ChainCatcher news, according to official sources, Flow is about to launch the equivalent EVM Crescendo, aimed at connecting Flow to the EVM ecosystem to become one of the most scalable and powerful computing layers for developers.In addition, it is simultaneously launching a bug bounty program, seeking vulnerabilities in smart contracts, transactions, or scripts that may affect network stability or security, with the highest level bug bounty reaching $50,000.

ChainCatcher news, according to official information, Flow has released an update on the testnet migration situation: while preparing for the upcoming Crescendo testnet upgrade, we discovered that a core smart contract, FiatToken, has not yet been upgraded for Cadence 1.0. FiatToken is a key dependency that affects hundreds of contracts.To avoid disruptions in the dependency of smart contracts and to improve the developer experience for builders on Flow, the testnet upgrade has been temporarily postponed while we work with the contract owners on the upgrade. The community will be informed in a timely manner once a clear roadmap and timeline are established.

ChainCatcher news, Flow has officially released a very detailed Crescendo upgrade migration guide to help developers prepare adequately for the upcoming major network upgrade. The Crescendo upgrade will introduce EVM on Flow and Cadence 1.0, bringing significant opportunities to the Flow ecosystem. Flow officials pointed out that all developers engaged in smart contract development on Flow need to upgrade their smart contracts in a timely manner to accommodate this update.According to reports, the guide outlines the key steps developers need to take, including: fully understanding the important changes brought by this update, especially Capabilities and Entitlements; modifying and upgrading existing code according to the new standards, particularly the new FT/NFT standards; conducting comprehensive code testing using the latest Cadence 1.0 simulator; and performing staging tests of the new version of smart contracts in a controlled environment to ensure their functionality and consistency.At the same time, the guide also provides a clear migration timeline. The entire migration will take place in four phases on the Flow testnet, with each phase lasting several days, allowing developers to gradually adapt and optimize. The comprehensive upgrade of the Flow testnet is scheduled for June 19, followed by the activation of EVM functionality on the Flow testnet on June 20.

ChainCatcher news, according to official sources, Flow has announced that the Crescendo Previewnet is now live, introducing support for an equivalent EVM environment, allowing developers to build using EVM on Flow.

ChainCatcher news, LineNext, the Web3 division of the Japanese messaging app Line, has completed a $140 million financing round, led by Crescendo Equity Partners, a South Korean private equity firm backed by Peter Thiel. The funds will be used to expand its Web3 platform.Before the new round of financing, LineNext launched a browser-only beta service on its NFT platform DOSI—a consumer-to-consumer (C2C) marketplace. Woosuk Kim, the head of LineNext, stated, "So far, LineNext has focused on assessing the potential of various Web 3 services, such as NFT platforms, avatar features, games, and entertainment."

ChainCatcher news, Japan's telecommunications giant Line's NFT subsidiary Line Next announced that it has raised $140 million (approximately 180 billion Korean won) in investment from a consortium led by private equity fund management company Crescendo Equity Partners (Crescendo). Line Next will use this investment to expand its global platform business and develop new services, aiming to popularize Web3.Line Next will officially launch its NFT platform City (DOSI) in January next year, which is currently in the testing phase. LINE Next will also provide new solutions for Web2 services and brands, enabling them to directly own and trade existing digital goods, making it easier for them to adopt Web3. There are also plans to launch a social application that uses artificial intelligence (AI) technology to communicate based on the characters created, as well as a web3 game featuring Brown & Friends characters.