Tag Archives: becoming

Karak has ‘good chance’ of becoming next EigenLayer after EIGEN airdrop disappointment

Karak has ‘good chance’ of becoming next EigenLayer after EIGEN airdrop disappointment

Emerging Ethereum restaking protocol Karak’s total value locked (TVL) rose over 25% in the past week to over $440 million, and industry experts believe it could start eating into EigenLayer’s market share.

Following the disappointment around the EigenLayer airdrop, Karak has a “good chance” of become the next big restaking protocol, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. He told Cointelegraph:

“Karak supports a broader range of assets for restaking, including Ether, liquid staking tokens, liquid restaking tokens, stablecoins, liquidity provider tokens and Wrapped Bitcoin. This diversity could attract a wider user base looking for more options beyond ETH.”

At the beginning of April, Karak closed a $48-million Series A funding round, giving it a valuation of over $1 billion, which means more upside potential. By comparison, EigenLayer has a $15.7-billion valuation, making it the largest restaking protocol on Ethereum.

Source: Karak

EigenLayer airdrop disappointment could lead to a drop in TVL

On April 29, EigenLayer released a white paper for its upcoming EIGEN token, which banned several jurisdictions from its upcoming airdrop, including the United States, Canada and several African and Asian countries.

The decision caused widespread criticism in the crypto community. Pseudonymous crypto trader Jay noted that it could be a significant opportunity for Karak in an April 29 X post:

“Think Eigen has handed Karak a golden opportunity.”

EigenLayer’s decision to ban airdrop participants from key crypto jurisdictions could lead to a fall in TVL as stakers look for more lucrative alternatives, according to Lian. He said:

“Farmers and stakers who were eagerly anticipating the EIGEN airdrop might now seek alternative platforms or protocols. Some may choose to reallocate their assets to other DeFi projects that offer more inclusive airdrop opportunities.”

According to crypto analyst and Crypto Banter podcast host Ran Neuner, EigenLayer is a venture capitalist (VC) scam aiming to attract liquidity from unsophisticated retail investors. He wrote in an April 30 X post:

“Early VCs get in early at small valuations — Retail will get in at $15bn+. Low circulation high [fully diluted valuation] at the start — let’s fleece more retail…”

Source: Ran Neuner

Neuner argued that the airdrop ban in key unbanked jurisdictions, along with the decision to keep airdropped EIGEN tokens locked until the team decides, are mainly in favor of early-stage VC investors:

“Any retail investor that buys this in the first 3 years will be punished.”

While Karak could become the next leading restaking protocol, multi-asset restaking could introduce more protocol risks compared to EigenLayer, according to Alon Muroch, CEO of SSV.Labs. Muroch told Cointelegraph:

“With more complexity comes more risk. EigenLayer has put its eggs in the Ethereum basket because Ethereum is the most secure and battle-tested proof-of-stake network and, therefore, a safer foundation for shared security.”

 

Source: https://cointelegraph.com/news/karak-good-chance-becoming-next-eigenlayer

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Is Asia on the Way to Becoming the Next Crypto Hub?

Is Asia on the Way to Becoming the Next Crypto Hub?

Asia seems to be standing at the forefront of the global cryptocurrency landscape and is headed to become the next crypto hub, with data revealing that central and southern Asia are leading regions in digital asset adoption.

With a number of key seminars taking place in South Korea, Singapore, and Hong Kong, the region is moving fast in establishing itself as a key player in the decentralized finance (DeFi) industry.

How is the region trying to achieve that?

Trade Volume in Asia Surges

ChainAnalysis’ 2023 crypto adaptation index showed central and southern Asia to be leading the way in crypto adaptation, with six of the top 10 countries being located in the region.

In addition, crypto trading volumes are also on the rise in the region, fuelled by market uncertainty in the West powered by the United States Securities and Exchange Commission (SEC) suing three major cryptocurrency exchanges earlier this year, it seems like most major players in the crypto space are moving East.

Anndy Lian, author of NFT: From Zero to Hero, explained:

“As US regulators sued three major crypto exchanges this year, billions of dollars of trading volumes have migrated to Asia. Investors and marketplaces are flocking to Singapore, Japan, South Korea, and more recently to Hong Kong, which introduced a new regulatory regime for crypto.”

Lian added that resilience in Asian crypto volumes is underpinned by institutional investors who view the regulatory environment in the region as less risky and more welcoming for DeFi firms.

Even though market activity has been stagnant, with global crypto adaption taking a hit, influenced by the collapse of FTX and the de-pegging of the TerraUST stablecoin, a number of lower-middle-income (LMI) category countries have been seeing a recovery in grassroots crypto adoption.

“Many of the top countries on our Global Crypto Adoption Index, from Central & Southern Asia to Africa, are in the LMI category, and taken together, LMI countries have seen the greatest recovery in grassroots crypto adoption over the last year. In fact, LMI is the only category of countries whose total grassroots adoption remains above where it was in Q3 2020, just before the most recent bull market,” research by ChainAnalysis revealed.

Asian Countries Are Embracing Cryptocurrencies

“In recent years, Asia has emerged as a hotbed for cryptocurrency innovation and adoption, sparking a growing debate over whether the continent is poised to become the next global crypto hub. With a dynamic blend of technological prowess, regulatory shifts, and a burgeoning interest in digital assets, Asia’s crypto journey is a captivating one to watch,” Rishi Vaidya, the co-founder and head of partnerships and marketing at Carbo-X Token and a recent speaker at the EDGE Global AI and Web3 Investment Summit in Hong Kong told Technopedia in an exclusive interview.

Overall, Asia has been populated with crypto events, including the Korea Blockchain Week at the start of September, Token2049 in Singapore in mid-September, and the Edge Summit in Hong Kong last week.

Token2049 has even made headlines as being the largest cryptocurrency event, sporting 300 exhibitors and 400 side events, and leading faces in the DeFi industry are drawn to the region thanks to its more lenient regulatory regime.

Singapore was the first country to agree on stablecoin regulation meanwhile, Hong Kong had decided to let retail investors trade digital assets while trading crypto in mainland China continues to stay illegal.

Karl Blomsterwall, the CEO of Planet IX and another speaker at the EDGE Summit, told Technopedia:

“Over the last couple of months, we have seen a push from Hong Kong to position itself in a favorable position to capture a larger share of the future crypto and blockchain market. It’s not surprising as the lack of regulatory clarity and commitment in other regions, such as the US, opens up for new entrants.”

Lian added that with so much uncertainty surrounding crypto regulation in the West, a number of major cryptocurrency exchanges have decided to shift their focus to the region, helping it “grow better and in a more stable manner”.

Asia to Become the Next Crypto Hub

Carbo-X Token’s Vaida, Asia’s fascination with cryptocurrencies, can be tracked to the early days of bitcoin (BTC). While the digital asset started as a speculative playground, it has managed to evolve into a more serious investment landscape, with a number of countries in the region embracing cryptocurrencies and establishing a strong foundation for several crypto businesses to flourish.

“China’s foray into the digital yuan and blockchain technology has added further weight to Asia’s crypto dominance. Asian nations have invested heavily in blockchain technology and cryptocurrency infrastructure. South Korea, for instance, has become a hotbed for blockchain startups, while Singapore is a global leader in fintech innovation. These advancements in technology are not just creating opportunities for local entrepreneurs but are also attracting international crypto giants.”

Vaida further noted that regulation will play a bigger role in determining whether Asia will manage to evolve into a crypto hub.

“Asian governments have been exploring various regulatory frameworks to balance innovation and security. Japan, known for its progressive approach, has introduced clear regulations for cryptocurrencies, instilling investor confidence.”

Lian added that Singapore’s proactive approach to regulating stablecoins has given the country a competitive edge in the crypto space, as it offered the region a clear and consistent legal framework for issuers and users of such digital assets.

He highlighted:

“By setting standards for anti-money laundering, consumer protection, and financial stability, Singapore has attracted many global players in the crypto industry, such as Binance, Coinbase, and Gemini, to set up their regional headquarters in the city-state. Singapore’s stablecoin regulation has also influenced other Asian countries, such as Japan, Thailand, and Malaysia, to adopt similar measures or to collaborate with Singapore on cross-border supervision and innovation. As a result, Asia has emerged as a leading region in the crypto markets, with high levels of adoption, liquidity, and innovation.”

Increased Adoption Plays a Major Role

“One of the driving forces behind Asia’s crypto boom is the increasing adoption of digital assets. In countries like India, where a massive population lacks access to traditional banking, cryptocurrencies offer a new financial frontier. Moreover, the younger generation in Asia is more receptive to digital currencies, which bodes well for long-term adoption,” Vaida said.

Planet IX’s Blomsterwall added that the blockchain industry tends to wield much of the world’s talent and is expected to grow massively over the next couple of years. Data found Singapore has the second highest number of crypto-related jobs relative to the country’s population, with 90.86 vacancies per million people, further pushing the region as a great pool for further crypto adoption.

Vaidya added:

“Asia’s crypto ecosystem is not limited to its own borders. International investors and crypto companies are actively seeking opportunities in the region. Silicon Valley giants are eyeing partnerships and investments in Asian startups, recognizing the potential of this market.”

Challenges Remain

Even though the region pushes itself as an emerging space for the DeFi industry, challenges remain.

Vaidya mentioned regulatory uncertainties, security concerns, and the need for cross-border collaboration as some of the most critical factors many nations in the region must still consider.

Blomsterwall added:

“With the recent fraud in JPEX, however, it will be interesting to follow which stance policymakers take towards crypto – keep their current strategy or revert back to a more conservative view.”

However, led by its rapid technological innovation, growing crypto adoption, and dynamic business landscape, Asia “is undeniably on the path to shaping the future of cryptocurrencies”.

The Bottom Line

Asia’s crypto boom signifies a seismic shift in the global financial landscape, pushing the region to become a massive crypto hub in the coming years. Fuelled by regulatory clarity, technological innovation, and growing adoption, the area has emerged as the epicenter of cryptocurrency investment and innovation.

Despite challenges, Asia’s proactive approach, coupled with increasing acceptance among its populace, positions it as the driving force shaping the future of digital currencies.

 

Source: https://www.techopedia.com/is-asia-on-the-way-to-becoming-the-next-crypto-hub

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Why metaverses are becoming the new craze in the NFT space

Why metaverses are becoming the new craze in the NFT space

The growth of NFTs in the last year has been unprecedented, with new real-world applications appearing almost every minute it feels like. The response to, and transaction volume on NFTs in NFT marketplaces, has been nothing short of spectacular. NFTs have been integrated into many significant industries over the last two years, including sports, gaming, arts, and music.

NBA Topshot, the NFT marketplace for the US National Basketball Association (NBA), the world’s largest basketball league, is a striking one example.

NFTs have taken the world by storm for such a relatively new technology. Now many industry leaders in the digital space believe we may have finally found the missing piece to creating a fully functional metaverse, thanks to NFTs. But to comprehend NFT technology’s role in this concept of a functional metaverse, we must first better understand what NFTs are and their significance in a metaverse.

The Connection Between NFTs and the Metaverse

Clearly the development of a fully functional metaverse has the potential to fundamentally alter how people interact with the digital world. A collective virtual experience would reimagine the creative industry and open new doors for creators, gamers, and artists.

The metaverse would become a portal to digital experiences, potentially becoming its trillion-dollar industry. The possibilities with a metaverse are limitless, as evidenced by the gaming industry. Fortnite players entered the metaverse at last year’s virtual Travis Scott concert, which allowed 12 million people to experience a virtual concert all within a self-contained digital world.

In all this it’s worth remembering that Fortnite started off as a regular zombie game, but due to its popularity morphed into something now marked as part of the metaverse. And a lot of this was driven by player demand, as more and more people got involved in Fortnite Battle Royale, Epic the company behind Fortnite added social features such as costumes, voice chatting and dance parties.

For Epic it’s also a battle against the established tech giants, itself reflective of its court battles with Apple. Interviewed in The New York Times, Tim Sweeney, the chief executive of Epic, admitted that defining the metaverse was difficult, he said, but he knew what it was not: “The metaverse is not an App Store with a catalog of titles,” Mr. Sweeney said. “In the metaverse, you and your friends and your appearance and cosmetics can go from place to place and have different experiences while remaining connected to each other socially.” Could it be possible one day to have a tunnel from Roblox to Fortnite and other games, connecting them all in some sort of futuristic world? Mr. Sweeney said yes.

Matthew Ball, a venture capitalist who wrote a key article about the metaverse in early 2020, sees the metaverse not as a virtual world or a space, but rather “a sort of successor state to the mobile internet” – a framework for an extremely connected life. Indeed, despite the novelty factor of the ‘metaverse’ it’s a concept that, as he explains, has been decades in the making: “Since the late 1970s and early 1980s, many of those in the technology community have imagined a future state of, if not quasi-successor to, the Internet – called the ‘Metaverse’..it would revolutionize not just the digital world, but also much of the physical one, as well as all the services and platforms atop them, how they work, and what they sell.” And it’s that last point, the pivotal role of decentralized finance (DeFi) in the metaverse economy, that is most intriguing.

Because despite the frictionless use of crypto, with low fees and decentralized P2P structures, the reality is that the commercial first movers in the metaverse space from gaming have their own proprietary currencies. What makes DeFi so attractive to the metaverse community is that it can be automated, without any centralized intervention. It also means that DeFi has long term attractions, allowing game developers and players to invest time and money knowing the underlying blockchain platform won’t change without community consensus. “Today, only a tiny fraction of online users and gamers even have a crypto wallet, and almost no brands and games issue NFTs. But irrespective of multi-month dips in the blockchain/crypto/NFT economy, we see more of these groups embrace blockchain-based experiences each month. This produces a virtual cycle that drives more users to register a wallet, mint an NFT, or integrate crypto assets”, concludes Ball. The future of metaverse as an interconnected world is bound up with DeFi it seems.

Cryptocurrencies have already been successfully integrated recently into virtual worlds created by companies such as Decentraland and Sandbox. For example, users in Decentraland can purchase virtual real estate such as theme parks and monetize them using cryptocurrencies. Coca Cola plans to launch its own NFTs on the platform, including a ‘wearable’ jacket for avatars in the Decentraland metaverse. “We are excited to share our first NFTs with the metaverse where new friendships are being forged in new ways in new worlds,” said a Coca Cola’s Selman Careaga, President, Global Coca-Cola Trademark. While the involvement of global consumer brands rather than video gaming is not universally welcomed in the metaverse community, it’s also testament to its rapid growth, supported by NFTs, supported by wider societal trends from the expansion of gaming to the accelerated shift to online work and play driven by the COVID-19 pandemic.

Closing Thoughts

The development of the metaverse concept may still be in its early stages, but the example of Facebook’s backing shows it’s here to stay, as people’s activities and technologies converge online. To quote Zuckerberg: “I think that this is a persistent, synchronous environment where we can be together, which I think is probably going to resemble some kind of a hybrid between the social platforms that we see today, but an environment where you’re embodied in it.”

Clearly DeFi needs to play a key role in the development of the metaverse, to avoid two versions emerging: one dominated by the likes of Facebook, and the other built on open interoperable platforms. Together with NFTs the role of DeFi is to provide the essential infrastructure for the vision of an open metaverse which liberates us to explore our online identities in both work and play. While we do not yet know what it will look like or say when a metaverse is finally created, the key role of cryptocurrencies and NFTs to make it a reality is already apparent. With the combined involvement of tech giants, the advancement of cryptocurrencies, and the NFT sector, it appears to be a matter of when, not if, the metaverse will become mainstream.

“I am hoping to see metaverseFI going mainstream.” #anndylian

 

 

 

 

Author: Anndy Lian

Anndy Lian is a business strategist with over 15 years of experience in Asia. Anndy has worked in various industries for local, international, and publicly traded companies. His recent foray into the blockchain scene has seen him manage some of Asia’s most prominent blockchain firms. He believes that blockchain will transform traditional finance. He is currently Chairman of Big One Exchange and Chief Digital Advisor at the Mongolian Productivity Organisation.

 

Original Source: https://www.ibtimes.sg/anndy-lians-opinionwhy-metaverses-are-becoming-new-craze-nft-space-59780

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j