded approximately 3,000 BTC in a single day, tipping miner reserves to a seven-month low and highlighting potential selling pressure in the market.
With miner-held Bitcoin reserves dwindling, there has been an uptick in transfers to cryptocurrency exchanges, indicating a possible strategy to balance the books.
The looming Bitcoin halving in April could add to market volatility, with predictions suggesting a potential supply shock and a consequent jump in BTC value, possibly reaching $160,000.
Buddies Street News
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// See you next week!