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NBA Top Shot’s host blockchain Flow announced a new $725 million Ecosystem Fund backed by its parent company’s investment arm, Dapper Ventures, and crypto-focused VCs, including a16z, Coatue, and Digital Currency Group.
Dedicated to boosting developments in its ecosystem, the fund will offer investments, in-kind support, and FLOW token grants to eligible developers building applications on its blockchain.
Developers-Oriented Support
Flow, a leading network best known for its NFT projects, was created by Dapper Labs in 2018. The blockchain giant considers the fund as intended to spark innovation and develop new projects built on its platform.
Flow’s release indicates that the Ecosystem Fund will be used to support “gaming, infrastructure, decentralized finance, content and creators” in its ecosystem. In particular, the fund aims to bring web3 opportunities to developers worldwide.
For instance, Flow will offer office spaces to its developers in Berlin and other Asian cities. The fund mainly will go to the following four areas: product development, product scaling, team expansion, user acquisition, and general operating expenses.
Dapper Labs’ CEO Roham Gharegozlou outlined that interest derived from well-known crypto institutions is a confidence vote on the NFT-focused blockchain. He added that the Fund will become a real game-changer for the ecosystem’s “7,500+ strong and fast-growing developer community.”
As reported by Forbes, Flow’s new venture – unlike Binance’s $1 billion fund for its Smart Chain ecosystem, which had only one team responsible for distribution – will accommodate investors’ allocation decisions to distribute the funds.
Flow’s Growth Story Continues
Flow joined Ethereum, Solana, and polygon on Monday as the four blockchains supporting Meta’s latest bid to introduce NFTs on Instagram. It will serve as the host blockchain for renowned sports collectibles like NBA Top Shot and NFL ALL DAY.
Despite ongoing crypto dumps, activity on Flow has continued to thrive, Forbes stated. The number of daily transactions has tripled to over 700,000 since September 2021. Also, the number of active accounts has soared to a new ATH of more than 500,000 this week.


The joint venture, focused on supporting over 7,500 developers working on the Flow network, will offer accelerators and incubators, investments, and FLOW token grants. 

cryptopotato.com

Flow Launched a $725M Fund Backed by a16z, DCG, Coatue

Singapore-based exchange giant Crypto.com is rolling out support for three low-cap altcoins.
Crypto.com recently announced the listing of the native token for the Akash Network (AKT), a decentralized open-source cloud network that supports decentralized finance, decentralized apps, and decentralized autonomous organizations.

The cloud network also supports decentralized machine learning and artificial intelligence.
AKT is trading at $0.88 at time of writing. The 308th-ranked crypto asset by market cap is down 13.7% in the past week and down 1.19% in the last 24 hours.
Crypto.com is also launching support for FLUX, the native utility and governance token of the Flux Ecosystem, a scalable, decentralized cloud-computing infrastructure. The Flux Ecosystem is a suite of decentralized computing services and blockchain solutions that offer an interoperable, decentralized, cloud development environment.
FLUX is trading at $1.33 at time of writing. The 186th-ranked crypto asset by market cap is down more than 9.5% in the past seven days and down 2.15% in the last 24 hours.
Crypto.com is also adding support for the native token of Kryll (KRL), a crypto trading strategy marketplace that allows users to “rent” trading strategies from senior traders.
KRL is trading at $0.70 at time of writing. The 752nd-ranked crypto asset by market cap is down more than 11.5% in the past week.
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Featured Image: Shutterstock/Alina Spiridonova/Natalia Siiatovskaia/Fotomay
The post Digital Asset Exchange Crypto.com Makes Three Little-Known Altcoins Available for Trading appeared first on The Daily Hodl.


Singapore-based exchange giant Crypto.com is rolling out support for three low-cap altcoins. Crypto.com recently announced the listing of the native token for the Akash Network (AKT), a decentralized open-source cloud network that supports decentralized finance, decentralized apps, and decentrali...

dailyhodl.com

Digital Asset Exchange Crypto.com Makes Three Little-Known Altcoins Available for Trading

[PRESS RELEASE – Vancouver, Canada, 4th May 2022]
Covalent, the Unified API for Web3 data, announced today the world’s first proof-based data indexer with the launch of staking on the Covalent decentralized network. Network staking via the Covalent Query Token (CQT) enables anybody from the community to contribute to governing and securing the decentralized protocol.
Ganesh Swami, Covalent’s co-founder, and CEO says, “Trust, but verify has been society’s adage from time immemorial. Today that changes with Covalent’s launch of the industry’s first proof-based data middleware. By relying on math and cryptography, rather than trusted counterparties, we’re re-building the foundations of a better web.”
Specifically with the staking launch, Covalent boasts open and cryptographically-secure indices with the following features:

A standard data model across 32 blockchains known as the “Block Specimen” drives composability and jump-starts innovation when anyone can remix, fork, and wrap data just like any other asset.
Solves the often-ignored read-scalability problems, which brings true transparency and visibility to blockchain data.
A modular architecture that separates out blockchain data storage enabling a multitude of downstream use-cases.
$25M in funding to early network operators who can help fast-track adoption of the decentralized network.


Capturing Value via CQT
The network operators will be publishing cryptographic proofs of blockchain data on Moonbeam (a Polkadot parachain) and will be utilizing the Nomad bridge as cross-chain rails for CQT. CQT is an ERC-20 token living natively on Ethereum.
Pranay Mohan, CEO and Co-Founder of Nomad:
“Covalent offers state of the art data infrastructure for developers to query information and access on-chain data they need to build applications. A core component of this is providing a decentralized API that is resilient and censorship-resistance. Using Nomad as the cross-chain rails for CQT, Covalent will enable users to secure the Covalent network from any chain they own CQT on, beginning with Moonbeam. We are excited to partner with the Covalent team to blaze the trail on multi-chain staking, providing robust network security in a multi-chain world.”
Derek Yoo, CEO and Founder of Moonbeam:
“We’ve been collaborating with Covalent for over a year to not only improve the developer experience on Moonbeam, but to help them realize their vision for the Covalent Network. As of today, we have the Covalent Network uploading proofs to Moonbeam, a critical and novel feature in ensuring data verifiability across the network. Their team’s ability to execute is unparalleled and we’re excited to see what else they continue to deliver.”
About Covalent
Founded in 2017, Covalent’s Unified API serves billions of queries and is trusted by a community of 27,000+ developers and powers data for 1000+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.


[PRESS RELEASE &#8211; Vancouver, Canada, 4th May 2022] Covalent, the Unified API for Web3 data, announced today the world’s first proof-based data indexer with the launch of staking on the Covalent decentralized network. Network staking via the Covalent Query Token (CQT) enables anybody from the...

Covalent Pledges $25M in Funding to Bring Data Verifiability to Web3

Top crypto exchanges Binance and Coinbase are listing a brand-new altcoin focused on developing the Web3 space.
The new altcoin, Project Galaxy (GAL), bills itself as the largest Web3 credential data network in the world with a native token that just went live on Thursday, trading for $18.07 at time of writing.

Project Galaxy is up more than 22% in the past 24 hours.
Coinbase added support for Project Galaxy with an “experimental label.”
“New asset: Coinbase will add support for Project Galaxy (GAL) with the Experimental label.”
Coinbase adds an experimental label to new projects with lower trading volume to warn traders about their potential volatility.
Similarly, Binance listed GAL in its “Innovation Zone,” a dedicated trading space for assets that could be more prone to rapid price swings.
“Binance is excited to announce the 30th project on Binance Launchpool – Project Galaxy (GAL), a Web3 credential data network.“
Project Galaxy also became the 30th project on Binance Launchpool, the exchange’s staking protocol.
Additionally, Seychelles-based crypto exchange KuCoin also listed the project, as did popular crypto exchange FTX, which is based in The Bahamas.
Project Galaxy aims to provide “a collaborative credential infrastructure that empowers brands to build better communities and products in Web3,” according to the network’s website.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/sdecoret/Sensvector
The post Ethereum-Based Altcoin Erupts As Coinbase and Binance Reveal Surprise Support appeared first on The Daily Hodl.


Top crypto exchanges Binance and Coinbase are listing a brand-new altcoin focused on developing the Web3 space. The new altcoin, Project Galaxy (GAL), bills itself as the largest Web3 credential data network in the world with a native token that just went live on Thursday, trading for $18.07 at t...

Ethereum-Based Altcoin Erupts As Coinbase and Binance Reveal Surprise Support

Following one of the largest non-fungible token (NFT) mints in history and after apecoin transactions from the sale fueled Ethereum network fees, apecoin is now integrated with the Polygon (MATIC) network. On May 2, the Apecoin project announced that with Polygon support, APE is now available via MATIC’s 19,000 decentralized applications (dapps) and games.
Apecoin Is Now Supported by Polygon, Apecoin DAO Board Member Says Separate Apecoin Network Proposal Would Need to Use the AIP-1 Process
Three days ago, Bitcoin.com News reported on the Bored Ape Yacht Club-centric Otherside metaverse land sale which has been the largest NFT collection in terms of sales during the last seven days. 
Week-long statistics from cryptoslam.io show Otherdeed has seen $721,337,124 in sales to date. Moreover, the crypto token apecoin (APE) and its transactions during the sale, pushed ether gas fees significantly higher during the metaverse deed sale. 
The Bored Ape Yacht Club (BAYC) creators, Yuga Labs, said at the time that it “seems abundantly clear, that Apecoin will need to migrate to its own chain in order to properly scale.” However, instead of a separate Apecoin network, the token built on Ethereum is now integrated with Polygon and an Apecoin DAO board member said there might not be a separate Apecoin blockchain.

1/ Following the @OthersideMeta mint we saw a series of reactions & discussions in & around the @apecoin community including that $ape should move to its own chain to limit issues with gas fees & scaling. Let me step back and provide some clarity & context https://t.co/FdgznVeMr8
— Yat Siu (@ysiu) May 3, 2022

Apecoin DAO board member Yat Siu stressed: “no discussion was had either at the [Apecoin] board level or with any other parties (including [Yuga Labs]) of a possible apechain; this is a completely new idea to us.” Yat Siu further added: 
As with all [Apecoin] DAO initiatives, any decision to consider building a chain can only be done with the consent of the [Apecoin] community through [AIP-1: DAO proposal process]. Various L1 & L2s have signaled that they will submit a proposal to the DAO. Any received proposals will go through the standardized governance process outlined on the official site.

Apecoin Taps an All-Time Price High, Apecoin DAO Board Member Mentions Animoca Brands’ Stake in Apecoin Projects
The Polygon integration also follows apecoin’s recent all-time price high on April 28, 2022, six days ago. APE tapped an all-time high against the U.S. dollar at $26.70 per unit and APE is down 42% since then. Despite the weekly drawdown, APE is up 24% during the last 30 days and it holds the 32nd largest market cap among 13,388 cryptocurrencies in existence.
At the time of writing, APE’s market valuation is $4.35 billion and the coin has seen $2.58 billion in 24-hour trade volume. The APE market cap represents 0.23% of the $1.84 trillion crypto-economy this week. The Apecoin DAO board member Yat Siu also detailed that Animoca Brands is an investor in many Apecoin-related L1 or L2s.
“[Animoca Brands] as a significant investor in many L1 or L2s will also not be voting on any decisions of potential L1 & and L2 collaborations in which it has a material stake,” the Apecoin DAO board member concluded. Presently, there are 3.9K Apecoin DAO members involved with the governance process, according to apecoin.com stats.
What do you think about apecoin support on Polygon and the recent commentary from Apecoin DAO board member Yat Siu? Let us know what you think about this subject in the comments section below. 



























Following one of the largest non-fungible token (NFT) mints in history and after apecoin transactions from the sale fueled Ethereum network fees, apecoin is now integrated with the Polygon (MATIC) network. On May 2, the Apecoin project announced that with Polygon support, APE is now available via...

Synthetix Network Token price	$2.69
Low - High 24H	$2.53 - $2.70
Market cap	$603.55M
Volume 24H	$39.68M
All time high	$28.53 -90.59% February 14th 2021
All time low	$0.034786 7619.48% January 6th 2019
Genesis date	N/A

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