ChainCatcher news, according to appfigures data, the Solana ecosystem crypto wallet Phantom ranks second in the free utility app category in the US App Store, second only to Google.Additionally, according to the Web3 asset data platform RootData, Phantom is a user-friendly crypto wallet that allows users to securely and easily store, buy, send, receive, trade tokens, and collect NFTs on the Solana blockchain.

ChainCatcher news, Li Rongbin, founding partner of SevenX Ventures, stated during the "User-Centric: Exploring New Opportunities for Web3 Applications" Space organized by RootData that over the past year, projects supported by venture capital (VC) have become increasingly unpopular, with many cryptocurrencies listed on centralized exchanges performing poorly, and the crypto market has returned to the on-chain era.He pointed out that this is a constantly swinging process, involving not only centralization and decentralization but also the pursuit of meaning and utility. For example, Ethereum was once the leader in the single-chain era, but the market has now evolved into a multi-chain competitive landscape. Throughout this process, Ethereum has experienced multiple ups and downs.Overall, the crypto market resembles a pendulum that is constantly swinging, with market trends changing dynamically.

ChainCatcher news, Four Pillars analysts pointed out that the EIGEN token of the restaking protocol EigenLayer has been hovering between $3 and $4 since its listing on October 1, a significant drop from the $13 price in the over-the-counter market earlier this year. Analysis shows that the unclear utility of the token and the selling pressure from airdrops are the main reasons for EIGEN's poor performance.In the white paper released in April 2024, EigenLayer describes EIGEN as a "Universal Intersubjective Work Token," a complex concept that is difficult for ordinary investors to understand. The functions of EIGEN are mainly reflected in three aspects: cross-chain universality, network task execution capability, and the ability to address subjectivity failures. These complex functions are hard to communicate clearly to ordinary investors, affecting the market's perception of EIGEN's value.The selling pressure from airdrops is also an important factor in the decline of EIGEN's price. Of the 185 million EIGEN tokens in circulation, approximately 46% (86 million EIGEN) were distributed through airdrops. This includes tokens allocated to institutional investors and cryptocurrency whales such as Blockchain Capital and Galaxy Digital. Additionally, Justin Sun and GCR reportedly transferred airdropped EIGEN worth approximately $8.75 million and $1.06 million, respectively, to centralized exchanges, exacerbating the selling pressure. The EigenLayer Foundation recently announced that approximately 1.67 million EIGEN were stolen in a hacker attack, further undermining market confidence.

ChainCatcher news, DWF Labs co-founder Andrei Grachev posted on the X platform stating that the market is gradually dividing into three main categories: regulated tokens (I suspect that the BRICS countries and the US laws will be implemented first, followed by other countries), ordinary utility tokens and some stablecoins, and community-driven tokens.It is best to prepare in advance and seize the opportunities brought by these changes as much as possible; change means opportunity.

ChainCatcher message, the Arbitrum DAO proposes a staking proposal for the ARB token, aimed at enhancing the efficiency and security of protocol governance. This proposal will introduce ARB staking functionality, but will not allocate fees to token holders for the time being. The liquid-staked ARB tokens (stARB) implemented through the Tally protocol will support future rewards for automatic compounding, re-staking, and will be compatible with DeFi.The proposal aims to address the challenges faced by the ARB token in terms of value accumulation and governance mechanisms, while also tackling the security risks that may arise from the Arbitrum DAO treasury accumulating a large amount of ETH. A complete ARB staking implementation plan is expected to be submitted in October this year, with development costs estimated at around 200,000 USD worth of ARB tokens.

ChainCatcher news, according to the Snapshot governance page, Tally's Head of Market Operations Frisson has initiated a proposal vote in the Arbitrum community titled "Unlock Token Utility by Enabling ARB Staking," with voting ending on August 16.The proposal suggests unlocking ARB utility by enabling ARB staking and improving the governance and security of the Arbitrum protocol, but it will not temporarily open up fee distribution to token holders. By staking ARB, tokens will be delegated to users actively participating in governance, allowing token holders to capture value. The proposal also plans to implement a liquid staking ARB token (stARB) through the Tally protocol, which can automatically compound any future rewards and can be (re)staked, making it compatible with DeFi. Additionally, the proposal initiators state they will collaborate with the Arbitrum DAO to decide whether and how to fund rewards and distribute them between token holders and delegators.

ChainCatcher news, the DePIN project IoTeX has released the IoTeX 2.0 white paper, which details the composable modules, unified trust layer, and new token economics, with plans to onboard 100 million devices and unlock trillions of dollars in value over the next 3-5 years.The token economics of IoTeX 2.0 will expand the utility of IOTX, rewarding stakeholders based on their contributions, balancing inflationary staking rewards with usage-based deflationary burns, while incentivizing DePIN dApps and L2 to leverage its modular infrastructure.

According to ChainCatcher news, Yat Siu, co-founder of Animoca Brands, stated in a media interview regarding the launch of MOCA Coin that this token is unrelated to the company's stock, does not involve profit sharing, and does not grant any sharing rights. MOCA is the utility token of the Animoca Web3 ecosystem, used for payments and governance among other aspects.It is reported that in 2020, the Australian Securities Exchange delisted Animoca, citing concerns that issuing tokens as a listed company constitutes "double dipping," among other reasons.Yat Siu further stated that they are exploring the possibility of conducting an IPO in Hong Kong, Dubai, or both simultaneously by the end of 2025 or early 2026.

ChainCatcher news, according to Bitcoin.com, the President of the Central Bank of Bolivia, Edwin Rojas Ulo, mentioned the institution's recent shift in attitude towards cryptocurrencies and stablecoins. Rojas Ulo reportedly stated that he believes incorporating cryptocurrencies into the national financial system could bring benefits as an alternative solution, and discussed the role of stablecoins as a substitute for the dollar.Rojas Ulo stated that the decentralization of crypto assets "will benefit commercial and private activities for purchasing services, and of course, it can meet different needs." However, he acknowledged that certain assets like Bitcoin can be used as investment tools to gain returns, but their volatility may be detrimental to users. Additionally, he mentioned that stablecoins like USDT, which are pegged to the dollar, provide different advantages for users who cannot access dollars.However, the Central Bank of Bolivia emphasized that the only officially accepted currency in the country is the Boliviano, and Bolivians are not obligated to accept cryptocurrencies as a means of payment. Similarly, the bank warned that the risks associated with using and selling cryptocurrencies must be borne by their holders.

ChainCatcher message, the WOO token has adopted the LayerZero's Omni-Chain Fungible Token (OFT) standard on the Bitcoin Layer 2 network Merlin Chain. Holders can now seamlessly access OFT through WOOFi Swap, transferring WOO tokens from Ethereum to Merlin Chain without slippage or fees.

ChainCatcher message, OKX CEO Xu Mingxing stated on social media to clarify that the vision of the OKX listing team is to discover valuable early utility tokens for customers. We do not accept listing recommendations; we research potential projects from the market and track the performance of tokens over the long term. Our listing committee will make independent decisions. Continuing to push tokens to OKX team members on Twitter will not be helpful, please stop doing so.

ChainCatcher news, Ordinals developer Leonidas clarified that Runestone is a Meme coin with no utility and no team allocation, which is being airdropped for free to the hottest communities in cryptocurrency.ChainCatcher previously reported that Ordinals developer Leonidas announced that the experimental rune project Runestone has reached 90% progress, with artwork, funding, and partners all in place. This airdrop relies entirely on volunteers, with no team allocation, and 112,383 addresses are about to receive the Runestone airdrop.

ChainCatcher news, Jupiter co-founder Meow stated during an AMA in the Solana Reddit community yesterday that they will not give JUP more utility to "pump" the price; JUP is just the governance token of Jupiter.Meow further expressed that they do not endorse the narrative of "token utility driving value." The rise of this narrative is merely due to project founders' eagerness to explain why their tokens are valuable, but in reality, most people do not care about utility; they only care about value. However, the endless focus on utility often leads to a multitude of wrong decisions, as projects endlessly study token economics, which may drive a short-term surge in token prices, but ultimately will fall back.

ChainCatcher news, the Web3 gamified social education platform Hooked Protocol has released the HOOKED 2.0 proposal to expand its social learning ecosystem, which will introduce new social learning experiences through the natively built HOOK utility, that is, the Hooked AppChain will use HOOK as the native Gas token.In addition, there will be more diverse ways to generate revenue in the new ecosystem, such as earning HOOK as ecosystem rewards through validating nodes, AppChain staking, and other ecosystem gameplay.

ChainCatcher message, crypto KOL knower stated on his social media that building application infrastructure based on large language models (LLM) is currently very complex and highly competitive. In the absence of clear solutions in the fields of artificial intelligence and crypto infrastructure, he is optimistic about the potential launch of tool tokens in the future.Additionally, he mentioned that a bull market may arrive in the next 6-12 months, and narratives around the practicality of dePIN will be more important than ever.

ChainCatcher message, the dYdX community has today voted to approve the DIP 27 proposal, upgrading the GovernanceStrategy smart contract to GovernanceStrategyV2, providing wethDYDX with the same utility and functionality as ethDYDX.The proposal aims to approve the inclusion of wethDYDX into the governance system of dYdX v3 after the snapshot vote. Specifically, it updates the governance contract of dYdX v3 by replacing the GovernanceStrategy smart contract with the GovernanceStrategyV2 smart contract, allowing wethDYDX to be used for voting and proposal rights purposes, similar to ethDYDX in dYdX v3.

ChainCatcher news, the NFT utility protocol Cardinal on the Solana chain announced on Twitter that it will gradually shut down the protocol, attributing the closure to a difficult macro environment.Cardinal is an NFT infrastructure protocol built on Solana, aimed at enhancing the utility of NFTs, including use cases such as NFT leasing, staking, ticketing, and custody. It completed a $4.4 million seed round in July 2022, led by Solana Ventures and Protagonist, with participation from Animoca Brands. (Source link)