Updated: August 29, 2024 1:15 PM EDT
Happy Thursday! In today’s newsletter, we’re talking about Kakao and LINE’s Layer 1 blockchain Kaia launching its mainnet, IREN recording record Bitcoin mining revenue, Edge Matrix Chain raising $20 million, and more.
Meanwhile, The Scoop newsletter explores how Gary Gensler is helping Donald Trump.
Let’s get started.
Kakao and Line Launch Layer 1 Blockchain Mainnet
Kaia, an EVM-compatible Layer-1 blockchain developed by Asian messenger app giants Kakao and LINE, has officially launched its mainnet with a focus on ultra-fast transactions and low gas fees.
- The blockchain aims to integrate with Kakao and LINE, which claim to have a combined user base of over 250 million, to allow developers to build Telegram-style native mini dApps on LINE.
- Kakao’s messenger app is used by most Koreans, and LINE is the most used messenger in Japan, Taiwan, and Thailand.
- Kaia’s ultimate goal is to build an ecosystem that supports DeFi, games, real-world assets, and Web3-based messenger apps.
- Kaia also introduced a support program that provides up to $1.2 million in marketing, technical and business resources per team, along with future token generation events and liquidity support.
- Meanwhile, the blockchain’s Kaia token was also listed and traded on the HashKey Global cryptocurrency exchange on Thursday.
- Kaia was first announced in April as a result of the merger of Kakao’s Klaytn and LINE’s Finschia blockchains.
IREN records annual Bitcoin mining revenue of $184.1 million
IREN reports that Bitcoin mining revenues will hit an all-time high of $184.1 million for the fiscal year ending June 30, 2024, up 144% from the $75.5 million it generated in 2023. This is due to the company nearly doubling its own mining capacity to 10 EH/s and the strong Bitcoin price.
- The company also mined a record 4,191 BTC during the period, up from 3,259 BTC in the previous fiscal year. Additionally, with the purchase of the latest generation Bitmain S21 XP miners, the company expects its processing capacity to reach 30 EH/s by the end of 2024.
- Additionally, IREN reported its first-ever AI cloud revenue of $3.1 million as the company diversified its service offerings in line with its data center expansion plans.
- IREN’s adjusted EBITDA increased to $54.7 million in fiscal 2024, up significantly from $1.4 million in fiscal 2023, while net loss narrowed to $29 million from $171.9 million.
Edge Matrix Chain Raises $20 Million
Edge Matrix Chain (EMC) has raised $20 million in funding led by Polygon Ventures and Amber Group to support multi-chain infrastructure projects.
- One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group, and Hameem Raees Chowdhury participated in the round.
- The new funds will be used to launch EMC’s Layer 1 blockchain, which will focus on AI applications and “introduce a new DeFi asset class” that will allow users to benefit from yield generated by outsourcing on-chain GPU resources.
- EMC launched a two-month public testnet incentive program on August 17, with plans to distribute $5 million in rewards over two phases.
Trump’s Fourth NFT Collection Surpasses $2 Million in Sales
Donald Trump released his fourth NFT trading card series, “Series 4: America First Collection,” on August 27. The series features a variety of poses and outfits similar to the previous three collections.
- The series has since had over 22,000 sales on the Polygon network, generating over $2 million in revenue at a mint price of $99 per NFT.
- However, these sales represent just 6% of the collection’s total supply of 360,000 NFTs, which could potentially fetch more than $35 million if fully minted.
- NFTs from the fourth series will not be available for trading on secondary markets until January 31, 2025, limiting immediate resale opportunities.
- President Trump’s first NFT collection was released in December 2022.
Trump Hints at Plans to Make US ‘Crypto Capital of the Earth’
Donald Trump said in a post on X on Thursday that he would announce plans to make the U.S. the “crypto capital of the planet.”
- The Republican presidential candidate also tagged World Liberty Financial, a DeFi project promoted by his sons, in his announcement, but it is unclear what services the project will offer or how Trump will be involved.
- President Trump has been increasingly interested in appealing to cryptocurrency-minded voters since his speech at the Bitcoin 2024 conference in July.
within the next 24 hours
Eurozone CPI inflation data is released at 5 a.m. ET on Friday. U.S. PCE figures are released at 8:30 a.m. ET.
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