Web3 Fashion Platform doDRESS Opens Pop-up Store in Seoul

SynFutures, the Singapore-headquartered decentralized derivatives exchange specializing in crypto perpetual futures trading, has taken its V3 from public testnet through to mainnet launch on the Blast layer two network. Bringing permissionless perps to BlastTaking to Medium on March 1, the company outlined that “we’ve officially brought permissionless perps to Blast.” With the launch, the project is demonstrating iterative progression. Back in October of last year, the company outlined that it had launched V3 on public testnet, while also announcing details of a $22 million Series B funding round at that time. SynFutures' decision to roll out V3 on the Blast mainnet aligns with the layer two network's rapid ascent in the crypto space. Blast itself launched on Feb. 29 and in the process the network unlocked around $2.3 billion in staked crypto which had remained locked up until that point. The optimistic rollup-based network allows transactions to be executed off-chain, all the while leveraging the security provided by the Ethereum blockchain network. Blast has managed to garner significant value on-chain due to the 5% annual yield it offers users on ether and stablecoins that network participants accrue from staked ETH.Photo by Alina Grubnyak on UnsplashPoints rewards programAlongside the V3 launch, SynFutures has introduced a points rewards program, christened Oyster Odyssey. This initiative aims to incentivize user engagement on the platform, with V3 users set to qualify for the upcoming Blast airdrop as well. "Interacting with SynFutures can qualify users for Oyster Odyssey points as well as Blast points," Rachel Lin, co-founder and CEO of SynFutures, disclosed to The Block. Lin added:"We're also committed to giving 100% of our Blast developer airdrop back to users, so they'll enjoy plenty of benefits." Gearing up for native token launchIt also appears that SynFutures is gearing up for the launch of its native token. In its blog post, the firm suggested that it was pleased to reveal that it is “exploring the path to a token.” The company promises that launch details and an associated timeline will be disclosed in the not-too-distant future. Following V3 public testnet launch last year, the project explored various blockchain options, including Polygon and zkSync Era, before ultimately settling on Blast. While the team remains committed to a multi-chain expansion for V3, with future deployments under consideration, Lin has suggested that the immediate focus lies in driving adoption and volume on Blast. While V2 of the platform still operates on the Polygon proof-of-stake chain, support for it is gradually phasing out as SynFutures prioritizes the V3 rollout. Meanwhile, V1 has already been phased out, with both iterations collectively processing over $23 billion in cumulative trading volume to date. SynFutures' journey thus far has been supported by substantial funding, with approximately $38 million raised to date. Notable backers include Pantera Capital, HashKey Capital and SIG DT Investments, a unit of the Susquehanna International Group, among others.  

Fair Square Lab to Develop Blockchain-Based Shareholder Meeting PlatformSouth Korean Web3 technology company Fair Square Lab announced on Friday that it is in the process of developing a blockchain-based platform for holding electronic shareholder general meetings. The firm said that it has applied for two patents for technologies related to blockchain-based electronic shareholder meetings. One is related to their operation methods and systems, and the other is associated with the utilization of voting rights tokens.Photo by Benjamin Child on UnsplashEmpowering shareholdersIn shareholder general meetings, many minority shareholders are often unable to attend in person, thereby finding it difficult to effectively exercise their opinions or rights during the decision-making process of a company. Fair Square Lab’s pending patents aim to address this issue by enabling more shareholders to easily participate in shareholder meetings through an electronic medium. Utilizing blockchain technology would also ensure the integrity and security of voting processes.Fair Square Lab’s growing portfolioWith this latest development, Fair Square Lab is now poised to possess a total of eight blockchain-related patents. Its other patents encompass areas like managing wallets in the blockchain network, generating wallet addresses for security token platforms, and preventing erroneous transfers of security tokens on a blockchain network. The company said that it is continuously working to secure intellectual property rights for its blockchain business, including design patents and its own trademark.“We have been consistently striving to secure intellectual property rights by linking research and development with the core blockchain technologies that we have accumulated over the years. We plan to obtain a total of 12 core technology patents by the end of this year,” said Jake Kim, CEO of Fair Square Lab.

Incheon City to leverage blockchain for construction transparencyIn response to growing concerns among Koreans over recent apartment complexes built with missing reinforcing bars and unauthorized materials, the city of Incheon is turning to blockchain technology to tackle these issues.Incheon City revealed on Thursday (local time) that it has submitted proposals for public sector blockchain projects offered by the Ministry of Science and ICT. This move aligns with the city’s goal of establishing itself as a blockchain hub. By partnering with both the public and private sectors, the city aims to provide beneficial services for its citizens.This year, the Ministry of Science and ICT will gauge interest across government agencies, municipalities and public institutions for six projects, with a combined budget of KRW 10 billion ($7.5 million). In 2024, they plan to select project implementers through a bidding process. The goal is to identify public service projects where the application of blockchain technology can offer significant benefits.Photo by C Dustin on UnsplashBlockchain-driven construction oversightIn October, Incheon submitted proposals for two blockchain projects. First, it introduced a “safety certification” service to promote transparency at construction sites. This service will harness blockchain-driven integrated control technology to transparently manage apartment complex constructions. It will utilize technologies like closed-circuit television (CCTV), Internet of Things (IoT) sensors and artificial intelligence (AI) to oversee the presence of authorized personnel and track the use of approved materials.The city felt the need for this service after observing the prevalent issues with missing reinforcing bars in newly constructed flat-plate structure apartment complexes and incidents of forgery and counterfeiting of material certificates.Blockchain and eco-friendly membershipAnother project Incheon has proposed is an integrated membership service centered on eco-friendly practices, with the goal of encouraging resource recycling.Incheon City currently runs recycling shops and automated recycling machines across its counties and districts to foster recycling habits. However, with different locations necessitating different apps, the city is aiming to consolidate these into a single platform. Additionally, it intends to leverage blockchain technology to enable citizens to verify their environmental contributions.Lee Nam-joo, Head of Incheon’s Future Industry Bureau, said that how technology should be used is self-evident. He emphasized the city’s dedication to introducing tangible services that address societal challenges and enhance public safety and convenience through the application of digital technology in public services and industrial sites.