Interesting Developments Taking Place in the Crypto Space

As the blockchain sector continues to grow, new developments are taking place. Let's look at some interesting developments in the blockchain space.

Decentralized applications are helping blockchain adoption

There has been a proliferation of blockchain applications, which the advent of smart contracts may have driven. The term "smart contracts" is often used in business to refer to digital agreements that expedite operational procedures. The terms of an agreement between two parties may be stored on a distributed ledger as a computer program if it is a smart contract. Electronic signatures are an option for all parties involved in this agreement. 

Consequently, the agreement is irrevocable and cannot be modified by anyone. Furthermore, when certain conditions are met, smart contracts on the blockchain will automatically execute according to the terms they contain. This indicates that for the whole negotiation process, no third parties will be required to assist in bringing the two sides together and reaching a solution. 

Even businesses that do not have the resources to devote years to studying and constructing their very own blockchain network may still be able to reap the benefits of the accessibility afforded by smart contract algorithms that are based on blockchain technology. In addition, the current use of blockchain technology has made it possible to put into practice the algorithms behind smart contracts. 

Businesses may exploit the immutability of smart contracts by creating them on blockchains hosted by firms like Ethereum, Solana, and Cardano. This allows businesses to make use of the immutability of smart contracts. Companies might realize the advantages of such agreements in this manner. There are many ways in which the use of smart contracts can significantly enhance efficiency, including contexts in which there are several possible failure points.

DFG and Jsquare lead $1.8 million in pre-seed funding for DAM Finance's cross-chain stablecoin

dPRIME Asset Modules Finance (" DAM Finance" or "DAM"), a protocol for creating purchasing power from cross-chain token portfolios, recently closed a $1.8 million pre-seed funding round led by Digital Finance Group ("DFG") and Jsquare.

DFG, a global blockchain, and cryptocurrency investment firm with more than $1 billion in assets under management, and Jsquare, a research and tech-driven investment firm focused on facilitating blockchain mass adoption, are joined by Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures and prominent angels within the Dotsama community as participants in the round. Funding will accelerate development towards DAM's mainnet launch, currently scheduled for later this year.

DAM enables borrowers to deposit baskets of tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam. This innovation provides borrowers more flexibility in purchasing power creation and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral.

Previously at firms such as R3, Myria, Fidelity, Oak Hill Capital, EY, and IC Group, the project's core contributors have backgrounds in enterprise and public blockchains, asset management, and data science. As a result, protocol risk management will be a major focus area for DAM.

James Wo (@realjameswo), Founder and CEO of DFG, commented, "DFG is a strong backer of Polkadot and Kusama ecosystem, and DAM stands out from most of the multi-chain and cross-chain projects by showing its great competence in unlocking on-chain liquidity. We are also very confident about the coming launch of the dPRIME stablecoin. DFG will continuously support DAM to achieve a greater DeFi user experience."

Joanna Liang (@joanna_jsquare), Co-Founder and CEO of Jsquare, commented:

"As a research and tech-driven investment firm focused on facilitating blockchain mass adoption, we are excited to see DAM has the great potential to unlock liquidity from diversified token portfolios and create huge purchasing power for investors. It's an innovative design to increase the liquidity of the cross-chain long-tail assets. We're proud to be the leading investor to support the team to make it."

Harrison Comfort (@hoco_dam), Co-Founder and Product Lead of DAM, commented, "Our goal is to significantly improve upon the current DeFi borrowing experience by embracing the reality that web3 investors have increasingly diverse portfolios across multiple chains. We are fortunate to have a group of backers led by DFG and Jsquare that can help us realize our cross-chain vision while also supporting our strong emphasis on risk management."

The Metaverse is growing

The concept of a virtual metaverse has piqued the curiosity of some major companies in the world. While it is unclear whether a centralized or decentralized metaverse will become the most popular option, both versions will certainly grow in popularity.

When blockchain technology is used in the metaverse, it has the potential to be used to store user data on a tamper-proof, distributed ledger. This assures users that their data will not be changed. In addition, the blockchain ledgers' open verifiability will increase confidence in these freshly growing virtual worlds. 

The Sandbox and Decentraland are two examples of some of the most well-known blockchain-based metaverse projects already in development. Both hypothetical worlds are built on Ethereum, using the open architecture of the distributed computing platform to provide a trustworthy data environment for its inhabitants.

Conclusion

The cryptocurrency market grows and finds new uses as blockchain technology improves. Because of this, it is expected that the sector will continue to grow and change over time.