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HTX Research | Which Project Will Lead the DA Sector? An Analysis of DA Wars: Background, Ecosystem, and Future Development

HTX Research

The market for Data Availability (DA) projects is witnessing rapid expansion, leading to a fiercely competitive environment. Notable players in this sector include Celestia, EigenLayer, Avail, NearDA, Covalent, and several others. Based on the analysis from HTX Research, the core technology behind DA is not as demanding as it appears. The simplest form of DA can be achieved with a single machine, while more complex approaches, such as Celestia, employ decentralized sampling methods. Essentially, DA revolves around storage, which incurs high costs. If Ethereum-level security services are not strictly necessary, selecting a DA provider becomes a trade-off between cost and security. The principle is the higher the value of the service, the more secure the DA should be. Presented by HTX Research, this report offers an in-depth analysis of the background, ecosystem, and future development of the DA Wars. It also includes V God's insights on DA and categorizes different DA projects. Based on a comprehensive analysis of the DA landscape, HTX Research believes that the future of DA may be decentralized and that having 7-8 major DA providers might be sufficient for the future market. 1. The Emergence of the DA Problem 1.1 What Is DA In simple terms, Data Availability (DA) refers to the block producer publishing all transaction data of the block to the network, enabling validators to download it. If a block producer publishes complete data and allows validators to download it, we say the data is available. However, if the block producer withholds some data so that validators cannot download the complete data, we say the data is unavailable. 1.2 Two Key Aspects of the DA Problem: Security and Cost After examining the definition of DA, it becomes clear that it consists of two crucial aspects: Ensure the security of the verification mechanism To ensure secure verification, current L2 sequencers typically publish L2 status data and transaction data on the highly secure Ethereum network, relying on Ethereum for settlement and DA. Therefore, the DA Layer is where L2 actually publishes transaction data. Currently, mainstream L2 solutions utilize Ethereum as the DA Layer. Reduce the cost of publishing data At present, L2 simply relies on Ethereum for DA and settlement. While this approach offers sufficient security, it also incurs substantial costs. This poses the second challenge for L2: how to reduce the cost of publishing data. 2. Cost Structure of DA and Approaches to Reduce Costs and Enhance Efficiency From the introduction in Chapter 1, we can see that one of the important concerns in DA is how to reduce costs. Therefore, if you aim to make L2 cheaper overall, you must reduce the cost of publishing data. So, how to reduce costs? There are two main methods: Reduce the cost of publishing data on L1, such as the upcoming EIP-4844 upgrade of Ethereum. Following the example of Rollup, which separates transaction execution from L1, DA can also be decoupled from L1 to reduce costs. In other words, Ethereum is not utilized as the DA Layer. Therefore, all parties have made considerable efforts to reduce costs. After comparing the currently available plans, the cost of Near DA is the lowest, at about $0.0016 per block, followed by Celestia, EngenLayer, EIP4844, and so on. 3. Vitalik's View on DA 3.1 Ethereum Foundation and Vitalik Buterin Support Use of Ethereum for DA After Celestia went viral, the co-founder of Ethereum, Vitalik Buterin implied that Ethereum's L2 projects must utilize DA on the Ethereum blockchain. Subsequently, Ethereum Foundation researcher Dankrad Feist stated in a tweet that it's not a Ethereum Rollup without using Ethereum as the DA Layer, and therefore, it's not L2. In that case, Arbitrum Nova and Mantle should be "delisted" from the L2 projects because they only disclose transaction data on DAC, outside the Ethereum blockchain. At the same time, Dankrad also mentioned that solutions like Plasmas and state channels that do not require on-chain data availability (DA) to ensure security are still considered L2, but Validium (ZKRollup that does not use Ethereum as the DA Layer) is not considered L2. 3.2 Vitalik's Compromise: Ethereum Rollups Utilizing External Data Chains for DA Classified as Ethereum Validium Later, in a response on his X, Vitalik Buterin stated, "Being a Validium is a correct choice for many apps, and using good distributed DA guarantee systems can be a good way to increase the practical security of a Validium." Moreover, he believes that the core of being a rollup is the unconditional security guarantee: you can get your assets out even if everyone else colludes against you, and you can't get that if DA relies on an external system. 3.3 Consolidating Control over DA through ENS: Vitalik's Vision The ENS domain name service will define a set of interaction logic. Users will only need to enter a short domain name to automatically connect to the associated long address corresponding to the ENS smart contract, thus addressing the pain points of complex, difficult-to-remember, and hard-to-identify EOA addresses. It should be noted that this set of domain name services of ENS points to the future expansion market with larger user traffic, especially some Mass Adoption user groups. L2 is the future for Ethereum to expand and absorb large traffic. Vitalik believes that if ENS's domain name resolution solution doesn't extend to L2 and remains restricted to the Ethereum mainnet level, it will be difficult to open up space for imagination. Based on this background, he emphasized the importance of ENS on X, "It needs to be affordable!" ENS will naturally consider providing a complete set of data parsing solutions for L2, allowing users to directly perform domain name resolution and data search on L2. This reduces the dependence on their respective L2 centralized gateways. It is not difficult to see that for users to use the ENS domain name normally on L2, the prerequisite is to access and verify the global data on the Ethereum mainnet. This means that to enjoy the set of services of ENS, you must use the orthodox Ethereum DA capability, and those L2 solutions based on OP Stack's shortcut and placing DA on third-party platforms such as Celestia are not compatible with ENS. Having said that, it is not difficult to understand Vitalik's intention. In short, Vitalik is striving to use ENS to define a standardized set of interoperability specifications for L2 platforms, while simultaneously tightening control over DA. 3.4 Vitalik Discussing Plasma's Resurgence In Vitalik Buterin's article, he discusses the various L2 scaling solutions originally proposed for Ethereum, including Plasma, Rollup, Validium, and Parallel. Vitalik's vision for scaling entails a balanced development of these solutions, tailored to different application scenarios. However, the current market landscape is predominantly shaped by the Rollup solution, which is becoming increasingly competitive. Plasma, a sidechain solution, periodically syncs Merkle state data with the main network. It is a scaling solution that depends on the main network for data and computation. This allows Layer 2 to scale efficiently through a highly centralized approach and the design of a complex ledger model, while also leveraging the system capabilities of the main network validators. Vitalik's new article revisits Plasma and introduces a ZK+Plasma scaling solution, which is evidently another strategic move in the L2 landscape. 3.5 Summary All of Vitalik's actions can be summarized as: 4. Overview of DA Solutions and Various DA Projects 4.1 DA Solutions Based on the provided content, we can see that there are many solutions for the DA Layer. Broadly, these solutions can be categorized into two main parts: on-chain and off-chain. On-chain solutions Refer to L2 solutions that still utilize Ethereum as the DA Layer, leveraging Ethereum to mitigate DA costs. This implies that Ethereum will evolve into a real-time bulletin board in the future, with data on the board being deleted after a certain period. L2 solutions must develop methods to independently store all data backups. Off-chain solutions Refer to strategies that no longer rely on Ethereum as the DA Layer, seeking more cost-effective methods to ensure DA. Based on variations in decentralization and security, off-chain solutions can be categorized into four types: Validium, Data Availability Committee (DAC), Volition, and general DA solutions. 4.2 Celestia A pioneer in modular public chains, Celestia is built on the Cosmos SDK with a primary focus on DA. It stands as a competitive leader among DA projects that have already launched the mainnet. Technical features Data Availability Sampling (DAS) DAS allows light nodes to verify DA without having to download the entire block. Light nodes download only the block headers, which limits their ability to verify the DA of a block since they lack access to the full block data. Celestia uses a two-dimensional Reed-Solomon (RS) encoding scheme to re-encode block data to enable DAS for light nodes. DAS works by having light nodes randomly sample a small portion of the block data. As light nodes complete more rounds of block data sampling, confidence in the availability of data increases. Once light nodes have successfully reached the predetermined confidence level (e.g., 99%), the data is considered available. Namespaced Merkle Trees (NMT) NMT allows the execution layer and settlement layer on Celestia to download only transactions that are relevant to them. Celestia partitions the data in a block into multiple namespaces. Each namespace corresponds to an application built on Celestia, such as a rollup. Each application only needs to download the data that is relevant to it, improving the efficiency of the network. Celestia derives its primary revenue from applications through two main methods: Blob Space Fees: Rollup applications utilize $TIA to pay for storing their data in Celestia's blob space. Gas Fees: Developers use $TIA as the gas token for Rollup transactions, similar to how ETH is used as gas in Ethereum-based Rollups. Development Potential The project has successfully launched and has achieved a high level of technical maturity. It boasts exciting prospects for rewarding airdrops, targeting participants who have staked $TIA tokens. Projects such as Dymension and Altlayer specifically select $TIA stakers as recipients for their airdrops. Likely, more Ethereum L2 projects, modular blockchain solutions, and projects within the Cosmos ecosystem will adopt a similar airdrop strategy. The ecosystem is enriched through collaborations with cross-chain bridges, settlement layer solutions, DeFi projects, gaming platforms, and oracles. The list of collaborative partners in the DA domain continues to expand, and notable collaborators include Manta, Eclipse, Caldera, and Snapchain. In addition, it also integrated with Arbitrum Orbit, Polygon's CDK, and the Aevo derivatives trading platform, among others. 4.3 EigenDA EigenLayer is an Ethereum-based restaking protocol that enables users to restake their ETH, lsdETH, and LP Tokens on other sidechains, oracles, middleware, etc., as nodes and receive validation rewards. This allows third-party projects to leverage the security of the Ethereum mainnet, while ETH stakers can earn additional income, creating a win-win situation. EigenDA is a decentralized DA service built on Ethereum using the EigenLayer Restaking framework. It serves as the inaugural Active Validation Service (AVS) on the EigenLayer platform. In contrast to Celestia or Avail, EigenDA doesn't require bootstrapping a new set of validators. Ethereum validators have the freedom to choose to join EigenDA at their own discretion. Technical Features Enhancing Ethereum's DA Capability: Blob Block Data and KZG Commitment EigenDA leverages the upgraded Blob block data and KZG commitments introduced in the Cancun upgrade. The Rollup chain can generate erasure codes and KZG commitments for Blob Data, which are then published to the EigenDA contracts. The nodes within EigenDA ensure the subsequent DA capabilities for the chain. This significantly boosts Ethereum's DA capabilities. Notably, EigenDA's entire operation is built upon existing Ethereum infrastructure like Blob and KZG. Additionally, validation tasks for EigenDA nodes are performed by Ethereum Validators. P2P Networks with No Central Authority EigenDA nodes must re-stake ETH (or more precisely, stake ETH derivatives) in the EigenLayer contract on Ethereum Layer 1. EigenDA nodes are a subset of Ethereum validators. Then, after the DA buyer (e.g., rollup, also known as disperser) receives the data blob, it encodes it with erasure code and generates a KZG commitment, which is published and distributed for node confirmation. Afterwards, the disperser collects these signatures one by one, generates an aggregated signature, and publishes it to the EigenDA smart contract, which verifies the signature. Adopting Delegated Proof-of-Stake (DPoS) Instead of employing DA sampling, EigenDA utilizes the DPoS consensus mechanism to verify whether nodes genuinely store data. Anyone can submit proof to the EigenDA smart contract, which will be verified by the contract itself. If the verification is successful, the Lazy Validator is slashed. Development Potential Engaging in competition with Celestia, EigenDA has integrated several L2 projects, including Celo, Mantle, Fluent, Offshore, OP stack, among others, as collaborative partners. Backed by Eigenlayer's diverse ecosystem, which includes sorters, cross-chain bridges, oracle machines, and more. 4.4 Other DA Projects 4.4.1 Avail Avail can efficiently sort and record transactions, provide storage and verification of DA, support EVM-compatible blockchains, and enable Rollups to publish data directly to Avail. Additionally, its light client network verification mechanism (to be introduced below) allows Rollups on Avail to verify the state through the light client network without relying on smart contracts and the underlying layer. Due to its modular nature, developers can store data on Avail and choose other networks for settlement. Using the BABE and GRANDPA consensus mechanisms inherited from the Polkadot SDK. Decentralized. Avail adopts Nominated Proof of Stake (NPoS) which allows it to support up to 1,000 validators (in Mainnet). This mechanism, along with an effective reward distribution mechanism, minimizes the risk of stake centralization. Avail is unique among all DA solutions in its ability to sample data from its light-client P2P network. Because of this feature, Avail provides an efficient and reliable backup mechanism that ensures DA even in the event of a failure. Validity Proof: Avail utilizes KZG polynomial commitments. Current Status: The Avail mainnet has not yet been launched. 4.4.2 Near DA On November 8, 2023, the NEAR Foundation announced the launch of the NEAR DA Layer, which provides a robust, cost-effective DA for ETH rollups and Ethereum developers. The first users include Madara by StarkNet, Caldera, Fluent, Vistara, Dymension RollApps, and Movement Labs. Security: Inherits the security of the Near network. Cost Advantage: 100kB calldata on NEAR costs $0.0033. Current Status: NEAR DA has integrated with Polygon CDK, empowering developers to build Ethereum ZK Rollups. 4.4.3 Covalent Covalent is a blockchain data query service platform that can standardize data from multiple blockchains. Its unified API allows developers to reuse queries across supported networks, solving the problem of blockchain data being difficult to obtain. After the Cancun upgrade, the Ethereum mainnet will only store L2 submitted state data for 1 month, after which it will be discarded. In order to maintain the decentralization of the network and establish the DAS light node mechanism, Celestia will also regularly discard the L2 submitted state data. However, in November last year, Covalent launched the “Ethereum Wayback Machine (EWM)” for long-term storage of L2 state data discarded by the blob. Covalent is responsible for reading the L2 state data. Covalent goes beyond simple storage and integrates L2 data into its platform's on-chain data API service. Covalent facilitates seamless user access to blockchain data, providing data service support for specific user groups such as blockchain data websites, government regulatory departments, AI researchers, and more. Current Status: As of December 2023, Covalent supports over 210 blockchains and plans to support over 1000 blockchains by the end of 2024. Based on a recent Covalent DA report by Messari, it's evident that Covalent boasts billions of data points, making it the best choice for applications requiring widely applicable and universally relevant data. 4.4.4 zkPorter zkPorter, an off-chain DA solution optimized for decentralization, was launched by the Ethereum scaling solution zkSync. It handles DA through a hybrid approach that combines zkRollup and sharding ideas. zkPorter introduces an optional validator mechanism, where zkSync token holders stake tokens to later verify and sign blocks. In the absence of recent updates, zkPorter's development has been closely watched. The GRVT chain, operating as a Layer3 application chain on the zkSync platform, is set to launch its mainnet in the first quarter of this year. Given the project's reliance on zkPorter for data storage, there is speculation that zkPorter's launch might precede that of GRVT. 4.5 Comparison of DA Projects Technical aspects: Performance aspects: Summary Among the aforementioned DA projects, the most competitive ones include Celestia, EigenLayer, Avail, and NearDA. Covalent, on the other hand, adopts an unconventional approach, leading to unique demand for its DA applications. Of all the DA solutions, DAS coupled with KZG polynomial commitment emerges as the most mainstream approach. It ensures DA while simultaneously reducing node costs and enhancing proof efficiency. From a technical standpoint, Ethereum Danksharding and Celestia stand out as the most decentralized solutions. They employ sampling technology, which effectively reduces node performance requirements while achieving high bandwidth. EigenDA follows closely with its use of sampling; however, it operates as a parasitic system on Ethereum, with its node count being a subset of Ethereum's. Other DA projects, like NearDA, do not utilize sampling. For instance, the decentralization level of NearDA is equivalent to that of Near Protocol. Celestia has chosen the Optimistic proof, which features a lower landing threshold and higher technical maturity compared to KZG polynomial commitment. However, its future technical potential may not match that of KZG polynomial commitment. In comparison with similar projects like Avail and EigenDA, Celestia's development progress is currently faster, positioning it to launch its mainnet sooner. Nonetheless, Celestia will also confront direct competition from Ethereum following the Cancun upgrade. As a L2 developer, the trade-off between DA authenticity and chain issuance cost is always a critical consideration. DA authenticity tends to be relatively passive in the commercial market, making it suitable for comprehensive L2 projects that prioritize security consensus issues and possess a certain brand background and market foundation. However, new and small L2 projects, especially those based on OP Stack for one-click chain issuance, strive to minimize costs as much as possible. For them, third-party DAs like Celestia are naturally a better choice. While Eigenlayer still struggles to reduce the actual development costs for L2 project developers. However, for DA Layer projects, their scenarios are often singular, focusing on a business-to-business (B2B) model. These projects struggle to attract substantial liquidity compared to comprehensive public chains like Solana, which can draw decentralized applications (DApps) through consumer-to-consumer (C2C) scenarios. Without successful adoption by many Rollup projects, their ecosystem construction remains weak. Moreover, Celestia appears to lack significant capital backing. While the technical aspects of Celestia appear logical and feasible, its ultimate success hinges on its ability to integrate and flourish within the Ethereum ecosystem. Otherwise, its ambitious plans may languish unrealized, becoming mere illusions. 5. DA Layer and Modularity in Blockchain DA Layers have always existed, whether in Bitcoin, Ethereum, or Solana blockchain. For example, in the Bitcoin network, data is stored directly on the blockchain. Fifteen years ago, Satoshi Nakamoto published the Bitcoin whitepaper and limited the block size to 1MB. The block size determines the maximum transaction data each block can accommodate. Later, SegWit, Taproot, and the Ordinal protocol, in a way, were also introduced to enhance DA on the BTC network. In the Pre-4844 Ethereum network, all data transmitted from L2 to Layer 1 is stored in Calldata. While Rollup transfers computation security to L2, storage remains on Layer 1. Due to the limited storage capacity of Layer 1, the capacity of Rollup on Ethereum is constrained. The block size of Ethereum is about 150K-250K. Even if all the space is allocated to Rollup, the storage space remains limited, thereby constraining the throughput of L2. Therefore, Ethereum needs to adopt Proto-Danksharding, which enhances DA by introducing a new transaction type that includes blobs. Therefore, it can be said that the DA Layer is actually an abstracted layer that accommodates the expansion needs of various blockchains and the increased requirements for DA. It reflects the evolution and development of blockchain technology, resembling the refinement of labor division in human development processes. Notably, modular blockchain decouples specific functional layers from a monolithic blockchain, outsourcing them to other blockchain networks, thus achieving further division of labor to a certain extent and enhancing efficiency. Celestia Proposes the Modularity in Blockchain The architecture of a traditional monolithic blockchain typically consists of four functional layers: Execution Layer: The execution layer is mainly responsible for processing transactions and executing smart contracts. It includes transaction verification, execution, and state updates. DA Layer: The DA Layer in a modular blockchain is responsible for ensuring that the data in the network is accessible and verifiable. It usually includes functions such as data storage, transmission, and verification to ensure the transparency and trust of the blockchain network. Consensus Layer: The consensus layer is responsible for the protocol between nodes to achieve the consistency of data and transactions in the network. It verifies transactions and creates new blocks through a specific consensus algorithm (such as PoW or PoS). Settlement Layer: The settlement layer is responsible for completing the final settlement of transactions, ensuring the transfer of assets, storing permanent records on the blockchain, and determining the final state of the blockchain. Celestia first introduced the concept of modularity in blockchain, which involves decoupling different functional layers from the monolithic blockchain. This approach allows the blockchain to concentrate on the specific functions of each layer and effectively distribute the workload to maximize overall availability. The statement does not assert that a modular blockchain is necessarily superior to a monolithic blockchain. Instead, it expresses a desire to examine the future development of blockchain from a modular perspective. This approach enables the exploration of a broader spectrum of possibilities and conjectures. 6. Speculations About the Future 6.1 Blockchain Combination: A Modular Perspective In the previous paragraph, it was noted that a blockchain can be divided into four layers from a modular perspective: the execution layer, the DA Layer, the consensus layer, and the settlement layer. Let's take the Ethereum ecosystem as an example. In this context, the consensus layer refers to the Ethereum main chain. In the Ethereum ecosystem, the potential number of possibilities for modular blockchain in the future can be determined using the formula: Number of possibilities = Number of execution layer solutions * Number of settlement layer solutions * Number of DA Layer solutions. 6.2 The Decentralized Nature of the DA Layer DA Layers can emerge rapidly, akin to mushrooms after spring rain, due to the fact that DA isn't overly difficult. The simplest approach to DA is to implement it on a single machine. The most complex method involves decentralized sampling, as seen with Celestia. Decentralization via sampling means that the more nodes there are, the greater the bandwidth (imagine a peer-to-peer movie download network). This also generates network effects, suggesting that there won't be too many of these 'decentralized sampling DAs' in the end. However, there are no restrictions on other forms of DA, and their potential is boundless. Let's use an analogy: DA functions as storage, which can be costly. If you don't require Ethereum-level security, selecting a DA provider becomes a trade-off between cost and security. The principle is the higher the value of the service, the more secure the DA should be. Therefore, future DAs may be decentralized. Even so, perhaps 7-8 major DAs might be sufficient. 6.3 The Potential of a Specialized DA Layer in ETH 3.0 The upgrade of Ethereum from 1.0 to 2.0 divided Ethereum into the execution layer and the consensus layer. The newly introduced blobs will also be incorporated into the consensus layer of the beacon chain. In the future, possibly in the next Ethereum upgrade, driven by technological advancements and increased DA, Ethereum may incorporate a dedicated DA Layer on top of the execution and consensus layers. Alternatively, a dedicated data storage chain resembling a sharded chain may emerge in the next upgrade. These are speculative scenarios, and the actual direction of development remains to be seen. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — This article is a product of diligent work by the HTX Research Team that is currently under HTX Ventures. HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice. HTX Ventures presently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most vigorous Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca. References 1. Long Tweet: Analysis on Da by jianshu https://twitter.com/jianshubiji 2. Long Tweet: The new narrative rising in the post-Cancun upgrade era—DA War https://twitter.com/0xNing0x/status/1744350282509631590?s=20 3. The end of Ethereum Rollups (STARKNET) battles, new narrative DA: https://news.marsbit.co/20240220083034666673.html 4. First Class Cabin Research Report: The Modular Blockchain Celestia https://medium.com/@first.vip/%E5%A4%B4%E7%AD%89%E4%BB%93%E7%A0%94%E6%8A%A5-%E6%A8%A1%E5%9D%97%E5%8C%96%E5%8C%BA%E5%9D%97%E9%93%BEcelestia-a2532da9d2be 5. Deep Dive Research Report on EigenLayer: Ethereum's Middleware Protocol, Leading the Narrative on Re-Staking https://www.aicoin.com/article/360322.html 6. Long Tweet: DA Solutions https://twitter.com/i/web/status/1700728653750087945 7. What is EigenDA, the flagship product of the re-staking protocol EigenLayer? https://www.blocktempo.com/what-is-eigenda-that-eigenlayer-will-launch/ 8. An Overview of Five Factors in Modular DA Design: Who is the winner among Celestia, Avail, and EigenDA? https://foresightnews.pro/article/detail/52019 Disclaimer 1. The author of this report and his organization do not have any relationship that affects the objectivity, independence, and fairness of the report with other third parties involved in this report. 2. The information and data cited in this report are from compliance channels. The sources of the information and data are considered reliable by the author, and necessary verifications have been made for their authenticity, accuracy and completeness, but the author makes no guarantee for their authenticity, accuracy or completeness. 3. The content of the report is for reference only, and the facts and opinions in the report do not constitute business, investment and other related recommendations. The author does not assume any responsibility for the losses caused by the use of the contents of this report, unless clearly stipulated by laws and regulations. Readers should not only make business and investment decisions based on this report, nor should they lose their ability to make independent judgments based on this report. 4. The information, opinions and inferences contained in this report only reflect the judgments of the researchers on the date of finalizing this report. In the future, based on industry changes and data and information updates, there is the possibility of updates of opinions and judgments. 5. The copyright of this report is only owned by HTX Ventures. If you need to quote the content of this report, please indicate the source. If you need a large amount of references, please inform in advance (see “About HTX Ventures” for contact information) and use it within the allowed scope. Under no circumstances shall this report be quoted, deleted or modified contrary to the original intent. Contact Details Michael wang glo-media@htx-inc.com Company Website https://www.htx.com/en-us/ventures

March 05, 2024 03:17 AM Eastern Standard Time

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TRON DAO at ETH Denver and Host of TRON Builder Tour Denver Stop

TRON DAO

Geneva, Switzerland, March 4, 2024 – The TRON DAO team attended ETH Denver, one of the leading events in the blockchain space. In conjunction with this, the TRON Builder Tour (TBT) ETH Denver event unfolded, drawing enthusiasts into the dynamic world of the TRON ecosystem with an event packed with insights, networking, and more. At ETH Denver in the BUIDL HUB venue, four members of the TRON DAO team attended the ETH Denver event as mentors.The mentors offered support to many developers and entrepreneurs across a wide range of disciplines ranging from technical support, business or ecosystem development, UI/UX design, and more. Mentors led a Skills Lab at the ETH Denver BUIDL Hub on how to use AI to quickly create and deploy smart contracts on BTTC and other EVM networks.The mentoring allowed the TRON DAO to connect closer with the broader blockchain community, giving them an opportunity to learn about what is being built in the web3 space. Feb 28th, the TRON Builder Tour event at ETH Denver offered a deep dive into TRON's ecosystem, featuring tasty treats and food, educational sessions, and networking opportunities. With nearly 100 attendees, the event brought together blockchain enthusiasts, developers, and students: all celebrating the TRON network. Co-host of the event Arkham Intelligence, a crypto intelligence platform, providing attendees with a unique perspective on digital asset markets and the benefits of the TRON network. The HackaTRON Season 6 event was also highlighted, which began February 20th. The online hackathon contains a total prize pool of up to $650,000* in Energy support and TRON network’s native utility token, TRX; this hackathon encourages developers to create dApps that can enhance the TRON network's user experience and push the blockchain space forward. Participants are encouraged to apply today on our official DevPost page. *All prizes are issued in TRX or TRON network Energy, not USD, restrictions applied. All contest rules can be viewed here: https://trons6.devpost.com/rules The evening concluded with indoor bar networking, allowing attendees to forge valuable connections within the TRON community. Through its participation at ETH Denver and the hosting of the TRON Builder Tour event, TRON DAO reinforced its dedication to advancing the blockchain industry. About TRON DAO TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps. Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of January 2023, it has over 205.11 million total user accounts on the blockchain, more than 6.96 billion total transactions, and over $20.43 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens - TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country. TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum Media Contact Hayward Wong press@tron.network Contact Details Hayward Wong press@tron.network Company Website https://trondao.org/

March 04, 2024 12:37 PM Eastern Standard Time

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NASBP and SFAA Host Successful 2024 Legislative “Fly-In”

SFAA

The National Association of Surety Bond Producers (NASBP) and The Surety & Fidelity Association of America (SFAA) hosted a Legislative Fly-In on February 29, 2024. The Fly-In enabled surety professionals from across the country to educate members of Congress and staff about the value of construction surety bonds and advocate for their legislative priorities. Their meetings focused on expanding support for H.R. 1740 and S.2928, which would strengthen the Water Infrastructure Finance and Innovation Act (WIFIA) program by ensuring all projects financed with WIFIA assistance have appropriate bonding, regardless of delivery method. In addition, Fly-In participants discussed adding common-sense surety protection in the form of bonding requirements to the principal federal funding programs for broadband infrastructure projects. The meetings allowed NASBP and SFAA members to demonstrate their strong support for H.R. 1740 and S.2928, clarifying the bonding requirements under WIFIA, including Public-Private Partnership (P3) projects. “This legislation ensures the economic value that surety bonds provide through reduced contractor pricing, reduced default rates, and increased project performance are realized and would maintain parity with the Transportation Infrastructure Finance and Innovation Act (TIFIA) amendment, which passed the Senate with a unanimous 97-0 vote,” said Patrick Russell SFAA Director of Government Affairs. Mark McCallum, NASBP CEO, stated, “WIFIA is a key financing vehicle for undertaking the water infrastructure projects so badly needed throughout the United States, and making certain that U.S. taxpayer investments in the form of WIFIA loans and grants are protected through performance and payment bond guarantees is vital to realizing that these long overdue projects will be completed and that those supplying labor and materials will be paid.” NASBP and SFAA members also discussed the need for Congress to safeguard federal infrastructure investments in broadband projects. The Infrastructure Investment & Jobs Act (IIJA) allocated $42.5 billion to broadband expansion through the National Telecommunications and Information Administration’s (NTIA) Broadband Equity, Access, and Deployment (BEAD) Program. Originally calling for a Letter of Credit, NTIA recently released a waiver to the BEAD program, allowing surety as an alternative security option. NASBP and SFAA members used their time on Capitol Hill to update policymakers on the critical shift and inform them of the need for other federal agencies involved in broadband infrastructure, including programs administered by the U.S. Department of Agriculture and the FCC, to adopt similar practices. In over 100 meetings, construction bonding experts met with their elected representatives and their staff to educate them on surety bonds' significant role in advancing and protecting public infrastructure projects. These vital safeguards on construction projects for public entities include protecting taxpayers’ dollars, ensuring project completion, protecting local small business contractors and workers, preserving construction jobs, and promoting economic growth. A recent study by Ernst & Young (EY), The Economic Benefits of Surety Bonds, quantifies these vital protections and concludes bonded projects outperform unbonded projects because of lower default rates, cost and time savings, and other risk mitigation benefits. SFAA Contact: Peter Roth, Co-Managing Director (Interim) Vice President – Communications, Marketing & Research Phone: (703) 401-0676 | E-mail: proth@surety.org NASBP Contact: Kathy Hoffman, Director of Communications Phone: (240) 200-1278 | E-mail: khoffman@nasbp.org ### The Surety & Fidelity Association of America (SFAA) is a trade association of more than 425 insurance companies that write 98 percent of surety and fidelity bonds in the U.S. SFAA is licensed as a rating or advisory organization in all states. State insurance departments have designated it as a statistical agent for reporting fidelity and surety experience. www.surety.org Founded in 1942, the National Association of Surety Bond Producers (NASBP) is the association of and resource for surety bond producers and allied professionals. NASBP members specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds. www.nasbp.org The Surety & Fidelity Association of America (SFAA) is a nonprofit, nonpartisan trade association representing all segments of the surety and fidelity industry. Based in Washington, D.C., SFAA works to promote the value of surety and fidelity bonding by proactively advocating on behalf of its members and stakeholders. The association’s more than 425 member companies write 98 percent of surety and fidelity bonds in the U.S. For more information visit www.surety.org. Contact Details Peter Roth +1 703-401-0676 proth@surety.org Company Website https://surety.org/

March 04, 2024 11:55 AM Eastern Standard Time

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Jewish News Syndicate Commentary: Anti-Defamation League ‘Smeared’ National Legal and Policy Center

NLPC

In an opinion piece distributed by the Jewish News Service titled, “When Will the ADL Start Fighting Antisemitism on the Left?, Elle Krasne-Cohen has come to the defense of National Legal and Policy Center (NLPC). She points to the Anti-Defamation League’s embrace of causes like Black Lives Matter and juxtaposes it with an incident closer to home for NLPC: More recently, the ADL smeared two mainstream policy organizations—the National Center for Public Policy Research (NCPPR) and the National Legal and Policy Center (NLPC)—accusing them without evidence of antisemitism. The ADL claimed that mere criticism of “globalism” or “globalist organizations,” including the antisemitic United Nations, is an “antisemitic dog whistle.” Krasne-Cohen continues: The NCPPR and NLPC are mainstream organizations, neither of which, to my knowledge, has displayed antipathy towards Jews or any other racial or religious minority. The smear was in the form of a posting on the ADL website on November 21 titled “Conspiracy Theories, Some With Antisemitic Roots, Crop Up in 2023 Shareholder Proposals.” The post appeared only six weeks after the October 7 Hamas terrorist attack, while antisemitic incidents and demonstrations were exploding worldwide. Why the ADL would devote time and resources to attacking NLPC, which has a long history of fighting antisemitism, was completely baffling to us. Equally baffling, the hit piece was dropped as the Thanksgiving holiday was getting underway. It was almost as if the ADL wanted the story out but didn’t want anyone to report it. The strategy, if it existed, worked because no one else covered it. Even more weirdly, the post itself carried this all-purpose disclaimer that tended to negate the impression that every other word of the post was calculated to create: At this time, there is no evidence to suggest that either organization’s agents espouse overt antisemitism, or that these proposals were filed with antisemitic intentions. So what is going on here? What was behind the attempted smear of NLPC and our ally, the National Center for Public Policy Research? Could it be that the ADL just doesn’t like us filing shareholder proposals, a form of activism dominated for many years by the Left? Krasne-Cohen and a number of other Jewish commentators and activists are making this case that the ADL, under the “leadership” of former Obama White House staffer Jonathan Greenblatt, has devolved into an ideological and partisan tool. ADL’s hit and run on NLPC was actually quite clever. Even if no one paid any attention to it when it was published, whoever wrote it (the piece is unsigned) sought to plant it on the internet for anyone to find for years to come. Any journalist seeking to discredit us can now simply describe NLPC as a “group that, according to the ADL, promotes antisemitic conspiracy theories.” It was a nice try but it is not going to work. NLPC’s track record of fighting antisemitism over many years is just too strong. Indeed, while the ADL has been sanitizing antisemitism by partnering with the likes of Al Sharpton, NLPC has been consistent, resolute and effective. To wit: Ben & Jerry’s - When the Unilever subsidiary Ben and Jerry’s announced in 2021 that it would end ice cream sales in “Occupied Palestinian Territory,” NLPC swung into action, launching the StopBenandJerrys.org website. In September 2021, NLPC filed a Complaint with the Internal Revenue Service (IRS) against Anuradha Mittal, the anti-Israel chair of the Ben & Jerry’s board of directors. A few weeks later, she was named 2021 “Antisemite of the Year” by the website StopAntisemitism.org. Mittal appeared to have violated laws governing self-dealing by acting as a trustee of the Ben & Jerry’s Foundation while approving donations to her personal nonprofit where she is executive director taking a full-time salary. Also, the president of Ben & Jerry’s charitable foundation, Jeff Furman, steered more than $100,000 of its funds to his own nonprofit organization. In the wake of October 7 Hamas attack, Flaherty wrote an op-ed titled, “Unilever, Ice Cream and Antisemitism.” Unilever Divestment - NLPC was a proponent of Unilever divestment efforts in New York, New Jersey, North Carolina and Virginia. From the September 16, 2021, New York Times: “We are doing this because somebody has to hold the independent board of Ben & Jerry’s accountable for their anti-Semitic use of their platform and company resources,” said Tom Anderson, a director of the National Legal and Policy Center. NLPC collaborated with activist investor Michael Asher in support of Unilever divestment by New York State and New York City. In Virginia, Flaherty met with State Attorney General Jason Miyares and urged him to seek divestment of state funds from Unilever. In North Carolina, NLPC asked Treasurer Dale Folwell requesting divestiture of Unilever holdings in public pension funds. Black Lives Matter & Patrisse Cullors - As a result of original NLPC research, Black Lives Matter Global Network Foundation co-founder Patrisse Cullors was forced to resign from the group in 2021. NLPC’s allegations, detailed in a Complaint to the IRS, related to her purchase of four pieces of real estate, and apparent self-dealing and inurnment. NLPC has also emphasized Cullors’ 2015 call at Harvard Law School for individuals to “step up boldly and courageously to end the imperialist project that’s called Israel.” NLPC was early in reporting about Black Lives Matter’s (BLM) links to anti-Israel groups. In 2016, Carl Horowitz, then a member of the NLPC staff, wrote a website post titled “Black Lives Matter Activists Join Anti-Israel Boycott.” Following October 7, NLPC asked Visa, Inc. to remove its BLM endorsement from its website and condemn Hamas and antisemitism. We had raised the BLM issue earlier in the year at the company’s shareholders’ meeting. NLPC had also raised the issue of Coca-Cola’s support for BLM at the company’s annual meeting. ADL’s Omar Resolution - NLPC has been a persistent critic of Reps. Alexandria Ocasio-Cortez, Ilhan Omar, and Rashida Talib. While we have cited financial irregularities in a Federal Election Commission complaint against Ocasio-Cortez and a House Ethics Committee complaint against Omar, NLPC has also criticized hostility to Jews by these members. In 2019, NLPC endorsed and publicized the ADL-initiated House resolution condemning Omar. See this op-ed titled “Antisemitism and Islamophobia: No Moral Equivalence” by Horowitz. Foreign Funding of U.S. Higher Education - The recent spate of on-campus antisemitic incidents has shed light an issue on foreign financial support for American colleges and universities, an issue that NLPC has investigated and publicized for several years. See this column by Charles Gasparino that extensively quotes NLPC Counsel Paul Kamenar. Al Sharpton - Whereas the present leadership of the ADL has sought to erase Sharpton’s past, NLPC will not forget his incitements in the 1991 Crown Heights riots, in which a Jew was murdered, nor will we forgive his dangerous statements, such as “If the Jews want to get it on, tell them to pin their yarmulkes back and come over to my house.” Sharpton was fined $285,000 in 2005 by the Federal Election Commission as a result of an NLPC Complaint for running an “off the books” presidential campaign. For several years, NLPC raised the issue of support for Sharpton’s National Action Network (NAN) at the shareholders’ meetings of American corporations, including PepsiCo, Anheuser-Busch and Colgate-Palmolive. Unlike the ADL, NLPC has never used the fight against antisemitism as a partisan weapon. In 2010, NLPC objected to the sponsorship of Sharpton’s National Action Network annual meeting by the Republican National Committee (RNC) and the participation of then-RNC Chairman Michael Steele. In 2009, NLPC asked former House Speaker Newt Gingrich to end his partnership with Sharpton in a campaign for “education reform.” That same year, NLPC criticized then-President George W. Bush for praising Sharpton. Jesse Jackson - In 2005, the New York Stock Exchange ended its financial support for Jackson’s Citizenship Education Fund, in response to a demand by NLPC that cited Jackson’s 1984 “hymie” and “Hymietown” comments, as well as financial improprieties involving the Fund. And if none of this is good enough for the ADL, it should be noted that NLPC has many Jewish supporters, including prominent individuals and former government officials, several of whom serve on the boards of local and national Jewish organizations. From 2001 to the time of his death in 2019, Edward M. Ackerman of Dallas was a key advisor and major donor to NLPC. His legacy is carried on today by NLPC and the Ackerman Center for Holocaust Studies at the University of Texas at Dallas. The ADL itself has partnered with the Ackerman Center. Founded in 1991, the National Legal and Policy Center promotes ethics in public life through research, investigation, education and legal action. Contact Details National Legal and Policy Center Dan Rene +1 202-329-8357 drene@nlpc.org Company Website http://www.nlpc.org

March 04, 2024 11:15 AM Eastern Standard Time

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XRP (XRP), BNB (BNB), and KangaMoon (KANG) Continue Their Stellar Performance With Holder Excitement Increasing - Here’s Why

Kangamoon

Recently, XRP (XRP), BNB (BNB), and KangaMoon (KANG) have experienced tremendous growth. Thus fueling the crypto community’s sense of hope. While XRP and BNB are already-established cryptos, KANG is a Stage 2 presale star that could evolve into the next 100x meme coin in 2024. Keep reading to find out why. Ali Martinez Makes a Bullish XRP Price Prediction XRP (XRP) has been on a tear lately. As per CoinMarketCap data, the XRP price has jumped from $0.50 to $0.59 in the past 30 days. Its market cap also increased from $27B to $32B during that time. Crypto analyst Ali Martinez claims that this bullish trend may continue. In his tweet, Martinez predicts this crypto will surge to $0.65 soon. From a technical analysis perspective, the future looks bright for the XRP crypto. In other words, over 22 technical indicators are flashing green for it. Additionally, XRP now trades above its 100 and 200-day EMAs. Due to all these reasons, analysts predict that XRP will reach a value of $0.81 within Q2 of 2024. BNB (BNB): Breaches the $400 Barrier Meanwhile, BNB (BNB) has also seen tremendous growth. The BNB price has surged from $302 to $407 in the last month alone. These are levels not seen since April 2022. The BNB market cap pumped from $45B to $60B in that period. According to More Crypto Online’s new YouTube video, this crypto may grow to $597 soon. BNB is now trading above its 100 and 200-day EMAs. Furthermore, this crypto has experienced 18/30 (60%) green trading days. All these factors have caused experts in the crypto field to make a bullish BNB price prediction. They forecast a potential jump to $526 for the BNB crypto within Q2 of 2024. KangaMoon (KANG): A Meme Coin Surging by 50% KangaMoon (KANG) is making a name for itself in the meme coin space, and it’s doing so at an alarming rate. The presale has raised nearly $500K. People are interested in this one-of-a-kind meme coin. KANG will have actual utility, unlike 99% of meme coins currently available. KANG will be used as in-game currency on KangaMoon’s upcoming P2E game. Players will use this meme coin to upgrade their characters or purchase in-game items. Not only that, KANG holders gain access to exclusive challenges that will run on a weekly/monthly and quarterly basis. By winning these challenges, you earn extra tokens and in-game items. KANG stands out because you can win tokens during its presale just by sharing posts on social media. This fusion of Play-to-Earn (P2E) and Social-Fi elements could generate the most active meme community. In Stage 2 of its presale, this meme coin costs merely $0.0075. Those who bought it early are enjoying a 50% ROI. However, remember that KangaMoon will enter the P2E NFT games market, which Yahoo Finance valued at $329M in 2022. Thus, its future looks bright, and experts predict a 100x pump once KANG hits exchanges in Q2 of 2024. Will KangaMoon Stand Out From XRP and BNB? With a low market cap of $7.5M, KangaMoon positions itself for rapid growth. To clarify, KANG requires fewer new funds to propel its price to higher levels. Therefore, KANG stands out from XRP and BNB and emerges as one of the top meme coins to watch. If interested, follow the links below for a 10% bonus on each purchase. Discover the Exciting Opportunities of the KangaMoon (KANG) Presale Today! Website: https://Kangamoon.com/ Integrating GameFi and Play To EarnEmbark on your quest for glory. Assemble your champions, engage in epic battles or bet on your favorite fighters to earn $KANG tokens and exclusive rewards. Gain control of rare NFTs, unlock exclusive content and build alliances with fellow gamers as you ascend the ranks and leaderboards. Disclaimer: The following disclaimer is important to read and understand before engaging with Kangamoon, a play-to-earn meme coin. By accessing or participating in any activities related to Kangamoon, you acknowledge and accept the terms outlined below: 1 No Financial Advice: The whitepaper and any associated content do not constitute financial advice, investment recommendations, or solicitation to purchase Kangamoon tokens. The information provided is for informational purposes only. It is your responsibility to conduct thorough research and seek professional advice before making any financial decisions. 2 Volatility and Risks: Cryptocurrencies, including Kangamoon, are volatile and subject to significant price fluctuations. Investing in or holding Kangamoon tokens involves substantial risks, including the possibility of total loss. Past performance is not indicative of future results. 3 Regulatory Compliance: The regulatory environment surrounding cryptocurrencies is evolving and varies across jurisdictions. It is your responsibility to ensure compliance with applicable laws and regulations in your country or region before engaging with Kangamoon. 4 Uncertain Market: The market for meme coins and play-to-earn platforms is highly speculative and subject to rapid changes. There is no guarantee of market demand, liquidity, or utility for Kangamoon tokens. Token values may fluctuate drastically and may not reflect the intrinsic value of the project. By continuing to engage with Kangamoon, you acknowledge and accept the risks and limitations outlined in this disclaimer. You should only participate if you fully understand and are willing to assume these risks. Contact Details Kangamoon marketing@kangamoon.com Company Website https://kangamoon.com/

March 04, 2024 09:00 AM Central Standard Time

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The New American Home® 2024

News Media Group, Inc.

Contact Details News Media Group, Inc. Karl Wayne +1 334-440-6397 karl@newsmg.com Company Website https://newsmg.com/

March 04, 2024 07:00 AM Eastern Standard Time

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HTX DAO and HTX Ventures Attend Blockchain Festival Asia 2024: Advancing the Adoption of Innovative Crypto Technology

HTX DAO

On March 2, HTX DAO attended the Blockchain Festival Asia 2024, sponsoring both the event and the Lanyard session. This marked HTX DAO's debut at a top-tier crypto summit, highlighting its objective to enhance global recognition and attract more renowned industry institutions for its ecosystem development. HTX DAO was officially established on January 18, with the aim of being a leading decentralized autonomous organization in the blockchain ecosystem and focusing on open finance and tokenized economy. Currently, the HTX DAO ecosystem has enlisted the support of 19 major industrial players, including HTX, TRON, Poloniex, BitTorrent, Spark Digital Capital, APENFT, Stratified Capital, JustLend DAO, OIG Group, Double Peak, stUSDT, Zebec, USDD, ANKR, Sun.io, Merkle 3s Capital, WINkLink, TUSD, and Owlit Finance. HTX DAO has expressed its commitment to exploring the possibility of user autonomy within the community, facilitating information sharing across multiple channels. It aims to establish a self-governing ecosystem characterized by reciprocity and mutual benefits among platform and project teams, as well as Key Opinion Leaders (KOLs) and users. By tapping into the community's wisdom and power, HTX DAO is committed to transforming HTX into a truly people-centered exchange. Furthermore, through organizing offline community engagement activities worldwide, HTX DAO endeavors to establish direct and trustworthy connections, thereby encouraging increased participation from practitioners and institutions within the crypto industry towards the development of the HTX DAO ecosystem. During the summit, Amelia Chan, the HTX Strategic Partnerships Lead, was invited to participate in a panel discussion on the topic of "Trading on DEX vs CEX: What’s the Difference and What Are the Risks? KYC Procedures with Technology". The choice between CEX and DEX, according to Amelia, depends on various factors, such as requirements for fund control, attitude towards regulation, user experience, liquidity needs, trading preferences, and the importance placed on anonymity. In comparison, CEX offers convenience and high liquidity, while DEX ensures privacy and allows individuals to have full control over their assets, aligning closely with the decentralized principles of the cryptocurrency industry. Amelia also pointed out that HTX prioritizes user information privacy and asset security. Currently, through the implementation of advanced encryption algorithms and multi-factor authentication mechanisms, the exchange is taking all possible measures to ensure the safety of users' accounts and assets. Moreover, it provides an extensive array of user-friendly trading features and tools, empowering users to perform trades with increased precision, speed, and efficiency. Looking ahead, HTX plans to introduce even more innovative products to cater to the diverse demands of its users. It's noteworthy that HTX Ventures also participated in the summit as an exhibitor. HTX Ventures, the global investment arm of HTX, adopts a strategy of direct investment and fund investment, having invested in over 200 projects in 2023. These projects span various fields, including infrastructure, DeFi, RWA, L1 & L2 public chain ecosystems, SocialFi, NFTs, and education. Seeking to explore emerging business models within the industry, it offers comprehensive support to collaborative projects, including financing, resources, and strategic consulting, to foster the growth of the blockchain ecosystem. In an earlier statement, HTX Ventures mentioned that, in 2024, the Web3 sector is poised for deep integration, improved regulatory adaptability, and a trend towards maturity. This will facilitate the gradual implementation of interoperability between chains and ecosystems, driving the cryptocurrency market towards maturity and mainstream adoption. Moving forward, HTX and HTX Ventures are dedicated to closely monitoring the innovation and development of the Ethereum ecosystem, while continuously advancing investment and project incubation to nurture the next generation of Web3 enterprises. As per reports, the Blockchain Festival Asia 2024 took place in Singapore on March 2. The event brings together experts from various fields including blockchain technology, cryptocurrency exchanges, DeFi, NFTs, cryptocurrency mining, GameFi, and the broader fintech industry, offering a platform to explore cutting-edge industry developments and emerging trends. About HTX DAO As a multi-chain deployed decentralized autonomous organization (DAO), HTX DAO demonstrates an innovative governance approach. Unlike traditional corporate structures, it adopts a decentralized governance structure composed of a diversified group, jointly committed to the success of this organization. This unique ecosystem advocates open values and encourages all DAO participants to propose collaborations and protocol enhancements that can promote the development of HTX DAO. Contact Details HTX DAO media@htxdao.com

March 04, 2024 03:25 AM Eastern Standard Time

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HTX Ventures Invest in BounceBit to Develop Bitcoin Restaking Infrastructure

HTX Ventures

HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in BounceBit, marking a pivotal step in enhancing the diversity within the Bitcoin Ecosystem. This investment underlines HTX Ventures' commitment to fostering innovation and supporting groundbreaking technologies in the blockchain and cryptocurrency sectors. BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBit’s native token – A dual-token system leveraging native Bitcoin’s security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeFi + DeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks. BounceBit has successfully closed a $6-million funding round aimed at constructing a robust BTC Restaking infrastructure. This funding round not only provides the necessary capital but also brings together a consortium of expertise and resources that will be pivotal in realizing BounceBit's goals. Edward Chen, Managing Partner of HTX Ventures, shared insights on the initiative, "BounceBit is attempting to address the consensus and trust issues of Bitcoin sidechains by utilizing centralized custody on top of the conventional sidechain architecture. A centralized plus decentralized Bitcoin ecosystem solution could potentially be a viable approach under the current circumstances. The product's design mechanism and the team exhibit competitiveness and imaginative potential within the domain." Jack Lu, Founder & CEO of BounceBit, acknowledged the significance of the investment round, stating, "Expertise and support from our investors such as HTX Ventures will be instrumental in our mission to build restaking infrastructure to support yield generation for all types of Bitcoin across a variety of networks." BounceBit has demonstrated remarkable early success, securing $445M in Total Value Locked (TVL) within three weeks of its Early Access launch. At its core, BounceBit’s innovation stems from its BTC Restaking mechanism. This relatively new concept acts as the foundation of the project. BounceBit will build a plethora of infrastructure, exploring the use-cases of Restaking for various types of Bitcoin. These infrastructure components are called Shared-Security Clients (SSC). BounceBit’s first showcase of such an SSC will be its BTC Restaking Chain. The BounceBit chain is secured by validators staking both BTC and BounceBit’s native token – A dual-token system leveraging native Bitcoin’s security, liquidity and low volatility. Unlike existing Layer 2 solutions, BounceBit interacts with Bitcoin only on the asset level instead of the protocol level, taking a Layer 1 Proof of Stake approach. BTC Restaking provides shared security to infrastructure and DApps on BounceBit, e.g. bridges and oracles will be validated by restaked BTC. Another highlight of BounceBit is its transparent CeFi foundation that secures users’ assets via the regulated custody of Mainnet Digital and Ceffu, while leveraging on-chain asset traceability. Through an innovative CeFi + DeFi infrastructure, BounceBit empowers BTC holders to earn yield through delta-neutral strategies, whilst being additionally protected by an insurance fund. BounceBit is poised for its Mainnet Launch in April, aligning with the Bitcoin halving. The Testnet is slated for early March. Early TVL contributors have the opportunity to earn BounceBit points at bouncebit.io. About BounceBit BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBit’s native token – A dual-token system leveraging native Bitcoin’s security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeFi + DeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks. About HTX Ventures HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice. HTX Ventures currently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca. X (Former Twitter) | Medium Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/en-us/ventures

March 04, 2024 02:29 AM Eastern Standard Time

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HTX Ventures Provides Exclusive Sponsorship for Zen Zone at ETHDenver 2024, Monitoring Ethereum Ecosystem's Growth and Innovation

HTX Ventures

During ETHDenver 2024, HTX Ventures attended the event and exclusively sponsored the Zen Zone. This highlights HTX's close observation of how technological advancements drive the growth and innovation of Ethereum and its ecosystem, while remaining committed to advancing Web3 infrastructure and ecosystem development. In doing so, HTX Ventures supports the next generation of Web3 enterprises and contributes to the development of the HTX ecosystem. HTX Ventures, the global investment arm of HTX, adopts a strategy of direct investment and fund investment, having invested in over 200 projects in 2023. These projects span various fields, including infrastructure, DeFi, RWA, L1 & L2 public chain ecosystems, SocialFi, NFTs, and education. Seeking to explore emerging business models within the industry, it offers comprehensive support to collaborative projects, including financing, resources, and strategic consulting, to foster the growth of the blockchain ecosystem. HTX and HTX Ventures view Ethereum as a vast ecosystem that supports a wide array of applications. Its emphasis on scalability, privacy, and decentralized governance is poised to drive Ethereum towards its vision of becoming a decentralized platform for the new era of digital interaction and collaboration. In HTX Ventures' research report, "Layer2: Status and Trends," it is highlighted that the year 2023 witnessed a major reshuffling in the landscape of new public chains. It's highly unlikely for new public chain projects to replace Ethereum's dominant position in the blockchain space. However, a Layer 2 project, capable of attracting funds, users, and developers from Ethereum, outperforms new public chain projects in bear markets. Layer 2 not only solidifies Ethereum's position but also acts as a catalyst, boosting the value of ETH. HTX Ventures also noted that decentralized sequencers represent one of the solutions to address security and fairness issues in Layer 2 networks. Furthermore, the upcoming EIP-4844 is expected to further reduce the cost of Layer 2 Rollups, thereby promoting the adoption of Layer 2 projects. Consequently, the Layer 2 sector has the potential to emerge as a catalyst for the next bull market. Furthermore, HTX Ventures emphasizes that many projects within the Ethereum ecosystem have yet to launch their tokens. The potential for wealth creation in these projects may extend into the next bull market, attracting widespread attention from users and investors. Additionally, in 2024, the Web3 sector is poised for deep integration, improved regulatory adaptability, and a trend towards maturity. This will facilitate the gradual implementation of interoperability between chains and ecosystems, driving the cryptocurrency market towards maturity and mainstream adoption. Moving forward, HTX and HTX Ventures are dedicated to closely monitoring the innovation and development of the Ethereum ecosystem, while continuously advancing investment and project incubation to nurture the next generation of Web3 enterprises. From February 23 to March 2, ETHDenver 2024 unfolded in Denver, USA. The BUIDLWeek event took place from February 23 to February 28, followed by core activities from February 29 to March 2. Renowned as one of the world's largest and longest-running Ethereum gatherings, ETHDenver primarily attracted Ethereum ecosystem enthusiasts, designers, and developers. The Zen Zone at ETHDenver 2024 provided attendees with a relaxation area featuring various therapeutic experiences. About HTX Ventures HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice. HTX Ventures presently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most vigorous Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca. Contact Details Michael Wang glo-media@htx-inc.com Company Website https://www.htx.com/en-us/ventures

March 04, 2024 02:25 AM Eastern Standard Time

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