Cryptocurrency

Harvard Students and Alumni Launch Groundbreaking Native Bitcoin Blockchain Project at Harvard Innovation Labs to Tackle Global Debt Crisis At the heart of the project is the development of a native Bitcoin stablecoin, leveraging the transformative potential of decentralized finance (DeFi). Built on the innovative BeL2 infrastructure, NBW aims to reshape global financial systems, unlocking new possibilities for debt management and financial stability across nations. With the power of DeFi and blockchain, NBW stands poised to disrupt the status quo, offering a bold new path toward economic resilience in the face of one of the greatest challenges of our time. This initiative signals not just a step, but a leap toward a decentralized, stable and secure economic future. The project reframes Bitcoin as not just a store of value but the foundation of a decentralized financial system. Using BeL2—Bitcoin’s second-layer solution—the NBW project enables smart contracts for Bitcoin-backed stablecoin construction, empowering users to engage in decentralized finance while preserving Bitcoin’s core principles of decentralization and security. The BeL2 infrastructure allows for decentralized finance applications, where Bitcoin remains securely on the main network. Bitcoin can be used as collateral for Layer 2 applications such as decentralized exchanges, loans, and stablecoin issuance. The NBW team ensures that all Bitcoin-related settlements occur on the Bitcoin main network for maximum security. Instead of transferring assets across chains, messages are sent to Ethereum-compatible networks to issue stablecoin, uniting technologies and supporting a robust decentralized economy. About New Bretton Woods Project (NBW) The project is led by Digital Economy Research Initiative, a team of Harvard students and alumni. NBW is set to be incubated at Harvard Innovation Labs in the coming weeks. Focused on bridging the gap between traditional finance and decentralized systems, the team is committed to advancing financial inclusivity and economic stability. About Harvard Innovation Labs Harvard Innovation Labs is a collaborative ecosystem that supports entrepreneurship across Harvard University. It provides resources, mentorship, and funding to students, faculty, and alumni as they develop practical solutions in fields like technology and finance. About BeL2BeL2 is Bitcoin’s second-layer solution that enables decentralized finance (DeFi) while keeping Bitcoin secure on its main chain. By providing users with the ability to lend, borrow, and trade without intermediaries, BeL2 ensures financial freedom while preserving Bitcoin’s core principles of decentralization. With BeL2, users retain full control over their Bitcoin while accessing new financial opportunities. ContactMedia LeadRoger DarashahElastosroger.darashah@elastoselavation.orgThis article was originally published on Chainwire More

Agile Coretime Paves the Way for Polkadot 2.0 Improving the Network’s Scalability, Cost, Speed, and FlexibilityThe Polkadot community celebrates the release of its latest major product, “Agile Coretime”, as part of the ongoing Polkadot 2.0 upgrade. This new feature represents a significant advancement in how computational resources are allocated and managed within the Polkadot ecosystem, delivering unprecedented efficiency, scalability, and accessibility for projects of all sizes.Agile Coretime is not just a technical upgrade; it is the most important product launch this year for Polkadot as it evolves, through seamless on-chain governance, into a network ready to onboard the Web3 masses. It also serves as a primary catalyst for the rebirth of the entire ecosystem. By making it easier for projects to build and scale on Polkadot, this feature is designed to attract a new wave of innovative applications and use cases.As the second crucial component on the path to Polkadot 2.0, which previously saw Asynchronous Backing go live and will later allow for Elastic (NYSE:ESTC) Scaling, Agile Coretime redefines how blockchain resources are allocated by offering a dynamic, on-demand blockspace model. This new approach replaces the previous auction system, in which single cores were leased for two years at a time. The new approach makes it easier and more cost-effective for projects to access the resources they need, when they need them.Eskimor, lead developer at Parity Technologies, Polkadot’s leading technical contributor, said: “Agile Coretime is a huge milestone in making the high quality blockspace Polkadot offers more accessible. With this and other features we have in the pipeline, I expect more experimentation and awesome projects to be launched on Polkadot, showcasing its amazing capabilities. Let’s wake our sleeping giant!”One of the key advantages of Agile Coretime is its ability to align resource availability with actual network demand. By dynamically allocating computational resources, Polkadot ensures that no resources are wasted during low activity periods, while also preventing congestion during peak times. This adaptability is crucial for projects with varying needs, enabling them to scale and operate more efficiently without the burden of high upfront costs.”Devs have historically faced a binary choice: deploy a smart contract and compete with other protocols for limited blockspace, or deploy a blockchain and pay for a large amount of dedicated blockspace,” says Derek Yoo, CEO of Moonsong Labs, “Agile Coretime addresses this challenge by offering a flexible approach. For projects starting out, you can harness the power and customizability of a blockchain while paying only for the blockspace you need. For mature projects with product-market fit, Agile Coretime allows scaling to meet high levels of demand without the need for sharding.”For new developers and smaller projects, Agile Coretime lowers the barrier of entry by providing access to Polkadot’s robust infrastructure without the need for significant DOT collateral. This democratizes access, fostering greater innovation and participation within the ecosystem.Projects can purchase coretime either on-demand or in bulk, providing flexibility or predictability depending on their specific needs. On-demand purchases are ideal for projects with fluctuating demands, while bulk purchases offer stable and reliable resource allocation for teams requiring a steady flow of blockspace.For media inquiries, please contact Jonathan Duran at Jonathan(at)Distractive(dot)xyzAbout PolkadotPolkadot is the powerful, secure core of Web3, providing a shared foundation that unites some of the world’s most transformative apps and blockchains. Polkadot offers advanced modular architecture that allows devs to easily design and build their own specialized blockchain projects, pooled security that ensures the same high standard for secure block production across all connected chains and apps connected to it, and robust governance that ensures a transparent system where everyone has say in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, you’re not just a participant, you’re a co-creator with the power to shape its future.ContactMarketing Communications DirectorJen WheatleyDistractivejen@distractive.xyzThis article was originally published on Chainwire More

Blockchain storage layer Xandeum has announced that it will reveal its blueprint for scaling Solana storage at Breakpoint 2024 on September 20, 2024. At the flagship Solana conference in Singapore, Xandeum will also share details of its new storage-enabled liquid staking program and officially announce the launch of the XAND token.Designed to overcome the limitations of Solana’s current storage model, Xandeum’s technology will allow dapps to scale by accessing virtually unlimited storage. Solana can be looked at as a “world computer”, and Solana accounts are its “RAM”. At Breakpoint 2024, Xandeum will share its vision for adding the “hard drive” via their scalable storage layer, the missing piece to a full-fledged world computer. This innovation enables a Cambrian Explosion of storage-enabled dapps.The smart contract native storage layer introduces “Xandeum buckets,” an exabytes+ scalable file system integrated directly into Solana RPC (NYSE:RES) nodes. Storage will be offloaded to a decentralized network of hundreds of thousands of storage provider nodes (pNodes), supervised by Xandeum-enabled Solana validators. pNodes, validators, and liquid stakers will earn additional rewards in SOL, thanks to highly dynamic fee markets designed to optimize storage efficiency and profitability.As an event sponsor, the Xandeum team will have its own booth at Solana Breakpoint 2024 in Singapore, with community members able to learn more about key initiatives including the liquid staking pool, XAND token, and forthcoming airdrops. The first airdrop snapshot will take place on October 8, with the XAND token launch scheduled for October 29.Xandeum’s development of new storage primitives to enhance Solana’s programming model will solve the issues with the current storage system, known as “accounts,” which has proven insufficient to hold even a few gigabytes per dapp. These limitations threaten to stifle the growth of web3 applications on Solana.Xandeum lead developer Xandeum Labs has raised $2.8M to build out its scaling solution and has seen significant interest from Solana’s builder community, with over 4B transactions completed on its community-run devnet. Xandeum will support a new wave of scalable web3 dapps while maintaining Solana’s security and decentralization. About Xandeum LabsXandeum Labs is a web3 startup dedicated to building the scalable storage layer for Solana. As a major contributor to the world’s first storage-enabled liquid staking platform, operated by the XAND DAO, Xandeum has already raised $2.8 million from its community and is on track to launch its pNode network in early 2025.Users can learn more: https://xandeum.comContactBernie BlumeXandeum Labshello@xandeum.comThis article was originally published on Chainwire More

Aptos Foundation successfully hosted The Aptos Experience, a multi-day event held on September 5 and 6, 2024 in Seoul, South Korea to celebrate the ecosystem contributions shaping the future of Web3 on the Aptos blockchain. This flagship event attracted more than 700 pass holders from Web2 giants like Universal Pictures, Google (NASDAQ:GOOGL) Cloud, Franklin Templeton, Visa (NYSE:V), and SK Telecom; leaders of Web3-native projects like Aave Labs, Ondo Finance, and Supervillain Labs; and ecosystem members and aspiring builders from around the globe. Attendees were immersed in an “un-conference” environment, filled with technical workshops from Move developers, an immersive Web3 exhibition hall, and dynamic discussions designed to shape the future of Web3. Builders also took part in networking and nightly curated events.Over 60 speakers shared perspectives that set the tone for discussions on the evolution of the creator economy, digital ownership, and the critical steps needed to onboard the next billion users to Web3. Experts including Arthur Hayes, Meltem Demirors, and Santiago R. Santos offered deep dives into the future of finance, gaming, art, culture, and technology. While specific topics varied, the common theme was clear: the future on-chain is bright, and the Aptos ecosystem is making it real. NBC Universal shared insights from the company’s ongoing Web3 journey, while representatives from Visa, PayPal (NASDAQ:PYPL), Arculus, and IDA discussed the future of on-chain transactions for mobile, wallets, and stablecoins. SK Telecom, Xangle, and Lotte Group outlined the use cases and benefits of the enterprise adoption of Web3 in South Korea. Leaders from Deutsche Motors spoke about how Web3 is transforming the used car market with enhanced security and transparency. Aptos Labs announced plans for an enhanced version of the Petra wallet that will include new features: earn, which simplifies access to stablecoin DeFi lending pools for non-US users; features for peer-to-peer payments; access to exclusive content like videos and digital collectibles based on interests; groups designed to create digital communities for shared interests; and peer-to-peer “nudges” to interact with friends. Aptos Build, a suite of tools for builders to create dApps regardless of blockchain or Move skill level with integrated solutions, was also revealed and launched. Arculus debuted the highly secure and user-friendly Aptos Card – a hardware wallet that can make global value transfers as simple as tapping to pay.Throughout the Experience, cryptographers and engineers discussed multiple innovative proposals that could drive the future of finance – and Web3 – on Aptos. There will be a governance proposal, including one for Raptr, the ultimate BFT protocol, that has the potential to unlock high throughput while preserving optimal latency and maintaining performance on Aptos very soon. A new and improved Move programming language will feature greater code, vector, and storage control for builders.“It was incredible to have such a diverse group of people in one room, their enthusiasm about Web3 being their common denominator. It’s emblematic of the Aptos Network’s reach,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. “From DeFi to gaming to the used car market, each segment brought a Web3 use case being proven out on Aptos to light. In addition to showcasing real-world innovation translating to decentralized value for the masses, it showed just how boundless an on-chain future can be.” “Aptos Experience provided a comprehensive look at the massive opportunity decentralization offers not only builders, institutions, and household brands, but communities around the world,” said Alix Musset, Ecosystem Manager at Aptos Labs, a key contributor to the Aptos ecosystem. “The Aptos ecosystem is full of gigabrains actively advancing Web3 into a scalable, secure, and accessible next chapter of the global internet. Together, we’re bringing the world closer to mass adoption, thanks to the infrastructure, innovations, and features only available on Aptos.” “This event took things to the next level,” said Joseph Lee, CEO of Supervillain Labs, a project building on Aptos “The opportunity to meet with peers and experts, all in the name of building the best Web3 experiences possible, was unlike anything we’ve seen before. It was a nice reminder that we’re all working together towards something greater – and the Aptos tech stack provides a stellar platform for true innovation and interoperability.” Presentations made onstage in Seoul made it clear that Aptos is the home for high-performance DeFi. In collaboration with ecosystem members and partner organizations, the Aptos Foundation will continue supporting projects that bridge the Web2-Web3 gap and bring the world closer to mass adoption. For more about the Aptos ecosystem’s projects, please visit https://aptosfoundation.org/ecosystem/projects. About Aptos FoundationAptos Foundation, is dedicated to supporting the development of the Aptos protocol, decentralized network and ecosystem and driving engagement with the Aptos ecosystem. By unlocking a blockchain with seamless usability, Aptos Foundation aims to bring the benefits of decentralization to the masses.Aptos NetworkAptos is a next-generation Layer 1 blockchain. Aptos’ breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards. Please visit https://www.aptosfoundation.org for more information on the Aptos blockchain.ContactAdvisorBrian PrincipatoAptosbrian@hirschleatherwood.comThis article was originally published on Chainwire More

Fed Chair Jerome Powell said at a news conference following the decision that kicking off the unwinding of the Fed’s historic tightening policy with a substantial move while the U.S. economy is still strong will help limit the likelihood of a downturn.”We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with this inflation. That’s what we’re trying to do, and I think you could take today’s action as a sign of our strong commitment to achieve that goal,” Powell stated.However, Powell was careful not to commit the Fed to a similar pace in the future, stating that future actions would be determined by how the economy performs in the coming months.”I do not think that anyone should look at this and say, Oh, this is the new pace,” Powell said. “The economy can develop in a way that would cause us to go faster or slower.”Several cryptocurrencies were likewise higher: Ethereum (ETH), Solana (SOL), Cardano (ADA) and Shiba Inu (SHIB) were up 5% to 8% in the last 24 hours. SUI, TAO, Dogwifhat (WIF), Celestia (TIA), SEI and FLOKI were recording gains ranging from 10% to 24%.Investors are now pricing in an additional 70 basis points of rate cuts at the Fed’s November and December meetings, indicating a much more aggressive stance than policymakers. But Fed Chair Jerome Powell was careful not to commit to a similar pace in the future, stating that decisions will be guided by economic data.However, the crypto market seems to ignore this nuanced outlook, as several cryptocurrencies have added to their gains in the last 24 hours.This article was originally published on U.Today More

SCRYPT, a Swiss-licensed leader in institutional-grade crypto asset services, today announces a strategic partnership with OpenTrade, an institutional-grade platform for lending and yield products. The partnership will launch a product that allows SCRYPT clients to seamlessly invest USDC and EURC into tokenized U.S. Treasury Bills and E.U. Government Bonds.The US Tokenized Treasuries industry has increased in value by 90% from $1.13 billion at the end of Q1 to $2.15 billion so far this quarter, according to rwa.xyz. Appealing to the growing demand from institutional investors and corporate clients, this offering provides secure, straightforward access to money market returns, eliminating the costs and complexities of traditional fiat on/off-ramps.Through this partnership, SCRYPT clients can directly invest USDC or EURC from their segregated, SCRYPT-custodied wallets into these tokenized assets via OpenTrade. Institutional clients can participate in money markets on idle balances while enjoying the flexibility to move capital quickly and easily.SCRYPT’s clients benefit from positions that are fully safeguarded and professionally managed via OpenTrade’s bank-grade off-chain operations and robust legal structure, specifically designed to meet the needs of institutional clients. Despite its recent launch, this product has already generated significant interest amongst clients.Key features and benefits of the product include:SCRYPT is a leading Swiss-licensed partner for institutional crypto solutions, providing seamless and secure management, trading, and custody of crypto assets.To discover more: SCRYPT | info@scrypt.swissAbout OpenTradeOpenTrade is an institutional grade platform for real world asset backed USDC & EURC yield products. OpenTrade’s enterprise-grade platform has been purpose built to provide FinTechs with an out of the box solution that allows them to power USDC and EURC yield products for their users, that can be accessed with the click of a button, and are secured through OpenTrade’s bankruptcy remote structure, bank-grade operations, and time-tested legal framework.To discover more: OpenTradeThe content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself. The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.ContactJunior ConsultantJacob McGoldrickCW8 Communicationsscrypt@cw8-communications.comThis article was originally published on Chainwire More

In response to this major rate cut, markets saw a positive reaction, with particular growth noted in the cryptocurrency sector. Investors are closely watching the Fed’s next steps, as the central bank continues to assess economic data and risks before considering any further adjustments to interest rates.One noteworthy reaction came from renowned financial analyst John Bollinger, best known for creating the Bollinger Bands trading indicator. As market participants weighed the implications of the rate cut, Bollinger acknowledged the statement that the rate adjustments should be viewed as a return to normalcy, rather than a simple easing of monetary policy.Powell, by the way, was asked directly whether there will be a recession, as often happens after the start of lowering rates, to which he answered quite unambiguously that there are no signs of recession now. On the other hand, the average maximum drawdown for the S&P 500 one year after the Fed’s rapid contraction cycle begins is -20.7%, and the average maximum drawdown one year after the slow contraction cycle begins is -7.4%.This article was originally published on U.Today More

The world’s biggest cryptocurrency rose 4.7% to $62,947.0 by 09:05 ET (13:05 GMT), briefly rising as high as $62,539.8. The token also broke out of a $50,000 to $60,000 trading range seen through most of the year, although it remained to be seen whether the breakout could be maintained. Broader cryptocurrency prices also rose after the Fed’s rate cut, although strength in the dollar limited overall gains. The world’s largest cryptocurrency tracked a broader increase in risk-driven assets as markets cheered a 50 basis point cut by the Fed, as well as the beginning of the bank’s first easing cycle since 2020. But this optimism was somewhat dampened by concerns over just how fragile the Fed thought the U.S. economy was, given that the 50 bps cut was at the upper end of market expectations. Fed Chair Jerome Powell quelled some concerns over the economy, stating that risks between higher inflation and a cooling labor market were now evenly balanced. But Powell also said that the Fed had no intention of cutting rates to ultra-low levels, and that the central bank’s neutral rate will be higher than past instances. His comments present a higher outlook for rates in the medium-to-long term.This notion boosted the dollar. While lower rates do bode well for high-risk, speculative assets such as crypto, they are now unlikely to hit lows seen during the COVID-19 pandemic. Ultra-low rates were a key driver of crypto’s 2021 bull run. But the industry has since been grappling with a series of regulatory crackdowns, as well as dwindling retail interest. The launch of spot Bitcoin exchange-traded funds earlier this year provided only a fleeting boost. Broader cryptocurrency prices benefited from improving risk appetite, and rose in tandem with Bitcoin.World no.2 crypto Ether climbed more than 5% to $2,435.44, while XRP, SOL, ADA and MATIC up between 2.5% and 7.8%. Among meme tokens, DOGE rose 3.7%. The crypto market is paying close attention to the U.S. presidential election, with many expecting the outcome to have a major influence on blockchain and cryptocurrency regulation in the U.S., and by extension, on global markets. As the world’s largest economy, changes in U.S. policy are often felt across the broader crypto landscape.However, Binance’s Head of Regional Markets, Vishal Sacheendran, voiced a different view during an interview with The Block at the Token2049 event. He suggested that the upcoming November election will not play a significant role in shaping global digital asset regulations.”Crypto regulations are completely decentralized,” Sacheendran noted. “Does [the election] impact how the Middle East, Latin America, and Southeast Asian countries treat crypto markets? They know what’s best for the country.”Sacheendran highlighted the growing importance of markets like Singapore, Thailand, Indonesia, and India in the Asian crypto scene. These countries have taken a more progressive approach, with leaders and regulators actively supporting the development of Web3 talent.Ambar Warrick contributed to this report. More