☀️Solana Embraces AI With ChatGPT Plugin
Solana is embracing the world of artificial intelligence with the launch of its ChatGPT plugin. Meanwhile, Ethereum founder Vitalik Buterin has expressed concerns about the potential influence of other blockchain projects on Ethereum's validators, urging caution in expanding the scope of blockchain consensus. BitDAO, which controls a $4B treasury, is rebranding as Mantle and doubling down on becoming a Layer 2 network. Finally, rumors of the arrest of Multichain team members have sent the cross-chain bridge's token plummeting.
✍️ In today’s newsletter:
- Solana releases ChatGPT plugin
- Multichain team rumored to be arrested
- Vitalik warns against increasing the scope of Ethereum consensus
- BitDAO to rebrand to Mantle
📈 Markets in the last 24 hrs:
Solana Launches ChatGPT Plugin
TLDR Solana has introduced a ChatGPT plugin that enables users to engage in various activities such as purchasing NFTs and analyzing on-chain data. The offering aims to enhance user experience and drive adoption for Solana, which has experienced a significant downturn in recent times.
SO WHAT This strategic move could help attract developers and users, driving adoption and revitalizing Solana's ecosystem. Additionally, increasing funding for its AI accelerator grants program demonstrates Solana's commitment to fostering the development of machine learning models that interact with its protocols.
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Multichain Token Plummets on Team Arrest Rumors
TLDR The governance token of Multichain, a major blockchain bridge, has plunged over 25% amid rumors of team members being arrested by Chinese police. The company has yet to address the rumors, causing concerns among users waiting for transactions. Additionally, the Fantom Foundation removed millions of dollars worth of MULTI and ETH tokens from a liquidity pool on SushiSwap.
SO WHAT As a prominent player in the space, Multichain's troubles could potentially disrupt the flow of assets across different chains and undermine trust in the broader DeFi ecosystem. The situation also underscores the regulatory pressures faced by crypto projects operating in China, as authorities continue to crack down on the industry.
Vitalik Warns Against Applications Using Ethereum’s Social Consensus’ to Resolve Conflict
TLDR Vitalik Buterin, the creator of Ethereum, has expressed concerns about the potential misuse of Ethereum validators in resolving conflicts within other blockchain projects. He emphasized the importance of distinguishing between economic consensus, based on validators' stake, and social consensus, influenced by off-chain events. Buterin's post comes as projects like Eigenlayer seek to reuse staked ETH to provide security for other ventures.
SO WHAT Buterin's concerns highlight the delicate balance between the technical and social aspects of blockchain governance. He talks about the risk of social consensus exerting influence on validator decisions and potentially compromising Ethereum's neutrality. As the ecosystem continues to evolve and gain more prominence, ensuring the integrity and independence of validators becomes increasingly critical.
BitDAO Approves Rebrand and Token Swap
TLDR BitDAO is rebranding as Mantle and focusing on becoming a Layer 2 network. Mantle's deep pockets and expertise in maximal extractable value (MEV) are seen as advantages. While still in the testnet phase, Mantle plans to launch its mainnet in mid to late July.
SO WHAT The association with ByBit and the backing of major investors are advantages for Mantle. However, the project is still in the testnet phase, and its success will depend on the effectiveness of its modular design and the performance of its decentralized sequencer.