Category: Blockchain

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Australia Blockchain Ethereum Gaming NFTs

Australia’s ‘Immutable X’ Inks Esports Deal to Enable Gasless NFTs

Immutable X, the Australian Ethereum Layer 2 scaling solution for non-fungible tokens (NFTs), has partnered with a leading esports company, ESL Gaming, to provide gas-free trading of ESL Pro Tour NFTs on its platform.

ESL Gaming has been a giant in the gaming industry since 2000, raising more than A$10.76 million in prizemoney for gamers and helping to push the industry forward to where it is today.

ESL Gaming NFT Platform

The partnership will result in ESL getting its own NFT platform running on Immutable X technology, giving Counter-Strike enthusiasts around the world the opportunity to buy, sell and exchange NFT assets within the CS:GO ESL Pro Tour.

The platform has 11 million members and in 2020 alone, content from the ecosystem’s tournaments was broadcast for a cumulative total of 265 million hours across the world, generating over 675 million social media impressions and 52 million social media views through ESL Pro Tour CS:GO events. With fans in more than 190 countries, all tournaments from ESL Pro Tour CS:GO combined generated over 905 million video plays in 17 languages, not including China.

The Immutable team has gaming in their DNA and we share the same vision for the future of NFTs. In combination with a deep passion for the community, this is the only way to forge meaningful innovation in the space.

Bernhard Mogk, SVP, global business development, ESL Gaming

Carbon-Neutral, Gasless NFTs

The partnership with Immutable X will ensure ESL is provided with the required scaling infrastructure, granting access to esports fans to carbon-neutral and gas-free minting and trading of NFTs. Users will also be able to trade on the platform with their minds at ease, since Immutable X’s secure protocol directly inherits the Layer 1 security of Ethereum. The solution is powered by StarkWare‘s innovative technology, offering instant trade confirmation and massive scalability of up to 9,000 transactions per second.

Immutable X has committed to offset any carbon footprint with its certified climate-conscious partners, Trace and Cool Effect, making every NFT on its Layer 2 100 percent carbon-neutral.

The future is full of NFTs and drops that unlock exclusive perks for their owners. Players and enthusiasts can look at ESL Gaming’s previous NFT drops here. With the increasing amount of NFTs being produced across the globe, Adobe Photoshop has added a new feature to help verify the authenticity of digital art pieces.

Immutable’s solution to carbon-neutral and gas-free trading of NFTs fits our needs perfectly, and we can’t wait to show fans what we’re building …

David Hiltscher, VP, fan value management and analytics, ESL Gaming
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Blockchain NFTs Sports Tokens

Wrestling Fans Can Now Buy WWE NFT Collectibles and ‘Memorable Moments’

World Wrestling Entertainment (WWE) has formed a tag team with LA studio Bento Box to launch a new line of NFTs in a multi-year deal with Blockchain Creative Labs.

After WWE entered a five-year media deal with Fox Entertainment in 2018, Fox announced a US$100 million investment in its then-new blockchain division.

The WWE NFT drop is the first from Blockchain Creative based on a property not owned by Fox, after it released an NFT line based on popular TV competition The Masked Singer earlier this month.

Fans Will Need a Digital Media Wallet from Eluvio

Like those tokens, the WWE collectibles are on the Eluvio blockchain, in which Fox is also an investor. Fans will need to create a digital media wallet via Eluvio to allow them to purchase NFTs with credit cards or crypto, as well as trade and sell them.

Each of the WWE tokens will be tied to images of past and present WWE superstars and tentpole events such as Wrestlemania and SummerSlam. The NFTs will be listed on WWE’s NFT Marketplace, the name of which and official launch date to be announced in the “next few weeks”.

This is not WWE’s first foray into NFTs. In April, timed to coincide with WrestleMania 37, it dropped a set highlighting the career of recently retired star Mark Calloway, better known as the Undertaker.

We know WWE’s passionate fan community will love owning authentic digital goods across the organisation’s creative universe, from past and present stars to classic, culture-defining moments.

Scott Greenberg, CEO, Blockchain Creative Labs and co-founder/CEO, Bento Box Entertainment

Still Think Wrestling Is Fake? Adobe May Have a Solution

In the same week as news of the WWE NFTs broke, Adobe Photoshop announced the upcoming launch of a new security feature in its Photoshop software that can assist in verifying an NFT’s authenticity. Perhaps Adobe could talk to the WWE about a possible solution for those cynics who continue to doubt the authenticity of professional wrestling.

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Blockchain DeFi Hackers Tokens

CREAM Finance Exploited Again, This Time for $130 Million

DeFi lending protocol Cream Finance has been attacked again, this time to the tune of US$130 million, in what is its third and biggest hack by far.

Flash Loan Attack on 68 Different Assets

As highlighted by blockchain security firm PeckShield, the attacker managed to exploit the platform through a flash loan attack that involved at least 68 different assets and cost around 9 ETH. Of the estimated US$130 million drained, at press time US$92 million was held in the attacker’s contract while US$22 million was held by the contract creator’s address. 

Cream Finance confirmed the event on October 27, revealing that the C.R.E.A.M. v1 marketplace on Ethereum had been attacked. The hacker took mostly Cream LP tokens and some other ERC-20 tokens: 

However, it appears that Yearn Finance, a group of DeFi protocols running on the Ethereum blockchain, had salvaged US$9.42 million from the hacker:

Third-Biggest Hack in DeFi History

A few months ago, Cream Finance suffered its second flash loan exploit in which it lost US$19 million. While the team promised to pay back its affected users, it’s unclear as to whether there’s going to be another compensation program.

This hack positions Cream Finance among the biggest DeFi hacks in history. And while Rekt’s leaderboard has not been updated, this attack relegates EasyFi’s US$59 million exploit to fourth spot, while Poly Network and Compound are at the top.

Compound has also been hit hard by malicious actors. As Crypto News Australia reported earlier this month, Compound Labs suffered its second major blow after another bug in the platform was found, putting US$162 million at risk.

DeFi hacks accounted for 76 percent of cyberattacks in 2021, causing users to lose more than US$470 million in DeFi platforms. This clearly suggests that while the space is an emerging ecosystem full of opportunities, there is cause for caution as it’s also a lucrative target for malicious actors.

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Australia Blockchain Crypto News Regulation RMIT University Online

RMIT University Urges Australian Government to Reform Crypto Capital Gains Tax

Australia’s Royal Melbourne Institute of Technology (RMIT) University recently called on the federal government to provide more support for blockchain technology. Now, it is urging parliament to implement the reforms outlined by the Select Committee on Australia as a Technology and Financial Centre’s 12-point crypto reform plan.

‘An Opportunity to Take a Global Leadership Position’

In the world of blockchain education, RMIT is recognised as a heavy hitter, having recently ranked second in Coindesk’s index of global blockchain universities. Now, RMIT’s Blockchain Innovation Hub has implored federal parliament to adopt the Senate inquiry’s recommendations on the regulation of crypto assets to help attract jobs, investment and innovation in Australia.

We have an opportunity to take a global leadership position and compete with countries such as the US, Singapore and Switzerland in this incredibly vibrant sector … it is good to see our recommendations to change how cryptocurrency is taxed and how blockchain-based decentralised autonomous organisations are regulated being taken up by the Australian Senate.

Associate Professor Chris Berg, RMIT Blockchain Innovation Hub co-founder

RMIT academic Dr Elizabeth Morton, with concurrence from NSW Senator Andrew Bragg, noted that reforms relating to capital gains were particularly welcome:

We see an urgent need to ensure the tax system achieves balance in simplification, reflective of a digitally driven economy, encouraging tax compliance and protecting tax revenues from the risk of leakage. Reform will offer clarity for taxpayers and confidence in the tax system as a whole.

Dr Elizabeth Morton , RMIT University lecturer of taxation in the School of Accounting, Information Systems and Supply Chain

Committee Urged to Create DAO Company Structure for Australia

Commenting on the recommendations relating to changes to decentralised autonomous organisations (DAOs), RMIT’s Dr Aaron Lane noted it would encourage investment in Australia and represent some of the most significant changes in corporate law. Lane felt that “providing DAO members with the option of a limited liability company structure will encourage talent and investment in Australia”.

Ultimately, Lane saw the reforms in a broadly positive light, saying:

Blockchain and cryptocurrency is not just about providing new types of financial products – this technology is the infrastructure for new ways of governing economic exchange.

Dr Aaron Lane, lecturer in the Graduate School of Business and Law and a research fellow in the Blockchain Innovation Hub at RMIT University

While the crypto industry has been broadly supportive of the Senate inquiry’s recommendations, scepticism remains that parliament is unlikely to implement them. Time will tell.

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Blockchain Crypto News Markets NFTs Privacy

Privacy-Centric DeFi Token Secret Soars 90% Amid OpenSea Partnership

The Secret Network has partnered with leading NFT marketplace OpenSea to launch Secret NFTs with a “secret world-renowned artist”, spurring the project’s decentralised finance (DeFi) token up 90 per cent.

According to Secret Network’s official website, the project is “the first blockchain with data privacy by default”, with the aim of protecting users and securing applications for Web3. The blockchain recently announced its new production house called Iconic, a platform for artists, developers and other creatives to create the first NFTs with built-in privacy and access controls.

The initial launch of the partnership will be celebrated by having a world-renowned artist and creator – whose identity remains ‘secret’ for now – auction seven unique NFTs as part of a single collection in November. Interested parties can register for whitelist consideration for these Secret NFTs here.

The initial auction will be followed by a second, larger auction that will be open to the general audience to purchase and mint their new Secret NFTs.

Guy Zyskind, founder and CEO of Enigma, the core developers behind Secret Network, stated that a great deal of time had been spent preparing for this “hero event”. OpenSea evidently shared his enthusiasm:

OpenSea is excited to partner with Secret NFTs to help artists provide a multi-tiered experience for their collectors […] Private NFTs offer a new type of solution to all kinds of creators, and we’re excited to move the ecosystem forward together.

Alexander Bercow, art partnerships manager, OpenSea

According to TradingView, Secret (SCRT) has made a 90 per cent gain since the news of the partnership broke. The token had been trading at around US$4.50 beforehand and doubled to $9 at its peak before stabilising around $8 at the time of writing.

The DeFi industry has been booming this year with the total value locked increasing 10 times since January. Australia currently ranks 12th out of 154 countries in terms of DeFi adoption.

Unseen First Issue Privacy-Based NFTs

The Secret NFTs featured in the auction will be the first of their kind to offer buyers “exclusive content viewable only to the holder – and that has also never been seen previously by anyone but its creator”.

We’ve secured IP for one of the greatest artistic creators to kick off our NFT ecosystem and punctuate our privacy-preserving technology. Secret Network is the first blockchain to support NFT assets that contain both public and private content. Programmable privacy for NFTs is fundamentally about choice – any holder of a Secret NFT can choose to make ownership and/or private metadata completely public for anyone to see.

Guy Zyskind, founder and CEO, Enigma

Traditionally, NFTs don’t allow users to choose if they want to keep the metadata and ownership private. Secret NFTs have changed the status quo by allowing these fields to remain private, whereas with other chains such as Ethereum, Binance Smart Chain and Solana, this data will always be public. An additional measure is allowing users to manage their access control where creators can choose who has full access to their content.

Traditional vs Secret NFTs: Secret network

With Secret NFTs, verifiable ownership of goods and experiences does not have to be public. Secret Network’s process of validation occurs without compromising any private data, including proofs of authenticity and transfers.

To learn more about the Secret Network, see embedded details in the tweet below:

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Blockchain Crypto News DeFi NFTs Solana

Solana Reclaims $200 Amid Soaring TVL in DeFi

In recent weeks Solana (SOL) has been climbing the ranks of market cap and total value locked (TVL) among the top 10 protocols. The public blockchain has seen a noticeable gain in price along with the surge of DeFi and NFT projects being built on the chain, bringing it closer to the top five cryptocurrencies.

SOL, the native token of Solana, a public blockchain backed by Sam Bankman-Fried, founder of crypto exchange FTX, hit a record US$218.90 on October 25, according to TradingView. In the past week, Solana has gained 35 percent, mostly driven by DeFi and NFT projects.

Last week’s results have seen the total crypto market capitalisation pass the US$2.5 trillion mark, a new milestone for the cryptocurrency industry, with SOL flipping Ripple (XRP) to become the sixth-largest cryptocurrency by market cap.

SOL was a top performer over the last few months … [It’s] only natural for it to perform well during the next leg of the bull cycle.

Ashwath Balakrishnan, research associate, Delphi Digital

Solana’s Major Increase in TVL

One of the main factors pushing this ride up was the surge of DeFi, DAO and NFT projects on the Solana blockchain. Funds have been streaming into the decentralised finance (DeFi) economy, enabling users to loan funds, earn interest, swap tokens and generally make their money work for them.

According to DeFi data provider Defi Llama, TVL in Solana reached an all-time high of approximately US$14 billion on October 25. TVL is the US dollar value of the cryptocurrency committed to DeFi protocols.

Solana TVL: DeFi Llama

A handful of projects on the Solana blockchain have brought in billions for the chain, significantly increasing its TVL. The dominant project is Saber, an automated market maker (AMM) protocol that enables Solana users and applications to trade between stable pairs of assets and earns yields by providing liquidity, which has raked in US$2.05 billion.

Another four protocols – Radium (US$1.91 billion), Sunny (US$1.73 billion), Serum (US$1.69 billion) and Marinade Finance (US$1.63 billion) – have locked in over US$5 billion for the public blockchain.

Money Flows From Bitcoin to Other Layer 1 Platforms

Bitcoin (BTC) reached its new all-time high of US$66,974.77 last week as money flows from it to other Layer 1 solutions, resulting in an altcoin season. Layer 1 is the base layer, the main network on which a cryptocurrency such as bitcoin runs.

According to TradingView, the bitcoin dominance ratio, which measures bitcoin’s market capitalisation relative to the total crypto market cap, dropped to as low as 44.62 percent last weekend before returning to roughly 45 percent on October 25. That decrease in the dominance ratio indicated that at least part of bitcoin’s momentum had shifted to other tokens.

When bitcoin momentum slows down, Layer 1 tokens often perform better than any category […] Layer 1s have been the best-performing tokens since the June bottom – and, quite frankly, they boast the highest year-to-date returns, too.

Delphi Digital market report
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Australia Bitcoin Mining Blockchain Crypto News Cryptocurrencies

Byron Bay to Host Renewable Energy Bitcoin Mine, Despite ASX Listing Refusal

Australia’s easternmost beachside town of Byron Bay in northern NSW will be the site of the country’s largest bitcoin mine, powered by 100 percent renewable energy.

Digital infrastructure provider Mawson Infrastructure Group has partnered with Quinbrook Infrastructure Partners, a Gold Coast-based investment manager with a track record in renewable energy infrastructure in the US.

The initial 20MW site, set to go online by the end of this month, will allow crypto miner and digital assets manager Mawson, headquartered in Sydney with operations in the US and Australia, to establish a strategic nexus with Quinbrook.

Byron Set to Become a Hub of Blockchain Technology

Mawson will deploy a new generation Modular Data Centre (MDC) specifically designed for Australian conditions at the Byron Bay facility, which will add approximately 0.4 EH (exahash, a measure of computing power) to global operations. The company’s charter is to match energy infrastructure with next-generation mobile data centre solutions, enabling the proliferation of blockchain technology.

According to Mawson CEO and founder James Manning, the company seeks to identify renewable energy projects, specifically sustainable bitcoin mining, in the transition to a decarbonised society.

Quinbrook’s deep experience in energy and focus on ESG [environmental, social and governance] investment principles made this first project an obvious choice. Our partnership reflects our joint view that renewable energy will be key to future data centre infrastructure.

James Manning, CEO and founder, Mawson Infrastructure Group

Quinbrook’s current portfolio exceeds 17GW of onshore wind, solar PV, reserve peaking power, battery storage projects, grid support and infrastructure, virtual power plants and community energy networks across the US, UK and Australia.

The company manages the Cape Byron Infrastructure Fund, which owns and operates a portfolio of biomass power stations near Byron Bay township. The Mawson mine is co-located inside one Quinbrook facility, and has been amended to satisfy Australian workplace health and safety standards. These standards differ from those in the US, where Mawson operates cryptocurrency mines in Georgia and Pennsylvania.

The two partners have negotiated a profit-sharing arrangement after direct operating costs.

ASX Refused to List the Company

Mawson listed on the NASDAQ earlier this year after raising $US37 million (A$49.6 million) at a $1 billion valuation. At the time, after a 12-month battle to list with the Australian Securities Exchange, the company said it was “saddened” by the ASX’s refusal to allow cryptocurrency-exposed businesses to list locally.

We just couldn’t get any certainty from the ASX that they’d actually list us. We were getting feedback like, ‘we don’t like your industry, it’s not mature enough, we don’t know about the underlying product’.

James Manning, CEO and founder, Mawson Infrastructure Group

At the time of writing, Mawson – formerly Cosmos Capital – was trading at $US9.50 a share, with a market cap of $US655.51 million. In August, Mawson bought 17,352 bitcoin mining rigs from Chinese manufacturer Canaan Creative.

A month earlier, as also reported by Crypto News Australia, Mawson had acquired a 90 percent majority stake in US bitcoin mining facility Luna Squares, pushing its hash power beyond 12MW.

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Blockchain Crypto News Ethereum

What is the Significance of the Latest ETH Altair Upgrade?

On October 27, Ethereum developers will release another crucial update to the mainnet known as “Altair”, precisely at epoch 74,240. The London Hardfork upgrade in August introduced some changes to the current Ethereum network, most notably the restructuring of transaction fees. However, the Altair upgrade targets the Ethereum 2.0 Beacon chain and will ready the network for the long-awaited merge. 

What Difference Does Altair Make?

Danny Ryan, lead coordinator for the Ethereum 2.0 rollout, revealed the Altair upgrade would introduce a lot of changes for the Beacon chain, one of which includes light client support. This will enable low-capacity devices to participate in the chain.

Altair is an upgrade to the beacon chain that brings light client support, minor patches to incentives, per-validator inactivity leak accounting, an increase in slashing severity, and cleanups to validator rewards accounting for simplified state management.

Danny Ryan, lead coordinator, Ethereum 2.0 rollout

Ultimately, Altair is considered the “warm-up upgrade” for the Beacon chain and the clients towards the high-stakes merge – the unification of the current Ethereum application layer with the proof-of-stake Beacon chain. This might be the first and only upgrade to the Ethereum Beacon chain before the final transition to Ethereum 2.0, according to Pooja Ranjan, herder-in-chief at Ethereum Cat Herders. 

Although the Beacon chain was launched last year, its functionality is still limited to the deposit contract for staking. With the network merge scheduled to happen in the next year or two, all decentralised applications, smart contracts and accounts will be migrated from proof-of-work to proof-of-stake chain, which is deemed more scalable and greener for the environment.

Funds Are Safe

The Altair upgrade should not constitute any loss of users’ funds, given it only applies to the Beacon chain. No action is required by Ethereum users regarding the upgrade. However, Beacon node clients are urged to update to the latest version of their software, which is compatible with the upcoming upgrade. This process should take about eight to 10 minutes to complete, according to Ryan.

Failure to update before the Altair upgrade gets clients “stuck on an incompatible chain following the old rules”, which can result in downtime penalties.

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Bitcoin Blockchain Crypto News Cryptocurrencies Ethereum Gold Institutions

$2.2 Trillion Bond Giant Embraces Crypto as ‘Inflation Hedge and Store of Value’

Pimco, a US$2.2 trillion global fixed-income giant, will continue to explore crypto assets that have the “potential to disrupt the financial industry”, according to a report from CNBC.

Exploring Cryptocurrencies as an Inflation Hedge

During an interview with CNBC, chief investment officer Daniel Ivascyn revealed that Pimco had already invested in “crypto-linked securities” through several hedge fund portfolios, and plans to increment crypto assets exposure in the near future.

The move was announced on October 20 after Bitcoin and other high-market cap cryptocurrencies such as Ethereum surpassed record price levels, with BTC breaking above US$67,000 and ETH reclaiming the $4,000 mark, falling just short of its May ATH of $4,300.

Most cryptocurrencies saw a boost in price after the first Bitcoin futures-linked ETF, which saw a massive trading volume on its first days of approximately US$1 billion.

According to Ivascyn:

Now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side. This will be a gradual process where we spend a lot of time on the internal diligence side speaking to investors. And we’ll take baby steps in an area that’s rapidly growing.

Daniel Ivascyn, CIO, Pimco

Ivascyn went on to say that cryptocurrencies like bitcoin offer an inflation hedge and a store of value against fiat hyperinflation and declining purchasing power. His comments resemble those of JPMorgan, whereby analysts at the investment bank revealed earlier this month that investors were replacing gold with bitcoin as a better inflation hedge.

Competitive Environment Keeps Pace with Innovation

Cryptocurrencies and the DeFi sector have become highly valuable financial instruments not only for crypto enthusiasts but for artists, content creators, institutional investors and more.

As crypto and blockchain technology advances continue to accelerate, traditional institutions are keener than ever to explore a space that’s innovating at such a pace. To that matter, Ivascyn said:

Pimco is thinking about scenarios where this could take us to ensure we are competitively prepared to deal with what’s a rapidly changing environment that offers a pretty significant value proposition.

Daniel Ivascyn, CIO, Pimco
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Blockchain DeFi NFTs Solana Tokens

Solana’s SOL Pumps 25% in Two Days, Driven by Surge in DeFi and NFTs

Solana’s SOL token has pushed higher by up to 25 percent on the back of numerous bullish developments this week.

By October 21, SOL was trading at its highest point in more than a month and was just 10 percent off its all-time high of US$214.36. Since then it has pulled back slightly, trading at US$201.85 at the time of writing.

Solana Runs With the Bulls

“Solana has moved into bull market territory,” notes Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital. “With this week’s jump from $160 to above $190, it placed a bullish flagpole in the chart.

Analysts will now wait to see if that pole leads to a bull flag, meaning a steadying of the price, which would signal further bullish moves and new support. If it consolidates around US$180, this could create a strong support flag leading to further gains.

Joe DiPasquale, CEO, BitBull Capital

The token has broken through some important resistance levels lately, which confirms that buyers are “not concerned about downward pressure”.

Nick Spanos, co-founder of Zap Protocol, concurs with DiPasquale’s view that SOL’s short-to-medium-term outlook looks “very bullish”.

We have seen SOL build momentum this month and it has attracted plenty of new buyers in the past few weeks, with the number of active token holders increasing considerably.

Traders will be keeping an eye on the RSI [relative strength index], but the price action is more important. In particular, the bulls will be looking for SOL to convincingly breach the US$188 resistance level before targeting a breakout through the token’s all-time high of $191.04, as this would pave the way for even stronger gains.

Nick Spanos, co-founder, Zap Protocol

Synchrony Raises $4.2 Million in Strategic Funding, MonkeyBall Makes $3M

Yesterday, Solana-native asset management protocol Synchrony closed US$4.2 million in a strategic funding round led by Sanctor Capital, with participation from Wintermute Trading, GBV Capital, HashKey Group, Magnus Capital and 0xVentures, among others.

This week also saw MonkeyBall, a crypto startup building a play-to-earn NFT soccer game based on Solana, raise US$3 million in a seed funding round. Investors included Jump Capital, CMS Holdings, Solana Capital, 6th Man Ventures and NFX.

Future looks bright for Solana after mixed fortunes in September.

Last month was one of mixed fortunes for Solana. On the one hand, the mass migration of content creators from Ethereum to Solana flagged its expansion in the NFT marketplace, with non-fungible tokens proliferating faster on Solana than in any other protocol.

But around the same time, resource exhaustion in the network caused Solana to suffer a DoS (Denial of Service) episode, which resulted in the SOL token taking a 15 percent tumble. Just two days earlier, Solana had recorded its first million-dollar NFT deal.