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1. $GOAT, the New GOAT of Meme Coins?
The meme coin Goatseus Maximus ($GOAT) has captured the imaginations of investors and Web3 enthusiasts alike. It saw an astonishing 12,000% surge within 24 hours of its launch, with a further 71% increase in the past day. This sudden price explosion can be attributed, in part, to a $50,000 Bitcoin contribution from Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz (a16z), which added fuel to the already growing hype around the meme coin.
The project is run by an AI bot named 'Truth Terminal'; it is designed to be the eyes and ears of the internet culture to identify and analyse meme trends.
One investor reportedly turned $86,000 into $3.9 million within six days, while another achieved similar gains in just two days. These stories of rapid wealth generation have contributed to the coin's allure, attracting more investors to jump on the bandwagon.
However, it's crucial to remember that meme coins like $GOAT are inherently risky and volatile investments. As with any forays into the Web3 crypto space, caution and thorough research are paramount.
Check out our related article: Best AI Crypto Coins to Keep Your Eye on
2. DBS Launches Blockchain Banking for Institutions; Budding Interest in Tokenisation Among Swiss Banks
Singapore's DBS Bank has launched a suite of blockchain-based services for institutional clients, marking a significant step forward in integrating blockchain technology within traditional finance. The new services, dubbed 'DBS Token Services', leverage a permissioned blockchain compatible with the Ethereum Virtual Machine (EVM) to facilitate real-time payment settlements round-the-clock.
At the core of DBS Token Services is the use of smart contracts; that means institutions can govern funds with predefined conditions. This not only enhances security but also provides greater transparency in financial transactions, using blockchain technology.
The bank's permissioned blockchain approach ensures compliance with regulatory standards while harnessing the benefits of blockchain technology to streamline operations and optimise liquidity management.
In other news, Swiss banks are contributing to the trend of traditional financial institutions embracing blockchain. They are signaling interest in Web3 by adopting tokenisation and blockchain-related services, according to a recent survey. Nearly half of the Swiss banks surveyed are planning or already conducting asset tokenisation, with 58% exploring other advanced blockchain use cases such as trade finance and settlement.
3. Donald Trump's World Liberty Fiasco
World Liberty Finance Inc. (WLFI), a rebrand of 'The DeFiant Ones' initiated by former President Donald Trump, was launched on 16 October with a sputter. With big promises of giving power back to the people, the project aimed to sell 20 billion tokens. However, the launch quickly descended into chaos as technical issues plagued the website, rendering it unable to handle the traffic surge from potential investors.
Within the first few hours, a mere 344 million tokens were sold, achieving only 1.7% of the ambitious target. This starkly illustrated the project's failure to meet its goals, as it became clear that investor interest was significantly lower than anticipated.
On top of lacklustre marketing efforts and an over-reliance on Trump's celebrity status, users were quick to catch on to the questionable terms and conditions of purchasing WLFI tokens; WLFI holders will not be able to trade or transfer their tokens. They can only use the tokens to vote on decisions pertaining to the DeFi protocol when it goes live.
This deviated from conventional practices commonly observed in other initial coin offerings (ICOs), where a comprehensive white paper typically outlines the token's mission, goals, and practical use cases.
As the U.S. election campaign reaches its last legs, this episode contains lessons in getting the basics right in a Web3 project launch: robust infrastructures for handling high volume traffic, user-friendly buying processes, and meticulous campaign preparations to clearly communicate goals and value.
4. Solana-Based Web3 Games Get Creative
Solana is emerging as a go-to network in blockchain and Web3 gaming, with a growing number of innovative dApps launching on the platform. One such example is SOL Arena, a reimagined version of the classic Nokia mobile game 'Snake'.
This Web3-enhanced rendition of 'Snake' game offers a thrilling player-versus-player (PVP) experience where players navigate their 'snakes around an arena, collecting energy to grow longer and stronger. Crashing into another player or a wall results in instant elimination, adding a layer of strategic intensity to the gameplay.
SOL Arena incorporates innovative Web3 gaming elements by allowing players to extract a resource called 'noCHILL' via wormholes that periodically appear in the arena. This 'noCHILL' is then used to determine allocations in the upcoming $CHILL token airdrop, giving players a tangible incentive to compete and master the game.
Another Solana-based gaming project, SonicX, is a 'Sonic the Hedgehog' inspired tap-to-earn game (it is part of the Sonic SVM, a Layer 2 gaming ecosystem) that has chosen a native TikTok integration over the norm of Telegram Mini App.
TikTok boasts a larger user base of about 1 billion monthly active users; with the social media platform's ease of advertising, it is drawing Web3 gaming developers and publishers over to its untapped potential. For instance, they get access to a younger Gen-Z demographic already familiar with meme coins.
While Solana is making strides in Web3 gaming, other blockchains are also fostering vibrant ecosystems for gaming dApps. aelf, a leading Layer 1 AI blockchain, is making strides with AI-integrated features and a diverse ecosystem of dApps. They range from DeFi to gaming, suing Web3 and AI integration.
aelf is home to Web3 games such as HamsterWoods, a play-to-earn social game where players raise and nurture their NFT hamsters, and Project Schrodinger, a first 404 collection NFT game where users adopt and trade rare cats.
Beyond gaming, aelf supports projects like Tomorrow DAO, which offers a Votigram Telegram bot. Users can participate in voting and governance processes within the aelf ecosystem and earn rewards for their contributions.
*Disclaimer: The information provided on this blog does not constitute investment advice, financial advice, trading advice, or any other form of professional advice. aelf makes no guarantees or warranties about the accuracy, completeness, or timeliness of the information on this blog. You should not make any investment decisions based solely on the information provided on this blog. You should always consult with a qualified financial or legal advisor before making any investment decisions.
About aelf
aelf, an AI-enhanced Layer 1 blockchain network, leverages the robust C# programming language for efficiency and scalability across its sophisticated multi-layered architecture. Founded in 2017 with its global hub in Singapore, aelf is a pioneer in the industry, leading Asia in evolving blockchain with state-of-the-art AI integration to ensure an efficient, low-cost, and highly secure platform that is both developer and end-user friendly. Aligned with its progressive vision, aelf is committed to fostering innovation within its ecosystem and advancing Web3 and AI technology adoption.
For more information about aelf, please refer to our Whitepaper V2.0.
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