The cryptocurrency world hosts new developments every day. This week was also a very active week. There have been important developments such as the TON coin ecosystem’s launch of an incentive program for user authentication, the failure of dYdX’s staking proposal, the rise of Bitcoin ecosystem tokens, and TokenFi’s new program for TOKEN holders. In this newsletter, we will examine the details of these developments.
TON coin came to the fore with a new development
The Open Network (TON) ecosystem is taking a major step towards user authentication and wider adoption. Here’s a breakdown of the latest developments: TON ecosystem developers are offering $5 million worth of Toncoin (TON) tokens to incentivize users to verify their identities using palm-scanning technology. Led by the TON Community, this initiative aims to bring the first billion users into the Web3 space via Telegram within the next five years.
The project leverages HumanCode’s palm-scanning technology, which is available in both the Android and iOS app stores. This technology promises privacy protection and functionality across a variety of mobile devices. TON Foundation growth director Ekin Tuna believes that supporting such proof-of-person protocols is crucial to creating a practical reputation system within the TON ecosystem. It highlights the role of “scalable, private and decentralized identity” in attracting new users to the Telegram-based Web3 environment. Following the development, TON coin increased by 5 percent.
Coins in the dYdX and Bitcoin ecosystem rose
On a separate note, decentralized exchange dYdX recently announced that a management bid to stake 5 million DYDX tokens with pSTAKE Finance had failed. The proposal, launched on April 2, did not receive enough votes to pass. Meanwhile, according to CoinGecko data, the cryptocurrency market witnessed a positive increase in many tokens in the Bitcoin ecosystem on April 8. Here’s a look at some of the winners:
- MUBI: Up 21.6% in 24 hours, currently priced at $0.1758
- SAVM: 18.4% up in 24 hours, currently priced at $8.60
- BVN: Up 7.2% in 24 hours, currently priced at $4.76
- CKB: 5.1% up in 24 hours, currently priced at $0.02713
TokenFi announced the new program
In another development, TokenFi developers have proposed a new program designed to increase the benefits of TOKEN holders. This news reportedly triggered a price increase of around 5% for TOKEN. These developments paint a picture of a dynamic landscape in the cryptocurrency and blockchain space. TON coin’s focus on user authentication using palm scanning technology means a unique approach to user engagement and reputation management.
Although DYdX’s staking offering has not garnered sufficient support, the overall increase in Bitcoin ecosystem tokens indicates continued interest from investors. Finally, TokenFi’s initiative to improve benefits for token holders highlights ongoing efforts in the industry to create value for token ownership.
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