Welcome to The Protocol, CoinDesk’s weekly digest that covers the most significant advancements in cryptocurrency technology. I’m Margaux Nijkerk, CoinDesk’s Ethereum reporter, stepping in for Ben Schiller this week.
In this edition, we’ll explore the following key developments:
– Story Protocol launches a blockchain dedicated to intellectual property (IP) management.
– Ethereum developers unveil an initiative aimed at simplifying cross-chain transactions.
– The collaboration between Ethereum L1 Monad and Orderly Network to enhance DeFi capabilities.
– How Donald Trump has emerged as a surprisingly influential figure in the crypto investment landscape.
The Rise of Story Protocol: A New Era for Intellectual Property
Story Protocol has officially launched its blockchain focused on intellectual property, introducing the $IP token. This innovative platform positions itself as the “world’s intellectual property network,” enabling users to register their IP and monitor its utilization by others.
With the launch, Story Protocol aims to empower creators by providing them with a mechanism to get compensated for the use of their data, especially in training artificial intelligence models. The $IP token, which was announced earlier this month, serves dual purposes: it covers transaction fees and allows users to participate in the platform’s governance.
Investor interest in Story Protocol has been robust; PIP Labs, the primary developer of the blockchain, successfully raised $80 million in a Series B funding round, spearheaded by notable venture capital firm Andreessen Horowitz (a16z). This brings the total funding for the project to an impressive $140 million. In a significant move, the protocol is unlocking 25% of its initial supply of 1 billion $IP tokens, with over half allocated for ecosystem and community development.
Streamlining Cross-Chain Transactions with Open Intents Framework
In an exciting development for the Ethereum community, a coalition of leading Ethereum developers has launched the Open Intents Framework (OIF) to simplify cross-chain token transfers. This initiative, backed by 25 projects, including prominent layer-2 solutions such as Arbitrum, Optimism, ZKsync, and Scroll, aims to standardize user interactions across the Ethereum ecosystem.
The OIF introduces a concept called “intents,” allowing blockchain users to achieve specific objectives through intermediaries. This framework builds upon existing standards like ERC-7683, which promotes interoperability among various chains. By offering shared infrastructure and execution coordination, OIF seeks to make intent-based transactions permissionless and efficient, fostering a more interconnected Ethereum ecosystem.
Monad and Orderly Team Up for DeFi Expansion
Monad, a layer-1 blockchain compatible with Ethereum Virtual Machine (EVM), is preparing to launch its testnet in collaboration with Orderly Network, a decentralized exchange infrastructure that supports multiple chains. This partnership is poised to capitalize on the anticipated resurgence of decentralized finance (DeFi) activity, often referred to as a “second DeFi summer.”
The launch of Monad’s testnet will offer traders a fast, EVM-compatible platform, paving the way for potential airdrops on the new layer-1. Orderly Network, which already operates a shared order book across various blockchains, is well-positioned to facilitate this upcoming wave of DeFi activity. With the backdrop of a crypto-friendly regulatory environment under President Donald Trump, both platforms are gearing up for increased user engagement and trading volume.
Trump: A Surprising Player in the Crypto Investment Space
Donald Trump has transitioned from being a crypto skeptic to becoming a key opinion leader in the cryptocurrency landscape. With ventures such as the $TRUMP coin and World Liberty Financial, Trump has harnessed his considerable influence to shape market dynamics.
His involvement in crypto has attracted significant attention and interest, with his trading strategies being closely monitored by other investors. World Liberty Financial, a decentralized finance initiative he co-founded with his sons, has generated over $400 million from token sales, even without a developed product. This venture has raised eyebrows regarding potential conflicts of interest and insider trading, as the political implications of his crypto investments come under scrutiny.
Despite the controversies, crypto entrepreneurs see Trump’s involvement as an unprecedented marketing opportunity, as aligning with a high-profile figure like him can potentially drive token prices higher.
In Other News
– Libra Token’s co-creator allegedly made payments to Argentinian President Milei’s sister, raising questions about the integrity of the project.
– The fallout from President Milei’s crypto missteps could signal a downturn for the memecoin craze that gained momentum with Trump’s initiatives.
– Regulatory updates: eToro has secured a MiCA license from Cyprus to expand its crypto services across the European Economic Area.
Upcoming Events
Mark your calendars for these important dates in the cryptocurrency calendar:
– February 19-20, 2025: ConsensusHK, Hong Kong
– February 23-24: NFT Paris
– February 23-March 2: ETHDenver
– March 18-19: Digital Asset Summit, London
– May 14-16: Consensus, Toronto
– May 27-29: Bitcoin 2025, Las Vegas
Stay tuned for more updates in the world of cryptocurrency!
