Magic Eden Traders Can Earn NFT Alongside 'Diamonds' Rewards

Hi NoRamp Community,

Daily News:

1) AVAX Foundation Unveils Eligibility Criteria for Meme Coin Acquisition

2) Magic Eden Traders Can Earn NFT Alongside 'Diamonds' Rewards

3) Polymer Labs Secures $23M to Bring IBC to Ethereum

4) Adobe Taps Nuvei to Expand eCommerce Payment Options

5) General Catalyst Leads $200M Investment Into Bilt Rewards

AVAX Unveils Eligibility Criteria for Meme Coin Acquisition:

• The Avalanche Foundation has introduced an "eligibility framework" for acquiring meme coins, outlining specific requirements for meme coins to be considered.

• Criteria include independence from creators, origination on the Avalanche blockchain, absence of allocations to teams, no duplicates on other blockchains, and relinquishment of ownership by the creator team.

• Additional rules specify a minimum of 2,000 holders, restrictions on whale ownership, a certain level of liquidity, market cap, and trading volume, and at least one month of existence. However, meeting these criteria doesn't guarantee acquisition, as the Foundation reserves the right to decide on inclusion in its Culture Catalyst program.

Magic Eden Traders Can Earn NFT Alongside 'Diamonds' Rewards:

• Magic Eden, a leading NFT marketplace, plans to open-source its minting and trading protocols in collaboration with the newly established Non-Fungible DAO, which will introduce a crypto token called “NFT” to reward users and developers.

• The initiative includes enhancing Magic Eden’s existing Diamonds rewards program and launching an NFT token to incentivize marketplace usage. The DAO will govern Magic Eden’s protocols, with plans to expand rewards across multiple blockchains.

• The move aims to decentralize Magic Eden's operations and increase community engagement, amid competitive market shifts. However, details about the Non-Fungible DAO and its governance structure remain unclear, raising questions about the strategy's effectiveness and regulatory implications.

Polymer Labs Secures $23M to Bring IBC to Ethereum:

• Polymer Labs, a modular IBC-based networking protocol, has raised $23 million in a Series A funding round co-led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.

• The company, founded by Bo Du and Peter Kim, focuses on improving blockchain interoperability using Cosmos SDK’s Inter-Blockchain Communication protocol, OP stack’s settlement functionality, and Eigenlayer’s data availability layer.

• Polymer Labs' aim is to make the IBC protocol a mainstream standard in the Ethereum ecosystem and beyond, addressing the interoperability challenge by decoupling state, application, and transport layers. This funding will help launch their mainnet and promote IBC as a widely adopted standard for blockchain application communication.

Adobe Taps Nuvei to Expand eCommerce Payment Options:

• Nuvei, a Canadian FinTech company, has partnered with Adobe to integrate its comprehensive payment suite with Adobe Commerce, providing Adobe Commerce customers access to Nuvei's payment solutions through a single API.

• This partnership offers access to over 680 regional alternative payment methods (APMs) and enables Automated Clearing House (ACH) transactions in the U.S., allowing Adobe Commerce merchants to expand their payment options and reach international markets.

• Nuvei's technology facilitates next-gen payments, offers various payout options, and supports local acquiring in 50 markets, acceptance of 150 currencies, and 680 APMs. This collaboration is aimed at enhancing the online shopping experience and addressing challenges in international eCommerce payments.

General Catalyst Leads $200M Investment Into Bilt Rewards:

• Bilt Rewards, a platform enabling consumers to earn rewards on rent and local spending, raised $200 million at a $3.1 billion valuation, led by General Catalyst, with participation from Eldridge, Left Lane Capital, Camber Creek, and Prosus Ventures.

• The funding round, which significantly increases the company's valuation, brings Bilt's total funding to $413 million. Ken Chenault of General Catalyst and NFL Commissioner Roger Goodell will join Bilt's board of directors.

• Bilt plans to use the new capital to expand its Rewards Alliance, enhance the Neighborhood Rewards program, and venture into mortgage payment rewards. The company, which allows users to earn points and improve credit by paying rent, now covers nearly 4 million apartment units and is exploring partnerships with housing operators and local merchants.

NoRamp:

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