MakerDAO is the stablecoin DAI issuer with crypto collateral backing. MakerDAO’s “endgame” strategy will let DAI holders choose to instead convert their tokens to USDS on a 1:1 ratio, therefore providing native token incentives as well.

With the capacity to “freeze” wallet addresses and restrict access for users in the US and the UK, the new USDS stablecoin might bring more centralized characteristics. Users of Gnosis Chain have expressed worries regarding USDS’s dependability in terms of financing transaction expenses these changes bring about. MakerDAO has already made clear that DAI, as it exists right now, will always be present.

Community users pointed out that the freeze feature of USDS runs counter to Gnosis’s decentralizing ideas. “The USDS has a ‘freeze’ function that blocks the use of the stablecoin in certain wallets and/or smart contracts. This change is against the very essence of Gnosis, which is decentralization and permissionless use,” community member 0xLajota said.

Members of Gnosis Chain responded by talking about investigating numerous other options. Recommended choices are using a basket of currencies or distributed stablecoins like RAI and LUSD.

Alternatively, in line with other blockchain systems, users recommended Gnosis Chain can utilize Gnosis (GNO), its natural staking coin, as the gas token. The conversation is exploratory; thus yet, no official proposal has been suggested.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Gnosis Chain Rethinks Gas Token After USDS Launch appeared first on Coin Engineer.

What is Gnosis (GNO)?

Gnosis is committed to constructing a decentralized foundation within the Ethereum ecosystem. Its mission is to establish an open-source infrastructure for prediction markets built on the Ethereum platform.

A prediction market can be likened to a stock market, but instead of trading assets, participants trade in the outcomes of events. This approach holds the potential to decentralize prediction markets, making them globally accessible, especially considering the regulatory constraints that can limit cryptocurrencies.

Gnosis operates on the principle that users engage in trading cryptocurrencies that represent the results of events in an open marketplace. As the outcomes of these events become evident, the value of Gnosis tokens fluctuates in response to user predictions.

Gnosis aspires to create the groundwork for numerous decentralized applications, setting the standard for forecasting tools, information resources, and predictive assets in this dynamic market.

What Are the Use Cases?

Gnosis operates within its ecosystem using the native token GNO, along with the OWL token, both adhering to ERC-20 standards. GNO serves as a cryptocurrency within the Gnosis DAO and can be staked to earn OWL.

What Are GNO and OWL Tokens?

Let’s delve into Gnosis (GNO). This token adheres to the ERC-20 standard and was initially distributed during the ICO, with no plans for additional issuance beyond the 10 million GNO tokens created. GNO is the primary token used within the platform’s open market.

Now, let’s discuss OWL. This token is obtained by staking GNO tokens, which are locked into a smart contract by the user, rendering them non-transferable. In exchange for this, the user receives OWL tokens, with the amount dependent on factors like the lock period and the total supply of OWL tokens in the market.

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Who Founded Gnosis (GNO)?

Gnosis was established in 2015 by a group of visionary individuals, including Joseph Lubin, Jeremy Millar, Martin Koeppelmann, and Stefan George. In November 2021, the xDAI and GnosisDAO community voted to create the Gnosis chain and unite their thriving ecosystems. Below, you’ll find the names and roles of key figures within the project:

• Joseph Lubin: Co-Founder
• Jeremy Millar: Co-Founder / Chief of Staff
• Martin Koppelmann: Co-Founder / CEO
• Stefan George: Co-Founder / CTO
• Dr. Friederike Ernst: COO
• Silke Er Rifai: CLO
• Tetiana Schultz: HR
• Fernanda Morgado: HR Manager

How Does Gnosis Operate?

Gnosis employs three distinct platforms to realize its vision:

1. Apollo: This is a prediction market platform enabling users to create their own tokens, representing information, incentives, or ideas.
2. DutchX: A decentralized exchange where users can trade their tokens.
3. Gnosis Safe: This serves as both a cryptocurrency wallet and a browser interacting with Ethereum applications.

These platforms are interconnected through three layers in Gnosis’s architecture:

1. Gnosis Core Layer: This layer provides the foundational smart contracts for the Gnosis Platform.
2. Gnosis Service Layer: Offering resources for consumer applications, this layer is pivotal throughout the protocol, supporting essential tools like messaging bots and stablecoins.
3. Gnosis Application Layer: Primarily comprised of front-end tools, this layer is tailored specifically to prediction markets.

What Sets the Gnosis Project Apart?

Gnosis stands out by combining a need-driven development approach with profound technical expertise, resulting in the creation of a decentralized infrastructure for the Ethereum ecosystem. Additionally:

• The Gnosis Ecosystem Fund (GECO) provides funding of up to $100,000 for intra-ecosystem enhancements and mentoring.
• Gnosis hosts a non-profit conference for the Ethereum ecosystem known as DappCon.
• Gnosis conducts fair, transparent, and decentralized bulk auctions through the Gnosis Auction platform to facilitate token price discovery.

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The post How Does Gnosis (GNO) Work? appeared first on Coin Engineer.

What is Connext (Next) ?

So what is Connex Network ? Developers can use Connext as an open protocol to build applications that simultaneously interact with any token and deploy them on any network.

Since its inception in 2017, the project’s mission has been to make Web3 more accessible to every user by abstracting away the complexities of blockchain. While Connext isn’t a bridge itself, it serves as a seamless and permissionless foundation for developers to create groundbreaking applications and experiences within a growing, primitive ecosystem.

What Are the Components of the Connext Protocol?

xCall: It is the fundamental cross-chain principle that utilizes the Canonical Bridge at its core, enabling interaction with meaningful cross-chain messages for security.

Chain Abstraction Layer: It allows users to interact with a dApp from any chain, enabling projects to integrate users from any ecosystem into their own.

xERC20 and Copying via Connext: It is a new open standard that allows tokens to move seamlessly between chains with zero slippage while being compatible with other bridges simultaneously, without taking ownership of tokens from token holders.

xGovernance: A codeless toolkit for inter-chain DAOs (coming soon!).

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What is Next Token ? 

NEXT, as a cross-chain xERC20 token on the Connext Network, supports fair usage and governance within the Connext Network.

Upon its release, NEXT will be used to govern the Connext DAO, which is responsible for raising funds for the ongoing development of the protocol.

Chance to Win NEXT Token Airdrop!

The NEXT airdrop can be claimed today, September 5, 2023, at 13:00 UTC on the Arbitrum, Optimism, Polygon, or Gnosis networks. You have until April 6, 2024, at 13:00 UTC to claim your tokens.

Initial Supply: 107,500,000 tokens (10.75% of the total supply)

To claim and control your tokens, please visit: Connext Network Airdrop

Additionally, at the same time, NEXT tokens will be listed on the ByBit exchange today at 13:00 UTC. If you are not registered with Bybit, you can take advantage of various opportunities by signing up with our 10% discounted registration link.

• The snapshot was taken on August 1, 2023.
• Contract Address: 0xFE67A4450907459c3e1FFf623aA927dD4e28c67a

What are the Requirements for Winning?

1. Have a total volume of at least $200, calculated across all transactions, with each transfer averaging at least $15 (across all transactions, as calculated).
2. Provide at least $1,500 in liquidity to the Connext Network for a minimum duration of 1 day.

Both of these criteria yield 1 point each. Here’s how you can accumulate your points:

Note: Unless otherwise specified, each condition grants 1 point.

Point System for Stablecoin Pool Trading Activity:

• Interacted with stablecoin pool swaps at least 25 times.
• Interacted with stablecoin pool swaps at least 50 times.
• Interacted with stablecoin pool swaps at least 100 times.
• Provided liquidity of at least $3,000 (2 points).
• Provided liquidity of at least $6,000 (2 points).
• Provided liquidity of at least $9,000 (2 points).
• Provided liquidity of at least $12,000 (2 points).
• Provided liquidity for at least 30 days.
• Provided liquidity for at least 60 days.

Bridge Usage Point System:

• 10 or more bridging transactions.
• 25 or more bridging transactions.
• 50 or more bridging transactions.
• Transactions conducted in at least 3 different months.
• Transactions conducted in at least 6 different months.
• Transactions conducted in at least 9 different months.
• Transactions conducted in at least 12 different months.
• Transactions worth at least $1,000 in V2.
• Transactions worth at least $2,500 in V2.
• Transactions worth at least $5,000 in V2.
• 6 or more transfers between different chains.
• 10 or more transfers between different chains.

Factors:

Partnership with another protocol will result in a multiplication of your points.

(1.5x Multiplier)

If you have interacted with NXTP, introduced at least once in November 2021, by adding liquidity or engaging in bridging, your points will be added to your scoring system, calculated vectorially.

Source: Airdrop Details

The distribution of NEXT Tokens is as follows:

Early Supporters: 23.43% Ecosystem and Strategic Supporters: 11.24% Early Team and Advisors: 11.61% Proxima Labs: 3.78%

For the community:

For DAO: 29.44% For Airdrop: 10.56% For Foundation: 10.94%

In total, the allocation for the community is 50.94%.

CONNEXT PROTOCOL INVESTORS:

Connext Protocol has raised a total investment of $21.7 million from various investment firms, including Polychain Capital, Polygon, Coinbase Ventures, OKX Ventures. With the latest investments, the market valuation of the CONNEXT Protocol is $250 million.

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The post What is Connext Network? How to Earn NEXT Token Airdrop? appeared first on Coin Engineer.