Moby Media

Tag: Web3 Development

  • Starknet Foundation Announces STRK Token Rewards for Over a Million Wallets

    Starknet Foundation Announces STRK Token Rewards for Over a Million Wallets

    Starknet Foundation Unveils Token Distribution Strategy

    Expansive Reward Plan for Diverse Contributors

    The Starknet Foundation has disclosed its plans for distributing its native token, STRK, signaling a significant reward opportunity for nearly 1.3 million wallets. This initiative is set to benefit a wide range of participants within the ecosystem, including early dapp users, network contributors, Ethereum builders, and open-source developers from beyond the web3 sphere.

    Distribution Details and Eligibility

    A Four-Month Window for Claiming STRK Tokens

    Scheduled for publication today, the official allocation outline by the foundation’s provisions unit will detail the STRK distribution. Eligible recipients can verify their qualification for the token rewards, with the distribution set to commence on February 20. Eligible wallets will have until June 20 to claim their STRK tokens, with over 700 million tokens—equating to 7% of the total 10 billion token supply—designated for distribution.

    The Purpose and Vision Behind STRK

    Facilitating Decentralized Governance and Network Scaling

    Starknet, an Ethereum Layer-2 solution utilizing ZK-Rollup technology, aims to enhance the scalability of decentralized applications through the STRK token. The token is envisioned to foster decentralized governance and community-led network management. “The STRK Token was conceived to decentralize STARK-based scaling, empowering the community to steer Starknet’s future,” remarked Diego Oliva, CEO of the Starknet Foundation.

    Recognizing Community Contributions

    Acknowledging Early Adopters and Ethereum Contributors

    The distribution plan honors the contributions of community members who have engaged with StarkEx-powered dapps like dYdX, ImmutableX, Rhinofi, and Sorare since StarkEx’s inception in 2020. Ben-Sasson, a core contributor and co-inventor of Starknet’s underlying technology, expressed satisfaction in recognizing these early supporters.

    Eligibility Criteria and Distribution Scope

    Wide-ranging Eligibility Across the Ecosystem

    Eligibility for the STRK token encompasses early Starknet and StarkEx users, Ethereum contributors such as Protocol Guild members, EIP authors, and solo stakers, in addition to open-source developers external to web3. The eligibility criteria, based on a November snapshot, considered transaction volume, frequency, and interaction with the network.

    Supporting Ecosystem Growth

    Community Initiatives and Incentive Programs

    The token distribution by Provisions is among several initiatives aimed at nurturing the Starknet ecosystem. These efforts include the devonomics program and forthcoming rebates and subsidies to boost ecosystem activity, highlighting Starknet’s commitment to fostering an active and vibrant community.

  • OKX Expands Global Presence with VASP License in Dubai

    OKX Expands Global Presence with VASP License in Dubai

    OKX’s Strategic Move in Dubai

    OKX, a leading cryptocurrency exchange, has marked a significant milestone in its global expansion by securing a virtual asset service provider (VASP) license in Dubai. This achievement was realized through its local subsidiary, OKX Middle East Fintech FZE.

    License Grant and Operational Status

    The Dubai Virtual Assets Regulatory Authority granted the VASP license to OKX. However, the license remains non-operational until OKX Middle East fulfills certain conditions and localization requirements. Once operational, this license will enable OKX Middle East to offer a range of regulated virtual asset activities, including spot services and spot-pairs, to both institutional and qualified retail customers.

    The MENA Region’s Crypto Potential

    Rifad Mahasneh, the general manager for the MENA region at OKX, highlighted the immense potential of the region as a hub for Web3 and crypto innovations. He expressed enthusiasm about the opportunity to contribute to the region’s burgeoning ecosystem. This sentiment reflects the growing interest and investment in the digital asset space within the Middle East.

    Dubai: A Crypto Hub

    Dubai’s welcoming regulatory environment has made it an attractive destination for crypto firms. In recent months, several prominent crypto companies, including Crypto.com and Hex Trust, received a VASP license from Dubai’s VARA. Additionally, in August 2023, Nomura’s crypto arm, Laser Digital, obtained operating license approval in Dubai, further establishing the city as a significant player in the global crypto landscape.

    OKX’s Regional Growth

    OKX’s acquisition of the VASP license in Dubai represents a strategic step in its global expansion efforts. The move not only reinforces OKX’s presence in the MENA region but also aligns with Dubai’s growing reputation as a leading center for cryptocurrency and blockchain technology. As the company awaits the operationalization of its license, the anticipation builds for its future role in enhancing the crypto ecosystem in the Middle East.

  • Animoca Brands Partners with TON to Advance Web3 Through Telegram Mini-Apps

    Animoca Brands Partners with TON to Advance Web3 Through Telegram Mini-Apps

    Animoca Brands has emerged as the largest validator for The Open Network (TON) blockchain. This pivotal collaboration signifies a monumental stride in harnessing Web3’s potential through Telegram’s expansive user base, primarily via mini-apps.

    Innovative Collaboration: Bridging Web3 and Telegram

    Justin Hyun, Director of Growth at TON Foundation, emphasized the joint mission’s essence, stating, “Together, we will infuse Web3 seamlessly into the daily experiences of Telegram users, particularly in gaming, for a global audience to enjoy.” TON has successfully processed over 165 million transactions, maintaining a consistent daily transaction count around 200,000 this year.

    TON Play: A Game-Changer for Developers

    A focal point of Animoca’s interest lies in TON Play, a robust gaming infrastructure platform. It enables gaming projects built on TON to directly launch onto Telegram, providing developers an avenue to port existing web games into this popular messaging platform. Given Telegram’s impressive active user count of over 800 million, TON Play presents an unmatched opportunity for game developers to tap into a vast global market.

    Strategic Investment: Animoca’s Vision for Web3

    Yat Siu, co-founder and executive chairman of Animoca Brands, elaborated on the strategic investment in TON, “This key investment in TON aligns with our overarching commitment to onboard the next million Web3 users, easing the transition from Web2 to Web3.” Animoca Brands, renowned for its stakes in over 400 Web3 companies, stands as one of the sector’s most active investors.

    Animoca Brands’ Global Web3 Initiatives

    Apart from its significant involvement in the TON network, Animoca Brands is broadening its horizons with a proposed partnership with Saudi Arabia’s NEOM Investment Fund. This collaboration is set to establish Web3 service capabilities with a global commercial scope, supporting NEOM’s vision as a futuristic tech hub. With a valuation of $6 billion as of July 2022, Animoca Brands is poised to play a pivotal role in shaping the Web3 landscape.

     Pioneering Web3 Integration in Social Media

    Animoca Brands’ investment in TON Network marks a decisive move in the Web3 venture capital sector, signaling a potential thaw in the crypto winter. As it stands, this collaboration represents a transformative step in integrating gaming and blockchain technology, leveraging social media platforms like Telegram to redefine user engagement in the Web3 era.

  • Polygon Labs’ Bold Move: $85 Million Developer Fund for Web3 Innovation

    Polygon Labs’ Bold Move: $85 Million Developer Fund for Web3 Innovation

    Polygon Labs, a key player in Ethereum scaling solutions, has taken a significant step forward by launching an ambitious $85 million grant program. This initiative aims to attract the brightest minds in Web3 development, focusing on a variety of sectors including decentralized finance (DeFi), gaming, social media, and identity solutions.

    Expanding the Ecosystem with Generous Grants

    At the heart of Polygon’s strategy is the expansion of its ecosystem, already boasting over 7,000 decentralized applications. The grant program offers up to $1.55 million per project, signaling Polygon’s dedication to nurturing innovative ideas. Notably, the grants will be distributed in MATIC, Polygon’s native token, with a total of 110 million MATIC (equivalent to $85 million) allocated for this purpose. Developers have the choice to apply for direct, larger grants or opt for smaller quadratic funding grants, where community donations influence the selection of grant recipients.

    Fostering Talent in a Competitive Landscape

    Polygon’s move is particularly timely given the intensifying competition among Ethereum’s layer 2 networks. Rivals like Optimism and Arbitrum are also focusing on scalability and low transaction fees to lure developers to their platforms. Polygon, with over 250 million transactions processed, stands as a leading Ethereum scaling solution, though it faces challenges such as network congestion during peak periods. This new grant program is a strategic effort to enhance Polygon’s technology stack and broaden its decentralized app ecosystem.

    A Commitment to Advancing Web3

    This substantial $85 million fund underscores Polygon’s commitment to the future of Web3. The rising interest in blockchain technology among developers positions Polygon’s grants as a potential catalyst for the development of groundbreaking decentralized applications.

    Polygon Labs Kickstarts Grant Program 

    Polygon Labs is not just talking the talk; they are walking the walk by offering a whopping 110 million MATIC, which stands at around $85 million. This funding is targeted at projects in diverse fields like decentralized finance (DeFi), gaming, social media, and others. The grants range significantly, with up to 2 million MATIC ($1.55 million) available for more advanced stage projects. Early-stage projects are encouraged to apply for quadratic funding grants, which involve community members’ donations acting as votes for fund allocation.

    Positioning as a Leader in Ethereum’s Layer-2 Race

    Polygon operates as one of Ethereum’s premier layer-2 networks, focusing on enhancing the scalability and efficiency of the Ethereum blockchain. This involves managing traffic and congestion, a vital aspect of maintaining a robust blockchain infrastructure. The firm’s grant program positions Polygon as a frontrunner in the race to become the dominant tech provider for Ethereum’s layer-2 solutions. By enticing developers, ranging from startups to established players in the crypto industry, Polygon aims to solidify its place at the forefront of blockchain technology innovation.

     

    Polygon Labs’ $85 million grant program is a bold and strategic move to foster innovation and talent in the Web3 space. By offering substantial support and funding to developers, Polygon aims to not only enhance its own ecosystem but also contribute significantly to the advancement of blockchain technology. This initiative represents an exciting opportunity for developers and a crucial step forward for the industry as a whole.

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