SlowMist Technology’s report stated that this type of scam exploits users’ trust and negligence, resulting in asset losses.
Why Base Chain Has Potential to Lock the Next Generation of Crypto Users
The next era of Web3 will be defined by the ability of projects to attract and retain users, says Kelly Ye of Decentral Park Capital. Coinbase’s Ethereum Layer 2 is showing the way forward.
DeFi And Web3 Gaming Dominate Q1: Record Transactions Leave Stablecoins In The Dust, Report
In a recent report published by QuickNode, the first quarter of 2024 showed the dominance of decentralized finance (DeFi) and the notable growth of Web3 gaming in the crypto industry, which outperformed the stablecoin sector in key metrics, indicating investor preference and market sentiment during this period.
Hopes For Second ‘DeFi Summer’
Per the report, DeFi experienced a significant resurgence in Q1’24, fueled by a surge in developer and user activity, particularly on chains like Solana (SOL) and Base.
This resurgence has sparked growing hopes of a second ‘DeFi Summer,’ as DeFi projects embrace new concepts such as staking, liquid staking, restaking, and liquid restaking, which have been catalysts for its growth. Notably, staking now represents a substantial portion of DeFi’s Total Value Locked (TVL).
While stablecoins remain the top spot for address activity, DeFi surpassed stablecoins in an essential metric: transaction counts.
DeFi emerged as the leader in transactions for Q1’24, averaging nearly 7 million daily transactions. Furthermore, DeFi led in fees spent, gas usage, and the overall number of projects despite comprising only approximately 4% of the total crypto market cap.
The TVL for yield-generating protocols within DeFi witnessed steady growth, climbing from $26.5 billion in Q3’23 to $59.7 billion in Q1’24. According to QuickNode, this rally signifies a return of confidence and liquidity to the DeFi markets as investors seek opportunities for yield generation.
Players Take Control With Web3 Gaming
In parallel, Web3-based gaming has emerged as a significant departure from conventional gaming platforms. By leveraging cryptocurrencies and non-fungible tokens (NFTs), Web3 gaming offers players new and decentralized gaming.
Players now have the opportunity to actively participate in games and earn rewards, shifting control away from centralized entities within the gaming ecosystem.
The report highlights the growth of Web3 gaming, surpassing stablecoins in transaction volume and achieving the highest year-over-year (YoY) active address growth across all categories, with a 155% increase in active addresses during Q1 ’24.
This surge in player engagement and participation is evident through the exponential growth of transactions within Web3 gaming, which experienced a staggering 370% YoY increase.
The Appeal Of Stablecoins
Although stablecoins continue to lead in daily active users, representing over 41% of all Web3 user activity, other categories have shown higher quarter-over-quarter (QoQ) activity growth, indicating potential catch-up.
Tether’s USDT remains the dominant stablecoin, controlling approximately 75% of the market cap. Notably, Circle’s USDC has taken the lead in volume and average transaction size, partly due to Coinbase’s efforts to integrate USDC on its platform and promote its use on its Layer 2 network, Base.
In addition, the report notes that stablecoins have proven attractive to both new and experienced users, offering stability and value predictability, especially during periods of market uncertainty.
QuickNode attributes the surge in stablecoin user activity in Q1’24 to several factors, including the approval and listing of spot Bitcoin ETFs in the US, the anticipation of Bitcoin’s next Halving event, the devaluation of fiat currencies, the popularity of low-volatility assets, and the strength of the USD, to which over 90% of stablecoin transactions are anchored.
Featured image from Shutterstock, chart from TradingView.com
Bored Ape NFT Prices Tank to August 2022 Levels, Down 90% From Peak
Bored Apes were one of the most globally hyped NFTs in the last bull market, but have suffered amid a general lack of demand for NFT collections.
Munchables Exploited for $62M Ether, Linked to Rogue North Korean Team Member
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The Future Is Open Finance
Meet The Woman Behind Solana Hit Meme Coin ‘Doland Tremp’
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Immutable, King River Capital, Polygon Labs Set Up $100M Web3 Gaming Fund
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Reddit Is Making a Deal With the AI Devil
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Web3 App Store Magic Square Unveils $66M Grant Program
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Revolut Launches Direct Crypto Purchase Into MetaMask Wallets in Bid to Simplify Web3
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Paris Saint-Germain Becomes Trailblazing Validator On Chiliz Blockchain, Fueling 9% Rally In CHZ
In a notable development that signifies the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) has announced its deepening partnership with Chiliz (CHZ), the Malta-based FinTech provider.
PSG, one of the world’s most renowned football clubs, is set to become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.
Chiliz $1 Billion SportFi Ecosystem Attracts PSG
According to Thursday’s announcement, the latest collaboration will see PSG play an important role in ensuring the security, accuracy, and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of a blockchain network.
Since its partnership with Chiliz in 2018, which led to the launch of the PSG Fan Token – the club’s official digital asset – PSG has become increasingly involved in adopting Web3 in sports. The club’s approach to Web3 innovation is further highlighted by the appointment of Pär Helgosson as the Head of Web3, a position dedicated to driving the club’s digital transformation.
Per the announcement, the choice of Chiliz as the platform for this initiative is attributed to its robust $1 billion SportFi ecosystem, which attracts a large community of crypto-native sports fans.
Chiliz’s infrastructure and support for decentralized applications (dApps) have made it a preferred platform for over 50 web3 projects, showcasing its capacity to attract large Web3 products and services.
Web3 Adoption In Sports
To support the Chiliz Chain’s continued growth, PSG has pledged to use 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace.
According to the announcement, these automated buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, are expected to strengthen the club’s digital economy and regularly replenish its Fan Token reserves.
In addition to its role as a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris, France, in the summer of 2024.
Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating:
This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.
Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of web3 sports, stating:
Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.
CHZ Skyrockets To $1.13 Billion Market Cap
Following the announcement on Thursday, the Chiliz native token CHZ, originally launched as an Ethereum-based ERC-20 token, has experienced a significant surge in its trading price, reaching $0.1283 and achieving a market capitalization of $1.13 billion.
Since the beginning of Thursday, the token has continued its upward trend, witnessing a 9% price increase. This growth adds to the token’s sustained positive performance over longer periods, aligning with the overall market trend.
Over the past seven and fourteen days, CHZ has demonstrated notable price increases of 19.5% and 25%, respectively. Moreover, within the last thirty days, it has experienced a remarkable surge of 32%, allowing the token to bridge the year-to-date gap. Despite a decline of approximately 6% over this timeframe, the recent surge has significantly mitigated the overall loss.
Featured image from Shutterstock, chart from TradingView.com
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Telefónica Teams Up With Chainlink to Provide Security Against ‘SIM Swap’ Hacks
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What Is ERC-404? The Experimental Standard Whose First Token Has Rocketed 12,000% in One Week
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NFTs Are the Pillars of Digital Capitalism, Animoca Founder Says
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Web3 Gaming Company Saltwater Raises $5.5M Seed Funding
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Chris Dixon Talks Techno-Optimism, Permissionless Innovation and the Need for Crypto
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Web3 Payments Firm Transak Joins Visa Direct to Streamline Crypto-to-Fiat Conversion
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