🚀 Challenges Faced By Developers Using L2 As Application Chains

According to Odaily, Sonic Labs Chief Technology Officer Andre Cronje recently highlighted several challenges developers face when using Layer 2 (L2) as application chains. Cronje pointed out that deploying on L2 lacks essential infrastructure support, such as stablecoins, oracles, and institutional custody. Additionally, there is no foundation or lab to provide assistance, and the centralized architecture is vulnerable to attacks.

Cronje also noted that L2 disperses liquidity and forces cross-chain bridges, which complicates the development process. The absence of a robust user and developer community means that developers spend more time addressing these issues rather than focusing on applications and users. This situation eliminates network effects and still requires lengthy transaction confirmation times, making some vendors reluctant to collaborate.

Furthermore, Cronje emphasized that developing on L2 often means working in isolation without collaborative support. He also mentioned that application chains significantly underestimate the costs associated with infrastructure and compliance, including browsers, custody, exchanges, oracles, bridges, toolkits, IDEs, on/off ramps, native issuance and integration, regulation, and compliance. In 2024 alone, these costs have amounted to $14 million, with a substantial portion being recurring expenses.

#Developers #Layer2 #L2 #ApplicationChains #Infrastructure #Stablecoins #Oracles #Custody #Liquidity #CrossChain #Community #TransactionConfirmation #Collaboration #Cost #Compliance

🚀 Andre Cronje Reveals Blockchain Operation Costs for Sonic Labs

According to Foresight News, Andre Cronje, co-founder of Sonic Labs (formerly Fantom), has disclosed the real costs associated with running a blockchain, even if only partially successful. Cronje detailed that the initial costs for oracles and stablecoins amount to $7.5 million, with annual costs of $3.5 million. Additionally, the initial costs for RPC, indexing, and dashboards are $200,000, with yearly expenses of $70,000. Other annual costs include $50,000 for VRF, keepers, wallet support, and governance, and $80,000 for explorers, custody, and risk management, totaling $13.2 million. These figures apply specifically to Sonic Labs.

Cronje also provided a breakdown of Sonic Labs' expenses from the previous year. Research and development costs were $10.9 million, while the ecosystem expenses reached $10.7 million. Legal fees amounted to $410,000, and compliance costs were $3.8 million. Infrastructure expenses were $2.4 million, marketing costs were $1.4 million, bounties were $1.2 million, sponsorships were $400,000, media expenses were $350,000, regulatory costs were $200,000, and event costs were $100,000. The total costs for the year amounted to $35.6 million. Cronje noted that these figures do not include the costs associated with listing on exchanges, which they fortunately do not need to do this year.

#AndreCronje #SonicLabs #Blockchain #OperationCosts #Fantom #CryptoExpenses #Oracles #Stablecoins #RPC #Indexing #Dashboards #VRF #Governance #RiskManagement #LegalFees #Compliance #Infrastructure #Marketing #Bounties #Sponsorships #Media #RegulatoryCosts #EventCosts #CryptoFinance

🚀 Hong Kong Official Praises ChainLink's Role in DeFi at 2024 SmartCon Conference

According to Odaily, during the 2024 Hong Kong SmartCon conference hosted by ChainLink, Hong Kong's Deputy Secretary for Financial Services and the Treasury, Chen Haolian, commended ChainLink for its technical support in decentralized finance (DeFi), blockchain networks, and open-source technology infrastructure. He emphasized the critical role of oracles in connecting blockchain networks to off-chain data and computational resources. Chen stated, 'Decentralized finance (DeFi) places a high value on consistency and anti-fragility, and the entire DeFi infrastructure relies on secure oracles to operate.' Additionally, he mentioned that the number of fintech and Web3 companies in Hong Kong has exceeded 1,100, marking an approximate 15% increase compared to last year. Hong Kong is actively promoting the development of top-tier financial services, which is expected to reshape the future financial landscape.

#HongKong #ChainLink #DeFi #SmartCon2024 #Blockchain #Fintech #Web3 #Oracles #FinancialServices #OpenSource #LINK

🚀 NEAR Infrastructure Committee Reviews 2024 Achievements and Outlines 2025 Goals

According to PANews, NEAR's Infrastructure Committee (IC) has reviewed its achievements since its establishment in April 2024 and outlined its goals for 2025. In 2024, the IC approved 24 proposals out of 99 submissions, focusing on enhancing the NEAR ecosystem's infrastructure, including wallet development, decentralization of RPC services, and expansion of analytical tools.

Looking ahead to 2025, the IC plans to continue optimizing existing infrastructure and will form working groups to proactively drive ecosystem development. Regular Requests for Proposals (RFPs) will be issued. Key initiatives include improving wallet functionalities, such as integrating NEAR single sign-on with Solana applications, supporting chain abstraction infrastructure like multi-chain browsers, oracles, and Omnitoken support, and investing in decentralized AI infrastructure. These efforts aim to further enhance NEAR's interoperability and technological capabilities.

#NEAR #InfrastructureCommittee #2024Achievements #2025Goals #ecosystemdevelopment #walletdevelopment #decentralization #RPCservices #analyticaltools #multi-chainbrowsers #oracles #Omnitoken #decentralizedAI #interoperability #technologicalcapabilities #SOL

🚀 Solana Co-Founder Discusses Impact Of Virtual Machines On System Speed

According to Foresight News, Solana co-founder Toly has stated that virtual machines (VMs) are not significant until they begin to slow down system performance. He noted that there are approximately six main programs in crypto projects: tokens, NFTs, oracles, AMMs (automated market makers), bonding curves, and order books (CLOB). Due to the complexity of these programs, interfaces may have a negative impact.

#Solana #virtualmachines #systemperformance #cryptoprojects #tokens #NFTs #oracles #AMMs #bondingcurves #orderbooks #Toly

🚀 U.S. Government Unlikely To Adopt A Single Blockchain System, Says Expert

According to Odaily, prominent Chainlink community contributor Zach Rynes expressed on X that it is highly improbable for the U.S. government to adopt a single blockchain system across all its departments and agencies. Rynes questioned whether the ledger requirements of agencies like the Environmental Protection Agency (EPA) and the Food and Drug Administration (FDA) would align with those of the Department of Defense (DoD) and the Department of Homeland Security (DHS), suggesting they likely would not.

He anticipates that the U.S. government will eventually employ multiple private and public ledgers for various purposes, such as enhancing spending transparency or automating manual processes. Rynes emphasized the necessity for these diverse public and private blockchain ledgers to communicate and share data across agencies through cross-chain interoperability standards.

Furthermore, he highlighted the need for agencies to seamlessly connect their existing backend systems and infrastructure to the various public and private chains used by the government through an abstraction layer. Agencies aiming to automate manual processes using blockchain will require access to external data resources to securely trigger smart contract functions using oracles.

Rynes concluded that a unified platform is essential to meet all these requirements for off-chain data, cross-chain interoperability, and legacy system connections.

#Blockchain #USGovernment #Interoperability #SmartContracts #PublicPrivatePartnership #Transparency #LegacySystems #CrossChain #Oracles

🚀 Binance Futures Launches MERLUSDT Perpetual Contract With Up to 50x Leverage

Binance Futures to Launch MERLUSDT Perpetual Contract With 50x Leverage on May 29Binance Futures continues expanding its derivatives offerings with the launch of the MERLUSDT perpetual contract, allowing users to trade Merlin Chain’s native token (MERL) against USDT with up to 50x leverage.Launch Date:May 29, 2025, at 08:30 UTCTrading Pair: MERLUSDT (USDⓈ-Margined Perpetual Contract)Key Contract Details:FeatureDetailsUnderlying AssetMERL (Merlin Chain)Settlement AssetUSDTLeverageUp to 50xFunding Rate Cap±2.00%Funding IntervalEvery 4 hoursTick Size0.00001Trading Hours24/7Multi-Assets ModeSupportedContract Address0xa0c56a8... Futures Copy Trading:MERLUSDT will also be available for Futures Copy Trading within 24 hours of its launch.What Is Merlin Chain (MERL)?Merlin Chain is a Layer 2 scaling solution designed for the Bitcoin ecosystem. It integrates ZK-Rollup networks, decentralized oracles, and fraud-proof mechanisms to enhance security, scalability, and interoperability for Bitcoin-based applications. The project aims to extend Bitcoin’s use cases beyond store-of-value, tapping into DeFi and Web3 utility.Additional NotesThe Multi-Assets Mode allows users to trade MERLUSDT using different margin assets like BTC.Trading this contract is independent of spot listing status.Binance may adjust parameters such as funding fees or leverage based on market conditions.MERL is already listed on Binance Alpha Market.

#Binance #Futures #MERLUSDT #PerpetualContract #Leverage #MerlinChain #Trading #DeFi #Web3 #Crypto #Bitcoin #Layer2 #ZKRollup #Decentralized #Oracles #FundingRate #CopyTrading #BTC

🚀 OCEAN Pool Executive to Exit Crypto Industry Over Bitcoin Core Changes

According to PANews, Jason Hughes, Vice President of OCEAN Pool, has announced his decision to sell all his Bitcoin holdings and leave the cryptocurrency industry. This move is in protest against the recent OP_RETURN change approved by the Bitcoin Core development team. The change, set to be implemented in the Bitcoin Core 30 version in October, will remove the 80-byte OP_RETURN output limit and allow the default memory pool to support transactions up to 4MB. This adjustment aims to accommodate applications such as DAOs, oracles, and stablecoins.

In an open letter, Hughes expressed his dissatisfaction, stating, "52 days ago, Bitcoin Core development still maintained its principles," and lamented that "the qualities that made Bitcoin unique no longer exist." He plans to resign when the changes take effect in October and has already received job offers from several non-crypto companies.

#OCEANPool #Bitcoin #CryptoIndustry #BitcoinCore #OPRETURN #DAOs #Oracles #Stablecoins #Blockchain #BTC

🚀 EigenCloud to Announce New Developments in AI and Blockchain Applications

According to Foresight News, EigenCloud is set to reveal new advancements. The platform will support applications across various sectors, including artificial intelligence (AI), A2A, decentralized finance (DeFi), zkTLS, real-world assets (RWAs), DeFAI, decentralized physical infrastructure networks (DePIN), smart agents, rollups, and oracles.

Previously, Eigen Labs introduced the developer platform EigenCloud, with a16z crypto investing $70 million by purchasing EIGEN tokens directly.

#EigenCloud #AI #A2A #DeFi #zkTLS #RWAs #DeFAI #DePIN #SmartAgents #Rollups #Oracles #EigenLabs #EIGEN

🚀 FTSE Russell Partners with Chainlink to Publish Indices on Blockchain

According to BlockBeats, FTSE Russell, a global index provider, has partnered with Chainlink to publish its benchmark stock and digital asset indices on the blockchain. This collaboration highlights the growing use of blockchain technology in delivering institutional-grade market data.

Chainlink announced that through its oracle network-driven institutional-grade publishing service, DataLink, data from the Russell 1000 Index, Russell 2000 Index, Russell 3000 Small Cap Index, FTSE 100 Index, and several digital asset benchmark indices will be accessible on multiple blockchains.

The Russell series indices are widely used as benchmarks for U.S. small and mid-cap stocks, with assets tracking these indices exceeding $18 trillion globally.

FTSE Russell CEO Fiona Bassett stated that this move is part of the company's strategy to drive innovation around tokenized assets and support the development of exchange-traded funds (ETFs).

#FTSERussell #Chainlink #Blockchain #DataLink #Russell1000 #Russell2000 #Russell3000 #FTSE100 #DigitalAssets #MarketData #InstitutionalGrade #TokenizedAssets #ETFs #IndexProvider #Oracles #BlockchainTechnology

🚀 Chainlink Labs Joins Global Alliance to Boost KRW Stablecoin Adoption

Chainlink Labs has become a member of the Global Alliance for KRW Stablecoin (GAKS), an initiative led by Wemade, to promote the adoption and infrastructure of Korean won-backed stablecoins. According to NS3.AI, the alliance aims to focus on technical standardization, compliance, and enhancing reliability in line with global financial standards. Chainlink's expertise in oracles and institutional-grade infrastructure is expected to support the development of next-generation stablecoins in Korea and the APAC region.

#ChainlinkLabs #GlobalAlliance #KRWStablecoin #GAKS #Wemade #KoreanWon #StablecoinAdoption #Oracles #InstitutionalInfrastructure #NextGenerationStablecoins #APAC #LINK