Tag Archives: labs

YZi Labs-Backed Perp DEX Aster Delays Airdrop Over Data Issues

YZi Labs-Backed Perp DEX Aster Delays Airdrop Over Data Issues

Aster (ASTER), the decentralized exchange backed by Binance founder Changpeng Zhao’s investment firm YZi Labs, has postponed its upcoming airdrop after identifying “potential data inconsistencies.”

Key Takeaways:

  • Aster delayed its airdrop after uncovering potential data inconsistencies affecting some user allocations.

  • The postponement follows user complaints about inaccurate results from the project’s “S2 airdrop checker” tool.

  • DeFiLlama also suspended Aster’s trading data amid Binance-like volume correlations.

Originally set for October 14, the airdrop will now take place on October 20, pending internal verification, the team announced on Friday.

Aster Promises Fair Adjustments After Users Flag Airdrop Allocation Errors

The Aster team said it would update “certain users’ allocations where needed,” noting that “for most users, allocations should not fall below the final snapshot RH% in each epoch.”

The cause of the discrepancies was not fully detailed, but the decision follows user complaints about inaccurate results from the “S2 airdrop checker” tool released earlier in the day.

One trader claimed an allocation of only 336 ASTER tokens despite having generated over $9 million in trading volume. In total, 153,000 wallets are eligible for the Aster Genesis: Stage 2 airdrop.

Formerly known as APX Finance, Aster is a cross-chain perpetual futures DEX operating on Solana, Ethereum, Arbitrum, and BNB Chain.

The platform, which aims to rival Hyperliquid, recorded more than $420 billion in trading activity last month, according to The Block.

At the time of writing, ASTER is trading near $1.69, largely steady despite broader market weakness driven by renewed trade tensions following Donald Trump’s announcement of 100% tariffs on Chinese imports.

Last week, DeFiLlama temporarily removed trading volume data for Aster after detecting unusually high correlations with Binance’s perpetual volumes.

Co-founder 0xngmi announced the delisting on October 5, citing data integrity concerns after Aster’s XRP/USDT and ETH/USDT pairs showed nearly 1:1 correlation ratios with Binance.

The analytics site said it lacks the granular data needed to confirm potential wash trading, prompting the suspension until verification becomes possible.

The move has divided the crypto community, sparking debate over whether the volumes were manipulated or simply reflected a liquidity migration from Binance to Aster.

Blockchain investigator ZachXBT criticized Anndy Lian for downplaying the issue, while Lian argued that volume alignment across major projects is normal and that Aster’s activity mirrors broader market behavior.

He added that aggressive spending to gain market share is a business decision, not necessarily manipulation.

Aster Reimburses Traders After XPL Price Glitch Triggers Liquidations

Last month, Aster reimbursed users in USDT after a sudden price spike in the XPL perpetual contract triggered forced liquidations.

The anomaly, which occurred during the transition from pre-launch to live trading, saw the price of XPL briefly surge to over $4, well above its $1.30 average on other platforms.

The exchange responded quickly, completing the first round of reimbursements within hours and compensating affected traders for liquidation and trading fees.

While the exact cause remains unconfirmed, early speculation points to a misconfigured index price or missing sync with live market data. Aster has pledged to continue its investigation into the incident.

The glitch followed the mainnet launch of Plasma, a stablecoin-focused Layer 1 whose native token XPL rapidly hit a $12 billion valuation.

 

Source: https://finance.yahoo.com/news/yzi-labs-backed-perp-dex-112000943.html

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

Terraform Labs Founder Do Kwon Will be Extradited to the United States

Terraform Labs Founder Do Kwon Will be Extradited to the United States

According to local reports, Montenegro’s Minister of Justice has signed an order to extradite Terraform Labs founder Do Kwon to the United States, rejecting South Korea’s request for extradition. South Korean authorities accuse Kwon of misleading investors and concealing assets.

This decision follows a Supreme Court ruling in Montenegro, which confirmed that legal requirements for extradition had been satisfied.

Do Kwon To Face Trial in the US

Earlier this week, BeInCrypto reported that a US extradition was likely after Montenegro’s court dismissed Do Kwon’s appeal against extradition, citing legal flaws in his case.

While the extradition date isn’t final yet, Kwon will likely face a trial similar to Sam Bankman-Fried. The FTX founder is currently serving a 25-year sentence, and he was also extradited from the Bahamas. However, his extradition was far less complicated than Kwon’s.

“Taking into account the Supreme Court’s ruling, the Ministry of Justice reviewed all facts and circumstances and assessed criteria such as the severity of the criminal offenses, the location of their commission, the nationality of the requested individual, as well as other circumstances. Based on this, it was concluded that the majority of the criteria stipulated by law favor the request for extradition by the competent authorities of the United States,” stated the Ministry of Justice in its announcement.

The Terraform Labs founder is under investigation in both the US and South Korea for his role in a major cryptocurrency collapse in May 2022.

At that time, the crash of TerraUSD and Luna erased $40 billion from the crypto market. It triggered a widespread financial fallout, leading to the bankruptcy of several companies in the sector.

Furthermore, authorities allege that Kwon deceived investors and suspect he concealed significant assets. In March 2023, Kwon and his business partner, Han Chong Jun, were arrested at Podgorica Airport in Montenegro while attempting to board a flight to Dubai using fake passports.

Kwon was sentenced to four months in prison in Montenegro. However, he is currently detained at the Spuž Centre for Reception of Foreigners.

“Extraditing him to the US could have major implications for how international crypto fraud cases are handled. It’s interesting to see how justice systems across borders interact in these high-profile cases,” author Anndy Lian wrote on X (formerly Twitter).

Historic Settlement with the SEC

In June 2024, Terraform Labs reached a historic settlement with the SEC, agreeing to pay $4.47 billion in penalties. The settlement included $3.6 billion in disgorgement fines, a $420 million civil penalty, and $467 million in pre-judgment interest.

Also, Kwon was personally ordered to pay over $200 million, including $110 million in disgorgement, $80 million in civil penalties, and $14.3 million in interest.

Controversy has also emerged surrounding Kwon’s alleged political connections in Montenegro. Reports suggest he may have financial ties to local political figures, including Milojko Spajic, leader of the Europe Now party.

Overall, these connections raised concerns about potential interference in the extradition process. In 2023, Montenegro’s prime minister called for an investigation into these claims, adding another layer of complexity to the case.

 

Source: https://beincrypto.com/do-kwon-extradition-us-montenegro/

 

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

Solana Labs GameShift May Unite Web3 and Blockchain Gaming

Solana Labs GameShift May Unite Web3 and Blockchain Gaming

Solana Labs, the company behind the fast and scalable Solana blockchain, has recently launched the beta version of GameShift, a platform that aims to simplify the integration of Web3 features into games.

GameShift promises to offer game developers a single, easy-to-use API that handles all the blockchain complexity under the hood, allowing them to focus on creating immersive and engaging gaming experiences.

But will it really change the blockchain gaming landscape and enable more games to be launched? Here are some of the key aspects and implications of this innovative platform.

How Does GameShift Work?

GameShift is a unified blockchain game development API that leverages the power and efficiency of the Solana blockchain. It allows game developers to access a full stack of trusted third-party Web3 components on Solana through a single API without needing blockchain coding or knowledge. Some of the features include:

  • User wallets: Integrates with popular wallet providers such as Phantom, Sollet, and Coin98, enabling users to easily connect their wallets to games and manage their assets.
  • NFT minting: Enables game developers to create and mint unique and verifiable digital assets, such as characters, items, skins, and collectibles, using the Metaplex protocol.
  • In-game marketplaces: Allows game developers to create and customize their own branded in-game marketplaces, where users can buy, sell, and trade their NFTs using the Crossmint protocol.
  • Credit card on-ramps: Enables users to purchase NFTs and other in-game assets using fiat currency through credit card payments using the Coinflow protocol.
  • Analytics and insights: Provides game developers with access to data and metrics about their games, such as user behavior, engagement, retention, and revenue, using the Metakeep protocol.

GameShift is designed to be Web2-friendly, meaning that it uses familiar technologies and interfaces that game developers are already accustomed to, such as REST API, SDKs, and Unity, and Unreal engines. It also aims to provide a seamless and user-friendly experience for gamers, who can enjoy the benefits of Web3 gaming without having to deal with the technicalities and frictions of blockchain.

What are the Benefits of GameShift?

GameShift offers several benefits for both game developers and gamers, such as:

  • Faster and more accessible game development: Reduces the time, cost, and complexity of developing blockchain games by providing a single solution that handles all the Web3 components and integrations. Game developers can focus on the core gameplay and design aspects rather than the backend infrastructure and blockchain coding.
  • Higher quality and diversity of games: Enables game developers to create high-quality and diverse games that can rival those of traditional PC, console, and mobile games. It supports various genres and styles of games, from casual and social games to RPGs and MMOs and from 2D and 3D graphics to VR and AR experiences.
  • More revenue and engagement opportunities: Allows game developers to monetize their games and create new revenue streams by leveraging the play-to-earn and play-to-own models. Game developers can reward their users with cryptocurrency and NFTs for playing their games and also earn a share of the transactions that occur in their in-game marketplaces. It also enables game developers to increase user engagement and retention by offering users more ownership, control, and customization over their in-game assets and experiences.

What is the Impact and Potential of GameShift?

GameShift is a promising and innovative platform that has the potential to revolutionize the blockchain gaming industry and attract more game developers and gamers to the Web3 space. It may also have a positive impact on the broader blockchain and crypto ecosystem by driving more adoption and innovation and by creating more use cases and value for Solana and its native token, SOL.

They are still in the early stages of development. However, it has already attracted some interest and attention from game developers and investors and is powered by industry partners like Crossmint, Coinflow, and Metakeep. This is a good start for them.

It is expected to launch more games and features on its platform in the near future and to expand its user base and network effect. Personally, I think they may also explore more opportunities, such as:

  • Interoperability and cross-chain gaming: They may enable game developers and gamers to interact and exchange assets and data across different blockchains and platforms, creating more diversity and interoperability in the Web3 gaming ecosystem.
  • Social and community gaming: It may foster more social and community aspects in Web3 gaming by enabling game developers and gamers to create and join groups, clans, guilds, and DAOs and to communicate and collaborate with each other through chat, voice, and video features.
  • Immersive and realistic gaming: They may enhance the immersive and realistic aspects of Web3 gaming by enabling game developers and gamers to use VR and AR technologies and to create and experience lifelike and dynamic virtual worlds and environments.

The Bottom Line

Gameshift has the potential to shake up the world of blockchain gaming. It simplifies and speeds up the process of adding Web3 features to games, making it easier for game developers. It could completely transform blockchain gaming, enabling more games to launch.

For developers, it’s like a one-stop shop that takes care of all the complicated Web3 stuff, and for gamers, it offers a smooth and user-friendly experience with all the benefits of Web3 gaming.

And it’s not just about games. This platform could have a positive impact on the wider blockchain and crypto world. It might encourage more people to get involved and develop new ideas. It could even boost the value of Solana and its native token, SOL.

Right now, the platform is still in beta, and it hasn’t hosted any games yet. But it’s already getting much attention from game developers and investors. They’ve also announced some cool partnerships with other prominent players in the gaming world.

They plan to launch more games and features soon and explore all kinds of exciting possibilities for Web3 gaming, like making games work together, creating social gaming experiences, and diving into immersive gaming.

 

 

 

Source: https://www.techopedia.com/solana-labs-gameshift-may-unite-web3-and-blockchain-gaming

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