Recap · · 2 min read

Gonesis Weekly Recap on DePIN & AI

Gonesis Weekly Recap on DePIN & AI

Dive into the Major Upgrades, Testnets, and Regulations in the Latest DePIN & AI Communities.

1) Solana's Firedancer Upgrade and DePIN Activities

- Firedancer Upgrade: The Head of DePin at Solana Foundation, Kuleen Nimkar, announced the 'lite' version of the Firedancer upgrade soon, with the full version set for 2025. Enhances reliability and scalability for Solana.

- DEFICON Highlights: The Head of DePin at Solana Foundation,Nimkar also discussed the surge in DePIN projects on Solana at DEFICON on May 23. DePIN uses blockchain to manage physical infrastructure systems.

2) IEEE International DePIN Workshop

- Workshop Details: The 2nd IEEE International DePIN Workshop on May 31st in Dublin. Features presentations on DePIN L2s, tokenomics, device identity, and more.

3) Rivalz Network Launches Intel Incentivized Testnet

- Event Launch: Rivalz Network's Intel Incentivized Testnet Event begins May 24. Users can earn points and rewards by engaging with the Rivalz Testnet.

- Testnet Points and $RIZ Airdrop: Points earned during the event will influence the $RIZ airdrop in Q3 2024. Points can be earned by running Light rClients, completing social challenges, and participating in daily mints of Fragmentz.

- DePIN and Tokenomics: Rivalz DePIN ensures secure data handling. $RIZ token pays for transaction fees, coordinates nodes, ensures security, and rewards users.

4) Dabba's Demand-Driven DePIN Expansion

- Hotspot Rollout: Dabba announces 10,000 new hotspots to be deployed across India. The second season goes live on May 23, with a token generation event on Solana in July.

- Network Growth: Over 1,500 hotspots deployed, 15,000 devices connected, 390 TB data consumed, and $4.5K revenue generated since testnet launch.

- Future Plans: Dabba aims to empower over 150,000 Local Cable Operators in India, providing high-speed internet access.

5) Crypto Startup Funding Surge

- Funding Increase: Q1 2024 saw $2.4 billion in crypto startup funding, a 40% increase from the previous quarter.

- Notable Deals: Web3 social media platform Farcaster raised $150 million in a Series A round. Farcaster has seen 350,000 paid sign-ups and a 50x increase in network activity since going permissionless.

6) Regulatory Updates

-SEC Approves Ethereum ETF: On May 23, 2024, the SEC approved the first batch of spot Ethereum ETFs. This significant milestone is expected to attract a broader range of investors and potentially pave the way for more crypto-based ETFs.

-EU AI Act Passed: On May 21, 2024, the European Council gave final approval to the EU AI Act. This comprehensive legislation aims to regulate the ethical use of AI, ensuring safety, fundamental rights, and fostering AI investment. The act will start applying in phases, with the bulk of obligations taking effect in 2026.

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