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Abra Settlement, ZEX Airdrop, and More… | EVM News
Here is the top crypto news of the day curated by CoinChapter.com.
Crypto Firm Abra Settles with Regulators
Abra, a cryptocurrency company, has reached a settlement with 25 state financial regulators over operating without proper licenses. The firm must stop crypto-related activities for U.S. customers on its platform and return $82 million in virtual assets to users.
The investigation, led by several states, found that Abra’s mobile app for crypto trading lacked necessary licenses. To help reimburse customers, the states involved waived potential penalties of $250,000 each.
Crypto News: Zeta Markets Launches ZEX Token Airdrop
Zeta Markets, a Solana-based decentralized exchange, has started an airdrop for its new ZEX token. The token will be used for governance, staking, and as the native gas token for Zeta’s upcoming Layer 2 network, Zeta X.
The airdrop distributes 10% of the total ZEX supply, with 70% available for immediate claim by active traders. Zeta Markets, which has processed $10 billion in volume since 2021, aims to reward long-term users and boost engagement through this token distribution. Claims will remain open until September 25, 2024.
State Street and Galaxy Digital Partner on Crypto Products
State Street Global Advisors and Galaxy Asset Management are teaming up to create new cryptocurrency investment products. These will include exposure to crypto companies and both spot and futures-based ETFs. State Street has applied to register a crypto-based fund called SSGA Active Trust, which Galaxy will manage day-to-day.
This partnership aims to provide investors access to the $2.4 trillion digital asset ecosystem through actively managed strategies.
Crypto News: South Korean Crypto Firm Expands to Abu Dhabi
Hashed Ventures, a major South Korean crypto investment firm, is expanding to Abu Dhabi. The company has partnered with Hub71, the city’s tech ecosystem group, and plans to open an office there. This move is part of Abu Dhabi’s efforts to attract crypto talent and become a digital asset hub.
CEO Simon Seo-Joon Kim cited challenges in the South Korean market as reasons for seeking opportunities abroad. Hashed is also in talks with other South Korean crypto firms about entering the UAE market.
Blast Token Surges After Airdrop
The Blast (BLAST) token, native to the Ethereum layer-2 network Blast, has seen a 40% price increase following its launch. Starting at $0.02 per token with a $2 billion fully diluted value, it has climbed to $0.0281.
The airdrop distributed 17% of BLAST’s total supply to various user groups and the Blur Foundation. This successful launch contrasts with other recent token debuts like zkSync and LayerZero, which have declined since launch.
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Pump.fun Revenue Surpasses $50 Million | EVM News
YEREVAN (CoinChapter.com) — Pump.fun’s cumulative revenue has crossed $50 million. The Solana-based memecoin launchpad is noted for its ease of use and Solana’s low transaction fees. According to DefiLlama data, Pump.fun generated over $598,000 in revenue within the past 24 hours.
Pump.fun’s Memecoin Launch and Continued User Engagement
Pump.fun has helped launch over 1.18 million memecoins. The platform’s popularity grew amid the recent meme-token boom, resulting in the creation of various political-themed cryptocurrencies, celebrity tokens, and more. Data from Dune Analytics confirms the high volume of memecoins deployed via Pump.fun.
Recent unfavorable market conditions have caused a dip in daily fees. However, Pump.fun still shows significant user engagement and economic activity on the Solana network.
Pump.fun Boosts Solana’s Economy Amid Rising Competition
The substantial fees generated by Pump.fun and the large number of tokens deployed have brought considerable economic activity to Solana. The platform maintains high user interest and drives transactions.
Dexscreener, a crypto data aggregator, launched a rival memecoin launchpad named Moonshot. Also based on Solana, Moonshot accumulated nearly $500,000 in revenue during its debut week, according to DefiLlama data. This new competitor adds another layer to the growing memecoin market on Solana.
Pump.fun’s Revenue Model and Celebrity Impact on Solana
Pump.fun charges a 1% fee on trades and a two SOL fee when tokens gain enough liquidity to list on Raydium, a decentralized exchange on the Solana blockchain. This revenue model has significantly boosted user engagement and transaction activity within the Solana ecosystem.
Celebrity involvement has also contributed to Pump.fun’s growth. Last month, Caitlyn Jenner launched her token, JENNER, on the platform and heavily promoted it. The token’s value quickly rose to $43.6 million after the launch but has since dropped by over 85%.
Key Numbers and Facts
- Pump.fun’s cumulative revenue: $50 million+
- Memecoins launched: 1.18 million+
- Recent 24-hour revenue: $598,000+
- Moonshot’s debut week revenue: $500,000
Hot Projects
Real Bedford Football Club Signs 5-Year Bitcoin Sponsorship with W… | EVM News
YEREVAN (CoinChapter.com) — Crypto exchange Gemini and Real Bedford football club, co-owned by Peter McCormack, have signed a five-year sponsorship deal. The deal, announced on Monday, aims to support the club’s success and create new opportunities for locals. It will be paid in Bitcoin.
Winklevoss Capital, owned by Gemini founders Tyler and Cameron Winklevoss, made a $4.5 million investment in the football club in April. The new sponsorship is in addition to the previous investment. The April investment made the Winklevoss twins co-owners of the club alongside McCormack. McCormack bought the club in 2022.
Company Logo to Feature on Jerseys in New Deal
A Gemini spokesperson explained that both the team’s jerseys and the pitch will feature Gemini’s logo as part of the sponsorship deal. Gemini has sponsored the club since 2022. The value of the new deal was not disclosed.
Real Bedford’s integration of Bitcoin into its operations stands out. Players are able to receive payments in cryptocurrency, and fans can buy tickets and merchandise using Bitcoin. This integration has led to a +62% return, strengthening the club’s financial position.
Real Bedford’s Bitcoin Strategy Secures 62% Return
Real Bedford football club holds its treasury in Bitcoin. The five-year sponsorship deal will be paid directly into this Bitcoin treasury. This strategy safeguards the club’s savings and investments against high inflation. The football club plans to use the sponsorship funds to build a new training center and launch a youth football academy for underprivileged children in Bedford, England.
“By integrating Bitcoin into our treasury, we have achieved a +62% return,”
McCormack said. This return has helped protect the club’s cost base against inflation. Bitcoin is a key part of its financial strategy.
“I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years.
McCormack commented
The sponsorship deal will provide significant support to children in Bedford. For example, the new training center and youth football academy are significant steps forward for the area. They will provide better opportunities for underprivileged children in Bedford, where McCormack lives.
Hot Projects
Web3-Friendly Lampu Festival in Bali Uses NFT Tickets and Crypto P… | EVM News
Key Takeaways:
- Web3-Friendly Lampu festival used NFT ticketing for secure entry, reducing fraud.
- Payment options included traditional methods and USD Coin (USDC).
- Belong provided a branded platform with event schedules and real-time updates.
YEREVAN (CoinChapter.com) — The Lampu festival in Bali, inspired by the world-famous Burning Man, integrated Web3 technologies for its 2024 event. Held from Feb. 29 to March 3, the festival welcomed over 1,000 attendees who experienced NFT ticketing and crypto payments.
Lampu Festival Implements NFT Ticketing for Secure Entry
NFT ticketing was a feature of the Lampu festival. Each ticket, a unique digital asset stored on a blockchain, ensured authenticity and ownership. This method reduced fraud and improved operations for the organizers. Unlike traditional tickets, NFT tickets provided a secure method of entry, eliminating the risks of counterfeiting or loss.
Belong’s platform offered multiple ticket price tiers. After successful payment, users received their tickets in NFT form. The transaction ID was available on Etherscan, and the NFT was visible on the OpenSea platform. Gasless minting allowed payments with USDC without needing other cryptocurrencies like Polygon (MATIC) or Ether (ETH). Festivalgoers then scanned their QR code on the same platform to enter the event.
Jay, Belong’s founder, stated,
“Our goal is not only to provide software but also to enhance engagement and create meaningful connections within communities.”
Payment Options at Lampu Festival
The festival’s payment options included both traditional methods and USD Coin (USDC), a stablecoin pegged to the U.S. dollar. Community owners received payments in USDC, simplifying the financial transactions.
Visitors to the Lampu festival could choose from Apple Pay, Google Pay, and Web3 wallets, providing a variety of payment options to suit different preferences. This flexibility ensured that both tech-savvy attendees and those less familiar with cryptocurrency could easily participate.
Belong’s platform developed a Lampu-branded landing page for the event. This page included event schedules, community links, and real-time updates. It was designed to be accessible to a diverse audience, including those unfamiliar with Web3 technologies.
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