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Crypto tokens from a new decentralized finance (DeFi) protocol World Liberty Financial (WLFI) were on sale yesterday, October 15, backed by former US President and current presidential candidate Donald Trump. However, technical faults resulted in website outages, preventing it from hitting the $5 million in sales within the first-hour mark. The WLFI token was kicked off with a goal of raising $300 million but inconsistent transaction processing led to a rocky start, casting doubt on the project’s credibility. Some analysts and traders were questioning if the system was ready for mainstream adoption. The WLFI token sale, initially restricted to whitelisted investors, commenced with an X Spaces broadcast notably lacking Trump's presence. This absence, coupled with the technical glitches, has fueled doubts within the crypto community regarding the project's legitimacy and long-term viability. Data from blockchain analytics firm Chainalysis highlighted gaps in the token availability which led to transaction processing issues. "We've observed irregular patterns in the WLFI token transactions, indicating potential backend problems or liquidity constraints," said Maria Gonzalez, a senior analyst at Chainalysis. Many crypto experts like the Chief Legal Officer of Variant Fund Jake Chervinsky criticized the timing of the WLFI token launch saying “The launch of a politically-affiliated token so close to a major election raises serious regulatory concerns. The SEC will likely scrutinize this project closely." Meanwhile, the Co-Founder of Money On Chain, Manuel Ferrari, said "The vast majority of people who will buy into Trump's DeFi project would be better served simply buying Bitcoin and holding." These concerns echo the mood across the crypto world where investors are weary of celebrity-endorsed digital assets. Although the WLFI token sale is claimed to be targeting accredited investors only, people are sceptical about it. The U.S. Securities and Exchange Commission (SEC) defines accredited investors as those with a net worth exceeding $1 million or an annual income of over $200,000. However, the project's apparent difficulty in managing sales to this exclusive group has raised eyebrows among financial experts. The WLFI website remains inaccessible although sporadic new transactions are happening. The coming days will be crucial in determining whether World Liberty Financial can overcome its initial hurdles and establish itself as a credible player in the increasingly crowded DeFi landscape.

DeFi accessibility and cost-effectiveness are on track for a new milestone, as leading DeFi lending platform Venus Protocol has announced it is expanding to the Optimism Network. This is a significant move in the multi-chain strategy of Venus Protocol which has one of the fastest-growing Layer 2 solutions in the Ethereum ecosystem. The initial launch on Optimism will feature five key markets: WBTC, WETH, USDT, USDC (native), and OP. This is a strategy to provide value to the community as Venus uses the network’s low-cost transaction and high-speed capabilities. The company is placing itself in a lead position in the field of Layer 2 DeFi innovation with the help of Optimisn’s $650 million TVL ecosystem. Venus Labs head Brad Harrison said that the company is excited to its “battle-tested DeFi services to a network known for its efficiency and growing ecosystem” as it broadens the company’s reach and is in line with its mission to enhance DeFi cost-effectiveness and accessibility. Crypto users will experience faster inexpensive transactions because of this along with improved interoperability in the blockchain network and expanded market access. It also ensures smooth integration of EVM equivalence with existing Ethereum infrastructure. Moreover, Venus Protocol's expansion makes it eligible for Optimism's Retro Funding, which has allocated 850 million OP tokens to application developers and core contributors to the Optimism Collective. The company is introducing a Venus Prime program as it expands into the Optimism network this will provide incentives to users who use the Venus ecosystem on Optimism. With this latest addition, Venus Protocol is now available on six different chains: Arbitrum, Optimism, ZKsync, Ethereum Mainnet, opBNB, and BNB Chain. This multi-chain approach ensures that the company’s services are accessible to a wide range of users across various crypto ecosystems. At present, Optimism is the third largest Layer 2 network by TVL having $3.79 billion as of April 2024 which showcases the growth potential of this ecosystem.

deBridge has launched a new feature called Hooks. It aims to automate cross-chain data and asset transfers in decentralized finance (DeFi). The launch took place on Tuesday, October 8, 2024. Hooks allows real-time data and value transfers across blockchains and is designed to enhance cross-chain operations for developers and DeFi protocols. Hooks simplifies complex interactions. It streamlines processes that previously required multiple steps, increasing efficiency for both developers and protocols. The new functionality reduces manual intervention as it automates tasks like asset distribution and user onboarding. These tasks can now be attached to cross-chain transactions. Developers can now execute multiple actions in real-time. These actions occur as cross-chain transactions are completed, enabling protocols to automate asset transfers between blockchains. Key use cases for Hooks are diverse. They include automating the distribution of assets purchased on one blockchain, allowing to send them to wallets on another chain automatically. Hooks can also manage liquidity across various chains, because it simplifies user onboarding by ensuring users have necessary funds. These funds allow users to interact with decentralized applications (dApps). The launch of Hooks reflects a broader industry trend. There is a move towards unified ecosystems. Applications aim to operate seamlessly across multiple blockchains. This trend is further evidenced by other recent developments: ZKsync has integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) into its Layer 2 ecosystem on Ethereum. The Chainlink integration enhances the capabilities of decentralized applications. It enables secure communication and token transfers across various blockchain networks. Developers can now build interoperable applications, which can bridge DeFi and traditional financial systems. This development is attracting a broader range of developers. These innovations aim to improve asset transfers and data sharing. They are part of the ongoing evolution of the DeFi sector. The sector continues to seek ways to increase efficiency and accessibility.

Base, Coinbase's Layer 2 solution, has surpassed $2 billion in Total Value Locked (TVL). This milestone positions it as the second-largest optimistic rollup in the cryptocurrency market. The achievement signals growing confidence in Base as an Ethereum scaling solution. Data from DeFiLlama shows Base's TVL at $2.116 billion. This marks a 370% increase from $430 million at the start of 2024. The TVL includes $3.63 billion in stablecoins and comprises $671.21 million in 24-hour trading volume. Base now trails only Arbitrum among optimistic rollups on Ethereum. It leads in user activity with the highest number of active addresses and also tops daily transactions among its peers. Recent data reveals 1.1 million interacting users on Base in a single day. The platform registered 8,335 new wallet addresses during the same period, this growth is largely attributed to other protocols on the network. Coinbase launched Base in August 2023. The aim was to expand into the decentralized finance (DeFi) ecosystem. Base processes transactions off-chain as an optimistic rollup and then submits periodic summaries to the Ethereum mainnet. This approach reduces congestion and lowers transaction costs. High user activity has driven Base's recent growth. Its TVL jumped from $1.6 billion on August 24, 2024, to over $2 billion in weeks. Analysts predict further growth for Base. Some suggest its TVL could exceed $3 billion by year-end. This projection assumes current momentum continues. Key protocols have contributed to Base's success. Aerodrome surpassed $1 billion in total deposits by September 26. Uniswap has also played a significant role, adding over $220 million in deposits over the past year. Base's rapid growth underscores Coinbase's strategic DeFi expansion. The platform's user-friendly interface attracts users with its low transaction costs further boost its appeal. The surge in Base's TVL reflects broader trends in the Layer 2 market. It highlights growing demand for scalable blockchain solutions. As competition intensifies, Base's performance will be closely watched by industry observers.

Andrew Saunders, chief marketing officer at Skale Labs, has voiced concerns over celebrity involvement in memecoins. He spoke at the Token2049 event in Singapore. Saunders, a former Hollywood executive, now works in the Web3 space. "I come from Hollywood, and I would never touch a celebrity memecoin," Saunders told Cointelegraph. He criticized the current state of celebrity memecoins. The executive advised staying away from such projects. Saunders highlighted key issues with celebrity tokens. He noted their similarities to most meme-based tokens. These projects often have key holders with large token supplies. This remains true even when distributed across multiple wallets. He likened memecoins to a player-versus-player game. Early investors stand to gain the most. "You're rolling the dice, right? And the longer you hold, the more likely it is you're gonna get dumped on," Saunders explained. The executive anticipates changes as regulatory clarity improves. He predicts a shift in perception of crypto in the United States. This could lead to what he terms an "arm in" model for celebrities. Saunders envisions celebrities leveraging blockchain to connect with fans. This approach could offer access to data unavailable through Web2 technologies. He proposes decentralized applications (DApps) as an alternative to celebrity tokens. A DApp could allow fans to earn points for interacting with a celebrity's social posts. These points could be exchanged for various benefits. Examples include meet-and-greets, autographed posters, or music video cameos. "I think that's where it's going to ultimately go," Saunders stated. He sees no current justification for celebrities to launch tokens. However, he believes blockchain technology will eventually see widespread celebrity adoption. Regulatory developments may influence this transition. As understanding of the technology grows, more celebrities might explore blockchain-based fan engagement. This could mark a shift away from risky memecoin ventures. The executive's insights suggest a potential evolution in celebrity Web3 involvement. DApps could offer a more sustainable and fan-friendly approach. This contrasts with the current trend of celebrity-backed tokens.