TikTok Parent Company Ventures into Web3 with Sui Partnership

TikTok Parent Company Ventures into Web3 with Sui Partnership

BytePlus, ByteDance's enterprise technology arm and the driving force behind TikTok, has announced a strategic entry into the Web3 arena through a partnership with Mysten Labs, the innovators behind the Sui layer-1 blockchain. Revealed on April 17, this collaboration leverages BytePlus’s strengths in artificial intelligence (AI) and data warehousing to augment the capabilities of the Sui blockchain, with a sharp focus on enhancing Web3 gaming and SocialFi initiatives.

This partnership will see the integration of BytePlus's ByteHouse—a sophisticated cloud-based data warehouse—with the Sui network, aiming to refine data analytics and processing functionalities. This move is set to improve user interactions within the Web3 space and underscores ByteDance's deepening commitment to blockchain and AI advancements.

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Korean Won Overtakes US Dollar in Crypto Trading Volume

In the first quarter of 2024, the South Korean won emerged as the most-traded currency in the cryptocurrency market, surpassing the U.S. dollar. Data from Kaiko shows that the won accounted for $456 billion in trading volume on centralized exchanges, slightly ahead of the dollar’s $445 billion. 

South Korea, one of the world’s most active crypto markets, is concurrently advancing regulatory frameworks to safeguard investors. Notable among these efforts is the Virtual Asset User Protection Act set to take effect in July 2024, aiming to enhance transparency and security in the cryptocurrency sector.

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Parcl Platform Sees $74M in Withdrawals Post-Airdrop

After Parcl, a Solana-based real estate betting platform, conducted an airdrop of its native PRCL tokens, users withdrew over $74 million from the protocol. This mass withdrawal occurred after Parcl announced a snapshot of user balances on April 3, leading to a significant drop in the total value locked in the platform by 39.6% to $112.1 million from its peak at $185.6 million. 

The PRCL token, introduced at $0.62, dropped to $0.45 shortly after the airdrop but has since risen slightly to around $0.55. This situation mirrors broader market declines, particularly among newly airdropped tokens on the Solana network.

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Saga Launches Major Airdrop Campaign 

The gaming-focused layer-1 blockchain Saga has unveiled a massive airdrop campaign titled “Power-Level Over 9000,” referencing a popular “Dragon Ball Z” meme. This extensive campaign will involve over 100 projects across various blockchains like Ethereum, Solana, and Avalanche. Users staking SAGA tokens will receive a variety of token and NFT airdrops over the next few months, distributed through “vaults” featuring multiple projects. 

Notable participants include Avalanche’s Shrapnel, Ethereum’s The Sandbox, and Wilder World. This campaign underscores Saga’s dedication to fostering unity and collaboration within the Web3 gaming community through its innovative chainlet technology, which allows developers to launch independent layer-1 chains within the Saga ecosystem.

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Other breaking news

• Animoca Brands Reports $558M in Digital Assets (Unaudited)
• Bernstein Reaffirms $150,000 Bitcoin Target Post-Halving
• Q1 Sees 55% Surge in Web3 Investments
• EigenLayer Lifts Deposit Caps for Liquid Staking Tokens
• Crypto Lawyer: SEC Faces ‘Very Low’ Odds Against Uniswap

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