Boxmining

Author: Angela Wang

  • Eggs ($EGGS, $aEGGS) Token Airdrop Guide: High risk, high reward?

    Eggs ($EGGS, $aEGGS) Token Airdrop Guide: High risk, high reward?

    Eggs have suddenly shown up on our airdrop radar. Seemingly with no actual utility, Eggs calls itself an “eggsperiment in decentralized finance”. The $EGGS token also does not seem to have any use. The only thing that is known about them is that the supply of the EGG token is decreasing by around 0. (https://www.iport.com/) 001% per block or around 7% per day. Eggs however have announced a free $aEGGS airdrop coming soon on Arbitrum, and a user snapshot has not been taken yet. So, you can still be eligible for the upcoming airdrop. In this article, we have compiled our ultimate guide on how to get the Eggs $aEGGS token airdrop.

    Eggs ($EGGS, $aEGGS) Airdrop Step-by-Step Guide

    Here’s a step-by-step guide on how to get a potential Eggs ($EGGS, $aEGGS) token airdrop:

    1. On their website, connect your wallet.
    2. Buy $EGGS on UniSwap.
    3. Stake your $EGGS on either the FULL protec or big protec vaults. Note staking on the smol protec vaults does not make you eligible for the $aEGGS airdrop.
    4. On the “deposit” tab, choose the amount of $EGGS you want to stake and click “Approve”.
    5. To withdraw your $EGGS, click on the “withdraw” tab, choose the amount of $EGGS you want to withdraw and click “Approve”.

    See below for more details.

    What are Eggs?

    EGGS is a decentralized finance experiment that is being threatened by the “Egg Cartel”, a group of criminals stealing EGGS and decreasing the supply by 0.001% every block, or around 7% per day. This has caused a crisis in the EGGS market, and users are tasked with looking for ways to protect their investments.

    The project asks users to protect their EGGS by depositing them into secure vaults. The full protec vault offers the highest level of protection and has a locking period of 7 days on deposit and partial withdrawals. Meanwhile, Big and Smol vaults offer partial protection in the form of rewards. Both of these vaults have a locking period of 24 hours and partial withdrawals will not lock them. Depositing or claiming rewards will reset the timer and lock for another 24 hours. Protect your EGGS and earn rewards with secure vaults.

    Does Eggs have a token?

    Eggs have an $EGGS token with an initial supply of 3,324,324,324,357. However, around 931,616,056,878 of $EGG tokens have already been burned. The current supply of $EGGS is less than 2,000,000,000,000 (and decreasing 0.001% every block). EGG has a debasing mechanism to its token supply, which will reduce the number of EGGS in circulation. This will benefit holders of EGGS, as the price of the token will continue to increase if no one is selling and ETH remains stable. The debasing will affect the entire token supply, including EGGS held in vaults and EGGS held in liquidity pools. This is a great opportunity for holders of EGGS to benefit from the increasing value of the token, as the amount of ETH remains the same.

    $EGGS tokens do not appear to have any utility. Except that staking $EGGS in either Full, Big or Smol vaults gets you rewards. There are three types of vaults. Full protec vault will fully protect your $EGGS and won’t be affected by debase. But it has a 7-day locking period. The other two vaults only protect your $EGGS partially in the form of rewards of 10 million $EGGS per block (but subject to change). Big protec vault earns you 9/10 of the rewards by staking EGGS/ETH LP on Uniswap V2. Whereas the smol protec vault earns you only 1/10 of the rewards. Both of these vaults only have a locking period of 24 hours. This 24-hour lock will reset every time you deposit or claim $EGGS in the vault.

    $aEGGS tokens will be given during the airdrop for those who have locked their $EGGS in the Big or Full protec vaults. However, it does not appear that $aEGGS tokens have any utility either.

    $EGGS staking stats
    $EGGS staking stats (Source: egg.care)

    Are Eggs safe?

    The smart contract for the $EGGS token does have a mint function. This can potentially allow the developer to mint unlimited $EGGS and drive down its market prices due to overwhelming supply. However, according to the project, it is a Timelock contract set for 3 days. This means everyone has time to react for 3 days if the developer does do something.

    Eggs however does not seem to be a project with any purpose or token utility, so users and potential airdrop hunters should exercise caution.

    How to Receive Potential $aEGGS Token Airdrop?

    Eggs has announced on Twitter it will be doing a FREE airdrop on Arbitrum. A snapshot has not been taken yet so users still have a chance to join and be eligible for the airdrop. However, to be eligible for the $aEGGS airdrop, users must have either staked their $EGGS in the Big or Full protec vault. The Smol vault does not count and unclaimed rewards do not count toward the airdrop. According to the team, more details will be announced soon.

    $aEGGS airdrop announced (Source: Twitter)

    Here’s how to receive a potential $aEGGS token airdrop:

    1. On their website, connect your wallet.
    2. Buy $EGGS on UniSwap.
    3. Stake your $EGGS on either the FULL protec or big protec vaults. Note staking on the smol protec vaults does not make you eligible for the $aEGGS airdrop.
    4. On the “deposit” tab, choose the amount of $EGGS you want to stake and click “Approve”.
    5. To withdraw your $EGGS, click on the “withdraw” tab, choose the amount of $EGGS you want to withdraw and click “Approve”.
    Stake and withdraw $EGGS
    Stake and withdraw $EGGS (Source: eggs.care)

    Eggs Airdrop Review

    When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.

    Likelihood of Airdrop: The Eggs team have already announced an airdrop. Details are coming soon.

    Airdropped Token Allocation: The amount of $aEGGS to be airdropped are unknown.

    Airdrop Difficulty: The project has announced that only the Full or Big protec vaults will be eligible for airdrops. However you must buy $EGGS and stake them. And there does not seem to be any actual utility for $EGGS.

    Token Utility: There does not seem to be any utility for both $EGGS or $aEGGS.

    Token Lockup: The $aEGGS token lockup period is unknown.

  • Increment Finance ($INCR) token airdrop guide

    Increment Finance ($INCR) token airdrop guide

    Increment Finance is built on the zkSync ecosystem which allows on-chain perpetual swaps that feature automatically concentrated liquidity, dynamic fees, and parametrizable pools. Increment Finance launched on the same day as zkSync Fair Onboarding Alpha. Following this launch, projects on zkSync can continue running contests and bug bounty programs. This means a possibility of airdrops on zkSync ecosystem projects such as Increment Finance. In this article, we provide a guide on how you can potentially get an Increment Finance ($INCR) token airdrop.

    Learn more about how to get a potential zkSync airdrop. And don’t miss out on any other upcoming airdrops by signing up for the NEW Boxmining Newsletter to get alerted!

    Increment Finance ($INCR) Airdrop Step-by-Step Guide

    Here’s a step-by-step guide on how to get a potential Increment Finance ($INCR) token airdrop:

    1. Participate in any Increment Finance contests or tournaments.
    2. Participate in any beta testing.
    3. Find and report any potential cases of sybil attacks (coming soon).
    4. Participate in governance by voting and commenting on Increment Finance’s governance proposals.

    See below for more details.

    What is Increment Finance?

    Increment Finance is built on zkSync Era (i.e. zkSync 2.0). It is a decentralized, algorithmic perpetual swaps protocol that features automatically concentrated liquidity, parametrizable pools, and dynamic fees. The protocol joined zkSync Era’s Fair Onboarding Alpha which was launched on 16th February 2023.

    Increment Finance is backed by venture funds such as Parafi Capital, Delphi Capital, Dialectic, LedgerPrime, AngelDAO and Skyvision Capital.

    Features of Increment Finance

    There are 3 main features of Increment Finance. The protocol supports multi-asset collateral (e.g. stablecoins and synthetic assets etc.) for trading perpetual swaps. Increment Finance also integrates Curve V2 Crypto Pools for improved liquidity and trade execution. Finally, users can increase buying power by minting more virtual assets using the Curve V2 trading engine.

    What is the Increment Finance ($INCR) token?

    Increment Finance has not launched its token, or its tokenomics and distribution model yet. But its latest blog post suggests it would have the ticker symbol $INCR. According to its documentation, the $INCR token will be for governance.

    Increment Finance has recently taken a poll, and a proposal was passed that 9,200,000 $INCR (i.e. 46% of its total token supply) will be allocated toward 3 community distributions. In the first phase, 400,000 INCR will be distributed retroactively and be available immediately to specific members of the Increment Finance community. These community members include contest winners, community writers, beta testers and those with a community role. However, the ERC-20 token contract will initially be paused, so the INCR token will not be transferable. A breakdown of which addresses will receive the initial 400,000 INCR tokens is available here.

    Phase 2 will distribute 1,000,000 tokens to the community within the first year of the token launch. Finally, the third phase will distribute another 1,000,000 tokens to the community within the second year of the $INCR token launch.

    What is the status of Increment Finance?

    Increment Finance has joined zkSync’s Fair Onboarding Alpha, which was launched on 16th February 2023. The project is currently actively

    Will there be an Increment Finance ($INCR) token airdrop?

    Increment Finance has not announced an $INCR token airdrop yet. However, they are actively discussing issues of token creation and distribution in their Governance proposals. Poll voting has recently ended and a governance proposal on phase 1 of $INCR token creation and distribution has been passed. So far, it has been decided that there will be 3 community distributions of the $INCR token. And how the first phase of 400,000 INCR will be distributed has been agreed upon. So here’s hoping the issue of airdrops would be specifically discussed soon. (https://bestsellerpublishing.org/)

    How to participate in any potential Increment Finance ($INCR) token airdrop?

    Increment Finance has not announced any airdrop yet. However, from the latest passed governance proposal, we can see how Increment Finance community members were eligible for phase 1 of the $INCR community distribution. These members will be retrospectively airdropped a total of 400,000 $INCR between them when the token launches. So based on who were eligible for phase 1 of the $INCR community distribution, here are some ways you can be eligible for any potential $INCR token airdrop:

    1. Participate in any Increment Finance contests or tournaments;
    2. Participate in any beta testing;
    3. Find and report any potential cases of sybil attacks (coming soon); and
    4. Participate in governance by voting and commenting on Increment Finance’s governance proposals.

    Increment Finance ($INCR) airdrop review

    When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.

    Likelihood of Airdrop: No airdrop has been announced yet, but a governance proposal has recently been passed which sees a retroactive airdrop of $INCR tokens to specific community members when the token launches. So an airdrop is likely.

    Airdropped Token Allocation: Increment Finance has recently taken passed a governance proposal to allocate 9,200,000 $INCR (i.e. 46% of its total token supply) toward 3 community distributions.

    Airdrop Difficulty: Increment Finance has not launched its protocol for all users yet. So far the ways to potentially get a $INCR airdrop is to participate in their contests and vote on governance proposals. The latter is relatively straightforward.

    Token Utility: The $INCR token is used for governance.

    Token Lockup: The ERC-20 token contract for $INCR will initially be paused, so the INCR token will not be transferable by those who got airdrops in phase 1 of the community distribution. However, it is unknown how long this pause will be.

  • Justin Sun’s Casino Royale Showdown With The SEC: From East Asia to the Caribbean and Beyond!

    Justin Sun’s Casino Royale Showdown With The SEC: From East Asia to the Caribbean and Beyond!

    It’s been dubbed the “Casino Royale Showdown”––Justin Sun and the U.S. Securities and Exchange Commission (SEC). In March, the SEC charged the Chinese cryptocurrency billionaire and founder of Tron coin, alongside Tron and BitTorrent, for allegedly “fraudulently” manipulating the secondary market for his Tron (TRX) tokens. Sun denied the charges, claiming the accusations lack merit. But the people making the accusations are currently playing the role of high stakes casino mogul.

    The SEC not only named Sun and his companies, but also charged several celebrities for the offer and sale of TRX and BitTorrent (BTT) without disclosing the payments. The SEC, taking a hard line stance, reached settlements with celebrities ranging from Austin Mahone and Soulja Boy to Akon and Lindsay Lohan amounting to more than $400,000 dollars in disgorgement and interest.

    This is not only a massive enforcement case between a cryptocurrency entrepreneur and the U.S. financial regulator, but also an opportunity for East Asia to gain further respectability in the global market. East Asia is making great strides in terms of its increasing reputation as a legitimate site for cryptocurrency investment, and these advancements are not expected to slow down any time soon.

    The SEC’s involvement in crypto assets has only recently become more prevalent. Along with the juggernaut involving Sun, the SEC is also working to prosecute Do Kwon, a fugitive from South Korea charged with cryptocurrency-related crimes, who was arrested in Montenegro.

    On a different front, the SEC settlement announcement and the Justin Sun case is also attracting the interest of Nasdaq-listed Nexon. The Seoul— Tokyo-headquartered online gaming giant appears to have lined up a potentially massive deployment of a Polygon supernet for its blockbuster game Maplestory, with Polygon representing the Ethereum-based version of the Tron network.

    Also, the SEC recently reached a $1.2 million settlement with Kim Kardashian for touting EMax tokens on her social media virtual platform. This case has become a symbol of the SEC’s work to protect investors from high-profile celebrities’ “lies”.

    It’s hard to know how this Casino Royale Showdown might turn out. Will Sun end up being barred from serving as an officer or director of any firm offering crypto securities? Or could he reach a settlement agreement with the SEC? What is certain is that the East Asia-Caribbean region is becoming a powerful player in the digital asset arena, and that Justin Sun’s case may set a precedent for future cases that the SEC brings forward.

    Regardless of the outcome, there is no doubt that the SEC’s involvement in the digital token world has become more pervasive and continues to be an effort to protect aspiring investors. Major companies are investing in digital assets, and with more high-profile celebrities promoting cryptocurrencies, investors should equip themselves with sufficient knowledge before investing. The Justin Sun case may be the ultimate showdown of East Asia versus the SEC, but whatever the outcome, it is an ongoing reminder of the importance of protecting investors with reliable regulations in the crypto world.

  • EVO Wallet Airdrop Guide: LIVE NOW

    EVO Wallet Airdrop Guide: LIVE NOW

    EVO Wallet is an Aptos Network wallet available on both iOS and Android. The wallet will allow users to send and receive Aptos tokens ($APTOS), store their cryptocurrencies, swap tokens, and more. In this article, we give you a complete guide on how to get a potential EVO Wallet airdrop.

    EVO Wallet Airdrop Step-by-Step Guide

    Here’s how to get a potential EVO Wallet airdrop:

    1. Download EVO Wallet here.
    2. Set up your EVO Wallet.
    3. Reply to EVO Wallet’s Tweet with your wallet QR Code. You can find your wallet QR code by going to “Receive” on the main wallet page.

    See below for more details.

    What is EVO Wallet?

    EVO Wallet is a cryptocurrency wallet for the Aptos ecosystem. It is available for download on both iOS and Android. The wallet boasts an amazing UI/UX and allows users to send and receive APTOS, swap tokens, and safe storage of their cryptocurrencies. EVO wallet also has security features such as two-factor authentication and is non-custodial.

    EVO Wallet
    EVO Wallet

    Does EVO Wallet have a token?

    EVO Wallet does not have a token, and there is no documentation available to indicate whether or not they will eventually have one. But they have done various competitions in the past where they awarded Aptos tokens ($APT) to winners.

    How to receive EVO Wallet Token Airdrop?

    EVO Wallet is currently running an airdrop campaign until 7th March 2023! Here are the following steps required in order to get a potential EVO Wallet token airdrop:

    1. Download EVO Wallet here.
    2. Set up your EVO Wallet.
    3. Reply to EVO Wallet’s Tweet with your wallet QR Code. You can find your wallet QR code by going to “Receive” on the main wallet page.

    The team did not specify what winners will receive, but it is hinted that it would be an Aptodino NFT.

    Join for a chance to get a potential airdrop!

    Little is known about the project and it is at a very early stage of development. So we expect they will have even more airdrops and giveaways in the future.

    Airdrop Review

    When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.

    Likelihood of Airdrop: EVO Wallet has done previous contests where they rewarded winners with Apotos tokens ($APT). For the current airdrop, the reward seems to be an exclusive Aptodino NFT.

    Airdropped Token Allocation: Their tokenomics is not yet available, so this information is unknown for now.

    Airdrop Difficulty: The current airdrop is very simple and only requires downloading their wallet and replying to the team’s Tweet.

    Token Utility: This information is unknown.

    Token Lockup: This information is unknown.

  • Accelerating Virtual Property Protection: Proposal from Pi Jianlong

    Accelerating Virtual Property Protection: Proposal from Pi Jianlong

    Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of the Beijing Jindai Law Firm, is proposing “Online Virtual Property Protection Law” to accelerate the protection of network virtual property, as current conditions for special legislation have already become mature and the next generation of Internet and new digital economy require improvement in my country’s international competitiveness.

    Accelerating Virtual Property Protection: Proposal from Pi Jianlong

    With the tech-driven advances of the new digital age, China is taking the lead in the race to protect virtual property. Recently, Beijing announced that it will launch the National Blockchain Technology Innovation Center. This comes off of Chinese president Xi Jinping’s call for increased research and funding in blockchain technology, as well as ongoing efforts to develop a central bank digital currency (CBDC).

    Pi Jianlong, a member of the 14th National Committee of the Chinese People’s Political Consultative Conference and director of the Beijing Jindai Law Firm, is set to submit the “Proposal on Accelerating the Protection of Network Virtual Property Protection” to the two sessions. This encourages the National People’s Congress to include a “Online Virtual Property Protection Law” in its legislative plans, as the current conditions for special legislation have matured and become ripe.

    Jianlong believes that the next generation of Internet will be a value network, and blockchain, smart contracts, prophecy machines, Yuan universe, artificial intelligence and other technologies will aid virtual assets. As other countries and the European Union jump at the chance to develop virtual property, China is striving to increase its international competitiveness with proper regulations.

    The Beijing Academy of Blockchain and Edge Computing (BABEC) runs the National Blockchain Technology Innovation Center and it is tasked to assist the nation’s technical innovation and achieve high-level technology self-reliance. With this center, the Chinese government plans to lead the development of important core technologies in the field of blockchain, leading to industrialization, talent cultivation and a national blockchain strategic technology force.

    The latest blockchain technology application in China comes in the form of non-fungible tokens (NFTs). The Beijing Guoan Football Club recently unveiled its own collection of NFTs, a move mirrored by the local government’s plan to “Beijing Urban Sub-Center Metaverse Innovation and Development Action Plan (2022 -2024).” Meanwhile, the Beijing Municipal Administration for Market Regulation has put out calls to be aware of metaverse investment and NFTspeculation. In addition, authorities in the Hainan province hope to tackle the NFT market by educating the public on the risks and laws of the sector as well as combatting any fraudulent activity.

    Finally, the People’s Bank of China has announced that it is working on new features for its ongoing CBDC pilot program, such as a QR code-based transaction system so that consumers can make the CBDC a more user-friendly cash.

    Based on the reports, it is clear to see that the Xi administration takes these initiatives seriously and is pushing through reforms to ensure that the nation is prepared for the new digital age. The measures taken show China’s eagerness to be at the innovative forefront, and with the “Online Virtual Property Protection Law,” citizens in the nation can look forward to secure, high-quality virtual assets. (illustrarch.com)

  • Unanimous Support to Sell Arena Tokens: Paradigm Investment Jumps 11.12%, Booms 48.99% in 24 Hours for Code4Rena Security Solutions!

    Unanimous Support to Sell Arena Tokens: Paradigm Investment Jumps 11.12%, Booms 48.99% in 24 Hours for Code4Rena Security Solutions!

    The Decentralized Autonomous Organization (DAO) ArenaDAO has witnessed a unanimous backing for the sale of its notable governance token, ARENA, to Paradigm, a Crypto-Native Investment Firm. Following the opening of the vote on-chain, ARENA has jumped an impressive 11.12% in the hour and 48.99% in the past 24 hours.

    As per Dex Screener, the market capitalization of the tokens once released into circulation stands at $79.8 million. However, the price that Paradigm has purchased the tokens is based on a fully diluted valuation of $40 million. In terms of the 24-hour volume, it stands at a modest $61,000 as noted by the popular tracking website, GeckoTerminal.

    With a total of nine addresses deciding to provide their support to the vote, the proposed $6 million sale to Paradigm will be authorized, and the funds will be used as working capital for Code4Rena, an on-chain voting platform. Furthermore, the vote is scheduled to end in a week’s time, 23 March 2021.

    Despite the high-value security threats present in the Decentralized Finance (DeFi) domain, the author of the DAO governance proposal commented, “We’re excited to have [Paradigm’s] expertise in helping Code4Rena achieve our shared mission of making the web3 ecosystem more secure, whilst rewarding all contributors.”

    With respect to the token lock-up contract, 55 million tokens were sent to five addresses over the past fifteen hours, two of which were active in the ongoing vote. Meanwhile, Code4Rena serves as an audit platform for smart contracts, entering into guaranteed payouts as per the platform’s technical documents.

    It is also worth taking note of the fact that just last year, the security contest organizer allowed 46 users alone to earn more than $40,000 for their mission of uncovering vulnerabilities. Paradigm’s involvement not only showcases the firm’s hands-on attitude towards blockchain security, but it has also organized its very own Web3 CTF.

    In 2021, Metaverse-related tokens have continued to perform remarkably well, leading them to outshine Bitcoin, the world’s largest cryptocurrency by market cap. Decentraland’s MANA, for instance, has gained 145% in January. The Sandbox’s SAND token has too gained 91% ahead of its unlocking mid-February, while Play-to-earn game Axie Infinity’s token AXS has increased by 75%, with its token unlock slated for April.

    Managing partner of Blockchain consultancy, STORM Partners, states that this heightened interest in Web3 virtual worlds comes down to the fact that the associated endeavors are now rendered clearer in terms of their business potential.

    Citing the recent report from McKinsey & Co., the Metaverse-related token market may achieve a collective total of $5 trillion by 2030. While the said market is currently around $8.5 billion, it is a mere fraction of the $1.1 trillion that is held by the total crypto market.

    In a bid to make the governance of ThalesDAO more resilient, the protocol-owned treasury of $100,000 has been allocated to THALES/ETH liquidity pool on Camelot. Adding to this, stakers will have the ability to concurrently earn dual farming rewards in the form of GRAIL and THALES.

    The current market value of THALES sits at $0.59, and its circulating market capitalization has risen to $21 million as per the tracking site, CoinGecko. With an aggregated volume reaching $21.87 million, it is evident that investors are showing tremendous interest in including such metaverse-related tokens in their portfolio.

  • Kaifer Zhang Transferred to Web3 by Alibaba Group Led by Jiang Fan, “Big Taobao Four”

    Kaifer Zhang Transferred to Web3 by Alibaba Group Led by Jiang Fan, “Big Taobao Four”

    Completing his leadership role at Alibaba Group, Kaife Zhang is being transferred to Web3 with speculation of it being linked to the unsatisfactory performance of his business developments, with his ‘Big Taobao Four,’ comprised of Pingchou, Blowing Snow, and Jialuo, that previously reported to Jiang Fan, to still remain unchanged.

    Alibaba Group Re-Structures and Brings Kaifer Zhang to Lead Web3 Initiative

    Alibaba Group, one of the world’s largest online marketplaces and a key player in the Chinese tech sector, has recently undergone an internal restructuring. As part of the reshuffle, the company has moved Kaifer Zhang, its vice president and General Manager of Global AliExpress, to lead its Web3 initiative.

    Kaif has long been a leader in the Taobao Merchants and industries, and is part of a collective known as the “Big Taobao Four,” which includes Pingchou (Tang Xing), Blowing Snow (Yang Guang), and Jialuo (Liu Bo). Little has been revealed as to why Kaif is being transferred to this role. However, some have speculated that the restructuring may have been in the wake of an unsuccessful business venture.

    The thing Alibaba Group is most well-known for is Jack Ma’s influence over the fintech giant Ant Group. As part of the group’s recent restructuring, Ma has given up control of Ant Group, leaving no one single shareholder in charge—instead, Hangzhou Junhan and Hangzhou Junao will now independently exercise their voting rights in Ant. The economic interests of all shareholders in Ant Group will not experience any changes as a result.

    Many believe this change to the corporate structure will be beneficial to the company in the long-term. Wang Pengbo, a senior financial analyst at BoTong Analysys, is confident that the new company structure with improved voting rights is significantly more stable, and “paves the way for it to go public in future.” Since the announcement of Ma resigning control, shares of Ant-affiliated company Alibaba have jumped significantly, increasing by almost 10% on the New York Stock Exchange.

    In 2020, Ant attempted to conduct the world’s largest initial public offering (IPO). However, the Chinese government took a negative stance and the plan was ultimately halted, though the company still seeks to stay abreast with the development of blockchain technology and digital assets. Ant has actively developed its blockchain business, AntChain, introducing new products in 2022.

    Although Ant has demonstrated increasing interest in blockchain technology, the company has also adhered to the Chinese government’s negative stance on crypto. Many firms, including Ant, have imposed certain restrictions on their non-fungible token platforms for fear of a crackdown.
    This is made all the more evident in court decisions, such as the one handed down to Xiao Yi, the former Communist Party secretary of the City of Fuzhou. He was charged with bribery and accepting over $18 million in illegal payments, as well as carrying out business transactions with Bitcoin miners from 2017-2021. As a result, China has implemented a blanket cryptocurrency mining ban, prohibiting miners from having access to electricity and capital markets.

    In light of Chinese regulations, as well as a prolonged Winter season in the market, former Binance President Bill Qian is looking to change the status quo by investing $100 million in Web3 companies. The goal is to bring five billion internet users over to Web3, with the hope of driving up the market and providing mass adoption. As of now, Web3 is largely regarded as an investment or gambling market. For the masses, there is limited access to everyday services and use-cases, which Qian is looking to change with his venture-capital funding.

    Therefore, by bringing Kaifer Zhang to spearhead its Web3 initiative, Alibaba Group seems confident about bringing about changes to the Web3 industry. It is expected that Ant Group’s blockchain business, AntChain, as well as Qian’s funding could be beneficial for Web3, providing easier access and mass adoption of the technology in the near future.

  • Biden Administration’s War on Crypto: A Domino Effect of Instability and Uncertainty After SVB and Silvergate’s Downfall

    Biden Administration’s War on Crypto: A Domino Effect of Instability and Uncertainty After SVB and Silvergate’s Downfall

    The Biden Administration is waging an all-out war against the crypto industry, and its recent attempt to halt all crypto operations has had a domino effect of instability, uncertainty and fear throughout the sector. The collapse of Silicon Valley Bank (SVB) and Silvergate Capital have shown the effect of these regulations and have created a landscape of fragility for not just the companies affected, but for the wider crypto community. (Alprazolam)

    The most notable consequence of these bank collapses has been the disruption to USD Coin (USDC), the second-most liquid U.S.-dollar pegged stablecoin. After the news of the collapses, USDC briefly lost its peg and fell below $0.87, signaling instability and unease within the crypto industry. At the same time, Bitcoin (BTC) and Ether (ETH) were down almost 10%, as fears of a potential liquidity shortage plagued the sector. This, along with the fact that many crypto firms are now lacking banking partners, has left investors with a sense of nervousness and concern.

    The Biden administration’s stance against the crypto industry has thrown a wrench into the plans of many crypto firms. Banks have become hesitant in offering their services to crypto companies, and the government’s aggressive clampdown on the sector means companies may struggle to comply with regulations and offer their services in the same way as expected by the SEC. This creates the potential for more massive collapses and the disruption of banking partners, which will only further destabilize the industry.

    The need for clearer regulations and greater oversight in the crypto industry has become increasingly clear. As the crypto market grows, traditional banks need to re-evaluate their relationships with crypto firms and the associated risks. This is especially true as crypto firms may seek to establish banking partnerships outside the United States.

    The fallout of SVB and Silvergate’s disastrous collapse and the Biden Administration’s continued crackdown on crypto firms has caused a ripple effect throughout the industry. The fragility and instability of the sector, in conjunction with the lack of banking partners and growth opportunities, has had a negative impact on investor confidence, adoption and growth of the crypto market. The aftermath of these events continues to create a pall of uncertainty that is still lingering, weeks after the event occurred.

    The crypto community must remain vigilant and adaptive in order to survive the Biden administration’s attacks on the sector and to push for greater regulations and oversight of the industry. Only in doing so can the crypto industry create a stable and secure landscape necessary for its long-term success and growth.

  • Seize Future Industrial Revolution With Action Plans: Jin Zhuanglong

    Seize Future Industrial Revolution With Action Plans: Jin Zhuanglong

    Jin Zhuanglong, Minister of Industry and Information Technology, announced plans to seize a new round of scientific and technological revolution and industrial changes, accelerate the layout of cutting-edge fields such as humanoid robots, Yuan universe, and quantum technology, and comprehensively promote 6G technology research and development, to position the future of industry.

    Mapping the Future of Industry Through Action Plans: An Interview with Jin Zhuanglong

    In 2019, Chinese President Xi Jinping announced that China needs to “seize the opportunities” presented by technological innovations and the Fourth Industrial Revolution. These remarks have had significant ramifications on the national level and the various industries it serves. Of course, such a sweeping call to action requires careful planning and thought – something that Jin Zhuanglong, Minister of Industry and Information Technology, recognizes. Recently, he has been vocal in calling for actionable plans to harness the potential of cutting-edge fields, including humanoid robots, Yuan universe, and quantum technology.

    In 2020, the Central Bank of China issued its Digital Currency Electronic Payment (DCEP) – often referred to as the digital yuan – to the public. This was a signal that China is taking its commitment to technological advancement seriously, and further showcases the government’s forward thinking regarding the Fourth Industrial Revolution.

    In an exclusive interview with CryptoPotato, Minister Zhuanglong discussed his plans to seize the opportunities presented by the Fourth Industrial Revolution, as well as the importance of having a well-thought out action plan.

    Responding to the recent launch of the National Blockchain Technology Innovation Center, the Minister explained that the project demonstrates China’s commitment to blockchain technology and its potential applications in various industries, including infrastructure and finance. He did stress that private sector investment can be risky and should be undertaken with caution.

    When asked about his thoughts on the previously mentioned technologies, such as quantum computing, humanoid robots, and the Yuan universe, the Minister highlighted the importance of research and development in these fields. He noted that such developments will not only further progress the nation but will also help to create a more vibrant and connected local economy.

    The importance of talent in such technological fields was also discussed. According to the Minister, it is of the utmost importance that a pool of knowledgeable personnel is cultivated to understand and leverage the potential of these technologies for the benefit of the nation.

    The idea of a DCEP was also raised during the interview, something which the Minister believes is essential in putting the tools of the technological revolution in the hands of the citizens. The digital yuan, which is already in circulation in four cities, will be used as a payment method during the upcoming Winter Olympics in Beijing. This is further evidence of the government’s commitment to integrate technology into the daily lives of citizens.

    When asked what advice he had for citizens to ensure success in the Fourth Industrial Revolution, Minister Zhuanglong had the following to say: “It is important to understand the new technologies and use them in sensible ways. We should always be looking for ways to use technology to improve the quality of life and make our lives easier. We should also be conscious of the implications of investing in private technologies and make sure our investments are properly educated.”

    The Minister’s enthusiasm for the Fourth Industrial Revolution is something that is shared throughout the industry and brings with it a call to action. By having a well-thought out action plan, China can seize the strategic opportunities offered by the new technologies and prepare the nation and its citizens for further advances.

  • Fire to Join BTTC Chain Ecosystem, Enhancing Decentralized Ecologies

    Fire to Join BTTC Chain Ecosystem, Enhancing Decentralized Ecologies

    Fire, a global blockchain business ecosystem established in 2013, is joining the BTTC (bitorrent chain) ecosystem to support L2 network development, allowing users to access a secure, low-cost and fast solution for digital asset exchange in 160+ countries and increasing global participation in blockchain technology.
    The aim of decentralized interoperability is to create a world of blockchains that can interact seamlessly with each other, unlocking new potentials for the financial industry. In a rather fortuitous turn of events, the crypto exchange Huobi has recently announced that it will join the BitTorrent Chain (BTTC) ecosystem and support the development of a Layer 2 network, providing an open and secure environment for the development of blockchain based applications and services.

    Established in 2013 and developed from a cryptocurrency exchange to a comprehensive blockchain business ecosystem, Huobi currently serves over 50 million users in more than 160 countries and places with over $100 trillion in cumulative assets traded. It adheres to three major development strategies of “globalization, diversification, and science and technology”, and provides comprehensive value and services to the world’s virtual currency enthusiasts.

    The BitTorrent Chain was launched in December 2021 and is the L2 solution for Ethereum, TRON and BNB Chain. Its core capability is its cross-chain solution which allows seamless asset exchange between different decentralized public chains, creating a powerful super network linking all blockchains. By introducing Zero Proof of Knowledge technology, it can provide users with an open, secure and diverse development environment for all decentralized applications.

    The addition of Huobi to the BTTC ecosystem will bring immense potential to the Blockchain industry. As the world’s largest virtual asset trading platform, Huobi’s access to hundreds of millions or even billions of users around the world is difficult to underestimate. Huobi’s entry into the BTTC ecosystem will bring more people and resources to the liquidity pool, marking the beginning of a new era in the growth of decentralized finance.

    In November 2022, Huobi completed its brand upgrade, introducing a new development strategy that seeks to educate more people about everyday crypto adoption and promote the free flow of value created by everyone. The project believes that by offering opportunities for users to get exposed to high-quality projects in the early stages, it will be beneficial for all parties involved. The combination with BTTC will certainly create a new synergy that further nurtures the growth of Huobi.

    The collaboration between Huobi and BTTC will no doubt open up more possibilities for the decentralized financial industry. For blockchain to interact seamlessly with each other and offer secure and decentralised interoperability, we need more players like Huobi and BTTC who are friendly to blockchains. With the right collaboration and partnerships, we have the potential to move towards a multichain future that works towards financial freedom and acceptance.

  • Unlock the Magic of LiveArt with the LiveArt X Card: A Haven for Long-Term Collectors and AI-Powered Curated Art!

    Unlock the Magic of LiveArt with the LiveArt X Card: A Haven for Long-Term Collectors and AI-Powered Curated Art!

    As the NFT space continues to diversify and evolve, LiveArt has stepped up to the challenge with its non-fungible token (NFT) collection, the LiveArt X Card. This revolutionary platform is a haven for long-term collectors and art connoisseurs alike. It puts an end to NFT flipping, encourages collectors to hold onto their art long-term and provides VIP access to real-world art events. With its integration of Web3, the LiveArt X Card will unlock the magic of the art world, granting holders access to exclusive curated art, token-gated communities, free airdrops, AI-generated artist insights, rewards in the form of the ART token, and more.

    The team behind LiveArt X Card thoroughly understands how long-term value is protected in the traditional art world. The card does exactly that, in a way that it is protected against fraud, scams, and flips. It’s no wonder that investors in the project include Animoca Brands, Binance, KuCoin Labs, and more.

    LiveArt X Card turns art into a long-term asset, providing a safe and secure platform for collectors. The card will be available for pre-sale beginning on April 4, with the public sale beginning on April 5. Each card will have a total supply of 3,500 editions.

    As NFT marketplaces continue to battle for market share amid crypto winter, some platforms have launched features to incentivize long-term collecting. Examples include SuperRare’s RarePass subscription-like service, or Exchange. (https://illustrarch.com/) Art’s Generative Art NFT platform Code Canvas, which grants holders lifetime access to NFT drops, minting services and royalty payments – a truly revolutionary concept.

    Overall, these new card holders will enjoy the greatest of benefits from the LiveArt X Card. From exclusive digital art market access to rewards in the form of the ART token, these cards provide unbeatable value to art lovers in the connected digital world. As the NFT space continues to expand, LiveArt X Card is the perfect way to unlock the magic of art.

  • $11 Million Bet Gone Wrong: GiganticRebirth Wins And Fleeing CEO Do Kwon, On The Run From Interpol and SEC Charges!

    $11 Million Bet Gone Wrong: GiganticRebirth Wins And Fleeing CEO Do Kwon, On The Run From Interpol and SEC Charges!


    On March 14th, 2022, cryptocurrency trader GiganticRebirth laid down a $10 million bet that the price of Terra Luna (LUNC) would be lower than its then price of $92.4 per token a year later. The co-founder and CEO of Terraform Labs, Do Kwon, took the bet, and the two were soon joined by Algod, who made a $1 million bet that LUNC would be lower than $88 per token. With the two bets combined, the prize money pool was an impressive $22 million, held in escrow by blockchain personality Cobie on their Ethereum address.

    Fast forward to April of 2022, as the $40 billion Luna-USD ecosystem imploded, and LUNC dropped to an incredibly low value of near-zero. Despite this, Cobie was obligated to keep the collateral until the designated settlement period, which was to be the middle of March 2023. As of now, LUNC currently trades at $0.000124 per token.

    The prize money, $22 million in stablecoins, was transferred to the winners, GCR and Algod, via cryptocurrency exchange FTX. However, this exchange, which was the third largest by volume at the time, went bankrupt after allegations of misusing users’ funds. After the scandal, Interpol issued a red notice arrest warrant to Do Kwon on September 26th, 2022, per the request of South Korean prosecutors, accusing the executive of fraud in relation to the collapse of LUNC.

    At the moment, Do Kwon is reportedly hiding in Serbia, a country that does not have an extradition agreement with South Korea. Furthermore, the US Federal Bureau of Investigation and Department of Justice began probing the former CEO and Terra Luna in March 2023, and one month later, the US Securities and Exchange Commission (SEC) charged Terraform Labs and Do Kwon with “defrauding investors in crypto schemes”.

    Behind the scenes, traditional finance company Jump Crypto was profiting from the downfall of Terra Luna. Jump Crypto had an exclusive market-making arrangement that allowed them to purchase discounted luna tokens for only 40 cents each, even as those tokens were trading for over $90 on the open market. The SEC claims that UST was only able to recover after this third-party stepped in.

    Cobie was able to donate the prize money and principal to the winners as he had promised, however the subsequent flow of money is still unclear. The SEC has also charged Do Kwon with fraud and Kwon has been active on his Twitter account following the collapse of Terra, despite his role in the “ripple event” that led to multiple bankruptcies amid the crypto crash of 2022.

    As of now, Do Kwon’s whereabouts remain a mystery, and so does the fate of funds exchanged in the bets. While hindsight makes it seem logical that Luna would collapse given its low value now, Algod and GiganticRebirth made a huge risk in offering these bets and eventually profited from it. As for Do Kwon and Terraform Labs, the collapse of their ecosystem only proved damaging to their credibility, as well as their finances.