Grand Cayman, Cayman Islands, July 26th, 2024, Chainwire

Kwenta, the leading onchain perpetuals exchange on the Optimism network, has partnered with Perennial to launch a new joint product and incentive program on the Arbitrum network. This initiative, backed by a substantial 1.9 million ARB grant, aims to attract new users and liquidity providers to Arbitrum and spark renewed interest in onchain perpetuals trading.

Kwenta and Perennial’s Expansion Strategy

Kwenta, known for being a UX layer for perps trading on Optimism and Base, is expanding its reach to Arbitrum in a bid to build a comprehensive marketplace for onchain perpetuals. This move is facilitated by Perennial V2, an Arbitrum-native protocol designed to be a hyper-efficient liquidity layer for derivatives trading. The joint initiative is designed to revitalize the popular AMM model for leveraged trading by providing traders with a powerful, familiar interface to interact with smart contract liquidity.

Perennial’s vision is to create a single, global liquidity layer where all markets, all chains, and all liquidity converge into one decentralized nexus. By integrating Kwenta’s premier trading interface with Perennial’s advanced perps infrastructure, users on Arbitrum will benefit from an optimized trading experience. Trade orders on selected Kwenta markets will be seamlessly routed through Perennial, ensuring efficiency and reliability. This collaboration combines Kwenta’s top-tier trading platform with Perennial’s hyper-efficient trading infrastructure, delivering the best possible experience for traders.

Incentive Program Details

The newly launched incentive program focuses on two main areas:

• Trading Rebates: Active traders will benefit from substantial fee rebates, making it more cost-effective to trade on the platform. This initiative is expected to drive trading volume and retain users.
• Liquidity Boosting: Liquidity providers will receive incentives to supply liquidity, ensuring deep and efficient markets. 

For more details on how to potentially earn rewards, users can visit Kwenta’s Rewards Blog for trading rewards details, or visit Perennial’s Discord server for information about rewards for providing liquidity.

Team Insights

Burt Rock, Marketing Lead at Kwenta, highlighted how far onchain perps have come, stating, “We’ve seen a lot of new perpetuals markets focused on improving the user experience, but most are making huge sacrifices in terms of decentralization. We want to show people you really can build decentralized apps which are incredible to use, and even better than offchain versions.”

Kevin Britz, CEO & Co-Founder at Perennial, added, “Kwenta has been a market leader in the perp vertical, regularly pushing over $100M in OI. We’re excited to welcome them to our home on Arbitrum and expand the number of teams leveraging Perennial infrastructure. In a saturated perps landscape, combining our protocol with Kwenta’s interface will lead to increased volume, deeper liquidity, and a CEX-level user experience.”

Future Outlook

The introduction of this incentive program represents a crucial step in the evolution of Kwenta and Perennial. With Kwenta concentrating on the UX and frontend aspects of trading and Perennial focusing on providing a robust liquidity layer, the collaboration is set to offer a decentralized trading experience that is both highly efficient and user-friendly. This model of specialization showcases how projects can synergize to deliver superior services in the DeFi space. The combined expertise of Kwenta and Perennial promises to elevate the standard of onchain perpetuals trading, making it more accessible and appealing to a wider audience.

For more information, users can visit Kwenta’s website and Perennial’s website. Users can also read Perennial’s launch announcement for additional details.

About Kwenta and Perennial

Kwenta: As a leading platform for derivatives trading, Kwenta has facilitated over $50 billion in volume on Optimism and Base. The platform is expanding to Arbitrum to launch its perpetuals marketplace, a single app to compare and trade on multiple onchain venues.

Perennial: Perennial is a pioneering DeFi liquidity layer that offers hyper-efficient infrastructure for a variety of trading applications. Its modular and efficient design supports customized markets, leveraging fast execution and capital efficiency to power DeFi apps.

Contacts

Burt Rock
Kwenta
burt@kwenta.io
Lucas Terry
Perennial
lucas@perennial.finance

Singapore, Singapore, July 23rd, 2024, Chainwire

A groundbreaking moment in decentralized finance (DeFi) is here as Magnify Cash unveils its state-of-the-art DeFi protocol and announces the upcoming Fair Launch of its native token, $MAG. As a pioneer in financial technology, Magnify Cash is set to reshape the financial services landscape for individuals and enterprises alike.

The Future of Decentralized Credit Markets

Magnify Cash is spearheading the next evolution in decentralized credit markets, unlocking liquidity for Real-World Assets (RWAs), Future Yield Tokens (FYTs), and a myriad of digital assets through its innovative, permissionless lending desks.

Solving Key Financial Challenges

• Limited Liquidity: Bridging the gap for diverse digital assets.
• Decentralization: Eliminating centralized and custodial lending limitations.

Innovative Products and Solutions

• Permissionless Lending Desks: Facilitate borrowing and lending for any ERC-20 token against RWAs, FYTs, and other digital assets.
• Decentralized Borrowing Options: Provide lending solutions without intermediaries, ensuring maximum security and transparency.

Universal Collateral and Currency Support

Magnify Cash’s Universal Collateral Acceptance feature supports an extensive array of tokenized assets, including ERC-1155 and ERC-721 tokens. Users can now leverage NFTs and tokenized real-world assets such as art, real estate, bonds, and luxury goods as collateral, unlocking liquidity without the need to liquidate these valuable assets.

Key Features

• Comprehensive Support: Universal support for lending currencies and loan collateral (ERC-20, ERC-1155, ERC-721).
• Seamless Operations: Asset-backed borrowing and lending with permissionless creation and management of lending desks.
• Enhanced Liquidity: Extensive liquidity options for all digital assets, including stablecoins, ETH, liquid staking tokens (LSTs), meme tokens, blue chip NFTs, and treasuries.
• Advanced Risk Management: A dynamic interest rate model utilizing linear interpolation and scaling factors, eliminating the need for oracles.

Robust Security and Compliance

• Guardian Protocol Audit: Ensuring top-notch security.
• Gaslite Gas Optimization Audit: Maximizing operational efficiency.

Proven Testnet Success

• Over 500 lending desks created.
• More than 500 loans issued.
• Nearly 5,000 unique users engaged.

Strategic Alliances and Future Roadmap

Magnify Cash collaborates with leading industry partners like LydianLabs, FjordFoundry, Jiraiya, Tailored, Blaize, 4am, and H3AT Studios, amplifying the platform’s capabilities and outreach. Key security audits by Guardian Protocol and Gaslite reinforce Magnify Cash’s commitment to providing a secure and reliable platform.

Currently Live on

• Base Testnet

Exciting Upcoming Launches

• Base Mainnet: Coming Soon (Including RWAs)
• Ethereum Mainnet: Coming Soon (Including RWAs)
• Potential Layer 2 launches: Abstract Chain, Blast Chain, and more.

Fair Launch of $MAG Token

The $MAG token will be launched through Fjord Foundry’s liquidity bootstrapping protocol, ensuring a fair and transparent distribution. The token sale runs from July 23rd, 8:00 PM EST to July 27th, 8:00 AM EST, with over 70% of tokens allocated to the public. This equitable approach encourages broad participation and fosters a strong, engaged community. Active participants, including lenders, liquidity providers, and borrowers, are rewarded with $MAG tokens.

Participation Opportunities

Secure $MAG Tokens: The MAG token sale begins on July 23rd at 8:00 PM EST (July 24th, 8:00 AM Singapore Time). Participants are invited to join the Fair Launch at Fjord Foundry here.

Explore the Ecosystem: Magnify Cash invites interested parties to discover its comprehensive ecosystem by visiting the Website. Access the Pitch Deck, engaging Intro Video, detailed Whitepaper, and technical Documentation.

Engage with Our Community: Magnify Cash encourages joining its vibrant community for real-time updates and support. Follow us on Twitter, join the Telegram group, and participate in discussions on Discord.

About Magnify Cash

Magnify Cash is a non-custodial and permissionless decentralized credit market that empowers users to lend ERC-20 tokens and borrow against non-fungible tokens (NFTs) and Real-World Assets (RWAs) with unmatched flexibility and transparency. Committed to true decentralization, Magnify Cash ensures universal support for ERC-20 tokens as lending currencies and ERC-1155/ERC-721 assets as collateral. The protocol’s innovative approach to on-chain credit markets offers a fresh perspective in the evolving world of decentralized finance.

For more information, users can visit https://Magnify.Cash or follow Magnify Cash on Twitter at X.com/MagnifyCash.

Magnify Media Kit: Link.

Contact

Press Manager
Magnify.Cash
socials@magnify.cash

Mexico City, Mexico, July 22nd, 2024, Chainwire

Etherfuse, a pioneering platform for the issuance of tokenized real-world assets, announced today that it has successfully raised $3 million in a seed funding round. The round was co-led by White Star Capital and North Island Ventures, with participation from The Department of XYZ, The Stellar Development Foundation, Funfair and angels Alice Ann Schwartz & Anna Yuan. This funding will support Etherfuse in its mission to make global capital markets more efficient and accessible through blockchain technology. 

Etherfuse is building an industry-leading platform for the tokenization of real-world assets. Bringing these assets on-chain offers significant cost, efficiency, and accessibility benefits. Etherfuse has already begun tokenizing emerging market government debt – “Stablebonds” – with an initial focus on Latin America. The Etherfuse team is confident that these bonds will offer yield-bearing, transferable, and composable features in decentralized finance (DeFi). Ultimately, Etherfuse aims to become the largest compliant issuer of a tokenized assets from across the globe.

Etherfuse has undertaken extensive regulatory efforts in Mexico and aims to use this unique legal framework to establish itself as a leading global platform for compliant tokenized assets. The company has launched five products so far, including short-term notes from Mexico and Brazil. Recently, Etherfuse facilitated the creation of a Mexican stablecoin with their tokenized-Cetes Stablebonds, MXNe, in collaboration with stablecoin issuer Brale. Currently, Etherfuse issues assets on the Solana and Stellar blockchains, with plans to expand to additional chains in the future.

Etherfuse is led by CEO David Taylor, an experienced engineer with a background in cryptography at companies including Apple and Boeing. David is joined by his co-founder AJ, who serves as CTO and brings with him engineering background in payments technology. The team is split between Irvine, CA and Mexico City, MX.

“Etherfuse will programmatically provide the needed debt and assets to the next generation of blockchain developers, enabling them to revolutionize the finance world,” said David Taylor, CEO at Etherfuse. “These protocols and assets eliminate barriers and intermediaries, granting everyone access to the world’s safest investments.” 

“The vision is for Etherfuse to not only capture, but to expand the emerging bond market by removing the manifold barriers that currently prevent people and businesses from accessing the high, real, and safe yields that these assets provide. Providing an API to the blockchain world that connects to some of the safest investment assets is hugely enabling for app developers, including those working with stablecoins, looking to build safer, higher-yield, and more stable products on-chain”, commented Sep Alavi, General Partner at White Star Capital. “As we have spent significant time with the Etherfuse team, we’ve been consistently impressed with their dedication and patience, particularly in the complex and arduous regulatory landscape that they are building a moat by navigating'”, added Marthe Naudts, Associate at White Star Capital.

“The movement to tokenize traditional financial assets has the potential to transform our capital markets,” said Travis Scher, Managing Partner of North Island Ventures. “We believe that Etherfuse’s strong team and innovative approach will establish the company as a leader in bringing the world’s assets on-chain, and we are excited to support Dave and AJ on this journey.” 

About Etherfuse

Etherfuse is an issuer of tokenized real-world assets, with an initial focus on emerging market sovereign debt. By leveraging blockchain technology, Etherfuse aims to improve the efficiency and accessibility of global financial markets. The company’s flagship product, Stablebonds, offers a secure, transparent, and accessible investment option, backed by government bonds, and issued under a regulatory framework in Mexico. For more information, please see Etherfuse’s website and Twitter.

Contact

CEO
Dave Taylor
Etherfuse
contact@etherfuse.com

Hong Kong, Hong Kong, July 21st, 2024, Chainwire

SoMon, a decentralized Web3 forum with a vision to create a space for user-owned content and connections, recently launched its app on Base and has already gained more than 300,000 on-chain transactions in 14 days since its launch, making it the most active and fastest-growing social app in the Web3 space.

SoMon, short for Social Monster, allows users to monetize and create communities (Tribes) around their favorite topics, passions, creators, and fandoms. It is the first app built on OpenSocial Protocol, a composable infrastructure layer for building social applications, and also the first Web3 social app that is truly gasless, allowing it to lower the barrier of entry and onboard users beyond the crypto community. 

Having launched its mobile app on 19 June 2024, around a month ago, it has garnered over 30,000 on-chain registrations in just two weeks. Today, the community is growing rapidly, with over 2 million social engagements among 300+ different Tribes (communities) and its 80,000+ users. 

“Crypto is all about community, but instead of creating communities for users, we want communities to be built by users. SoMon is a user-curated space where people are able to connect with one another while taking charge and reaping the benefits of their own social achievements at the same time,” said Sean Tao, CEO & Co-Founder of SoMon.

SoMon users started minting their own Tribes using various tools and fragmented ownership powered by NFT technology after the new feature was released on 17 July 2024. Users create content, and the platform is monetized through a tool called ‘Megaphone’, allowing users to pay for promotional visibility, with the revenue being redistributed to Tribe owners and stakeholders.

SoMon is currently in its first season, ending on 31 July 2024. In this season, users compete to gain points through interactions and earn badges by climbing to different leagues. At the end of the season, SoMon will officially launch its community token, $OwO, which will be airdropped to the community at the end of the first season, with the first airdrop releasing 3% of its total supply this 1 August 2024, and 1% of its total supply for the subsequent seasons.

During upcoming seasons, SoMon is focused on activating the community economy via Tribe Summer campaign for users to create and engage with their bot-free community.

About SoMon

Social Monster (SoMon) is an open topic-based Web3 social app forum powered by OpenSocial Protocol. It serves as a space where users can create vibrant and engaging communities (Tribes) centered around their passions and fandoms. SoMon ensures that Tribes, content, and social connections are wholly owned by users. 

Contact

Public Relations Manager
Kelvin Yeo Jun Hao
Everest Ventures Group
kelvin.yeo@evg.co