Top Crypto News: 05/21

After making a daily high of $42,251, Bitcoin underwent a correction and is now trading at $37,643. However, many crypto investors bought the dip amid this week’s market bloodbath. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $2,431.

Let’s find out some interesting crypto news for today.

1 – PAID Network | Genesis Shards Partnership to Become Genpad IDO Partner

PAID Network joins hands with Genesis Shards to become an IDO partner for Genpad projects. Genesis Shards is powered by Polkadot, which creates a permissionless decentralized ecosystem of interchain liquidity for pre-IDO tokens. With this coalition, projects on PAID Network’s IGNITION platform will get access to pre-IDO liquidity on Genesis Shards through Gen Ticket NFTs.

PAID Network strives to simplify the business contract, litigation, and settlement processes through its DeFi-powered SMART Agreements. Hence, projects on Genpad will utilize PAID’s SMART agreements to make their own policies. Additionally, Genpad pre-IDO projects will launch their IDO on the multichain IGNITION launchpad.

2 – Razor Network | Knit Finance Partnership to Issue Wrapped K-RAZOR on Multichain Platform

Razor Network partnered with Knit Finance to enhance cross-chain interoperability. Knit Finance aims to bridge multiple non-Ethereum chains with its next-generation DeFi protocol. With this partnership, Knit Finance would integrate Razor Network’s (RAZOR) token on its multichain platform. Users can also create wrapped tokens in a 1:1 ratio by leveraging Knit Finance. Razor facilitates a decentralized oracle solution and assures that the data transmitted to the blockchain is both reliable and secure.

Interestingly, real-world assets like gold, stocks, and even fiat can be brought into the DeFi ecosystem utilizing Knit’s wrapped K-assets. Hence, RAZOR tokens can be wrapped as K-RAZOR to enable cross-chain transactions. Further, users can also utilize Knit’s cross-chain bridge for DEX-based trading, staking, lending, margin, and borrowing.

3 – Reef Finance Reveals Its Mainnet Canary Version Launch on May 28th

Reef Finance announced the launch of the Canary version of its mainnet. As per the tweet, this mainnet launch will take place on May 28. The team has designed the Reef Chain to enhance the DeFi ecosystem. The Reef Chain is compatible with EVM (Ethereum Virtual Machine), which allows developers to migrate their dApps from Ethereum without any coding modifications. Besides this, it is interoperable with Polkadot and has the ability to support protocol upgrades without any blockchain forks.

As stated, the Canary version of the Reef Chain mainnet will start after 30 days from its launch. The Canary version of the mainnet will transition to a non-resettable network when the evaluation period is completed. Further, this mainnet was preceded by the Maldives testnet, where developers examined the situation and reported any glitches and bugs that were found. Reef Chain renders multiple solutions to projects such as fundraising, investor relations, partner networks, and more.

4 – Faraland | NFTify Collaboration to Launch Its NFT Shop

NFTify collaborated with Faraland to launch their NFT shop on its platform. Moreover, NFTify is a one-stop-shop to design an influential NFT marketplace and brand. It connects the next-generation blockchain with Web 3, which helps in highly secure, transparent, and copyright-protected NFT transactions. Faraland is one of the biggest war games on the Binance Smart Chain. The Faraland NFTify store aims to bring nextgen e-commerce features to this first gamified NFT store. This partnership would empower users with multi-chain NFT trading opportunities. In addition, Faraland users can enjoy the interoperability and scalability features of the Polkadot multi-chain while creating a robust e-commerce platform.

5 – Marlin | Polkadot Network Integration to Expand Its Gateway & Relays

In the last bit of crypto news for today, we have Marlin integrating its gateway and relays for the Polkadot network. With this integration, users can utilize the Marlin relay node to transmit Polkadot data. Marlin is an open protocol that provides high-performance programmable network infrastructure for DeFi and Web 3.0. In addition, DOT validators can employ this gateway to earn MPond as a reward. Besides this, the team has plans to launch a Marlin testnet for its node operators. This will help to scale their nodes for Polkadot without requiring the minimum delegation of 0.5 MPond. As the Marlin gateway is already available for the Ethereum network, this expansion will increase its usability.

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