In today's newsletter, Layer 1 blockchain Kaia from Kakao and LINE launches its mainnet, IREN posts record bitcoin mining revenue, Edge Matrix Chain raises $20 million and more.

Meanwhile, The Scoop newsletter explores how Gary Gensler is helping Donald Trump.

Let's get started. 

Layer 1 blockchain from Kakao and LINE launches mainnet

Kaia, an EVM-compatible Layer-1 blockchain created by Asia's messaging app giants Kakao and LINE, has officially launched its mainnet, focusing on ultra-fast transactions and low gas fees.

• The blockchain aims to integrate with Kakao and LINE, which claim to have a combined user base of over 250 million, and enable developers to build Telegram-style native mini dapps on LINE.
• Kakao's messenger app is used by the majority of South Koreans, while LINE is the dominant messenger in Japan, Taiwan and Thailand.
• Kaia ultimately aims to establish an ecosystem that supports DeFi, gaming, real-world assets and web3-based messenger apps.
• Kaia also introduced a support program offering projects up to $1.2 million in marketing, tech and business resources per team, alongside future token generation events and liquidity support.
• Meanwhile, the blockchain's Kaia token was also listed for trading on the HashKey Global crypto exchange on Thursday.
• Kaia was first announced in April amid a merger between Kakao's Klaytn and LINE's Finschia blockchains.

IREN posts record $184.1 million annual bitcoin mining revenue

IREN reported a record $184.1 million in bitcoin mining revenue for the fiscal year ending June 30, 2024, up 144% from the $75.5 million it generated in 2023, driven by nearly doubling its self-mining capacity to 10 EH/s and higher bitcoin prices.

• The company also mined a record 4,191 BTC during the period, up from 3,259 BTC in the prior fiscal year, and expects to reach a capacity of 30 EH/s by the end of 2024, supported by a purchase of the latest-generation Bitmain S21 XP miners.
• Additionally, the company reported $3.1 million in AI cloud revenue for the first time as IREN diversifies its service offerings amid its data center expansion plans.
• IREN's adjusted EBITDA rose to $54.7 million for the 2024 fiscal year, a significant increase from $1.4 million in 2023, while net losses decreased from $171.9 million to $29 million.

Edge Matrix Chain raises $20 million

Edge Matrix Chain (EMC) has raised $20 million in funding led by Polygon Ventures and Amber Group to support its multichain infrastructure project.

• One Comma, Kapley Judge and Associated Corporations, Cyberrock Venture Fund, Candaq Fintech Group and Hameem Raees Chowdhury also participated in the round, among others.
• The fresh capital will be used to launch EMC's Layer 1 blockchain, focusing on AI applications while "introducing a new DeFi asset class," enabling users to benefit from returns generated by outsourcing on-chain GPU resources.
• EMC started a two-month public testnet incentive program on Aug. 17, with plans to distribute $5 million in rewards across two phases.

Trump's fourth NFT collection logs sales over $2 million

Donald Trump launched his fourth NFT trading card series, "Series 4: The America First Collection," on Aug. 27, featuring various poses and costumes, similar to his three past collections.

• The series has since recorded over 22,000 sales on the Polygon network, generating more than $2 million in revenue at a mint price of $99 per NFT.
• However, these sales only account for 6% of the collection's total possible supply of 360,000 NFTs, which could potentially generate over $35 million if fully minted.
• NFTs from this fourth series are not tradable on secondary markets until Jan. 31, 2025, restricting immediate resale opportunities.
• Trump's inaugural NFT collection was rolled out in December 2022.

Trump teases plan to make US 'crypto capital of the planet'

Donald Trump said he would unveil plans later on Thursday to make the United States the "crypto capital of the planet" in a post on X.

• The Republican nominee for president also tagged World Liberty Financial, a DeFi project promoted by his sons, in the announcement. However, it remains unclear what services the project will offer or how Trump will be involved.
• Since speaking at the Bitcoin 2024 conference in July, Trump is becoming increasingly interested in courting crypto-conscious voters.

In the next 24 hours

Eurozone CPI inflation data are released at 5 a.m. ET on Friday. U.S. PCE figures are due at 8:30 a.m.

Source : The Block Crypto News - Aug 29, 2024