Swing Launches Blockchain-Based Service to Offer Financial Incentives for Scooter Riders

Korean Crypto Firms Organize Consortium for Real-World Asset TokensElysia, a Korean decentralized autonomous organization (DAO) project, announced today that it organized a consortium to promote an ecosystem for real-world asset (RWA) tokens.Tangible assetsRWA tokens are virtual assets underpinned by tangible assets such as real estate properties and cars.The consortium comprises Neopin, a blockchain platform of Korean online game publisher Neowiz; Galaxia Metaverse, a blockchain subsidiary of Korean industrial conglomerate Hyosung Group; and BKEX Labs, a British Virgin Islands-based crypto investment firm. The companies will collaboratively research and develop a decentralized finance (DeFi) lending protocol supported by RWA tokens.Photo by Jessica Bryant on PexelsLending protocolsLending protocols based on physical assets offer better security and higher profitability compared to those based on unbacked virtual assets, which often experience high price volatility. As a DAO LLC approved by the state of Wyoming in the US, Elysia will leverage its RWA tokenization system to bolster security within the protocol and provide legal safeguards to investors.In addition, tokenized tangible assets are expected to offer small investors a chance to invest in markets that were previously out of reach due to the requirement of a significant amount of capital.According to Aju Business Daily, an Elysia official said that an RWA-based lending protocol would not only appeal to retail investors but also to institutions and projects. These entities are expected to park their excess funds and introduce RWA liquidity pools into their DeFi, the official added.Better liquidity of physical assetsElysia’s RWA tokens can be liquidated on its DeFi platform Elyfi. Users can create RWA tokens based on their tangible assets and visit Elyfi to sell those tokens or borrow virtual assets against them. Elysia aims to facilitate the liquidity of physical assets and offer a diverse range of financial services based on this model.

Top Korean Crypto Exchanges Witness Surge in Listings and Delistings During H1In the first half of this year, South Korea’s top five cryptocurrency exchanges experienced notable growth in the number of newly added cryptocurrencies to their platforms. However, they also observed a significant surge in the number of cryptocurrencies being delisted.Photo by Shubham Dhage on UnsplashDelisting and listingAccording to a report by local news outlet Etoday, the nation’s five leading exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax ceased trading for a total of 51 cryptocurrencies during the first six months of this year. This marked an 88% increase compared to the 27 cryptocurrencies delisted in the previous six-month period. During the first half of last year, the number of delisted tokens was 48.Among the five exchanges, Coinone took the lead by delisting the highest number of cryptocurrencies, totaling 24. Bithumb followed with 14 delisted tokens, Gopax with six, Upbit with five, and Korbit with two. Notably, Coinone continued its delisting spree this month, removing an additional five cryptocurrencies from its platform. Most cryptos were delisted because their projects and services were not operating normally.The significant number of delisted tokens at Coinone appears to be linked to the involvement of its former employees in the unlawful listing of certain tokens. These individuals reportedly received bribes in exchange for listing a total of 46 cryptocurrencies on the trading platform. Among these tokens were PICA and PURE, which are no longer traded on the exchange.Only five cryptocurrencies were delisted according to the decision made by the Digital Asset eXchange Alliance (DAXA), a self-regulatory group consisting of the aforementioned five crypto exchanges. The delisted tokens were REP, BASIC, OMG, SRM, and PCI. This indicates that most of the affected cryptocurrencies were exclusively traded on one of the DAXA member exchanges, indicating that DAXA’s listing and delisting guidelines were largely ineffective.Meanwhile, there has been a notable surge in the number of newly added cryptocurrencies. Bithumb, for instance, took the lead by listing an impressive 63 new tokens, nearly three times the number listed by Upbit (22). In the same vein, Coinone added 14 tokens, while Korbit and Gopax followed with six and three new listings, respectively.Profit squeezeLast year, crypto trading platforms adopted a conservative approach when it came to listing and delisting procedures, prioritizing investor protection. However, their stance shifted as the global crypto market encountered a significant decline in trading volume amid crypto winter. This decrease in trading activity subsequently led to reduced operating profits, compelling the platforms to list more cryptocurrencies.With the exception of Upbit, which maintains a dominant market share in the nation, the outlook on crypto exchanges appears more or less grim. In particular, Coinone, Korbit, and Gopax are in the red. Bithumb, while still in profit, saw its operating profit last year falling 80% year-over-year to 163.5 billion KRW ($127.9 million). This trend continued this year, with Bithumb’s operating profit In the first quarter of this year recording 16.2 billion KRW, an 80% decrease compared to the same period last year.In light of this development, an industry insider, who wished to stay anonymous, told Etoday that while the market’s total trading volume is witnessing a considerable decline, Upbit’s dominance is still growing. This individual also noted that the decrease in trading volume and the resulting deficit are exerting pressure on exchanges to expand their cryptocurrency listings.

The blockchain gaming realm witnessed another milestone moment as "Heroes of Mavia," the mobile gaming sensation backed by Vietnam-based Skrice Studios, set the stage for a token airdrop on Tuesday, according to an announcement by the studio. Top free mobile game on AndroidJust days since its launch on both Apple and Android platforms, "Heroes of Mavia" has surged past the milestone of 1 million downloads, with an impressive 230,000 daily active users already immersed in its captivating world. Garnering acclaim as the top free mobile game on Android devices in China and dominating the Google Play store charts in Nigeria, the game's ascent continues with high rankings in Poland, Finland and Canada on Apple's App Store, according to Skrice Studios. While the quest to propel blockchain gaming into the mainstream remains a formidable challenge, "Heroes of Mavia" is already carving a path to success. Joining the ranks of ambitious gaming ventures vying for mainstream acclaim, including "Star Atlas," "Illuvium" and "Shrapnel," its promising trajectory is marked by its early triumphs.Photo by LinkedIn Sales Navigator on Pexels100,000 benefit from airdropA grand total of 100,000 players have earned eligibility for today's token airdrop of the MAVIA token, with a generous allocation of up to 6,250,000 tokens available for claim, representing 2.5% of the total token supply of 250 million. With a valuation soaring to $100 million, Skrice Studios stands as a testament to its remarkable growth since its last funding round two years ago, which saw an infusion of $2.5 million led by Crypto.com Capital. The studio's ascent was further fueled by a $5.5 million seed round in 2021 spearheaded by Binance Labs. In total, Skrice Studios has amassed $9 million in funding, as disclosed in its latest statement. The studio's enduring appeal has attracted notable venture capital firms keen on blockchain gaming, evidenced by its seed round in January 2022. Led by Binance Labs, that round also saw participation from esteemed investors such as Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research and Animoca Brands, among others. In a strategic move to ensure the sustainability and vitality of its in-game economy, "Heroes of Mavia" officially enlisted in Machinations’ Game Economy Health Monitoring Service. The Machinations platform can be harnessed to design and predict game economies and systems for play-to-earn blockchain games. Drawing parallels to the iconic Clash of Clans, "Heroes of Mavia," captivates players with its strategic depth, emphasizing base building, resource management and immersive tactical combat. The highly anticipated "Heroes of Mavia" token commenced trading at 7 a.m. ET on Tuesday on major exchanges such as Bybit, KuCoin and HTX, debuting with a unit price of $1.83. As of the latest update, the token is trading at $3.62, signaling a promising start to its trading journey. Blockchain gaming emerged through projects such as Axie Infinity, developed by Vietnam’s Sky Mavis. Engaging gameplay didn’t factor in the first play-to-earn iteration. However, through projects like Heroes of Mavia, 2024 could prove to be very different.