X Empire is an Elon Musk–themed game that runs on the Telegram app and TON blockchain. Learn more about how it works in this article.

 continues, companies are looking for more ways to distinguish their projects. 

 hopes to stand out from its competitors with its exciting Elon Musk theme. Though this project isn’t officially endorsed by Musk, it's nevertheless managed to attract a lot of attention from Musk's fandom. To understand why 

 is currently so popular, explore this guide.

 is a game that runs on the Telegram app and 

. By repeatedly clicking on their phone's screens, users earn points that they can eventually exchange for cryptocurrency in this Elon Musk–themed game.

 aims to capitalize on Telegram crypto gaming trends while providing a better experience than its competitors. Currently, Telegram gaming is a leading web3 industry that’s worth over $3 billion. 

 hopes to take part in this exciting trend and create a space for Elon Musk fans. By incorporating a variety of images and topics related to Musk, 

 believes it can attract even more fans than generic games do. While other similar games use basic themes (such as cats), 

's design is targeted toward a highly specific audience.

's design is also meant to address some issues with past Telegram tap-to-earn games. Its creators have included extra security measures to remove bots and coin-burning mechanisms that punish inactive accounts. They hope this will ensure they have more regular users than other games, such as 

In order to further improve user engagement, 

 also has a complex system of upgrades and levels. These incorporate strategy into the game, so users have to do more than just mindlessly click on their screens. 

's team believes these additional features will help them retain their user base for as long as possible.

 relies on Telegram and The Open Network (TON) blockchain to function properly. The 

 game’s system is designed to run with the Telegram bot, which takes the game's software and translates it into images and buttons with which players interact. When users sign up for 

, the bot sends prompts that allow players to participate in the game. 

 is its use of TON blockchain technology. 

 keep track of player information, while in-game activity functions as a form of mining on the TON chain. 

 plans on minting Elon Musk–themed TON tokens, to be distributed to players of the game. During the 

 stage, player activity will end up determining how many 

 has only been operational for a few months, but it's already achieved some impressive metrics. The game has over 35 million players, and is acquiring new players at a rate of around 5 million per week. 

 also has a robust following in the online digital landscape: its YouTube channel has over 6 million subscribers, and over 2.8 million people are following its X account. Even rebranding from 

's success is its Elon Musk theme. The game has done an excellent job of marketing to a niche set of 

 (DeFi) enthusiasts. However, even people who aren’t deeply interested in Elon Musk or artificial intelligence are getting involved in 

. Its fairly short mining period and upcoming airdrop have helped it garner a lot of interest from investors looking for a fast way to earn crypto.

 are the main way of determining airdrop eligibility for the X crypto token. Players who have a higher profit-per-hour rate will get more rewards in the 

 airdrop. In addition to getting tokens through your gaming experience, you can also receive more airdrop rewards by inviting other people to play the game. Tokens distributed during the airdrop will be called XEMP; rumor has it that XEMP will function as a utility token. 

It's still unclear precisely when the airdrop will happen. However, 

 has announced that the mining phase of its game will end on Sep 30, 2024. After that date, any in-game currency earned within 

 that its token launch and airdrop are scheduled for Oct 24, 2024. To qualify for the airdrop, people simply need to be active 

Looking to trade X tokens? Bybit will soon offer the X/USDT Spot trading pair for trading. Find out more 

 is a game that players can access through the Telegram mobile app. Once you sign up for the game, you'll be prompted to choose a cartoon image of Elon Musk as your avatar. You can then tap a mining button repeatedly to earn coins until you run out of “energy,” which gradually refills, at which point you can tap to earn more in-game assets.

The game allows you to upgrade your Elon avatar to improve its earning capabilities and its energy regeneration. You'll also have a workforce that you can upgrade with things like new staff and office additions, which can help you earn passive income even when you aren't actively tapping. Furthermore, the game includes a variety of quests and daily challenges that you can complete to boost your income. 

 is a fantastic example of how Telegram games can appeal to modern crypto enthusiasts. The seamless integration of tap-to-earn mechanics and Elon Musk memes has helped 

 has a lot of competition from similar games, it's managed to keep its players engaged. As 

's airdrop date approaches, crypto investors should make sure to keep a close eye on this project.

Intermediate

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X Empire (X): Command Your Realm in an Elon Musk–Themed Game

Ethena Labs proposes adding SOL as a backing asset for USDe, leveraging the same hedging mechanics used with BTC and ETH.

The SPX index was up by 0.77%, with 9 of its 11 sectors gained, led by technology, utilities, and real estate, while the energy sector declined due to weaker oil prices. Investors are now focused on upcoming earnings reports from major companies like Goldman Sachs and Johnson & Johnson, along with remarks from key Federal Reserve officials. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 5.68%, with Bitcoin and Ether rising by 5.12% and 6.67%, respectively in the past 24 hours.

Today's top performer is ETH, which surged 6.9% following Vitalik Buterin's proposal to lower staking requirements and speed up transactions on Ethereum.

Ethereum (ETH), launched on July 30, 2015, is a decentralized blockchain platform supporting its native cryptocurrency, Ether (ETH), and enabling smart contracts and dApps. It powers ecosystems in DeFi, gaming, and NFTs, using proof-of-stake for security and transaction validation. While offering significant potential, it also carries risks like market volatility and regulatory uncertainty, warranting cautious investment. 

. Key suggestions include lowering the solo staking requirement from 32 ETH to 1 ETH to encourage more participation and address centralization concerns. He also proposed "single-slot finality" to reduce transaction finalization time from 15 minutes to 12 seconds, aligning Ethereum with faster blockchains. These improvements aim to enhance network performance, with further upgrades, like Pectra, expected early next year.

Check Out the Latest Prices, Charts, and Data of 

, leveraging the same hedging mechanics used with BTC and ETH. The gradual integration, guided by the Risk Committee, considers SOL's shorter trading history and lower liquidity. With SOL’s favorable 2024 funding rates and $2 billion in open interest, the move aims to boost protocol revenue and support USDe’s scaling. The proposal also suggests incorporating liquid staked SOL assets, such as BNSOL and bbSOL, similar to how ETH LSTs are used. The Risk Committee has 7 days to approve the proposal unanimously.

Yesterday, In the latest BTC Spot ETF data, the flow for GBTC was $37.8 million, while non-GBTC funds accounted for $438.6 million, bringing the total flow to $476.4 million.

The Hyper Foundation has been created to foster the growth of the Hyperliquid blockchain and its decentralized exchange, which offers deep on-chain liquidity for various assets. With the launch of the HyperEVM, applications on Hyperliquid will benefit from this liquidity and additional financial features. The next phase includes the introduction of the native token, HYPE, crucial for the HyperBFT proof-of-stake consensus and future developments. Eligible users can participate in the 

 and receive HYPE and a commemorative Hypurr NFT by accepting the terms on the website before November 11, 2024. More details about HYPE and the Genesis Event will be announced soon.

Beginner

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Ethena Labs Proposes Adding SOL as USDe Backing Asset to Boost Revenue and Scalability

Discover how halal crypto and crypto trading uphold transparency, fairness, and Islamic financial principles, offering Shariah-compliant investment opportunities in the growing digital finance landscape.

In 2009, Bitcoin (BTC), the world's first blockchain network and 

, was launched. Soon afterward, Bitcoin ushered in the era of active crypto trading and investing. Cryptocurrencies — digital assets securely exchanged and held on decentralized network platforms called blockchains — are now a major asset class within the world of finance. Many aspects of cryptocurrency and crypto trading align with the principles of Islamic finance. For instance, there's no concept of interest in blockchain-based crypto transactions. Thanks to the benefits that crypto might deliver to faith-conscious Muslim investors, halal crypto products are now gaining widespread adoption.

In this article, we cover the major concepts related to Islamic finance, blockchain and halal crypto in order to help you better understand the emerging niche of Shariah-compliant cryptocurrency investing.

Islamic finance refers to financial products, platforms, transactions and general principles that align and comply with Shariah law (based on the Quran), which governs the social, economic and judicial principles of Islamic societies. Compliance with the principles of Shariah is the key requirement for Islamic finance products and services to be considered halal — and, therefore, to be available to Muslim individuals for their use and investment.

Any financial product that is clearly in breach of the Shariah law principles is considered haram, and Muslims are discouraged from using such products.

Islamic financial principles emphasize the importance of values like fairness, societal and personal betterment, real-world utility, transparency and the avoidance of exploitation. The Shariah compliance of financial products is often assessed by authoritative Islamic scholars and Shariah law experts. Their opinions are published in the form of advisory notes or, if the scholar is so authorized, official fatwas — legal rulings on specific aspects of Shariah law and its applications.

There are several key Islamic finance principles, described below, that are critical in defining the Shariah-compliant status of financial products.

Riba means unreasonably high interest (or usury). The term is used to refer to the interest derived from financial products. Riba is strictly prohibited in the Islamic faith, and Islamic finance considers both charging interest and earning income from interest to be in direct violation of Shariah law. Interest is considered an exploitative and unjust instrument, and Muslims are discouraged from investing in any interest-bearing products. This hinges on the general principle that income and value should only be generated from tangible assets and activities, not by re-using the same capital with no real value added. The prohibition of riba is probably the most well-known element of Islamic finance, both in the Muslim world and beyond.

Gharar refers to excessive uncertainty in financial transactions or ambiguity in contracts. For example, financial products or strategies with high levels of 

 might be considered gharar since they involve substantial uncertainty or risk. Shariah also states that all transacting parties must have a clear understanding of their contractual relationship, with no ambiguity present.

Maysir, or gambling, is another activity that’s strictly prohibited in Islamic finance. Anything connected to gambling or speculation, or income derived from gambling-related or highly speculative activities, falls under the definition of maysir. Thus, Muslim investors need to research and invest only in assets and products that don't involve speculative, gambling-like features or strategies.

4. No Investment in Haram-Linked Products

Investing in any financial product, company, industry or business activity related to Haram practices or products — such as alcohol, pork or drugs — is strictly prohibited in Islamic finance.

Islamic finance requires that all contractual relationships and partnerships involve sharing of profit and loss in a fair, ethical and reasonable way. This is achieved through several contract types permitted in Shariah law, specifically Mudarabah and Musharakah. Mudarabah refers to a partnership where one party provides the capital and the other party manages it, with profits and losses split based on a pre-agreed ratio. Musharakah is a venture in which all parties involved provide capital, and share profits and losses proportionally based on their investment shares.

6. Real-World Utility and Value of Economic Activity

 must be based on products and strategies that generate tangible value and are based on real-world utility. Thus, it's important to invest only in cryptocurrencies with real-world applications and use cases.

In addition to these specific principles, Islamic banking and finance are also based on the general principles of the fairness, transparency and ethical nature of all transactions, products and contractual relationships.

 is a type of distributed digital system in which all transactions are verified and confirmed by a decentralized network of 

, each acting independently, with the validity of transactions confirmed through a 

. The validated transactions are then permanently written into the blockchain's immutable ledger of records, and the ledger itself is also maintained in a decentralized way, which avoids the possibility of a single point of failure in case of hacking attempts.

The decentralized nature of transaction confirmation and ledger storage ensures that blockchains are extremely difficult to hack or take control of. For instance, Bitcoin, the world's largest and oldest blockchain, has thousands of nodes acting together as guardians of the ledger's integrity and consistency. Blockchains also ensure the security of all transactions and stored values by using a cryptographic encryption mechanism.

In addition to the nodes who ensure the integrity and immutability of the ledger, there are specialized mining nodes on Bitcoin who use the hashing power of their computers to solve computational puzzles in order to validate transaction blocks. Over a million individuals currently participate in the mining process on Bitcoin using the power of their specialized computing machines. Every ten minutes, one miner node wins the race to be the first to solve the computational puzzle. This mining node receives the right to add the next validated block of transactions to the ledger. As a reward for their work, the winning miner node earns a reward in Bitcoin's native digital asset, the BTC cryptocurrency.

The BTC coin itself — also frequently referred to as Bitcoin — acts as an asset for transaction exchanges and value storage on the network. Mining nodes rewarded for their block processing activity are free to spend their earned BTC in any way they wish. Other network users can also buy, sell and store BTC as a form of digital currency.

There are now well over 100 public blockchain networks. Each blockchain has its own technical characteristics, native digital assets and transaction validation procedures, which may differ from the way Bitcoin’s chain operates.

Blockchains exist and operate based on a number of key principles and ethos, including:

The Concept of Halal in Cryptocurrency and Blockchain

The concepts of halal and its opposite, haram, are fundamental principles in Shariah law, and in the Islamic faith in general. 

 refers to any activity that is permissible or lawful for Muslims to engage in, while 

 includes prohibited practices and behaviors, such as anything related to alcohol and pork consumption, gambling, drugs, pornography, unethical behavior and deceitful conduct, as well as activities that do not result in any tangible value for a person or society.

Many aspects of cryptocurrency and blockchain technology align with the concept of halal. By default, blockchain transactions are interest-free. While certain crypto trading products on external platforms might involve interest, the transfer and storage of crypto funds — for example, in BTC coins — are totally free from riba. Secondly, the public nature of blockchains ensures the transparency of operations, also a fundamental principle of Shariah law.

Many blockchains are capable of supporting programmable functionality that goes beyond the mere transfer and storage of funds. Some of the most prominent among these networks are 

 (AVAX). The programmable functionality on these chains is supported through 

, coded scripts that are programmed to automatically execute transactions based on pre-specified conditions and triggers. Smart contracts are usually open source, further promoting transparency, a key element of halal behavior.

Another aspect of Shariah law applicable to cryptocurrencies relates to the principle of real-world value and utility. While there are cryptocurrencies created without any meaningful utility (e.g., 

), major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) provide the benefit of interest-free, digital storage and exchange of value in a decentralized, private and secure way, away from the traditional financial system. 

Moreover, some crypto projects are involved in tokenizing and bringing a variety of 

 to real-world data integration into blockchain, such as that of 

Benefits of a Shariah-Compliant Blockchain

In recent years, several blockchain projects that focus on Shariah compliance and Islamic values have been initiated and successfully launched. Examples include the 

 and the halal-only, crypto projects–focused 

Shariah-compliant blockchains and apps can potentially provide significant benefits to the Muslim community and investors. First, such platforms enhance trust among investors, thanks to the adherence to the general Shariah principles of fairness and avoidance of exploitation. By offering Shariah-compliant products based on shared risk and profits, no maysir and no gharar, these platforms help investors reduce the overall investment risk as well. They also provide Muslim investors with access to global markets and products.

Shariah-compliant crypto projects also contribute to the overall development and innovation within the general crypto finance sphere by introducing products based on Islamic values.

Trading crypto and investing in crypto-based products can be profitable and rewarding for Muslim investors when carried out through Shariah-compliant finance opportunities. Such platforms and products promote ethical investment practices that align with Shariah law. Another critical benefit of Shariah-compliant crypto trading is improved financial inclusion. Many Muslim investors avoid the crypto market due to the non-compliant nature of many of its products. Shariah-compliant opportunities can help these investors participate more actively in the industry.

Shariah-compliant crypto trading products can also help Muslim investors participate in social impact investing, an essential consideration for Islamic finance. Moreover, appropriately designed Islamic crypto trading products can help facilitate the flexible payment of zakat and other charitable donations. Zakat — which stipulates that Muslims should donate 2.5% of their income to charitable causes if their wealth exceeds the financial threshold, or nisab — is one of the pillars of Islam. Products that help facilitate zakat payments fairly and ethically can be of tremendous value to Muslim investors.

Bybit’s crypto exchange offers investors a Shariah-compliant 

, the first of its kind in the industry. The account provides a range of benefits to Muslim crypto traders and investors, including global accessibility, no interest, transparent fee structures and adherence to the ethical considerations and practices of Shariah law.

There are certain challenges that Muslim investors face in the overall crypto finance landscape when choosing products that align with their faith. For instance, many crypto products have riba built into them, thus violating the principles of Islamic finance. Certain crypto trading products may also involve wild volatility, making them unequivocally gharar. Fee structures and sources of yield may also be unclear or ambiguous on many crypto platforms.

Another challenge for Muslim investors in defining the halal status of crypto products is the variability in the interpretations of Shariah principles. In other words, different scholars and opinion-issuing institutions may disagree on specific matters, such as the level of volatility in products that may or may not qualify them as gharar. 

A key practice for Muslims who wish to overcome this challenge is to seek appropriately certified Shariah-compliant products from reputable crypto platforms. One example of this type of product is Bybit's Islamic Account, which was developed in collaboration with the trusted Shariah finance advisories 

Islamic finance is a new growth area within the wider blockchain and crypto ecosystems. Cryptocurrency products have enjoyed strong growth rates among investors in the Muslim world over the past few years, with 

 rising to 30% in the United Arab Emirates (UAE) and 11% in Saudi Arabia.

Shariah-compliant crypto projects like HAQQ Network, which launched its mainnet in May 2022, and MRHB DeFi, which started in late 2021, have helped boost the growth rates of Islamic finance in the crypto industry, a trend that’s widely expected to continue.

As Shariah-compliant crypto opportunities increase, Muslim investors will be able to access a more diverse range of products.This will also positively impact the wider industry, thanks to the improved inclusion of new segments of users. Within the economies of Islamic countries, Shariah-compliant cryptocurrency products will also help improve the security and flexibility of payments based on digital assets.

The future of halal crypto looks promising, as this niche is quite young and full of unexplored opportunities. 

, MRHB DeFi solutions and HAQQ Network's products are innovations that will likely spur further growth for an increased variety of choices in this area.

This is positive news for Muslim investors who might be eager to join the crypto revolution, but have often been reluctant to do so due to the uncertain nature of many crypto products. By choosing Shariah-compliant platforms and products, these investors can now take advantage of crypto opportunities that align with the core principles of their faith.

Disclaimer: Due to varying opinions on Shariah compliance of crypto trading, we recommend you to conduct your own further research. Please note that the posts on Bybit Learn should not be considered as fatwa. Our aim is to present information on different topics to empower readers to make informed decisions.

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How Halal Crypto Upholds Transparency and Ethical Standards in the Digital Age

In this article, we’ll explore how to set up your Kontos Wallet and deposit MNT tokens to your Kontos account on the Mantle chain using your Bybit Web3 Wallet.

Method 1: Set Up Kontos Wallet via Desktop Browser

 to register your Kontos account using your Google account details.

: You can edit your Gmail security settings later. This allows you to change your security email or add more Gmail accounts to enhance your account security.

: Choose to either log in to your Gmail account, or select a Gmail account that’s already logged in.

: Enter your preferred account name and click on 

: Set up a PIN code. The purpose of this is to prevent unauthorized access to your wallet. 

: Enter your referrer’s name. If you don’t have one, or prefer not to use one, simply click on 

Congratulations! You’ve successfully created your Kontos Wallet!

Method 2: Set up Kontos Wallet via Bybit Web3 Wallet

: Open your Bybit Web3 Wallet and tap on 

: Enter your preferred account name and set up a PIN code. The purpose of setting a PIN code is to prevent unauthorized access to your wallet. 

 and enter your Gmail address in the provided field. Tap on 

and then enter the verification code that has been sent to your Gmail inbox.

: You can add multiple Gmail addresses as security email addresses by tapping on 

. Then, set a recovery threshold for future account recovery. The threshold represents the number of email addresses required for recovery. Any combination of email addresses meeting the threshold can be used to initiate account recovery. 

: The threshold system allows for flexible and secure account recovery. For example, if you set your threshold to two out of three added emails, any two of those emails can be used to recover your account.

: Enter your referrer’s name. If you don’t have one or prefer not to use one, simply tap on 

How to Deposit at Least 10 MNT to Your Kontos Account on Mantle Using Bybit Web3 Wallet

Method 1: Deposit MNT Via Bybit Browser Extension Wallet

: Open your browser with the Bybit Web3 Wallet extension installed, and visit the following link 

: The above URL is pre-configured with specific parameters for your deposit task:

Alternatively, you can also navigate to the 

If you access the page through the pre-configured URL, you’ll see the amount of 10, along with the asset (MNT) to deposit already listed.

: If you accessed the page through the Kontos Wallet homepage, you’ll need to choose 

as the asset to deposit, and then input an amount greater than or equal to 10 MNT.

Next, approve the transaction in order to complete the deposit process.

Method 2: Deposit MNT via Bybit Web3 Wallet

 below for pre-configured link), and tap on 

: Connect your Bybit Wallet and ensure that the Mantle chain is selected. Then, review the deposit details and tap on 

to confirm and proceed with the transaction.

on the Kontos Wallet homepage. Select the 

 chain from the network options, and select 

 as the asset. Then, enter an amount greater than or equal to 10 MNT to deposit.

Congratulations! You’ve successfully completed the task of depositing at least 10 MNT into your Kontos Wallet from your Bybit Web3 Wallet!

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How to Set up Your Kontos Wallet & Deposit Funds

Glossary

Proof of authority is a consensus mechanism that provides fast transactions using identity as a stake. More commonly referred to as PoA, it relies on well-known vendors to produce blocks. It allows the blockchain network to perform transactions more quickly using a Byzantine fault tolerance (BFT) algorithm.

Cryptocurrency and blockchain technology have revolutionized the way we think about financial transactions and digital trust. Among the various consensus mechanisms used in these technologies, Proof of Authority (PoA) stands out for its efficiency and security. This article will delve deep into the concept of Proof of Authority, its role in the crypto world, and why it's a game-changer.

 used in blockchain networks. Unlike Proof of Work (

), PoA relies on a limited number of validator nodes that are pre-approved and trusted. These validators create and validate new blocks in the blockchain, ensuring security and consensus without the need for intensive computational work.

Proof of Authority is particularly beneficial in private or permissioned blockchain scenarios such as supply chain management, where trust and identity verification are crucial. It's also seen in enterprise blockchain solutions.

PoA in Comparison to Other Consensus Mechanisms

PoA provides a secure and stable environment, especially in networks where transaction speed and efficiency are paramount.

By reducing the computational cost, PoA can contribute to the overall health of a cryptocurrency, as seen in Ethereum's transition to PoS.

The adoption of PoA in major cryptocurrencies could pave the way for more scalable, efficient, and environmentally friendly blockchain networks.

Proof of Authority offers a unique balance of efficiency, speed, and security in the blockchain space. Its application in various sectors showcases its versatility and potential to redefine trust and authority in the digital age.

Proof of Authority (PoA)

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards