PancakeSwap has partnered with BetFury to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025.

Daily Top Performer — Phala Network (PHA)

The S&P 500 rose 1.1%, marking its third straight gain and the start of the Santa Claus rally. Growth and megacap tech stocks led, driven by optimism in AI and long-term tech trends, despite elevated Treasury yields. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.18%, with Bitcoin and Ether rising by 4.52% and 1.90%, respectively in the past 24 hours.

Today's top performer is PHA, which surged 63.4% after the announcement of Phala Network's 2024 achievements and 2025 roadmap, featuring decentralized GPU AI advancements and strategic partnerships.

The Phala Network (PHA), founded in 2018, is a decentralized cloud computing platform that uses excess computing power from everyday devices. It operates with Gatekeeper and Miner nodes, offering secure and scalable cloud services. Phala also launched Khala (PHA) on the Kusama network in 2021. 

 include co-building a decentralized GPU network, enhancing AI model training, and partnerships with projects like SentientAGI and MorpheusAIs. The Phala Treasury allocated 37% to infrastructure, 20% to community, and 43% to marketing. Social media efforts generated millions of impressions and engagements, while the network participated in six events and established 15 partnerships. Phala 2.0, launching in 2025, will integrate GPU TEE technology and Ethereum Layer 2 scalability for AI and Web3 applications.

Check Out the Latest Prices, Charts, and Data of 

 to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025. Participants can earn rewards by trading BFG tokens on the PancakeSwap Web interface or Telegram Swap-Bot. The competition includes daily lucky draws with $10,000 USDT, a leaderboard with $30,000 in BFG tokens for top traders, and $10,000 USDT for traders using the Telegram Swap-Bot. To qualify, participants must meet specific trading volume requirements, with rewards distributed in USDT and BFG tokens.

Yesterday, Bitcoin Spot ETF flows remained unchanged for GBTC, while non-GBTC ETFs experienced outflows of $149.7 million, bringing total outflows to $149.7 million.

: Astherus lets you farm while qualifying for Lista DAO Season 2, while Superform involves depositing ETH on Base via Moonwell WETH Morpho vault. Mitosis allows Linea airdrop qualification by holding funds, and Symbiotic rewards large token deposits on Ethereum mainnet. Mind Network offers bigger airdrop allocations for farming vFHE by depositing eETH. Solayer requires depositing and delegating SOL or derivatives to rank higher, and Drift's second airdrop involves liquid staking SOL to earn and lend dSOL.

Beginner

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PancakeSwap and BetFury Launch $50,000 Trading Competition with BFG Token Rewards

In this tutorial, we’ll explore how you can complete a series of tasks in Orochi Network for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Orochi Network tasks for Bybit Web3 Airdrop Arcade. 

Task 2: Quote Orochi Network's Post and Tag 3 Friends

: Navigate to Orochi Network’s pinned post on X.

: Quote the tweet with your thoughts, and tag 3 friends.

 button at the top right corner of the page.

: The Orochi ID window will pop up. You may choose to sign up for an Orochi ID using your Google account, GitHub or email address.

: Congratulations! You’ve successfully created your Orochi ID. 

Task 4: Join the Contribute to Earn Program

: Connect your Wallet, Google account and Discord to be eligible.

: Once you’ve successfully connected all accounts, you’ll have completed this task.

 all of the four tasks above for your chance to 

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How to Complete Orochi Network Tasks for Bybit Web3 Airdrop Arcade

MegaETH is an EVM-compatible blockchain with real-time Web 2.0–level performance. Learn more about MegaETH.

 has long been a formidable challenge for the blockchain industry. Most established chains maintain decentralization and security, but struggle with limited scalability while high-performance 

 (L1) blockchains often compromise decentralization to achieve high throughput. 

What if we could push throughput to unprecedented levels without compromising security or decentralization? 

Enter MegaETH — a project backed by industry leaders such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and Dragonfly Capital. With the first real-time 

 (EVM)–compatible chain —i.e., one that can process transactions as soon as they arrive, and then publish the resulting state changes — MegaETH aims to redefine blockchain performance. In this article, we delve into the scaling limitations of current blockchains and examine how MegaETH aims to solve them. Let's dive in!

The blockchain trilemma has posed a significant challenge for 

 developers for years. As Ethereum co-founder Vitalik Buterin explains, distributed ledger networks can only achieve two out of three critical qualities (security, decentralization and scalability) by using simple techniques. 

As a result, most high-performance chains, such as Solana, Avalanche and BNB Chain, often compromise on decentralization or security to achieve scalability.

To address the scalability challenges of L1 networks, developers have introduced 

 (L2) solutions, which operate on top of blockchains such as Ethereum. These L2 chains achieve 

 (TPS) while leveraging the security and decentralization of their underlying L1s. However, according to MegaETH, both high-performance L1 and L2 networks fall short of meeting the demands of Web 2.0–scale applications, particularly in terms of 

As shown in the table above, the blockchain with the highest scalability, opBNB, achieves a gas rate of 100 MGas/s, equivalent to 650 Uniswap swaps or 3,700 

 transfers per second. In comparison, modern databases can 

 over 1 million TPC-C TPS. While Arbitrum One, the fastest chain listed, offers a block time of 0.25 seconds, this remains insufficient for applications requiring rapid feedback or high update rates. 

These limitations in both scalability and speed make current high-performance L1s and L2s ill-suited for Web 2.0 applications with significant computational demands.

 is an EVM-compatible blockchain with real-time Web 2.0–level performance. With the goal of bridging the gap between distributed ledger networks and traditional cloud computing servers, the project aims to push the performance of Ethereum-based L2s to hardware limits. As the first real-time blockchain, MegaETH can stream transactions at 100,000 TPS with transaction fees under $0.01, and provide millisecond-level responsiveness without sacrificing security or decentralization.

MegaLabs, the organization behind MegaETH, was founded in early 2023 by Shuyao Kong and Yilong Li. Holding an MBA from Harvard Business School, Kong has a background in business development within the blockchain industry. Prior to co-founding MegaLabs, she was the global head of business development at ConsenSys, where she continues to serve as an advisor.

As the Chief Executive Officer (CEO) of MegaLabs, Li has a PhD in computer science from Stanford University. An experienced software developer, he previously worked at Runtime Verification Inc., a firm specializing in software analysis tools and the application of formal methods to improve computing systems.

Together, Kong and Li founded MegaLabs in early 2023 to leverage their business development and computer science expertise to build MegaETH as the first real-time blockchain.

 $20 million of funding in a single seed round at a 9-figure valuation. The round was led by Dragonfly Capital, with other notable venture capitalists including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holdings, Tangent Ventures and Credibly Neutral. In addition to VCs, MegaETH is backed by high-profile angel investors, such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and EigenLayer creator Sreeram Kannan.

 on crypto trader Cobie’s decentralized fundraising platform, Echo. The round was fully funded within minutes and oversubscribed, showing significant investor demand.

MegaETH achieves over 100,000 TPS with less than 1 ms latency and block time, as well as transaction fees under $0.01, via two core features: a heterogenous blockchain architecture and a hyper-optimized EVM execution environment.

MegaETH's heterogeneous blockchain architecture enables network nodes with different hardware configurations to specialize in specific tasks to boost performance.

There are three types of nodes: sequencers, full nodes and provers. With cutting-edge hardware, a small set of sequencers conduct performance-critical tasks such as transaction execution. Simultaneously, a massively decentralized network of full nodes performs security-critical duties such as block validation. Provers have the lowest hardware requirements, and focus on providing L2 proofs to full nodes.

Hyper-Optimized EVM Execution Environment

MegaETH provides a hyper-optimized EVM execution environment to push latency, throughput and resource efficiency to hardware limits. Consequently, the real-time blockchain can process large volumes of transactions as soon as they arrive, and publish the resulting state changes in a few milliseconds.

To enable real-time EVM execution, MegaETH co-designed a low-latency, streaming-based block-building algorithm with a concurrency control protocol supporting transaction prioritization.

MegaETH's real-time blockchain scales without sacrificing decentralization and security through the following key components and features.

 is an extension of the MegaETH core team. It consists of a group of 10x builders hand-picked by MegaETH developers. According to the project, MegaMafia participants have "an internal compass guiding them toward crypto's world domination."

MegaETH defines three common qualities for MegaMafia members:

MegaETH is setting a new standard for blockchain scalability, addressing long-standing limitations without compromising decentralization or security. By combining innovative architectural decisions with technologies like real-time EVM execution, in-memory computing and smart contract JIT compilation, this real-time L1 chain delivers unmatched performance tailored for Web 2.0–scale applications.

Supported by high-profile investors, such as Vitalik Buterin and Joseph Lubin, MegaETH is poised to bridge the gap between blockchain and traditional computing, unlocking new possibilities for decentralized applications. The project is on track to launch its testnet in early 2025, with the mainnet rollout soon thereafter.

Advanced

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MegaETH: A Real-Time Blockchain for Web 2.0–Scale DApps

Grayscale has launched the Horizen Trust, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it.

Daily Top Performer — Convex Finance (CVX)

The S&P 500 rose 0.73%, driven by big tech and communication services, as investors anticipate a "Santa Claus Rally" to close the year. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.61%, with Bitcoin dropping by 2.58% and Ether rising by 4.32%, respectively in the past 24 hours.

Today's top performer is CVX, which surged 28.1% following Frax's consideration of BlackRock's BUIDL token as backing for the rebranded frxUSD stablecoin.

Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Securitize has 

 adding BlackRock's BUIDL token as backing for Frax's rebranded Frax USD (frxUSD) stablecoin, which will feature a new mint-redeem system. Early feedback from Frax DAO members is positive. Competing proposals from Superstate also suggest backing frxUSD with their tokenized funds. The final backing structure is still undecided.

, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it. The fund's shares track the market price of ZEN, net of fees. While the shares have been traded at both a premium and discount, the fund aims to provide a simpler way for investors to gain exposure to ZEN. Grayscale is also expanding its offerings, with plans for a Solana spot ETF.

Yesterday, BTC Spot ETFs recorded total outflows of $258.2 million, including $38.4 million from GBTC and $219.8 million from non-GBTC funds.

, distributing $SONIC tokens to those who participate. Over 2 million users have joined through an easy onboarding process, requiring no wallet setup or gas fees. To qualify for the airdrop, users must log in via TikTok, access SonicX, and wait for the $SONIC claim banner. SonicX, part of the Sonic SVM app layer, uses TikTok ads and creator partnerships to promote its gaming and blockchain education hub. The project aims to expand its TikTok Chain with new games and future token rewards.

Grayscale Introduces Horizen Trust for ZEN Investment Access

Bybit Learn

Blockchain

A Layer 1 blockchain is the base system that any blockchain network relies upon. Find out more about what it is and how it works in this article.

Layer 1 blockchains are an often-overlooked part of 

, yet they're absolutely essential. Layer 1s are basically the building blocks of all modern decentralized finance (

), so knowing some of the details about how a Layer 1 blockchain works will help you better understand the entire crypto ecosystem. Keep reading to discover everything you need to know about Layer 1 blockchains.

A Layer 1 blockchain is the base system that any blockchain network relies upon. A Layer 1 is made up of data and software, secured with cryptography and stored on a decentralized system of nodes. People can use this architecture to perform transactions, store information and manage other tasks.

Since a Layer 1 blockchain can sometimes be the only layer a blockchain network has, it requires a complex system. Layer 1s are fully able to handle every aspect of a blockchain. In order to manage all these tasks, a Layer 1 blockchain uses the following mechanics.

Blocks are the base structure of any Layer 1 blockchain. As a matter of fact, they're so important that the entire concept of a blockchain network is named after them. Much like the cells in a spreadsheet can hold data, a block can store essential information about users, transactions, token balances and assets. 

Each block contains new information, such as the record of a crypto sale, along with a cryptographic 

 (or transaction ID) that contains the previous block details. This allows the entire blockchain to function as a distributed ledger that stores a chronological and irreversible list of all past transactions.

 is a set of rules that ensures new blocks are valid and correct. The most popular options for consensus mechanisms are proof of work (

). These consensus protocol options require any network participant to use either computing power or digital assets as collateral if they want to become a node. These 

 can finalize new blocks, but they only receive block rewards if a majority of nodes agree with their work. Ultimately, a consensus mechanism gets users to help validate transactions while rewarding them for their efforts.

Due to the way blockchains function, there’s no way to reverse or modify previous transactions. After the transaction data is placed in a block and the blockchain's consensus protocol verifies it, it's an irreversible (or 

For example, if you send money accidentally, you can't ask the blockchain to delete the transaction and restore your original token balance. (You can politely ask the receiver to send the tokens back, but no one can force them to do so.) Furthermore, the blockchain itself will always maintain the record of the crypto being sent back and forth in two separate transactions. There is no way to alter or remove past transaction data.

For many blockchain users, the chain's native assets are its most important feature. Digital assets such as 

 are a unit of value defined by the rules of the Layer 1 blockchain. A native token has many uses. For instance, people (validators or miners) can receive them as block rewards for helping with the consensus protocol, or use them to cast votes (for governance) in a blockchain community. 

Not all blockchains need to use a native token. However, the majority of them use a token system because it's one of the easiest ways to run a large blockchain network.

The final essential mechanism of a blockchain is its security system. To function properly, a blockchain needs to provide its users with data privacy, identity management and 

 management. There is some inherent security to a blockchain simply because it has an irreversible ledger and operates on multiple decentralized nodes that must achieve consensus before making changes. However, there are still some potential issues, such as an entity creating several malicious nodes and trying to outvote true nodes. Different blockchains have various ways of addressing security concerns, such as adding encryption or using a private key system that enables users to take control of their own privacy.

Layer 1s function as the primary security provider and underlying infrastructure of any blockchain. So why do some chains use multiple layers? 

Additional layers are usually meant to provide extra 

 support to the main chain so it can maintain low gas fees and high transaction speeds, no matter how many users are processing transactions. However, multiple layers aren't always necessary. There are actually some other ways for a Layer 1 blockchain to achieve linear scalability.

One popular scaling solution is to change the rules by which the Layer 1 blockchain functions. For example, increasing the data that a single block can store or allowing faster block confirmation can help to achieve linear scalability. Another option for protocol changes is to upgrade the consensus mechanism. Many chains are switching from 

. This requires less computing power, and allows nodes to achieve consensus without having to solve lengthy algorithmic puzzles.

Sharding was originally a mechanism used in distributed databases, but people are beginning to realize it has potential as a Layer 1 scaling solution, as it breaks a blockchain into smaller datasets which are then called shards. Each network node maintains a single shard instead of holding a copy of the entire Layer 1 blockchain, and the network processes all shards in parallel. The end result is a Layer 1 blockchain that’s less intensive to run, which makes more nodes available. The increased number of nodes can improve 

 to handle higher levels of transaction data.

 are a popular option for scaling decentralized applications (

) based on a Layer 1 blockchain. This technology relies upon the idea of confirming data as correct without actually having to prove it. For example, a DApp can check to see whether a user has submitted the correct asymmetric 

, and then instead of entering the entire key phrase onto the Layer 1 blockchain, they simply provide the main layer with proof that the asymmetric key pairs were correct.

Benefits and Challenges of a Layer 1 Blockchain

The main benefit of a Layer 1 blockchain is its underlying infrastructure. Layer 1s are stable and reliable. They're designed to manage the entire blockchain network, so handling smart contracts and processing transactions is extremely straightforward. As the primary security provider for the system, a Layer 1 is the most secure option available to users. Furthermore, it runs on multiple nodes, so it offers all the advantages of DeFi.

However, a Layer 1 blockchain has some downsides as compared to blockchains with multiple layers. Additional layers don't have to handle security or finalize transactions, so they have much higher transaction speeds. Secondary blockchain layers also have lower transaction fees and consume less of a network's resources. This makes them an appealing spot to deploy DApps or process low-priority transactions. 

In addition to being slower and having more gas fees, the base layer of a blockchain can also be less flexible. Since new features can’t be added without affecting the entire network, other blockchain layers are often the only way to test out new ideas.

 is a term coined by Vitalik Buterin, the founder of the 

 blockchain. It refers to a common problem that many blockchains face: Though security, decentralization and scalability are all desirable features, it's almost impossible for a single blockchain to provide all three traits. For example, both the Ethereum blockchain and the 

 network are secure and decentralized, but they aren’t highly scalable.

Currently, modern blockchain technology hasn't found a way to solve the trilemma while keeping a blockchain to one layer, and most chains need at least two to address the trilemma. However, this doesn't necessarily mean it's impossible for a Layer 1 blockchain to be secure, decentralized and scalable. New upgrades may eventually solve the issue.

Of course, any blockchain is technically a Layer 1. However, some Layer 1s stand out for their commitment to improving their base layer instead of using all the network's resources to design multiple other layers. Below are some of the 

Of course, as the most popular blockchain network in the world, the Bitcoin network is one of the best examples of a Layer 1 blockchain. Known for its excellent security, thorough method for recording transactions and valuable native tokens, BItcoin retains an impressive and predominant share of the cryptocurrency market. Its highly liquid Layer 1 blockchain offers relatively more stable investment opportunities.

Despite also featuring a broad range of Layer 2 chains, Ethereum continues to work well as a Layer 1 blockchain whose primary advantage is its flexibility. Since Ethereum’s smart contracts are so easy to design, many people use it to create DeFi projects and deploy DApps. Its Layer 1 also stands out due to the blockchain's continual commitment to scalability, as the network has moved its consensus mechanism 

 and has plans to implement sharding in the future.

This unique Layer 1 blockchain has its own base layer, but it's also compatible with the 

. This ensures it has extensive smart contract capabilities and a reliable blockchain protocol. BNB Chain uses slightly higher levels of centralization than other blockchains, but in exchange it offers users excellent security, impressive scalability and low transaction fees.

 uses a somewhat unique consensus protocol. Called 

, this consensus uses timestamps as a method for validating and recording transactions. Proof of history is uniquely scalable and can improve transaction speeds to record-high levels of 65,000 TPS. Furthermore, Solana’s smart contract capabilities allow it to easily handle all sorts of DApps.

This Layer 1 blockchain is popular with crypto investors because of its unique smart contract capabilities. The blockchain protocol uses a consensus method called 

 to increase transaction throughput. People can finalize transactions very quickly on 

, so it's a favorite for those who prioritize speed but don't want to sacrifice security.

Developers are constantly tinkering around with Layer 1 blockchain designs, so the future holds a lot of exciting opportunities. For example, Ethereum’s research into sharding seems likely to influence the direction of Layer 1s.

In the future, Layer 1s might also have other options for achieving consensus. Many new projects, such as Solana, have explored consensus protocols beyond PoW or PoS and demonstrated their viability. In the future, expect to see a lot more variety among Layer 1s.

With their ability to run an entire blockchain network, Layer 1 chains are a critical part of the DeFi world. Though Layer 1s don't always have the intrinsic scalability of Layer 2s, there are still many fascinating mechanisms that allow them to handle high volumes of users. Well-designed Layer 1 chains are reliable, stable projects for crypto investors to explore.

Layer 1 Blockchains: Unveiling the Core Infrastructure of Crypto

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards