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Blockchain Experts Gather at KBW 2023 Side Event to Discuss Future Prospects of South KoreaBlockchain experts from various corners of the industry converged to exchange insights on industrial and technological trends during “Unveiling Prospects in South Korea,” a side event affiliated with Korea Blockchain Week (KBW) 2023. This noteworthy gathering, co-hosted by Sui, Google Cloud, CoinNess, and Bitmain, took place on September 5 at Banyan Tree Club and Spa Seoul.Blockchain compatibility and Web3 adoptionAmong the distinguished speakers at the event, Derik Han, Head of APAC Partnerships at Mysten Labs, the team behind the layer-1 blockchain project SUI, discussed how the SUI project plans to enhance blockchain compatibility through a zero-knowledge (ZK) login feature, similar to single sign-on (SSO). SSO enables users to use a single set of login credentials to gain access to various applications.Han underscored the significance of reducing technical barriers for the widespread adoption of Web3 in our daily lives, and he pointed out that SUI’s ZK login feature would contribute to this goal. Additionally, Han shed light on SUI’s intention to add on-chain features highly favored among Korean gamers.Security tokens and RWAsJo Dong-hyeon, the CEO of Undefined Labs, a developer specializing in on-chain risk rating solutions, emphasized that the Korean decentralized finance (DeFi) market is poised for growth, driven by security tokens and real-world assets (RWAs). He highlighted the significant attention received by the Financial Services Commission’s announcement regarding guidelines for security token offerings (STOs) in February.Jo observed that tokens backed by real-world assets (RWAs) would serve as a bridge between the DeFi space and traditional financial markets, facilitating the development of the former. He also noted that this development would follow the pattern seen in the Korean cryptocurrency market whose liquidity has been supported by young investors.NFT ecosystemsMeanwhile, Kim Min-gu, Head of Web3 Business Development Lab at LG Uplus, a telecom company, expressed their commitment to expanding the Moono NFT ecosystem. This venture, anchored around their octopus character, intends to advance through collaborations with similar NFT projects like Lotte Homeshopping’s pink bear character, Bellygom. Kim highlighted that the company’s primary goal for this year is to make NFTs accessible even to customers who are unfamiliar with cryptocurrencies.Kim further explained that LG Uplus aims to delve into the differences between Web3 NFT communities and their Web2 counterparts. The company’s focus lies in improving the overall usability of its services, without narrowing down its target audience. They are particularly intrigued by the potential of wallets and decentralized applications (dApps) in this pursuit.Banks’ entry into the virtual asset landscapeFollowing this, Leem Min-ho, an analyst at Shinyoung Securities, predicted a strategic expansion by Korean banks, with an emphasis on offering digital asset custody services. This endeavor has been catalyzed by recent developments, including the introduction of security token guidelines in February and the passage of the Virtual Asset User Protection Act in June. These regulatory milestones are gradually shaping a more defined legal framework for virtual assets within South Korea. Leem went on to say that banks, known to favor engaging in business activities within established regulatory boundaries, are poised to concentrate their forthcoming initiatives on approved security tokens, ensuring compliance and adherence to regulatory standards.

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.  

Wemade’s NILE Launches NFT Tickets for Game Exhibition G-STAR 2023NFT Is Life Evolution (NILE), a decentralized autonomous organization (DAO) and NFT platform built on the WEMIX3.0 network of South Korean blockchain gaming publisher Wemade, is starting the sale of its NFT tickets at noon (local time) on October 25 for the upcoming global game exhibition, G-STAR 2023. The highly-anticipated event is scheduled to take place at the Busan Exhibition and Convention Center (BEXCO) in the southern port city from November 16 to 19.Photo by Pete Linforth on PixabayNFTs as admission ticketsJointly prepared by Wemade and G-STAR, these NFT tickets are called Real World Event NFTs, functioning as admission tickets and vouchers for special merchandise. One noteworthy feature is that they undergo changes in appearance upon use, a characteristic inherent to dynamic NFTs.The sale of these NFT tickets begins on NILE’s marketplace at noon (local time) on October 25. Those interested can utilize WEMIX dollars (WEMIX$) via the WEMIX Wallet to purchase a daily NFT ticket for their chosen day of attendance at the event.Game enthusiasts will also have the chance to witness Wemade’s latest games at BEXCO. The Korean game company mentioned that it has reserved a significant space at the exhibition hall to showcase two of its newest games: the MMORPG “Legend of YMIR” and the sports game “Fantastic4 Baseball.”WEMIX and Chainalysis partnershipAlong with its gaming and NFT endeavors, Wemade has been taking steps to fortify the security of its ecosystems. On the day of the NFT sale kickoff, the WEMIX Foundation, a subsidiary of Wemade, announced its strategic partnership with Chainalysis, a blockchain data analytics company. This collaboration will bolster the security of storage and transactions of assets within Wemade’s omnichain network. The network is being developed through a project known as “unagi,” which stands for the Unbound Networking and Accelerating Growth Initiative.Established in 2014, Chainalysis has worked with government agencies, cryptocurrency exchanges, financial institutions, insurance companies, and cybersecurity firms in over 70 countries. They offer services to safeguard customers and combat virtual asset-related crimes.Through this partnership, the WEMIX Foundation seeks to operate a comprehensive risk and compliance program via Chainalysis’ data platform. This will help minimize potential risks associated with illicit activities like money laundering while maintaining a smooth user experience.The foundation will also engage with Chainalysis’ Crypto Incident Response service, enabling immediate tracking and recovery of assets if hacked or stolen.Regarding this development, the WEMIX Foundation underlined that its alliance with Chainalysis will enhance the transparency and reliability of both the WEMIX3.0 mainnet and the unagi omnichain ecosystem.