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U.S. equities fell yesterday by 1.12% due to concerns over U.S. debt ceiling talks, with Treasury Secretary Yellen warning of a possible default as early as June 1. Despite this, the broader cryptocurrency market rose, with Bitcoin and Ether rising 1.19% and 2.02%, respectively, in the past 24 hours.
Today's outperformer is TON, which surged 10% in the past 24 hours after launching its $25M Accelerator Program.
Launched in 2018 and developed by Telegram's creators, The Open Network (TON) is a scalable, user-friendly, layer 1 smart contract blockchain that can support millions of transactions per second. TON launched a $25 million Accelerator Program on May 22nd and will invest between $50,000 and $250,000 in projects building on TON. The program will primarily target decentralized finance (DeFi) projects, including those participating in a recent TON hackathon, and also receive support in marketing, business, and technology. Telegram is one of the most popular social media platforms, and even more so for Crypto, and the TON accelerator will help to create more dapps on TON, creating a strong recipe for success and mass adoption by leveraging Telegram’s hundreds of millions of users.
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The Interchain Foundation (ICF), in partnership with blockchain development firm Bianjie, has launched a new Non-Fungible Token (NFT) standard called ICS-721 that allows users to track and transfer their NFTs across different blockchains without a bridge. The standard is expected to integrate NFTs into various sectors in Web3, including gaming, socializing, and identity management, offering enhanced functionality through cross-chain interoperability. ICS-721 will be accessible on all Inter-Blockchain Communication (IBC)-enabled Ethereum, Substrate, CosmWasm, and Cosmos SDK chains. A two-phase competition, the Game of NFTs, designed to test ICS-721, was launched earlier this year, and the second phase—an interchain hackathon—is currently ongoing. It will be interesting to see how the NFT scene in Cosmos grows due to ICS-721 as it promotes more NFT activities.
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