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Ren (REN)
Since 2018, Ren has given users ways to utilize assets across different blockchains – initially supporting BTC, BCH, and ZEC on Ethereum mainnet.
The Ren protocol relies on the Ren Virtual Machine, or RenVM, which is powered by a decentralized network of machines called “Darknodes.”
Ren understands the importance of integrating with as many quality networks as possible in the crypto community. Multi-chain support enables interoperability between the largest and most active ecosystems.
Ren supports Arbitrum, Polygon, Solana, and more. And in the past three months alone, it’s added support for Optimism, Kava, and Moonbeam… All while gearing up for the next version of Ren – Ren 2.0.
Ren 2.0 is an open protocol, enabling multi-chain app development with Ethereum Virtual Machine (EVM) support. Leveraging Ren’s robust bridging technology for a new world of opportunities.
The Ren protocol will transition to a standalone network (Ren 2.0) to support generic application logic on Ren. There will be extensive upgrades to the core protocol which will require Ren to be deployed to a new network. The existing Ren ecosystem will continue to operate as is, but will eventually migrate to Ren 2.0.
Additionally, Ren 2.0 will feature an improved multi-party computation (MPC) algorithm that is more scalable, along with revamped tokenomics to further align incentives for ecosystem participants.
The transition to Ren 2.0 will be its most extensive upgrade to date. By the end of 2022, the team expects to have a new Darknode client that will power Ren 2.0. Then, testing will begin on the new network and the community will be invited to put the network under stress and simulate attacks in real-world conditions.
We’ll update you on the details of the roadmap, and we’ll let you know if there are any actions or migrations to take.
0x (ZRX)
0x is an open-source, decentralized exchange infrastructure that enables the exchange of tokenized assets on multiple blockchains.
Ethereum is set to undergo The Merge in September. As a reminder, The Merge is its transition from PoW (Proof of Work) to PoS (Proof of Stake). And 0x has already begun preparing for it.
Last week, 0x announced full support for Ethereum’s Goerli testnet as well as Polygon’s Mumbai testnet.
0x will provide access to these testing environments for developers building DeFi applications with 0x protocol and 0x API. Developers can then test smart contracts and perform swaps for their apps on all 0x-supported networks.
On July 14, 0x introduced a new Slippage Protection feature enabling developers to consistently deliver the best executed price.
Due to the volatility of cryptocurrency, the price of an asset can fluctuate heavily in a brief amount of time. Slippage is the difference between the expected price of an order and the actual price when the order executes. Most of this value is captured or lost through Maximum Extractable Value (MEV).
Many DeFi applications today only show quoted prices, which do not incorporate slippage, and are often drastically different from the executed price.
0x’s new Slippage Protection also includes MEV-aware smart order routing for DEX trades. Since 2020, MEV bots have extracted over $670 million from DEX users, with nearly $9 million extracted in the last 30 days. In most cases, these losses come from slippage only visible after the trade settlement and typically goes unreported to the user.
With Slippage Protection enabled, users will also experience fewer failed transactions and save on otherwise wasted gas fees, resulting in an overall improved experience. These integrations are important for DeFi users. 0x API aggregates liquidity from DEXs like 0x Mesh, Kyber, Uniswap, and Synthetix.
0x API’s new protection routes orders to avoid slippage and MEV attacks, which means better fees and prices on swaps. Ensuring 0x users their money is, and will remain, in safe hands.
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Helium (HNT)
Helium is a blockchain-based network for Internet of Things (IoT) devices. It uses nodes as Hotspots to connect wireless devices to the network
Last month, we covered Helium's plan to create a decentralized platform where any type of telecom network can be deployed with Helium Improvement Proposal 51 (HIP-51). Now that HIP-51 has been implemented, users can start to establish new subDAOs and tokens
A newly passed proposal (HIP-52) introduces the IoT subDAO and subtoken to Helium. IoT subDAO participants may lock and delegate IOT tokens to gain voting power in IoT governance and run oracles. HNT tokens will be emitted to the subDAO treasury and will back the IOT token.
Additionally, Helium community members approved HIP-53, which establishes the Mobile subDAO and MOBILE subtoken for 5G hotspots.
Helium updated their explorer page today to reflect the amount of IoT and Mobile networks on the platform. As of writing, there are over 925,000 IoT hotspots and 2,600 Mobile 5g networks, with $278 million in staked HNT validating the network
The Helium community will handle all MOBILE emissions, mining rewards, programmatic treasury, and governance operations for mobile device networks. HNT is now the reserve asset of the subnetworks, and will remain the primary economic asset.
This will create an economy where the underlying HNT assets will be burned and minted to maintain an equilibrium that continues to power Helium.
This will establish a new structure for the protocol, and attract more value to the platform, as each new network established directly benefits the HNT token.
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Enjin-Coin (ENJ)
Enjin offers blockchain products that make integration with gaming and NFTs easy for individuals, businesses, and developers.
Last month, BlockTrucks, a play-to-earn racing game, joined the Enjin ecosystem.
In BlockTrucks, players climb the ranks to attain the status of grand champion. As you race, you’ll earn in-game currency TRUCK tokens and collect NFTs in the form of upgrade cards which can be used to upgrade your truck.
BlockTrucks is playable via desktop web browser, Android, and iOS, while the use of Efinity ensures that all in-game digital assets are portable cross-chain. These features make it easier to access and use and in last month’s issue we covered how important Efinity is to the Enjin ecosystem.
Additionally, it creates a foundation for interoperability between gaming platforms and blockchain protocols, so users can compete against other players no matter which device or chain they prefer.
BlockTrucks is using the Enjin Platform and Efinity to bring a greater degree of customization to the gaming experience with NFTs. For Enjin investors it is good to see gaming projects choose Enjin as it’s a healthy sign for the long-term price of Enjin tokens.
Cosmos (ATOM)
Cosmos is an industry-leading protocol that facilitates reliable, authentic communication between connected blockchains, also known as Inter‐Blockchain Communication (IBC).
In our January and February issues, we covered what the Theta upgrade means for Cosmos and how the interchain feature will generate more value and demand for Atom tokens.
Earlier this month, Cosmos activated the Theta upgrade. Before the upgrade, while IBCsupported asset transfers, cross-chain composability was still limited in its previous form.
However, in this new release, interchain accounts enable users to interact with any contracts on supported IBC-integrated blockchains from one unified interface on the hub. Additionally, through interchain accounts, Atom holders can stake and accumulate ATOM with no lock-up at a rate of 10%.
These rewards dwarf what investors get for stock dividends or bond payments. With these kinds of yields, you can compound your gains over time.
ATOM is a top-notch investment that’s worth accumulating. And this upgrade has the potential to generate even more demand for ATOM tokens.
The Theta upgrade is only the first of four quarterly upgrades planned for the Cosmos Hub this year. We will continue to update you on each as they progress..
Zcash (ZEC)
Zcash serves as a foundational layer for the global and digital economy. ZEC is an engine driving the sustainable growth necessary for economic and social freedom.
Since July, we’ve been following the developments of Zcash’s next major upgrade, network upgrade 5 (NU5).
And just last month, Electric Coin Company (ECC) announced that NU5 is expected to launch this May.
ECC are the inventors of Zcash and aim to build and support technology to provide people with access to fair and open currency.
In conjunction with various features included with NU5, the ECC is also introducing Halo Arc – a suite of solutions that bundle new features and products.
In October, we wrote about how Zcash benefits from adopting the Halo proving system and its move away from its original setups and shielding system, zk-SNARK .
The Halo 2 proving system includes the most coveted features for privacy-centric users. The system enhances privacy and scalability on the Zcash network, as well as advanced features that allow for transparency to comply with governments and regulations.
Zcash’s plans to move to a Proof-of-Stake network for increased scalability, and its Halo Arc update provides more options for transacting. Zcash is equipping itself with all the tools necessary for bringing crypto adoption to individuals and enterprises. As more users are onboarded, we expect the demand for Zcash to increase along with its token price.
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Illuvium (ILV)
Illuvium is an open-world game built on the Ethereum blockchain where players can explore, collect NFTs, and battle other players.
Players can also earn ILV tokens by completing quests and special achievements. Last month, the team partnered with Polemos.
Polemos is the world's first decentralized gaming community, educational center, and digital asset hub for GameFi.
Polemos has the resources necessary to guide the Illuvium team members, and the protocol, to heightened success through curated services that optimize strategy and efficiency.
Illuvium will be a key player in the Polemos ecosystem. Polemos’ involvement with Illuvium will also include owning multiple in-game assets and plots of Land.
A common problem for the traditional gaming world is players lose in-game assets to short term or permanent bans. These bans can come without warning or explanation and cost players hundreds or even thousands in digital assets they’ve accumulated.
Illuvium gives players true ownership as a decentralized NFT game while delivering the high quality experience that gamers crave.
Stacks (STX)
Stacks is an open-source network of decentralized apps and smart contracts built on the Bitcoin network.
After years of research, debates, and growing adoption, NFTs are revolutionizing the way we prove ownership.
Ethereum is a pioneer in the NFT space, and is the go-to blockchain for most artists and developers.
But Stacks is steering creators away from the Ethereum network by offering lower transaction and minting costs for developers and artists who mint NFTs on the bitcoin network.
According to data analytics firm AI Multiple, Stacks is one of the top three blockchains for NFT adoption. The three factors for blockchain adoption included:
1. Security.
2. Scalability & transaction costs.
3. Volume of NFT and other transactions.
Chainalysis reported nearly $41 billion in NFT transactions in 2021. With more developers building on Stacks, we should see it tap into this lucrative market. Bringing more volume, users, and value to the Stacks ecosystem.
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The Sandbox (SAND)
The Sandbox is one of the largest metaverses on the Ethereum blockchain. It allows users to create, share, and monetize their in-game assets – like real estate – and gaming experiences. The Sandbox is quickly becoming the hub for A-list celebrities in the metaverse. Some of the world’s biggest stars are competing to build the largest and most exciting “meta-mansions” to host special events for fans.
The list includes NBA superstar Kevin Durant; Grammy-winning musicians Katy Perry, Snoop Dogg, and Justin Timberlake; and fashion icon Paris Hilton.
Even luxury companies are buying digital land. As we covered last month, Playboy announced it will be building a virtual replica of the Playboy Mansion, dubbed the PartyMansion. The Sandbox has over 165 partnerships, including video game companies such as Atari and Ubisoft, to build fun, creative play-to-earn gaming experiences.
The latest addition to its growing list of partnerships is celebrity chef Gordon Ramsay. Ramsay will be teaming up with the UK production and distribution company, ITV Studios, to bring his show Hell’s Kitchen to the Sandbox metaverse.
The show will open its first virtual restaurant and chef-themed game experience. The Sandbox is quickly becoming the go-to place for megastars to digitally connect with fans. We expect more partnerships to follow, and more celebrities to bring their high-net worth networks to this digital experience.
That will give the Sandbox a foothold in the metaverse as competition in this space ramps up.
Crypto com Coin/Cronos (CRO)
Founded in 2016, Crypto com serves more than 50 million customers and is the world’s fastest growing global cryptocurrency platform. Recently, Crypto com has made major headway with regulators worldwide.
On July 19, Crypto com announced it received registration and regulatory approval in Italy as a provider of virtual currency and digital wallet services. Two days later, it received regulatory approval from the Cyprus Securities and Exchange Commission.
Crypto com also recently announced it secured crypto and payments registration in South Korea.
Crypto com will continue to evolve and empower digital commerce in South Korea. South Korea is recognized as a crypto hotspot with exchange giants like Upbit, BitHub, CoinOne, and Korbit. At the peak of crypto’s popularity in 2017, South Korean exchanges were responsible for nearly 30% of all crypto trading worldwide.
The Cronos network will also support the development of the web3 ecosystem in Asia. Asia has been a prime mover in blockchain technology in the past.
These key regulatory milestones will help Crypto com deliver a wide range of products and services to 50 million customers globally.
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Streamr (DATA)
Streamr is an open-source project creating a platform and tools for the world’s real-time data to be owned and traded by the community.
The team has been working towards fully decentralizing the network, but to achieve that Streamr needs to turn the project over completely to the community.
In the previous build of the mainnet, Corea, the Streamr team controlled all the nodes in the network.
That changed in February with Brubeck. Now, anyone around the world can connect, run a node, stake and earn DATA tokens for powering the network.
On April 4, the first full month of Streamr Brubeck mainnet staking rewards were distributed. 1,617,000 DATA (worth around $200,000) were distributed to around 2,200 participants. The average APR in March was 144%.
Data being able to flow peer-to-peer , without the possibility of a third party accessing or restricting it, is a powerful tool that removes a key point of failure in centralized networks. With Streamr we can start to see how the future of monetization of data for automated services will work in a truly decentralized way. With Streamr, anyone can contribute to a network and provide the same services at a much lower cost and receive rewards. Streamr is a disruptive technology, and DATA will be in high demand as staking DATA is required to run a node and serves as the utility that powers the Streamr ecosystem.
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Dash (DASH)
Last month, Dash released its upgraded Dash Platform v0.22 on testnet. This version comes with improvements to its cryptographically provable database. It also contains an implementation which will allow masternodes to receive financial rewards for their validation services.
Additionally, this version improves components such as Tenderdash consensus (which handles network communication), Dashmate utility (a masternode setup tool for Dash), and the JavaScript software development kit (SDK).
The Dash Incubator is rewarding innovation & encouraging exploration around Dash. With no applications necessary, anyone can start development and provide proposals to make the platform better.
The Dash community continues to have active and serious involvement in platform development and testing. Thanks to the community, the Dash Core team was able to deploy a significantly more stable testnet.
Dash’s easy-to-use platform and token rewards incentivizes the community to develop on Dash’s open-source network.
Additionally, Dash Platform teams and the Dash community are preparing for the last functional, pre-mainnet release – Platform v0.23. This will introduce the fee system, masternode rewards distribution, and credit withdrawal transitions (enabling users to convert their credits on the platform chain to Dash on the core chain).
These features are critical in bringing more value to the Dash ecosystem and its native Dash token.
Synthetix (SNX)
Synthetix enables the issuance of synthetic assets on the Ethereum blockchain. Due to high transaction fees on the Ethereum network, the Synthetix community has been working to deploy Synths on Optimism, Ethereum’s Layer-2 network. Optimism puts all transaction data on-chain while running computation off-chain, increasing Ethereum’s transaction speed and decreasing fees.
Users are looking for an easy, decentralized way to trade Synths with low fees. Though still in beta testing, Synths are trading on Kwenta V2 on Optimism. Kwenta is a DEX for perpetual futures contracts. Using perpetual contracts, users can trade a variety of crypto and non-crypto-asset derivatives.
Listing equities and commodity synths on Optimism also benefits the Synthetix ecosystem by adding a new asset category. Kwenta can strengthen its value proposition and drive additional volume through the Synthetix protocol.
Last month, two proposals passed that added silver and gold commodity Synths to Kwenta V2.
Synthetic versions of Tesla, Apple, Amazon, Netflix, and Google previously traded on Kwenta, but due to high fees, trading stocks’ Synths were put on hold. Now that Synths are being deployed on Optimism, and fees are much cheaper, we may soon see a resurgence of these assets.
There’s international demand for trading American stocks in a cheap and decentralized way. This is possible with the Synthetix network, and has been its goal since inception. Now that more second layer solutions exist, we expect to see more activity in the Synthetix ecosystem. In just 33 days since Kwenta V2’s launch on Optimism, over $1.1 billion has been traded on the platform. This is promising as the project continues to gain adoption
