UAE agency applies fines amid ban on crypto mining on farms

Aevo, the Singaporean crypto derivatives platform, is gearing up to broaden its ecosystem by allowing other protocols to build on its rollup infrastructure. ‘The future is modular’Currently, Aevo exchange is the sole application on its rollup, but according to Julian Koh, co-founder of Ribbon Finance, the platform's parent protocol, the intention is to open it up for other developers. On Tuesday, Koh retweeted a social media post by the company which stated “The future is modular,” adding the comment “build whatever.” Koh told The Block that "the primary angle here is we are currently built on our own rollup — but Aevo exchange is currently the only app on this rollup. Our plan is basically to open this up for other [developers] as well and build an ecosystem around our exchange."Photo by Shubham Dhage on UnsplashTransitioning to CelestiaAevo, specializing in options and derivatives trading, operates on its own Layer 2 network, built using the OP Stack and running atop the Ethereum blockchain. In a cost-saving initiative, the platform plans to transition to Celestia for storing transaction data in the near term. Celestia launched on mainnet last October with the aim of enhancing blockchain scalability. It’s a modular data availability network which securely scales relative to the number of network users. This expansion is part of a broader roadmap set to be unveiled in the coming weeks, as Aevo looks towards achieving aggressive growth. According to DeFi data aggregator DeFiLlama, Aevo has already been hitting ever higher numbers in recent months. Only two months ago, the protocol had $10 million total value locked (TVL). At the time of writing that metric has increased to $50 million. Last month, the platform achieved a new record-high weekly trading volume level in excess of $500 million. Julian Koh attributes this growth in part to Aevo's yield-bearing balances. Users deposit their crypto, which is then sent to MakerDAO to generate yield. In return, users receive a derivative token to trade on the Aevo platform, providing a mechanism for traders to earn yield while actively engaging in trading. 2023 rebrandRibbon Finance, which initially launched Aevo separately, merged the projects under the Aevo branding in July 2023. As part of the rebrand, an Aevo token will be introduced, with a 1:1 exchange rate for RBN token holders during migration. Post-rebrand, Aevo plans to roll out an incentive program aimed at boosting the platform's metrics.  Looking ahead, Aevo plans to delve deeper into yield offerings, drawing inspiration from Ribbon Finance. The platform aims to launch yield strategies in Q1 of this year, allowing users to lock up their crypto in various setups designed to generate returns, with the tokens being unavailable for trading during this period. One notable strategy that has contributed to Aevo's appeal is the pre-launch trading of upcoming tokens. The platform supports trading for tokens expected to launch soon, often through airdrops, providing an opportunity for traders to hedge against airdrops or lock in specific prices before the official launch. The project team membership draws on past experience at Coinbase, Kraken and Goldman Sachs, with academic backgrounds attained from Stanford, MIT and Cornell University. 

Henan Province Establishes Metaverse FundAn administrative body within China’s Henan Province has established a 150 million yuan ($21.7 million) private equity investment fund which will be centered on financing metaverse-related projects.In a social media post on Thursday, the Assets Supervision and Administration Commission of Henan, a state-owned body, said that the fund had been created last month. The objective of the fund is to promote the development of the virtual reality and metaverse sectors. Specifically, the agency wants to bring about the development of “internationally competitive digital industrial clusters.”Photo by Jéan Béller on UnsplashA metaverse strategyLast year, Henan province administrators released a plan, setting out the objective of achieving a local metaverse industry reaching a level of 30 billion yuan by 2025. The plan was titled “Henan’s metaverse industry development plan for the years 2022 to 2025.” Its authors set out the objective of creating an industrial metaverse, an energy metaverse, an education metaverse and a virtual human metaverse.Henan is one of a number of regions vying to capture the upside in terms of the promise of the development of innovation relative to the metaverse. Earlier in 2022 local government in Shanghai set out to establish an industry fund of 10 billion yuan (approximately $1.4 billion) in assets, focused purely upon metaverse-centric development and innovation.Earlier this year, a delegate attending one of the city’s most influential yearly political meetings called for efforts to be made to provide for adequate regulation to enable further metaverse development and effective supervision of the space.The Beijing-based and state-backed China Computer Industry Association (CCIA) also took an interest last year, forming a metaverse committee to draft industry standards. It too planned to establish a 1 billion yuan fund, while aspiring to help other regional authorities establish a blueprint to progress the industry.Not to be outdone, Hubei province’s Wuhan and Anhui administrative areas made a pledge to boost metaverse development over the course of the next five years. Within the Wuhan administrative area, city officials are said to be aiming to integrate the metaverse, cloud computing and blockchain into the conventional, real economy.Opposing viewsIt’s curious to note that when it comes to decentralized blockchain and cryptocurrency, China has been vehemently opposed to their development within its borders. In September 2021, the country banned cryptocurrency transactions. Prior to that, it had implemented a ban on cryptocurrency mining activity, forcing the large miners that had long since established there to move overseas.It’s difficult to see how it can be positive relative to the metaverse when a metaverse depends on the use of blockchain technology. To confuse matters further, over the course of the past six months, it seems to have given a mandate to the autonomous territory of Hong Kong to open its doors in facilitating the crypto and blockchain sector in total contrast to the stance taken within mainland China.Recently compiled industry and market research suggests that the metaverse industry in China is expected to grow by 39.5% in 2023, with the space having experienced significant growth in the country over the course of Q3 and Q4, 2022.

Xangle Joins Com2uS Group’s Blockchain Mainnet XPLA as ValidatorCrossAngle, the operator of the virtual asset analysis platform Xangle, said Thursday that it has joined Com2uS Group’s blockchain mainnet XPLA as a validator.Photo by Shubham Dhage on UnsplashIn crypto, validators are entities in Proof of Stake (PoS) blockchain networks who operate nodes and contribute to the network’s maintenance and security by validating new transactions.Xangle will participate as a validator in the XPLA mainnet, contributing to the security and well-being of the blockchain ecosystem.About XPLA and XangleXPLA is a global mainnet that offers multiple services like a non-fungible token (NFT) marketplace, a metaverse, and entertainment services. It has partnered with many leading Web3 companies from around the world, including Com2uS Holdings, Oasys, Animoca Brands, Yield Guild Games, Blockdaemon, Cosmostation, and more. Xangle has now joined as a validator, adding its name to the list.Xangle is a major platform providing research and analytics on virtual assets. It aims to address information asymmetry within the blockchain ecosystem and promotes the mass adoption of Web3.Xangle and XPLA have consistently worked together to cultivate the popularization of Web3 and create a transparent and well-maintained blockchain ecosystem. Xangle had previously participated as a partner company in the Beyond Boundaries Web3 hackathon co-hosted by XPLA and Oasys last month following XPLA’s adoption of Xangle’s on-chain analytics service in April.Xangle’s innovative solutionsXangle is also set to launch blockchain data-based corporate solutions catered to virtual asset and Web3 businesses later this year. One of these solutions, dubbed “Explorer,” will allow search and analysis of on-chain data generated within blockchain networks. The company also announced that it will launch the beta version of Xangle Beacon — a comprehensive service to help Web3 companies operate, manage, and scale their services.