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Ontology is set to expand its horizons through a proposed partnership with Uniswap, one of the leading decentralized exchanges (DEXs). Integrating Uniswap V3 onto the Ontology EVM is expected to bring numerous benefits to both ecosystems, including enhanced user experience, increased scalability, and the exploration of new decentralized finance (DeFi) possibilities.

This collaborative effort aims to leverage the strengths of both platforms to create a vibrant and dynamic DeFi environment. The proposal, backed by a liquidity provision of $2 million USDT and a $1 million USDT liquidity incentive from the Ontology Foundation, demonstrates the commitment to encouraging early liquidity on the network.

The integration will utilize multiple secure bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, ensuring robust cross-chain functionality. By combining their expertise and resources, Uniswap and Ontology strive to complete the integration within a 6-week timeframe upon approval.

The motivation behind this partnership is twofold. Firstly, the integration aims to leverage the robust Ontology infrastructure to expand Uniswaps user base and functionality. The Ontology Network, a public blockchain project and distributed trust collaboration platform, focuses on identity and data management. Its adaptable and modular architecture seamlessly integrates with various industries and businesses.

By incorporating Uniswap V3 onto the Ontology EVM, the partnership seeks to enhance the value proposition for both platforms and foster a more vibrant DeFi ecosystem. Secondly, the partnership is driven by Ontologys commitment to constantly seeking new collaborations to strengthen its position in the blockchain space.

With its support for Solidity smart contracts running on an Ethereum Virtual Machine (EVM) environment, Ontology offers developers the ability to use familiar tools and frameworks, such as MetaMask wallet, web3.js library, Truffle, and Hardhat development frameworks, for writing, testing, deploying, and running EVM contracts on the Ontology testnet and mainnet.

Furthermore, Ontologys multi-VM support, which includes native contracts, NeoVM contracts, and WebAssembly (WASM) VM contracts, offers developers flexibility and optimal performance when building on the Ontology Network. The Ontology ecosystem already boasts a thriving network of partnerships across diverse sectors, including finance, mobility, music, and decentralized identity.

Notable collaborations include Wing Finance, a DeFi platform built on Ontology that focuses on credit-based lending and borrowing, and Daimler Mobility, which explores blockchain technologys potential in the automotive and mobility sectors. These partnerships highlight Ontologys versatility and adaptability in catering to different industries and delivering value to its users.

In terms of legal standing, the Ontology Foundation is a legal entity incorporated in Singapore, and it declares no past or existing financial or contractual relationship with Uniswap Labs, UNI token, or investments of Uniswap Labs Ventures, ensuring transparency and a conflict-free partnership.

The integration process will mitigate potential risks, such as smart contract vulnerabilities and interoperability issues, through rigorous testing, audits, and using proven security measures. Existing bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, will be leveraged to ensure seamless integration and enhanced security. These bridges have undergone thorough audits by reputable firms such as BlockSec, PeckShield, and CertiK.

Key performance indicators (KPIs) will measure the partnerships success, including user adoption rates, liquidity provision, and trading volume. The desired outcomes include successfully integrating Uniswap V3 onto the Ontology EVM, increased user adoption, higher trading volume, and enhanced liquidity provision. By achieving these objectives, the partnership aims to solidify the position of both Uniswap and Ontology as leading players in the DeFi landscape.

To facilitate the integration, the Ontology Foundation will allocate a total of $2 million USDT for liquidity pools, covering popular trading pairs such as WONT-pUSDT, WONT-pUSDC, WONT-WONG, WONT-pWBTC, and ONT-pETH. Additionally, a $1 million USDT liquidity incentive will be provided to bootstrap early liquidity on the Network, encouraging users to participate actively in the decentralized exchange.

The milestones for this engagement indicate an efficient and timely process. Upon approval, the deployment of Uniswap V3 on the Ontology EVM is expected to be completed within a six-week timeframe. This timeframe reflects the commitment of both Uniswap and Ontology to swiftly realize the integration and provide users with enhanced DeFi capabilities.

The duration of the partnership will be reevaluated for renewal every two years, ensuring that both parties can assess the collaborations progress, success, and evolving needs. This commitment to regular evaluation and renewal highlights the long-term vision of the partnership and its potential to evolve and adapt to the changing dynamics of the DeFi ecosystem.

The license exemption details further solidify the collaboration between Uniswap and Ontology. The Ontology Foundation will deploy Uniswap V3 on the Ontology EVM, leveraging its high-performance public blockchain and cooperative trust collaboration platform. This license exemption enables seamless integration and ensures that both platforms can work together effectively to deliver enhanced services to their respective communities.

Integrating Uniswap V3 onto the Ontology EVM holds immense potential for the DeFi landscape. Uniswaps cutting-edge technology, combined with Ontologys robust infrastructure, will unlock new opportunities for decentralized trading, liquidity provision, and innovative financial products.

By tapping into the strengths of both platforms and leveraging their established user bases, the partnership aims to create a more inclusive, scalable, and efficient DeFi ecosystem. Furthermore, this collaboration aligns with the broader industry trend of interoperability and cross-chain functionality.

By utilizing secure bridges such as Ontology Bridge, Poly Network, Multichain, and cBridge, the integration will enable seamless interaction between the Ontology and Ethereum ecosystems. This cross-chain interoperability will open up new possibilities for liquidity sharing, asset transfers, and collaboration between different blockchain networks, further strengthening the DeFi landscape as a whole.

Users can expect enhanced liquidity provision, improved user experience, and new opportunities for decentralized trading and financial innovation as the integration progresses. The collaboration between Uniswap and Ontology sets a precedent for future partnerships in the DeFi space, highlighting the industrys drive towards interoperability and collaboration to deliver greater value and possibilities for the global blockchain community.

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Uniswap V3 and Ontology EVM Integration Proposal: Empowering ... - Blockchain Reporter

The Shiba Inu community will soon welcome the Verified Open Randomness (VOR) and Oracle of Oracles (OoO) smart contracts on the Shibarium testnet.

The Unification Foundation, the non-profit organization behind the Unification Protocol and Shibarium, has issued a progress report regarding Shibarium. The team recently announced their ongoing efforts to implement OoO and VOR contracts on the Shibarium testnet.

Lucie, a prominent Shiba Inu community influencer, drew public attention to the update in a tweet today, citing an excerpt from an official Medium post.

Per the excerpt, Unification is currently focusing on integrating the Verified Open Randomness and Oracle of Oracles (OoO) smart contracts onto the Shibarium test network, Puppynet.

VOR is a contract used for producing verifiably random outputs, essential for applications such as lottery systems and gaming dApps requiring randomness.

Oracles are smart contracts that can retrieve data, such as crypto prices, from external sources, and provide that data to the blockchain. They facilitate this by acting as bridges between the real world and the blockchain.

However, oracles are vulnerable to attacks that can lead to exploitation, such as the manipulation of asset prices. To address this issue, Unification introduced the Oracle of Oracles, which is resistant to hacking. They are now working towards deploying it on the Shibarium testnet.

Unification disclosed that they had deployed a test FUND token on the Shibarium testnet and linked the main Ethereum Goerli test network (L1) to the Shibarium test network (L2) via a bridge. The team further noted that they successfully transferred xFUND test tokens between both networks without any complications.

Unification revealed that their next plan is to deploy the 000 and VOR Router smart contracts on the Shibarium testnet. With the VOR Router, other smart contracts can utilize the VOR contract to generate random values. Following the deployment of these smart contracts, the team will activate the Oracle applications to serve data requests.

This update shows that progress is being made toward the eventual launch of the Shibarium mainnet. Moreover, with VOR, developers can create games, lotteries, and other applications that require a random element to function properly. This should help introduce such dApps to the network.

Furthermore, the integration of OoO on Shibarium guarantees that dApp oracles are impervious to hacks and flash loan attacks, instilling trust among builders and encouraging more participation on the layer-2 network.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Shiba Inu: Unification Provides Major Update on Shibarium - The Crypto Basic

Evmos has announced the successful launch of EVM Extensions to support advanced cross-chain functionalities for decentralized applications between two major ecosystems in the Web3 space.

Evmos is a blockchain network that creates and ships the foundational tools necessary for developing the cross-chain applications of the future. For the first time ever, EVM Extensions will empower developers to deploy smart contacts and applications that tap into the advanced functionality and high customization abilities within IBC and other Cosmos features without deploying a custom appchain. EVM extensions, alongside Cosmos outposts, will allow users to manage liquidity and access applications on multiple networks all in one interface.

For the first time ever, EVM Extensions make it possible to customize smart contracts and applications with the functionality of IBC and other Cosmos SDK modules, says Federico Kunze Kllmer, Co-Founder of Evmos. Developers can now create their own business logic that automatically connects with smart contracts and app chains in the Cosmos ecosystem, freeing them from the limitations of a single blockchain. This takes the capabilities of the EVM beyond its original specificationswith new use cases for interoperable applications and blockchains like cross-chain DeFi, ReFi, and NFTswithout breaking equivalence with Ethereums execution layer.

EVM Extensions unlock new use cases for interoperable applications:

Evmos has developed this functionality so that EVM-based blockchains can leverage advanced interoperability and send IBC transactions to other chains in the Cosmos ecosystem.

Evmos partnered with DoraHacks to kick off the launch of EVM Extensions with a global virtual EVM Extension Hackathon with $98K in prizes for cross-chain builders. Project submissions are open until May 26th. Sign up here: https://dorahacks.io/hackathon/EVM/detail

AboutEvmos is the leading Ethereum Virtual Machine-based blockchain in the Cosmos ecosystem, providing compatibility to dApps across any number of EVM and Cosmos-based blockchains. The Evmos mainnet launched in March 2022.

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Evmos Launches EVM Extensions, Freeing Developers From Siloed ... - Crypto Reporter

BERMEN, GERMANY / ACCESSWIRE / May 12, 2023 / SuiDex is a groundbreaking Automated Market Maker (AMM) on the SUI blockchain that has been designed to facilitate decentralized token swaps. The protocol has been created using smart contracts that have been written in the MOVE language and published on the SUI mainnet/testnet.

Written in Move: A New Smart Contract Language Designed with Security

The SuiDex protocol has been developed using the MOVE smart contract language. This is a new programming language that has been specifically designed for creating secure and safe smart contracts. The language has been developed by the team at Facebook and is quickly becoming the go-to language for smart contract development on the Libra blockchain.

High-Speed Transactions

The SuiDex protocol is built on the SUI blockchain, which is known for its fast transaction times and low fees. This means that users can trade tokens quickly and easily, without having to worry about slow transaction times or high fees.

Lower Trading Fees than Other Top Decentralized Exchanges

Another innovative feature of the SuiDex protocol is the treasury. This is a pool of funds that receives a part of every swap transaction fee. This creates a sustainable revenue stream for the SuiDex protocol, which can be used to fund ongoing development and support.

In conclusion, SuiDex is a groundbreaking AMM that has been designed to enable safe and decentralized token swaps on the SUI blockchain. The protocol offers a range of innovative features, including uncorrelated token swaps, stable swaps for correlated assets, a treasury that receives a part of every swap transaction fee, and high-speed transactions. It is also written in the MOVE smart contract language, which has been specifically designed for creating secure and safe smart contracts. With its low trading fees and fast transaction times, SuiDex is quickly becoming one of the most popular decentralized exchanges for trading tokens.

Media Contact:

Name: Sebastian KevEmail: [emailprotected]

SOURCE: SuiDex

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SuiDex: Enabling Safe and Decentralized Token Swaps on the SUI ... - AccessWire

CoinDesks Consensus 2023 conference brought together thought leaders and innovators from across the digital assets industry. Among the greatest strengths of the conference was the diversity of attendees and speakers, ranging from software developers to regulators, and venture capitalists to human rights activists.

This meeting of the minds produced rich, thought-provoking dialogue onstage, and demonstrated that the digital asset communitys commitment to delivering revolutionary products remains unwavering. After three full days of discussion about how blockchain technology and digital assets can protect property rights in an increasingly digital world, drive exponential efficiencies in enterprise operations, and inspire a new generation of consumer applications, Consensus 2023 made clear that optimism across the digital assets industry is at an all-time high.

Since the advent of the consumer internet, the digitization of society has been relentless. Today, most information originates in a digital rather than an analog format. With exponential advances in consumer hardware and software, this endless trove of information can be accessed anywhere. Individuals also have access to tools that allow them to repurpose and remix this data, whether for altruistic or malicious purposes. This trend has long raised concerns surrounding data integrity and protection, but several speakers at Consensus 2023 discussed how advancements in artificial intelligence have brought a new sense of urgency to these issues.

In this vein, a throughline of Consensus 2023 was the fundamental role that blockchains can play in validating information, authenticating provenance, and protecting creator rights. Speakers largely focused on two characteristics of blockchains that predispose them to these use cases: the use of asymmetric cryptography, and decentralization. Asymmetric, or public-key cryptography, relies on key pairsa public key and a correspondent private keyto both encrypt and decrypt data. This key pair is tied to an entity, an address, or some other identifier and allows for secure digital signatures to be applied to a message or data file. When run on blockchain infrastructure that is highly decentralized, transparent, globally accessible, and tamper-resistant, public blockchains can become credibly neutral applications used to authenticate the provenance of data and serve as a trustless source of truth.

AIs emergence into the world of art and music was a fascinating case study used to highlight how blockchain infrastructure could provide this critical service. As evidence of impressive and concerning advancements in AI, several speakers pointed to detailed art created by Dall-E2 as well as an AI-generated song with vocals mimicking Drake and The Weeknd on a song called Heart on My Sleeve. While these case studies illustrate the immense creative potential of AI, they also challenge concepts of originality and authenticity. Moreover, they raise countless technical, ethical, and legal questions regarding the attribution of credit for these works.

Speakers discussed the powerful solution that blockchain technology could provide in addressing these issues. By cryptographically tagging data files to an identity, whether that data is in the form of a drumbeat, a brush stroke, or a piece of text, blockchains allow for the efficient and secure tracking of data provenance. The transparency of blockchains also allows anyone to easily access and independently verify the authenticity of these tags. The result is the ability to track the original source of data used in the creative process by humans and AI bots alike and ultimately allow for the attribution of credit to the true originators of those inputs.

This application of blockchain technology was also proposed as an effective tool for combatting misinformation. Speakers focused on the growing threat to society of deep fakessynthetic representations of an individuals likeness, speech, or actions often achieved by using generative AI. As AI advancements continue to accelerate, the quality of these fakes has become increasingly difficult to discern from reality. However, through the use of cryptographic hash functions, among other mechanisms, blockchains provide an efficient method to verifiably prove whether data has been manipulated from its original format. Ultimately, these attributes may position blockchain infrastructure as a critical component in the protection of data integrity and property rights.

AI continued to emerge as a recurring discussion throughout Consensus 2023, with experts exploring the synergies between AI and blockchains. Industry leaders are optimistic about the introduction of AI in the blockchain sphere, and how it is likely to help address some of the challenges that have hindered the development of the space, including technical competence when deploying applications and the security of its code.

Coding a smart contract in a blockchain requires a high level of technical competence including software know-how, familiarity with languages such as Solidity and Rust, and an understanding of blockchain network infrastructure. These technical barriers can pose challenges due to the complexity of the code required and the need for precision in its execution. Through AI tools, developers can automate parts of the smart contract writing process, reducing the amount of time, resources, and personnel costs associated with creating complex contracts. Smart contract deployment is expected to be limited by developer creativity rather than technical ability or heavy investment in resources and unlock a new wave of creativity and innovation by making it easier than ever to deploy new ideas on blockchains.

Moreover, AI can support code auditing in order to identify and fix errors in smart contracts before they are deployed, reducing the risk of costly bugs or security flaws. Today, the process of deploying blockchain applications relies on a long series of manual and specialized audits, bug bounties, and hackathons to discover potentially compromising vulnerabilities within the smart contract code. This process is not only costly but may lack security guarantees due to unforeseen weaknesses that may be missed through human review. AI can offer improved solutions to the auditing process by efficiently modeling synthetic malicious scenarios, detecting bugs that may be missed by the human eye, analyzing vast amounts of data, and even identifying potential scams in external smart contracts. These capabilities represent a significant step forward in the ongoing effort to improve smart contract security and make blockchain applications more reliable and secure for users.

Another prevalent topic throughout the conference centered around the importance of improving the blockchain user experience (UX). Speakers from across the industry cited the technical knowledge required to interact with blockchain networks as a significant barrier to driving organic user growth. As internet users have become accustomed to seamless web interfaces and intuitive gesturing on mobile devices, interacting with public blockchains in their current state is a foreign experience. For the next wave of users to be onboarded, speakers emphasized the need to make blockchain interactions as easy as our Web2 experiences, removing any need to understand underlying blockchain processes.

Smart contract accounts used to facilitate account abstraction were among the most interesting solutions explored. Through account abstraction, developers can reduce the complexity of blockchain networks, allowing users to interact with Web3 in a way that is similar to their Web2 experience. These solutions can improve blockchain-native interfaces by providing alternatives to private key management through social recovery mechanisms, simplifying the process of paying for transaction fees, providing a more intuitive login experience, and managing user data through friendlier mechanisms.

Layer 2 (L2) solutions are another avenue through which improvements to UX are being implemented. These complementary blockchain networks provide advantages such as reduced transaction fees, increased transactional throughput, and privacy-preserving features. Additionally, L2 networks inherit the security and network effects of underlying layer 1 (L1) networks such as Ethereum. The result of innovations in L2 scaling opens the door for a Cambrian explosion in the possible implementations of blockchain technology.

As the pursuit of onboarding the next wave of users to blockchain networks intensifies, notable Web2 entities used the stage at Consensus 2023 to highlight their contributions. PayPal introduced a new feature that will allow its customers to transfer digital assets across the Web3 ecosystem from the Venmo app. Robinhood introduced Robinhood Connect, a new feature allowing users to tap into their existing Robinhood account to fund supported Web3 wallets and/or decentralized applications (dapps). This feature may simplify a users access to fiat currencies and eliminate complex on-ramping processes. Google Cloud continued to cement its presence in the Web3 community by partnering with Polygon, an L2 solution designed to enhance Ethereums scalability. The collaboration is anticipated to empower developers to tap into Polygon nodes in order to create and deploy dapps. Google Cloud also plans to dedicate technical resources to developing tools such as zero-knowledge (ZK) technology. The collaboration adds to Googles Web3 startup program, which includes prominent names such as Alchemy, Aptos, Base, Celo, Flow, Hedera, Nansen, Near, and Solana.

Many speakers were also interested in highlighting real-world applications of blockchain technology. Among those discussed were the efficiencies associated with tokenizing real-world assets (RWA). Specifically, Securitize CEO Carlos Domingo shared that institutions are exploring tokenization solutions through permissioned L2s. Domingo discussed the potential advantages of taking such an approach to tokenizing private equity funds. This can enable a significant reduction in investment minimums, improve asset transparency and liquidity, preserve the ability to interact with the permissioned versions of todays most popular DeFi dapps, and leverage the strong data settlement assurance of L1 blockchains.

Franklin Templetons adoption of asset tokenization provided a tangible example of this vision at work. At Consensus 2023, Franklin Templeton announced that its US-registered mutual fund, the Franklin OnChain US Government Money Fund (FOBXX), will expand to the Polygon blockchain, tapping into the Ethereum network. FOBXX is the first US-registered mutual fund to use a public blockchain for transactions and share ownership recording. The fund is currently active on the Stellar blockchain with over $270 million in assets under management.1

From a business-to-business (B2B) perspective, Ernst & Youngs Global Blockchain Leader, Paul B. Brody, acknowledged that the continual improvements to blockchain scalability and privacy are allowing enterprises to explore system management solutions, implement smart contract processes for shared business logic, and even provide a more effective timestamp process for supply chain management.

Overall, we left Consensus 2023 with renewed conviction in the digital assets theme. The innovations discussed reinforced our view that blockchain technology is on a path toward becoming an increasingly important part of the lives of people around the world. While it is clear there is much that needs to be built for this industry to become mainstream, we see a long runway of growth and utility ahead.

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Consensus 2023: The Key Takeaways Global X ETFs - Global X