ShampooNFT

How Flamingo Finance Uses Poly Network to Ensure Seamless Asset Portability Across Different Blockchains.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Thu, 08 Jun 2023 09:18:17 GMT

Flamingo Finance is a decentralized finance (DeFi) platform that allows users to swap, provide liquidity, earn yield and borrow crypto using various modules. One of the key elements of the platform is the FLM token, which is used for governance and rewards in the protocol.

However, Flamingo Finance is not limited to supporting only native assets on the Neo blockchain. It also supports cross-chain assets from other blockchains, such as Bitcoin, Ethereum, Ontology, Binance Smart Chain, etc. This means that users can access a wider range of assets and services on the Flamingo ecosystem without leaving their original blockchain.

How does Flamingo Finance achieve this cross-chain functionality? The answer is Poly Network, a protocol that provides a way to synchronize the state across any number of blockchains, creating a basis for the execution of cross-chain transactions.

What is Poly Network?

Poly Network is a protocol that enables interoperability among heterogeneous blockchains. It allows different blockchains to communicate with each other and exchange value and information in a decentralized way. Poly Network supports various blockchains, such as Bitcoin, Ethereum, Neo, Ontology, Binance Smart Chain, Elrond, Zilliqa, etc.

Poly Network consists of three main components: Poly Bridge, Poly Chain and Poly Explorer. Poly Bridge is a set of smart contracts deployed on each supported blockchain that act as relayers between different chains. Poly Chain is a standalone blockchain that serves as a hub for cross-chain transactions and stores the state of each chain. Poly Explorer is a web interface that allows users to monitor and verify cross-chain transactions on Poly Network.

Poly Network uses a consensus mechanism called VRF-BFT (Verifiable Random Function - Byzantine Fault Tolerance) to ensure the security and efficiency of cross-chain transactions. VRF-BFT randomly selects a group of validators from each chain to form a cross-chain committee that verifies and confirms cross-chain transactions. VRF-BFT also ensures that validators are incentivized to act honestly by rewarding them with POLY tokens for their work and penalizing them for malicious behavior.

How does Flamingo Finance use Poly Network?

Flamingo Finance uses Poly Network as its cross-chain asset gateway. This means that users can convert their assets from one blockchain to another by using Poly Network’s smart contracts and relayers. For example, users can convert their BTC to nBTC (a synthetic asset that represents BTC on Neo) by sending their BTC to a specific address on Bitcoin and receiving nBTC on Neo. Similarly, users can convert their nBTC back to BTC by sending their nBTC to a specific address on Neo and receiving BTC on Bitcoin.

Flamingo Finance uses Poly Network’s cross-chain functionality to support various modules on its platform. For example:

Users can swap their cross-chain assets with other assets on Flamingo Swap, which is a decentralized exchange (DEX) that supports both fungible and non-fungible tokens.
Users can provide liquidity for their cross-chain assets in Flamingo Swap’s liquidity pools and earn rewards in FLM tokens as well as a share of the trading fees.
Users can stake their cross-chain assets in Flamingo Vault and earn yield from various sources in the Flamingo ecosystem.
Users can borrow stablecoins against their cross-chain assets on Flamingo Lend, which is a lending platform that supports both fungible and non-fungible tokens as collateral.
Users can invest in projects launching their tokens through presales or public sales on Flamingo Invest.

By using Poly Network, Flamingo Finance enables users to access a wider range of assets and services on its platform without leaving their original blockchain. This enhances the user experience and value proposition of Flamingo Finance.

Conclusion

Flamingo Finance is a DeFi platform that uses the FLM token for governance and rewards in the protocol. Besides supporting native assets on the Neo blockchain, Flamingo Finance also supports cross-chain assets from other blockchains by using Poly Network as its cross-chain asset gateway. Users can convert their assets from one blockchain to another by using Poly Network’s smart contracts and relayers. Users can also use their cross-chain assets to swap, provide liquidity, earn yield, borrow and invest on the Flamingo ecosystem.

I hope you enjoyed reading this article. If you have any questions, feel free to leave a comment below and I’ll try to answer them. Also, don’t forget to follow the project on social media 👇🏻

How Flamingo Finance Reduces FLM Inflation and Rewards Long-Term Holders.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Thu, 08 Jun 2023 09:13:36 GMT

However, FLM is also a token with variable emission, which means that its supply increases over time. As of June 4th, 2023, the current circulating supply of FLM is 476.28 million out of a max supply of 312.28 million. The current yearly supply inflation rate is 52.51%, meaning that 163.99 million FLM were created in the last year. In terms of market cap, Flamingo Finance is currently ranked 62nd in the DeFi Coins sector and 3rd in the NEO Network sector.

Such high inflation may cause concerns for FLM holders, who may fear the devaluation of their tokens due to constant issuance of new ones. However, Flamingo Finance takes several measures to reduce FLM inflation and incentivize long-term holding of tokens. In this article, we will explore some of these measures and explain how they work.

Reducing FLM emission rate

The first and most obvious measure is to reduce the FLM emission rate over time. As explained in the FLM tokenomics document, the FLM emission rate depends on two factors: the base emission rate and the decay factor.

The base emission rate is the amount of FLM that is issued every block (approximately every 15 seconds) for a certain period of time. For example, in the first year after Flamingo’s launch, the base emission rate was 500 FLM per block. This means that approximately 2.88 million FLM were issued every day.

FLM Monetary Inflation

The decay factor is a parameter that reduces the base emission rate by a certain percentage every year. For example, the decay factor is 0.5, which means that every year the base emission rate is halved. This means that in the second year after Flamingo’s launch, the base emission rate was 250 FLM per block, and in the third year - 125 FLM per block.

With these two parameters, Flamingo Finance can gradually reduce the FLM emission rate and therefore the supply inflation. For example, in May 2022, the FLM inflation was 3.2%, and in December 2022 it will drop to 2.55%. According to estimates, after 17 years from Flamingo’s launch, the FLM emission rate will be zero, and then the max supply of 312.28 million FLM will be reached.

Incentivizing long-term holding of FLM

The second measure that Flamingo Finance takes is to incentivize long-term holding of FLM by using various mechanisms such as staking, liquidity and lending.

Staking is the process where users lock their FLM tokens in a special contract and receive rewards for their contribution to the security and governance of the protocol. Staking FLM allows users to receive a share of the issued FLM as well as a share of the trading and lending fees on the Flamingo platform. Staking FLM also gives users voting rights on various proposals to improve the protocol.

Liquidity is the process where users provide their FLM tokens and other tokens in special liquidity pools that are used to facilitate trading on the Flamingo platform. Providing liquidity allows users to receive a share of the trading fees as well as additional rewards in FLM for participating in certain pools.

Lending is the process where users provide their FLM tokens and other tokens in special lending pools that are used to provide loans to other users on the Flamingo platform. Providing loans allows users to receive interest from borrowers as well as additional rewards in FLM for participating in certain pools.

All these mechanisms incentivize users to hold their FLM tokens for a long time and not sell them on the market. This helps to reduce selling pressure and maintain demand for the token. Moreover, these mechanisms allow users to increase their income from FLM and compensate for the loss of value due to inflation.

Conclusion

Flamingo Finance is a DeFi platform that uses the FLM token for governance and rewards in the protocol. However, FLM is also a token with variable emission, which means that its supply increases over time. This may negatively affect the price and demand for the token, if no measures are taken to balance the inflation.

In this article, we explored two main measures that Flamingo Finance takes to reduce FLM inflation and incentivize long-term holding of tokens. The first measure is to reduce the FLM emission rate over time by using the base emission rate and the decay factor. The second measure is Flamingo Flund, which allows users to invest FLM in a fund that accumulates income from various sources in the Flamingo ecosystem and converts them into FLM.

These measures help to maintain a healthy token economy and stimulate interest in the Flamingo Finance platform.

How Flamingo Finance Ensures the Security of Its Platform with a $1 Million Bug Bounty Program.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Thu, 08 Jun 2023 09:00:45 GMT

Flamingo Finance is an interoperable, full-stack decentralized finance protocol built on the Neo blockchain. It offers various services such as cross-chain asset gateway, on-chain liquidity provider, one-stop asset manager, AMM-based perpetual contract trading platform, and decentralized governance mechanism. Flamingo Finance aims to provide a user-friendly and secure platform for users to trade, earn, and borrow crypto with ease.

However, as a DeFi platform, Flamingo Finance also faces various security challenges and risks that could potentially compromise its functionality and users’ funds. To address these issues and improve its security posture, Flamingo Finance has launched a bug bounty program in association with Immunefi, a leading bug bounty platform for smart contracts and blockchain projects.

What is a bug bounty program?

A bug bounty program is a way for developers to incentivize security researchers and hackers to find and report vulnerabilities in their code or systems. By offering rewards for valid bug reports, developers can leverage the collective intelligence and skills of the security community to identify and fix security flaws before they are exploited by malicious actors.

A bug bounty program can also help developers to build trust and reputation with their users and stakeholders, as it demonstrates their commitment to security and transparency. Moreover, a bug bounty program can help developers to save time and money by outsourcing the security testing process to external experts.

How does Flamingo Finance’s bug bounty program work?

Flamingo Finance’s bug bounty program is focused on its smart contracts, website and app, and is aimed at preventing:

Thefts and freezing of unclaimed yield of any amount (including frontend code injection attacks)
Thefts and freezing of principal of any amount (including frontend code injection attacks)
Website goes down
Access to admin accounts without authorization (Service management cloud software, e-mails, etc.)
Smart contract hacks that lead to users losing funds
Smart contract hacks that leads to smart contracts malfunctioning
Smart contract exploits in general

Rewards by threat level.

The rewards for valid bug reports are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.2. This is a simplified 5-level scale, with separate scales for websites/apps and smart contracts/blockchains, encompassing everything from consequence of exploitation to privilege required to likelihood of a successful exploit.

Flamingo Bug Bounty rewards are as follows:

Smart Contracts and Blockchain Rewards

Critical: Up to $1,000,000 USD

High: $40,000 USD

Medium: $4,000 USD

Low: $1,000 USD

Websites and Applications Rewards

Critical: $25,000 USD

High: $10,000 USD

Medium: $1,000 USD

The rewards are denominated in USD but paid out in GAS, which is the native token of the Neo blockchain.

All web/app bug reports must come with a proof-of-concept (PoC) with an end-effect impacting an asset-in-scope in order to be considered for a reward. All high and critical smart contract bug reports require a PoC to be eligible for a reward. Explanations and statements are not accepted as PoC and code is required.

How can I participate in Flamingo Finance’s bug bounty program?

If you are interested in participating in Flamingo Finance’s bug bounty program, you can visit the Immunefi website and submit your bug report through the online form. You will need to provide your contact information, a detailed description of the vulnerability, steps to reproduce it, impact analysis, suggested mitigation or fix (if any), and any supporting evidence or code.

You will also need to follow some rules and guidelines when submitting your bug report, such as:

Do not disclose any information about the vulnerability to anyone other than Immunefi or Flamingo Finance until it is fixed
Do not perform any attack that could harm the functionality or performance of the platform or its users
Do not submit any low-quality or duplicate reports
Do not submit any reports that are out of scope or irrelevant
Do not engage in any fraudulent or abusive behavior

You can find more details about the rules and guidelines on the Immunefi website. If you have any questions or feedback about the bug bounty program, you can contact Immunefi or Flamingo Finance through their respective channels.

Conclusion

Flamingo Finance is a leading DeFi platform that offers various services and features for users to trade, earn, and borrow crypto with ease. However, as a DeFi platform, it also faces various security challenges and risks that could potentially compromise its functionality and users’ funds. To address these issues and improve its security posture, Flamingo Finance has launched a bug bounty program in association with Immunefi, a leading bug bounty platform for smart contracts and blockchain projects.

The bug bounty program offers rewards of up to $1 million for valid bug reports that identify and prevent security vulnerabilities in Flamingo Finance’s smart contracts, website and app. The bug bounty program is open to anyone who wants to participate and contribute to the security of the platform and the DeFi ecosystem.

If you are interested in participating in Flamingo Finance’s bug bounty program, you can visit the Immunefi website and submit your bug report through the online form. You will need to follow some rules and guidelines when submitting your bug report, and provide a proof-of-concept (PoC) for high and critical vulnerabilities.

By launching a bug bounty program, Flamingo Finance demonstrates its commitment to security and transparency, and leverages the collective intelligence and skills of the security community to identify and fix security flaws before they are exploited by malicious actors. This can help Flamingo Finance to build trust and reputation with its users and stakeholders, and provide a user-friendly and secure platform for users to trade, earn, and borrow crypto with ease.

How Flamingo Finance Empowers Its Community with a Flamingo Ambassador Program.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Thu, 08 Jun 2023 08:52:51 GMT

However, as a DeFi platform, Flamingo Finance also relies on its community to grow and thrive. To foster a strong and active community, Flamingo Finance has launched a Flamingo Ambassador Program, which rewards community members who contribute to the project and the community in various ways.

What is a Flamingo Ambassador Program?

A Flamingo Ambassador Program is a way for Flamingo Finance to recognize and reward community members who help the Flamingo community, platform, and team in any way they see fit. Anyone can be a Flamingo Ambassador, as long as they follow some rules and guidelines.

Some examples of how Flamingo Ambassadors can help are:

Bringing new people to the Flamingo Discord and Telegram and helping them get started. Bonus points if they have their own Discord or Telegram communities and send several people from them!
Getting more people involved with the Flamingo platform (get them to create a wallet, get some FLM and GAS tokens, stake in pools, and so on)
Getting new people to follow the Flamingo Twitter account, including themselves
Helping answer questions about Flamingo on Discord and Telegram
Spreading the word about Flamingo in various social channels of their choosing
Posting on social channels like Twitter, Reddit, Instagram, Facebook, TikTok, Meme2Earn, etc., various niceties about Flamingo. If they post on Twitter, they should add tags such as @FlamingoFinance, $FLM, and #flamingoambassador
Sharing with the Flamingo team any brilliant ideas they may have about improving the platform, community development, marketing strategy, and so on

In order to participate in the Flamingo Ambassador Program, community members need to join the #ambassadors channel on the Flamingo Discord. There, they can post screenshots, links, or other forms of “proof” to show off how they have been helping throughout each month. The Flamingo team will keep track of their contributions and vote on who earns the Ambassador rewards for the month.

What are the benefits of being a Flamingo Ambassador?

Being a Flamingo Ambassador has many benefits for both the individual and the project. Some of these benefits are:

Rewards from a monthly prize pool of up to $500 USD in GAS tokens. GAS is the native token of the Neo blockchain and can be used for various purposes such as paying transaction fees or staking in pools.
A winner’s announcement tagging “everyone” on the Flamingo Discord with 13,000 members and tweeted on the Flamingo Twitter account with 40,000 followers. This can help boost their visibility and reputation in the crypto space.
A permanent Ambassador badge on the Flamingo Discord. This can help them stand out from other community members and show their dedication and loyalty to the project.
Bragged about in various Community Lagoon events. Community Lagoon is a series of online events hosted by Flamingo Finance where they invite guests from other projects or platforms to share their insights and experiences with the Flamingo community.
A sense of belonging and achievement. Being a Flamingo Ambassador can help them feel more connected and engaged with the project and the community. They can also take pride in their contributions and achievements that help make Flamingo Finance better.

Flamingo Ambassadors who earn rewards are more than welcome to continue participating every month. They can be rewarded more than once for their efforts.

How can I join the Flamingo Ambassador Program?

If you are interested in joining the Flamingo Ambassador Program, you can follow these simple steps:

Join the Flamingo Discord server if you haven’t already.
Go to the #ambassadors channel and read the pinned messages for more details about the program
Start helping the Flamingo community, platform, and team in any way you see fit
Post your proof of work in the #ambassadors channel and tag it with #flamingoambassador
Wait for the end of the month to see if you earn the Ambassador rewards

That’s it! You can also check out the Flamingo Medium for more information and updates about the Flamingo Ambassador Program.

Conclusion

Flamingo Finance is a leading DeFi platform that offers various services and features for users to trade, earn, and borrow crypto with ease. However, as a DeFi platform, it also relies on its community to grow and thrive. To foster a strong and active community, Flamingo Finance has launched a Flamingo Ambassador Program, which rewards community members who contribute to the project and the community in various ways.

The Flamingo Ambassador Program offers rewards of up to $500 USD in GAS tokens every month, as well as other exclusive perks such as recognition, visibility, reputation, and badge. The Flamingo Ambassador Program is open to anyone who wants to participate and help make Flamingo Finance better.

If you are interested in joining the Flamingo Ambassador Program, you can visit the Flamingo Discord and post your proof of work in the #ambassadors channel. You will need to follow some rules and guidelines when participating in the program, and tag your posts with #flamingoambassador.

By launching a Flamingo Ambassador Program, Flamingo Finance demonstrates its appreciation and gratitude to its community members, and empowers them to take an active role in the development and growth of the project and the DeFi ecosystem. This can help Flamingo Finance to build trust and loyalty with its users and stakeholders, and provide a user-friendly and secure platform for users to trade, earn, and borrow crypto with ease.

Flamingo Finance: A Cross-Chain DeFi Platform for the Future of Crypto.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Thu, 08 Jun 2023 08:43:18 GMT

The decentralized finance (DeFi) sector has been growing rapidly in the past few years, offering various services such as lending, borrowing, trading, staking, and more. However, most of these services are limited to a single blockchain, such as Ethereum, which creates challenges such as high fees, low scalability, and lack of interoperability.

Flamingo Finance is a DeFi platform that aims to solve these problems by enabling cross-chain operations and supporting multiple blockchains. Flamingo Finance is powered by the Neo blockchain, which offers high performance, low fees, and a large developer community. Flamingo Finance also leverages the Poly Network protocol, which allows for seamless asset transfers across different blockchains.

Flamingo Finance consists of three main components:

Wrapper: A cross-chain asset gateway that allows users to convert their tokens from other blockchains into NEP-17 standard tokens on Neo. For example, users can wrap their $WBTC into wrapped $fWBTC on Neo and use it on Flamingo Finance. Conversely, wrapped NEP-17 tokens can be redeemed back for native tokens via Unwrap.
Swap: An automated market maker (AMM) that allows users to trade tokens on Flamingo Finance with low slippage and high liquidity. Users can also provide liquidity to the pools and earn fees and rewards.
Vault: A one-stop asset manager that allows users to stake their tokens and earn yield from various sources. Users can also mint a stablecoin called FUSD by collateralizing their assets.

Flamingo Finance has several advantages over other DeFi platforms:

Interoperability: Flamingo is based on the Neo blockchain, which launched the Poly Network, an interoperability protocol together with Ontology, and Switcheo Network. Through Poly Network, the Flamingo protocol is connected with various heterogeneous blockchain networks, such as Ethereum to Neo, Ontology, and Cosmos-SDK-based blockchains. Users on Flamingo can leverage its interoperability to gain access to more assets within the broader blockchain ecosystem.
Scalability: Flamingo Finance is built on Neo, which can handle up to 10,000 transactions per second (TPS) and has a fast finality of 15 seconds. Users can enjoy a smooth and fast user experience without worrying about network congestion or high fees.
Innovation: Flamingo Finance is constantly developing new features and improving its existing ones.
Community: Flamingo Finance has a large and active community of users, developers, and partners. Flamingo Finance regularly hosts events such as hackathons, webinars, AMAs, and more to engage with its community. Flamingo Finance also has a $1 million bug bounty program to ensure the security of its platform.

Flamingo Finance is a DeFi platform that is designed for the future of crypto. By enabling cross-chain operations and supporting multiple blockchains, Flamingo Finance offers users a comprehensive and versatile DeFi experience. Flamingo Finance is also constantly innovating and improving its platform to meet the needs and expectations of its users. Flamingo Finance is not just a DeFi platform, but a DeFi ecosystem that connects different blockchains and communities.

Omni Network: A Game-Changer for Ethereum’s Rollup Ecosystem.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 21:10:37 GMT

Ethereum is the leading platform for decentralized applications, smart contracts, and DeFi. However, Ethereum also faces challenges such as scalability, high gas fees, and fragmentation. To address these issues, Ethereum developers have been working on various solutions, such as layer 2 rollups, which are sidechains that run on top of Ethereum and batch transactions to reduce congestion and costs.

However, rollups also introduce new problems, such as interoperability, security, and composability. Different rollups have different features, trade-offs, and protocols, making it hard for users and developers to move assets and data across them. Moreover, rollups rely on their own validators to secure their transactions, which may not be as robust or decentralized as Ethereum’s mainnet validators. Furthermore, rollups may limit the composability of smart contracts and applications that depend on each other to function properly.

This is where Omni Network comes in. Omni Network is a cross-rollup protocol that aims to provide interoperability for Ethereum, secured by Ethereum. Omni Network leverages Eigen Layer, a novel restaking mechanism that allows Ethereum validators to stake their ETH on multiple rollups simultaneously, thus enhancing security and scalability. Omni Network also enables cross-rollup communication, liquidity and composability, allowing users and developers to access the best features of different rollups without sacrificing decentralization or user experience.

Omni Network has been featured in The Block, a leading media outlet for crypto and blockchain news. The Block has published an article that covers the core concepts and innovations behind Omni Network, such as:

How Eigen Layer works and how it allows Ethereum validators to restake their ETH on multiple rollups while maintaining their mainnet rewards and security guarantees.
How Omni Network facilitates cross-rollup transfers of tokens and data using a simple web interface that abstracts away the complexity of different rollup protocols.
How Omni Network integrates with Kakarot, a decentralized exchange built on StarkNet, a zk-rollup that offers high scalability and low fees.
How Omni Network enables cross-rollup composability of smart contracts and applications using a universal standard called ERC-20X that allows any token to be compatible with any rollup.
How Omni Network plans to launch its testnet, called Omni Origins, which will allow community members to try out the network’s features and functionalities before the mainnet launch.

Omni Network is a game-changer for Ethereum’s rollup ecosystem. By building a cross-rollup infrastructure layer that connects different rollups and derives security from Ethereum’s restaking mechanism, Omni Network hopes to unleash the full potential of Ethereum’s layer 2 ecosystem and enable a new era of decentralized applications. The Block’s article is a comprehensive and insightful overview of Omni Network’s vision and technology, and a must-read for anyone interested in the future of interoperability.

Omni and Kakarot Enhancing Liquidity for StarkNet.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 21:06:47 GMT

Omni is a next generation blockchain that aims to unite Ethereum’s modular future. Omni combines multiple frontier innovations into a single unified platform, such as Ethereum Restaking, StarkNet and Eigen Layer, to achieve unparalleled security, speed and functionality.

Omni is powered by StarkNet, a scalable layer 2 network that uses zero-knowledge proofs (ZKPs) to achieve high throughput and low latency. StarkNet leverages the breakthroughs of StarkWare, a leading company in the field of ZKPs, to enable fast and cheap transactions on Omni.

However, one of the challenges of ZKP-based rollups is the lack of liquidity and composability with other layer 2 solutions. To address this challenge, Omni has partnered with Kakarot, a decentralized exchange (DEX) aggregator that connects different layer 2 networks and provides optimal liquidity and execution for traders.

In this article, we will explain how Omni and Kakarot work together to expand StarkNet liquidity and enable seamless cross-rollup trading.

What is Kakarot?

Kakarot is a DEX aggregator that connects different layer 2 networks and provides optimal liquidity and execution for traders. Kakarot leverages the power of ZKPs to enable fast and cheap cross-rollup transactions without compromising security or decentralization.

Kakarot works by aggregating liquidity from multiple sources, such as DEXes, AMMs, liquidity pools and market makers, across different layer 2 networks. Kakarot then uses ZKPs to batch multiple transactions into a single proof that can be verified on any layer 2 network. This reduces gas costs and latency for cross-rollup transactions and improves capital efficiency and user experience.

Kakarot also uses ZKPs to enable atomic swaps, which allow users to exchange assets across different layer 2 networks in a single transaction without intermediaries or trust assumptions. This eliminates counterparty risk and slippage and ensures fair and transparent pricing for traders.

How does Omni integrate with Kakarot?

Omni integrates with Kakarot through Eigen Layer, a cross-rollup protocol that enables interoperability and composability across different layer 2 solutions. Eigen Layer is based on Eigen Trust, a novel consensus mechanism that allows for trustless communication between heterogeneous rollups.

Eigen Layer allows Omni to connect with other layer 2 networks, such as Optimism, Arbitrum, zkSync, Polygon and more, creating a rich ecosystem of applications and services that can interoperate seamlessly. Eigen Layer also enables Omni to support multiple virtual machines (VMs), such as EVM, eWASM, Move and more, allowing for diverse programming languages and paradigms.

Eigen Layer also introduces restaking, a mechanism that allows users to stake their assets on one rollup and use them on another rollup without locking or transferring them. Restaking enables cross-rollup liquidity and composability, as well as cross-rollup security and governance.

By integrating with Kakarot through Eigen Layer, Omni can access the liquidity and execution provided by Kakarot across different layer 2 networks. This means that users can trade any asset on any layer 2 network with optimal speed and cost on Omni. This also means that users can benefit from the security and decentralization of Ethereum Restaking while enjoying the scalability and functionality of StarkNet.

Conclusion

Omni and Kakarot are working together to expand StarkNet liquidity and enable seamless cross-rollup trading. By leveraging the power of ZKPs, Eigen Layer and Ethereum Restaking, Omni and Kakarot aim to provide the best user experience for traders on layer 2 networks.

To learn more about Omni and Kakarot, visit their websites, follow them on Twitter, join their Discord or Telegram channels, or read their blog posts.

Omni Origins: A New Testnet for Ethereum’s Interoperability Layer.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 21:02:06 GMT

Omni Network is a groundbreaking project that aims to provide interoperability for Ethereum, secured by Ethereum. Omni Network leverages Eigen Layer, a novel restaking mechanism that allows Ethereum validators to stake their ETH on multiple rollups simultaneously, thus enhancing security and scalability. Omni Network also enables cross-rollup communication, liquidity and composability, allowing users and developers to access the best features of different rollups without sacrificing decentralization or user experience.

Omni Network is now ready to launch its testnet, called Omni Origins, which will allow community members to try out the network’s features and functionalities before the mainnet launch. Omni Origins is designed to be a robust and realistic testing environment that will help the Omni team identify and fix any issues or bugs before deploying the network on the Ethereum mainnet.

To participate in the Omni Origins testnet, community members need to complete missions that will grant them priority access to the testnet. The missions include tasks such as joining the Omni Discord server, following Omni on Twitter, subscribing to the Omni newsletter, inviting friends to join the testnet, and providing feedback and suggestions. The more missions a community member completes, the higher their priority access level will be.

The Omni Origins testnet is expected to launch in the third quarter of 2023, and aims to have a mainnet launch in 2024. During this period, community members will be able to interact with the Omni Network through a web interface that will allow them to create accounts, send and receive tokens across different rollups, swap tokens using Kakarot (a decentralized exchange built on StarkNet), and explore other features of the network. The testnet will also feature various events and challenges that will reward participants for their engagement and contribution.

Omni Network is a visionary project that aims to solve one of the biggest challenges facing Ethereum: interoperability. By building a cross-rollup infrastructure layer that connects different rollups and derives security from Ethereum’s restaking mechanism, Omni Network hopes to unleash the full potential of Ethereum’s layer 2 ecosystem and enable a new era of decentralized applications. The Omni Origins testnet is an important milestone for the project and an exciting opportunity for the community to get involved and shape the future of interoperability.

Omni: A Next Generation Blockchain for Ethereum’s Modular Future.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 20:47:12 GMT

Omni is a bold vision – it establishes a new precedent in cryptographic design by combining multiple novel innovations into a single unified platform. This post will provide an overview of the key technologies combined in novel ways to achieve Omni’s unique advantages in security, speed and functionality.

Security – Ethereum Restaking

Omni derives its security from Ethereum, the most secure smart contract platform in the world. Unlike other layer 2 solutions that rely on centralized validators or committees, Omni uses a novel mechanism called Ethereum Restaking to enable anyone to stake their ETH on the Omni network and earn rewards.

Ethereum Restaking allows Omni to inherit the security and decentralization of Ethereum without sacrificing scalability or interoperability. By restaking ETH on Omni, users can participate in the consensus and governance of the network, as well as access all the services and applications built on top of it.

Ethereum Restaking also enables Omni to leverage the composability and network effects of Ethereum, as users can seamlessly move their assets and data between the two networks. This creates a symbiotic relationship between Omni and Ethereum, where both networks benefit from each other’s strengths and innovations.

Speed – StarkNet

StarkNet is based on Cairo, a Turing-complete programming language for ZKPs that allows developers to write complex smart contracts and applications with minimal overhead. Cairo also enables universal composability within StarkNet, meaning that any contract or application can interact with any other contract or application without trust or coordination.

StarkNet is designed to be upgradable and modular, allowing for continuous improvement and innovation. StarkNet consists of multiple planets, each running its own ZKP-based rollup system. Planets can communicate with each other through inter-planetary messages (IPMs), creating a scalable and interoperable network of ZKP rollups.

Functionality – Eigen Layer

Omni is built on top of Eigen Layer, a cross-rollup protocol that enables interoperability and composability across different layer 2 solutions. Eigen Layer is based on Eigen Trust, a novel consensus mechanism that allows for trustless communication between heterogeneous rollups.

Conclusion

Omni is a next generation blockchain that combines multiple frontier innovations into a single unified platform. By deriving security from Ethereum, leveraging speed from StarkNet and enabling functionality from Eigen Layer, Omni aims to be the ultimate layer 2 solution for Ethereum’s modular future.

Omni is backed by $18M from prominent investors such as Pantera Capital, Two Sigma Ventures and Jump Crypto. To learn more about Omni, visit their website, follow them on Twitter, join their Discord or Telegram channels, or read their blog.

Venom: Why You Should Invest in VENOM Token.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 19:23:32 GMT

Venom is a multi-blockchain network that serves as a foundation for scalable Web3 applications in the DeFi and Global Payments markets. Venom architecture is designed as a heterogeneous multi-blockchain platform with dynamic sharding. Venom masterchain is layer-0 blockchain, which is responsible for coordinating all the protocol entities such as workchains and shardchains. The masterchain state stores the network configuration, information about a set of validators, their stakes, and election rounds. Venom supports up to 2^32 workchains.

Venom provides a virtual machine that executes smart contract code on the Venom blockchain. It is the Turing complete virtual machine. Smart contracts in Venom give new, more flexible, and controlled flow over the execution of application logic. In Venom there are election mechanics for validator slashing, using a group of different task validators from the global validators set producing blocks for Shardchain, and guaranteeing decent decentralization.

Venom is designed as a distributed computing system with a scalability opportunity through infinity sharding. This means that Venom can share tasks between groups of validator nodes called “a validator task group” depending on the load, and one part of the tasks doesn’t need to wait for other tasks to be completed. Venom by design has an asynchronous model of communication between smart contracts. This is because of the need to maintain calls between contracts located in different shards, processed by different validator task groups. In this way each smart contract has the only way to affect the state of some other account by sending a message, the result of its execution of it will be a transaction. The order of execution of the outbound messages queue is guaranteed.

Venom is a versatile and innovative blockchain that offers a range of use cases across various industries such as DAOs, SocialFi, DeFi, CBDCs, DID, TradeFi, and GameFi. It aims to build a blockchain that will function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever-expanding user base.

$VENOM is the native utility PoS token of Venom network that is applied for payments, fees, staking, governance, and rewards. VENOM token has several advantages that make it an attractive investment opportunity:

Scarcity: VENOM has a fixed total supply of 10 billion tokens, which means that there will be no inflation or dilution of its value over time. Moreover, VENOM has a zero emission policy, meaning that it does not produce any harmful greenhouse gases.
Utility: VENOM is used to pay for transactions and smart contract executions on the Venom network. It is also used to stake on validator nodes and participate in governance decisions. Additionally, VENOM can be used to access various services and products on the Venom ecosystem, such as VenomWallet, VenomScan, VenomGet, VenomBridge, VenomPools, Web3.World, and more.
Demand: VENOM has a high demand due to its wide range of use cases and applications on the Venom network and ecosystem. As more users and developers join the Venom community and build Web3 applications on its platform, the demand for VENOM will increase accordingly.
Growth: VENOM has a high growth potential due to its innovative technology and strong team behind it. Venom is constantly developing new features and improvements to enhance its performance and user experience. Venom also has many partners and investors who support its vision and mission. Furthermore, Venom has ambitious plans to expand its reach and adoption in various markets and regions.

VENOM token is a valuable asset that represents the power and potential of Venom network and ecosystem. By investing in VENOM token, you can benefit from its scarcity, utility, demand, and growth factors. You can also support the development and adoption of Web3 applications that can transform various industries and sectors. VENOM token is more than just a cryptocurrency; it is a symbol of innovation and progress.

Venom: How to Use VenomWallet, VenomScan and VenomBridge.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 19:17:10 GMT

The Venom ecosystem is a hub of various tools and services to provide users with a seamless user experience and promote the adoption of the technology. In this article, we will introduce three of these tools: VenomWallet, VenomScan and VenomBridge.

VenomWallet

VenomWallet is a non-custodial wallet that allows users to access their VENOM tokens and other assets on the Venom network. It supports both mobile app and browser extension versions. Users can create default or multisig accounts and use ledger integration for extra security. With VenomWallet, users can:

Send and receive tokens and NFTs on the Venom network
Login into Web3 applications using their wallet address
Stake their VENOM tokens on validator nodes and earn rewards
Participate in governance decisions by voting with their VENOM tokens
Access various services and products on the Venom ecosystem

To use VenomWallet, users need to download the app or extension from the official website. Then they need to create or import an account using their mnemonic phrase or private key. Users can also connect their ledger device if they have one. After that, users can view their balance, transaction history, staking status, governance proposals, and more.

VenomScan

VenomScan is a block explorer that allows users to search and explore the immutable records of the Venom blockchain. It provides information such as transactions, blocks, accounts, contracts, events, validators, shards, workchains, etc. With VenomScan, users can:

Verify the status and details of their transactions on the Venom network
Track the activity and performance of the validators on the network
Monitor the network statistics such as block time, transaction speed, gas price, etc.
Discover new projects and contracts deployed on the network
Learn more about the network architecture and protocol

To use VenomScan, users need to visit the official website. Then they can enter any keyword or address in the search bar or browse through different categories on the homepage.

VenomBridge

VenomBridge is a cross-chain communication protocol that allows users to transfer assets between Venom and other blockchains such as Ethereum and Binance Smart Chain. It uses smart contracts and relayers to facilitate secure and fast interchain transactions. With VenomBridge, users can:

Swap their tokens between different chains with low fees and high speed
Access more liquidity and opportunities on different DeFi platforms
Enjoy more flexibility and interoperability with their assets

To use VenomBridge, users need to visit the official website. Then they need to connect their wallet (such as MetaMask or Trust Wallet) and select the source chain and destination chain. After that, they need to enter the amount and type of token they want to transfer and confirm the transaction.

VenomWallet, VenomScan and VenomBridge are three of the many tools that make up the Venom ecosystem. They are designed to provide users with a convenient and secure way to interact with the Venom network and its applications. By using these tools, users can enjoy the benefits of Web3 technology such as decentralization, transparency, trustlessness, and innovation.

Venom: How Asynchronous Blockchain Solves the Scalability Problem of Web3.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 18:05:10 GMT

Web3 is a vision of a decentralized and open internet, where users have control over their own data, identity, and assets. Web3 applications are built on top of blockchain technology, which provides trust, security, and transparency. However, blockchain also faces a major challenge: scalability. Scalability refers to the ability of a system to handle a growing amount of work or demand. In the context of blockchain, scalability means how many transactions can be processed per second, how fast they can be confirmed, and how much they cost.

The scalability problem of blockchain stems from its inherent design trade-offs. Blockchain is a distributed ledger that records transactions in blocks that are linked together by cryptographic hashes. Each block has a limited size and can only contain a certain number of transactions. The blocks are validated by a network of nodes that follow a consensus protocol to agree on the state of the ledger. The consensus protocol ensures that all nodes have the same view of the ledger and prevents malicious actors from tampering with it.

However, the consensus protocol also introduces limitations on the scalability of blockchain. For example, if the block size is increased to fit more transactions, it will take longer for the nodes to propagate and verify the blocks across the network, leading to higher latency and lower security. If the block interval is reduced to create more blocks per second, it will increase the probability of forks and orphaned blocks, leading to lower consistency and higher waste of resources. If the number of nodes is increased to improve decentralization and fault tolerance, it will also increase the communication overhead and complexity of reaching consensus, leading to lower efficiency and higher costs.

To overcome these limitations, various solutions have been proposed to enhance the scalability of blockchain. Some solutions aim to improve the performance of the underlying blockchain layer (layer 1), such as sharding, which splits the blockchain into smaller and parallel chains; or proof-of-stake (PoS), which replaces the energy-intensive proof-of-work (PoW) with a more efficient and secure mechanism based on stake. Other solutions aim to create additional layers on top of the blockchain layer (layer 2), such as payment channels, which allow users to exchange transactions off-chain and only settle them on-chain when needed; or sidechains, which are independent blockchains that can interact with the main chain through cross-chain communication.

However, most of these solutions still rely on a synchronous model of communication between nodes or contracts, which means that they have to wait for each other’s responses before proceeding with their operations. This creates bottlenecks and delays in the system, especially when dealing with large-scale and complex applications that involve multiple parties and interactions.

Venom is a novel solution that leverages an asynchronous model of communication between smart contracts. Venom is a multi-blockchain network that serves as a foundation for scalable Web3 applications in the DeFi and Global Payments markets. Venom architecture is designed as a heterogeneous multi-blockchain platform with dynamic sharding. Venom masterchain is layer-0 blockchain, which is responsible for coordinating all the protocol entities such as workchains and shardchains. The masterchain state stores the network configuration, information about a set of validators, their stakes, and election rounds. Venom supports up to 2^32 workchains.

This asynchronous communication model has several advantages for Web3 scalability, such as:

Parallel processing: Asynchronous smart contracts can execute transactions in parallel, without waiting for each other’s responses. This means that multiple transactions can be processed simultaneously, increasing the throughput and efficiency of the network.
Reduced latency: Asynchronous smart contracts can reduce the latency of transactions, as they do not have to wait for confirmation from other nodes or contracts. This means that transactions can be confirmed faster and more reliably, improving the user experience and security of the network.
Increased flexibility: Asynchronous smart contracts can increase the flexibility of Web3 applications, as they can support more complex and dynamic interactions between different parties and contracts. This means that Web3 applications can offer more functionality and innovation, enhancing the value proposition of the network.

To illustrate how Venom’s asynchronous communication model works, let’s consider a simple example of a decentralized exchange (DEX) on Venom. A DEX is a Web3 application that allows users to swap tokens without intermediaries or custodians. A DEX on Venom consists of two smart contracts: a liquidity pool contract and a swap contract. The liquidity pool contract holds the tokens that users deposit to provide liquidity to the DEX. The swap contract handles the logic of exchanging tokens between users.

Suppose Alice wants to swap 100 VENOM tokens for 200 USDC tokens on the DEX. She sends a message to the swap contract with her request. The swap contract then sends a message to the liquidity pool contract to withdraw 100 VENOM tokens from Alice’s account and 200 USDC tokens from the pool’s account. The liquidity pool contract then sends a message to the swap contract to confirm the withdrawal. The swap contract then sends a message to Alice’s account to deposit 200 USDC tokens and a message to the pool’s account to deposit 100 VENOM tokens. Finally, the swap contract sends a message to Alice to confirm the swap.

In this example, we can see that each smart contract can send and receive messages asynchronously, without waiting for each other’s responses. This allows for parallel processing of multiple transactions, reducing latency and increasing throughput. Moreover, we can see that each smart contract can interact with multiple accounts and contracts, increasing flexibility and functionality.

Venom’s asynchronous communication model is a paradigm shift for Web3 scalability, as it enables faster, cheaper, and more complex transactions on the network. By using this model, Venom can support a wide range of Web3 applications that can benefit from its high performance and versatility.

Venom: Competitive Advantages Analysis and Comparison with Other Blockchains.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 17:49:30 GMT

Venom has several competitive advantages that distinguish it from other blockchains in the market. Some of these advantages are:

Asynchronous communication: Venom uses an asynchronous model of communication between smart contracts, which means that they do not have to wait for each other’s responses before proceeding with their operations. This reduces bottlenecks and delays in the system and enables parallel processing of transactions across different shards and workchains.
Dynamic sharding: Venom uses a dynamic sharding protocol that allows the network to adjust the number and size of shards according to the workload and demand. This ensures optimal utilization of resources and avoids overloading or underutilizing any shard or workchain.
Heterogeneous multi-blockchain: Venom supports up to 2^32 workchains, which are independent blockchains that can have their own rules, consensus mechanisms, and smart contract languages. This allows for more flexibility and customization for different use cases and applications.
Layer-0 protocol: Venom is a layer-0 protocol that serves as a foundation for other blockchains and applications. It provides interoperability and cross-chain communication between different workchains and external blockchains through its masterchain and bridge protocols.
Zero emission policy: Venom has a zero emission policy, which means that it does not produce any harmful greenhouse gases or consume excessive amounts of energy. It uses a proof-of-stake consensus mechanism that is more efficient and secure than proof-of-work.

To illustrate how Venom compares with other blockchains in terms of performance and features, we will use a table that summarizes some key metrics and characteristics:

Comparison table of different blockchains

As we can see from the table above, Venom outperforms other blockchains in terms of transaction speed, transaction fee, block time, sharding protocol, communication model, and number of supported chains. These metrics indicate that Venom has a superior scalability, efficiency, flexibility, and versatility compared to its competitors.

Venom is a competitive blockchain that offers a unique solution for Web3 development and adoption. By leveraging its asynchronous communication model, dynamic sharding protocol, heterogeneous multi-blockchain platform, layer-0 protocol, and zero emission policy, Venom can enable a wide range of applications that can benefit from its fast transaction speeds, low costs, high interoperability, and infinite scalability.

Venom: An Overview of the Ecosystem and Development Prospects.

shampoonft@newsletter.paragraph.com (ShampooNFT) — Sat, 03 Jun 2023 17:23:51 GMT

The Venom ecosystem is a hub of various tools and services to provide users with a seamless user experience and promote the adoption of the technology. Here are some of the base components of the Venom ecosystem:

VenomWallet: A non-custodial wallet with a multisig option and ledger support that allows users to access their VENOM tokens and other assets on the Venom network.
VenomScan: A block explorer that allows users to search and explore the immutable records of the Venom blockchain, such as transactions, blocks, accounts, contracts, and events.
VenomGet: An easy gateway to Venom tokens that allows users to buy VENOM with fiat or other cryptocurrencies using various payment methods.
VenomBridge: A cross-chain communication protocol that allows users to transfer assets between Venom and other blockchains, such as Ethereum and Binance Smart Chain.
VenomPools: A staking platform that allows users to stake their VENOM tokens on validator nodes and earn rewards for securing the network.
Web3.World: A native decentralized exchange that allows users to swap assets, provide liquidity, and farm available assets on the Venom network.

The development prospects of Venom are promising as it has attracted many partners and investors who share its vision of building a more connected future. Some notable partners include:

DAO Maker: A platform that provides growth technologies and funding frameworks for startups, allowing them to raise capital while building a community.
Chainlink: A decentralized oracle network that provides reliable and secure data feeds for smart contracts on any blockchain.
Polygon: A protocol and framework for building and connecting Ethereum-compatible blockchain networks.
Elrond: A high-performance blockchain platform that leverages adaptive state sharding and secure proof-of-stake consensus.

Venom is an ambitious project that aims to revolutionize the Web3 space with its scalable, secure, and versatile blockchain solution. By leveraging its asynchronous communication model, dynamic sharding protocol, and rich ecosystem, Venom can enable a wide range of applications that can benefit from its fast transaction speeds, low costs, and high interoperability. With its strong team, partners, investors, and community behind it, Venom has the potential to become one of the leading platforms for Web3 development in the near future.