Aevo opens up network to other developers

Phoenix rises 50% on ADX debutDubai-headquartered crypto mining firm Phoenix has debuted on its Abu Dhabi Securities Exchange (ADX). The mining equipment hardware retailer witnessed a 50% surge in its share price following a successful initial public offering (IPO) that raked in $371 million.Photo by Marios Gkortsilas on UnsplashFortuitous IPO schedulingIt emerged last week that the company had adjusted its ADX IPO launch date from Monday to Tuesday to account for the holiday schedule in the United Arab Emirates (UAE) and to “ensure comprehensive participation in the IPO.”That adjustment may have been significant in garnering the level of participation that transpired. Bitcoin and to a lesser extent, the broader crypto market, surged to levels not seen since early 2022. From a low of $876 billion on June 15, 2022, overall crypto market capitalization currently stands at $1.6 trillion.With the Bitcoin unit price having exceeded the $42,000 level on Monday for a time, it’s likely that news of a crypto market resurgence would have aided Phoenix Group’s IPO success on Tuesday morning. In trading on Monday, publicly quoted bitcoin miners such as Riot Platforms, Marathon Digital and CleanSpark had recorded share price gains of between 8 and 11% on the Nasdaq in the United States.Surpassing expectationsTuesday’s trading surpassed the expectations of even the most optimistic analysts, with shares opening at 2.25 dirhams and marking a 50% increase from the IPO price of 1.50 dirhams. The ADX, chosen as the platform for Phoenix’s IPO, was strategically selected due to its alignment with the company’s dynamic vision and the rapidly expanding financial market it offers.The overwhelming response from investors resulted in a 33-times oversubscribed offering, translating into orders totaling $12 billion. The retail portion of the offering experienced an even more astonishing over-subscription rate of 180x.Munaf Ali, Co-Founder & Group MD of Phoenix, sees this milestone not merely as a listing event but as a profound declaration of the Middle East’s ascendance in the global tech and blockchain landscape. He attributes the success of Phoenix’s debut to a burgeoning appetite for financial innovations in the Middle East, underscoring the growing interest in exposure to the cryptocurrency sector among investors in the region.Mining to AI pivotPhoenix’s debut on the ADX occurs at a time when other publicly listed companies in the cryptocurrency sector are reorienting their focus from mining digital currencies to supporting the computational needs of the artificial intelligence (AI) industry. In 2022, the sector generated revenues of $6 billion, a slight dip from the record-breaking year of 2021.Industry analysts, including JPMorgan, posit that the high-performance computing (HPC) sector in AI could prove more profitable than Bitcoin mining. This strategic shift is evident in the rebranding of well-known Bitcoin mining entities such as Riot Blockchain (now Riot Platform) and Hive Blockchain Technologies (now Hive Digital Technologies), emphasizing their diversification efforts.Phoenix, acknowledging the potential of the AI-focused sector, believes it could complement its existing operations and contribute to future growth, aligning with JPMorgan’s forecasts regarding the profitability of HPC in the AI industry.

Aevo Launches Novel Index Perpetual ContractAevo, the layer-2 derivatives platform launched by Singapore’s Ribbon Finance earlier this year, has introduced a new index perpetual contract.The contract allows traders to engage in long or short positions based on the market capitalization of accounts within the social application Friend.tech.Photo by Compare Fibre on UnsplashFRIEND-PERPThe FRIEND-PERP market is now live according to The Block, and it has gained significant traction, boasting a daily trading volume of $501,824 and a current trading price of $7.14. This market operates on a unique premise — a perpetual contract, which, unlike conventional futures contracts, does not adhere to an expiration date. This feature is particularly appealing to the crypto trading community, enabling them to seize opportunities without the constraints of time-bound contracts.Surge in interestFriend.tech, the social app at the center of this Aevo product offering, has integrated with Ethereum layer-2 network Base, a blockchain incubated by Coinbase earlier this year. This network, which officially welcomed the public on August 9, has been the center of attention within the crypto sector over the past couple of weeks.The social app enables market participants to buy shares of individuals who hold accounts on X (formerly Twitter). Since its launch earlier this month, the Friend.tech app has grown rapidly. It attracted over 100,000 daily users within 24 hours of its launch.Each user stands to benefit financially from the purchase and sale of their shares, a pioneering approach that has lured prominent figures, including venture capitalist Garry Tan, NBA star Grayson Allen, and celebrated YouTuber FaZe Banks, to the platform.Boost for BaseUS crypto platform Coinbase has embraced Friend.tech as it marks the first major breakthrough use case for its Base blockchain network. This collaborative effort has propelled the Base network to new heights, positioning it among the top cryptocurrency projects by user fee revenue. With $1.4 million in fees generated over the last 24 hours alone, Friend.tech ranks among industry giants, trailing only Ethereum and Lido Finance in this metric, according to data from DeFiLlama.While the app has risen at a phenomenal pace, there are concerns relative to the degree of privacy it affords its users. The public availability of the Friend.tech API used to convert X usernames into wallet addresses has raised the alarm for potential data exposure.A Yearn Finance developer, known by the pseudonym Banteg, used this API to compile a list of Ethereum addresses linked to X accounts. While the community has reassured users that access can be revoked, the implications of this exposure for privacy and security cannot be understated.The Aevo project was first announced by Ribbon Finance in September 2022 and subsequently launched in June. The goal of the project is to convert users from centralized exchanges, bringing them over to the decentralized exchange (DEX) platform.

Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain AdoptionAt a recent blockchain conference, experts from the Korean industry proposed that the adoption of blockchain could be amplified by addressing daily challenges such as parking problems, according to a report by local news outlet Decenter. They also believe that blockchain has the potential to enhance the quality of life by fostering community solidarity. For this vision to be fully realized, they emphasized the crucial role of government policy support.Photo by Filip Filkovic Philatz on UnsplashBlockchain and parking managementOn October 30 at the 2023 Global Blockchain Incheon Conference (GBIC) in Songdo, Incheon, several applications of blockchain technology were highlighted. Kim Jung-eun, a professor at the Graduate School of Engineering at Inha University, discussed the benefits of integrating blockchain into the management of shared parking lots. She underscored that while privately opening up idle parking lots in locations such as villas can introduce concerns of theft and time violations, blockchain technology can address these challenges. By documenting vehicle details on the blockchain and controlling usage time with smart contracts, the parking process can also become more transparent and trustworthy.Enhancing a city’s image through civic unityBuilding on the theme of blockchain’s societal benefits, the conference also touched on its prospects to enhance civic unity. Kim Hyung-joon, a professor at Pai Chai University, highlighted the significance of civic solidarity in enhancing a city’s image. He drew attention to Stockholm, Sweden, lauding it as one of the happiest cities globally and emphasizing the vital role a sense of community plays in such acclaim. Professor Kim believes that promoting a robust community feeling through Web3 platforms and decentralized autonomous organizations can boost a city’s competitive edge. He stressed that this approach should be paired with policy initiatives that actively support Web3 and blockchain technologies. With the technology being mature, Kim underscored the pivotal role governments play, noting that numerous projects have been stifled by restrictive regulations.Four strategies for the Web3 industryAt the same event, Professor Park Soo-yong from the Computer Science and Engineering Department of Sogang University shared insights on strategic approaches for the burgeoning Web3 industry. He emphasized four primary strategies: bolstering the Web3 gaming and entertainment sectors, cultivating talent for the evolving digital economy, advancing digital asset innovations and financial systems, and urging transformation within governmental agencies. Professor Park highlighted the current division in jurisdiction — with the entertainment industry overseen by the Ministry of Culture, Sports and Tourism, and the digital asset sector regulated by the Financial Services Commission. He asserted that consolidating these sectors under one unified jurisdiction could drive significant progress.In a related note, a study from Emergen Research projects a bright future for the Web3 market. It’s forecasted to experience a compound annual growth rate (CAGR) of 43.7% between 2021 and 2030. This would see its revenue grow from $3.2 billion in 2021 to $81.5 billion in 2030.