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Crypto Pepes: What does the frog meme? – Cointelegraph Magazine

NFTs fuel the campaign to save the image of Pepe the Frog. So, has the crypto industry been able to reclaim the meme frog from the alt-right, or is the world of blockchain just full of edgelords?

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When BarnBridge founder Tyler Ward decided to change his profile pic a few weeks ago, he inadvertently created a Pepe the Frog NFT meme craze embraced by celebrities and the DeFi community that was on track to reap more than $60 million in sales on the OpenSea auction platform.

Then the wheels fell off rather spectacularly. Magazine chats with Ward on Monday, Feb. 22, after the first 20 of 1,069 Non-Fungible Pepes were sold at an average price of $62,671 each, and he can’t quite believe it.

“We sold like $1.3M worth of Pepes, like 20 of them,” he says. “One of them went for $200,000!”

“All these celebrities have gotten involved — like Diplo, just signed up to be a part of the movement. Everyone in crypto is a part of it.”

“All the Defi protocol founders, even Vitalik’s dad, got behind it. Dillon Francis, he’s a pretty famous musician in the US, he’s actually been going pretty hard on all of this stuff. I wasn’t expecting it. I mean, it’s truly blown up over the weekend.”

30 min left on a bunch of these @NonFungiblePepe GET IN THERE https://t.co/uQcWJhv355 pic.twitter.com/Tthj8rM5Mp

— dillonfrancis (@DillonFrancis) February 20, 2021

Origins lost in the mists of time

Way back on Feb. 12, Ward asked his in-house designer to knock up an image of sad-faced frog Pepe in the low-res style of CryptoPunks for use as his Twitter profile pic. Handed a few different examples, he sent them off to friends including Synthetix founder Kain Warwick and illustrator and art collector Tim Pang.

“Everybody’s just like ‘You gotta do this, this is really fun,’” he says. Of course, while Pepe is a beloved crypto meme, it’s also widely associated by “normies” with racism and sexism and the alt-right edgelords from the badlands of 4chan. This pisses Ward off.

“I mean we’re all pretty progressive. The Ethereum community is not alt right, but we very much have grown a fondness for this frog,” he says, adding: “The frog’s background was never alt right. We were using it in crypto way before the alt right was.”

In its OpenSea listing, the project said it was explicitly about trying to help rehabilitate the melancholy frog’s Nazi image:

“We are here to reclaim the humor of the meme through our shared love for NFTs and having some fun. If our Pepes are used for racism, bigotry, or anything terrible… we will shame you and Kek will have vengeance on your soul.”

Ward says he was inspired by Tyler Winklevoss’ idea that Bitcoin is actually a social network, inspiring millions to spread the gospel of Bitcoin by enabling them to share in its value.

“I thought: what is the best way you can get everybody to band around the idea that Pepe is not racist? If we mint a bunch of them and give them some degree of value, then people will want them for more than just a profile picture. It creates a digital scarcity and I think that as a result of that they’ll care about what they own and they’ll care about trying to clean up the image of what it represents. Let’s make the movement about taking Pepe back.”

Despite having zero marketing budget and no time to even set up a website, the NFT Pepes meme took off across social media, with 2,000 members pouring into the hastily thrown-together Discord channel and almost 5,000 following the new Twitter account.

“I started this as a joke. I was trying to change my Twitter profile picture. But that anti racism message really resonated because I’m not the only person in crypto apparently, who thought Pepe was cool, and thought it was messed up that we couldn’t use them because of racist people.”

There was just one slight problem: Ward was not aware that the meme frog even had a creator, or that artist Matt Furies’ life has been all but ruined by alt-right edgelords appropriating his frog, as outlined in the excellent new documentary Feels Good Man.

This became clear when Galaxy Digital’s Mike Novogratz tweeted about the insane $210,000 (110 ETH) price that one of the NFPs (PepeIsLyfe #38) went for, and the documentary makers pointed out that the “knock-off” Pepe had brought in almost as much as the film’s entire budget.

In case there was any doubt…not an official sanctioned Pepe.

It’s a rather absurd moment in time that a knock off jpg can sell for the cost of making an entire documentary about the actual meme. https://t.co/rUFFDweN3D

— Feels Good Man – the doco about that frog meme (@feelsgoodmandoc) February 22, 2021

The Non-Fungible Pepe Twitter account quickly posted it was halting all sales while the team frantically tried to get in touch with Furie to seek his blessing. That blessing was not forthcoming.

“I asked him if he wanted to be involved and he said ‘no I don’t and I also don’t want you using Pepe,’” Ward explains via WhatsApp earlier this week. “So instead of seeing how I could maximize profit and be a jerk, I refunded sales to people who felt slighted and I did what Matt asked me to do.” Within a few days, they’d refunded 80% of the $1.8 million worth of WETH taken in the auctions.

Ward believes that legally speaking, the project was on solid ground. “I don’t think Matt’s legal position is very sound but it came down to me respecting him as an artist and the hell Pepe has put him through and I don’t want to be a part of either ripping someone off even if it’s 2% their work what made this successful or 200%.”

“At the end of the day, the more I learned since starting this, that frog has made his life a living hell and had I known that starting this I wouldn’t have done it,” he admits. The project has since been transformed into Non-Fungible Universe, with 69 original characters and its own currency called KEK.

Pepe’s past

Pepe the Frog began life innocently enough in Furies’ 2005 comic book series “Boy’s Club” as a laid back frog with the catchphrase “feels good man.” Sure, there was psychedelia and drugs and stuff, but Pepe was a good guy, and Furie would post the comics to his MySpace page.

Memes featuring Pepe then became widespread on MySpace, Tumblr and 4chan. Over the next nine years, the frog’s popularity grew to the point where influencers were doing Pepe makeup videos and mainstream pop stars like Katy Perry and Nicky Minaj were tweeting out the meme.

According to The Daily Beast, in 2015, the anon army from one of 4chan’s more out there forums, /R9k/, decided to reclaim Pepe from the normies by pushing them away with a barrage of edgy Pepe memes featuring “ironic” racist, homophobic and antisemitic stuff. A member of the board tweeting as “JaredTSwift” told the news outlet: “We basically mixed Pepe in with Nazi propaganda, etc. We built that association.”

The joke became less and less ironic as Donald Trump campaigned for the presidency and Pepe became the house mascot of MAGA and white nationalists. Remember that whole “punch a nazi” meme? That began when alt-right figurehead Richard Spencer was punched in the face on camera while trying to explain the meaning of his Pepe badge. That same year, the Anti-Defamation League listed Pepe as a hate symbol, even though it explicitly pointed out:

“The majority of uses of Pepe the Frog have been, and continue to be, non-bigoted.”

The ADL launched a #savepepe campaign with creator Matt Furie, who said: “As the creator of Pepe, I condemn the illegal and repulsive appropriations of the character by racist and fringe groups. The true nature of Pepe, as featured in my comic book, ‘Boys Club,’ celebrates peace, togetherness and fun. I aim to reclaim the rascally frog from the forces of hate.”

Rare Pepes were the original NFTs

4chan also had a hand in how Rare Pepes, essentially the original NFTs, came about. They trace their origins to a 2015 inside joke about an autistic kid who would exchange Good Boy Points for chicken tendies. Then people started exchanging Rare Pepes for tendies, which led to the idea that Rare Pepes had value.

This inspired some people to create unique tokens on the Counterparty platform to represent ownership of Rare Pepe trading cards, which were traded for PepeCash. Interestingly, rules were brought in to ensure content was original and didn’t relate to alt-right, white supremacist or pro-Donald Trump content.

Pepe trading enthusiast Django Bates told the Daily Dot at the time: “Most of the community don’t think Pepe is an alt-right thing. Some (like me) think that we should Make Pepe Great Again and free him of that connotation.” He adds further: “Also, you have to be aware that Pepe as a symbol of hate and racism by alt-rights is a merely North American thing. The rest of the world does not see Pepe in that context.”

Rare Pepe Wallet was set up as a platform to trade the tokens, with the phenomenon culminating in a live auction in 2018 that saw a Homer Pepe sell for around $38,500 in Pepe Cash. In an interesting postscript, earlier this week on March 1, owner Peter Lamborghini resold it for 205 ETH, or almost $300,000.

In art news: The reputed “rarest pepe” sold for 205 ETH (approximately $295k USD) according to its owner. https://t.co/pQOvTOw6ZI

— Travis View (@travis_view) March 1, 2021

Chainlink frog army

The association of Chainlink, the ninth-largest cryptocurrency project, with Pepe is thanks to 4chan’s slightly less awful /Biz/ forum, which features a deep vein of dank meme-powered crypto shilling. It was here that a Q-style prophet/insider named Assblaster dropped hints and clues about LINK in the early days, claiming both that he was under an NDA and also dropping large amounts of free alpha about the project into the forum.

“When Chainlink started doing well it just became this cultish prophecy of 4chan, and 4chan really likes Pepe the frog so it was kind of this merger,” says Ward. “A lot of people that posted about Chainlink would post with Pepe the Frog and they kind of became intertwined.”

LINK Marine Albert Nazarov, who spends around four hours per day reading and tweeting about Chainlink, discovered the currency via 4chan.

“Things like racism and sexism etc are prevalent,” he concedes. “But ironically, 4chan is basically a crucible of raw thoughts, the best and balanced make it to the top. It’s almost anything goes there, and it trains the brain to decipher good info from bad stuff.”

Nazarov says that for a while there, Pepe was “bad for our optics,” so the community tried to distance itself by dressing up as “LINK gentlemen in suits etc.” However, Pepe just cuts through better.

“The main power of Pepe is relatability,” he says, pointing out that the character is humanoid enough to express emotion but cartoonish and abstract enough to make great memes. And great memes helped supercharge Chainlink.

“It no longer bears alt right connotations in my opinion,” he concludes, while pointing out further:

“Oracles and decentralised middleware is not sexy and it’s quite laborious to read about. Whilst a Pepe meme spreads the same message to a wider audience. It’s basically the distillation of knowledge into a relatable form. A five-year-old could understand LINK through a meme for example.”

Synthetix founder Kain Warwick — currently sporting a Non-Fungible Pepe profile pic — says he doesn’t detect any trace of alt-right thought among the frog army.

“They’re all Chainlink memes, they’re very Chainlink focused,” he says. “And I don’t think that there’s a particular sort of alt right bent to the Chainlink community. I just think that they’ve taken that meme as a funny meme.”

But he adds there had been a long debate in the Synthetix Discord about the use of Pepe on social media — about whether the crypto community has been able to reclaim the frog. And they’d come to the conclusion it has.

“I think there is a bit of co-option of those images and reusing them for crypto memes and personally I’m a fan of that. The Pepe meme was co-opted by the alt right so for it to be re co-opted by some other group and used in different contexts I think is a powerful way of undermining those sorts of things.”

30 min left on a bunch of these @NonFungiblePepe GET IN THERE https://t.co/uQcWJhv355 pic.twitter.com/Tthj8rM5Mp

Source: https://cointelegraph.com/magazine/2021/03/05/crypto-pepes-what-does-the-frog-meme

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Ethereum loses key support level as ETH price falls to two-month lows against Bitcoin

Ethereum’s value against Bitcoin dropped below its 200-day exponential moving average for the first time since March 2020, raising risks of further declines in the coming sessions.

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Ethereum’s native token Ether (ETH) rallied by more than 15% in the first twelve days of October. But, compared to Bitcoin’s (BTC) 30% gains in the same period, the second-largest cryptocurrency is currently in a downtrend when priced in BTC.

So far into October (and the fourth quarter of 2021), the ETH/BTC exchange rate has plunged by over 12%, reaching 0.060215 BTC for the first time in more than two months on Tuesday.

ETH/BTC daily price chart. Source: TradingView.com

The drop also pushed ETH/BTC below one of its longest-standing support zones, the 200-day exponential moving average (200-day EMA; the orange wave), as shown in the chart above. This raises the risk of more downside with 0.055304 BTC serving as the next possible target.

Bitcoin dominance rises on ETF hopes

More evidence for ETH/BTC’s weakness came from rising Bitcoin’s dominance in the crypto market.

In detail, the Bitcoin Dominance Index (BTC.D), which measures the flagship cryptocurrency’s capitalization against the rest of the crypto market, surged from 42.39% on Oct. 1 to 46.64% on Oct. 12. On the other hand, Ethereum’s dominance (ETH.D) dropped from 18.15% to 17.57% in the same period.

Bitcoin dominance index daily chart. Source: TradingView.com

That shows that more capital flew/rotated into the Bitcoin market than altcoins so far into October.

Related: Institutional crypto products eye record AUM as investors pile into Bitcoin

The rising Bitcoin dominance coincided with expectations that the United States Securities and Exchange Commission (SEC) would approve four Bitcoin-based exchange-traded funds (ETF) in a matter of weeks. The applicants are Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF.

SEC chair Gary Gensler hinted at an optimistic outcome for Bitcoin ETFs despite the securities regulator’s history of rejecting similar applications for eight years in a row. Gensler noted that this time, however, the Bitcoin ETF applicants filed under the Investment Company Act of 1940, which offers higher investor protection.

Earlier this week, two “light” Bitcoin ETFs started trading in the U.S., named Invesco Alerian Galaxy Crypto Economy ETF under the ticker SATO and Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC). However, the funds invest 80% of their assets in crypto-related companies, not Bitcoin itself.

SATO ETF 15-minute price chart. Source: TradingView.com

The SEC also approved a third crypto equity ETF. Dubbed the Volt Crypto Industry Revolution and Tech ETF (BTCR), the fund will gain exposure “in entities that hold a majority of their net assets in bitcoin or derive a majority of their earnings from bitcoin mining, lending or transacting.”

Bitcoin to go “insane”?

James Seyffart, an ETF analyst with Bloomberg Intelligence, said the news would be “very bullish” for Bitcoin. Similarly, independent market analyst Lark Davis also predicted “insane” market reactions should the SEC approve a Bitcoin ETF having exposure to actual BTC.

I don’t think people are fully prepared for how insane the markets will go once we get a #bitcoin ETF approved!

— Lark Davis (@TheCryptoLark) October 8, 2021

So it appears, the speculation over Bitcoin ETF approvals raised traders’ appetite for the top cryptocurrency in recent days with BTC outperforming its top rivals, including Ether.

Nonetheless, Ethereum boasts a strong decentralized application ecosystem and remains the key force behind the booming decentralized finance (DeFi) and nonfungible token (NFT) sectors.

David Gokhshtein, the founder of Gokhshtein Media and PAC Global, noted that Ethereum’s healthy network effect could send Ether to $10,000 by the end of this year. Meanwhile, as Cointelegraph covered, an ongoing supply crunch in the Ethereum market should remain a major talking point for the bulls moving forward.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/ethereum-loses-key-support-level-as-eth-price-falls-to-two-month-lows-against-bitcoin

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El Salvador’s Bitcoin detractors: Opposition groups gather as crypto law rolls out

While President Bukele enjoys widespread popularity, his law that makes Bitcoin legal tender does not.

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The year 2021 will probably go down the history books as one of Bitcoin’s (BTC) most interesting years, given its recent uptake by billionaires and adoption by mainstream institutions, not to mention El Salvador’s move to make it legal tender.

In El Salvador’s case, it almost seems as if the whole world is watching this experiment to see whether it will be a success or a total failure for the Central American nation.

With Sept. 7 marking the official implementation of Bitcoin as a legal tender in El Salvador, a wave of protests in the country against the move has roused suspicions and uncertainty over how the new law will be enforced.

From the arrest of individuals criticizing the Salvadoran government over the new law, to the wave of citizens across the country protesting Bitcoin’s legal status, the seminal crypto is facing some headwinds.

How Bitcoin became legal tender

It all began in early June after Salvadoran president Nayib Bukele announced in a tweet that the country’s legislative assembly had passed a bill making Bitcoin legal tender. The law was set to be implemented on Sept. 7 and would see the country’s 4.5 million citizens able to make purchases with Bitcoin at stores nationwide.

In his announcement, Bukele said that once an official bill to make Bitcoin legal tender was passed, “Chivo ATMs” — Chivo being the name of the official BTC wallet for El Salvador — would eventually be “everywhere” in the country. This would allow El Salvadorans to withdraw Bitcoin in cash without incurring any commissions on their holdings, as is the case with services such as Western Union.

Moreover, Bukele assured citizens that no one will be forced to use Bitcoin. In a statement, the 40-year-old president said that “someone can always queue up at Western Union and pay a commission.”

“What if someone doesn’t want to use Bitcoin? [Well] don’t download the app and continue living your normal life. Nobody is going to take your dollars,” he said.

The first wave of resistance

Following the announcement, a group of protestors called the Popular Resistance and Rebellion Block (BRRP) block emerged to protest against the Bitcoin law.

“President Nayib Bukele passed the law making the cryptocurrency legal tender in the country without proper consultations with the people,” one activist said.

Although the protest group highlighted complexities such as Bitcoin’s volatility as reasons for caution, their main claim is that the law mainly serves large businesses linked to alleged money laundering to the benefit of corrupt officials.

“Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money,” one protestor said.

A letter from the BRRP group said that “entrepreneurs who put their capital in Bitcoin will not pay taxes on their earnings and the government would spend millions worth of taxes to execute the whole campaign.”

Indeed, the bill to make Bitcoin legal tender includes some interesting proposals such as a zero capital gains tax on BTC. The bill also promised investors permanent residency in the country with a three BTC investment in El Salvador.

The arrest of Mario Gómez

As the controversial Bitcoin bill became a law on Sept. 7, both supporters and detractors continue to emerge with the latest in events around the law being the arrest of Mario Gómez.

According to several local news outlets in El Salvador, Mario Gómez — a computer and crypto expert as well as an avid critic of the government — was arrested by local police and held for a few hours before being released.

Gómez has been known to regularly post on social media opposing the government’s move to make Bitcoin legal tender. Observers such as Steve Hanke — an economist from Johns Hopkins University — criticized Gómez’s arrest as an “authoritarian police tactic in action.”

Hector Silva, a counselor of the mayor’s office in San Salvador, said, “the arrest of Mario portrays the fragility of the government in terms of the implementation of the Bitcoin law but confirms something even more dangerous.”

“They are willing to manipulate whatever institutions are necessary to push critical voices out of the way,” added Silva.

Although the police released a statement saying that Gómez was detained as part of a financial fraud investigation, news reports claimed that he was arrested without a warrant and an attempt was made to take possession of his phone and computer.

The citizens’ protest

Right before Gómez’s arrest, some retirees in El Salvador took to the streets to protest, worried about the government using the cryptocurrency to pay their pensions.

While speaking to reporters, one demonstrator from the crowd — which included veterans, disability pensioners, workers and retirees — said, “we know this coin fluctuates drastically. Its value changes from one second to another, and we will have no control over it.”

While Bukele has promised that the use of Bitcoin in the country will be optional and that salaries and pensions will still be paid in United States dollars, the protestors still highlighted a lack of knowledge of the technology.

Citizens have also complained that there has been too little explanation from officials about the pros and cons of Bitcoin. “We don’t know the currency. We don’t know where it comes from. We don’t know if it’s going to bring us profit or loss. We don’t know anything,” one Salvadoran added.

In response, Bukele’s administration has stated that the use of Bitcoin is not mandatory and that necessary training and other alternatives to Bitcoin will be provided.

Mixed opinions

Although President Bukele enjoys incredibly high approval ratings, recent polls concerning the Bitcoin law show a widespread lack of support for the measure. A recent poll conducted by El Salvador’s Universidad Centroamericana José Siméon Cañas shows that up to two-thirds of respondents are inclined toward a move to repeal the law, and more than 70% prefer the U.S dollar over Bitcoin.

International institutions like the International Monetary Fund have also warned about macroeconomic, financial and legal issues brought about by El Salvador’s adoption of Bitcoin.

Siobhan Morden, head of Latin America Fixed Income Strategy at Amherst Pierpont, said that “the plans for Bitcoin under an increasingly autocratic regime will likely only compound concerns about corruption.”

On the flip side, others remain optimistic that the new law will eventually benefit Salvadorans given that the country’s economy is heavily reliant on remittances sent home by migrants overseas. Last year alone, the country’s remittances totaled $6 billion, accounting for a fifth of gross domestic product.

“El Salvador’s adoption of Bitcoin as legal tender by law offers the country some optionality in financial matters and sovereignty,” said Alexander Blum, managing director of Two Prime.

His sentiments were echoed by Alberto Echegaray Guevara — an artist and entrepreneur — who said, “President Bukele’s Bitcoin Law is not only trying to make international money transfer cheaper and easier for 70% of his unbanked population but also creating a new economic hub and new remittances platform in Central America.”

Adrian Pollard from HollaEx told Cointelegraph, “It is typical for new technology rollouts to have bugs and apposition but that’s exactly why it was made voluntary.”

“I suspect there will be more bumps along the road for El Salvador but it will be worth it long term. In fact, I believe other South American nations aren’t far behind and will follow,” added Pollard.

In his announcement, Bukele said that once an official bill to make Bitcoin legal tender was passed, “Chivo ATMs” — Chivo being the name of the official BTC wallet for El Salvador — would eventually be “everywhere” in the country. This would allow El Salvadorans to withdraw Bitcoin in cash without incurring any commissions on their holdings, as is the case with services such as Western Union.

Source: https://cointelegraph.com/news/el-salvador-s-bitcoin-detractors-opposition-mounts-despite-crypto-rollout

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The future of DeFi is spread across multiple blockchains

Creating interoperability, not competition: Multichain solutions will positively impact the blockchain space in terms of accessibility, innovation and economic viability.

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Long stuck in the shadows of Bitcoin (BTC), Ethereum (ETH) finally took hold of the market in 2020 during the decentralized finance summer. Designed to recreate traditional financial systems with fewer middlemen, DeFi is now being used across lending, borrowing, and the buying and selling of tokens. The majority of these decentralized applications (DApps) are run on Ethereum, which saw activity on the network increase during 2020. This activity also trended upwards due to yield farming, also known as liquidity mining, which enables holders to generate rewards with their crypto capital.

But as activity on Ethereum increased, so too did the network’s transaction fees. In May, it was reported that Ethereum gas fees were skyrocketing. It’s intuitive that engaging in DeFi is only worthwhile when handling capital that exceeds any network fees. Consequently, it soon became clear to users that the blockchain was verging on unusable.

Related: Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answer

Without a doubt, Ethereum remains the most active and populated blockchain, but other potential players are popping up, providing a viable alternative to Ethereum. For example, layer one protocols such as Binance Smart Chain (BSC) and Solana (SOL) are attracting billions in assets under management, whereas layer two solutions such as Polygon (MATIC) are capturing Ethereum’s disgruntled users’ attention due to their compatibility with Ethereum-based protocols. This is in addition to delivering low fees and quick transaction speeds. However, despite Ethereum gas fees reaching a high over the past year and the growth of faster networks, none of these chains have killed Ethereum yet.

It’s because of this, as we enter the second half of 2021, that the narrative of “Ethereum vs. the rest” is starting to change — developers are realizing the value of a cross-chain future rather than having to pick one blockchain to build on. It’s no longer a case of creating a chain with a competitive edge, but of ensuring all chains can work interchangeably to improve the industry.

Related: A multichain future will accelerate innovators and entrepreneurs

Benefits and drawbacks of a multichain future

Due to its prominence and longstanding presence in the market, Ethereum has the first-mover advantage and remains the most significant blockchain within the DeFi ecosystem as of Q1 2021. But with other chains gaining momentum, it is these alternatives to Ethereum that are providing the benefits of faster transaction speeds and significantly lower fees.

The introduction of other chains isn’t necessarily a bad thing, even for Ethereum fans. After all, a multichain ecosystem brings additional space for new protocols to enter, each with a strong user base. Each new chain also creates a new community, vacancies for services, and an individual identity and culture.

Related: Too little, too late? Ethereum losing DeFi ground to rival blockchains

One possible drawback, depending on how you look at it, is that some blockchains require unique programming languages, such as JavaScript, Rholang, Simplicity, Rust or Solidity, which may present a barrier to entry for developers. At the same time, however, different coding languages can present a new way for developers to solve a problem. And as the blockchain space moves further towards multichain, it may inspire developers to create and innovate as they witness the diversity in viable blockchain projects. It’s for this reason that projects which don’t innovate could be seen as lagging and abandoned by their community.

Not only that, but separated blockchains create innovation silos, presenting challenges to progress and adoption. Joining the multichain future together can be seen as seamlessly connecting these specialized groups. This could be seen as a difficult objective to achieve in the traditional tech world, but cryptocurrency and blockchain are challenging these existing infrastructure monopolies, and this industry has the ability to pioneer an ecosystem that works cohesively rather than competitively.

Related: Life beyond Ethereum: What layer-one blockchains are bringing to DeFi

More blockchains, more value

It’s inevitable that projects will eventually connect multiple blockchains, making the transfer of information from one chain to another seamless. In fact, the cryptocurrency market and multichain adoption is less of a zero-sum game than is often cited. And, as the multichain future becomes more apparent, it will only become clearer that the additional functionality, usability and scalability it brings is contributing to the onboarding of new users.

Related: The great tech exodus: The Ethereum blockchain is the new San Francisco

Rather than viewing the existence of a multichain future with doubt, it should be looked on positively. There are plenty of different smart contract platforms in the crypto ecosystem, all of which impact the blockchain space in terms of accessibility, economic viability and innovation. Blockchains may be separated right now, but everything will come together in the end, creating an interoperable and fast network of protocols that fulfils our daily needs. The beauty of this is that we won’t have to worry about how we’re transacting or what we’re transacting on, as it won’t matter.

We’re still far from achieving the end goal of interoperability, but once it’s achieved mass adoption, the crypto industry will be unstoppable. And, as the sector continues to grow, projects are finding that they have to adapt to a multichain future soon or risk getting left behind.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Michael O’Rourke is the co-founder and CEO of Pocket Network. Michael is a self-taught iOS and Solidity developer. He was also on the ground level of Tampa Bay’s Bitcoin/crypto meetup and consultancy, Blockspaces, with a focus on teaching developers Solidity. He graduated from the University of South Florida.

Without a doubt, Ethereum remains the most active and populated blockchain, but other potential players are popping up, providing a viable alternative to Ethereum. For example, layer one protocols such as Binance Smart Chain (BSC) and Solana (SOL) are attracting billions in assets under management, whereas layer two solutions such as Polygon (MATIC) are capturing Ethereum’s disgruntled users’ attention due to their compatibility with Ethereum-based protocols. This is in addition to delivering low fees and quick transaction speeds. However, despite Ethereum gas fees reaching a high over the past year and the growth of faster networks, none of these chains have killed Ethereum yet.

Source: https://cointelegraph.com/news/the-future-of-defi-is-spread-across-multiple-blockchains

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South Korean antitrust regulator fines Google $177M for abusing market dominance – TechCrunch

The Korea Fair Trade Commission (KFTC) said on Tuesday it fined Google $177 million for abusing its market dominance in...

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