Austin, United States, November 18th, 2024, Chainwire

Big Time Studios, a Web3 gaming trailblazer and creator of the Open Loot platform and hit game Big Time, which has already processed a half billion dollars in total transaction volume, is making waves again. Active users of the Open Loot platform will soon be able to collect $OL, the marketplace’s first utility token, which will become the cornerstone of the Open Loot.

“We’re flipping the script on token launches. Instead of the usual fundraising frenzy, the launch of $OL is about giving back to our incredible community of players and game developers. From lower transaction fees and exclusive premium currency bundles to invite-only early access to Open Loot games, special NFT sales, tokens in-game drops during exclusive gameplay, and in-game perks,” said Ari Meilich, the visionary founder behind Big Time Studios

Designed to supercharge the Open Loot platform, $OL will boost user acquisition and drive engagement across all Open Loot games and products by delivering substantial utility to Open Loot users, from guardianship to exclusive benefits like better deals and early access to games and events to collecting in-game rewards. 

$OL Token

$OL token is not a fundraising mechanism. This launch is fair: there are no token sales, team-allocated tokens, or tokens sold to early investors. Open Loot users can collect $OL=ugh various activities within the platform. Players actively engage in unique game opportunities with partners, completing challenges and participating in unique events. For loyal players, the $OL tokens will provide users with early access to games, opportunities to purchase unique NFTs, and discounts on special premium currency packs and NFT primary sales.

For game developers, $OL is a powerful tool for user acquisition. Developers can leverage the token to reward players for in-game activity, such as reaching milestones or dropping tokens in-game, which will drive engagement. Limited-timed events can attract users to Open Loot partner games and create exposure for the game and the ecosystem. $OL fosters more profound connections between developers and their audiences, giving developers the power to offer players significant value through competitive, social, and metagame features and targeted promotional offers that enhance player engagement.

The potential uses for $OL are vast and will define engagement and innovation across the platform. $OL will foster trust in the Open Loot platform and marketplace, extend reach beyond traditional off-chain models, and lead the way for the Web3 gaming industry, opening up a world of opportunities for players and studios.  

Open Loot Platform

Big Time Studios’ Open Loot gaming platform and marketplace has facilitated nearly half a billion dollars in transactions since early 2024. This achievement stems from Open Loot’s ability to simplify complex cryptocurrency functions, scalability, distribution, payments, and regulatory compliance for developers. The marketplace boosts NFT discoverability and sales while providing various payment options.

Players enjoy high-quality games without typical Web3 issues like connecting a crypto wallet, paying gas fees, or waiting for transactions. Patented Vault technology allows easy NFT buying and selling without high gas fees, with the option to mint them onto the blockchain. The platform includes features like NFT rentals, a marketplace for non-crypto game currencies, and detailed NFT price histories, making Web3 gaming accessible. Game studios benefit from ready-to-use tech solutions, including game launchers and premium currencies. Open Loot also provides expert support in marketing, game economy design, and production, ensuring developers can meet player expectations and achieve success.

Open Loot platform manages all foundational elements, overseeing the sales and leasing of digital and traditional items for Big Time, the wildly successful free-to-play multiplayer action RPG, and five pioneering launch partners, each curating distinct Web3 gaming experiences. World Shards, an expansive sandbox MMORPG; Boss Fighters, an engaging multiplayer action title; The Desolation, an immersive cross-platform loot shooter; ShatterPoint, an adrenaline-fueled F2P action mobile RPG; and One Tap, a strategic first-person shooter. Positioned to redefine the gaming sector, Open Loot will focus on high-caliber mid-core to hardcore games.

First Half of 2024 Success

Since the start of 2024, the Open Loot platform has experienced growth driven by its vibrant community and excellent partners. So far, Underscoring Open Loot’s successful quarter was the exchange of over 1,067,103 NFTs and 1,551,969 NFT rentals. This year, more than 226,588 players have crafted more than 3,625,725 NTFs showcasing the platform’s dynamic and engaging ecosystem.

Since it opened, Open Loot has amassed over $445,167,044 in total transaction volume, with millions of transactions signaling the platform’s escalating popularity and triumph.

Users can visit https://openloot.com/ for more details.

About Big Time Studios

Big Time Studios, founded by Ari Meilich, is a pioneering force in the crypto gaming industry, renowned for its innovative Open Loot platform and the hit game Big Time. With a mission to revolutionize the NFT gaming experience, Big Time Studios seamlessly integrates high-quality games with blockchain technology, offering players unparalleled gaming experiences. The curated Open Loot platform gives developers the opportunity to reach a wider audience and drive engagement through unique in-game rewards and events, while players benefit from exclusive access to high-quality games, special NFT sales, in-game perks and airdrops. Big Time Studios’ Open Loot platform has facilitated nearly half a billion dollars in total transaction volume, underscoring its commitment to creating a dynamic and engaging ecosystem for gamers worldwide. For more information, visit Big Time Studios’ website.

Contact

CMO
Michael Migliero
Big Time Studios LTD
press@bigtime.gg

WeFi to Enter New Phase of DeFi Following November $WFI Token Generation Event h3>

Charlestown, Saint Kitts and Nevis, November 18th, 2024, Chainwire

WeFi, the next-generation financial platform dedicated to reimagining access to global financial tools, successfully holded the highly anticipated Token Generation Event for its native $WFI token on Friday, November 15th. Following the TGE, $WFI debuted on Bitmart on November 18th, opening up new avenues for participation and interaction within the WeFi ecosystem.

The $WFI token is the lifeblood of WeFi’s ecosystem, which seeks to empower users with a seamless blend of DeFi and traditional financial tools. Initially launched on Binance Smart Chain (BSC), $WFI will soon migrate to WeFi’s own WeChain blockchain, where it will power everything from liquidity pools and transaction fees to staking and advanced dApps. With a fixed supply of 1,000,000,000 tokens, $WFI was engineered to foster a unique ecosystem that values community participation and sustainable growth over quick gains.

The TGE for $WFI embodies WeFi’s commitment to a Fair Launch model, ensuring that all participants have equal access to the token from the outset, without the advantage of pre-sale allocations or VIP access. This Fair Launch approach aligns with WeFi’s mission to create a Financial ecosystem rooted in transparency and inclusivity, making $WFI accessible to a broad community of users.

A key feature that sets WeFi apart is its non-custodial account system, which seamlessly bridges Web3 and traditional banking. Users maintain full control of their digital assets while enjoying everyday banking convenience: their Web3 wallet connects directly to a non-custodial bank account linked to a credit card, enabling automatic spending from their crypto holdings without manual top-ups. This means users can spend their digital assets as easily as traditional currency while retaining complete custody of their funds.

This non-custodial design is expected to be a defining feature for WeFi, empowering users with secure, self-managed access to $WFI and positioning WeFi as a forward-thinking platform in the DeFi space.

A central pillar of WeFi’s approach is the Initial Technology Offering, or ITO platform, which facilitates community-driven token distribution through ITO nodes. These nodes allow early adopters to mine $WFI while also granting access to exclusive WeFi services, early listings, and additional rewards – creating a multi-faceted engagement model. Since its inception, the ITO platform has seen remarkable activity, with over 35 million $WFI tokens already minted, reflecting robust community support and interest in WeFi’s vision. Through ITO nodes, WeFi doesn’t just focus on mining but builds a network of committed users actively participating in the platform’s growth and evolution.

Maksym Sakharov, Co-Founder and Group CEO of WeFi shared his enthusiasm about the TGE and the ecosystem’s trajectory: “Our vision is rooted in the belief that access to the global economy is a fundamental right. We see a future where everyone, regardless of location or wealth, can claim their financial freedom through a secure, accessible, compliant, and fair financial system. We’re building a financial infrastructure that respects user autonomy and fosters inclusivity on a global scale. $WFI is the heartbeat of our platform; it facilitates everything from day-to-day transactions to secure staking, and it’s tailored for real use within our evolving ecosystem”. 

Sakharov added: “The TGE is a milestone that brings us closer to our vision of a new banking system where users truly own and benefit from the system they support. We’re thrilled to see $WFI go live on a major exchange, for more users to engage with WeFi and take control of their financial future.”

The $WFI listing on Bitmart at 11 AM UTC on November 18 kickstarted the journey. The deposits were opened on November 16 at 11:00 AM UTC, and withdrawals will be available starting November 19 at 11:00 AM UTC. This initial launch will boost liquidity and create new entry points for users globally, amplifying the reach of WeFi’s ecosystem.

As WeFi advances, the platform’s development roadmap includes further integration with the WeChain blockchain and the continued rollout of Neobank services. This TGE marks a significant chapter in WeFi’s journey to create a community-driven ecosystem that combines financial freedom with robust utility, thus signaling a new era of possibilities for decentralized finance.

About WeFi

WeFi is a pioneering global blockchain ecosystem and intelligent data platform dedicated to transforming finance through the integration of AI and blockchain technology. Focused on building a more inclusive and accessible financial system, WeFi leverages AI-driven nodes to analyze transactional patterns, proactively prevent financial crime, and deliver transparency, interoperability, and real-time insights to the global finance and fintech sectors. Through its Initial Technology Offering (ITO), WeFi invites early adopters to participate in the ecosystem, earning rewards while contributing to its mission of democratizing finance and setting new regulatory standards worldwide.

For more information, users can visit WeFi’s ITO website at wechain.ai or follow us on X for updates on $WFI and the WeFi ecosystem.

Contact

WeFi
press@wefi.co

Check More Latest Cryptocurrency News Click Here– Latest Cryptocurrency News

Check More Business News Click Here– Latest Business News

Basejump has introduced a new Web3 gaming platform designed to leverage artificial intelligence and blockchain technology to reshape the gaming industry. The platform, scheduled for release in early 2025, aspires to democratize game development by enabling users to create, explore, and share digital gaming assets. This approach seeks to broaden access to game creation, making it more intuitive and user-friendly.

At the heart of Basejump’s initiative lies its innovative tool, Action, which utilizes AI to simplify the game development process for users without programming expertise. This tool is powered by AO, a distributed supercomputer that taps into unused GPU resources. Additionally, the platform relies on Arweave’s decentralized storage solutions, ensuring that digital content remains accessible indefinitely.

The company’s leadership envisions its platform as a dynamic ecosystem where users can convert gaming assets such as avatars, items, and skins into fully immersive game environments. These developments aim to be supported by a scalable and trustless blockchain infrastructure, aligning with emerging trends in decentralized computing.

Enabling Creative and Interoperable Gaming Experiences

Basejump’s leadership team has highlighted the potential of its platform to drive innovation both culturally and commercially. The company’s Chief Creative Officer has underscored the benefits of using Action’s AI-driven functionalities alongside AO’s computational capabilities. Together, these components are expected to facilitate the creation of unique, interoperable gaming experiences. This focus on interoperability aims to allow players to seamlessly utilize assets across different games, fostering a more connected and versatile gaming ecosystem.

The platform’s reliance on blockchain technology further ensures transparency and security, two aspects critical in gaining user trust within the decentralized gaming sphere. The incorporation of these advanced technologies positions Basejump as a pioneer in an industry increasingly driven by AI and blockchain innovation.

We’re excited to announce that venture studio Community Labs has made a strategic investment in Basejump, to support the launch of our social gaming platform, and the AI-powered gaming substrate it runs on we are revealing today, known as ACTION. pic.twitter.com/xMhwD4oSNX

— Basejump (@basejumpxyz) November 15, 2024

Aligning with Broader Industry Trends

Basejump’s announcement comes at a time when the gaming sector is witnessing a significant shift toward the integration of AI. Prominent industry players are already embedding AI and machine learning technologies into their platforms to enhance development processes and optimize gaming experiences.

Xbox has announced a partnership with InWorld AI to bring generative AI to games – including AI game dialogue & narrative tools at scale. pic.twitter.com/Q65Lo4LetP

— The Game Awards (@thegameawards) November 6, 2023

Sony, for example, has been actively exploring AI-driven tools to streamline game development. Similarly, Immutable has rolled out features aimed at advancing blockchain-based gaming. In another notable development, Microsoft recently collaborated with Inworld AI to introduce tools designed for creating dynamic in-game dialogues, thus enhancing narrative depth and player engagement.

In the startup space, Series Entertainment has developed AI-native game engines and secured substantial funding to expand its capabilities. These advancements reflect a growing recognition of AI’s transformative potential in game development, as developers increasingly rely on such tools to enhance efficiency and creativity.

A recent Unity gaming report further highlighted the widespread adoption of AI in the industry. According to the report, 62% of developers now incorporate AI tools into their workflows, with 71% reporting improved operational efficiency. These findings underscore the pivotal role that AI continues to play in reshaping game development processes and content creation.

A Look Ahead

As Basejump gears up for its official launch in 2025, it joins a competitive landscape of companies harnessing the power of AI and blockchain to redefine gaming. The platform’s unique combination of AI-driven game creation tools and decentralized computing infrastructure positions it to make a significant impact.

With the gaming industry poised for further innovation, Basejump’s efforts to lower the barriers to game development and foster a more collaborative gaming ecosystem could set a new standard for how games are created and experienced in the Web3 era.

GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. The XRP army will be very happy with today’s recap.

Plus the latest crypto news stories in the last 24 hours.

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Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

• Bitcoin (BTC): $91,501.36, up 4.1% over the last 24 hours.
• Ethereum (ETH): $3,115.41, up 0.4% over the last 24 hours.
• Solana (SOL): $219.58, up 3.2% vs the previous day.

Trending Coins Update

• Mister Miggles: $0.1606, up 92.4% vs the previous day.
• Sad Hamster: $0.0363, up 28.2% over the last 24 hours.
• BNB: $619.67, down 2.2% vs the previous day.

For the daily price update, check out our post on Facebook.

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XRP Surges 66% Amid U.S. Regulatory Shift

XRP surged as much as 66.8% in the last 7 days, outperforming Bitcoin and other major cryptocurrencies.

The numbers:

• At the time this article was written, XRP is at $0.9168, its highest price since December 2021.

Context:

• This price action followed the news that many U.S. states are suing the SEC and its chairman Gary Gensler.
• Also, shifting regulatory climate, notably a friendly incoming U.S. administration allowed many SEC-tagged “securities” to rally.
• Another possible catalyst is the inclusion of XRP in Bitwise’s filing to list the “Bitwise 10 Crypto Index Fund (BITW) as an ETP, causing Ripple CEO Brad Garlinghouse to comment:

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Philippine Crypto News 🇵🇭

• Coins.ph’s Coins Convert listed $SAMO (Samoyedcoin).
• Superteam Philippines‘ members and Radar Team won second place at Circle ProDev Hackathon bringing home $12,000 in USDC.
• YGGshared that guilds can now sign up for the Onchain Guilds, free entrance fee to GAP S8for the first 30 Guilds with at least 50 members to register.

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Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

• Crypto influencer Kevin Mirshahi, abducted in June, was found dead in October, amid investigations into his cryptocurrency activities.
• Pepe’s market cap briefly surpassed $10 billion following a 77% price surge.
• Sygnum’s 2024 survey revealed that 57% of institutional investors plan to increase their crypto allocations.

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Educational Corner 🎓

• After Top Dawg: The Hunt for Satoshi, there is another new dog-inspired game in Telegram. Check out this guide for PAWS.
  • It is a Telegram mini-app launched on October 29, 2024 that lets users earn cryptocurrency by engaging with the app and participating in social tasks, with no need to play games.

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Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

• Republicans have retained control of the U.S. House, likely bringing in crypto-friendly lawmakers to lead the House Financial Services Committee.
• Republican Rep. French Hill has called for a suspension of ongoing rulemaking by federal agencies, including the SEC, following Trump’s presidential win. 
• Minneapolis Fed President Neel Kashkari, once a vocal crypto critic, now says he will keep an open mind.

Meet Morris Perico (LinkedIn): He is actively involved in the blockchain and gaming communities in the Bicol region.

• Perico is the COO of MetaGaming Guild & Astra Interactive Studio.
• He is one of the speakers for the upcoming Bicol Blockchain Conference.
• Perico was also one of the speakers at the first-ever Bicol Traders Meet last September.

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More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

• Bubblemaps, a blockchain analyzer, updated its app with AI to track insider-controlled tokens and enhance transparency across multiple chains.
• Jito, a Solana-based MEV protocol, recently experienced downtime causing Solana transaction fees to spike by 25-30x.
• Coinbase acquired stablecoin processor Utopia Labs to enhance on-chain payments within Coinbase Wallet and Base.

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The future of web3 is gaming, and here are the latest news.

• Mobile game Fableborne is shifting from Avalanche to Ethereum’s Ronin network, citing Ronin’s strong gaming community as a key reason.
• Bullieverse’s Necrodemic launched on the Epic Games Store, featuring three PvE modes and upcoming airdrop tournaments.
• Epoch 1 of Legendary Heroes Unchained adds NFT heroes, a Guild System, and a marketplace, enabling players to earn rewards and trade assets through gameplay.

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Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space in the Philippines!

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Stay Connected:

We’d love to hear from you! Reply with your thoughts or questions.

This article is published on BitPinas: XRP Surges Finally To Three-Year High | Key Points | Nov. 16, 2024

Payments-centric blockchain ecosystem Fuse has announced the public release of Volt App 2.0, its flagship decentralized finance (DeFi) application. With the newest release, the app elevates it into a decentralized banking ecosystem with a host of new features, including a crypto debit card.

Volt App 2.0 with native crypto card introduced by Fuse blockchain

Fuse, a new-gen programmable blockchain for payment applications, releases a new version of its major DeFi Volt App. Release v2.0 is designed to simplify DeFi interactions and adds a slew of improvements that will significantly enhance the user experience and lower entry barriers.

Volt App 2.0 is released with many game-changing options, including multi-chain deposits, yield-earning instruments, seamless worldwide spending and gamified educational features that support a robust suite of alternative banking services.

Besides that, the new application is seamlessly integrated with a native Visa crypto debit card. Assets from Volt App can be converted into funds on cards and vice versa.

The launch of a Volt debit card will enable fast and secure conversion of digital assets to fiat, so they can be spent instantly in-store or online. This will provide greater flexibility for users, who can enjoy the upside of holding their crypto for longer, coupled with the freedom to spend it on bills and purchases.

The introduction of multichain support enables users to deposit assets from any major blockchain network, including Ethereum (ETH), Polygon (POL) and BNB Smart Chain (BSC).

As covered by U.Today previously, FUSE token recently debuted on Bitget, a tier-1 centralized exchange for spot and futures pairs.

Claimr’s gamified rewards program opens up new opportunities 

Volt App 2.0’s multichain integration allows users to manage their crypto seamlessly, no matter the network, making DeFi accessible to a wider audience.

The app’s new gamified rewards program, powered by Claimr, rewards users for exploring DeFi’s tools and learning about the app. Guided tasks encourage users to explore staking, saving and swapping, turning financial discovery into an educational and rewarding journey.

With all these upgrades, Volt App 2.0 evolves into a one-stop DeFi hub for Fuse, which is a high-performance EVM blockchain with smart contracts.

Los Angeles, California, November 15th, 2024, GamingWire

The KARRAT Foundation has teased the development of a new chain, Studio Chain. 

The KARRAT Foundation has revealed plans to develop Studio Chain, a blockchain aimed at enhancing the capabilities of Web3-native entertainment, particularly in the gaming sector. This strategic move aligns with the growing trend of publisher-specific blockchains designed to provide customized ecosystems for creators and developers.

Publisher chains are reshaping how games and entertainment products reach and engage their audiences. Unlike traditional publishers, chains offer creators and developers a decentralized platform that goes beyond distribution, providing resources, visibility, built-in communities and even development grants. 

Chains are effectively creating opportunities for creators to thrive without the traditional overhead and with an existing platform. This model not only drives opportunities, faster innovation, less red-tape whilst aligning with built-in communities, such that chains as publishers could become the backbone of the future entertainment industry, empowering a new generation of creators, developers and users.

The team expects that a native chain for the Karrat Protocol could pave the way for tailored experience for the products that it supports, with customizability and the performance optimizations that general blockchains can’t always provide.

As seen with recent projects like ApeChain, Gunz, XAI and Ronin, building a custom chain allows teams to design ecosystems that cater to their communities, industries or specific needs of products, whether that means enabling faster transactions, introducing specialized governance features, or optimizing for cross-platform interoperability. Whilst some even allow for community participation in the technology and operating of the chain. Offering a truly decentralized network.

As Off The Grid has recently shown even one high-demand application can generate more transactions daily than an entire blockchain network and ecosystem.

https://scan.gunztoken.io/

Karrat’s overarching goal is to accelerate the evolution of gaming and entertainment by offering personalized experiences and supporting transformative innovations, aiming to re-shape the entertainment industry.

Some of the features teased give rise to a transformative chain built for high demand applications.

https://x.com/karratcoin/status/1856434792851730746

The KARRAT protocol is heavily engaged in the entertainment industry with launch partners such as AMGI Studios and My Pet Hooligan who have an astounding partner network including the likes of Nvidia, Epic, Palantir, Delphi, YGG, Bitkraft and Angels such as Tony Robbins.

https://x.com/TonyRobbins/status/1791531229004866042

The My Pet Hooligan game is slated for a widespread release in 2025, one of the most eagerly anticipated titles in the Web3 gaming space at the helm of industry veterans. The team expects as a partner title the chain would allow for seamless in-game asset ownership, true player-driven interactive extensions and enhanced interoperability. This integration would ensure secure, scalable transactions and unlock new levels of player engagement.

The Karrat Foundation invites experts from all sectors to join in this ambitious initiative, working alongside the Karrat community to build a transformative blockchain. STUDIO CHAIN is poised to serve as a foundational layer, paving the way for collaborative innovation and dynamic new product applications.

This seems like another important movement for Web3 gaming and entertainment.

About KARRAT FOUNDATION

The KARRAT Protocol is a decentralized gaming infrastructure layer, supported by $KARRAT and empowered by a truly decentralized community with a shared vision embracing gaming, entertainment and AI products catering for the new era.

About AMGI Studios

AMGI Studios is an independent gaming and animation technology company that lives at the intersection of gaming, animated AI technology and storytelling. The studio develops and produces traditional entertainment IP, and gaming properties through the use of its proprietary technology, AI integration and innovations in real-time animation. With a high-caliber creative team composed of artists and creators from studios such as Pixar, Disney and Industrial Light & Magic (ILM), AMGI Studios aims to be the bridge between Hollywood and the global gaming community. AMGI’s vision is simple — to empower dreamers and doers to make groundbreaking content by merging artistry and technology.

Contact

President
Wahid Lodin
Loopr Marketing
wahid@loopr.gg

Disclaimer: Press release sponsored by our commercial partners.

• Total Revenues, EBITDA and Net Income: DeFi Technologies recorded Total Revenues of C$24.2 million (approximately US$17.8 million) and C$152.4 million (approximately US$112.0 million) for the three and nine months period ended September 30, 2024 and Net Income of C$24.9 million (approximately US$18.3 million) and C$97.2 million (approximately US$71.4 million) for three and nine months ended September 30, 2024. The Company also reports EBITDA of C$26.2 million (US$19.3 million) and C$102.3 million (US$75.2 million) for the three and nine months ended September 2024, reflecting its strong operational performance and robust revenue growth.
• Substantial Growth in Assets Under Management (AUM): AUM grew by 51.6% since December 31, 2023, to approximately C$770.5 million (US$570.8 million) as of September 30, 2024, driven by favorable market conditions, new product launches, and strategic corporate actions that enhanced trading volumes and overall financial performance. Since September 30, 2024, AUM has further increased to a record high of C$1.1 billion (US$785.4 million) as of November 13, 2024.
• 2024 Outlook: Looking ahead, DeFi Technologies projects its annualized revenues for fiscal 2024 to reach approximately C$198.6 million (US$141.5 million), supported by ongoing AUM growth, upcoming ETP launches, and the integration of new acquisitions, which are poised to capitalize on the favorable conditions in the digital asset sector. Furthermore, the Company continues to evaluate additional Defi Alpha trading opportunities.

TORONTO, Nov. 14, 2024 /PRNewswire/ – DeFi Technologies Inc. (the “Company” or “DEFI“) (CBOE: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralised finance, announces its financial performance for the three and nine months ended September 30, 2024 (all amounts in Canadian dollars, unless otherwise stated).

Cash and Treasury Position

• Cash and USDT Balance: As of September 30, 2024, cash and USDT balance of approximately C$25.4 million (US$18.8 million), up from C$6.8 million (US$4.2 million) on December 31, 2023.
• Treasury Holdings: As of September 30, 2024, the Company’s holdings included 204.3 BTC, 81.3 ETH, 246,683 ADA, 86,616 DOT, 5,745 SOL, 491 UNI, 433,322 AVAX and 2,755,203 CORE tokens, totaling approximately C$36.3M (US$26.9M).
• Venture Portfolio: Investments were valued at C$45.1 million (US$33.2 million) as of September 30, 2024.

Total Value of Cash, Treasury, and Venture Portfolio: C$106.8 million (US$78.9 million) as of September 30, 2024.

For the latest update on cash and digital asset treasury holdings as of October 31, 2024, see here.

Substantial AUM Growth

• Valour’s ETP business reported AUM of C$770.5 million (US$570.8) as of September 30, 2024, a 51.6% increase from December 31, 2023, AUM of C$508 million. As of November 13, 2024, Valour’s AUM stood at a record high of C$1.1 billion (US$785.4 million), driven by favorable market conditions, new products, and strategic actions that enhanced trading volumes and financial performance.

Financial Highlights

• Total Revenue: Total Revenues were C$24.2 million (US$17.8 million) for the three months ended September 30, 2024 and C$152.4 million (US$112.0 million) for the nine months ended September 30, 2024, a significant improvement from the Total Revenues of C$6.0 million (US$4.4 million) and C$2 million (US$1.5 million) for the same respective periods in 2023.
• Net Income: Net Income was C$24.9 million (US$18.3 million) for the three months ending September 30, 2024, and C$97.2 million (US$71.4 million) for the nine months ending September 30, 2024, reflecting robust operational performance.
• EBITDA: EBITDA was C$26.2 million (US$19.3 million) for the three months ended September 30, 2024 and C$102.3 million (US$75.2 million) for the nine months ended September 30, 2024
• Valour Staking/Lending & Management Fees: In Q3 2024, Valour generated staking and lending income of C$8.8 million (US$ 6.5 million) and management fees of C$2.0 million (US$1.5 million).
• DeFi Alpha Performance: In Q3 2024 DeFi Alpha generated C$20.6 million (US$14.7 million) with zero losses to date after reporting C$111.5 Million (US$82.0 Million) in Q2 2024 totaling C$132.1 million (US$96.7 million) for the nine months ended September 30, 2024.
• Reflexivity Research: In Q3 2024, Reflexivity Research generated research revenue of C$261,741 (US$192,400) for the three months ended September 30, 2024, and C$1.1 million (US$810,197) for the nine months ended September 30, 2024.

Strategic and Business Developments

Acquisitions and Partnerships:

• DeFi Technologies acquired Stillman Digital Inc. and Stillman Digital Bermuda Ltd. (collectively doing business as “Stillman Digital“), a leading OTC desk and digital asset liquidity provider with over US$15 billion in trade volume since 2021, with US$5 billion of that occurring in Q2 2024 alone.
• DeFi Technologies and Professional Capital Management (led by Anthony Pompliano) partnered to enter and capitalize on opportunities in the fast-growing U.S. exchange-traded fund (ETF) market.
• DeFi Technologies and Zero Computing announced a strategic partnership over integrating validator, trading and ZK infrastructure.

ETPs and Geographic Expansion

• Valour announced a landmark MOU with Nairobi Securities Exchange and SovFi to develop and launch Valour ETPs in Africa.
• Valour announced the launch of the Valour NEAR ETP on the Spotlight Stock Market in Sweden.

NASDAQ Listing Progress:

• DeFi Technologies filed Form 40-F with the SEC in connection with its application to list its common shares on The Nasdaq Stock Market.

Expanded Digital Asset Treasury:

• DeFi Technologies expanded its BTC treasury holdings and diversified into Solana, CORE, Uniswap, Cardano, Avalanche, Polkadot and started participating in CORE DAO Staking.

Comment from the CEO:

Olivier Roussy Newton, CEO of DeFi Technologies, stated, “Q3 2024 reflects the significant strides DeFi Technologies has made toward becoming a leader in the digital asset space. With year-to-date revenues reaching C$152.4 million (US$112.0 million) and net income of C$97.2 million (US$71.4 million), we are among the very few profitable public companies in this sector, demonstrating the durability of our business model and the discipline of our strategic execution. This consistent profitability—combined with a strengthened balance sheet through the elimination of debt—is the foundation that allows us to accelerate growth initiatives and pursue even larger market opportunities.

We’ve strategically positioned Valour, our now debt-free subsidiary, to lead in regulated digital asset access, with a pipeline of new ETP launches planned and advanced discussions for expansion into high-growth regions like North Africa, Asia, and the Middle East. With a product lineup expected to grow to 40 ETPs by year-end and to 100 by the close of 2025, Valour’s path forward is clearer and more compelling than ever. This expansion opens the door for millions of new investors to enter the digital asset market through secure, regulated channels, placing us at the forefront of democratizing access to digital assets globally.

The acquisition and integration of Stillman Digital further highlights our commitment to building a comprehensive ecosystem. By bringing liquidity provision, trade execution, and institutional digital asset services in-house, the Company is enhancing its trading capabilities and paving the way for new revenue streams in Custody, Foreign Exchange, and Proprietary Trading. This acquisition will enable DeFi Technologies to deliver more value to institutional clients while reinforcing our DeFi Alpha trading desk with Stillman’s expertise and expanding our reach into additional high-demand markets.

Our optimism for the future is buoyed by strong industry tailwinds. With Bitcoin reaching all-time highs, we expect continued asset appreciation to translate into larger revenues for the Company. Additionally, we anticipate a favorable regulatory landscape with the potential for a crypto-friendly administration in the U.S. as we work towards our Nasdaq cross-listing. These trends are likely to catalyze further interest and investment in the digital asset market, underscoring the value of our offerings and reinforcing our leadership position in the industry.

In an environment where market fluctuations can make some investors hesitant, we are proud to say that DeFi Technologies has achieved steady, substantial growth. Our assets under management (“AUM”) have increased by over 900% from the market lows in late 2022, reflecting both our adaptability and the rising demand for digital assets. This robust growth in AUM and the additional revenue from our DeFi Alpha strategy reinforce our commitment to generating sustainable value, with a forecasted C$198.6 million (US$141.5 million) in revenue for 2024.

DeFi Technologies is setting a new standard in the digital asset sector by merging stability, innovation, and accessibility. As a company at the intersection of traditional finance and digital assets, we are uniquely equipped to capture the opportunities emerging within this rapidly transforming landscape. With a clear roadmap, solid financial standing, and an expanding product suite, we are positioned to deliver substantial long-term value for our shareholders and remain steadfast in our commitment to drive the future of finance.”

Outlook for Q4 2024:

The outlook that follows supersedes all prior financial outlook statements made by the Company, constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond the Company’s control. Please see “Cautionary note regarding forward-looking information” and “Financial Outlook Assumptions” below for more information.

Valour

The Company has experienced significant revenue growth since Q1 2024. Valour’s ETPs have witnessed over a 900% increase in AUM from the market lows in late 2022, alongside growth in trading volumes. Valour’s AUM stood at approximately C$770.5 million (US$570.8 million) as of September 30, 2024, and a record high of C$1.1 billion (US$785.4 million) as of November 13, 2024.

The Company’s staking and lending income, changes in gains and losses on digital assets and ETP payables, as well as management fees, are closely correlated with capital inflow for Valour’s ETPs and the price of digital assets underlying Valour’s ETPs, which has continued to grow since the end of 2023. Furthermore, revenue from arbitrage and liquidity provision is highly linked to overall market activity and turnover in Valour’s listed ETPs.  The Company also formed DeFi Alpha in Q2 2024, which generated approximately C$132.1 million (US$96.7 million) as of September 30, 2024. Given these factors, the Company’s annualized revenue is forecasted to be approximately C$198.6 million (US$141.5 million) for 2024. Further growth in AUM may lead to proportional revenue increases. In Q3 2024, Valour earned 8.12% of AUM in staking and management fees, based on staking an average of 67% of AUM of C$753 million (US$537 million). With recent AUM growth, an improved product mix, and strong performance from the Company’s treasury portfolio, DeFi Technologies is well-positioned to capture additional revenue growth.

For Q4 2024, it is anticipated that new ETP launches, a stronger ETP mix, and continuous inflow of funds into Valour’s ETPs, along with additional trading opportunities identified and executed by DeFi Alpha, integration of Stillman Digital and Reflexivity and further accretive acquisitions, will continue to add to Company revenues. The Company aims to close the year with approximately 40 ETP products, with an additional 60 planned for 2025, as we capitalize on favorable macro fundamentals for the digital asset ecosystem.

Nasdaq Listing

On September 16, 2024, the Company filed a Form 40-F Registration Statement with the United States Securities and Exchange Commission (the “SEC“), in connection with its application to list its common shares on The Nasdaq Stock Market. The listing of the Company’s common shares on the Nasdaq remains subject to the approval of the Nasdaq and the satisfaction of all applicable listing and regulatory requirements, including Form 40-F being declared effective by the SEC. The Company continues to progress its application to list its common shares on the Nasdaq.

ETPs and Geographic Expansion

Valour is actively expanding its product lineup to meet the rising global demand for regulated digital asset products. Currently offering 28 ETPs, Valour aims to increase this to 40 by the end of 2024 with an ambitious goal of reaching 100 ETPs by the end of 2025. In addition to broadening its product portfolio, Valour is pursuing regulatory approvals to enter new markets, including North Africa, Asia, the Middle East, and other emerging regions, to provide investors in these regions with secure access to digital assets.

DeFi Alpha Strategy

The DeFi Alpha strategy has proven instrumental in enhancing the Company’s financial resilience. Having generated C$111.5 million (US$82.0 million) in Q2 and C$20.6 million (US$14.7 million) in Q3, with zero losses to date, this arbitrage-focused approach has strengthened the Company’s financial position, facilitating debt repayment and supporting the deployment of a robust digital asset treasury strategy. The Company continues to assess multiple arbitrage opportunities, reinforcing its commitment to maximizing returns while mitigating risks in a volatile digital asset landscape.

Elimination of Debt

As of October 16, 2024, Valour has successfully eliminated all outstanding debt. This achievement culminated with a final repayment of C$5.5 million (US$4 million) on October 16, 2024, bringing total debt reduction to US$36.5 million since May.

This milestone underscores Valour’s strong financial standing and disciplined approach to capital management. With a debt-free balance sheet, Valour is now positioned to allocate resources more effectively toward growth and innovation, further establishing itself as a leader in accessible digital asset investment solutions.

While Valour is now debt-free, DeFi Technologies retains a remaining loan balance of C$8.1 million (US$6 million) with Genesis Global Capital LLC (“Genesis”). This balance is expected to be resolved upon the completion of Genesis’s bankruptcy proceedings, further enhancing DeFi Technologies’ strategic financial standing.

Importantly, the debt elimination was achieved without issuing new equity or incurring additional debt, underscoring the Company’s disciplined cash flow management. This reduction in interest liabilities enhances DeFi Technologies’ flexibility to capitalize on emerging revenue opportunities within the digital asset space.

Integration of Stillman Digital

DeFi Technologies has successfully acquired Stillman Digital, a leading digital asset liquidity provider with over US$20 billion in trade volume since 2021, including US$5 billion in Q2 2024 alone. Stillman Digital specializes in electronic trade execution, market making, and OTC block trading, offering a suite of digital asset products and services to institutional clients.

This acquisition directly aligns with DeFi Technologies’ strategic goals of enhancing trading capabilities and diversifying its customer base and revenue streams. By internalizing trading flows from portfolio companies like Valour, DeFi Technologies will leverage Stillman Digital’s expertise to strengthen and expand its global operations. Additionally, the acquisition bolsters Stillman Digital’s institutional growth strategy by providing access to DeFi Technologies’ network, balance sheet, and distribution channels.
 Looking ahead, Stillman Digital plans to expand into new business areas, including Custody, Foreign Exchange, and Proprietary Trading, with support from DeFi Technologies. These new segments are expected to drive significant future growth, capitalizing on Stillman Ditigal’s established expertise and DeFi Technologies’ expansive reach.
 For 2024, Stillman Digital anticipates revenue of approximately USD$6.7 million (C$9.3 million) with ~50% net margins, marking an average annual growth of 127% over the last two years (a 230% increase from 2022 to 2023, followed by a 25% increase from 2023 to 2024). This year has been pivotal for consolidating growth, launching Stillman Digital Bermuda to serve international clients, and implementing major technology upgrades that will enhance competitiveness in 2025. These upgrades are expected to go live in Q1 2025 which will set the infrastructure for future growth.

With DeFi Technologies’ support, Stillman Digital’s growth rate is projected to increase further in 2025 as it begins to leverage DeFi‘s distribution network, strengthened by key business development support from partners.

Earrings Conference Call

The DeFi Technologies Q3 2024 webcast will commence at 12:00 p.m. ET, Friday, November 15, 2024.

To register for the live webcast, please visit this link: https://zoom.us/webinar/register/WN__QSot0GtTC-06IIyrkLIZg

Supplemental Materials and Upcoming Communications

The Company has made available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and the timing of future investor conferences, visit the Investor Relations section of the Company’s website: https://defi.tech/investor-relations.

Analyst Coverage of DeFi Technologies

A full list of DeFi Technologies analyst coverage can be found here: https://defi.tech/investor-relations#research.

Upcoming Conferences & Events

November 19–20, 2024: Roth 13th Annual Technology Conference, New York City

Wednesday, Dec. 11th, 2024: Benchmark 13th Annual Discovery One-on-One Investor Conference, New York City

Non-IFRS and Other Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with IFRS Accounting Standards (“IFRS“), the Company uses EBITDA, a non-IFRS measure, to provide additional information in order to assist investors in understanding the Company’s financial and operating performance. EBITDA is not a recognized measure for financial presentation under IFRS, does not have a standardized meanings and may not be comparable to similar measures presented by other public companies.

EBITDA is a non-IFRS financial measure that is defined as net income or loss before interest, taxes, depreciation, amortization of property and equipment, right-of-use assets and other intangible assets.

The non-IFRS and other financial measures used herein be considered as a supplement to, and not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS. See the financial tables below for a reconciliation of the non-IFRS measures.

About DeFi Technologies

DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionizing the way individuals and institutions interact with the evolving financial ecosystem. Follow DeFi Technologies on Linkedin and Twitter, and for more details, visit https://defi.tech/

About Valour

Valour Inc. and Valour Digital Securities Limited (together, “Valour“) issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets like Bitcoin in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF).

In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour’s existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK) Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour’s flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free.

For more information on Valour, to subscribe, or to receive updates and financial information, visit valour.com.

About Reflexivity Research

Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. For more information please visit https://www.reflexivityresearch.com/

About Stillman Digital

Stillman Digital is a leading digital asset liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com

Cautionary note regarding forward-looking information: 
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the financial results of the Company; revenue outlook of the Company; revenue generation by DeFi Alpha; integration of Reflexivity Research and Stillman Digital; appreciation of digital asset prices; listing of the common shares of the Company on Nasdaq; investment and interest in the digital asset sector;  future collaborations and partnerships; development of ETPs; geographic expansion of the Company; acquisition by the Company; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by DeFi Technologies and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; ability of the Company to successfully integrate and grow Reflexivity Research and Stillman Digital; growth and development of DeFi and digital asset sector; rules and regulations with respect to DeFi and digital asset; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Financial Outlook Assumptions

The financial outlook on revenue of the Company is based on a number of assumptions, including assumptions related to inflation, changes in interest rates, volatility of the digital asset market, current and projected market prices of digital assets, in particular the digital assets underlying the Company’s ETPs, the Company’s ability to realize staking and lending income from digital assets held by the Company, the ability of DeFi Alpha to generate yield on the Company’s excess liquidity and identify and execute accretive trading opportunities, the return realized by the Company on staking and lending income, the return on management fees earned by the Company, ongoing subscriptions of Reflexivity Research, trading volumes of Stillman Digital, successful implementation of technological upgrades at Stillman Digital, consumer interest in the Valour’s ETPs, foreign exchange rates and other macroeconomic conditions, the regulatory environment with respect to ETPs and digital assets in the jurisdictions that the Company operates in, introduction of future ETPs, “black swan events” in the digital asset industry, competitors that offer competing ETP products and market acceptance of the Company’s ETP offerings. The Company’s financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with the cautionary statement on forward-looking information above. Many factors may cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting the digital asset industry, including inflation, changes in interest rates, investor confidence in digital assets; volatility of the digital assets and fluctuation in market value of digital assets; exchange rate fluctuations; any pandemic such as the COVID-19 pandemic or the mpox virus; fraud, misconduct or gross negligence by individuals within the digital asset industry; a negative regulatory environment with respect to digital assets; the Russian invasion of Ukraine and reactions thereto; the Israel-Hamas war and reactions thereto; the Company’s inability to attract purchasers of its ETPs; decrease in AUM as a result of investor selling the Company’s ETPs or a fall in the value of the underlying digital assets; Valour’s inability to launch attractive ETPs; the Valour’s inability to increase ETP sales; the Company’s inability to implement our growth strategy; the Company’s reliance on a small number of custodian and market participants to operate its ETP programs; decrease in the number of subscribers to Reflexivity Research; decrease in the number of trades or fees generated by Stillman Digital; the Company’s ability to prevent and manage information security breaches or other cyber-security threats; the Company’s ability to compete against competitors; strategic relations with third parties; changes to technologies on which ETPs are purchased and sold is reliant; Valour’s ability to distribute ETPs in jurisdictions it is not currently operating in; the Company’s ability to obtain, maintain and protect our intellectual property; The Company’s ability to execute on its acquisition strategy; the Company’s liquidity and capital resources; pending and threatened litigation and regulatory compliance; changes in tax laws and their application; the Company’s ability to expand its sales, marketing and support capability and capacity; and maintaining our customer service levels and reputation. The purpose of the forward-looking information is to provide the reader with a description of management’s expectations regarding our financial performance and may not be appropriate for other purposes.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE DeFi Technologies Inc.

• Renewable energy startup SolarWise has launched its DApp on the VeBetterDAO platform.
• Both platforms hope to drive massive user adoption by incentivizing access to green energy.

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Building upon its partnership with VeChain, the SolarWise team said it is set to release a new feature for its Decentralized Application (DApp). The SolarWise DApp, now live on VeBetterDAO, allows SolarNFT holders to enjoy additional perks, including the native token B3TR as a bonus.

Benefits of New Feature on SolarWise DApp 

The SolarWise Own, The Sun AG, outlined some benefits of its new DApp features to users in a series of X posts. First, it would allow homeowners with solar panels to receive rewards for their energy production. This ensures users worldwide enjoy additional benefits from participating in the renewable energy transition.

🔍 Our mission has always been to help you Own the Sun, and now we’re taking it one step further! Beyond tokenizing solar panels in our solar farms, we’ve been working on this idea for a while now and are excited to launch a groundbreaking new feature that lets homeowners with…

— The SolarWise (@TheSolarWise) November 14, 2024

Secondly, it allows for easy user onboarding, fueling VeChain’s mass adoption. SolarWise combines cutting-edge renewable solutions with transparency and impact-driven opportunities to meet the growing global demand for sustainable energy. 

The firm has strong legal compliance and framework in Switzerland, which allows it to run paid ads. Therefore, it can seamlessly onboard Web2 and Web3 users into its ecosystem. SolarWise said the new feature will bring more wallets and users into VeChain’s network. This is anticipated to drive massive growth for the entire community.

Furthermore, SolarWise aims to amplify its impact on sustainability by rewarding individual solar panel owners with the new feature. As users get rewarded, the firm’s sustainability vision is anticipated to spread further, potentially leading to more adoption. In the end, both users and SolarWise get to enjoy while making renewable energy the norm.

“Our mission has always been to help you Own the Sun, and now we’re taking it one step further! Beyond tokenizing solar panels in our solar farms, we’ve been working on this idea for a while now and are excited to launch a groundbreaking new feature that lets homeowners with solar panels earn rewards for their energy production,” SolarWise concluded.

The SolarWise-VeChain Integration

SolarWise introduces a pioneering solution through Solar NFTs to address the barriers in the renewable energy market and the challenges of tokenizing real-world assets. 

Each SolarNFT represents full ownership of an individual solar panel, offering a direct, decentralized way for individuals to purchase renewable energy. As revealed in a CNF report, the solar panel generates power daily, and the NFT’s owner receives VET as payment once it is sold.

SolarWise joined forces with the VeChain ecosystem in Q2, 2024. As CNF reported, SolarWise utilizes VeChain as its foundational blockchain technology, leveraging its scalable solutions to enable seamless transactions via SolarNFTs. VeChain’s Marketplace-as-a-Service (MaaS) platform also allows the project to deploy its online marketplaces for digital assets.

Moreover, VeChain’s low energy consumption aligns with SolarWise’s commitment to minimizing environmental impact while driving innovation in renewable energy. Notably, VeChain’s energy consumption comes at 0.04%, which is exceptionally lower than other top blockchains.

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Recommended for you:

GameFi continues to shine as the market turns to “extreme greed” after the U.S. presidential election and Trump’s victory.

• Bitcoin breaks ATH, GameFi sector adds 25% in market cap
• Can Western Web3 games crack Asia?
• Animoca Brands raises millions for Mocaverse
• Projects migrating to Ronin

Big picture though, looking at the one-year chart, we’re still a long way from reclaiming March 2024’s highs.

On the upside, crypto is getting interested in gaming again.

Immutable confirms this in their latest State of Web3 Gaming Report, out on Nov. 15.

According to the report, Telegram captured one in five new Web3 game launches in 2024, with publishers utilizing the messaging app for user acquisition. This trend could influence traditional mobile platforms’ approaches to Web3 gaming, as mobile gaming faces challenges from restrictive app store policies and regulatory uncertainties.

Of course, almost all coins went up this week thanks to the Bitcoin post-election pump, but these are indeed some very solid gains across multiple chains.

Top Gainers:

Top Decliners:

• Elfin Metaverse grows with 15x their unique active wallets (UAW) this week as their Land Battle Pass went live.
• KGen soars with 220% while they take on big tech and play by their own rules.
• Apeiron rises 79% as their PvE mode introduces Godly-3.
• MetaWin surges by 15.85% with their MetaWin Millionaire going live.
• PlayEmber does well rising 14.8%, building the next generation of consumer crypto games.
• SERAPH: In The Darkness is up 3.51% as the world’s first high-quality Web3 dark ARPG loot game.​

$500M Q3 Investment Surge in Blockchain Gaming

Animoca Brands Raises $10 Million for Mocaverse

How can Western Web3 games attract Asian markets?

Crypto and Web3 adoption face regulatory hurdles in major markets like China and India. Southeast Asian countries such as Indonesia, Thailand, Vietnam and the Philippines show strong potential for Web3 gaming, especially when you can earn money.

Fableborne Moves From Avalanche to Ronin

Super Doginals on DogeCoin

The Doginals protocol enables Pimax to implement updates and patches directly on the blockchain and permits other developers to potentially create their own variations of Super Doginals.

The game is also connected to the Mini Doge art project, which explores how blockchain technology can host interactive media and digital art assets.

• Focus on quality over hype: look out for games that people play for fun rather than just to earn.
• Check for real utility and in-game integration: projects where tokens and NFTs have multiple use cases within the game such as staking, upgrades and crafting, tend to be more sustainable.
• Evaluate team experience and transparency: teams with a proven track record in gaming or blockchain are more likely to deliver.
• Assess community activity and growth: high player retention and active communities (Discord, Twitter, Reddit) show that a game can attract and keep players.
• Check out the games and studios that VCs are investing in to catch 2025’s gaming trends early.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.

Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter.

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The comeback kid

I think we can all agree that NFTs won’t undergo the same explosion we saw last cycle. 

That’s not, of course, to say that NFTs can’t make a comeback of any sort. But it looks like we won’t see CryptoPunk #5822 fetch another $23 million (8,000 ETH at the time) like it did a few years ago. 

(For reference, in the past 24 hours, CryptoPunk #8135 sold for a cool 29 ETH, or $71,000, per CryptoSlam.)

OpenSea CEO Devin Finzer told me at Permissionless that this time will be a little different. And part of that, he said, is the utility behind NFTs. 

“The technology has just been getting better and better,” since the last boom, he said on a panel. 

The previous cycle caused some issues, even with the demand. Gas fees, among other things, were pain points for consumers who wanted to simply purchase an NFT. Finzer said that they’ve “solved” a lot of those problems since 2021. 

“Now you can build all of the cool stuff that we’ve always dreamed of building because…scaling is here on Ethereum, for example,” he explained. Though OpenSea continues to work on onboarding and user experience, he said.

Admittedly, it seems already that any sort of NFT comeback is going to appear vastly removed from what we saw in 2021. Not just anyone is going to be able to create and successfully sell off an NFT. 

Finzer said that he’s looking at transaction and user counts to monitor momentum, putting transaction volume to the side. Overall, Finzer said the space is showing a lot of “momentum.”

For example, three use cases are becoming abundantly clear this time around: gaming, physical collectibles tied to a digital collectible, and tokenizing real-life objects (like Galaxy tokenizing a famous violin).

“Gaming’s probably the [use case] I’m most bullish on,” Finzer told the crowd at Permissionless. In a close follow-up, Finzer said he’s keeping an eye on physical assets, which encompasses both tokenized real-life items and digitizing certain things such as tickets.

Ubisoft’s announcement of a crypto game — Champions Tactics — that’ll launch later this month shows that perhaps gaming, a segment that didn’t flourish when Bored Apes were selling for millions, shows how demand has shifted. The page for the game notes that 75,000 playable characters, or Champions, have been minted.

Not to mention that Off the Grid, another crypto game, which climbed to the top of the charts in the Epic Games store. 

But there’s one other storm cloud over NFTs right now, and that’s the Securities and Exchange Commission, which sent OpenSea a Wells notice a few months ago, though no lawsuit’s been filed yet.

Finzer hopes that the momentum isn’t stymied by any potential regulatory action, given that OpenSea, among others, is “ready to go and fight if push comes to shove.”

“No news on that,” Finzer told me when I asked if they’d heard from the regulator since the notice.

As for where we end up over the mid-term, Finzer said that he expects a “wild” few years. “In five years, I think we’ll all be living in the metaverse potentially,” he said. 

If that’s the case, I just hope my mortgage is cheaper.

— Katherine Ross

Data Center

• BTC and ETH have broken upwards this morning, climbing over 3% to monthly highs of $64,800 and $2,530 apiece.
• SUI set a new price record of $2.35 on Sunday evening, having gained 15% in the past week. It has since retraced slightly to $2.24 (mcap: $6.19 billion).
• Base transaction counts have also hit a new peak, per Blockworks Research data: 40.82 million in the past week, up over 17% from the previous period. Trading bots including Banana Gun are leading gas consumption on the network, alongside AMM Aerodrome.
• Base’s TVL has hit a new record of $2.455 billion, up 54% in the past month.
• Bitcoin is the second-most popular venue for NFT trading in the past month after Ethereum: $67.2 million volume vs. $107.8 million.

Off the Grid, on the chain

Off the Grid — one of the first true AAA games infused with crypto — is a ballsy experiment worthy of your attention.

I spent the weekend (and some of this morning) blasting through as many rounds as I could, earning what appears to be a stand-in tester cryptocurrency for every kill. 

And yes, it’s actually fun.

The third-person shooter, from Ukrainian-German studio Gunzilla Games, throws the player into a battle royale set in a world ripped straight from dystopian action thrillers Elysium, Chappie and District 9. 

Which is to be expected: Director Neill Blomkamp co-founded the studio and serves as its creative chief.

It’s a cool twist on the genre made big by PUBG, Fortnite and Warzone. The lore goes that players have their limbs surgically removed to compete on the hyper-violent Teardrop Island — to be replaced by mechanized arms and legs fitted with all sorts of weaponry, from swords and shields to drones and poison gas.

Freedom of movement is where Off the Grid really shines. Jetpacks are standard — so lots of zooming between buildings, cranes and other climbables — while legs can come loaded with ultra-speed or mega-jump capabilities. 

It’s super fast-paced and smooth, although the PS5 beta does suffer from some optimization issues in the current version.

As for the crypto stuff: It’s not totally live just yet.

Weapons and other items like skins and clothing can be optionally minted NFTs and traded on the in-game marketplace for a native token, GUN. Just like a crypto version of the Steam marketplace.

Those mechanics run on an Avalanche subnet (through which transactions don’t eventually settle via the main Avalanche chain, as is the case with Ethereum rollups and mainnet).

Avalanche’s Blizzard Fund co-led a $30 million funding round in March for Gunzilla Games, alongside CoinFund.

And you can indeed earn GUN for killing enemies, ranking highly in matches and extracting what’s known as HEX cubes — loot boxes that you can then sell for more GUN. Above average items go for around 80 to 100 GUN at the moment.

For now, the GUN token payouts and NFT minting appear to still be occurring on a testnet version of Gunzilla Games’ subnet, GUNZ, although all early access progress is set to carry over to the full release. I reached out to the team to confirm and I’ll drop a note in a future edition with their answer. 

Either way, the testnet has seen over three million transactions per day for the past three days running with 5.5 million wallet addresses — positively humming along. And in the future, items will be tradable as NFTs on OpenSea, denominated in the GUN token, which the team previously said it plans to list on centralized crypto exchanges.

Aside from maintaining Twitch attention, the real keys to success will be whether Off the Grid can stave off cheaters while maintaining balance in its crypto-economy as it ramps up.

In the meantime, who can argue with pwning noobs to earn crypto.

— David Canellis

The Works

• Avalanche Foundation struck a deal to repurchase nearly two million tokens sold to Terra’s Luna Foundation Guard, pending court approval.
• Arkham Intelligence is reportedly plotting to launch a derivatives exchange.
• Samara Asset Holdings is planning to issue a $30 million bond to buy up some bitcoin. 
• Copper tapped former Goldman Sachs and SEC employee Amar Kuchinad as its new CEO.
• Horst Jicha, a German national accused of running a $150 million crypto scam, went poof from his New York City home while on a $5 million bond.

The Riff

Q: Are gamers coming around to crypto?

Off the Grid will be the best test of that to date.

To be clear, the game is very much still in beta. But there are already a slew of posts complaining about failed transactions for in-game stuff, and blockchain is, apparently, still very easy to blame.

One Redditor wrote:

“Why the hell does it take 15 tries of 15 different items before I can purchase anything on marketplace. Right now I can even buy anything on there like I been locked out by moderators for interfering on their stupid cryptocurrency scam they got going. Like what do u get by holding onto all the rarest items and preventing others from buying them. Only a handful of market gate holders have a majority of the valuable items and what does that get then at the end of the day a couple thousand dollars worth of savings in a video game they likely don’t even play. Fricken vultures man why don’t they just not use our market place to make crypto pennies and leave the gaming to gamers …”

Make of that what you will.

— David Canellis

It’s too early to tell. 

I don’t think gamers necessarily have anything really against crypto (though, understandably, I think a lot of game developers have a bad taste in their mouth from previous iterations, but that’s a whole other can of worms).

The over-monetization of games can easily burn folks out. Remember back in 2017-2018 when loot boxes became more widely used, and therefore, controversial? I think folks just want to avoid that. 

I’ll be honest with you, I’m an avid Sims player so I’m well aware of how much it sucks to continually sink money into a game. And I think it’s a fair concern for games with NFT functionality. But I hope that we’ve finally struck a fair balance. 

No one’s gonna care if it’s a crypto game as long as it’s good, and doesn’t require you to drain your bank account to have a fun time. 

Let’s be real, at the end of the day, the gameplay is what really matters.

— Katherine Ross

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