Make sense of the news and how it affects the blockchain space as a whole. Crypto trends is a collection of relevant news and insights to help you make an informed decision.
Snipa Finance is a DeFi portfolio tracker that operates across multiple blockchains and enables users to manage their assets. It is powered by Venom and Everscale.
Venom Foundation may also do a $VENOM token airdrop (Airdrop guide here). So this is a chance to earn double rewards!
Snipa Finance Airdrop Step-by-Step Guide
Here’s how to mint the free Snipa Finance NFT:
Create your Venom wallet and claim testnet $VENOM tokens. See our full guide here.
Snipa Finance is a DeFi portfolio tracker that allows users to manage their assets across multiple blockchains. It is supported by Venom and Everscale, and it is currently available on Venom testnet. Venom users can now use the Snipa Finance analytical tool to keep track of and manage their assets.
Does Snipa Finance have a token?
Snipa Finance does not have a token yet. But they are airdropping free NFTs for you to mint. Also, since Snipa Finance is part of the Venom ecosystem, getting the NFT may be helpful in getting both a Snipa Finance and Venom potential airdrop!
How to receive potential Snipa Finance Token airdrop?
Snipa Finance currently does not have its own token and has not announced any airdrop yet. However, they are offering free NFTs for users to mint. As Snipa Finance is part of the Venom ecosystem, obtaining an NFT may increase your chances of receiving potential airdrops from both Snipa Finance and Venom. Here’s how to mint the free Snipa Finance NFT:
Time needed: 1 hour
Create your Venom wallet and claim testnet $VENOM tokens.
On the task page, click “Tweet” to tweet about Snipa Finance. Post the tweet and then click “Check”.
Check your portfolio on Snipa Finance
Connect your wallet to Snipa Finance and click “Join Venom Testnet”. In the popup window, confirm the transaction. Go back to the task page and click “Check” under the second task.
Mint your NFT
On the task page, click “Mint” on the last task. Then, confirm the transaction in the popup window.
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: Snipa Finance has not announced a token or airdrop yet. But with the success and potential airdrop from Venom, and Snipa being an ecosystem project, there could be a good chance of a future token airdrop.
Airdropped Token Allocation: Snipa Finance has not given any information on its token yet.
Airdrop Difficulty: Snipa has not yet released details about its airdrop. However, minting the Snipa NFT is free since it is on the Venom testnet. Also, it may be helpful towards a potential Venom airdrop. So there’s no harm in doing these tasks, meanwhile, there is much potential gain.
Token Utility: Snipa Finance has not given any information on its token yet.
Token Lockup: Snipa Finance has not given any information on its token yet.
zkLend began its creation in late 2021 with aims to create a layer 2 money-market protocol built on StarkNet. With StarkNet being one of the hottest anticipated airdrops, there is massive speculation that zkLend will also have an airdrop. Particularly since zkLend’s V1 mainnet is fast approaching. This guide will teach you how to get a potential zkLend ($ZEND) token airdrop, which may also increase your potential StarkNet airdrop too!
zkLend is a money-market protocol built on StarkNet. Its aim is to combine the best of zk-rollups and Ethereum. zkLend will enable users to earn interest on deposits and borrow assets. To achieve this, zkLend will be offering a dual solution in the form of 2 products: Artemis, and Apollo.
Currently, zkLend has launched the Artemis MVP testnet on StarkNet Goreli testnet. Artemis is designed for regular DeFi users, and enables them to deposit, borrow and lend in a decentralized and permissionless manner on StarkNet.
zkLend’s other major product, Apollo, is designed for institutional clients. The aim of Apollo is to become a gateway for institutional users into the world of DeFi. It will allow permissioned users to deposit, borrow and lend on StarkNet, but without compromising on compliance and security.
What is the zkLend ($ZEND) token?
The zkLend ($ZEND) token has not been launched yet. However, when it does, there will be a total token supply of 100 million tokens. 35% of the total supply of $ZEND tokens will be allocated towards staking and distribution rewards.
The ZEND token is intended for governance and utility functions on zkLend. In particular, ZEND tokens will be rewarded to users when they interact with the zkLend network. For example, ZEND tokens will be distributed for users when borrowing/lending or providing liquidity to the network. Also, when users participate in community events or marketing/airdrop campaigns. ZEND token holders will also be entitled to voting rights which allow them to vote on future features of zkLend.
What is the Current Status of the zkLend ($ZEND) Token Airdrop?
zkLend has not launched its $ZEND token yet. However, the chances of zkLend doing an airdrop are promising. This is because they have already stated in their Whitepaper that a proportion of zkLend’s revenue would be allocated for airdrop campaigns.
How do I participate in the $ZEND token airdrop?
As there is no official airdrop announcement yet, many users can only speculate how to become eligible for $ZEND token airdrops. It is speculated that users could participate in the Artemis public testnet. This is in the hopes that completing zkLend testnet actions will inevitably entitle them to airdrops when the $ZEND token is launched. However, users should note that an airdrop is not guaranteed.
Connect your wallet to zkLend’s Questboard and complete the tasks. Tasks include joining their Discord, liking and retweeting their Tweets, and submitting your Starknet mainnet wallet address.
Artemis is still in the testnet stage, and it is hoped that the mainnet will be launched in 2023, as well as the launch of the $ZEND token.
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: The zkLend ($ZEND) token has not been launched yet. But the team has said that $ZEND tokens would be allocated towards staking and distribution rewards.
Airdropped Token Allocation: zkLend ($ZEND) will be a total token supply of 100 million tokens. 35% of the total supply of $ZEND tokens will be allocated towards staking and distribution rewards.
Airdrop Difficulty: It is possible that participating in the Artemis public testnet could make you eligible for a potential $ZEND airdrop. Whilst this requires time and technical knowledge, you will only be using testnet ETH so it does not cost any money on your part. Otherwise, there are simple social tasks on their Questboard which are easy to do. There may also be a possibility that doing zkLend tasks may make you eligible for the potential StarkNet airdrop too!
Token Utility: The ZEND token is intended for governance and utility functions on zkLend. ZEND tokens will also be rewarded to users that interact with the zkLend network.
Token Lockup: There is no announcement on the $ZEND token lockup yet. However, it is hoped that the mainnet will be launched in 2023, together with the $ZEND token.
Blockchain projects frequently rely on crypto airdrops to raise awareness, grow their community, and increase the value of their products. After all, the survival of a project depends on its ability to attract and grow its user base. Users, of course, have nothing to complain about. After all, who doesn’t love free stuff? In this article, we look at the rumoured upcoming crypto airdrops. We also look at how you can sign up and receive free airdropped tokens.
But before you rush out there to sign up, check out our article to learn more about crypto airdrops, and how to protect yourself against airdrop scams.
Vela Exchange ($VELA) Airdrop: Airdrop coming 26th June 2023!
Vela will be doing an airdrop and mainnet launch on 26th June 2023. So far, they have hinted on Twitter that maximizing your trading volume is the key to a max airdrop. Also, participating in their Flash Trading Competition will not only give you a chance to win their prizes but may also give you more airdropped tokens. The first competition ended with a prize pool of 10,000 $USDC and 2,000 $eVELA rewards. Vela will do a second flash contest, which will be adjusted to support traders of all sizes. However, the main event will be their Grand Beta Trading Competition, which Vela promises will offer major prizes.
Polygon zkEVM ($MATIC)is a Layer-2 scaling solution for Ethereum that leverages the scaling power of zero-knowledge proofs while maintaining Ethereum compatibility. Sandeep Nailwal, co-founder of Polygon, strongly hinted on Twitter that there will be a huge MATIC airdrop for zkEVM users. The best way to get the potential airdrop is to interact with the Polygon zkEVM mainnet. To do this, add Polygon zkEVM to MetaMask. Then, bridge to Polygon zkEVM either via the native bridge or a third party bridge such as Orbiter Finance. Finally, interact with QuickSwap, which is currently the only active dApp deployed on Polygon zkEVM.
Blur ($BLUR) calls itself the “Fastest NFT Marketplace” providing users with a decentralized marketplace for trading Non-Fungible Tokens (NFTs). They aim to stand out by giving users the ability to sweep across multiple NFT marketplaces, faster access to NFT reveals, and improved user experience.
Blur’s airdrop Season 1 ended on 14th February 2023. Blur have announced they will airdrop over 300 million $BLUR in Season 2, which was scheduled for April 2023 but is currently delayed.
To participate in Blur’s Airdrop Season 2, users can connect their wallet to Blur’s platform and begin bidding on collections here. Airdrops are given on a point-based system. This system rewards bids on NFT collections based on their 24-hour volume. Participants can also maximize their $BLUR token airdrop by earning more points with loyalty.
For Season 2, Blur has also launched Blend (short for Blur Lending). Blend is a peer-to-peer perpetual lending protocol for NFTs and allows NFT holders to borrow ETH against their NFTs without needing to sell them. With the launch of Blend, the Blur team also introduced Lending Points, which are doubled for certain NFT collecions.
Sei Network is a layer-1 blockchain built with Cosmos SDK. Its aim is to become the preferred chain for decentralized exchanges (DEXs) in DeFi, NFTs, and GameFi. Sei Network is planning to launch its $SEI token after its mainnet launch in the coming months. They have also confirmed that 1% of its total supply will be allocated to airdrops. The best way to receive a potential $SEI airdrop is to interact with their Seinami Incentivized Testnet by completing their tasks. Check out our Sei Network ($SEI) Token Airdrop Guide.
zkSync is a ZK Rollup that aims to provide scaleable and low-cost transactions on the Ethereum blockchain. This is by submitting validity proof to an Ethereum smart contract along with transactions that are bundled.
zkSync Era Mainnet Alpha is now open to public. The team has said they will launch a native token in the future, leading to hopes that some of the tokens will be airdropped then. There is speculation that to be eligible for the zkSync Airdrop, users should: (1) Add zkSync Era Alpha Mainnet on MetaMask; (2) interact with zkSync Lite and zkSync Era Mainnet Alpha; (3) Complete quests on zkSync’s Crew3 ;and (4) interact with the zkSync ecosystem such as Orbiter Finance or ZigZag. The last option is also particularly worthwhile since some zkSync dApps may not have launched their token yet. So you may get a chance to earn double airdrops!
My MetaTrader ($MMT) Airdrop: Second Round CONFIRMED!
My MetaTrader (mTrader) is a DEX built on Arbitrum with GPT-3. It offers low trading fees, a wide range of trading pairs and leveraged trading up to 150x on cryptocurrencies, 1000x on forex & commodities, 100x on stocks, and 35x on indices. Their $MMT token was listed on SushiSwap on 21st February 2023, with 5% of its total supply of 5 million tokens being allocated towards airdrops.
My MetaTrader have announced their airdrop is divided into two rounds. The first round is already over, but the date of the second round is yet to be announced. The second round will have the most tokens available for airdrops- 890,000 $MMT! To be eligible for their second round of airdrops, obtain special roles on their Discord channel and complete different tasks on Galxe and Crew3.
StarkNet ($STRK) Token Airdrop: Potential second round?
StarkNet is a decentralized Validity-Rollup (or “ZK-Rollup”) that works on top of Ethereum, providing unlimited computational capacity to decentralized applications without sacrificing security or compatibility. It utilizes STARK, a secure and scalable cryptographic proof system, to ensure that transactions are secure and reliable. StarkNet is permission-free, meaning anyone can use it without needing to be approved by a third party. StarkNet’s alpha v0.11.0 has just gone live on Testnet, and the mainnet upgrade is expected to follow soon after.
The best way to receive a potential StarkNet $STRK token airdrop is to interact with their testnet. Also, there are a few protocols on StarkNet that do not have a token yet. So using their DApps could put you in a position to receive their airdrops as well, allowing you to earn double rewards!
MetaMask is a popular browser extension that allows users to store their Ethereum (ETH)/ ERC-20 tokens as well as interact with other decentralized exchanges. It is highly popular for users that use ETH and/or its tokens often. This is because it is secure and allows users to have quick access to their funds.
On 16th March 2022, it was announced that MetaMask intends to launch its own token. Although there are few details of when the token would be launched, it was teased that the token’s ticker would be $MASK.
Details of how to be eligible for MetaMask ($MASK) token airdrop have not been released. However, it is speculated that using the wallet for DeFi activities, swapping tokens, and bridging assets might entitle you to a MetaMask ($MASK) token airdrop when it happens.
Shardeum is a smart contract platform built on the Ethereum Virtual Machine (EVM). Although it is similar to other state-sharding platforms like Harmony, Elrond and NEAR Protocol, Shardeum stands out by using dynamic state-sharding.
Shardeum has not officially announced their $SHM token airdrop yet. However, Shardeum recently launched their betanet, and protocols on there also have incentives for early users. So the best chance to receive Shardeum token airdrops would be to interact with their testnet.
LayerZero ($ZRO) is an omnichain interoperability protocol that can be used for lightweight messaging across chains. They are able to provide authentic and guaranteed message delivery with configurable trustlessness. It is currently live on most major blockchains including Ethereum, Avalanche, Polygon, BNB Chain, Aptos, Fantom, Arbitrum, and Optimism.
LayerZero has not launched its token yet but the team have referred to a $ZRO token in their documentation. However, it is hoped that when they do, they will airdrop the token to users of their dApps. Here are some suggestions for participating in any potential airdrop:
Stake and Vote $STG on Stargate Finance
Use the Stargate, USDC, Aptos and LiquidSwap bridges
Use SushiSwap Cross-Chain Swap
Use BitcoinBridge
Interact with other dApps on LayerZero
Get roles on the Stargate Guild
However, do note that there is no official announcement regarding airdrops from the LayerZero team. So any suggested participation methods are speculation only.
As the United States tightens its regulations on cryptocurrency, Asia is taking a different approach by embracing the potential of digital assets. Hong Kong, one of Asia’s prominent international financial centers, recently made a significant decision to formally approve the retail trading of crypto assets, effective from June 1, 2023. Furthermore, the Web3 economy in Asia considers this development a significant milestone. The Securities and Futures Commission (SFC) released a conclusion paper highlighting several key points regarding the new regulations. Here’s some key points you NEED to know about Hong Kong’s crypto regulations which will come into effect on 1st June 2023.
Check out our latest video- 🚨 Hong Kong BULLISH Regulations, BUT There’s a CATCH
Firstly, retail traders in Hong Kong can now participate in cryptocurrency trading, expanding access beyond professional or accredited investors.
“We note the strong support expressed for allowing licensed VA trading platforms to provide their services to retail investors and will allow licensed VA trading platforms to provide their services to retail investors.” (p 4)
2. Risk Assessment:
In addition, as part of the onboarding process, retail users will still need to complete a risk tolerance assessment test.
“For example, the proposed requirement to assess a client’s risk tolerance is part and parcel of the existing suitability requirement.” (p 6)
3. Track Record for Utility Tokens:
Utility tokens seeking listing will need to demonstrate a 12-month track record before being eligible for trading, eliminating primary offerings.
“While a 12-month requirement may not have prevented the recent collapses of some tokens, this requirement aims to reduce the risk of reasonably hard-to-detect fraud as well as the possible impact on the price of a token of the marketing efforts leading up to its initial offering, especially since token offerings are generally unregulated and not subject to the safeguards which are present in the traditional securities markets.” (p. 9)
4. Security Tokens Exclusivity:
Moreover, retail traders will not have access to security tokens, as the Hong Kong Stock Exchange (HKEX) maintains a legal monopoly on equity trading within Hong Kong.
“Security tokens cannot be offered to retail investors in breach of the prospectus regime under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (C(WUMP)O) and the offers of investments regime under Part IV of the SFO.” (p. 9)
5. Stablecoin Limitations:
Nevertheless, the finalized policy by the Hong Kong Monetary Authority (HKMA) excludes stablecoins from trading by retail users.
“Prior to stablecoins being subject to regulation in Hong Kong, it is our view that they should not be admitted for retail trading.” (p. 12)
6. Token Listing Requirements:
To ensure a certain level of market recognition, the SFC mandates that listed tokens must satisfy the requirement of being included in a minimum of two “acceptable indices”.
“The SFC would like to reiterate that being included in two acceptable indices is not the sole criterion for admitting a virtual asset. It is merely a minimum criterion.” (p. 11)
7. Restrictions on Giveaways:
Additionally, while the SFC prohibits trading platforms from conducting giveaways, they can make an exception and offer fee discounts to users.
“we have now made the prohibition of gifts explicit in the VATP Guidelines, with the exception of discounts of fees or charges.” (p. 12)
8. Asset Custody and Insurance:
Trading platforms must ensure full financial coverage for custody of assets. However, the requirement for assets stored in cold storage does not mandate 100% insurance coverage, but it does require a minimum of 50% coverage. Self-coverage is also permissible, provided the platforms hold reserve assets in the same form as the client’s holdings.
“we remain of the view that client virtual assets held in hot and other storages should be fully covered by the compensation arrangement of a licensed VA trading platform.” (p. 14)
“We are thus prepared to lower the coverage threshold to 50% for client virtual assets held in cold storage, on the basis that 98% of client virtual assets will be required to be held in cold storage” (p. 15)
9. Evaluation of Derivatives:
Both retail and institutional traders are still awaiting formal approval for derivatives trading. Evaluation of this aspect will take place at a later stage.
“We are grateful for the detailed and informative responses submitted on this question. As we have explained in the consultation paper, the SFC is aware of the importance of virtual asset derivatives to institutional investors. We will take the large number of comments into consideration and conduct a separate review in due course.” (p. 17)
10. Restrictions on Earning and Lending/Borrowing:
On the other hand, the new regulations do not allow for the operation of earning, lending, and borrowing products associated with cryptocurrencies.
“As such, licensed VA trading platforms will not be allowed to conduct these activities at this stage.” (p. 18)
11. Compliance with Travel Rule:
Lastly, full compliance with the travel rule, which mandates the sharing of transactional information between virtual asset service providers, is a requirement for all participants.
“the SFC considers that submission as soon as practicable after the virtual asset transfer to be acceptable as an interim measure until 1 January 202410 , having regard to the implementation status of the Travel Rule in other major jurisdictions. Licensed VA trading platforms should comply with all other Travel Rule and relevant requirements in paragraphs 12.11 to 12.13 with effect from 1 June 2023, including submitting the required information to the beneficiary institution securely, while adopting the said interim measure. Amendments have been made to paragraphs 12.11 to reflect this.” (p. 20)
Conclusion
Hong Kong’s decision to allow retail trading of crypto assets marks a significant shift in the region’s regulatory landscape. In light of this, the introduction of these new crypto regulations, Hong Kong aims to strike a balance between investor protection and fostering the growth of the Web3 economy. To summarize, the impact of this move on the future of crypto adoption in Asia and beyond is still uncertain and awaits further observation.
Orbiter Finance is the hottest bridge for emerging layer-2 blockchains right now. They have confirmed they will issue a token. No airdrop has been officially announced yet, but it IS hinted. This means that no snapshot has been taken yet, and early users can potentially earn huge airdrop rewards. In this article, we will explain what Orbiter Finance is and what you can do to position yourself for their potential airdrop.
Orbiter Finance is a decentralized bridge that supports cross-rollup transfers between Ethereum and other layer-2 blockchains such as zkSync and Arbitrum. Users can move ETH, USDC, USDT, and DAI between those supported networks.
It is secured by a series of smart contracts that involves two roles: Sender and Maker. The Maker provides liquidity for the transfer initiated by the Sender. If the Maker does not carry out their role, the Sender can initiate an arbitration request to the contract with the Maker’s margin and receive compensation for any excess losses.
Does Orbiter Finance have a Token?
Orbiter Finance does not have a token yet, as they are currently focusing on developing the protocol and improving user experience. However, in a recent Tweet, they strongly hinted at issuing a token as well as a possible airdrop. Moreover, Orbiter Finance has closed its first round of funding with participation from Tiger Global, A&T Capital, StarkWare, and even Vitalik Buterin. As such, DeFi projects backed by major players tend to launch a token after product completion.
How to Receive Potential Orbiter Finance Token Airdrop?
The best chance to receive Orbiter Finance token airdrops is to bridge ETH or stablecoin assets between the 11 supported networks. Here’s how to get a potential Orbiter Finance airdrop:
Connect your MetaMask or other Ethereum/Polygon/zkSync/Arbitrum wallet.
Select the chain you want to send your assets to.
Complete the transaction.
Although it is recommended to bridge assets frequently to increase your airdrop chances, there will be a transaction fee. However, Orbiter will modify its fees based on the Gwei of the destination network to maintain a fee that is below the average, but this will not happen frequently due to the volatile nature of gas fees. The sender can view the current fee on the Orbiter website.
Get Discord Roles
Get higher ranking roles on Orbiter Finance’s Discord by completing tasks on their Guild page. The requirements for the Orbiter Finance roles are as follows:
Trainee Pilot: Complete 3-9 transactions on Orbiter Finance.
Pilot: Complete 10-49 transactions on Orbiter Finance.
Elite Pilot: Complete 50-99 transactions on Orbiter Finance.
Expert Pilot: Complete 100-499 transactions on Orbiter Finance.
Ace Pilot: Complete 500 transactions or more on Orbiter Finance.
You can check the number of transactions by connecting your wallet here. Note that the allowlist is only updated once a week on Mondays, so you will need to check the Guild page frequently. You must have a role of Trainee Pilot or above in order to be included in their allowlist.
Claim Orbiter Pilots NFT
Orbiter has created an NFT series for Orbiter Pilots (i.e. Orbiter users). There are 5 NFTs based on your Discord role. To claim your Orbiter Pilot NFT, connect your wallet to their Galxe Page and click “Claim”. Note you will need MATIC to pay for gas fees when claiming your NFTs.
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: There is no confirmation of a token launch and airdrop by Orbiter Finance, but they hinted in their Tweet that they are considering issuing a token as well as a potential airdrop.
Airdropped Token Allocation: Since there is no token launch yet, tokenomics data are not available.
Airdrop Difficulty: If there is a potential airdrop, the steps to be eligible is fairly easy. All you have to do is connect your wallet on their platform and bridge assets to another chain. It is recommended to do this frequently, but be cautious of transaction fee.
Token Utility: Since there is no token launch yet, token metrics are not available.
Token Lockup: Since there is no token launch yet, tokenomics data are not available.
Ledger, the company behind the Ledger Nano X and Nano S Plus cryptocurrency hardware wallets has just announced its new product called Ledger Recover. Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. If you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. The Secret Recovery Phrase is a 24-word phrase that is used to restore your private keys if you lose access to your Ledger device. With Ledger Recover, if you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
How to use Ledger Recover?
The process of using Ledger Recover involves several steps. First, your identity is verified using your ID document and a selfie recording. Next, your Ledger Nano X duplicates your Secret Recovery Phrase and encrypts the duplicate. This encrypted duplicate serves as the backup for your Secret Recovery Phrase. The system then links the backup to your verified identity and fragments it into three pieces. Ledger, Coincover, and a third provider independently secure each of the encrypted fragments.
Accessing your wallet with Ledger Recover is seamless: all you need is your ID and your current Ledger Nano X or a new one. You alone can start the recovery process, which is ensured using double ID verification. The service relies on companies with industry-leading encryption and ID verification technology to provide a secure and reliable service.
Who is the Ledger Recover good for?
Ledger says the Ledger Recover is good for those who are new to cryptocurrency and may find it difficult to back up and keep their Secret Recovery Phrase safe. It is also good for those who would like another backup of their Recovery Phrase in another location.
Will the Ledger Recover be available on all Devices?
At present, Ledger Recover only works with the Nano X. Soon, it will also work with the Nano S Plus and Ledger Stax. However, it is not compatible with the Nano S.
Do I have to use Ledger Recover?
No, Ledger Recover is a completely optional service that you must choose to use. To choose to use the service you must subscribe with 2 different partners and create accounts with them. After you sign up, Ledger initiates the cryptographic process and asks you to confirm your agreement to it on your Ledger device.
Is Ledger Recover free?
No, it is a subscription service that will cost $10 per month. To use the service, you must also complete a KYC process with an ID document and a selfie recording.
If you don’t pay the subscription within 7 days, you can’t restore your private keys using Ledger Recover. If you don’t resolve your payment within 3 months, your subscription will be suspended. After suspension, you have 9 months to reactivate your subscription by contacting Ledger Recover Support and paying a 50 EUR fee and any outstanding balance.
How does Ledger Recover Work?
Ledger Recover works through 3 companies: Ledger, Coincover and a third company. You will need to opt-in to use the service. When you opt in for the service, you will be prompted to confirm if you want to use it. If you agree, you will need to sign a transaction on your Ledger device. Afterwards, the system splits your private keys into 3 parts, encrypts them on the device, and sends them through a secure channel to 3rd party providers. The providers will encrypt the parts again before storing them.
If you need to recover your private key, you will have to go through a thorough ID verification process. This is to confirm your identity. Once your identity is verified, the providers will send the encrypted parts of your private key directly to your Ledger device. Your device will then decrypt the parts and you will be able to access your private key again.
Who keeps your private key when you use Ledger Recover?
3 separate companies in 3 countries will store your private key if you subscribe to the service. The companies are Ledger, Coincover and Escrowtech. In particular, Coincover already works with several B2B offerings and also provides a $50k insurance plan. Additionally, two ID verification providers participate in the process.
Is Ledger Recover Safe?
According to Ledger, Ledger devices do not have any backdoors. The Secure Element chip and a paper backup securely store your seed phrase. If you opt to use the service, it creates an additional backup. This is done by splitting your private key into 3 encrypted parts and storing them with 3 different parties.
Ledger also offers an added layer of protection where, subject to investigation, US$50,000 compensation may be available from Coincover in the unlikely event that something goes wrong.
Conclusion
In summary, Ledger Recover is an optional ID-based key recovery service that provides a backup for your Secret Recovery Phrase. It splits your private key into 3 encrypted parts and stores them with 3 different parties. The service is not free and requires a subscription fee of $10 per month. If you’re new to cryptocurrency or would like an additional backup of your Recovery Phrase, Ledger Recover may be a good option for you.
Crypto venture capitalists (VC) aim to invest in blockchain projects and companies with high potential. These firms usually provide early-stage startups with capital, guidance, and resources to help them expand. Venture capital firms are crucial to the blockchain ecosystem, as they offer valuable resources that enable projects to grow and scale rapidly. Here’s our picks for the top active crypto VCs you should follow and look out for.
What is a crypto VC?
A crypto VC, or crypto venture capitalist, is a type of venture capital firm that specializes in investing in early-stage startups that offer products or services related to cryptocurrency, blockchain technology, and digital assets. They typically fund projects through equity investments, token sales, or other financial instruments. In addition to providing capital, crypto VCs also offer guidance and advice to the startups in which they invest.
What does a crypto VC do?
Crypto VCs fund projects through equity investments, token sales or other financial instruments. In addition, they also provide guidance and advice to the startups in which they invest. Hence, they play a vital role in the blockchain ecosystem by providing valuable resources to support projects’ growth and scaling quickly.
What makes a good crypto VC?
There are several factors that contribute to a good crypto venture capital (VC) firm. These include:
Total assets under management (TUM)
This measures the total value of all the investments managed by a venture capital firm. It is used to measure the size and performance of a firm and can indicate its success in attracting investors and making successful investments.
Number of successful investments (track record)
This serves as an indicator of a firm’s ability to identify, invest in, and help grow promising businesses. It provides a measure of the firm’s performance over time and allows potential investors to gauge the quality and success of the investments made.
Reputation in the industry
A good reputation helps build trust, which is essential for successful fundraising and investment. Additionally, a solid reputation can help to create relationships with the most promising entrepreneurs and startups, leading to more successful investments and higher returns for the firm.
Network and resources
Having access to resources such as industry contacts, financial advisors, legal counsel, and other specialized professionals can help a venture capital firm make informed decisions, maximize investment returns and protect its interests. Additionally, having an extensive network of investors can provide a venture capital firm with additional funding sources for new investments and support existing portfolio companies.
The team
The quality of a venture capital firm’s team and staff plays a significant role in the decision-making process. They must be knowledgeable about the industry, have a good understanding of the market, and be able to identify and assess potential investments accurately.
Portfolio projects/companies
The quality of portfolio clients directly affects a crypto VC’s return on investment. Venture capital firms invest in companies expecting to generate a significant return. If the portfolio companies are unsuccessful, the venture capital firm won’t be able to generate a profit.
As a cryptocurrency trader, it can be helpful to follow these good crypto VC firms. This is because a crypto VC firms offer capital and operational assistance to blockchain startups that are behind innovative, disruptive ideas. The firms spend countless hours of research into finding viable crypto projects with the most potential. Also, the portfolios of crypto VC firms is publicly available, which offer a great opportunity for retail investors to spot the best upcoming crypto projects in the market. Therefore, by following a good crypto VC firm, crypto traders can gain enhanced market insights and stay informed about new opportunities and trends.
Active Crypto VCs to look out for
Based on the factors mentioned above, here are some active crypto VC firms to look out for in 2023.
Sequoia Capital
Number of investments: 1,805
Total assets under management: $85 billion
Sequoia Capital is a highly regarded venture capital firm with a reputation for investing in some of the world’s most successful technology companies, such as OpenAI, Apple, Google, and LinkedIn. Its ability to identify and support early-stage startups has earned it widespread admiration from entrepreneurs, investors, and the broader tech community. Notably, Sequoia Capital recently invested US$120 million in LayerZero Labs, a company developing a trustless omnichain interoperability protocol to connect multiple chains.
Coinbase Ventures was founded in 2018 by the Coinbase cryptocurrency exchange. However, Coinbase Ventures is not directly backed by the exchange and is a separate entity. It specializes in early-stage VC deals and operates almost exclusively in the blockchain and cryptocurrency space. Some of the firm’s recent investments include Dolomite.io, Cloudburst Technologies, and zkLink, where it raised US$10 million.
The firm mostly focuses on investing in Decentralized and Centralized finance (DeFi, CeFi), followed by crypto protocols and Web3 infrastructure.
Total assets under management: $4.1 billion in blockchain or blockchain-related assets
Pantera Capital was founded on 12th February 2003 by Dan Morehead, a former CFO and head of Macro Trading at Tiger Management. Before 2014, Pantera’s focus was on global macro hedge fund investments. Since then, the firm has shifted its investment advisory services to concentrate solely on Bitcoin, other digital currencies, and related companies. Recent investments by Pantera Capital include OmniNetwork and Teahouse Finance. In particular, the recent investments into Prisim Labs and M’ZERO Labs were US$26 and US$22.5 million respectively.
Binance Labs
Number of investments: 90
Total assets under management: $7.5 billion
Binance Labs is a blockchain incubator and venture fund created by Binance, one of the world’s leading cryptocurrency exchanges. It has a major following in the industry for its commitment to helping startups succeed in the crypto and blockchain space. Binance Labs typically provides capital to blockchain startups in exchange for a stake in the new business. In addition to providing capital, Binance Labs offers support and guidance to these startups, assisting with developing their product/service, identifying potential customers and partners, and navigating the legal and regulatory environment. Binance Labs also provides access to their network of industry contacts and resources, which can help the startup succeed. Recent investments include Playbux, GOMBLE, Gameta and Polyhedra Network.
Polychain Capital
Number of investments: 198
Total assets under management: $6 billion
Polychain Capital was founded in 2016 by Olaf Carlson-Wee, who was previously an employee of Coinbase where he was Head of Risk. Investors of Polychain include Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Founders Fund. Their latest crypto/blockchain investments include Webb Protocol, Thetanuts Finance, Polyhedra Network and Scroll.io.
Scroll.io plans to release their token around the same time as their mainnet launch in Q2 2023. This could mean a Scroll token airdrop! Learn more with our Scroll token airdrop guide.
Digital Currency Group
Number of investments: 301
Total assets under management: $3.5 billion
Digital Currency Group (DCG) was founded in 2015 by Barry Silbert. DCG has made over 301 investments and has had 36 exits. Some of its most notable exits include Coinbase, Voyager, and Silvergate Bank. DCG has also made 26 diversity investments. The company has six main subsidiaries: Grayscale Investments, Genesis, Foundry US, CoinDesk, Luno and TradeBlock. Grayscale Investments operates a number of publicly-traded trusts that hold cryptocurrency assets like Bitcoin and Ethereum. Genesis is an over-the-counter cryptocurrency exchange that also offers lending services. DCG is a bit quiet on the investment side in 2023, but have made 2 investments into Axoni and Coinflow Labs.
Paradigm
Number of investments: 92
Total assets under management: $1.51 billion
Paradigm was founded in June 2018 and has invested in some of the most successful projects in the space, including Ethereum, MakerDAO, Filecoin, 0x and DFINITY. Paradigm has made 92 investments and has had 5 exits. Some of its most notable exits include Coinbase, Compound, and Tagomi. The Company has only made 2 investments so far in 2023, namely Ulvetanna and Conduit.
Andreesen Horowitz (a16z)
Number of investments: 40
Total assets under management: $4.5 billion
a16z, also known as Andreessen Horowitz, was founded in 2009 by Marc Andreessen and Ben Horowitz. The Company, headquartered in Menlo Park, California, supports bold entrepreneurs who are building the future through technology. They are stage agnostic and invest in seed to late-stage technology companies across various sectors including bio and healthcare, consumer, crypto, enterprise, fintech, games, and companies building toward American dynamism. a16z are the most active VC firms in our list, having made 9 investments in 2023 alone. Their most recent being a US$120 million investment into LayerZero Labs.
Ozaru Ventures
Number of investments: 29
Ozaru Ventures was founded in 2021 and is currently based in Hong Kong. What sets Ozaru Ventures apart from other traditional VC firms is that it has an in-house creative content and PR marketing firm. This gives the Company a leading advantage in boosting the success of its investments in preparation for and after its public launch. Ozaru Ventures boasts an influencer network of over 1000 members and over 100 million followers across various social media platforms. This has allowed the Company to 5x the engagement and 300x the token launch of its portfolio companies. Notable investments in 2023 include an exclusive partnership with Hacken to tap into and promote its presence across Asia, which accounts for over 43% of global cryptocurrency activity.
FBG Capital
Number of investments: 72
Total assets under management: $312 million
FBG Capital was founded in 2015 and currently based in Singapore. They are one of the largest and earliest blockchain investment firms and their portfolio companies include Ampleforth, Dapp.com, FTX Exchange, Neutral Dollar, ThunderCore, and Wintermute Trading. FBG Capital have also been quite conservative in 2023, they have only 1 invested project, namely a US$3m investment in FilSwan.
Union Square Ventures
Number of investments: 414
Total assets under management: $1.5 billion
Union Square Ventures (USV) entered the blockchain and cryptocurrency space in 2011. As of last year, companies in the blockchain/cryptocurrency space made up 15% of its portfolio, and the fund invested in blockchain-related companies for a quarter of its most recent investments. Some of their notable investments in the cryptocurrency space include Coinbase. In 2023, USV made 7 investments, a high number compared to a lot of funds on this list. Of these, notable investments include a $14m and $55m investment into m3ter and Zeitview respectively.
Draper Associates
Number of investments: 355
Total assets under management: $5 billion
Draper Associates is a seed-stage venture capital firm founded in 1985 by Tim Draper, who also founded the Silicon Valley venture capital firm known as Draper Fisher Jurvetson (DFJ). Draper Associates encourages entrepreneurs to drive their businesses to greatness and transform industries with new technologies. The firm has invested in many successful companies, including Tesla, Skype, Baidu, Twitch, and Robinhood. The Company has so far made 9 investments in 2023 in various industries, only 1 of which relates to cryptocurrency i.e. a $4m investment into Amboss.
Conclusion
Crypto venture capitalists are experts in investing in early-stage startups that focus on cryptocurrency, blockchain technology, and digital assets. They provide funding through various means such as equity investments and token sales and offer valuable guidance and advice to the startups they invest in.
While the VC firms mentioned in this article have established themselves as leaders in their field, there are many others that are still emerging. The cryptocurrency and blockchain space is constantly evolving with new companies entering the market. However, receiving VC funding does not guarantee success for a startup. It is ultimately up to the startup to demonstrate that their product or service is a worthwhile investment for VC firms.
Ledger Nano X is the next generation of Hardware wallet with smartphone support, a larger screen and more storage space for Apps. Retailing for $119, the Ledger Nano X is great for newcomers or experienced traders trading more than 3 types of cryptocurrencies at at time or large volumes on the go. If more apps and mobility isn’t a big concern, stick with the Ledger Nano S.
In this review, we’ll be looking at the security, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide.
CLICK BELOW TO BUY!
Key Features of the Ledger Nano X:
Ledger Nano X Video Review
Larger screen – Displays full cryptocurrency addresses without scrolling
More storage space – Install up to 100 different apps for different coins.
Rechargeable Battery – allows the device to be powered-on without a cable.
Ledger Recover – A new (albeit controversial) seed phrase recovery subscription service. Learn more here.
Latest features: stake, swap, earn and lend cryptocurrencies
Staking and earning
Ledger Live allows for staking Tezos ($XTZ), Tron ($TRX), Cosmos ($ATOM) and Algorand ($ALGO). Users can lock up these cryptocurrencies to secure their respective networks and in return they will be paid interest for doing so. This feature expands Ledger into more than just a secure place to store your cryptocurrency, it can even help you grow your digital assets.
Staking your digital assets can be done in 3 simple steps. First, freeze your assets by logging onto your Ledger Live, choosing the relevant account for the asset you wish to stake and click “earn rewards”. A popup window will then appear. There you will be allowed to select the amount in your wallet you wish to freeze. Secondly, vote for your validator(s) who will be making the blocks on your network and the cryptocurrency earned by making these blocks will be redistributed to voters. Lastly, claim your rewards by clicking “Claim” in your relevant account. Rewards are claimable every 24 hours.
Swapping
Ledger has released a Ledger Swap feature which allows users to exchange their cryptocurrencies through their partner Changelly. How this works is you send your cryptocurrency from your device to Changelly, and Changelly sends you back the swapped cryptocurrencies.
To use this feature you will need: Ledger device, Ledger Live, the app for the crypto you want to swap and receive, and finally the exchange app.
Lending
Ledger is working with Compound ($COMP) to allow users to lend DAI, USDT and USDC through Compound’s decentralised finance (DeFi) protocol. The purpose of doing is is that the lender could earn an Annual Percentage Rate.
Further, there are numerous benefits when using Ledger to lend:
Control: You have control and proof that the crypto you lend and generated interest belong to you. This is because lending on Ledger is done through Compound, and when you lend on the platform you get “cTokens” in return. These cTokens represent proof of your ownership of the cryptocurrencies lent and the interest generated. These cTokens are stored by you until you want your lent assets and interest back, and in which case all you need to do is to send the cTokens back to the smart contract.
Security: cTokens are stored on your ledger hardware wallets.
Convenience: Compound’s lending features are available directly through Ledger Live.
Lending crypto using Compound and Ledger Live is done in 3 simple steps. Firstly, on Ledger Live’s Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound’s smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound, verify and approve the transaction on your device.
Security features
One of the key reasons to buy Ledger hardware wallets is the firm’s reputation for security. The Nano X contains a two processor chips:
Secure Element: ST33J2M0 (secure) is independently certified and stores the private key and signs transactions
Operating system: STM32WB55 chip is responsible for Ledger’s BOLOS proprietary Operating System.
Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers. This means that even if the Ledger Nano X is connected to a compromise device – like a hacked laptop or phone, the private keys (=access to crypto funds) is never compromised. Devices like the Trezor One and Model Tdo not have secure elements and only have a single layer of security.
Ledger Nano X Teardown showing CC EAL 5+ Secure Element Chip
The Ledger Nano X also has the same BOLOS operating system that is found on the Nano S. BOLOS ensures that addresses are displayed properly on the device and handles connections to external devices.
Similar to the Nano S, users can set up wallets protected by a passphrase in addition to your primary PIN code. So say a thief demands you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Whilst hiding the bulk of your crypto assets behind passphrase protected wallets.
The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless, and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca has stated during an interview that Bluetooth on Ledger functions assuming the connection has been compromised – at no point will it be able to take over the device.
Bluetooth can be turned off on the Ledger Nano X
In October 2019, the Nano X received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). Currently, of all the cryptocurrency hardware wallets on the market, only Ledger’s Nano S and Nano X have this certification. The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.
Ledger hack
In July 2020, Ledger confirmed they suffered a data breach whereby an unauthorised third party accessed Ledger’s e-commerce and marketing database. As a result, around 1mil email addresses were exposed, and of those, 9,500 customers’ had further information exposed such as their first and last names, postal address, phone number and ordered products.
Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate the matter. The team are also constantly monitoring for evidence of the data being sold on the internet.
Subsequent to the data breach, users have been reporting receiving phishing emails and texts by asking them to download a new version of the Ledger software. If users click on the link in the email, they will be redirected to a fake cloned version of the Ledger site. Afterwards, if users download the “update”, which is in fact a malware, it would ask users for their Ledger’s recovery phrase. The entered recovery phrase is then used by the attacker to recover the user’s wallet and send the user’s cryptocurrencies to the attacker’s wallet. For a full explainer on how the phishing attack works see the report from Kraken.
Phishing email sent from info@ledgersupport.io address
We do note that this can be more accurately characterised as a “data breach” rather than a hack. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.
Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger nano X supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins. The rule of thumb here is that the Nano X will support the same assets as the Ledger Nano S.
Installing Ledger Live
Ledger Live application interface
Ledger has a native application called Ledger Live to allow you to access cryptocurrency accounts (including Bitcoin, Litecoin Ethereum and other cryptocurrencies). Ledger Live is available on multiple platforms including Windows, MacOS, Linux, Android and iOS. We found the Ledger Live app easy to use as it clearly displays cryptocurrency assets with historical charts. Sending cryptocurrencies is extremely easy with step-by-step operation which clearly displays the sender and receiver addresses. There are also advanced features to manually customise the transaction fee in sat/byte.
How many coins can Ledger Nano X Hold?
One of the weakness of the Nano S is the lack of space for installed applications. The Ledger Nano X fixes this problem by increasing the internal memory to 2 MB. In our tests we were able to install all 73 available apps on the device (Ledger claims up to 100+). It should be noted that app storage is a convenience feature – apps will still retain their accounts / cryptocurrency balances even if uninstalled.
Does Ledger Nano X support Ethereum and ERC-20?
In September 2019 Ledger added a native Ethereum Wallet to its latest Ledger Live v.1.14.0 which adds support for 22 coins and over 1,250 ERC-20 tokens. This allows for direct access to tokens and ethereum whilst on the go without the need for a 3rd-party interface like MyEtherWallet. This is a welcomed upgrade to Nano X users who previously had to use different interfaces depending on the cryptocurrency you wanted to interact with. It will also certainly be welcome to newcomers to cryptocurrency, who may be confused by the different interfaces.
One of our complaints is that Ledger Nano X has to enter each app separately account – something that is not necessary on the Trezor Model T.
Is Ledger ready for Ethereum 2.0?
Ethereum 2.0 is coming soon with the first Phase 0 Beacon Chain to be launched in December 2020. Leading up to this, Ethereum stakers need to deposit at least 32 Ether onto the Beacon Chain using a deposit contract. Therefore Ledger has updated the Nano X’s new firmware version 1.2.4-5, in which the Ethereum application update to version 1.6.0 allows users to sign a deposit contract transaction directly on the Ledger Nano X. This feature is EXCLUSIVE to the Ledger Nano X.
In the future, users would be able to use their Ledger Nano X to derive an Ethereum 2.0 public key and validate that the withdrawal public key used in the deposit contract does actually belong to the Ledger device. The Ledger team are also working on a second Ethereum application which would allow stakers to securely sign blocks on the Beacon Chain.
5/5 Multi Currency Support
Hardware Design
Input is made with the two circular buttons
The new Ledger Nano X has two hardware buttons – hidden in the circular design of the cover pivot. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons), and even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons – perhaps a touchscreen or additional buttons could of helped.
Nano X has a larger screen with higher resolution. This means that full cryptocurrency addresses could be displaced without scrolling – something that was sorely lacking in the Nano S.
The Nano X uses a modern USB-C interface for charging and connecting to the PC. This is a welcomed upgrade as the computing world migrates to USB-C.
The Nano X also now comes in 3 colours: Onyx Black, Blazing Orange and Cosmic Purple.
Ledger Nano X can be used with mobile devices, and transactions can be sent on the go using the Ledger Live app on mobile. We found this feature to be very situational. Whilst it is helpful to be sending crypto on the go with the security the Nano X provides, the convenience is lacking when compared to mobile wallets like the Enjin Wallet. A separation confirmation set is needed: unlock device via PIN, enter the cryptocurrency app, check and confirm the transaction. This feels tedious and not suitable for simple coffee purchases or small transactions. What does make sense is perhaps large purchases (a car or house?) or token sale investments. However, the question remains, how frequently do we need to send large amounts of crypto on the go?
How do you Update the Ledger Nano X
Ledger periodically releases updates for the Ledger Nano X to improve security, functionality and coin support. In fact, firmware updates are required in order to get support for the latest cryptocurrencies. In order to update the firmware, plug the Nano X into your computer and run the Ledger Live app. The app will automatically display your version number and show any available firmware updates. To initiate the update, click the update button and confirm the installation in the Nano X by pressing down both buttons when prompted to “allow ledger manager” to access the device.
Ledger Nano X worth the upgrade?
At $119, the Ledger Nano X is not a budget device – it commands a certain price premium making the upgrade decision harder for many users. For many, the deal breaker convenience features – the large screen that displays full cryptocurrency addresses and larger storage for more apps. If these features are important for you, then the Nano X is worth the upgrade. However, if you only need a few apps, the budget friendly Ledger Nano S is a better option at $59.
Ledger Nano X compared with Trezor Model T
Ledger compared to other Hardware Wallets
The biggest difference between the Ledger Nano X and the Trezor Model T is the screen and supported coins. The Trezor Model T has nice touch screen which helps with entering PIN and the security phrases. However, the Trezor has fewer supported coins and usually projects tend to release Ledger support first. The following table is a comparison between various hardware wallets, including the release date, external security certification (if any), release date and our review rating.
At the end of the day, choosing between the Ledger Nano X and other hardware wallets is mostly based on 1 question – are the cryptocurrencies you want supported on the device. Support for a large number of coins has always been Ledger’s strong suit, along for browser support in Decentralized exchanges (Binance DEX, IDEX and Switcheo)
Can you keep your coins when upgrading from the Ledger Nano S to Ledger Nano X? Yes. When doing the upgrade, choose to “restore” option during setup and enter the 24 word recovery phrase from the Ledger Nano S backup
Can the Bluetooth Feature be turned Off in Ledger Nano X? Yes, Bluetooth can be disabled in the Control panel. This will disable Bluetooth communications and only allow the Ledger the communicate via the USB cable. You can access the panel by holding down both buttons for 3 seconds.
Can many apps can you install on the Ledger Nano X? We found that the Ledger Nano X can hold all 73 Apps currently available on the Ledger Manager. There is even more storage available for future applications.
Why does the Ledger Nano X Bitcoin Address change? Ledger includes a feature to automatically generate a new Bitcoin address each time an old one is used. This increases the privacy of transactions, as different addresses are used for new transactions. Old addresses can still be used as the Ledger contains full access (include future access) to these funds.
How do you generate a new public address for receiving funds New Public addresses are automatically generated when old ones are used (the address receives or sends a transaction).
What is the latest Ledger Firmware Currently the latest firmware is 1.6.0
Will the Coronavirus (COVID-19) pandemic affect Ledger? Ledger has issued a statement saying they have in place business continuity measures to ensure they continue to have inventory and products to ship to its customers. They are however experiencing some backlog in their customer service side but are working to ensure that customer’s concerns are answered. You can check the operational status of their systems here. Inevitably there may be issues with shipping products to customers, they are still able to ship to most countries though some customers may experience limited shipping options. Check here to see if shipping to your country may be affected.
Just got a new Ledger Nano X? or always been curious about getting started with Bitcoin and other cryptocurrencies? Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour
If you missed the Arbitrum ($ARB) airdrop, there are plenty of protocols building on Arbitrum that will conduct their own token airdrop. Shell Protocol is one of them, and they have confirmed an airdrop which will happen in Q3 2023. In this article, we will explain what Shell Protocol is and what you can do to position yourself for the airdrop.
Shell Protocol is a decentralized exchange (DEX) on Arbitrum that has two key features: Proteus and the Ocean. Proteus is an automated market maker (AMM) engine that allows builders to create custom AMMs without the need for Solidity coding. On the other hand, the Ocean is a shared multi-token ledger for composing DeFi building blocks. Through this model, users and developers can facilitate low slippage stablecoin swaps.
Shell Protocol aims to establish an online monetary system using stablecoins as its building blocks. The term “shells” refers to liquidity provider shares, symbolizing containers for the pool’s value, akin to living shells housing organisms. As of now, Shell Protocol has over $10 million in total value locked (TVL).
Does Shell Protocol have a Token?
Yes, Shell Protocol will launch its $SHELL governance token in the future. Currently, the Shell team is tracking user contributions to the protocol via “Shell Points.” Any Shell Points earned in the previous season will be converted into “Crabs”, which is a fungible, on-chain, non-transferable placeholder for the future $SHELL token allocation at a 1:1 ratio.
Shell Protocol has announced it will do an airdrop and the $SHELL tokenomics. At the Token Generation Event (TGE), 200 million $SHELL tokens will be created. 80m will go to investors, the core team, and the development company; 40m will be allocated for an initial airdrop; 50m for post-TGE incentives; and 30m for their DAO treasury. The TGE is expected to be in Q3 2023.
How to Receive $SHELL Airdrops?
To qualify for the $SHELL airdrop, you will need to earn Shell Points by interacting with the protocol. These points also compound over time, so the earlier you get in, the more points you earn. Here’s a step-by-step guide:
If you don’t have funds in your Arbitrum One, you can bridge them over from the Ethereum Mainnet at bridge.arbitrum.io or Orbiter Finance.
Purchase Expander NFTs
In order to earn Shell Points, you will need to unlock quotas. You can unlock quotas by activating Expander NFTs in the Booty page. You can purchase them (aka Expanders) on OpenSea. The cheapest ones are around $10. The more expensive ones have higher quota limits.
There are also other types of NFTs that can boost your points for several days.
WARNING: Do not buy the NFTs that have no quota ratios on them!
Farm Shell Points
Once you’re in, go to app.shellprotocol.io/points. Scroll down and you can see all available liquidity pools on the protocol. You can earn points by providing liquidity or wrapping tokens at app.shellprotocol.io/trade. The quota is a cap on how many points you can earn.
Hold Toucan NFTs (Optional)
Government Toucans are a collection of Arbitrum NFTs launched by Shell Protocol. Holding one can give you additional quota to earn Shell Points. If you don’t have one, you can buy one at opensea.io/collection/government-toucans.
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: Shell Protocol has confirmed airdropping $SHELL tokens to protocol users in Q3 2023.
Airdropped Token Allocation: 40m $SHELL (out of 200m) will be allocated toward an initial airdrop. So expect even more airdrops to come!
Airdrop Difficulty: The tasks are fairly easy to complete, but you will need some real ETH or stablecoins to interact with the protocol.
Sui is the world’s first permissionless Layer 1 blockchain completely designed from the ground up. In this guide will we provide the best strategy to earn the most from any potential SUI airdrop.
Sui is a decentralized, proof-of-stake blockchain with horizontally scalable throughput and storage. Sui aims to be a step-function advancement in blockchain technology that will allow creators and developers to build experiences for Web3 users. The project is created by former senior leaders of Facebook’s (Meta) advanced blockchain research and development organization. The team first came together to form Mysten Labs– the company behind Sui. The team is also building Move – an open-source smart contract programming language.
Currently, Sui has deployed their “Permanent Testnet” – which means it’s the best time to generate blockchain evidence to get the airdrops. What we have learned from similar projects is that the more interactions that you do with the blockchain, the more airdrops you earn. We expect that $SUI will give “tiered” airdrops, giving out more free tokens to those who interact more with the blockchain.
Key Summary
Sui is a scalable and permissionless Layer 1 blockchain created by former Meta developers.
SUI is the native token of Sui with four main purposes: gas fees, staking, governance, and economy.
There is no official SUI token airdrop yet, but the team hinted that they will reward early community members and supporters.
To potentially qualify for a future SUI token airdrop, users can install and use the Sui wallet, stake and earn SUI tokens, register names on SuiNS, mint and breed Capys on Capy.art, play games and mint NFTs on Clutchy.io, and explore other projects built on Sui.
The SUI Token Community Access Program eligibility criteria has been announced! Here is how to check your eligibility to participate in the Sui Recognition Sale:
Verify your Discord here before 17th April 2023 at 9:30pm PDT.
If you are eligible, you will be required to fill in a form on their page.
Register for the token sale on Bybit, Kucoin or OKX. Sign up for an account here: ByBit, KuCoin.
UPDATE: Mysten Labs (the company behind Sui) will be doing an NFT airdrop! Those who are Sui Discord members before 3rd May 2023 can register here for a free SuiFrens Bullshark Generation 0 Limited Edition NFT before 17th May 2023 at 11am PDT.
What is the Sui $SUI token?
The SUI token is the native token of the Sui platform. SUI has a max supply of 10 billion tokens.
SUI token will have 4 main purposes: Gas fees, staking, governance, and as an underlying asset of the Sui economy.
The team has confirmed that Sui community members can purchase the SUI token during the early Sui Mainnet stage. Sui will also have a Community Access Program. This program will reward Sui supporters who have helped test Sui Apps. Rewards will also be distributed to those who help promote Sui.
There is currently no $SUI token airdrop. However, the Sui team have emphasized in its blog post that they will prioritize the distribution of SUI tokens to early community members. The team also said that those who are already spreading knowledge about Sui, onboarding developers, and testing and refining its’ applications will be part of Sui’s token allocation.
In August 2022, Sui had a $SUI token airdrop for its Testnet Wave 1 and 2 validators. 2,000 SUI (subject to 1-year vesting) was distributed for participating in every testnet “wave”.
In the latest blog post, Sui announced its SUI Token Community Access Program. Under the Community Access Program, only limited categories of early supporters will be able to obtain SUI tokens either via retrospective rewards or a recognition sale. However, there are geographical restrictions, for example US residents are not eligible to receive SUI even if they qualify under the Community Access Program.
The blog post, however, has stated clearly that they will not be any Sui airdrops, leading to the tag #suiScam trending on Twitter. This is because many people believed that Sui would do an airdrop and have spent months interacting with the testnet.
How can I participate in a potential $SUI token airdrop?
The Sui team has not officially announced how and when they will do a $SUI token airdrop. However, they had already strongly hinted that they will prioritize rewarding early community members and supporters. Here’s some ways to get a potential $SUI token airdrop:
Mint your SuiFrens Bullshark Generation 0 Limited Edition NFT
Install and use the Sui Wallet
Install and use the Sui Wallet browser extension. On their documentation page here, click “Sui Wallet browser extension”. A new chrome web store window will appear, then click “Add to Chrome”. Afterward, click “Create a New Wallet”. You will be asked to create a password and be asked to save your recovery phrase. Once you have saved your recovery phrase, tick “I saved my recovery phrase” and click “Open Sui Wallet”.
Sui wallet
Request Sui devnet tokens
On your Sui wallet (see above on how to install a Sui wallet), click “Request Devnet Sui Tokens”. You will then receive 0.05 $SUI. To get more $SUI devnet tokens, click on the 3 lines on the top right hand corner of the wallet, then click “Request Devnet SUI Tokens”.
You can also request devnet tokens via their devnet-faucet channel in Discord. Check here for full instructions.
Stake and Earn Sui
On your Sui wallet (see above on how to install a Sui wallet), click “Stake & Earn SUI”. Then select the validator you want to stake your Sui and the amount to be staked and click “Stake Now”. You can unstake and withdraw your SUI on the same page. You can also track how much $SUI you have staked and the APY on the “Coins” tab.
Mint Sui Capys NFT
Go to https://capy.art/ and connect your Sui wallet. Then, go to “My Collection” and “Capys”. Select “Get a free Capy” and on the Sui Wallet, click “Approve”. You can mint a maximum of 2 Capys.
Mint a Sui NFT Capy
Afterward, you can breed or sell your Capys.
Register your domain on Sui Name Service (SuiNS)
On your Sui wallet, go to the “Apps” tab, then click “Sui Name Service (SuiNS). You will then be taken to https://suins.io/ where you can search for names. Choose your desired name (ending in .sui or .move) and click “Register Name”. Registering a name costs 0.001 SUI.
You will then be asked to connect your Sui wallet, and afterward, click “Approve” (2 approvals are required) to approve the transaction.
Register domain on Sui Name Service (SuiNS)
Participate in Sui testnet waves
Sui has recently finished their Sui Testnet Wave 2. However, you can follow them on Twitter to see if and when they will do another testnet wave.
Play games and get test mints on Clutchy
Clutchy is a Gaming and NFT marketplace built on Sui, so using their platform may give you a better chance of getting a potential SUI airdrop. To do this, go to Clutchy.io. To play games on Clutchy, go to the “Games” tab, where you will find many games to choose from including board games, shooters, and puzzles. Meanwhile, their Launchpad will have launch test mint NFTs this week. All you need to do is to mint them using SUI tokens.
There are numerous projects built on Sui, many of which have not released their token yet and might also do a potential airdrop! Similar to zkSync, the network itself and its ecosystem projects are all doing airdrops. Learn more with our zkSync ($ZKS) Token Airdrop Guide!
So, there could be a chance to earn DOUBLE AIRDROP REWARDS!
One such project being built on the Sui ecosystem is Synthr. Synthr is a synthetic asset protocol built on Sui, and they have confirmed they will do a $SYNTH token airdrop! For more details check out our Synthr ($SYNTH) token airdrop guide.
Mint your SuiFrens Bullshark Generation 0 Limited Edition NFT
Mysten Labs, the company behind Sui, have announced its ACES (Active Contributors & Early Supporters) Program. Those who joined the Sui Discord before 3rd May 2023 can register with their Discord account and Sui wallet before 17th May 2023 at 11am PDT: https://aces.mystenlabs.com.
Those who are eligible will be airdropped a SuiFrens Bullshark Generation 0 Limited Edition NFT at a later date. It is unknown what the utility of the NFT will be.
📢 Announcing our ACES (Active Contributors & Early Supporters) Program
If you were a Sui Discord member BEFORE Sui Mainnet launch on May 3, then register here before May 17th 11am PDT to become one of the Mysten ACES: https://t.co/uDeJnAHXlc
Am I eligible to receive SUI tokens in the Community Access Program?
Sui has stated there will be no SUI airdrops. Instead, there will be a SUI Token Community Access Program which will offer retrospective rewards and a recognition sale for the following categories of Sui supporters:
Capy Holidays competition winners: They will receive tokens directly based on the competition terms.
Champions: Testers and moderators who attended, organized and ran events. They will get SUI tokens after the mainnet launch.
Supporters: These are Sui Discord community members that joined before 1st February 2023 and offered suggestions, joined discussions, interacting with the ecosystem and helped suggest innovations. Also included are the winners of the Frenemies Competition. These people will be able to purchase SUI during a Recognition Sale.
Those who are eligible to receive SUI tokens will be contacted directly by the team. Meanwhile, here is how to check your eligibility to participate in the Sui Recognition Sale:
Verify your Discord here. You must have joined their Discord before 1st February 2023 to be eligible. Note that this verification portal will close on 17th April 2023 at 9:30pm PDT.
If you are eligible, you will be required to fill in a form on their page.
Register for the token sale on Bybit, Kucoin or OKX. You can sign up for an account here: ByBit, KuCoin, OKX.
We recommend signing up with every participating exchange, especially ByBit for the Sui Recognition Sale. This is because Bybit have been allocated the largest number of tokens allocated to them for sale compared to other exchanges and likely will have the highest trading volume. Meaning it would be easier to get an allocation and faster to trade your SUI tokens before everyone else.
You must complete the KYC requirements for the exchange you plan to buy your SUI tokens from, so it is suggested to sign up ASAP. Note that people from the United States are not eligible to participate in Sui’s Community Access Program. Also, people from the following countries are not eligible to participate in the Sui Recognition Sale, even though they may be eligible under the Community Access Program: United States, mainland China, Singapore, Quebec (Canada), Ontario (Canada), North Korea, Cuba, Iran, Ukraine, Sevastopol, Sudan, Syria, Uzbekistan, or any other jurisdictions excluded by the exchange.
Those eligible to participate in the Community Access Program can buy up to 1,500 SUI at US$0.03 per SUI. There will not be any lockup period for the SUI tokens which will be distributed at mainnet launch on 3rd May 2023.
SUI Recognition Sale Details
As mentioned previously, some Sui Supporters will be eligible to participate in Sui’s Recognition Sale. These are Sui Discord community members that joined before 1st February 2023 and winners of the Frenemies Competition. The Sui Recognition Sale allows these supporters to purchase Sui at US$0.03/Sui instead of the public price of US$0.1. Only, Bybit, Kucoin or OKX will be hosting the Sui Recognition Sale, so eligible persons must sign up for an account and complete any required KYC on those exchanges.
According to Sui, over 340k Discord accounts were eligible for the Recognition Sale. Of this, 180k accounts made submissions for the Recognition Sale (this excludes any ineligible accounts). Because there is a maximum allotment of tokens for the Recognition Sale, Sui has done a random selection of the submissions. And it is estimated that around 96k supporters will be able to actually participate in the Recognition Sale (assuming each user purchases the maximum allotment). Sui has emailed these allowlisted participants with instructions as well as the 3 exchanges.
SUI Tokens will be distributed to successful Recognition Sale participants at the following times:
Kucoin: From 01:00 on 2nd May to 09:00 on 3rd May UTC.
Bybit: 06:00 on 3rd May UTC.
OKX: 06:00 on 3rd May UTC.
All tokens will be unlocked at Sui mainnet launch on 3rd May.
Here are the timelines for the Sui Recognition Sale for all 3 exchanges.
Kucoin:
Bybit:
OKX:
Sui 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: For now there is no airdrop, and only those who are eligible under their Community Access Program will either receive SUI or be eligible to participate in their Recognition Sale. The Recognition Sale will allow eligible users to buy SUI at a discounted price.
Airdropped Token Allocation: 594 million $SUI tokens will be allocated towards their Community Access Program. But they will not be distributed in the form of airdrops.
Airdrop Difficulty: Sui has not announced any airdrop, but it has said it will reward early users. Their wallet is in devnet stage and has the basic features, in addition, you can mint their Capy NFTs and register a Sui domain name. All these actions only cost SUI tokens, which can be obtained for free. This makes the difficulty quite simple and most importantly, does not involve any cost.
Token Utility: The SUI token will have 4 main purposes: Gas fees, staking, governance, and as an underlying asset of the Sui economy. This gives $SUI holders a lot of flexibility in terms of how they can use the token.
Token Lockup: It is speculated that any airdropped $SUI tokens will be locked until the token launch. However, there is no announcement on when this would be.
Frequently Asked Questions (FAQs)
What is the Sui Community Access Program?
Sui Community Access Program is a program that rewards Sui supporters. Under the Community Access Program, only limited categories of early supporters will be able to obtain SUI tokens either via retrospective rewards or a recognition sale. However, there are geographical restrictions, for example US residents are not eligible to receive SUI even if they qualify under the Community Access Program.
Which countries are excluded from the Community Access Program?
People from the United States are not eligible to participate in Sui’s Community Access Program. Also, people from the following countries are not eligible to participate in the Sui Recognition Sale, even though they may be eligible under the Community Access Program: United States, mainland China, Singapore, Quebec (Canada), Ontario (Canada), North Korea, Cuba, Iran, Ukraine, Sevastopol, Sudan, Syria, Uzbekistan or any other jurisdictions excluded by OKX, Bybit or Kucoin.
Who is eligible to join the SUI Token Community Access Program?
The following categories of persons are eligible to join the SUI Token Community Access Program: Capy Holidays competition winners, Champions (i.e. Testers and moderators) and Supporters (Sui Discord community members that joined before 1st February 2023).
How do I check my eligibility for the SUI Community Access Program?
When is the deadline for signing up for the Sui Community Access Program?
The verification portal for the Sui Community Access Program will close on 17th April 2023 at 9:30pm PDT.
What is the token price and lockup period for the Community Access Program?
Those who are eligible to join the Community Access Program can purchase up to 1,500 SUI at $US0.03 per token. The tokens are not subject to any lockup period and will be distributed at mainnet launch.
How can I join the SUI Token Recognition Sale?
First check if you are eligible here. Note that this verification portal will close on 17th April 2023 at 9:30pm PDT. If you are eligible, you will be required to fill in a form on their page. Then, register for the token sale on Bybit, Kucoin or OKX. You can sign up for an account here: ByBit, KuCoin, OKX.
When is the Sui mainnet launch?
Sui has confirmed it will launch its mainnet on 3rd May 2023.
Arbswap is a decentralized exchange (DEX) suite native to Arbitrum. Their aim is to become the best-performing DEX on Arbitrum Nova and the no.1 go-to DEX on Arbitrum One. The team has also confirmed on Twitter they will be doing an airdrop of their soon-to-be-released token. In this article, we will explain what Arbswap is and a step-by-step guide on what you can do to receive its token airdrop.
Arbswap is the ultimate game-fi-optimized DEX for Arbitrum Nova and One. The project hopes to offer a streamlined and user-friendly trading experience for all in-game assets, including both fungible and non-fungible assets (e.g. NFTs). Our liquidity farming feature allows projects to host LP incentives on both flexible and locked farming, granting more control to game projects on Nova. With Arbswap, users can enjoy a simplified trading experience for all their in-game needs, eliminating the need to navigate between Uniswap and NFT marketplaces.
Does Arbswap have a Token?
Arbswap does not have a token yet, and they have not released their tokenomics. However, they have announced they will do a token airdrop and gave some hints on how you can be eligible for an airdrop.
Arbswap is doing a multi-stage airdrop event to earn ArbEgg NFTs and points, which will translate to an airdrop when its token is launched. Stage 2 of the airdrop is now LIVEfrom 13 April 2023, 2:00PM UTC to 28 April 2023, 2:00AM UTC! Here’s how to participate in Stage 2 of the Arbswap airdrop:
Stage 2 will focus primarily on on-chain activities, and there are 4 events for ArbEgg NFT holders to participate in and earn points. Additionally, there will be a leaderboard that tracks all user progress, and the top 100 participants from each event will be rewarded with another exclusive ArbEgg NFT.
Now, you can start stacking ArbEgg Points, which gives you a higher chance of getting more airdrops once the event ends.
Complete social tasks to get ArbEgg Points
Arbswap has updated stage 2 with extra social events and an extended deadline! Here are the extra events to be completed for bonus ArbEgg Points and prizes!:
21 April to 24 April Meme Contest: Follow, Like & RT the game post, share your funniest memes. 100 ArbEgg Points will be awarded for the 10 funniest memes!
24 April to 26 April Meet your ArbEggs: Follow, Like & RT the game post, complete the maze and leave a screenshot in the comments. 50 ArbEgg Points will be given to 20 winners!
26 April to 27 April Word Puzzle: Follow, Like & RT the game post. Then, complete the Word Puzzle and leave a screenshot in the comment. 20 ArbEgg Point will be given to 50 random winners.
All ArbEgg Points earned will be converted to $ARBS tokens. Also, all ArbEgg NFT holders and those with the “Real Arbsian” role on Discord will be eligible for the airdrop and get an extra 20% ArbEgg points.
The top participants in each event of Stage 2 will also be awarded the ArbEgg: Stage 2 NFT. They will automatically be entitled to an even larger $ARBS token airdrop.
How to Get Maximum ArbEgg Points?
ArbEgg Points are exclusive to Arbswap’s Discord, where 1 Point equals 1 ArbEgg Point. At the end of each airdrop stage, the Arbswap team will publish a point sheet on Twitter and Discord showing the number of points earned. To check your ArbEgg Points daily, you can also go to the Discord #victory-wall channel.
Invite friends to Discord with your referral link.
Submit your tweet links to the #tweet-dispatch channel on Discord.
How to claim your ArbEgg Points?
For off-chain activities (i.e. Social activities), you will need to comment that you have completed the task on Discord with your wallet address. If you have not done so, you MUST do so by 4am UTC on 5th May 2023 to claim your ArbEgg Points, here’s how:
Note that late submissions will be considered disqualified!
How to Claim $ARBS Token Airdrop?
Those who receive the $ARBS token airdrop will have 3 options- burn, vest or unlock:
Burn — Claim 10% of the airdrop and burn the remaining tokens.
Vest — Claim 5% of the airdrop and vest 15% over 24 months. The rest will be burnt.
Early Unlock — 0.01 $ETH is required to claim 50% of the airdrop instantly, with 50% vesting over the period of 12 months.
Arbswap Token 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: Arbswap is currently doing stage 2 of its airdrop, so act fast to earn more points!
Airdropped Token Allocation: It is unknown how many Arbswap tokens will be allocated towards airdrops.
Airdrop Difficulty: Getting an Arbswap token airdrop will require you to transact on Arbswap by swapping tokens or adding liquidity to their pools. These are simple actions for most cryptocurrency traders but will require you to use your own funds.
Token Utility: The Arbswap token utility is unknown.
Token Lockup: The Arbswap token lockup is unknown.
Sui is the world’s first permissionless Layer 1 blockchain completely designed from the ground up. They are a decentralized, proof-of-stake blockchain with horizontally scaleable throughput and storage.
Ex-members of the Meta team came together to form Mysten Labs– the company behind Sui. They are also building Move, which is an open-source smart contract programming language.
However, Sui is not a derivative or an add-on of the Diem network. Instead, it is a step-function advancement in blockchain technology that is designed to allow creators and developers to build experiences for web3 users.
Who is the team behind Sui?
Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis and Kostas Chalkias co-founded Sui. They are co-founders are former senior leaders of Facebook’s (Meta) advanced blockchain research and development organization. They were responsible for delivering some of the most advanced open source components such as the programming language, execution engine and cryptography of the Diem network.
What are Sui’s main features?
Sui has the following main features:
Sui is able to scale horizontally without any upper bounds. This enables them to meet application demand whilst maintaining extremely low operating costs per transaction.
The design of Sui is groundbreaking in that it eliminates a critical bottleneck in existing blockchains. In traditional blockchains, transactions (though independent of each other) are pushed into sequential blocks which creates wasteful computational power. Sui’s innovation is that they will organise data into independent objects, meaning that transactions can be executed in parallel.
The network is also able to scale throughput horizontally because it enables parallel agreement on causally independent transactions. They achieve this through Byzantine consistent broadcast, which eliminates the overhead caused by global consensus yet without sacrificing safety and liveness guarantees.
Sui’s unique features mean there will be unmatched scalability and instant settlement of transactions. The platform can scale horizontally to meet the increasing demands of applications. Sui’s authorities can add workers to increase processing power in order to meet growing network capacity. The result of this would be lower gas fees even when network traffic is high, and thus better user experiences for web3 apps.
How do users participate in Sui?
There will be 3 types of participants: Users, token holders and Validators.
Users will be responsible for submitting transactions to the platform in order to create, change and transfer digital assets or interact with more complex applications.
Token holders have the option of delegating their tokens to validators and participating in their proof-of-work mechanism. SUI token holders also have the right to participate in Sui’s governance and decide on the future direction of the project.
Validators manage the processing and execution of transactions on the Sui platform.
Who are Sui blockchain’s investors?
Sui has so far raised US$36 million in Series A funding. Sui’s Series A funding round was led by Andreessen Horowitz’s a16z. Other participants in Sui’s funding include Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Samsung Next, Slow Ventures, Standard Crypto, NFX, and Scribble Ventures, among others.
Mysten Labs’ Series B funding round is well underway, with Sui being valued at over US$2 billion. Mysten has recently closed a US$300 million fundraise led by FTX Ventures. Other Series B investors include Coinbase Ventures, Jump Crypto, Circle Ventures, a16z (again), Binance Labs, and O’Leary Ventures, among others.
What is the $SUI crypto token?
The SUI token is the native asset of the Sui platform with a total supply capped at 10,000,000 (i.e. 10 billion). A portion of SUI’s total supply will be released at the mainnet launch of the platform. The remaining tokens will be vested over the coming years or distributed as future stake reward subsidies.
The SUI token will have 4 main purposes: Staking, gas fees, as an underlying asset of the economy, and lastly for governance. Specifically:
SUI can be staked in order to participate in the platform’s proof-of-work mechanism.
SUI is the asset used for paying gas fees required to execute and store transactions or do various operations on the platform.
SUI is used as an asset on the platform with all the standard features of traditional money- used as a unit of account, a medium of exchange, and a store of value. It can even have more complex functions enabled by smart contracts across the Sui platform.
SUI token holders have the right to participate in on-chain governancevoting on various issues affecting the Sui platform such as protocol upgrades.
What is the $SUI token allocation?
Over 50% of $SUI tokens will be held by the Community Reserve, which will in turn be managed by the Sui Foundation. The Community Reserve intends to use the SUI tokens through various community programs. For example:
Delegation Program: The SUI Delegation Program will allow community members seeking to run a validator to apply for delegated $SUI tokens. This helps bootstrap community-run validators and promotes an even stake distribution across the network validators.
Grant Programs: $SUI tokens will be distributed directly to developers, community ambassadors and others who are building or creating educational materials for Sui.
Research and Development: Tokens will be allocated for the advancement of the Sui protocol.
Validator Subsidies: Tokens will be distributed to subsidize staking rewards.
As for the remainder of the $SUI tokens, 20% will go to early contributors, 14% to investors, 10% to the Mysten Labs Treasury, and 6% to the Community Access Program and App testers. Click here for more details on SUI tokenomics.
Those who are eligible under the SUI Token Community Access Program will either receive retrospective rewards or be able to participate in the Recognition Sale. There will also be a General Sale. However, these are subject to geographical restrictions.
Will there be a $SUI token airdrop?
Sui had a $SUI token airdrop for its Testnet Wave 1 and 2 validators. Validators were rewarded with 2,000 SUI for every testnet “wave” they participated in. The airdropped tokens were subject to a 1-year vesting period. Although registration has been closed, there is a possibility of a third testnet “wave”. However, in their latest blog post, it seems that an airdrop is unlikely. Instead, Sui has announced a SUI Token Community Access Program which will distribute retrospective rewards or allow access to an earlier Recognition Sale to those who are eligible.
There will be 2 rounds of SUI token sale, the Recognition Sale and the General Sale. Note there are exclusions for participating in the token sales. (Klonopin)
Sui has confirmed it will officially launch its mainnet on 3rd May 2023.
For more details on the SUI token sales for each exchange, see here: Bybit, KuCoin, OKX.
Sui Recognition Sale
The Recognition Sale is only available to those whitelisted by the Sui Foundation. Those who are eligible can purchase up to 1,500 SUI from a pool for US$0.03. The tokens will be fully unlocked during the mainnet launch on 3rd May 2023.
According to Sui, over 340k Discord accounts were eligible for the Recognition Sale, and 180k accounts made submissions. Sui randomly selected submissions, and it is estimated that around 96k supporters will be able to participate in the Recognition Sale. Sui has emailed these allowlisted participants with instructions. S
The following exchanges will participate in the SUI Recognition Sale: ByBit, KuCoinand OKX. SUI Tokens will be distributed to successful Recognition Sale participants at the following times:
Kucoin: From 01:00 on 2nd May to 09:00 on 3rd May UTC
Bybit: 06:00 on 3rd May UTC
OKX: 06:00 on 3rd May UTC.
We suggest signing up for Bybit because they have the largest number of tokens allocated for sale compared to KuCoin and OKX (94M SUI vs 25M SUI). This means you are more likely to get an allocation compared to the other 2 exchanges.
Sign up for Bybit here:
Sui General Sale
General Sale participants will be able to purchase up to 10,000 SUI at US$0.10. Only KuCoin and OKX will be hosting the General Sale, and each exchange has been allocated 225m SUI for sale in this round. Here are the details for the General Sale on KuCoin and OKX:
KuCoin: Subscription period ends on 22nd April 2023 at 16:00:00 UTC, ticket draw will be announced on 23rd April 2023 at 13:00 UTC. Tokens will be distributed on 2nd May 2023 at 01:00:00 UTC.
OKX: General Sale subscription period will be from 23 April 2023 02:00 UTC to 24 April 2023 02:00 UTC. Tokens will be distributed once mainnet launches.
SUI tokens bought during the General Sale are subject to a vesting period. 1/13 will be unlocked at the Token Generation Event (TGE). After 30 days, an additional 1/13 will be released monthly. So that all purchased tokens will be released within twelve months from the TGE date. All purchased tokens will automatically be sent to your exchange wallet.
What is the Sui economic model?
There are five major components of the Sui economic model:
Gas fees: all network operations on the platform require gas fees. Gas fees are rewarded to participants in the proof-of-stake mechanism. It can also be used to prevent spam and denial-of-service attacks.
Storage fund: This fund is used to redistribute past transaction fees to future validators. That is, users will pay fees upfront for both computation and storage. The storage fees which are collected are deposited into a fund used to adjust the future share of staking rewards. This is so that when there is a high demand for on-chain storage, validators will receive additional rewards to compensate for their costs. When demand is lower, rewards will also be adjusted accordingly. Users however will be able to save funds through a “deletion option” which allows them to delete previously-stored on-chain data. By exercising this option, users can receive a storage fund rebate.
Proof-of-stake mechanism: Used to select, incentivize and reward platform operators i.e. the validators and SUI delegators.
On-chain voting: for voting and deciding on governance and protocol upgrades.
What is the Sui Explorer (Suiscan)?
The Sui Explorer (known as Suiscan) was launched in August 2022 and is a trusted transparency tool for those who are using and building on Sui. The main purposes of the Sui Explorer are as follows:
Maintain the most updated and accurate on-chain data, activity, and metrics;
act as a fast, reliable, and transparent tool for debugging issues and auditing;
enable the lookup, verification, and tracking of assets and contracts; and
provide useful smart contract development and features that will be unique to Sui Move.
Major features of Sui Explorer are as follows:
Sui Explorer builds on existing blockchain explorers by providing go-to-definition support for all smart contracts. Clicking on any struct will direct users to the package and defining module which improves code navigation, readability, and learnability;
object details are rendered recursively, thereby providing an optimized view of objects on the Sui Explorer;
address details are divided into (1) Coins; and (2) NFTs for convenient navigation. Users will be able to have a clear view of the assets and transactions with this address. Coins that are of the same type are also automatically aggregated. However, an expanded paginated view of the information is also available;
transactions will show more details such as gas fees paid, objects updated, token amount and the relevant addressing. For some transactions, additional information such as bytecode of published modules and emitted events can also be included;
Sui Explorer will also have a validator table and node map showing the active full nodes and their locations. The purpose of this is to provide information on Sui’s network operations as the network continues to mature.
Suiscan is currently running on Devnet and eventually also on Testnet when it is live.
What is the Sui Wallet?
The Sui Wallet allows users to create addresses and view and manage their assets on the Sui network. The Sui Wallet can also interact with dApps. Similar to MetaMask, Sui Wallet will be a Google Chrome extension so users can simply access it on their Chrome browsers.
What is the development progress of Sui?
Sui has confirmed it will officially launch its mainnet on 3rd May 2023.
There is no release date for the Sui platform yet.
When is the SUI crypto token sale?
There is currently no information on when the SUI token will be sold.
When is the SUI ICO?
No announcement has been made on the timing of the SUI ICO yet.
Is Sui the same or related to Aptos?
No, Sui and Aptos and completely different and unrelated projects. The only connection between the two projects is that both teams have previously worked in blockchain development at Facebook (Meta).
When is the Sui mainnet launch?
Sui has confirmed it will officially launch its mainnet on 3rd May 2023.
Will there be a Sui token airdrop?
There is no official announcement of a Sui token airdrop. Instead, it seems that there will be a Community Access Program which will not involve airdrops.
