Everything you need to know about AKT

In this edition, we explore AKT, Ether’s investigation, EIGEN token airdrop and more.

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into LayerZero.

Key Terms

LayerZero: A blockchain interoperability protocol designed for seamless and trustless cross-chain communication.

Omnichain Interoperability: The ability to enable communication and data transfer across multiple blockchain networks.

Ultra Light Nodes (ULNs): Smart contracts that act as endpoints for verifying and facilitating cross-chain transactions and messages.

ZRO Token: The native token of the LayerZero protocol, used for governance and incentivizing network participation.

Cross-Chain Communication: The process of transferring data and tokens between different blockchain networks to enable interoperability.

What is it?

LayerZero is an omnichain interoperability protocol designed to enable secure and trustless communication between different blockchain networks. A key feature is the use of Ultra Light Nodes (ULNs), which facilitate cross-chain interactions through lightweight message passing.

What does it do?

LayerZero allows blockchains to communicate with each other directly and in a trustless manner. This capability is crucial for developing cross-chain applications and enhancing blockchain interoperability. It supports various blockchains, including Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, Fantom, and non-EVM chains like Aptos.

What does it represent?

LayerZero's focus on interoperability addresses one of the major challenges in the blockchain space — the fragmentation of blockchain ecosystems. By enabling different blockchains to communicate, LayerZero paves the way for more integrated and efficient blockchain networks. This could lead to increased innovation and adoption in the DeFi sector and beyond.

Why is it interesting?

LayerZero's ability to facilitate cross-chain communication without compromising security or decentralization makes it a critical infrastructure for the future of blockchain technology. Its implementation of ULNs and support for multiple blockchains positions it as a versatile and robust solution for developers looking to build interoperable applications.

Who are its competitors?

Polkadot, Cosmos, and Chainlink's Cross-Chain Interoperability Protocol (CCIP)

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💡 Coin Spotlight: The N+1 HODL

In this segment, we dive into the N+1 Hodl basket and discuss our altcoins. 

Coin: Akash ($AKT)

Narrative: Akash calls itself a premiere decentralized marketplace, “purpose built for public utility”.

Sector: AI, Compute 

Fundamentals: Akash empowers users to buy and sell computing resources. It is meant to be highly secure and is permissionless, with peer-to-peer communication.

Why do we hold: The market for computing resources is an innovative space that has increasing relevance with the expension of AI. 

Performance: AKT is up 315% YTD according to Coinmarketcap. 

⏰ Crypto News Recap

Ether Investigation Concluded 

On June 18th, blockchain company Consensys tweeted that the SEC has concluded its investigation into Ethereum. The SEC reportedly launched an investigation into Ethereum in March of 2023. Consensys sued the SEC in response, arguing that the SEC does not have jurisdiction over Ethereum and that it is not a security. This ultimately represents a victory for the industry.

EIGEN Token Airdrop Live

Eigenlayer’s token, EIGEN, has entered the second phase of its airdrop. In the first stage, they assigned 88% of their claimed tokens. Phase 2 is focused on distribution to individuals who participated in DeFi and Liquid Restaking Token (LRT) before March 15th. This is intended to represent the final airdrop for EIGEN.

FDIC Chair Christy Romero 

The Biden administration selected Christy Goldsmith Romero as the new head of the Federal Deposit Insurance Corporation (FDIC). This role could be significant to crypto as Romero would take a large part in banking regulation, which in the past has been linked to the Chokepoint 2.0. Romero’s past comments lead some to speculate that she could be strict, as she has spoken in the past about the importance of mitigating risk in the context of crypto.

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: Blockworks Thread 

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N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.