It is expected to become the new era creator of digital identity and currency, making important contributions to the development of the global economy and society.

The emergence of ChatGPT has shown people the infinite possibilities of AGI (Artificial General Intelligence). With the help of ChatGPT's AI technology, it be more human-like than humans themselves. Traditional Turing or language tests are no longer sufficient to identify real human identities online. However, human verification will be a crucial and inevitable link in the digital realm, especially in the current era of AI popularity. The challenge now is how to conduct human verification while ensuring user privacy and security, which is a problem that urgently needs to be solved for AI development. To address this issue, Sam Altman, the founder of OpenAI, has launched another world-class project, Worldcoin, which has once again entered the public eye. Worldcoin's goal is to use blockchain technology and decentralized identity verification systems to solve critical issues in digital identity verification and digital currency fields, and promote the development of the digital economy. Currently, Worldcoin is in the testing phase, and it is expected to launch on the main network in the first half of 2023. <h1 class="PlaygroundEditorTheme__h1">AI Development Dilemma: Human Proof, Virtual Information Overload, and Disrupting Job Market</h1>With the emergence of ChatGPT, the field of artificial intelligence has entered a new stage. The rise of large language models (LLMs) has enabled AI to mimic human expression in remarkable ways, but it has also raised a series of issues, including human proof, virtual information overload, and disrupting the job market.Human proof problemThe human proof problem refers to the challenge of determining whether a user is a human or a computer program or robot in the field of computer science and AI. With the continued improvement of deep learning models, the performance of LLMs has reached the top 20% of human ability, making it increasingly difficult to distinguish whether a text or conversation is generated by a human or a machine. Traditional human proof methods, such as language recognition or Turing tests, may not be effective for AGI that has mastered human language and logical thinking. Therefore, we need to find a new way to prove that we are human rather than robots to ensure fair distribution of the benefits generated by future systems.Virtual information overload problemAs AI technology develops, the problem of virtual information overload caused by AI is becoming increasingly prominent, such as false advertising and fake news. These pieces of information may have negative effects on people's lives and society. For example, some false advertisements may mislead consumers into buying low-quality products or defrauding them through fraudulent means. In addition, false information may also be used for malicious activities such as cyberattacks and online scams. Earlier, Facebook announced the removal of a group of AI accounts that maliciously fabricated false information and induced users to vote during the US midterm elections, indicating that the problem of virtual information overload caused by AI is becoming more and more serious.Disrupting job market problemThe impact of AI technology on the labor market has attracted the attention of governments around the world. Recently, the US held its first major hearing on AI, and Sam Altman, CEO of OpenAI, called for regulation of AI, welcomed legislation in this field, and expressed concerns about the disruption caused by AI to the labor market. With the continuous development of AI technology, the trend of automation and robotization replacing traditional jobs may accelerate, leading to a large number of unemployment and social instability. Although AI technology may also create new job opportunities, these opportunities often require practitioners to have new skills and knowledge, which may result in some people losing job opportunities.As the founder of ChatGPT, Sam Altman actively responds to the call to solve the increasingly serious AI issues. He supports regulation of the AI field and believes that blockchain technology has characteristics such as decentralization, privacy protection, and security, which can play an important role in solving AI problems. Recently, Sam Altman has frequently tweeted about Worldcoin, showing his confidence in solving AI problems through Worldcoin. In addition, according to reports, Worldcoin is negotiating a funding of $120 million at a valuation of $3 billion and plans to launch its mainnet in the coming weeks. Such a scale of financing is very rare in the current cryptocurrency market conditions, showing that the investment community is very optimistic about the prospects of Worldcoin. The successful funding of Worldcoin also demonstrates the enormous potential of blockchain technology in the field of digital identity authentication. <h1 class="PlaygroundEditorTheme__h1">Worldcoin's Three Major Applications: Global Identity ID, Global Currency, and Wallet System</h1>According to a report by the McKinsey Global Institute, over 4.4 billion people currently lack a legal identity or cannot verify their identity digitally. Therefore, Worldcoin's vision is to establish the world's largest and fairest digital identity and digital currency entity system to help everyone enter the global financial system. The system mainly involves three aspects: global identity (WorldID), global currency (WLD), and wallet system (World App).Global Identity (WorldID)WorldID is Worldcoin's vision to establish a global digital identity authentication system. Users will be provided with a unique and verifiable digital identity by scanning the iris with a biometric device called Orb. In addition, the World ID protocol uses the "Proof of Personhood (PoP)" mechanism, which allows everyone to prove their humanity online without relying on a third-party institution. This innovative identity verification method utilizes zero-knowledge proof to maximize privacy and achieves identity security through the user-managed World ID. Additionally, World ID can play a vital role in addressing the Sybil attack issue prevalent in Web3. The key to solving the Sybil problem is distinguishing between virtual and real accounts, and the wallet address established by World ID can only belong to a real human being since virtual accounts cannot pass the PoP mechanism. In the digital economy era, the importance of identity verification is self-evident, and the establishment of World ID is expected to provide a more efficient, convenient, and secure identity verification method for the global digital economy.Global Currency (WLD)Worldcoin plans to issue a global currency called WLD token. WLD is based on blockchain technology and has faster transaction speeds and lower transaction fees, making global transactions more convenient and secure. Unlike traditional currencies, WLD aims to become a global currency that is not restricted by borders and can be used worldwide. The total supply of WLD is 10 billion, with over 80% of token supply distributed to the community and contributors. Worldcoin uses a deflationary reward model in its token mechanism and incentivizes activity by doing tasks, which can motivate early participation and accelerate user growth. Also, the distribution of WLD tokens is not a one-time grant but obtained by doing tasks. At the early stage, users can receive one token per week, and the time interval for token distribution might increase over time, such as one token per month. This is beneficial for maintaining user activity. According to data, World App has already gained a considerable effect, with over 1.7 million registered users and a daily transaction volume of 60,000.Wallet System (World App)As the most important part of the Worldcoin ecosystem, World App is a native wallet developed specifically for Worldcoin. It not only supports payments, purchases, and transfers with Beta WLD but also supports various other tokens such as WETH, WBTC, DAI, and USDC (more tokens will be supported in the future). Additionally, World App supports both CEX and DEX applications, including Uniswap, ENS, Circle, Safe, Moonpay, and RampNetwork. Therefore, Worldcoin is not only a wallet entry but also a gateway from the real world to the crypto industry. Joining the Worldcoin world is like entering the Ethereum, Bitcoin, and other crypto ecosystems.In terms of functionality, World App focuses on privacy and inclusivity, providing users with a simple and user-friendly application. In addition to the digital identity verification function, World App also has the function to store and send digital currencies. Users can choose to use a bank account or local payment method for deposits and withdrawals and can send instant remittances to friends or family worldwide via telephone contact or crypto address without paying any fees. In terms of service, World App also provides 24/7 online multilingual support to ensure that users can get help anytime and anywhere. In the digital economy era, a feature-rich, easy-to-use wallet system is essential, and World App meets this need.Worldcoin's vision is highly forward-thinking and ambitious. The global identity ID system, global currency, and wallet system it plans to establish all have extensive practical applications and provide support and infrastructure for the digital economy. It also provides new directions and momentum for the development of the digital economy. <h1 class="PlaygroundEditorTheme__h1">Challenges Facing Worldcoin: Technology, Legal Compliance, Competition, and Social Acceptance</h1>Worldcoin is an innovative blockchain project led by renowned founder Sam Altman. Despite the influential founder, the project still faces many questions and challenges related to its advanced concepts and unique innovations. Specifically, the main challenges facingcoin include:1. Technological feasibility: Worldcoin's technology solution has yet to be widely validated and applied, thus its technological feasibility still has some uncertainty. Some people have raised questions about the reliability and stability of its biometric technology, particularly in terms of privacy protection. Although the Worldcoin team claims not to associate user biometric data with Orb and only generates local irreversible one-way IrisHash values, this does not completely eliminate concerns about privacy. Moreover, even if the PoP mechanism can confirm that the account is behind a real person, there will still be cases where the registered account and the actual user are not the same person. The existence of businesses that replace others in completing iris verification on the current market just shows that such loopholes do exist.2. Legal compliance: Digital currencies and identity authentication systems have not yet gained widespread legal recognition, so their compliance also faces some difficulties and challenges. For example, some countries and regions restrict and regulate digital currencies and identity authentication systems, which prevents Worldcoin from entering these countries. Currently, Worldcoin is licensed in 24 countries, 14 of which are developing countries and 8 are in Africa. Poor regions generally lack legal protection, and data collection costs are the lowest. Collecting user data in such places is also a disguised form of crypto-colonialism. In addition, users in these regions generally have little knowledge of the cryptocurrency industry and Worldcoin, making it not a good thing for them to join the cryptocurrency world.3. Competitors: The market for digital currencies and identity authentication systems is highly competitive, and Worldcoin needs to face challenges from other competitors. For example, mature digital currency and identity authentication systems, as well as emerging competitors, are constantly launching more attractive and advantageous products and services, which may affect Worldcoin's market share and user base.4. Social acceptance: Worldcoin needs to gain widespread social recognition and acceptance in order to succeed in the market. According to the official website, as of now, the World APP has only 1.7 million registered users, although its rapid growth rate of acquiring a new user every 14 seconds makes it one of the fastest-growing wallets in the world. However, this growth rate is still far from the target of reaching 1 billion users set by Sam Altman at the beginning of this year. Therefore, Worldcoin needs to take measures to increase its social acceptance, such as increasing transparency, releasing real-time updates, and maintaining communication with the community. These measures will help increase user trust and social acceptance of Worldcoin.<h1 class="PlaygroundEditorTheme__h1">Summary</h1>After two years of silence, the cryptocurrency project Worldcoin led by Sam Altman is finally making substantial progress. In addition to early biometric information collection work, the recently opened registration for the World APP and the announcement that the mainnet will go live in the first half of 2023 indicate that Worldcoin is about to enter an explosive period. As an innovative cryptocurrency project, although Worldcoin will still face many questions and challenges in the short term, it is undoubtedly one of the most promising cryptocurrency applications so far. Worldcoin combines blockchain technology, artificial basic income ideas to provide sustainable and fair income solutions for everyone in the world. It is expected to become the new era creator of digital identity and currency, making important contributions to the development of the global economy and society.

Worldcoin

Chatgpt

Worldcoin: Pioneering a new era of digital identity and global currency

Telegram has helped people stay connected

DUBAI, United Arab Emirates, May 22, 2023 10:00 AM UTC –&nbsp;The Open Network (TON),&nbsp;a revolutionary technology to unite all blockchains and Web2 internet into one open network,&nbsp;has unveiled the launch of the TON Accelerator Program, which will this year funnel up to $25 million into projects poised to make a sizeable impact in the growing TON ecosystem.The funding, which is provided by TONcoin Fund, a $250 million ecosystem fund dedicated to supporting founders building on TON, will funnel investment into key projects in a variety of fields, with a particular focus on decentralized finance (DeFi). Each investment will be from $50,000 to $250,000 per project.Funding will accompany partnership and mentorship among accelerator partners that include: Gotbit, hedge-fund and Market-Making company, a provider of trading and risk management solutions, Web3port, a developer of tools connecting Web3.0 startups and contributors to accelerate innovation, Tonstarter, the primary fundraising platform on TON, TEB, an incubator for Web3 developers based in South Korea, and Cypher Capital, a multi-strategy crypto investment firm based in the United Arab Emirates.The pool of TON Accelerator Program partners is poised to grow still further as TON Foundation continues to set up strategic partnerships with major accelerators in the web3 space.“We are delighted to unveil the TON Accelerator program as our ecosystem continues to evolve and attract new talent,” said Justin Hyun, Head of Incubation and Growth at TON Foundation. “This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations.”“This is a program that is unique within the web3 universe today," said&nbsp;Bill Qian, Chairman of Cypher Capital. "What the TON Accelerator program is doing is taking the incubator principle&nbsp;made famous within the Web2 ecosystem and refining it and evolving it using the best of Web3 protocols and ways of working. We are delighted to play our part in this next generation program."The initial pool of projects for the funding round will be geared towards projects that participated in Hack-a-TONx DoraHacks, a 2-month long virtual hackathon staged in collaboration with DoraHacks, a global leading hacker organization that acts as a bridge, connecting hackers to enterprise challenges and entrepreneurial ideas. Submissions are currently open: Projects must build on TON (i.e.support TVM &amp; TON smart-contract language). In addition, projects should be MVP ready while requiring support in marketing, business and technology (proof-of-concept or prototype teams that require greater technical support should apply for earlier-stage grants).Projects interested in participating in funding rounds can complete this&nbsp;<a href="https://forms.gle/nP1ysxCTFFWbxRG76" class="PlaygroundEditorTheme__link">form</a>.<h1 class="PlaygroundEditorTheme__h1">About The Open Network</h1>The Open Network (TON) is a revolutionary technology to unite all blockchains and Web2 internet into one open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly.Telegram has helped people stay connected. TON will transform the communities into economies. Learn more:<a href="https://www.ton.org/" class="PlaygroundEditorTheme__link">&nbsp;https://www.ton.org</a>

Telegram

TON Accelerator Program to Funnel $25 million into Emerging Projects on The Open Network (TON)

In our modern digital age, the personal data that creates each person's digital identity is multiple.

 Web3

DID - Putting Control Back Into The Hands of Users

A way to enter the crypto business by creating own blockchain wallet.

Introduction to Blockchain WalletsA blockchain wallet is a digital wallet that allows users to securely store and manage their cryptocurrency assets. It is a software application that interacts with the blockchain network, allowing users to send, receive, and monitor their digital currencies.Creating a blockchain wallet is an important step for anyone interested in investing or trading cryptocurrencies. In this presentation, we will guide you through the process of creating your own blockchain wallet.<h2 class="PlaygroundEditorTheme__h2">Choosing a Blockchain Wallet Provider</h2>The first step in creating a blockchain wallet is choosing a wallet provider. There are many different providers to choose from, each with its own unique features and benefits.When selecting a wallet provider, it is important to consider factors such as security, user-friendliness, and compatibility with your preferred cryptocurrencies. Some popular wallet providers include Coinbase, Trezor, and Ledger.<h2 class="PlaygroundEditorTheme__h2">Setting Up Your Blockchain Wallet</h2>Once you have selected a wallet provider, the next step is to set up your wallet. This typically involves creating an account and setting up two-factor authentication for added security.After your account is set up, you can begin adding your preferred cryptocurrencies to your wallet. Most wallet providers allow you to easily add and remove different types of digital currencies.<h2 class="PlaygroundEditorTheme__h2">Advanced Features of Blockchain Wallets</h2>In addition to basic account management, many blockchain wallets offer advanced features such as staking, lending, and trading. These features allow users to earn interest on their digital assets and trade cryptocurrencies directly within their wallets.Before using these advanced features, be sure to research and understand the associated risks and fees. It is also important to ensure that your wallet provider supports these features and that they are compatible with your preferred cryptocurrencies.<h2 class="PlaygroundEditorTheme__h2">Conclusion</h2>For anyone interested in investing or trading cryptocurrencies, <a href="https://maticz.com/how-to-create-blockchain-wallet" class="PlaygroundEditorTheme__link">how to create a blockchain wallet</a> is a crucial step to launching a blockchain wallet effectively. By following the steps outlined in this presentation, you can create a secure and reliable wallet to manage your digital assets.Remember to always prioritize security and research any new features or investments before making decisions within your wallet. With the right knowledge and tools, you can successfully navigate the world of cryptocurrencies and blockchain technology.

How to build blockchain wallet

Blockchain

blockchain Wallet

Blockchain Wallet Development

How to Build your Own Blockchain Wallet?

The Entry Point to DeFi, NFTs, ERC-20 tokens, and Almost Everything Ethereum

A wallet serves as your personal key to the cryptographic world. It allows you to buy, sell, or transfer assets on the blockchain.A blockchain wallet, available as a digital or online wallet, allows users to store and manage their Bitcoin, Ether, and other cryptocurrencies. A blockchain wallet allows cryptocurrency transfers, protects crypto assets from theft, and allows users to convert them back into their local currencies if necessary.MetaMask is the most popular blockchain wallet today, with over 21 million monthly active users, making it the world's most widely used non-custodial crypto wallet. It's your entry point to the DeFi ecosystem, NFTs, ERC-20 tokens, and almost everything Ethereum.<ul class="PlaygroundEditorTheme__ul"><li value="1" class="PlaygroundEditorTheme__listItem">The MetaMask browser extension is an essential tool for crypto gamers, developers, and newcomers to the blockchain space, allowing the masses to access Web3.</li><li value="2" class="PlaygroundEditorTheme__listItem">It has a large community, with over a million downloads and many resources contributing to the project.</li><li value="3" class="PlaygroundEditorTheme__listItem">Unlike traditional wallets, MetaMask does not require additional plug-ins, allowing you to use it in any browser.</li></ul>Once installed, you can view your Ethereum address and send and receive coins to any other Ethereum address.<ul class="PlaygroundEditorTheme__ul"><li value="1" class="PlaygroundEditorTheme__listItem">MetaMask lets you stake coins on gambling websites, trade on DEXs, and participate in projects such as PoolTogether and Compound.</li><li value="2" class="PlaygroundEditorTheme__listItem">The MetaMask app is available for both desktop and mobile devices.</li><li value="3" class="PlaygroundEditorTheme__listItem">On all supported browsers, the downloading process is essentially the same.</li><li value="4" class="PlaygroundEditorTheme__listItem">What makes MetaMask different from other hardware wallets is the encryption capabilities of the MetaMask wallet. The users' private keys and seed phrases are stored safely, where the users are only required to manage their independent seed phrases.</li></ul><h1 class="PlaygroundEditorTheme__h1">↩️&nbsp;MetaMask Introduces a Direct fiat-to-Crypto Onramp Service</h1>MetaMask has introduced a new feature that allows users to purchase cryptocurrency with fiat directly from their wallets.&nbsp;For now, fiat payment methods include debit and credit cards, bank transfers, PayPal, and Instant ACH, with more options coming soon.The Buy Crypto feature is part of the Portfolio Dapp, and users can now buy roughly 90 cryptocurrencies using local payment methods by connecting their MetaMask wallet.According to MetaMask, the service is live and supported in 189 countries.&nbsp;However, the amount users can purchase through the service is limited by the applicable laws in their region. The feature is also available in the browser app.Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo are currently supported by the feature. <img class="PlaygroundEditorTheme__image editor-image" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/52aab69d-e701-4592-92b9-50bc6d51b87f/image.png" alt="" width="inherit" height="inherit"><h2 class="PlaygroundEditorTheme__h2">🔐&nbsp;More than just a wallet</h2>Most people associate MetaMask with cryptocurrency wallets, but it is much more.&nbsp;Consider it a cryptographic account manager that uses cryptography to secure your account's keys. When you create a new account on MetaMask, a new pair of private and public keys is generated.These keys are required to ensure that the account's owner legitimately carries out the transactions&nbsp;and that the user can manage them in various ways. A hardware wallet, for example, keeps the wallet safe by separating it from the Web3 environment.<h2 class="PlaygroundEditorTheme__h2">💰️&nbsp;MetaMask Portfolio</h2>Previously, the on-ramp feature was only available in the MetaMask mobile app. Computer users can now access the service via wallet extensions and web browsers. <img class="PlaygroundEditorTheme__image editor-image" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/02345ae5-65ab-43bd-953e-8064a3b26a3f/image.png" alt="" width="inherit" height="inherit"> Many people may have more than one cryptocurrency wallet/account. But, until now, you couldn't see the total value of all your accounts in your MetaMask wallet. For that, you had to rely on other platforms.MetaMask Portfolio is a dapp that allows you to see all your MetaMask accounts and assets in one place. It aggregates values from up to ten accounts and displays your total holdings, making it easier to get an instant snapshot of their value in your preferred currency.<h3 class="PlaygroundEditorTheme__h3">Multiple Networks</h3>If the future is multi-chain, Portfolio Dapp supports that vision by offering a variety of networks to choose from:<ul class="PlaygroundEditorTheme__ul"><li value="1" class="PlaygroundEditorTheme__listItem">Ethereum</li><li value="2" class="PlaygroundEditorTheme__listItem">Optimism</li><li value="3" class="PlaygroundEditorTheme__listItem">BNB Smart Chain</li><li value="4" class="PlaygroundEditorTheme__listItem">Polygon</li><li value="5" class="PlaygroundEditorTheme__listItem">Fantom</li><li value="6" class="PlaygroundEditorTheme__listItem">Abritrum</li><li value="7" class="PlaygroundEditorTheme__listItem">Avalanche</li></ul>Once your accounts are linked, you'll be able to see all of your assets across these chains in one place, with more networks on the way.<h3 class="PlaygroundEditorTheme__h3">A Richer NFT Experience</h3>To enjoy your NFTs, you must be able to look at them quickly. You can get a comprehensive view of your digital art collection and other utility NFTs on Ethereum Mainnet and Polygon by switching to the "NFT" side of the dapp.<h3 class="PlaygroundEditorTheme__h3">Portfolio View</h3>This dapp is simple for those who want to dive into their portfolio in a user-friendly format. Simply select Portfolio from the Extension home screen to:<ul class="PlaygroundEditorTheme__ul"><li value="1" class="PlaygroundEditorTheme__listItem">Connect multiple accounts: You can connect all your MetaMask accounts to the dapp.</li><li value="2" class="PlaygroundEditorTheme__listItem">Aggregate your assets: With numerous accounts connected, you will easily track your total portfolio with token balances</li><li value="3" class="PlaygroundEditorTheme__listItem">Look at your NFTs: Admire your collection on Mainnet and Polygon across all your connected accounts.</li><li value="4" class="PlaygroundEditorTheme__listItem">View your multi-chain assets: The dapp will let you see your holdings across 7 networks.</li><li value="5" class="PlaygroundEditorTheme__listItem">Search and watch tokens: View any favorite tokens across supported chains and add them to your watchlist to track.</li></ul><h1 class="PlaygroundEditorTheme__h1">📆&nbsp;Metamask in 20 Years</h1>Dan Finlay, MetaMask's co-founder, explains how MetaMask will become the Google of Web3.Metamask could evolve into a dapp that provides users precisely what they're looking for through various recommendations and services that meet their needs.According to Finlay, Google tries to solve problems in a more extensive global way, as he explained: "If you type car mechanic, it may ask where you are, and it may incorporate some of your past search histories, but what it's not doing is incorporating totally private, personal, social network type information. At MetaMask, we are to build a user-centric cryptography first-user agent.This could imply that using MetaMask as your wallet in the future may assist you in finding a good mechanic or whatever else you're looking for.<h1 class="PlaygroundEditorTheme__h1">🧧&nbsp;Key Features of MetaMask Wallet</h1>MetaMask supports Ethereum transactions and makes the process much more accessible with advanced functions that allow users to send and receive funds in minutes.Here are the main features of the MetaMask wallet:<h3 class="PlaygroundEditorTheme__h3">Swap Tokens from Anywhere, Anytime&nbsp;</h3>Users with MetaMask accounts can exchange any token from their mobile or desktop wallet.&nbsp;This swap feature combines data from DEX aggregators, DEXs, and Market Makers to ensure that every user receives the best price at the lowest network or gas fees.MetaMask is designed with privacy as its top priority compared to other digital wallets. The platform enables users to store, swap, and access tokens without fear of exchanges and dApps accessing more private information than the user has consented to.<h3 class="PlaygroundEditorTheme__h3">Adjustable Gas Fees&nbsp;</h3>Unlike other hardware wallets, MetaMask wallet users can set their transaction fees based on their requirement level. The wallet also allows for fine-grained control over gas fees.<h3 class="PlaygroundEditorTheme__h3">Supported Networks&nbsp;</h3>Although the users are limited to the use of Ethereum only, it is possible to communicate with other networks like:<ul class="PlaygroundEditorTheme__ul"><li value="1" class="PlaygroundEditorTheme__listItem">Main Ethereum Network</li><li value="2" class="PlaygroundEditorTheme__listItem">Kovan Test Network</li><li value="3" class="PlaygroundEditorTheme__listItem">Goerli Test Network</li><li value="4" class="PlaygroundEditorTheme__listItem">Ropsten Test Network</li><li value="5" class="PlaygroundEditorTheme__listItem">Rinkeby Test Network</li></ul><h3 class="PlaygroundEditorTheme__h3">EIP-1559&nbsp;</h3>The implementation of EIP-1559 altered Ethereum's market mechanisms by replacing the first-price auction with a fixed-price sale.&nbsp;More importantly, users submitting transactions will no longer have to calculate the gas required, as the base fee is already included in the subsequent block. Applications or users who want to prioritize transactions can pay the miner with a priority fee or a tip.<h1 class="PlaygroundEditorTheme__h1">🥇&nbsp;The World's Leading Non-Custodial Crypto Wallet</h1>MetaMask has grown over 1,800% in one year, from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.MetaMask was founded in September 2016 and has played a crucial role in adopting decentralized applications on Ethereum. The release of the mobile version in September 2020 has been critical in attracting new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.The launch of token swaps on MetaMask mobile in March 2021 also accelerated user growth exponentially. <img class="PlaygroundEditorTheme__image editor-image" src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/766441df-a905-4cda-86b3-d8179025c439/image.png" alt="" width="inherit" height="inherit"> “MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” said Dan Finlay, MetaMask Co-Founder. “We’re letting users explore new ways of establishing trust online,” he added.<h1 class="PlaygroundEditorTheme__h1">✨&nbsp;Conclusion</h1>MetaMask is a decentralized wallet with many features and Web3 applications, serving as a central hub for NFT and Web3 enthusiasts looking to build decentralized applications on the Ethereum blockchain.When the MetaMask development team began designing the wallet's features and functions in 2016, the main goal was to make access to the Ethereum blockchain easier, more reliable, and more secure. It has succeeded by a wide margin.Despite its many features, this wallet cannot be used as a primary wallet because it does not support Bitcoin, the most widely held digital asset in the crypto industry. The wallet is suitable for intermediate and advanced crypto investors due to its emphasis on technical features.However, considering the plans of MetaMask co-founder Dan Finlay, the future of this wallet looks bright.

Metamask

DeFi

Metamask, The Unexpected Google Competitor

After weeks of rough transaction fees, here are Ethereum's biggest gas spenders

Bankless Writer:&nbsp;<a href="https://twitter.com/JackInabinet?ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">Jack Inabinet</a>Since the ICO Craze of 2017, the ability to permissionlessly create assets has been one of the most compelling use cases for smart contract platforms. Recently, this has come back into vogue on Ethereum with widespread memecoin fever.While bluechips like Bitcoin and Ether plummeted off their respective bear market highs, hot money was flowing into memecoins like PEPE. After posting an impressive 1500% increase from April 26, PEPE topped out on May 5 and since has fallen from grace, down 50% off its highs.Undeniably, FOMO fever for shitcoins has seemed to dissipate. Many Ethereum users will be relieved to see this given just how painful gas prices on the network were last week with the top gas guzzling sources of the surge related largely or partly to memecoin mania.<img class="PlaygroundEditorTheme__image editor-image" src="https://coinvoice-international.oss-cn-hongkong.aliyuncs.com/profital-prod/article/20230516/2023051618102807486409.png" alt="" width="inherit" height="inherit"><img class="PlaygroundEditorTheme__image editor-image" src="https://piccdn.0daily.com/202305/16030432/kj830j3ccbuwbzd2.png!webp" alt="揭秘Meme热潮中以太坊最大的Gas消耗者" width="inherit" height="inherit">Source:&nbsp;<a href="https://dune.com/hildobby/Gas?ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">Dune Analytics</a>Combined, the above accounts generated 32.3k ($59.5M) in fees for the Ethereum network last week, of which 26.2k Ether has been&nbsp;<a href="https://ultrasound.money/?ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">burned</a>, contributing towards deflation of Ether supply and returning value to holders.Today, we’re diving into where Ethereum's top 5 gas guzzlers are coming from and exploring why shitcoining is pushing activity to concentrated pockets of the network.<hr><h2 class="PlaygroundEditorTheme__h2">🦄 Uniswap</h2><img class="PlaygroundEditorTheme__image editor-image" src="https://bankless.ghost.io/content/images/2023/05/image-31.png" alt="" width="687" height="146">Multiple Uniswap contracts exist, however, only two made it onto our list.Uniswap’s Router, which aggregates trades across the protocol to improve order execution, and its full-range liquidity contract (V2) consumed a combined 30% of gas used on Ethereum over the past week. Unsurprisingly, increased speculation in the longest tail of tokens translates to increased DEX volumes.But why Uniswap in particular?Volume flows to where the liquidity lies and the deepest liquidity for all of the market’s favorite shitcoins has been on Uniswap. Take PEPE for example, where a vast majority of the token’s liquidity is sitting in Uniswap pools.<img class="PlaygroundEditorTheme__image editor-image" src="https://coinvoice-international.oss-cn-hongkong.aliyuncs.com/profital-prod/article/20230516/2023051618112077914127.png" alt="" width="inherit" height="inherit">Source:&nbsp;<a href="https://defillama.com/tokenUsage?token=pepe&amp;ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">DeFi Llama</a>Memecoin liquidity found an initial home on V2, however, the tide has begun to turn for the most popular tickers, as professional market makers have entered the game. A majority of the volume for more established memecoins now flows through more capital efficient (and complicated) concentrated liquidity Uniswap V3 deployments.<img class="PlaygroundEditorTheme__image editor-image" src="https://coinvoice-international.oss-cn-hongkong.aliyuncs.com/profital-prod/article/20230516/2023051618114567012936.png" alt="" width="inherit" height="inherit">Source:&nbsp;<a href="https://pro.nansen.ai/token-god-mode?token_address=0x6982508145454ce325ddbe47a25d4ec3d2311933&amp;ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">Nansen</a><hr><h2 class="PlaygroundEditorTheme__h2">🥪 jaredfromsubway.eth</h2><img class="PlaygroundEditorTheme__image editor-image" src="https://bankless.ghost.io/content/images/2023/05/image-32.png" alt="" width="720" height="169">The comically named jaredfromsubway.eth has continued to attract an awful lot of attention as the MEV sandwich bot of unknown origin keeps aggressively guzzling gas.Incepted in late February, jaredfromsubway.eth has stood out from the competition, vastly outperforming fellow MEV bots and netting a $6.3M profit in less than three months.Sandwich attacks are a toxic form of MEV that frontruns user orderflow, worsening execution prices. They are especially profitable in low liquidity pools, a common characteristic of memecoins, as attackers can easily push prices with a relatively small amount of initial capital.On April 17th, more than 60% of blocks contained transactions from jaredfromsubway.eth, leading an initial spike in fees that has persisted since.These sandwich attacks are atomic, meaning that the entire transaction occurs within one block and the attacker is not taking risk on the transaction.It is important to note, however, that sandwiching is still not entirely without risk: bots must hold inventory to initiate an attack, creating risk across blocks. For this reason, many sandwich bots exclusively hold ETH and stables, electing to avoid exposure to memecoin pricing. jaredfromsubway.eth has found success by concentrating efforts on the little exploited [meme coin → more stable currency] leg of the trade.<hr><h2 class="PlaygroundEditorTheme__h2">💰 Tether</h2><img class="PlaygroundEditorTheme__image editor-image" src="https://bankless.ghost.io/content/images/2023/05/image-34.png" alt="" width="666" height="163">USDT is about as far away from memecoins as one can venture on the crypto risk spectrum, yet Ethereum’s most prolific issuer has seen heavy activity throughout the rally. Potentially a signal of the broader crypto market's risk-off sentiment, USDT market cap has been on an upward grind, increasing by $64M (0.8%) over the past week.<img class="PlaygroundEditorTheme__image editor-image" src="https://coinvoice-international.oss-cn-hongkong.aliyuncs.com/profital-prod/article/20230516/2023051618121245823585.png" alt="" width="inherit" height="inherit">Source:&nbsp;<a href="https://coinmarketcap.com/currencies/tether/?period=7d&amp;ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">CoinMarketCap</a>Smart money addresses have continued to increase their net stablecoin exposure, up to 500 bps to 19.5% from April 17 lows, a date that not so coincidentally falls one day after peak local crypto prices.<img class="PlaygroundEditorTheme__image editor-image" src="https://coinvoice-international.oss-cn-hongkong.aliyuncs.com/profital-prod/article/20230516/2023051618122898975343.png" alt="" width="inherit" height="inherit">Source:&nbsp;<a href="https://pro.nansen.ai/smart-money/holdings?ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">Nansen</a>Prolific usage of Tether’s contract has been a direct result of decreasing certainty in the future direction of crypto prices. With local tops of past cycles marred by the bodies of memecoin projects past, it is no wonder that many are getting cold feet and transitioning into stable assets.<hr><h2 class="PlaygroundEditorTheme__h2">🦊 MetaMask</h2><img class="PlaygroundEditorTheme__image editor-image" src="https://bankless.ghost.io/content/images/2023/05/image-35.png" alt="" width="715" height="170">Web3 wallets have been on a push to better their UX. ETH gas consumed by the MetaMask swap router is testament to the progress being made on this frontier.MetaMask Swap is an in-wallet exchange that aggregates data from decentralized exchange aggregators, market makers, and DEXs to ensure better prices and network fees, fewer token approvals, and slippage protection (an extremely useful tool in preventing sandwich attacks).While a 0.875% service fee is charged on all orders, users have not been deterred from the feature. Perhaps the most obvious driver of MetaMask Swap’s success is the ease with which it facilitates speedy memecoin swaps.<img class="PlaygroundEditorTheme__image editor-image" src="https://bankless.ghost.io/content/images/2023/05/data-src-image-f7e49905-bf1a-4f5d-9767-23e5f947601f.png" alt="" width="674" height="836">Source:&nbsp;<a href="https://metamask.io/?ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">MetaMask Wallet</a>Traditional crypto onboarding routes require users to go from CEX to wallet to DEX to acquire tokens. MetaMask is shortening this path and making a more frictionless onboarding process for prospective coin buyers.<hr><h2 class="PlaygroundEditorTheme__h2">🔵 Arbitrum</h2><img class="PlaygroundEditorTheme__image editor-image" src="https://bankless.ghost.io/content/images/2023/05/image-37.png" alt="" width="631" height="146">When the L1 is congested, users flock to Ethereum’s rollups.DeFi-centric Arbitrum has been a major beneficiary of the shift, seeing daily transactions keep pace with those on Ethereum itself since the ARB token&nbsp;<a href="https://twitter.com/arbitrum/status/1636362096714690562?s=20&amp;ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">announcement</a>&nbsp;in mid-March.<img class="PlaygroundEditorTheme__image editor-image" src="https://coinvoice-international.oss-cn-hongkong.aliyuncs.com/profital-prod/article/20230516/2023051618133532736215.png" alt="" width="inherit" height="inherit">Source:&nbsp;<a href="https://app.artemis.xyz/dashboard?ref=bankless.ghost.io" class="PlaygroundEditorTheme__link">Artemis</a>Daily transactions on Arbitrum have since hovered close to the million mark and memecoin season has undeniably helped push an otherwise disproportionate amount of activity to the L2. The day PEPE truly began its rise to stardom (April 29), transactions on the chain increased by 342k (38%).Despite not being a perfect correlation, the movement in the number of transactions on Arbitrum generally mimics that on Ethereum. With memecoin season beginning to bleed out, the need for users to transact on rollup solutions has lessened, as visible in the rapid declines in transaction count on Arbitrum. Should we see a return, it is likely that gas consumption by Arbitrum and rollups in general, will yet again increase.<h3 class="PlaygroundEditorTheme__h3">The Bottom Line</h3>Memecoin szn is often reduced to a simplistic, price-only conversation.The ability for select tokens to stunningly materialize billions of dollars in market cap, seemingly overnight, can make it easy to overlook the widespread impacts that the frenzy has on the Ethereum landscape.Whether we see a resumption of the mania is unclear, but the clear fact remains that even in a price-down environment, the memecoin corner of crypto can dominate gas consumption leaderboards and produce substantial demand for blockspace.

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We believe that Cetus has great potential to become a leader in the unique ecosystem of SUI.

May 2, 2023, Cetus has successfully closed its seed round of funding led by OKX Ventures and KuCoin Ventures. This round also included participation from a list of prominent institutions in the industry, such as AC Capital, Comma3 Ventures, NGC Ventures, Animoca Ventures, IDG Capital, Leland Ventures, Adaverse, Coin98 Ventures, etc.<img class="PlaygroundEditorTheme__image editor-image" src="https://miro.medium.com/v2/resize:fit:700/0*q8-BN62sJShNHRxL" alt="" width="700" height="395">Cetus is a DEX and liquidity protocol based on the Move ecosystem, using an algorithm similar to Uniswap V3 to build a concentrated liquidity protocol and a series of ancillary functions, providing DeFi users with the best trading experience and higher capital efficiency. At the same time, using the unique ecological characteristics of SUI, it creates composable functions that differ from Uniswap.Cetus is a DEX and liquidity protocol based on the Move ecosystem, using an algorithm similar to Uniswap V3 to build a concentrated liquidity protocol and a series of ancillary functions, providing DeFi users with the best trading experience and higher capital efficiency. At the same time, using the unique ecological characteristics of SUI, it creates composable functions that differ from Uniswap.<h1 class="PlaygroundEditorTheme__h1">What are the demands of LP?</h1>In different trading scenarios, the demands of LP are not the same. We proposed the view that the audience determines liquidity at the beginning of the year, and divided on-chain assets into mainstream assets (the top ten assets in terms of trading volume on major public chains) and long-tail assets into two categories. Their LP demands are different:<ul class="PlaygroundEditorTheme__ul"><li class="PlaygroundEditorTheme__listItem" value="1">Mainstream LP: Obtain more swap fee income, less impermanent loss (Uni V3 is better)</li><li class="PlaygroundEditorTheme__listItem" value="2">Long-tail assets LP: Cheaper, controllable, and flexible market value strategy (Uni V2 is more convenient, and liquidity management costs are lower)</li></ul>In the long run, V3 with better capital efficiency is the trend, but due to such demand differences, Uni V2 and V3 can still coexist in the data. However, the market will inevitably produce players who take into account the needs of both. In an emerging ecosystem like SUI, Cetus is a stronger candidate.<h1 class="PlaygroundEditorTheme__h1">Cetus: The first concentrated liquidity protocol on the Move ecosystem</h1>Cetus has a comprehensive product system that includes Swap, permissionless liquidity pools, and cross-chain bridges.<img class="PlaygroundEditorTheme__image editor-image" src="https://miro.medium.com/v2/resize:fit:700/0*LbIgwselQNALbPiE" alt="" width="700" height="308">Concentrated liquidityCetus uses a concentrated liquidity market-making algorithm similar to Uniswap V3. Liquidity providers can create multiple positions in the same pool and simulate different price curves by setting different price ranges to implement their customized strategies. As the price changes with the execution of new swaps, the smart contract will consume all available liquidity in the current price range until reaching the next price tick, at which point the contract will immediately switch to the new tick, activating any dormant liquidity within the new tick interval. Meanwhile, there is a correlation between the tick interval and the trading fee level, with higher fees leading to closer tick points.Through concentrated liquidity, LPs can earn more trading fees and achieve higher capital efficiency.Permissionless PoolBefore the emergence of SUI, Solana was one of the representatives of high-speed public chains. However, one of the reasons why Solana’s ecosystem development lacks momentum is the lack of permissionless DEX for creating pools for a long time within the ecosystem. This led to difficulty in the emergence of community-native or MEME projects, resulting in insufficient attention and lack of new hot money, and becoming a “whale chain.” Today, with the launch of SUI, the status of community-native projects will be crucial to the rapid prosperity of the ecosystem. In Cetus, users can create liquidity pools without permission, and projects can launch new tokens on Cetus without permission. This will attract more early-stage projects and quickly establish pricing power for long-tail assets.Flexible Trading FeesCetus allows teams and users to choose custom trading fee levels, and multiple pools can be set up for the same token with different trading fee levels. Currently, the platform allows four levels of trading fees: 0.01%, 0.05%, 0.25%, and 1%. This design encourages the market to find the most suitable liquidity allocation scheme, providing greater flexibility for LPs and swap users. Stablecoin trading pairs with low volatility assets may be concentrated in pools with the lowest fees, while high volatility or low trading volume assets may be more concentrated in pools with higher fees to hedge risks.Automated Position ManagementUsers can implement profit-taking and limit orders based on range orders. After liquidation, users generally need to exit their positions in a timely manner to avoid the spot price re-entering the price range. Users can also use third-party position managers integrated with Cetus for management, reducing the difficulty of liquidity management and facilitating long-tail asset LPs.ComposabilityCetus supports high composability, and other project teams can easily build an exchange interface on their own frontend by integrating Cetus SDK, enabling fast access to Cetus liquidity. For example, the options project&nbsp;Typus&nbsp;on the Sui network achieved one-click hedging of long-tail assets by integrating with Cetus, while also improving the liquidity and coverage of their own options.Secure Cross-chain BridgeCetus’s cross-chain bridge based on Wormhole was launched in November last year, allowing users to securely and conveniently transfer assets across nearly 20 public chains.Strongly Associated Token Economic ModelCetus has adopted xToken’s economic model. By holding CETUS tokens and xCETUS, users can receive protocol revenue sharing, ensuring consistency between the interests of the community and the protocol.<h1 class="PlaygroundEditorTheme__h1">Cetus Team: Experienced Concentrated Liquidity Market-Making Algorithm Development</h1>Uniswap v3 is an innovation in the DeFi architecture, and its core is the concentrated liquidity market-making algorithm, which maximizes the utilization of LP funds. However, in March 2021, Uniswap introduced a commercial source code license to prevent others from forking its source code, which expired in April. On EVM chains, competitors such as Pancake and Quickswap have launched V3 alternatives. However, there are few competitors in the CLMM race on non-EVM high-speed chains. In the future, competition among CLMM-type DEXes will tend towards operations, and the lightly-operated Uniswap will gradually become weaker.Cetus has a team of experienced developers and operators, and its APTOS version has been deployed and is running smoothly. With a guaranteed product, strong BD capabilities within the ecosystem, and continuous narrative ability in operations, the Cetus team is expected to become the leader of CLMM infrastructure on SUI.<img class="PlaygroundEditorTheme__image editor-image" src="https://miro.medium.com/v2/resize:fit:700/0*oryf8c3gm9v-XpTr" alt="" width="700" height="313"><h1 class="PlaygroundEditorTheme__h1">Defi innovation brought by concentrated liquidity protocol</h1>LPs Automated Liquidity Management ProtocolUnder the&nbsp;concentrated liquidity protocol, LPs generally choose to provide liquidity near the market price. However, when the market price exceeds the strategy range, LPs not only face impermanent loss but also cannot earn LP fees anymore. LPs need to actively deploy market-making strategies again. Automated liquidity management protocols have emerged, which can help LPs automatically execute market-making strategies. Top projects such as Arrakis Finance have already reached a TVL of $440 million.<img class="PlaygroundEditorTheme__image editor-image" src="https://miro.medium.com/v2/resize:fit:700/0*iXm3qwVSRtY92lhX" alt="" width="700" height="264">These types of protocols can also achieve:<ul class="PlaygroundEditorTheme__ul"><li class="PlaygroundEditorTheme__listItem" value="1">Single-sided asset LP mining, where LPs can deploy initial liquidity in a skewed manner, such as only deploying the project’s native token. The protocol can help absorb underlying assets such as USDT or ETH to balance the liquidity pool. As trading occurs, the project’s native assets will gradually be converted into underlying assets. In this case, LPs can achieve liquidity without selling their own tokens or incentivizing external capital.</li><li class="PlaygroundEditorTheme__listItem" value="2">Issuing ERC-20 LP tokens for LP providers. These LP tokens can not only be traded, but also used for re-collateralization, further improving the capital efficiency of LP assets.</li></ul>New Type of Smart Pools and Leveraged MiningIn the past, passive liquidity mining also involved leveraged mining, but due to the even distribution of liquidity, the overall yield of leveraged mining was not ideal. With the CLMM algorithm, the advantages of capital are amplified, and professional quantitative institutions and market-making teams can achieve more customized strategies in a granular way. The smart pool can obtain funds from protocol users or lending protocols and adopt an active and stable strategy to generate profits, which has tremendous value for large-volume users with investment needs.New Derivatives SystemWhen using the CLMM mechanism, while LP yields are increased, they also face higher impermanent loss. In extreme market conditions, the liquidity of LPs’ set intervals will be drained by arbitrageurs. It is worth paying attention to how to construct derivatives that can hedge LP market-making risks and mitigate LP losses caused by malicious dumping of tokens by project teams.Based on the composability advantage of the CLMM algorithm, there is still a lot of potential for Defi protocols to be mined. Especially after events such as FTX’s collapse and the regulatory scrutiny of BUSD, the importance of Defi has become increasingly apparent. The above three Defi products are just the tip of the iceberg.<h1 class="PlaygroundEditorTheme__h1">Summary</h1>We believe that the Cetus team is capable of delivering mature products and has strong business development and operational capabilities across ecosystems. They have a deep and unique understanding of the DEX product and industry. We believe that Cetus has great potential to become a leader in the unique ecosystem of SUI.

Cetus

AC Capital：Why we’re investing in Cetus

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