NFT News by Thebittimes.Com

Paradigm, one of Blast’s seed investors, criticized the protocol’s decision to launch a bridge before its L-2 and withdraw capability. Crypto venture capital firm Paradigm criticized Blast’s protocol marketing strategy, claiming the startup “crossed lines in both messaging and execution." The VC firm is a seed investor in Blast. The head of research at Paradigm, Dan Robinson, shared a statement on X (formerly Twitter) expressing disagreement about Blast’s decision to launch a bridge before its layer-2 network and to not allow withdrawals for three months. “We think it sets a bad precedent for other projects,” Robinson wrote, adding that “much of the marketing cheapens the work of a serious team.” There are a lot of components of Blast that I’m excited about and would be interested in engaging with people on. That said, we at Paradigm think the announcement this week crossed lines in both messaging and execution. For example, we don’t agree with the decision to launch the… — D...

The “X1” network will be part of the Polygon ecosystem and use zero-knowledge proofs to bridge assets from Ethereum. Crypto exchange OKX has launched a testnet for an upcoming Ethereum layer-2 network named “X1,” according to a Nov. 14 announcement. The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals between layers. OKX exchange interface. Source: OKX OKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in trading volume per day, according to data from CoinMarketCap. Its token, OKB, has a current market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When a mainnet version of the new network is launched, OKB will be the native coin used to pay gas fees on it, the announcement stated. X1 is being developed using the Polygon CDK, potentially making it part of the broader Polygon ecosystem that includes Polygon zero-knowledge Ethereu...

Transactions on Optimism recently eclipsed the Arbitrum network, but do the project’s fundamentals support a sustainable growth trajectory? Optimism (OP) is a Layer 2 scaling solution, which operates as a separate blockchain built on top of Ethereum. Despite having a smaller total value locked (TVL) than its rivals, Optimism may still have the potential to thrive in the increasingly competitive DeFi landscape.  Being one of the pioneers in the DeF space, Optimism initially gained an initial but had to contend with fierce competition. The project has been trailing behind other scaling solutions in terms of daily transaction s for the past six months. However, in late July, the situation changed as Optimism finally overtook its main competitor Arbitrum and is showing signs of increasing demand from users . The rise of Layer 2 scaling solutions The increase in Layer 2 activity on Ethereum has been significant, surpassing mainnet activity by more than four times, according to data from L...