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TIA Comments and Price Analysis 2 July 2025
TIA Short Term Technical AnalysisTIA has technically printed a falling wedge formation on the short-term chart. It is clear that the third test and a breakout just occurred. This area, which the price tested and broke out, was a horizontal resistance area as well as a trend resistance. In case of a pullback after the breakout, this resistance area will work as a support. We already stated that the target of the falling wedge formation is an upward breakout. Currently, the targets are $1.55, $1.61–$1.63 area, and $1.70. In case of pullbacks, we expect the $1.47–$1.49 area to work as a strong support, below which the price might enter the falling wedge formation again. Falling Wedge Formation These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
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2 Jul 2025
ENS Comments and Price Analysis 2 July 2025
ENS Technical AnalysisENS (Ethereum Name Service) will have a coin-unlock 5 days later. 93% of the total supply is in circulation for the time being, and the new unlocking is only 1.46% of the total supply, which means that it might not have a serious impact on the price. Falling Trend Structure ENS has been trading within a descending trend since the beginning of this year, and the trend has been tested a few times so far as seen on the daily frame. An aggressive breakout of the price is highly possible as these tests have occurred in the daily time frame.15.38$ – 15.88$ area can be said to be one of the safest price zones as a horizontal support. It is clear that the price has swiftly rebounded to the level of $19 after a pullback to this horizontal support. Also keep following the support area of $17.35, and the price will target trend test again so long as it holds above this level. 18.97$ – 19.58$ resistance area is working properly for the time being, and if broken above it, the descending trend and the horizontal resistance level of $21.18 could be tested and then a breakout is highly possible.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
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2 Jul 2025
Coinbase Completes 4th Acquisition in 2025: Adds Another Company to Its Portfolio
US-based cryptocurrency exchange Coinbase has acquired Liquifi, a token management company, as part of its aggressive acquisition strategy in 2025. While the financial details of the acquisition were not disclosed, this move marks Coinbase's fourth major acquisition this year. Coinbase had previously made headlines with its acquisitions of advertising platform Spindl, privacy-focused protocol Iron Fish, and the $2.9 billion Deribit deal.Coinbase acquires LiquifiLiquifi offers tools that facilitate processes such as token ownership tracking, vesting plan management, and tax compliance for crypto projects. Leading projects such as Uniswap Foundation, OP Labs, Zora, and Ethena are already utilizing Liquifi's infrastructure. From Coinbase's blog post announcing the acquisition of Liquifi. Source: Coinbase Coinbase's Head of Corporate Development, Aklil Ibssa, summarized the company's vision in a statement as “making token creation and management accessible to the masses.” Max Branzburg, Head of Consumer Products at Coinbase, emphasized that with the growth of the “onchain” world, there is a need for simpler and more functional tools for token tables, legal and tax obligations, and distribution processes.To be integrated with Coinbase PrimeCoinbase plans to integrate Liquifi's services with its own corporate platform, Coinbase Prime. This will allow developers to manage the entire process, from token issuance onwards, under the Coinbase umbrella. Coinbase Prime aims to offer a more comprehensive platform by bringing together services such as custody, trading, and financing.Thanks to Liquifi's technology, early-stage crypto projects will be able to issue tokens with less risk, without having to deal with complex liquidity and regulatory issues. The automation solutions offered by the company make it much easier to manage vesting schedules, employee token payments, and investor token management. This creates an efficient structure for both developers and investors.Reaffirmed trust despite legal proceedingsOn the other hand, Liquifi is currently undergoing a legal process due to a lawsuit filed by a competitor alleging “document theft.” However, Coinbase stated that they completed the acquisition after a detailed review and will continue to support Liquifi.The crypto sector in 2025 is not only attracting attention with price movements but also with corporate acquisitions. Coinbase's acquisition of Deribit for $2.9 billion is the largest crypto deal of the year, while Stripe's acquisition of stablecoin initiative Bridge and wallet firm Privy has strengthened the consolidation trend in the sector.
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2 Jul 2025
Arizona Vetoes Crypto Reserve Law Once Again
Discussions continue in Arizona regarding the integration of crypto assets into the public finance system. Governor Katie Hobbs vetoed a bill that aimed to create a state-wide reserve fund consisting of crypto assets. House Bill 2324 had previously passed the House of Representatives by a vote of 34 to 22. However, Hobbs rejected the bill, arguing that it could reduce cooperation with local law enforcement agencies.Arizona Governor rejects cryptocurrency billThe bill regulated how cryptocurrencies seized by the state from illegal activities would be managed. According to the bill, the first $300,000 of confiscated cryptocurrency would be transferred to the Attorney General's office, 50% of the remaining amount would go to the Attorney General's office, 25% would go to the state's general fund, and the remaining 25% would be directed to the newly established Bitcoin and Digital Assets Reserve Fund. However, Hobbs stated that taking these resources away from local law enforcement agencies would reduce motivation for cooperation in practice.In his veto letter on the matter, Governor Hobbs stated, “The inability of local judicial authorities to directly benefit from seized cryptocurrency assets may weaken cooperation in practice.” Although the bill could technically be passed again with a two-thirds majority, this seems unlikely given the current political situation. This veto is in line with Hobbs' cautious approach to cryptocurrencies. He had previously vetoed Senate Bill 1025, which passed the Senate on May 10. This bill would have allowed Arizona to invest up to 10% of its financial reserves in Bitcoin. Hobbs had characterized this move as a “risky and untested investment.” Similarly, another bill, SB 1373, which aimed to create a strategic reserve from seized cryptocurrency assets, was also rejected by Hobbs.However, Hobbs is not opposed to all cryptocurrency regulations. The HB 2749 bill, passed in May, established a legal definition for cryptocurrency assets in Arizona's financial laws and abandoned property laws, and introduced regulations on how these assets should be managed by the state treasury. However, this law does not include any provisions regarding the use of seized cryptocurrency assets.Alongside these developments in Arizona, other US states continue to take steps regarding cryptocurrency. For example, as we previously reported, Texas Governor Greg Abbott approved a law last month that would establish a state-wide Bitcoin reserve. Similarly, New Hampshire has also opened the door to investments in both cryptocurrencies and precious metals. As of now, similar legislative proposals are on the agenda in at least six different state legislatures. In conclusion, the battle over cryptocurrency regulations in Arizona continues. Other bills, such as SB 1062, are still on the agenda.
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2 Jul 2025
What is VeChain (VET)?
Are you ready to meet a blockchain project that opens the doors of Web3 to the corporate world? In this article, we will talk about VeChain. If you think that blockchain technology is limited to cryptocurrency trading, VeChain may surprise you. Because the answer to the question of “What is VeChain?” is full of very real and practical solutions ranging from preventing counterfeiting to increasing food safety. If questions such as “What does VeChain do?” or “What is VET coin?” are on your mind, you are in the right place. For those who want to get to know this project that brings the corporate world together with Web3, you can find everything you are looking for in this guide.Definition and Origin of VeChainVeChain is different from other blockchains you may have seen so far. Because it is an enterprise blockchain platform generally designed for businesses to improve their processes with blockchain technology. Focusing primarily on tracking luxury products and supply chains, VeChain evolved into a general service platform over time, paving the way for Web3-based enterprise applications. The platform brings together technologies such as smart contracts, IoT (internet of things) devices, and artificial intelligence to provide data transparency and blockchain traceability. Thus, companies in different sectors can track products and data reliably on blockchain. The emergence of VeChain is based on the needs that Sunny Lu observed in the corporate world. So who is Sunny Lu? Before founding VeChain, she was an IT leader who served as CIO at the Chinese branch of luxury brand Louis Vuitton. While working in the luxury fashion sector, Lu gained experience in combating counterfeit products and supply chain solutions. In the product tracking project called “Track and Trace” that she carried out within Louis Vuitton, she developed a system to track the entire process of products from production to customer. This experience also showed Lu the usability of blockchain technology in this field. In 2015, Sunny Lu and her team launched the VeChain project, which is the answer to the question of when VeChain was founded. The project initially started its operations under the roof of BitSE, a blockchain innovation company based in China. Afterwards, it made it its mission to offer blockchain solutions to the corporate world. Initially, VeChain, which started working on the Ethereum network like many altcoins, started pilot applications by issuing its first tokens (VEN) in 2016. The real big step on the VeChain blockchain came in 2018. This year, VeChain launched its own main network, VeChainThor, and separated from Ethereum. Thus, the platform gained full control over scalability and customization. The VeChainThor network uses the Proof of Authority, or PoA, consensus mechanism. With its 101 authority masternodes, it offers a suitable infrastructure for corporate use thanks to its high transaction capacity and low energy consumption. In short, when the definition and emergence of VeChain are examined, it is seen that its foundations were laid in 2015 in line with Sunny Lu's corporate vision. In 2018, it launched its own blockchain and switched to a dual token model. We will examine the dual token model and other features of the network in a moment. VeChainThor architecture. Source: Overview on the Blockchain-Based Supply Chain Systematics and Their Scalability Tools VeChain History: Major MilestonesThere are many major milestones in VeChain's development process. Founded in 2015, this altcoin and blockchain project has taken critical steps in its 10-year history. Here is the history of VeChain:2015: The establishment process beganVeChain was founded in 2015 under the leadership of Sunny Lu. The project was initially an initiative of the Shanghai-based BitSE company and focused on corporate applications from day one. During this period, the team began researching the areas of use of blockchain in the business world and developing pilot projects.2017: Strategic partnerships emergedShortly after its establishment, VeChain made its name known by establishing major corporate partnerships. In 2017, it partnered with PricewaterhouseCoopers (PwC), one of the world's leading auditing and consulting companies. PwC joined the project to offer VeChain's blockchain-based solutions to its own customer network. Again during this period, Norway-based auditing and certification body DNV GL gave the green light to blockchain technology and joined VeChain as a strategic partner and investor.2018: VeChainThor and dual token system implementedWe can say that 2018 was one of the most critical turning points for VeChain. Because in July 2018, VeChain officially launched its own mainnet called VeChainThor and converted VEN tokens on Ethereum to VET coins, the platform's native cryptocurrency. With this network transition, the question of what VET and VTHO tokens are came to the fore. Because the project introduced the dual token model.VET token was introduced as the basic unit of value transfers and governance on the network. VTHO token, on the other hand, started to be used to pay transaction fees (gas fees) on the network. VET holders started to automatically generate VTHO by holding the tokens in their hands. In 2018, VeChain also established the Singapore-based non-profit VeChain Foundation to strengthen its corporate governance structure. The VeChain Foundation began managing the project’s development, marketing, and global partnerships through an elected Executive Committee.2018-2019: Corporate partnerships expandedWith the launch of the VeChainThor mainnet, VeChain continued to establish major partnerships in many sectors. In the automotive sector, a joint pilot project was conducted with German automotive giant BMW. A digital “vehicle maintenance book” was created that transferred vehicle maintenance records to the blockchain in an immutable manner. This aimed to prevent problems such as odometer fraud, which is common in the used car market.In the retail and food sector, Walmart’s subsidiary in China developed a blockchain platform that provides supply chain tracking of fresh food products with technical support from PwC. The Walmart China Blockchain Traceability platform, announced in 2019, began tracking food products such as meat, rice, and seafood from the farm to the store shelf by working on VeChain Thor. This platform allowed consumers to verify the source of products.VeChain began to show itself in areas outside the supply chain in 2019. In the luxury consumer sector, an application was developed in collaboration with LVMH (Louis Vuitton Moët Hennessy), one of the world's largest luxury fashion groups, to verify the authenticity of premium products. In a joint project with wine producer Penfolds, the entire story of the wine from the vineyard to the customer was recorded on the blockchain thanks to the NFC chips placed in each bottle exported to China. This project was implemented with the "My Story" application developed by DNV GL and using the VeChain infrastructure.In the public and sustainability field, VeChain signed a Memorandum of Understanding with the Republic of San Marino in Europe in 2019 and started the Low Carbon Ecosystem initiative, which will contribute to the country's carbon reduction strategy. This ecosystem, which was implemented in collaboration with DNV, offered a VeChainThor-based model that gives carbon credits to individuals and businesses for their environmentally friendly behavior.2020 and beyond: VeChain developments accelerateIn the 2020s, VeChain began to be used in areas such as health and sports. For example, in 2020, an application called MyCare was used in partnership with DNV at the Mediterranean Hospital in the Greek Cypriot Administration of Southern Cyprus to record hygiene and infection risk management data on the VeChain blockchain during the COVID-19 outbreak. In 2021, VeChain signed a multi-year sponsorship agreement with the mixed martial arts organization UFC and became the official blockchain partner of the UFC. Thanks to this, the VeChain brand reached millions of viewers and new experiences such as NFT-based digital collectibles were developed for UFC fans. In 2022 and 2023, VeChain continued to develop its technical infrastructure. With the PoA 2.0 consensus update, it both increased security and integrated the finality feature in transactions, providing the efficiency required for enterprise use. Also in 2022, VeChain partnered with Amazon Web Services (AWS) to scale its carbon emission management platform called VeCarbon.By 2024, the number of VeChain partnerships increased even more. The VeChain Foundation began collaborating with the United Nations on sustainable development projects to grow the ecosystem and became a global network by opening offices in Europe. In short, from its establishment until 2025, VeChain became a pioneer of enterprise applications in the blockchain world.Why is VeChain Valuable?The most important element that sets VeChain apart and valuable from similar cryptocurrency projects seems to be the solutions it brings to real-world problems and the collaborations it establishes with giant brands in parallel. Thanks to both its technological approach and partnerships, VeChain has become a platform that offers real-world use cases. Apart from this, the listing and use of the VET token on many exchanges is also a critical element. Let's take a look at all the factors that make VeChain valuable.Real-world use cases, solutions it offers, and huge partnershipsVeChain is not just a theoretical blockchain infrastructure. Because it has proven itself with real-world use cases. Today, when we look at VeChain's use cases, the network comes up with many solutions.Supply chain and logistics: VeChain's most well-known use case is supply chain management. Projects have been carried out to increase transparency, especially in the food and retail sectors. For example, Walmart China uses the VeChainThor blockchain-based traceability platform to track food sources. In this way, consumers can easily access information such as which farm the products on store shelves came from and under what conditions they were processed.Automotive: VeChain also offers value to the automotive sector. As part of the pilot project carried out with German automotive manufacturer BMW, the service and maintenance records of the vehicles were engraved on the blockchain. Similarly, Renault and Microsoft have developed a system that tracks vehicle maintenance and spare parts history.Luxury brands: The problem of counterfeit goods is a serious problem, especially in the luxury sector, and VeChain has a solution for this. In joint projects with luxury brand groups such as LVMH, NFC/RFID chips have been placed on various products, from bags to wines. Consumers can verify the authenticity of the product and the production processes it has gone through by scanning the code or chip on the product they buy with their smartphones. For example, brands such as Givenchy or H&M use the VeChain infrastructure to make the supply chain of their products transparent and combat counterfeiting.Healthcare and pharmaceutical sector: VeChain has also found innovative areas of use in the healthcare sector. A project developed together with the Chinese arm of pharmaceutical giant Bayer tracked clinical trial data via blockchain. This system ensures that the data during the trial process remains unchanged. Thus, it prevents manipulation of health data.Environment and sustainability: VeChain also stands out with sustainability-focused projects. One answer to the question of what VeChain is useful for is carbon footprint tracking and environmental data management. The Low Carbon Ecosystem project, implemented in collaboration with DNV, monitors and helps companies reduce their carbon emissions. Within the scope of this ecosystem, users are rewarded with digital carbon credits for environmentally friendly behaviors, encouraging carbon reduction. In the energy sector, VeChain has developed a platform that monitors quality and emissions in the LNG (liquid natural gas) supply chain in China, together with companies such as ENN Energy and Shanghai Gas. VeChain partnerships. Source: Coin98 In general, VeChain offers concrete solutions for developing Web3 enterprise applications in various sectors. These wide areas of use, ranging from food safety to automotive, from fashion to health and the environment, support the platform's real-world validity. This adds real economic value to VeChain, unlike other cryptocurrency projects.Integration with auditing companiesAnother important element that increases VeChain's value is the strong corporate partnership network behind it and the reliability that this network brings. Since the day the platform was founded, its goal has been to apply blockchain technology to real business problems by establishing partnerships with large companies. Today, VeChain has a history of working with giants from different sectors such as PwC, DNV, BMW, Walmart, Microsoft, Shanghai Gas, Bayer, Louis Vuitton.In particular, auditing and consulting company PwC plays a key role in VeChain's growth. Thanks to the strategic partnership with PwC, VeChain has gained access to PwC's large customer base in China and Southeast Asia. Similarly, the participation of a global certification company like DNV in the VeChain ecosystem has been a great gain for the platform’s corporate reputation. DNV has integrated its own auditing expertise into the applications developed on the VeChain networkDual token model: VET & VTHOA prominent feature of VeChain’s technical and economic design is its dual token model. This model aims to ensure the continuity of the platform and the sustainability of its use. There are two types of cryptocurrencies in the VeChain ecosystem: VeChain Token (VET) and VeThor Token (VTHO). This dual design also raises the questions of “What is VET token, what is VTO token?” VET and VTHO. Source: VechainInsider VET is the main token of the VeChainThor blockchain and represents value transfers on the network. VET, just like other cryptocurrencies, can be used for buying, selling and storing value. It also provides voting rights in the management of the network. On the other hand, VTHO can be defined as the “energy” token of the VeChain network. Because VTHO is a second token produced by holding VET on the network and used to pay transaction fees. The VTHO created is used to cover the gas (fuel) fee for transactions to be made on the network. So why did VeChain choose this dual-token mechanism? According to the project, the biggest advantage of this dual-token mechanism is the stability and predictability in transaction costs. Because in traditional single-token blockchains (like Ethereum), the same token is both a store of value and a means of paying transaction fees. Therefore, this situation makes the transaction cost volatile as a result of fluctuations in the token price. On VeChain, although the VET price changes according to market conditions, transaction fees can be kept more constant with the balance of VTHO production and consumption. This is a critical feature, especially for businesses. Companies do not want to face high and uncertain transaction fees when using blockchain applications. For this reason, VeChain's model offers sustainability for corporate users by minimizing the reflection of speculative volatility, which is common in the cryptocurrency market, on transaction costs.In addition, the dual token system has a rewarding structure for network participants. Holding VET provides the right to participate in management, as well as a passive income such as VTHO income. This encourages long-term VET ownership and contributes to the security of the network. Indeed, VeChain offers extra rewards and privileges with special node programs called X-nodes for users who hold a certain amount of VET for a long time. Community ties are also strengthened in this way.Who is the Founder of VeChain?Who is the founder of VeChain? Sunny Lu is the founder and visionary behind VeChain. Sunny Lu, who launched VeChain in 2015, is a name identified with the project and currently leads the growth of the ecosystem as the CEO of the VeChain Foundation. So, who is Sunny Lu and what is her background? Sunny Lu is an executive with deep experience in the technology and luxury retail sectors (3M, Bacardi). One of the most striking points in her career is that she worked as the CIO (Chief Information Officer) at Louis Vuitton China. If she had not worked in this position, there might not have been such a thing as VeChain. After all, Lu, who worked as an IT manager at a luxury brand like Louis Vuitton, combined the experience she gained here with the idea of blockchain. In particular, the product tracking (track & trace) projects she carried out at Louis Vuitton shaped Lu’s career. Sunny Lu During this period, Lu developed a system that could track the brand's products from production to the point of sale, but saw that this tracking remained only within the company. This experience gave birth to the idea of providing trust-based traceability to different companies and sectors. Sunny Lu is one of the first names to think that blockchain technology could be a solution to this need. After a meeting with Ethereum founder Vitalik Buterin in 2015, Lu discovered the power of smart contracts and clarified the idea of offering blockchain to the business world.Sunny Lu, who immediately started the VeChain project, created both the technical architecture of this institutional-focused blockchain platform and started to build bridges with the business world. Its mission was to build a bridge between blockchain and businesses.The VeChain Foundation, founded by Sunny Lu, is the main organization managing the project. The Foundation, which was officially established in Singapore in 2017, is organized as a non-profit structure and is responsible for carrying out the development of the VeChain ecosystem. As the president of the Foundation, Sunny Lu both directs technical developments and manages partnerships and community relations worldwide. The Steering Committee and advisory councils established within the Foundation meet regularly under the leadership of Sunny Lu to determine the roadmap of the project.Frequently Asked Questions (FAQ)We have covered many details about VeChain, a prominent project in the corporate field and one that can be considered deep-rooted in the cryptocurrency arena with its 10-year history. However, if you have any questions, you can review the frequently asked questions and answers below:What is VeChain and what problem does it solve?: VeChain is a blockchain platform that offers transparency, data security and anti-counterfeiting solutions in corporate processes, especially supply chain traceability. It makes the journey of products from production to the end user digitally traceable.Who is the founder and what is its history?: Sunny Lu is the founder of VeChain. Lu, who previously worked as CIO at Louis Vuitton China, founded VeChain in 2015 based on his experience in combating counterfeiting in luxury goods. He is a technology leader with a corporate vision.How does VeChain work, who uses it?: VeChain works on its own blockchain, VeChainThor, and uses a Proof of Authority (PoA) consensus mechanism. Companies record information on the blockchain with sensors, QR codes or NFC tags placed on their products. Large companies such as DNV, PwC, BMW, and Walmart China actively use VeChain.What is the difference between VET and VTHO?: VET is VeChain’s main token; it is used in value transfer and governance transactions. VTHO, on the other hand, is automatically generated by VET holders and used to pay the fee (gas) for transactions on the network. Holding VET passively earns VTHO.What are the advantages of VeChain?: VeChain has many advantages. Here are a few: focus on real-world problems, strong corporate partnerships (BMW, PwC, DNV, etc.), stability in transaction costs with a dual-token model, high efficiency and low energy consumption, reliable infrastructure integrated with auditing companies.For more on the future of supply chain and blockchain’s place in the enterprise space, check out our JR Kripto Guide series.
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2 Jul 2025
What is Zilliqa (ZIL)?
The blockchain world has become a rapidly evolving field where new projects emerge every day. However, in this rapidly growing sector, many networks face fundamental challenges such as scalability and transaction capacity. This is where Zilliqa comes into play. Zilliqa promises to effectively solve one of the biggest problems of blockchains, transaction speed and scalability, with sharding technology. It aims to revolutionize the fields of decentralized finance (DeFi), gaming, NFT and Web3 by offering both high transaction capacity and low-cost transactions. So how does Zilliqa work and what are the features that distinguish it from other blockchain projects? Let's examine Zilliqa in this detailed guide!Definition and Emergence of ZilliqaTo understand Zilliqa, it is necessary to first look at its definition and emergence process. What is Zilliqa? Zilliqa is an innovative blockchain platform designed to increase scalability and transaction efficiency using sharding technology. Thanks to this approach, the Zilliqa network is divided into small pieces called shards, so it can perform transactions in parallel (as a parallel transaction blockchain project). In this way, Zilliqa offers a solution to the scalability limitations of previous generation networks, especially Ethereum. The platform's native cryptocurrency is called ZIL coin (ZIL token). The features of ZIL coin are also shown as being used in intra-network transactions, smart contract transactions and applications. In summary, we can answer the question of what ZIL coin is as follows: It is the Zilliqa blockchain's own cryptocurrency and is at the center of all economic transactions on the network. The emergence of the Zilliqa project is based on an academic foundation. As a result of research conducted within the National University of Singapore (NUS), the concept of Zilliqa began to be developed in 2017. This research team aimed to solve the scalability problem faced by large blockchains such as Bitcoin and Ethereum. The project was officially announced in 2017 after the development process. Following the announcement, its technical report, namely the whitepaper, was published. The system reached maturity with various testnet versions. Finally, the Zilliqa mainnet was officially launched on January 31, 2019. The mainnet launch was a turning point in the transfer of the sharding technique from theory to practice. Moreover, ZILs, which started to be used as ERC-20 tokens on Ethereum, were converted to native tokens on their own blockchain - a token swap was performed. In this way, the network became completely independent. So how does the Zilliqa network work? The answer to this question lies in the architecture of the platform. Zilliqa divides its network into multiple shards, allowing each to execute transactions independently of the others in parallel. So, what exactly is sharding? To put it briefly, it means dividing a blockchain network into smaller pieces to share the workload. In this way, Zilliqa can scale its transaction capacity linearly as the number of nodes joining the network increases. For security and accuracy, Zilliqa uses a hybrid consensus mechanism. The mining-based Proof of Work (PoW) algorithm, which is also used in Bitcoin, is used in a limited way, only to assign nodes' identities and shards.Then, the Byzantine Fault Tolerance (pBFT) protocol is used to confirm transactions within each shard. Zilliqa’s sharding mechanism. Source: Zilliqa This hybrid design increases energy efficiency. Because the mining process in Bitcoin and other PoW coins receives negative criticism for its energy consumption. However, Zilliqa does not only use the PoW mechanism by saving energy. In addition, this hybrid design secures the network against attacks. In addition to all this, it enables “finality”, that is, the feature of transactions being finalized in a single block.Zilliqa also has smart contract support and uses a special programming language called Scilla, which it developed in order to ensure contract security. Scilla is an important part of the technical infrastructure of the platform as a safe-by-design language that minimizes smart contract vulnerabilities.Zilliqa's History: Important MilestonesZilliqa is a relatively old token, so it has experienced many important milestones in its development process. This process is full of critical changes both technically and in terms of the ecosystem. Therefore, understanding the history of Zilliqa is very important in order to see the development of the project and how it achieved its goals. Let’s take a closer look at the key moments and milestones in Zilliqa’s entire history and explore how this journey took shape…2017-2019: Project development stagesThe Zilliqa project was announced in June 2017 and the development team officially started work. Throughout 2018, various testnet versions were released to test the platform’s performance and security. Then, on January 31, 2019, the Zilliqa mainnet was successfully launched. With this launch, Zilliqa became the first public blockchain to use sharding and gained its own mainnet. ZIL tokens, which were temporarily distributed in the ERC-20 format on the Ethereum blockchain, began to be used in users’ own wallets and on the network as the native coin of the Zilliqa network after this date.2020: Many new features came to the networkThe Zilliqa network took important steps in 2020 and the ecosystem grew rapidly. In October 2020, Zilliqa launched on-chain and non-custodial staking on the mainnet. As of October 14, 2020, users were able to stake their ZIL tokens for the first time, and over 1 billion ZIL were staked in just a few hours. Also in October, the first decentralized exchange (DEX) on Zilliqa, the ZilSwap platform, went live on October 5, 2020. This DEX was remembered as a significant step that marked Zilliqa’s entry into the decentralized finance (DeFi) space. ZilSwap With the introduction of the staking mechanism, gZIL (governance ZIL), a governance token that will be given as a reward to long-term supporters, was introduced. By setting the rule that 1 gZIL will be generated for every 1000 ZIL staking reward, participants were encouraged to participate in network management. By the end of October 2020, more than 25% of the ZILs in circulation had been successfully staked. In other words, we can say that the 2020 period marks the time when Zilliqa matured in terms of network security and community engagement, and also took its first steps into the DeFi ecosystem.2021: NFT step takenThe Zilliqa ecosystem moved beyond decentralized finance in 2021. It also developed in the areas of non-fungible tokens (NFTs) and digital content that became popular in those years. In September 2021, Zilliqa rolled up its sleeves to open an NFT marketplace on the ZilSwap platform. With the announcement of this NFT platform, launched in partnership with Switcheo Labs, a special NFT collection of 10,000 units called “The Bear Market” was offered to the Zilliqa community. Thebear.market This collection achieved over $1 million in sales in the first 24 hours of its launch, demonstrating that the NFT ecosystem on Zilliqa actually has great potential. The launch of the NFT marketplace has begun to make the Zilliqa network a major player not only in DeFi but also in terms of art and digital collectibles.2022: Entering the MetaverseZilliqa made an ambitious entry into the metaverse in early 2022. Announced in January 2022, Metapolis emerged as a comprehensive XR (Extended Reality) metaverse platform developed by Zilliqa and defined as “metaverse-as-a-service.” Metapolis aimed to offer customizable virtual “cities” and digital experiences for brands, content creators, and users by building on Zilliqa’s scalable and secure blockchain infrastructure.This step also positioned Zilliqa as a gaming and entertainment-focused platform in the Web3 world. In fact, in September 2022, Zilliqa announced its own Web3 game console project for the blockchain-based gaming industry. This special game console is an innovative device that aims to allow players to mine ZIL tokens and earn money while playing games with its integrated crypto wallet and mining software.2023: Zilliqa 2.0 plan announcedThe Zilliqa network came to the fore in 2023 with important updates and corporate collaborations. In September 2023, the Zilliqa team announced a major protocol upgrade plan called Zilliqa 2.0. This update aimed to speed up the consensus algorithm, improve sharding capacity and bring Ethereum Virtual Machine (EVM) compatibility to increase the performance and functionality of the network. It is stated that Zilliqa 2.0 is designed to maintain backward compatibility so that the existing ecosystem can seamlessly transition to the new version. It also allows EVM-based smart contracts to run on Zilliqa.In the same year, Zilliqa signed important strategic partnerships. The collaboration with Google Cloud in particular drew attention. With the partnership announced in September 2023, Zilliqa reached an agreement to increase the scalability and durability of the network using Google's cloud infrastructure. In this way, Zilliqa joined the projects that offer enterprise-level blockchain solutions and proved that it can integrate into different sectors.In addition, in 2023, Zilliqa renewed its corporate structure under the name Zilliqa Group. With this structure, which evolved from Zilliqa Research, it announced its goal of becoming an ecosystem company focused on developing Web3 and blockchain applications through different subsidiaries.Why is Zilliqa Valuable?Zilliqa's value is revealed not only by its technical infrastructure, but also by its application areas and the opportunities it provides. In general, it has areas of use in many sectors with its secure smart contracts, DeFi, NFT ecosystem and Web3 infrastructure. Let's examine in more detail why Zilliqa is so valuable...Scalability and high performanceOne of the biggest advantages of Zilliqa is that it can offer high scalability and transaction capacity (TPS). Thanks to the sharding architecture, the network’s processing power theoretically increases with each additional node joining the network. In fact, in the test environment, approximately 2828 transactions per second (TPS) were performed with 6 shards (approximately 3600 nodes), demonstrating the network’s scalability. Test done with 6 shards. Source: Zilliqa If we compare this value with Bitcoin’s 7 TPS and Ethereum’s 15 TPS, Zilliqa’s power becomes apparent. Therefore, Zilliqa is designed to meet increasing transaction demands without experiencing network congestion. As the network grows, Zilliqa’s TPS capacity can continue to increase linearly. Therefore, large-scale decentralized applications can run efficiently on Zilliqa.In addition, thanks to Zilliqa’s finality feature, transactions are finalized in a single block. In other words, there is no need to wait for multiple block confirmations, as in Bitcoin or Ethereum. As a side effect of high efficiency, transaction fees are also extremely low: Even micropayments can be made economically since fees remain low on the network. This combination provides the key performance features that make Zilliqa attractive to both users and developers.Security and smart contractsZilliqa created a special smart contract language to increase scalability while not compromising on security. The Scilla language was developed by Zilliqa and is designed to encourage secure coding. This language is structured to minimize problems such as reentrancy, which is common in contract languages on other platforms. Scilla uses the functional programming paradigm and offers a formal verifiability opportunity. In this way, the behavior of smart contracts becomes more predictable and auditable. DApps, DeFi protocols or NFT smart contracts developed on Zilliqa operate in a more secure environment thanks to Scilla. Scilla language. Source: Bibek Poudel/Medium This security-focused design is critically important for smart contracts that manage billions of dollars in assets. Zilliqa's safe-by-design contract approach is valuable in this regard. This contract is considered to be an important value that strengthens the platform's reputation and protects user funds.Extent of ecosystem and usage areasZilliqa, as a comprehensive Web3 infrastructure network, hosts projects in many areas such as finance, gaming, and digital art. Especially on the DeFi side, the protocols developed on Zilliqa attract attention. For example, thanks to ZilSwap DEX, users can make buy-sell transactions between their tokens on the Zilliqa network with the automatic market maker (AMM) model and contribute to liquidity pools. Zilliqa also plays an active role in the NFT ecosystem: Zilliqa NFT marketplace platforms enable artists and collectors to mint, buy and sell NFTs. High transaction speed and low cost allow such NFT and gaming applications to run smoothly on Zilliqa.The area of use of the ZIL token is also quite diverse in this context: ZIL is actively used in transactions such as payment of transaction fees on the network, transfer of value in decentralized applications, NFT marketplace transactions, providing liquidity, and similar transactions. For example, it is possible to buy NFTs with ZIL, provide liquidity on DEX, or pay service fees in decentralized applications.Zilliqa is also establishing integrations with the real world. In 2020, ZIL was added to the payment options of travel booking platform Travala, and users can book over 3 million hotels and flights with ZIL.Staking and community participationZilliqa staking is a mechanism that allows ZIL token holders to both contribute to network security and earn passive income. Users can participate in the network's consensus process by locking their ZIL coins to Zilliqa's validator nodes (Staked Seed Nodes). In this way, they help secure the network and earn ZIL rewards at regular intervals in return. Staking returns are designed to provide an annual gain of approximately 6 percent, although they vary depending on the participation rate. Staking process on Zilliqa. Source: Zilliqa As we mentioned before, Zilliqa introduced a governance token called gZIL to encourage participation in network governance while launching its staking system in October 2020. gZIL is a token that is distributed with staking rewards only for the first year and is offered to long-term token holders. gZIL holders have the right to make suggestions and participate in voting on the Zilliqa protocol, giving them a say in the future of the network.Who is the Founder of Zilliqa?Who is the Founder of Zilliqa? Zilliqa is a project founded by a team, not a single person. This founding team, which came together in 2017, shared a vision of making blockchain technology scalable. The co-founders of the Zilliqa project include cryptography researcher Amrit Kumar, computer scientist Dr. Prateek Saxena, software engineer Dr. Xinshu Dong, financial sector expert Juzar Motiwalla, and entrepreneur Max Kantelia.These names laid the foundations of Zilliqa by combining their experiences in academia and industry. For example, Dr. Prateek Saxena is known for his academic work on blockchain at NUS, while Amrit Kumar brought his expertise in security and cryptography to the project. Xinshu Dong served as the first CEO and led the technical development of the platform.Amrit Kumar is the most well-known founding member among them. So who is Amrit Kumar? Amrit Kumar was one of the leading co-founders of the Zilliqa project and served as the platform's long-time president and chief scientific officer. Kumar, who has a PhD in cryptography, worked as a researcher at the National University of Singapore (NUS) before founding Zilliqa and specialized in academic solutions to the question of what sharding is in blockchain.Together with his advisor Dr. Prateek Saxena at NUS, he played a critical role in the process of transforming the theoretical sharding concept into a commercial blockchain network. Amrit Kumar guided the project in many stages from the establishment of Zilliqa to the growth of the ecosystem. After leaving his active duties at Zilliqa at the end of 2021, he continues to work with different initiatives in the blockchain world.Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about Zilliqa:What is Zilliqa and how does it work?: Zilliqa is a blockchain platform that uses sharding technology and can offer high scalability. Sharding divides the network into smaller pieces, allowing each shard to process independently, thus increasing the network's transaction capacity and speed. Zilliqa can support thousands of transactions per second with its parallel processing architecture.What does ZIL coin do?: ZIL is the native token of the Zilliqa network and is used for different functions such as paying for transactions on the network, staking, and governance. In addition, the question of what does ZIL token do can be answered as follows: It is also used to process decentralized platforms such as DeFi applications and NFT marketplaces.How is sharding technology implemented in Zilliqa?: Zilliqa increases its transaction capacity with each additional node joining the network using sharding technology. Sharding divides the network into smaller pieces (shards) and each shard processes transactions in parallel. This method allows Zilliqa to offer much higher transaction speed and scalability.How is Zilliqa staking done?: Zilliqa staking allows ZIL token holders to contribute to network security by locking their tokens to network validators and earn rewards in return. Users can earn around 6% annual staking returns by depositing their ZIL tokens into Zilliqa validator nodes (Staked Seed Nodes). Staking helps participate in the network's consensus mechanism and increase Zilliqa's security.What is the Scilla language, why is it different?: Scilla is a programming language developed by Zilliqa used to write secure smart contracts. Unlike other smart contract languages, Scilla uses the functional programming paradigm and offers formal verification. This feature makes the behavior of contracts more reliable and error-free, thus minimizing potential vulnerabilities (e.g. re-entry attacks).Follow our JR Kripto Guide series to learn about Zilliqa, a prominent Layer-1 project with high processing power, and the use of the ZIL token
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2 Jul 2025
What is Chiliz (CHZ)?
Have you ever thought about combining sports and crypto? Imagine a world where fans rocking the stands while watching a football match not only cheer but also make decisions about the future of the club… Chiliz makes exactly that possible. Chiliz (CHZ) is a cryptocurrency platform that aims to increase fan engagement in the world of sports and entertainment with blockchain. Founded in 2018 by Alexandre Dreyfus, Chiliz offers an ecosystem that allows fans to connect with sports clubs in a more interactive way. The project works integrated with the Socios.com platform, offering fans the chance to participate in the decision-making processes of their favorite teams. It also allows fans to win prizes through cryptocurrencies. In other words, Chiliz offers a very innovative approach: We can say that it digitizes the traditional fan experience. Because it added the concept of “fan token” to the cryptocurrency dictionary and continues to be one of the giants in this field. In addition, it has created a new revenue model for sports clubs. In this guide, we will examine in detail what Chiliz is, how it works, and how it revolutionized the sports industry. Definition and Origin of ChilizChiliz (CHZ) is a blockchain platform focused on sports and e-sports and the name behind the cryptocurrency called CHZ. So, what does Chiliz do? The platform generally allows fans to interact with their favorite teams through special fan tokens. Essentially, it is a platform where fans can buy tokens, influence team decisions and win prizes, while teams can earn money from their fan base in new ways. In short, the answer to the question of what Chiliz is is “a blockchain network that allows fans to participate more actively in their clubs.” This network forms the infrastructure of the fan platform called Socios.com. The foundations of Chiliz were laid by Alexandre Dreyfus in 2018. The CHZ token entered the markets in February of the same year. Developed under the Malta-based company Mediarex, Ciliz has taken interaction to a whole new level by offering cryptocurrencies to the fans of sports clubs.The aim of Chiliz is to make the interaction between fans and sports clubs two-way. When looking at classic methods, fans are generally passive consumers. However, thanks to Chiliz, clubs are issuing fan tokens, giving fans a say in certain matters. So, what is a fan token? Fan tokens are digital, utility tokens issued by a sports club or organization under its own brand. These tokens allow fans to participate in the club's decision-making processes, and also offer various privileges. For example, a fan token holder can vote on issues such as their team's jersey design, stadium music, or award ceremonies via the Socios application. Fan tokens are produced on the Chiliz blockchain. These are also the answers to the question of "what is Socios com": Socios is a platform that offers fans surveys and votes using the Chiliz infrastructure, and enables token trading and rewards. Socios.com app. Source: Socios On the other hand, the utility token of the Chiliz platform is called CHZ. If we look at the question of "what is CHZ coin", we see that it is actually the native cryptocurrency of the Chiliz network. CHZ was produced in a way that is compatible with the Ethereum network and therefore initially came out in the ERC-20 standard. The currency used to purchase fan tokens in the Socios.com application is CHZ. In other words, when a fan wants to acquire the token of the club they support, they first purchase CHZ from exchanges or the Socios application. Then, using these CHZs, they can buy, for example, an FC Barcelona or Juventus fan token. In short, if you ask what Chiliz does: Chiliz; It creates an innovative ecosystem that bridges the gap between clubs and fans, offering fans blockchain-based say and rewards.Chiliz History: Major MilestonesAlthough Chiliz is not as old as Bitcoin or Ethereum, it is a highly reputable platform with what it has contributed to the blockchain field. Despite its relatively short history, it has experienced rapid growth in both the sports and cryptocurrency worlds. The major milestones in Chiliz’s history are as follows:2018 – Establishment and CHZ token launchThe Chiliz project was launched in 2018, and the CHZ token was first released the same year. Alexandre Dreyfus and his team announced the project by launching CHZ in February 2018. Chiliz attracted the attention of major investors during its establishment; for example, a private sale in mid-2018, which included the participation of industry giants such as Binance, raised approximately $65 million. This funding was channeled into the development of Socios.com, the world’s first large-scale fan engagement platform. The Socios app was designed as an environment where fans could buy tokens and vote. The development of its first version accelerated between late 2018 and early 2019.2019 – Launch of the Socios app and the launch of the first fan tokens2019 was a turning point for the Chiliz and Socios ecosystem. In 2019, the Socios app was launched with its features. The app allowed users to buy and sell fan tokens with CHZ via mobile devices, participate in club surveys, and manage their token wallets. Moreover, Socios’ first major partnerships were announced during this period. The world’s first official fan tokens were introduced at the end of 2019: Italian club Juventus and French club Paris Saint-Germain (PSG) became the first teams to issue their own fan tokens.The launches of the Juventus fan token (JUV) and PSG fan token (PSG) were recorded as important moments as they allowed the traditional sports world to get to know blockchain. Thanks to these tokens, fans of the clubs in question started voting on certain issues such as the club anthem selection. One of the main features of the Socios app, the poll and voting function, found real use for the first time in Juventus and PSG polls.In addition, token trading and club-based competitions started on Socios in 2019. The application also introduced rewarded interaction tools such as quizzes and token earning. These developments provided a concrete introduction to the application to the audience asking the frequently heard question “What is Socios.com?”. In addition, a first was signed in the category of fan participation applications.2020 – Agreements with major clubsIn 2020, Chiliz signed many agreements that made a splash in the football world. Especially the major clubs of Europe joined the Socios platform one by one. FC Barcelona announced the fan token called $BAR by reaching an agreement with Chiliz in February 2020. With the launch of the Barcelona fan token, 600 thousand tokens were offered for pre-sale for fans and this sale sold out in just a few hours, earning the club approximately 1.2 million euros. This success was one of the most striking examples of fan tokens and set an example for other clubs.In 2020, clubs such as Atletico Madrid, AS Roma, and our country's Galatasaray also announced their Socios partnerships and launched their own fan tokens. Galatasaray, in particular, became the first Turkish club to sign an agreement with Socios, issuing the $GAL token and introducing this concept to a wide audience in Turkey. During the same period, e-sports teams and different sports organizations such as UFC also started to join the Chiliz ecosystem.2021 - Expansion and mainstream recognition2021 has seen the concept of fan tokens gain more visibility in the mainstream. In 2021, Chiliz forged new partnerships with sports organizations in Italy, England, Spain and even the United States. English and European clubs such as Manchester City, Inter Milan, Arsenal and Everton have joined Socios and launched their own tokens. Chiliz has become more accepted as an alternative revenue model in the sports industry. Due to the COVID-19 pandemic that began in 2020, clubs’ stadium revenues had decreased. As a result, they have made significant revenues from fan token sales through Chiliz. For example, long-standing Italian club AC Milan managed to raise over $6 million from the ACM fan token offering that took place at the beginning of 2021.Socios also made appearances at traditional sporting events in 2021: that year, the Chiliz/Socios brand sponsored the Ballon d’Or (World Player of the Year) ceremony for the first time. In other words, it has increased its global recognition considerably. Again in the same year, it was announced that world-famous football player Lionel Messi was given PSG fan tokens as part of his “welcome package” when he transferred to PSG.2022 – The ecosystem has maturedBy 2022, the Chiliz ecosystem had grown considerably. In addition to football, the Socios platform also had many partners from fields such as basketball, American football, and esports. The total number of fan tokens had exceeded 50, and sports clubs had made significant progress in adapting to blockchain technology. According to a Reuters report, as of the beginning of 2022, the total value of the entire fan token market had reached approximately $300 million. During this period, it was seen that Socios also turned to agreements with Formula 1 teams and some NBA teams. The popularity of fan tokens has increased and decreased with major sporting events. For example, during the 2022 FIFA World Cup, there were volume and price fluctuations in the teams' tokens. However, in general, digital interaction between clubs and fans has begun to normalize. The success of the PSG, Barcelona, and Juventus fan token projects paved the way for other teams to take similar steps. By the end of 2022, Chiliz had completed preparations for a major update that would take its technological infrastructure a step further.2023/2024 – Chiliz Chain 2.0 and NFT supportChiliz welcomed 2023 with the decision to develop its own blockchain network. This new network, called Chiliz Chain 2.0, was announced in the last months of 2022. It was built on Chiliz's existing system as an independent layer-1 blockchain. While CHZ and fan tokens previously worked on the Ethereum network, Chiliz now has its own blockchain with Chiliz Chain 2.0. This transition, referred to as the Chiliz Chain 2.0 transition, brought with it many innovations. The new chain was designed to be compatible with the Ethereum Virtual Machine (EVM), allowing developers to use the smart contracts they are used to on the Chiliz network.NFT-supported features were also added to the Chiliz ecosystem during this period: Sports clubs and app developers can now produce tickets, digital collections and souvenir products in NFT format on Chiliz Chain 2.0. Chiliz even started testing NFT tickets at some sporting events (NFT tickets became active as of May 2025 and were used in the KLPGA Championship in South Korea). It also announced that it will distribute digital collections (POAP - Proof of Participation Protocol) that document fans' participation in the stands (an example of this can be seen at the TOKEN2049 event in Singapore or the Korea Blockchain Week 2024 event).One of the most important features of Chiliz Chain 2.0 was the rewarding of users who contribute to the security and transactions of the network. Because in 2023, the mechanism called CHZ staking was put into effect: CHZ token holders can now contribute to network security by locking their tokens to the validator nodes of the Chiliz chain and in return, they can earn new CHZ rewards at certain rates annually. Thus, CHZ token holders are no longer just a coin bought by fans. It has also become a coin preferred by investors who want to play a role in the management and security layer of the blockchain.In the summer of 2023, Chiliz gradually transferred all fan tokens created on Ethereum to its own main network; as of September 2023, all tokens on Socios started working on the Chiliz Chain. In this way, transaction fees were reduced and the platform became more independent.In 2024, the Chiliz ecosystem took steps towards becoming a sports innovation center in the Web3 world by launching global hackathons and incentive programs for the development of decentralized applications (dApps) on the new chain. Now Chiliz is not just a “token issuing company” but also a blockchain ecosystem where other developers can develop sports and entertainment-focused projects.Why is Chiliz Valuable?Chiliz has quickly become one of the leading platforms at the intersection of sports and blockchain. So, what exactly makes Chiliz valuable? Here are the main points that highlight the value of Chiliz and the usage areas of the CHZ token...Chiliz is one of the first platforms that transformed the fan experienceChiliz is currently a pioneer in terms of digitizing fan interaction. Because it is one of the first blockchain projects that allowed major sports clubs around the world to issue official fan tokens. This gave Chiliz the “first mover” advantage. For example, its agreement with clubs such as Juventus and PSG to implement the fan token concept positioned Chiliz as an innovative brand in the sports world. As we mentioned before, this concept improved the traditional fan experience. Fans were no longer just watching the match. They also became active actors who influenced their teams' decisions through crypto assets. Thanks to this innovative approach, Chiliz became one of the first names that came to mind when it comes to sports clubs and blockchain integration.CHZ token usage is quite wideAnother thing that adds value to Chiliz is of course its own token. CHZ token usage area is quite diverse and wide. First of all, CHZ is the basic currency used to buy fan tokens on Socios.com. Fans need CHZ when they want to obtain or buy and sell the token of their favorite team. In addition, CHZ has also taken on the role of gas fee (transaction fee) and governance token with the launch of Chiliz Chain 2.0. In other words, the fees for transactions to be made on the Chiliz network are paid with CHZ and CHZ can be used in new applications on the network. Chiliz ecosystem. Source: CoinBureau In the Socios ecosystem, different use cases have emerged with CHZ, such as not only token purchases, but also participation in special events, purchase of NFTs and souvenir products. For example, some clubs offer special content or VIP rewards to those who hold a certain number of fan tokens. Taking advantage of these advantages can also indirectly increase the demand for CHZ. In short, when asked what Chiliz is for, it can be stated that the CHZ token is a trading vehicle for club tokens on the one hand, and the lifeblood of the Chiliz chain on the other.It offers an alternative income area for clubsChiliz has created a new source for sports clubs beyond traditional income items. Fan token sales have made significant contributions to the clubs' coffers, especially as an alternative to the decreasing ticket and broadcast revenues during the pandemic. For example, the $ 1.3 million income it obtained from the BAR token pre-sale or the more than $ 6 million AC Milan earned from the fan token offering show that we should not ignore the power of the financial potential of this model. Fan tokens can also create a continuous income stream. Because as token owners increase, the brand value of the club increases and collaborations increase. According to a study conducted by Marca, it is predicted that fan tokens will become the second largest source of income in the sports industry after broadcasting rights in the coming years. Moreover, while some of the fan token revenues go directly to the clubs' coffers, some are allocated to rewards and events for the fans, creating a sustainable economy.Blockchain integration for sports clubsChiliz has enabled sports clubs that may be distant from technology to easily step into the blockchain world. Thanks to Chiliz, clubs were able to create their own token economies without getting into complicated technical details. According to the project's website, the Chiliz network has already been adopted by more than 70 elite sports teams. This ecosystem has created a global "sports blockchain network" by bringing together world giants and local league teams under the same roof. In this way, sports clubs integrated with blockchain technology, while Chiliz provided both the technical infrastructure and set standards in the industry. In addition, thanks to the API and tools provided by Chiliz, clubs can develop their own applications, NFT collections or games. In other words, the platform has become open to third-party innovations. Some fan tokens issued via Chiliz and their initial sale prices. Source: Socios Chiliz staking and community contributionThe Chiliz staking mechanism, which will be launched in 2023, has added a new dimension to the value proposition of the CHZ token. Now, community members can stake their CHZ to help secure the network while earning passive income. The initially high annual staking rewards have incentivized the community to contribute to the network. For example, the inflation rate for the first year of Chiliz Chain 2.0 was set at around 8.8 percent. A large portion of these newly issued CHZs are distributed as rewards to validators and stakers. In this way, network security and decentralization are targeted, while long-term demand for the CHZ token is created. The staking feature has also made Chiliz a long-term project.Who is the Founder of Chiliz?The founder and CEO of Chiliz is Alexandre Dreyfus. For those wondering who is the founder of Chiliz, Dreyfus is known as an entrepreneur who brings together the worlds of blockchain and sports. So, who is Alexandre Dreyfus? To put it briefly, Dreyfus is a tech entrepreneur originally from France (with British citizenship) and has been active in the digital media and iGaming (online gaming/betting) sectors for over 20 years. Dreyfus began his internet entrepreneurship in the late 1990s and was involved in the founding of successful online poker and gaming platforms such as Winamax at a young age. Alexandre Dreyfus Dreyfus, who gained significant experience in the field of online gaming with the company Chiligaming he founded in 2006, launched the sports and entertainment-focused Mediarex Sports & Entertainment company in Malta in 2012. Dreyfus, who acquired and managed projects such as the Global Poker Index (GPI) within this company, played a role in the digitalization of sports and data analysis. Alexandre Dreyfus' Web3 entrepreneurship adventure reached its peak with Chiliz. In 2018, he launched the Chiliz project, predicting that blockchain technology could revolutionize the sports industry. As the founding CEO of the Socios.com platform, Dreyfus turned the fan token ecosystem, which dozens of teams around the world participated in, into a reality in a few years.Under Dreyfus' leadership, we can say that Chiliz turned into a global success story starting from Malta and extending to Europe, then to Latin America and Asia. Alexandre Dreyfus frequently emphasizes in conferences and interviews that Chiliz's goal is to "turn fans from passive consumers into active participants and stakeholders." Frequently Asked Questions (FAQ)In this section, we answer some frequently asked questions about Chiliz and CHZ in short answers. Below is some information that may be useful for both newcomers to the Chiliz fan token ecosystem and existing users:What is Chiliz and how does it work?: Chiliz is a blockchain platform developed specifically for the sports and entertainment industry. It allows fans to purchase fan tokens of their favorite clubs using the cryptocurrency CHZ and participate in club decisions through these tokens.What can be done with the CHZ coin?: The CHZ coin is at the core of the Chiliz ecosystem and has multiple functions. The first thing you can do with CHZ is to buy fan tokens through Socios.com. Secondly, CHZ can be used in trading transactions. There are CHZ trading pairs on many cryptocurrency exchanges, so you can convert your CHZ to different currencies or crypto assets. Thirdly, with the launch of Chiliz Chain 2.0, the CHZ staking opportunity has emerged. This means that you can earn passive income at certain intervals by depositing (staking) your CHZ to validators on the Chiliz network. Fourth, CHZ is also used to pay transaction fees (gas fees) on the Chiliz network. For example, if you want to create a new smart contract on the Chiliz blockchain or mint an NFT, the required fee is charged in CHZ.What is a fan token?: A fan token is a blockchain-based crypto asset issued by a sports club or organization. These tokens offer fans the opportunity to interact with the club and have a say in some matters. Each fan token is specific to the club it belongs to and is usually referred to by the name or abbreviation of the club. For example, the $GAL token represents Galatasaray, and the $BAR token represents Barcelona.Which clubs does Chiliz work with?: The Chiliz/Socios ecosystem collaborates with many clubs and organizations around the world. We have already mentioned the PSG, Barcelona and Juventus fan token projects. Apart from this, for those wondering which clubs Chiliz works with, we can list some prominent examples: Manchester City and Arsenal from England, FC Union Berlin from Germany, Galatasaray and Trabzonspor from Turkey are among the clubs Chiliz has partnered with. Teams such as River Plate and Corinthians in South America and Urawa Red Diamonds in Asia have also issued fan tokens on the Socios platform. MMA/UFC, esports (e.g. e-sports teams such as OG, NAVI) and Formula 1 (F1 teams such as Aston Martin, Alfa Romeo) are other sports branches Chiliz works with.Who can use the Socios app?: The Socios app is basically a platform open to sports enthusiasts from all over the world. Anyone who has a smartphone and wants to interact more with the teams they support can use the app.Follow our JR Kripto Guide series to understand Chiliz, which emerged from the combination of the sports and blockchain worlds, and the power of the CHZ token.
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2 Jul 2025
Trump-Backed USD1 Forms Partnership with an Altcoin
Another noteworthy development has taken place in the cryptocurrency sector. Plume Network and World Liberty Financial (WLFI) have announced a new strategic partnership. Under this partnership, the stablecoin USD1 will no longer be limited to Binance Smart Chain; it will be expanded to multiple blockchain infrastructures. It was announced that USD1 will be used as the official reserve asset for pUSD, Plume Network's own blockchain-based stablecoin.Altcoin PLUME has partnered with USD1Plume Network stands out as a platform that enables the tokenization of real-world assets (RWA) and their integration into decentralized finance systems with its Ethereum Virtual Machine (EVM)-compatible infrastructure. The network's recently launched Genesis mainnet made a highly notable debut with over $250 million in tokenized assets and over 100,000 wallets. Plume, which works closely with the U.S. Securities and Exchange Commission (SEC), is also known for its sensitivity to regulatory compliance.USD1 is a stablecoin pegged at a 1:1 ratio to the US dollar, backed by solid reserves such as government bonds and cash equivalents. This structure represents a more conservative approach prioritizing the security of institutional investors. As the stablecoin market has grown by 54% over the past year to reach a volume of $253 billion, USD1's expanded access to this market could drive increased institutional interest.Plume Network CEO and co-founder Chris Yin stated the following in his remarks about the partnership:“World Liberty Financial’s selection of Plume as a strategic multi-chain partner validates the vision of our custom-built RWAfi infrastructure. The integration of USD1’s institutional foundation into our vibrant ecosystem creates immediate opportunities in tokenized real-world assets. This, in turn, brings new use cases that transform access to yield-generating RWA assets for institutional investors and users.”PLUME price saw an increaseWLFI's Chief Operating Officer Zak Folkman noted that this partnership marks the first major step in USD1's multi-chain expansion. WLFI's connection to the Trump family further highlights the deal from a political and media perspective.Following the partnership announcement, the PLUME token gained 5% in value, attracting investor interest. According to market data, Plume's token is currently trading at $0.09, with a market value of over $182 million. The 24-hour trading volume is approximately $49 million. The value losses experienced over the past 30 days appear to have been partially offset by this partnership news. According to experts, past cross-chain stablecoin integrations have increased liquidity and driven significant growth in total value locked (TVL). In this context, USD1's integration into Plume's infrastructure could enable the creation of more complex financial products and enhance asset efficiency.
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2 Jul 2025
What is Polkadot (DOT)?
While the Web3 vision aims to provide a decentralized, user-oriented and interoperable structure for the internet, the ability to seamlessly integrate multiple blockchains stands out as one of the fundamental building blocks of this transformation. This is exactly where Polkadot comes into play. Polkadot, one of the projects that has been talked about since the early days of Web3, is a platform that aims to enable different blockchain networks to exist together under a single roof and to work together, and has a “multi-chain architecture” in this direction. In other words, Polkadot aims to become the “internet of blockchains” by bringing together disconnected and incompatible blockchains and enabling data and value transfer between them. For example, even between networks that cannot normally communicate, such as Bitcoin and Ethereum, information and asset transfer can be carried out over the Polkadot network without requiring an intermediary. Although Polkadot and its native token DOT have been on the market for a relatively long time, some investors have questions such as what is Polkadot and what is DOT coin. Let’s take a look at the answers to these questions and much more in this guide…Definition and Origin of PolkadotPolkadot's definition is shaped around the concepts of a heterogeneous multi-chain network and interoperability. For example, even between networks that normally cannot communicate, such as Bitcoin and Ethereum, information and assets can be transferred over the Polkadot network without requiring an intermediary. The Polkadot network consists of a central main chain called the Relay Chain and independent sub-chains connected to it. These sub-chains have been called parachains and have become one of the fundamental building blocks of the Polkadot ecosystem.So, what exactly is a parachain? Each parachain works as its own private blockchain. In other words, these are "sovereign" blockchains with their own tokens, consensus rules, and governance mechanisms. Thanks to Polkadot's multi-chain architecture, these different chains are also connected to Polkadot's main Relay Chain, benefiting from common security. In addition, the chains can communicate seamlessly with each other. In other words, the Polkadot network maintains the independence of blockchains that serve different purposes, while securely connecting them all. Thus, according to some, Polkadot acts as a “higher-level protocol.” The protocol’s approach is to solve scalability and interoperability issues in the blockchain ecosystem.The emergence of Polkadot dates back to 2016. In 2016, Dr. Gavin Wood, who is also a co-founder of Ethereum (ETH), came up with the idea of creating a scalable, flexible, and “fragmentable” blockchain infrastructure based on his experiences on the Ethereum network. In line with this vision, Polkadot’s technical document, or whitepaper, was published in October 2026.The whitepaper explained in detail the concept of a “heterogeneous multi-chain” that would allow independent blockchains to operate in a common security pool. This “heterogeneous multi-chain” means a multiple chain where different types of blockchains work together. When the team led by Gavin Wood started developing the Polkadot protocol, they pointed to the fact that blockchain networks were disconnected from each other and the need for them to come together as the main reason. At that time, every project in the cryptocurrency world was creating its own chain. However, communication between these chains was becoming almost impossible. Polkadot's aim was to solve exactly this problem. In other words, it was to create the structure of the new generation internet called web3 by connecting different blockchains into a single ecosystem. With this passion for web3, the project was brought to life with the support of the Web3 Foundation. Gavin Wood and his colleague at Parity Technologies, Peter Czaban, founded the Switzerland-based non-profit Web3 Foundation in 2017 and declared Polkadot as the foundation's first and most important project. The Web3 Foundation was established to finance Polkadot's research and development activities and to provide strategic support to the project. Polkadot developments were carried out by Parity Technologies, a company founded by Wood in 2015. To briefly summarize the emergence and definition of Polkadot... In particular, the answer to the question of what is Polkadot blockchain? provides a very good definition. Polkadot was founded in 2016 by Dr. It is a blockchain platform designed under the leadership of Gavin Wood, took the first steps to raise the necessary funding in 2017 and emerged with the mission of unifying different blockchains. So, what is DOT token? Polkadot coin features helps the ecosystem via the token. Because it serves as the native cryptocurrency of the Polkadot blockchain. However, its launch extends to 2020.Polkadot's History: Important MilestonesPolkadot, one of the leading projects in the Web3 field, is also considered old in the cryptocurrency field. Because it has a history of 9 years. Therefore, it is necessary to summarize the important milestones. Below, you can see the most notable developments in Polkadot's history in chronological order:2017: Polkadot launched the DOT token with the first public token sale (ICO) held through the Web3 Foundation. Thus, funds were raised for the development of the project. Approximately $144 million worth of Ethereum (ETH) was raised during this ICO, which took place in October 2017. Then, Polkadot's native token DOT was offered to investors for the first time. At this point, it is useful to open a parenthesis: There was a technical problem in Parity wallets after the ICO. For this reason, some of the funds were locked. Nevertheless, the Polkadot team managed to complete the financing process with additional private sales in 2019. 2020: The Polkadot network officially launched its mainnet on May 26, 2020, after a long period of testing and development. Initially, the network was controlled by the Web3 Foundation with a gradual transition strategy. However, by June 2020, the Polkadot network switched to a fully decentralized verification model by switching to the “Nominated Proof of Staking (NPoS)” consensus mechanism. In the same year, in August 2020, the Polkadot network became fully active by affecting DOT token transfers. 2021: Parachain slot auctions, a key part of Polkadot’s scalability vision, were launched this year. The first parachain slot auction began on November 11, 2021, and the Acala project joined the Polkadot network as the first winning parachain. As of December 2021, the first parachains were added live to the Polkadot Relay Chain, and the network’s multi-chain architecture began to be used in practice. This development delivered an important stage in Polkadot's technical roadmap. Because now multiple blockchains can operate in parallel under Polkadot. The latest concluded Parachain auction. Source: Parachains.info 2023: The XCM protocol, designed to further improve inter-chain communication in the Polkadot ecosystem, received significant updates. XCM, or the Cross-Consensus Messaging protocol, is a communication format that allows for the standard transfer of all types of data and assets between different parachains. Although the Polkadot network released the first XCM version in May 2022, many new features such as bridging external networks, inter-chain locking, and NFT support were added with the XCM v3 update in 2023. In July of the same year, Polkadot announced that it had reached the "Polkadot 1.0" stage, announcing that all the basic features initially specified in the whitepaper had been completed. Thus, the multi-chain Web3 infrastructure that Polkadot targeted at launch has largely become a reality.Why is Polkadot Valuable?What does Polkadot do? Let’s take a closer look at why Polkadot is so valuable and what problems it solves in the crypto world. Polkadot is an innovative platform that allows blockchains to connect to each other. Until now, most blockchains could only operate within their own network, but Polkadot removes this limitation and allows different networks to interact with each other. This feature makes Polkadot one of the fundamental infrastructures of the Web3 world. So, what exactly makes the DOT coin and ecosystem valuable? Here are the key points…Interoperability between chainsThe most valuable aspect of Polkadot is that it allows different blockchains to communicate with each other. The network allows messaging and transactions between different blockchains, thus facilitating the transfer of data and assets between independent chains. Thanks to this interoperability, decentralized applications built on Polkadot can benefit from the features of multiple networks instead of being limited to a single blockchain. For example, a Polkadot parachain can instantly send or receive data to another parachain through the XCM protocol.This XCM protocol is a standardized messaging structure that allows all parachains in the Polkadot ecosystem to speak a common language, and provides high-speed cross-chain interaction across the network. In short, Polkadot is trying to create a complete ecosystem where many different platforms work together. Thus, it eliminates the “piecemeal” structure of the blockchain world.Scalability and customization with parachain structureThe Polkadot network consists of parallel “side chains” called parachains. Therefore, it is highly scalable. Each parachain can be designed to be specific to a specific application or use case. For example, one can be specialized for DeFi applications, another for digital identity. This allows for the highest level of customization and flexibility. In particular, it is critical for developers to use a modular development framework called Substrate in terms of customization. In this way, developers can create new blockchains that suit their needs with Substrate and integrate them into the Polkadot network. Thanks to the parachain architecture, transactions are executed on different chains in parallel. Therefore, they are not limited to the capacity of a single chain: Much more transaction volume is supported across the network. Polkadot’s unique multi-chain architecture reduces congestion and provides high scalability by sharing transactions across different chains. Moreover, parachains also benefit from the common security model provided by Polkadot. The reason for this is very simple: shared security on the Polkadot Relay Chain. In this way, each parachain achieves high-level security without having to establish its own validator network. In short, Polkadot’s parachain-based structure offers faster and more efficient network performance, while also allowing each chain to be customized to meet different needs. Relay Chain and parachain architecture. Source: Polkadot The basic infrastructure of the Web3 vision: PolkadotThe Polkadot project plays a critical role in the implementation of the decentralized internet (Web3) vision. This is because it is one of the first groundbreaking projects in the Web3 field. The Web3 concept, put forward by Gavin Wood, describes a future internet consisting of interconnected decentralized networks where control belongs to users, not monopolies. Polkadot was designed as a Web3 infrastructure protocol that provides the infrastructure for exactly this vision.An ecosystem is created on the Polkadot network where different platforms and applications can communicate without any central authority. This allows developers to benefit from the power of multiple blockchains simultaneously while developing decentralized applications, or dApps. For example, in the Polkadot ecosystem, a finance application can run on one chain, an identity verification application on another chain, and interact securely via Polkadot. Thanks to such combinations, new innovations are distributed within the scope of the Web3 vision. Polkadot’s self-renewing (fork-free upgradeable) structure and internal governance system also allow the network to evolve over time, in line with Web3’s goals.Security, governance, DOT coin and staking mechanismPolkadot network uses an advanced governance and staking model to encourage security and network participation. Thanks to the consensus mechanism called Nominated Proof of Stake, DOT token holders can nominate validators on the network by staking their tokens. Token holders can even become validators themselves. This Polkadot staking process ensures the security of the network, and in return, DOT rewards are distributed to staking investors.When the features of DOT coin are examined, the most important functions stand out as the ability of this token to be locked to ensure the security of the network (staking) and to grant voting rights in on-chain governance. Polkadot’s on-chain governance system gives DOT holders a direct say in decision-making processes regarding the future of the network. Issues such as network upgrades, the addition of new parachains, or protocol changes are decided by the votes of DOT coin holders. This gives the Polkadot ecosystem a strong democratic governance dimension, and many investors are part of this democratic process. In the meantime, let's give some price information for those who want to buy DOT and have a say in the governance. DOT coin is trading at $4.6 as of May 2025. However, the cryptocurrency saw an all-time high of $55 a little over 4 years ago. DOT price since launch As a result, DOT coin usage areas cover a wide range from staking for network security to governance voting and payment of transaction fees. The mechanisms in the Polkadot network ensure that the network remains secure against external attacks and enable community management. Thus, in general, it increases the value of Polkadot.Wide ecosystem and strong developer communityPolkadot has created a rapidly growing ecosystem and an active community since its launch. Because there are dozens of parachain projects operating in different sectors on the network. Blockchain projects specialized in decentralized finance (DeFi), gaming, smart contract platforms, digital identity, Internet of Things and many more are available in the Polkadot ecosystem. This rich Polkadot ecosystem creates synergy between projects and offers a comprehensive infrastructure for users and developers.Moreover, Polkadot hosts an active development community worldwide. According to the analysis, Polkadot is one of the top five cryptocurrency projects with the most developers. A report from Electric Capital found that there are over 800 full-time developers working on the Polkadot network, making Polkadot one of the largest ecosystems in the industry in terms of developer numbers. With such strong developer interest, the Polkadot network remains very vibrant. On the other hand, the Polkadot community actively contributes to the project through forums, governance votes, and grant programs. Organizations such as the Web3 Foundation and Parity also support the ecosystem by offering regular developer training, competitions (e.g. Polkadot Hackathons), and funding support. Putting all these elements together, the foundation of a solid community is formed that contributes to Polkadot’s long-term success.Who is the Founder of Polkadot?Finally, it is necessary to answer the question of who is the founder of Polkadot. Dr. Gavin Wood, the founder of Polkadot, is a well-known name in the blockchain world and an innovative computer scientist. Who is Gavin Wood? To briefly introduce, he was one of the co-founders of Ethereum and served as Ethereum's first chief technology officer (CTO). Gavin Wood provided one of the most important technical contributions to the Ethereum project, developing Solidity, Ethereum's smart contract programming language. He is also the author of the Yellow Paper (Ethereum Virtual Machine definition) document that defines the technical infrastructure of the Ethereum network. Wood, who left his position at Ethereum in 2016, charted his own path to realize the decentralized internet vision that was shaped in his mind. Immediately after leaving Ethereum, he founded EthCore (later renamed Parity Technologies), a company that develops blockchain infrastructure software. Parity Technologies continued its work with Ethereum clients, later focusing on Substrate and Polkadot technologies. Gavin Wood. Source: CoinDesk Gavin Wood's Polkadot adventure officially began with the Polkadot whitepaper he published at the end of 2016. Wood, with his experience in Ethereum, embodied the idea of a decentralized network where blockchains are connected to each other with the Polkadot project. In 2017, Wood accelerated the development of Polkadot by establishing the Web3 Foundation with his collaborator Peter Czaban. The Web3 Foundation is a non-profit organization that funds Polkadot's research, development, and community management activities. In particular, it became the institutional support point for Gavin Wood's Polkadot vision. Wood also played a role in the implementation of Kusama, Polkadot's test network. In addition, he first tested the innovations to be implemented in Polkadot on Kusama and ensured that they were safely transferred to the main network. In 2022, Gavin Wood stepped down from his position as CEO of Parity Technologies and moved towards taking on a larger role in the Polkadot ecosystem. Wood led the Polkadot project, where he continued to be the technical lead, and implemented significant upgrades to the protocol (e.g. the new open governance model OpenGov).Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about Polkadot (DOT):When and why did Polkadot come into being?: Polkadot was created in 2016 by Dr. Gavin Wood to solve the problem of blockchains not being able to communicate with each other. Backed by the Web3 Foundation, Polkadot raised funds through an ICO in 2017 and went into its mainnet in 2020.Who is the founder of Polkadot?: Dr. Gavin Wood is the founder of Polkadot. Gavin Wood is also the co-founder of Ethereum and the creator of the Solidity programming language.How does Polkadot work, how does it connect with other chains?: Polkadot consists of independent sub-chains called parachains connected to the main chain called Relay Chain. Thanks to this structure, data and assets can be shared between different blockchains. Inter-chain communication is provided with the XCM protocol.What is the DOT token used for?: The DOT token has functions such as securing the Polkadot network, earning rewards by staking in the network, and taking an active role in network governance (voting) processes. It is also used as collateral for parachains to join the network.Why is Polkadot important?: Polkadot enables different blockchains to work together with each other thanks to its multi-chain architecture. This feature creates a critical infrastructure for Web3 and makes Polkadot an important platform in the crypto world. In addition, Polkadot's customized parachain structure allows a wide range of applications to work more efficiently.Follow our JR Kripto Guide series for more information about Polkadot's vision and its place in the Web3 world.
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2 Jul 2025
SEC Approves Grayscale's ETF Application Including Many Altcoins!
The US Securities and Exchange Commission (SEC) has approved Grayscale's conversion of its GDLC digital fund, which includes leading crypto assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA), into a spot exchange-traded fund (ETF).From crypto index fund to major ETFThe Grayscale Digital Large Cap Fund (GDLC) invests in the five largest cryptocurrencies by market capitalization, with a focus on Bitcoin, based on the CoinDesk 5 Index. The fund's asset allocation includes 80% Bitcoin, 11.4% Ethereum, 4.8% XRP, 2.8% Solana, and 0.8% Cardano. With SEC approval, this fund will now trade as a spot ETF on the New York Stock Exchange's Arca platform. This provides investors with access to cryptocurrencies through traditional stock exchange infrastructure, while the fund's daily trading mechanism will also increase liquidity. Managing approximately $755 million in assets, GDLC has earned the title of “the world's largest multi-cryptocurrency ETF” with this transformation. This move paves the way for cryptocurrency investments to gain more legitimacy in the traditional financial world.A critical development for XRPThe inclusion of XRP in GDLC's transition to a spot ETF is noteworthy in itself. Following the court's ruling that XRP is not a security in individual investor sales, marking a significant turning point for XRP in the years-long legal battle between the SEC and Ripple, this asset now offers direct access to investors as part of a regulated investment vehicle in the US. This development also sets a precedent that could pave the way for XRP-specific ETFs in the future.Bitwise and other funds are nextFollowing Grayscale's ETF conversion, attention has now shifted to Bitwise. The Bitwise 10 Crypto Index Fund (BITW) is awaiting the outcome of its ETF conversion application submitted to the SEC. The fund includes assets such as Sui (SUI), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Polkadot (DOT), in addition to Bitcoin, Ethereum, Solana, XRP, and Cardano. If approved, the Bitwise fund will also provide investors with access to a broader digital asset portfolio.Following the ETF approval, the price of XRP rose by more than 6% to $2.30 in the initial phase. However, slight pullbacks were observed in other major cryptocurrencies. Bitcoin is trading at $106,280, while Ethereum is trading at $2,435. Despite this positive development, general uncertainty in the market persists. In particular, President Trump's new tariff plans, expected to be announced on July 9, and possible trade wars are important issues affecting investor sentiment.Change in the SEC's stanceThe SEC opened the door to crypto investment products by approving spot Bitcoin and Ethereum ETFs in 2024. Following these decisions, billions of dollars of new capital flowed into the sector. The recent approval of Grayscale's multi-asset ETF indicates that the agency has adopted a more constructive approach toward crypto assets. The increase in crypto-friendly policies during Mark Uyeda's tenure as interim SEC chairman may have accelerated this process.
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2 Jul 2025
AVAX Comments and Price Analysis 1 July 2025
AVAX Technical AnalysisLooking at the AVAX chart, we can see a pattern forming since the beginning of 2024, just as we see on the Solana chart. This channel formation has been narrowing, and the price is trading at the middle border of it. Falling Channel Structure The most important area on the daily AVAX chart is the $17.22 - $18.75 support range, and the coin is trading at a very critical level in terms of horizontal support. However, this area has been tested many times before, and the price has rebounded from this support. Each test indicates that this support zone has weakened.Therefore, if the support area of $17.22 - $18.75 gets broken, the price could go down to the trend support, which is around $13 - $15. If we see upward movements, then the first resistance area the price will test is $23.8, which, if broken, can take the price to both the horizontal and trend resistance level at $33.These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
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1 Jul 2025
What is Elrond (EGLD)?
In the blockchain world, scalability has become one of the top priorities. Developer teams are looking for ways to speed up networks, eliminate network congestion, and increase the number of transactions that can be processed per second. However, this remains one of the fundamental problems that large networks like Bitcoin and Ethereum are still struggling with. One of the projects that aims to provide a solution to this problem is Elrond. This project, which changed its name in 2023 and is now known as MultiversX, has left its mark on the cryptocurrency space. Apart from the MultiversX transformation, Elrond has been reshaped with a metaverse and Web3-focused vision, as well as being a highly efficient blockchain. With its Romanian origins, Web3 has become one of the Romanian projects. This system, which enables the creation of crypto assets with the support of smart contracts and allows transactions to be made in seconds, now aims to build a much broader digital economy. If you have any questions about Elrond (currently known as MultiversX/EGLD); If you are wondering what Elrond is, what is EGLD coin, let's take a look at the details of this project together...Elrond's Definition and OriginElrond is a Layer 1 blockchain platform known today as MultiversX, offering high scalability, low latency and strong security features. This platform is specially designed for distributed applications (dApps), enterprise solutions and the next generation internet economy. It addresses areas such as DeFi, metaverse and Web3 applications, while providing developers with a scalable infrastructure and NFT support. Elrond was founded by a Romania-based team in late 2017. The founders include Beniamin Mincu, Lucian Mincu and Lucian Todea. Before Elrond, the Mincu brothers founded a crypto asset investment fund called MetaChain Capital and an ICO information platform called ICO Market Data. It is also known that Beniamin Mincu previously worked in the marketing and community development areas of the NEM project. The main motivation behind Elrond’s development is to solve one of the biggest challenges faced by blockchain technology, the blockchain “impossible trilemma”. This trilemma refers to the difficulty of simultaneously providing security, decentralization, and scalability. Elrond is trying to stand out with innovative solutions that aim to offer these three elements together. So, how does Elrond work at this point? Elrond has focused on two main technologies to solve blockchain problems. The solutions in question are as follows:Adaptive State Sharding: This technology dynamically divides the network into shards, allowing each shard to process transactions in parallel. In this way, the network can perform high transaction volumes with low latency and low cost.Secure Proof of Stake (SPoS): Elrond’s consensus mechanism, SPoS, combines the amount of staked tokens and randomness in the selection of validator nodes. This structure provides energy efficiency while increasing the security and fairness of the network.Thanks to these technologies, Elrond has reached the capacity to process up to 15,000 transactions per second and has made its name among the fastest networks. Meanwhile, Elrond is also known for its EGLD token. If we talk about the EGLD token features; this token is the native token of the network and has many uses. It is used to pay for transactions on the network, to generate passive income through staking, and to act as a validator to ensure the security of the network. It also offers voting rights in governance processes.Elrond History: Major MilestonesSo where exactly did Elrond's story begin? What were the major milestones? Elrond started as a technical project and became one of the big names in the web3 space. The project, which was founded in 2017, has seen many important developments, from early investment successes to the mainnet launch, from token conversion to taking on a brand new identity under the name MultiversX. In this section, we take a look at the prominent stops on Elrond's journey.2019: A Successful IEO Process on Binance LaunchpadElrond raised $3.25 million with its Initial Exchange Offering (IEO) on Binance Launchpad in June 2019. During this process, 25% of the total token supply was distributed. The project, which had previously raised approximately $1.9 million in private investment rounds, thus set off with a total capital of $5.15 million. So why was Binance Launchpad so important to Elrond? Binance Launchpad is a platform where new crypto projects sell their tokens for the first time on Binance. Thanks to this system, projects receive early investment, while users have the chance to buy tokens at a low price. These sales, which take place in a secure environment, provide visibility and liquidity to the project. They also offer potential high-yield opportunities to investors. Therefore, Elrond or MultiversX started its life with a vote of confidence from Binance. According to EGLD's token economy, the initial distribution of tokens was as follows: Source: TokenInsights 2020: Mainnet Launch and Transition from ERD to EGLDElrond's mainnet was officially launched in July 2020. With this launch, the project's native token, ERD, was renamed to EGLD (eGold) in September 2020 as part of a new token economy. A special conversion process was launched for users to exchange old tokens for new ones.2021-2023: Maiar Wallet, DeFi, NFT, and Launchpad ExpansionIn January 2021, Elrond's official wallet, the Maiar application, was launched. So what is a Maiar wallet and what does it do? Designed to store, send, receive, and perform various transactions with EGLD tokens, this application appealed to a wide audience thanks to its user-friendly interface. Maiar has a non-custodial structure, meaning your assets are completely under your control. The security system is quite flexible: it starts out easy, and as your wallet grows, advanced measures come into play. In other words, it guides you according to your usage habits. Thanks to usernames called “Herotags”, you don’t need to know someone’s number to pay them, you just need to type their username. The app also allows staking, multiple coin support, browsing crypto news, and sending crypto. Maiar Wallet image. Source: MultiversX Similarly, Elrond launched Maiar Launchpad, which offers early investment opportunities for new projects, and Maiar DEX as a decentralized exchange (DEX).However, these projects received a name change to MultiversX in late 2022. Currently, Maiar wallet has become MultiversX Wallet, Maiar Launchpad has become xLaunchpad, and Maiar DEX has become xExchange.During the same period, the Elrond ecosystem grew rapidly; It hosted more than 100 projects and became integrated with stablecoins, wallets, validators, and payment systems. DeFi projects (Orion, Reef) and NFT support also contributed to this growth.Transformation to MultiversXAs mentioned above, Elrond entered a significant brand transformation process in 2022 and took the name MultiversX. According to the project's own statements, Elrond entered this process by taking the name MultiversX in parallel with the increasing interest in the metaverse and developments in this field. According to their own statements, this name change was made to reflect the project's expanding vision to the metaverse and its commitment to the future of the internet. As part of the rebranding, not only the name but also the logo and platform design were updated.Why is Elrond Valuable?To understand why Elrond attracts so much attention, it is necessary to look not only at its technology but also at the user experience it offers. Because Elrond (or MultiversX as we now know it); In addition to being a fast blockchain, it is also a user-friendly, scalable and developer-focused ecosystem. In other words, while it performs tens of thousands of transactions per second at a low cost, it also manages to offer this technology with a simple and accessible interface. Now, let's take a look at the main technical features that make Elrond stand out and why it offers a valuable infrastructure.Adaptive State Sharding: Maximum Efficiency with On-chain ShardingMultiversX uses an advanced mechanism called Adaptive State Sharding to optimize scalability. So, what is Adaptive State Sharding? This system divides the network into many shards, allowing each shard to perform operations simultaneously. In this way, the processing load is balanced, network congestion is prevented, and thousands of transactions can be performed at low cost. The shard structure increases efficiency by dynamically merging and separating according to the needs of the network. Sharding mechanism. Source: MultiversX According to the project’s own description, sharding in the MultiversX network was designed from the ground up to address the complexity of combining network sharding, transaction sharding, and state sharding. The result is a cohesive protocol design that not only achieves full sharding, but also achieves the following goals. The protocol’s goal is to:Scalability without impacting availability: Increasing or decreasing the number of shards in the network should not disrupt the operation of the system. When making these changes, it is expected that only a very small group of nodes will be affected, and the overall state of the system will be updated smoothly.Fast dispatch and instant traceability: It should be possible to easily and unambiguously (deterministically) calculate which shard a transaction will be directed to. This calculation should require very little processing power and should not require additional communication between different nodes.Efficiency and adaptability: The goal is for all shards in the network to operate as balanced as possible at all times. That is, the transaction load should be distributed evenly, and one part should not be overloaded while the others are idle.Secure Proof of Stake (SPoS): Energy-Efficient Consensus MechanismElrond’s consensus model is called Secure Proof of Stake (SPoS) and is known as a faster and more secure version of the classic PoS system. This model is designed to make both how validator nodes are selected and how these nodes work in the block creation process more efficient. Validator nodes are determined by a combination of the amount of EGLD they stake and the random selection. According to the project’s description, this randomness is so secure that it cannot be predicted or manipulated from the outside. SPOS process. Source: MultiversX. This selection process is very fast. Because it usually takes less than 100 milliseconds. Because there is no need for extra messaging in the system; once the randomness is generated, the selection is completely automatic. Thanks to this, the total block production time is reduced to just a few seconds. Such fast rounds also have a security advantage: Even if a malicious person wants to influence a block in the system, it is almost impossible to manipulate it in such a short time.SPoS, like other Proof of Stake systems, looks at how much EGLD they have staked when determining who will be a validator. But this is not the only criterion. Each validator also has a score (rating). This score is determined by how well they have worked in the past. In other words, the system rewards not only those who stake a lot, but also those who work properly. During block production, a special multisignature system is used. This ensures that the block prepared by the block producer is signed by the validator group in two rounds of communication.Up to 15,000 Transaction Capacity Per SecondThanks to the Adaptive State Sharding and Secure Proof of Stake algorithms mentioned above, the Elrond network has the theoretical capacity to process 15,000 transactions per second. The highest speed measured was 263,000 transactions per second. This feature makes it one of the fastest blockchain infrastructures. The average transaction cost is only around $0.001. This makes Elrond a very attractive option for both users and developers. The MultiversX homepage lists the maximum number of transactions the network processes per second. Source: MultiversX. User-Friendly Wallet Experience with MaiarMultiversX’s official mobile wallet, Maiar (MultiversX Wallet), allows users to easily manage their EGLD tokens. One of Maiar’s most striking features is that an account can be created without a password, private key or recovery phrase.Who is the Founder of Elrond?So, who is behind this fast blockchain? Who is the founder of Elrond? First of all, Beniamin Mincu comes to mind. If you ask who Beniamin Mincu is, we can answer as follows: Beniamin Mincu is the co-founder and CEO of MultiversX (formerly Elrond). He is described as a technology visionary. He was one of the early blockchain pioneers in Europe. Because he was on the NEM.io core team from 2014 until he founded Elrond. Beniamin Mincu is also the co-founder of cryptocurrency investment fund MetaChain Capital and initial coin offering (ICO) data aggregator ICO Market Data, along with his brother Lucian Mincu. Beniamin Mincu co-founded Elrond in 2017 with Lucian Todea and his brother Lucian Mincu. Lucian Todea is the Founder/CEO of software review and download site Soft32 and a partner of mobile payment app mobilPay. Mincu promoting MultiversX. Source: Cryptobriefing The team of Mincu brothers and Lucian Todea developed the Elrond network to address issues related to blockchain scalability. Their goal was to create a platform that is interoperable and highly scalable, better than existing blockchain platforms. The MultiversX team is comprised of engineers, designers, and researchers from various technology companies, including Intel, Microsoft, ITNT, and Soft32. The founding team designed MultiversX to provide a highly scalable blockchain that addresses Metaverse, DeFi, and Web3-focused applications. They specifically built it as a blockchain platform that offers speed and security. Their vision was to provide a solution to the blockchain challenges we mentioned earlier and create an “internet-scale” blockchain. To achieve this vision, they utilized innovative technologies such as Adaptive State Sharding and Secure Proof of Stake (SPoS). The platform’s growth strategy focused on building the ecosystem with tools such as the user-friendly Maiar app and support for DeFi, NFTs, and various projects and partnerships. The EGLD token has become a key component for access, usage, security, and growth within the network. Staking incentives also played a key role in securing the network. In addition, the team says it designed eGold for simplicity and global adoption. In general, the goal is to position MultiversX as a distributed blockchain for next-generation applications.Frequently Asked Questions (FAQ)Below are some frequently asked questions and answers about MultiversX (aka Elrond):What is the Elrond network, how does it work?: Elrond is a Layer 1 blockchain network developed for high-speed and low-cost transactions. It can process up to 15,000 transactions per second thanks to Adaptive State Sharding and Secure Proof of Stake (SPoS) technologies.What is the EGLD coin used for?: EGLD (eGold) is the native token of the Elrond network. It is used to pay transaction fees, perform staking, contribute to network security, and vote in governance.What makes Elrond different from other Layer 1 networks?: Elrond offers high scalability by dynamically dividing its network into shards with Adaptive State Sharding. It works both fast and energy efficient thanks to SPoS. This combination makes the project stand out from a technical perspective.How is Elrond staking done?: EGLD tokens can be locked by staking them to validator nodes via a wallet (e.g. MultiversX Wallet/formerly Maiar). In return, users earn staking rewards as passive income.Who is the founding team?: Elrond was founded by a team based in Romania. The founders are Beniamin Mincu, Lucian Mincu and Lucian Todea. The team consists of experienced engineers and entrepreneurs who have worked in large technology companies in the past.For more content on Elrond and Web3 infrastructures, stay tuned to our JR Kripto Guide series.
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1 Jul 2025
German Giant Sparkassen to Offer Bitcoin and ETH Services
Germany's largest financial institution, Sparkassen-Finanzgruppe, is opening its doors to cryptocurrencies after years of cautious approach. According to Bloomberg, the bank is preparing to launch a service that will allow individual customers to buy and sell cryptocurrencies such as Bitcoin and Ethereum by summer 2026.Sparkassen-Finanzgruppe's move into Bitcoin and ETHSparkassen-Finanzgruppe, Germany's largest financial group, plans to launch a cryptocurrency trading service for individual customers by summer 2026. According to Bloomberg, this decision signals the bank's departure from its years of cautious stance and its entry into the cryptocurrency sector.Sparkassen serves approximately 50 million customers and had previously chosen to stay away from cryptocurrency services. The bank, which completely banned cryptocurrency transactions in 2015, maintained a distance from Bitcoin and other cryptocurrencies for a long time, citing their “excessive speculative nature.” However, changing regulations and increasing user demand have prompted the group to reevaluate this strategy.In the new era, Sparkassen will manage its cryptocurrency services through Dekabank, a subsidiary of the group. Dekabank, which is already active in the cryptocurrency market, will enable users to easily buy and sell cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) through the Sparkassen mobile app.MiCA effectIt is noted that this service has become possible thanks to the MiCA (Markets in Crypto-Assets) regulations, which came into effect in December 2023. MiCA provides a common legal framework for crypto businesses across the EU, making it easier for traditional institutions like banks to enter this field.However, Sparkassen-Finanzgruppe is taking a cautious approach to the new service. In a statement by the DSGV (German Savings Banks Association), it was emphasized that cryptocurrencies are still high-risk and that no marketing campaign will be conducted for this service. Instead, users will be comprehensively informed about potential losses and risks before investing.Sparkassen's strategic move aligns with the broader banking trend in Germany. DZ Bank launched a pilot cryptocurrency storage and trading service in 2024 in collaboration with Boerse Stuttgart Digital, covering 700 cooperative banks. Additionally, Landesbank Baden-Württemberg announced cryptocurrency storage services for corporate customers in April 2024 in partnership with Bitpanda.Experts view Sparkassen's move as “a major threshold for mainstream adoption.” Filipp Bolotov, CEO of ERA Labs, argues that the shift toward crypto by large institutions like Sparkassen will enhance the sector's credibility, while Kyle Chasse of Master Ventures interprets this development as “banks finally trying to catch up with the evolution of crypto.”
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1 Jul 2025
What is Virtual (VIRTUAL)?
The Web3 world is growing day by day and new projects continue to take their place in it. One of these projects is Virtual, a platform based on digital identity, social networks and metaverse. If you are asking "What is Virtual?" or "What is Virtual coin?", we can actually say this simply: Virtual is a Web3 protocol where users can create their digital identities, store them securely with blockchain technology and interact in the metaverse and social media world. Sounds exciting, right? The project creates a space where you can control your digital identities and interact with artificial intelligence agents. In this guide, we will examine in detail what Virtual offers, how it works and why it has attracted so much attention.Definition and Emergence of VirtualVirtual can be defined as a Web3 protocol focused on digital identity, social networks and metaverse. It is essentially a decentralized platform that allows users to develop, own and generate income from artificial intelligence-supported agents (AI agents). This project, also known as the Virtuals Protocol, was launched in 2024 on the Ethereum network's Layer-2 solution, Base. In this way, all interactions and content on the platform are transparently recorded on the blockchain and users have full ownership of their data. In other words, the Virtual project aims to provide a decentralized social network infrastructure and a Web3 social media project and experience based on user control instead of traditional social platforms in the Web2 world. In addition, the protocol positions artificial intelligence agents as digital characters that can be integrated into different platforms such as games, Virtual metaverse environments and social media applications. The working system of Virtual Protocol. Source: Virtual Protocol whitepaper. The Virtual project emerged with the vision of establishing a Web3-based social interaction infrastructure. The protocol can be defined as a new generation social platform where users can store their data on the blockchain instead of central servers and have full control over their own digital identity and content. In this platform, traditional social network elements are combined with artificial intelligence technologies to offer a richer interaction experience. Virtual introduced itself with whitepapers and community announcements published in 2023, creating a core crypto community. Then, in 2024, the first version of the platform and the VIRTUAL token were officially launched. Virtual preferred the Base blockchain as its blockchain. In particular, it attracted attention from the very beginning with its decentralized data storage and ownership model. In the architecture of the project, all content and contributions produced by users and artificial intelligence agents are archived in a special on-chain storage called the Immutable Contribution Vault (ICV). In this way, all past interactions are recorded in an unchangeable manner and data ownership remains with the user. The Virtual protocol has a technically innovative three-layer architecture. The first layer is the smart contract wallet called ICV, the second layer defines each Virtual agent as an NFT-based account in the ERC-6551 standard, and the third layer contains modules that provide the core capabilities of the agents such as cognitive, visual and audio. This structure gives each AI agent its own digital identity, and the content produced by the agents and their earnings become traceable. Virtual's philosophy of emergence can be summarized as "transferring the power of users from Web2 to Web3". The project team aims to build an ecosystem where users are partners and managed instead of traditional centralized platforms. In line with this vision, an environment was created where everyone can create their own AI-supported crypto assets without the need for technical knowledge by bringing together AI and blockchain technologies. The key features of the project include the fact that there is no need to know coding to create a new agent in the Virtual protocol, that these agents can be opened to common ownership thanks to tokenization, and that the income obtained is shared transparently. Within the platform, VIRTUAL acts as an interaction and transaction fee (spent when interacting with agents), while on the other hand it is used as a rewarding tool. For example, Virtuals Protocol users are rewarded with points for sharing or contributing to the project on social media. Users can earn points for their posts by connecting their X (Twitter) accounts to their Virtuals accounts. These points are a social DeFi mechanism that encourages community participation, and there are signs that they could turn into rewards such as token airdrops in the future. In addition, VIRTUAL token holders can lock their tokens and convert them into voting tokens called VIRTUAL. In this way, they both earn daily contribution points and have a say in the management of the platform. A sample wallet of a Virtuals AI Agent (Degent). Source: App.Virtuals Virtual’s History: Major MilestonesThe development of the Virtual project is one of the most interesting success stories in the crypto world in recent times. Here are the major milestones in the history of Virtual Protocol:2023: The project’s conceptual design and preparations took shape this year. The Virtuals team made their first appearance by sharing their whitepaper with the community. An early community building and project introduction process was carried out throughout 2023. During this period, the project positioned itself as a social platform combining AI and blockchain, and entered the agenda of crypto enthusiasts. In December 2023, the Virtual project began taking steps to transition to its own economic model, such as repurchasing old tokens and distributing new VIRTUAL tokens (PIP-10 plan) – announcements were made that this process was carried out with the approval of the community.October 2024: The official launch of the Virtuals Protocol took place. The platform was launched on the Base network on October 16, 2024, and the VIRTUAL token was launched on the same day. With a starting price of around $0.10, VIRTUAL coin began to gain value through rapid adoption. In the last quarter of 2024, the VIRTUAL token was listed on a number of leading crypto exchanges. For example, VIRTUAL trading was opened on major exchanges such as Bybit and Binance. In particular, in December 2024, Binance launched futures contracts for VIRTUAL, providing significant liquidity and visibility to the project. Thanks to these developments, the project reached a wide audience in just a few months. December 2024: Virtuals Protocol reached “unicorn” status by exceeding $1 billion in market value. By the end of 2024, AI agents and their tokens on the platform became a trend in the crypto ecosystem. For example, the AI agent token called AIXBT, which was launched in November 2024, reached a high market value of $168 million as an experimental project that analyzes crypto discussions on social media and provides market insights. Thanks to the fun digital avatar of this agent token (a purple Pepe frog image), a meme coin culture has also emerged within the Virtuals community. Virtuals Protocol has managed to attract a wide range of users by blending serious AI innovation with internet meme culture. 2025 and beyond: As of 2025, the Virtual project continues its evolution in line with its core goals. Metaverse collaborations and digital identity integrations have an important place in the protocol's development roadmap. The Virtuals team has initiated initiatives for AI agents to be integrated into popular metaverse platforms as avatars and to work in harmony with different digital identity protocols. For example, it is aimed that Virtual agents can be easily used in games, virtual worlds and other applications with “plug-and-play” APIs. In addition, the process of gradually transferring project management to the community has accelerated in 2025. As part of the transition to the DAO structure, governance modules that grant voting rights to VIRTUAL token holders have been activated (veVIRTUAL staking system). Community members have begun voting on proposals for the future of the protocol and have a say in project decisions. In 2025 and beyond, the Virtual project is moving towards becoming a fully community-driven ecosystem, while also planning to implement advanced use cases consisting of multiple AI agents, such as an “autonomous media agency” and an “autonomous hedge fund.” VIRTUAL staking screen. Source: Virtuals Protocol Why is Virtual Valuable?There are several elements that make the Virtual (VIRTUAL) project unique. Virtual offers many advantages over existing platforms in terms of both its technical infrastructure and the user experience it offers:User-Centric Web3 Social Media Infrastructure: Unlike traditional social networks, Virtual offers a decentralized social platform where users take control. The content and data produced on the platform do not belong to a single company, but to the user who creates the content. In this way, the decentralized social network concept is implemented and users become the owners of their own data. In particular, in Web2, while large platforms monopolize user data, the Virtual protocol aims to give data ownership back to users with blockchain.Digital Identity and Avatar Integration: In the Virtual protocol, each user and each artificial intelligence agent are represented as a digital identity element. For example, the AI agents on the platform are actually digital characters with certain personality traits, and these can be used in an integrated manner in games, metaverse worlds, social media, and websites. This makes Virtual a digital identity protocol. Thus, users can create their own AI avatars or digital assistants and represent them in different environments. At the same time, users can integrate their wallets and social accounts to strengthen their Web3 identity, allowing them to manage their online presence without relying on a single central authority. Decentralized Data Storage: Virtual permanently records all contributions and transactions thanks to the ICV (Immutable Contribution Vault) in its technical infrastructure. This immutable ledger allows the efforts of content producers, AI agent developers, and other contributors on the platform to be tracked. For example, the contribution of a developer who adds a new capability or dataset to an AI agent is stored in the ICV and can later be referenced when the revenue is shared fairly or when credit is given. Thus, the Virtual ecosystem has a transparent and fair contribution model. This architecture also increases the scalability and security of the platform, because the content is kept in a distributed ledger and is resistant to censorship. The Role of the VIRTUAL Token in Reward and Governance: VIRTUAL, the native token in the Virtual ecosystem, has a critical value in terms of both user incentives and governance. The platform offers a kind of social DeFi experience by combining social interaction with financial incentives. For example, users who produce content or share about the project on social media are supported with points and potentially token rewards. This is a model that rewards active participation and contributes to the growth of the ecosystem. On the other hand, the VIRTUAL token is also an important tool in project management. Token holders gain voting rights by locking their assets and have a direct say in decisions about the future of the protocol. Thus, Virtual allows its users to act as shareholders of the platform as a governance token. This ensures that the project becomes sustainable and adopted by the community in the long term. Avatar and Metaverse Integrations: The Virtual project is also closely related to the rising trend of our age, the metaverse. AI agents created on the platform can be integrated into various virtual worlds as avatars or digital assistants. For example, it is possible to use a Virtual agent as an NPC (non-player character) in a game or to assign it as a moderator in a virtual meeting. It is currently stated that some Virtual agents can connect to applications such as TikTok, Roblox, Sandbox via APIs and produce content. In this way, the Virtual protocol works not only as a social network, but also as a metaverse infrastructure that bridges different platforms. Users can exist, generate income, and interact in multiple virtual worlds with a single digital identity. This adds great potential value to the project, as in the future, internet users will navigate multiple metaverses rather than a single universe, and the interoperable identity and existence model that Virtual provides will be extremely valuable.Who is the Founder of Virtual?The team behind Virtuals Protocol initially took a somewhat secretive stance. Rather than revealing the names of the team members, they preferred to adopt a project-oriented communication style and announce their achievements with community support. In fact, Virtuals' official documentation does not mention the names of the team members, but rather the areas in which they contribute and what kind of experience they have. For example, some of the core contributors work in fields such as software engineering and artificial intelligence research, and some even graduated from prestigious schools such as Imperial College London.But on the other hand, Jansen Teng and Wee Kee Tiew are mentioned as the founders of Virtuals Protocol. These two launched the project in 2021 and have previously worked as consultants at large firms such as Boston Consulting Group. Jansen Teng has experience in artificial intelligence and biotechnology, while Wee Kee Tiew has expertise in fintech and private equity. In other words, these two names took things seriously when laying the foundations of the project, recognizing the opportunities between artificial intelligence and blockchain.However, the management philosophy of the Virtual project is different from traditional projects. The aim here is to adopt a structure based on the DAO (Decentralized Autonomous Organization) principle, not just the team. In other words, although the team will initially establish the project, in the long term, control will be left entirely to the community. When looking at the VIRTUAL token distribution, it is seen that 35% of the total supply is allocated to the ecosystem treasury, and this treasury will be managed by a DAO multi-signature wallet. In other words, after the team has laid the foundations firmly, they plan to slowly transfer decision-making processes to the community. This is completely in line with Virtual’s vision of transitioning from Web2 to Web3: Users will not only be content consumers, but also stakeholders who direct the development of the platform.Frequently Asked Questions (FAQ)Below you can find frequently asked questions and answers about VIRTUAL:What is Virtual (VIRTUAL) coin?: Virtual coin is the native cryptocurrency of Virtuals Protocol, which runs on the Ethereum Layer-2 network Base. This token, abbreviated as VIRTUAL, is used as the governance and utility token of the platform. Virtual coin plays the role of the base currency in many areas, from users creating and operating artificial intelligence agents to transactions on the platform and governance processes such as voting. Its total supply is 1 billion units and it is listed on some of the largest crypto exchanges (e.g. Binance, Bybit). The value of Virtual coin is formed in parallel with the growth of the platform and the demand for agent tokens in the ecosystem.What does Virtual token do?: VIRTUAL token has a multifaceted function in the Virtuals Protocol ecosystem. First, it is the currency of intra-platform transactions. Users use VIRTUAL when trading agent tokens or launching a new AI agent. For example, when a user wants to launch a new AI agent, they lock a certain amount of VIRTUAL tokens to create a liquidity pool for that agent and issue a token for the agent. Secondly, the VIRTUAL token is at the core of the reward and incentive mechanisms. The platform uses the VIRTUAL economy to distribute points and rewards to its active participants (content creators, social media contributors, etc.); this token is also the basis for future airdrops and distributions. Thirdly, VIRTUAL is a governance token. Token holders can lock their assets for a certain period of time to gain voting rights (veVIRTUAL) and vote on proposed changes or innovations on the platform. In short, the VIRTUAL token is used for three main purposes: transactions, rewards, and governance. VIRTUAL token dağılımı How does the Virtuals Protocol work?: The working logic of the Virtuals Protocol is based on users creating and collectively operating AI agents without any technical obstacles. The platform has a process called “Initial Agent Offering (IAO)”, which is the way to launch a new AI agent and its token. A user uses the platform interface to define and create their dream agent. This agent can be a chatbot, a game character, or a financial assistant, for example. When creating an agent, the user locks up some VIRTUAL tokens to create a liquidity pool for that agent’s token. Then, the agent-specific token (for example, if your agent is named Alice, the ALICE token) is released to the market and other users can also purchase this token and become co-owners of the agent. Once the agent is activated, it gains the ability to learn, plan, and execute tasks thanks to the artificial intelligence framework on the platform called G.A.M.E. (Generative Autonomous Multimodal Entities). The agent can earn income by providing services or performing tasks to users in the environments it is integrated into (for example, in a game or social media platform). This income is automatically recorded through smart contracts and shared among agent token holders. For example, if a Virtual agent performs paid tasks in a game and generates income, this income is distributed to the token holders of that agent. Since all these processes are managed on the blockchain and with pre-programmed rules, they are transparent and reliable. What is a Virtual digital identity?: In the Virtual project, digital identity refers to the identities of users and AI agents defined on the blockchain. This happens in a few different ways: First, each user who participates in the Virtuals Protocol creates a profile on the platform with a crypto wallet or email. This profile is part of the user's Web3 identity and can be compatible with decentralized identity standards (Decentralized ID) if they wish. Second, and more specifically, each AI agent is a digital identity element. In the Virtual protocol, agents are defined as NFTs using the ERC-6551 standard. In this way, each agent has its own "account" and asset; in other words, the agent's digital identity is represented by that NFT. For example, an AI agent with an avatar appearance that you create on the platform is both recognized in the Virtual ecosystem and can be moved to other platforms thanks to its NFT identity. Third, the concept of Virtual’s digital identity is reinforced by social media integrations: users can link their Web2 accounts, such as Twitter (X), to their Virtual profile, thus obtaining a verified social identity on-chain. This integration symbolizes the combination of Web2 and Web3 identities. For example, when you connect your X account, it is possible for your tweets to earn points with certain hashtags or for a verified badge to appear next to your profile. As a result, Virtual has established a digital identity protocol that allows users to create a blockchain-based profile and representation without revealing their real identity data. These digital identities offer a versatile use case, appearing as your avatars in metaverse environments, your characters in games, or your AI assistants on social platforms.How is the future of Virtual coin seen?: Virtual (VIRTUAL) coin attracted attention in the crypto community after achieving a rapid rise and reaching a large market value in late 2024. The innovative structure of the project (AI + Web3 combination) and community support, according to many experts, pave the way for a positive future for the VIRTUAL token. Since each new AI agent launched on Virtuals Protocol increases the demand for VIRTUAL tokens, the coin's economy can also strengthen as the ecosystem grows. In addition, the project's goals such as metaverse integrations, real-world applications, and a full transition to DAO governance in 2025 and beyond may keep interest in VIRTUAL coin alive in the long term. However, due to the volatile nature of cryptocurrency markets, it is not possible to say anything definitive about the future. Investor sentiment, the competitive environment, and general market conditions will affect VIRTUAL's value. What matters is the Virtual project's success in creating a solid community and usage area. If the platform continues to attract more users and create real use cases, the future of Virtual coin may be bright in parallel. However, as with every crypto asset, there are risks in Virtual coin, and potential investors are advised to do their own research. Follow our JR Kripto Guide series to learn more about Virtual, which is pioneering digital identity and decentralized social media infrastructure in the Web3 world.
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1 Jul 2025
Crypto Company Backed by the Trump Family Raises $220 Million in Funding
The latest development in the crypto space came from American Bitcoin, a company co-founded by Eric Trump and Donald Trump Jr., sons of former US President Donald Trump. The company, which focuses on crypto mining and Bitcoin accumulation, raised $220 million through a private capital increase. The capital increase was confirmed by Hut 8 Corp, which holds a majority stake in the company, in an official filing with the US Securities and Exchange Commission (SEC).American Bitcoin raised fundsAs part of the funding, approximately 11 million shares were sold to private investors, with 10 million dollars worth of these shares purchased directly with Bitcoin. This demonstrates that American Bitcoin is actively engaged not only in mining but also in strategic BTC reserve accumulation. The filing stated that the proceeds will be used for strategic purposes such as purchasing Bitcoin and mining equipment. The average value per unit in Bitcoin purchases was set at 104,000 dollars. American Bitcoin currently holds 215 Bitcoin in its reserves. This asset may increase further in the future in line with the company's Bitcoin accumulation strategy. Launched in March 2024 and quickly gaining attention, this entity has managed to make a name for itself in just a few months through its political connections and aggressive growth plans.Plans to go public on NasdaqAnother important step for the company is its plan to go public. American Bitcoin plans to go public by merging with Gryphon Digital Mining, a crypto mining company listed on Nasdaq. The merger will be carried out through a share swap, and the new entity will trade on Nasdaq under the ticker symbol “ABTC.” It has been reported that Eric Trump will join the board of directors of the new entity following the merger.98% of the new entity will be owned by current American Bitcoin shareholders, indicating that the Trump family will retain significant control over the project. Hut 8 will continue to manage the operational processes of the new company.New office in DubaiMeanwhile, separate from American Bitcoin, the parent company Hut 8 has also decided to open a new office in Dubai as part of its global expansion strategy. Through the newly registered company “Hut 8 Investment Ltd.,” which was officially registered on June 23, the firm is expected to more effectively pursue its goals in crypto trading and crypto asset accumulation.Hut 8 CEO Asher Genoot stated in an interview with Bloomberg that the Dubai office will make the company's capital strategy more efficient. A company spokesperson emphasized that the Dubai office has no direct connection to American Bitcoin, which is linked to the Trump family.
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1 Jul 2025