The blockchain-based betting site Polymarket announced Tuesday that it raised $70 million in two fundings rounds, one which saw participation from Ethereum co-founder Vitalik Buterin.

The Series B funding round that Buterin participated in also saw allocations from Eventbrite co-founder Kevin Hartz, the crypto venture fund Dragonfly, and the Founders Fund, a venture capital firm co-founded by Peter Thiel, which led the $45 million funding round.

That was preceded by a $25 million Series A funding round led by the early-stage venture capital firm General Catalyst, which also saw participation from Airbnb co-founder Joe Gebbia, Polymarket said in a press release.

Buterin previously participated in a 2018 seed funding round for StarkWare, creators of the Ethereum scaling solution Starknet. Last year, the Ethereum co-founder also participated in a seed funding round for Nocturne, a protocol enabling private accounts on Ethereum.

Market-based forecasts will inevitably become an integral part of how we follow news and find truth, Shayne Coplan, Polymarkets founder, said in a statement. It has been humbling to see that vision begin to materialize at scale, with so many people relying on Polymarket when following important current events.

Polymarket has registered $39.5 million in volume over the past 28 days across 2,600 active wallets, according to a Dune dashboard. As of May 8, the platform had $20.5 million in bets outstanding, a 15% bump over the past month.

On Polymarket, traders can speculate on a myriad of topics, from when the Federal Reserve will cut interest rates to whether Former First Lady Michelle Obama wins this upcoming U.S. presidential election. At times, that range has proved controversial, such as betting last year on whether a submarine lost in the Atlantic Ocean would be found or Snoop Doggs smoking habits.

With the new funding, Polymarket said its weighing the prospect of a U.S. debut, with help from Richard Jaycobs, the companys new head of market expansion. Prior to joining Polymarket, Jaycobs served as the CEO of The Clearing Corporation and President of Cantor Exchange.

Polymarket was ordered to pay a $1.4 million penalty by the Commodity Futures Trading Commission in 2022 for offering users off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).

Ive been involved in the registration and operation of over a dozen innovative financial derivatives exchanges and clearinghouses, he said. Regulated markets serve an important economic role for commercial interests and offer exceptional transparency.

Buterins comments on Polymarket have been few and far between on social media, but the Ethereum co-founder indicated that he was experimenting with Polymarket years ago.

Buterin said on Twitter (aka X) that he was trying out Polymarket in 2020, describing its user interface as something optimized for attracting users outside of crypto. Additionally, he pointed out the websites ability to let speculators use a credit card to purchase the stablecoin USDC, the token that Polymarket facilitates users trading in.

In March, he referenced Polymarket as a guide to see how far Ethereum transaction costs could fall following Ethereums latest upgrade. Noting that some crypto market-participants may be expecting a less pronounced fall, Buterin said, you can use the market to hedge!

Edited by Stacy Elliott.

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Polymarket Raises $70 Million With Backing From Vitalik Buterin and Peter Thiel Fund - Decrypt

Gamza Khanzadaev

Ethereum creator Vitalik Buterin makes next big step in solving Ethereum's gas problem

In a bid to address Ethereum's ongoing high gas problems,Vitalik Buterin has unveiled a major newproposal aimed at optimizing transaction calldata and gas usage within the network.

The draft proposal, dubbed EIP-7706, introduces a novel approach to managing transaction calldata by incorporating a new type of gas specifically tailored to calldata transactions. By providing a separate fee market for calldata transactions, complete with distinct basefee and per-block gas limits, the proposal aims to significantly reduce the theoretical maximum calldata size per block while making calldata more affordable on average.

Buterin's motivation behind the proposal stems from the need to tackle the inefficiencies in the current gas model.

Despite Ethereum's gas limit appearing suitable, concerns persist regarding the network's ability to handle increased transaction volume without compromising on block size, efficiency and cost. EIP-7706 seeks to mitigate these concerns by introducing a streamlined mechanism for managing calldata gas, thereby optimizing block space and transaction costs.

Moreover, the proposal introduces a new transaction type that encompasses basefee and priority fee as a vector, facilitating the handling of all three types of gas through the same code paths. This unified approach ensures consistency across different gas types, thereby enhancing the overall efficiency and stability of theEthereum (ETH) network.

This development comes hot on the heels of Buterin's recent insights into multidimensional gas and the transition toward a more efficient transaction processing model.

The shift from a single-dimensional gas model to a multi-dimensional one has been widely heralded as a significant leap forward forEthereum, promising increased scalability, efficiency and readiness for future demands.

About the author

Gamza Khanzadaev

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

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Ethereum's Gas Crisis Over? Vitalik Buterin Presents New Solution - U.Today

Wed 15 May 2024 3 min of reading by Eddy S.

In a continuous effort to optimize and balance the Ethereum network, Vitalik Buterin, the co-founder of Ethereum, recently proposed a new protocol improvement, known as EIP-7706. This proposal aims to introduce a new type of crypto transaction fee, specifically for transaction data, or calldata, which are essential for executing smart contracts on the Ethereum blockchain.

EIP-7706 suggests adding a new type of crypto transaction that would provide distinct values for the maximum base fees (max_basefee) and priority fees (priority_fee) in the form of a vector. This vector would include values for execution gas, blob gas, and calldata gas, thus offering a more granular and potentially more efficient fee structure.

The proposal also seeks to modify the basefee adjustment to use the same mechanism for all three types of gas. This would simplify the basefee adjustment rules and ensure that the more robust mathematical properties of the new basefee adjustment algorithm of EIP-4844 cover all gas types.

This initiative could represent a significant advancement in the management of transaction costs on Ethereum, especially at a time when high gas fees are a major concern for crypto users and developers. By separating calldata fees from other gas types, EIP-7706 could offer greater flexibility and efficiency, allowing users to better manage their gas expenses and developers to design more cost-effective smart contracts.

The impact of this proposal, if adopted, could be considerable. It could not only reduce costs for end-users but also improve the overall scalability of the network by optimizing gas usage. This demonstrates the continuous commitment of the Ethereum community to innovate and enhance the user experience while maintaining the security and decentralization of the crypto network.

EIP-7706 by Vitalik Buterin is a bold step toward better resource management on Ethereum. It reflects the spirit of innovation that characterizes the Ethereum community and could mark a turning point in the way crypto transactions and smart contracts are handled on the blockchain.

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Le monde volue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto la base, je m'intresse tout ce qui touche de prs ou de loin la blockchain et ses drivs. Dans l'optique de partager mon exprience et de faire connatre un domaine qui me passionne, rien de mieux que de rdiger des articles informatifs et dcontracts la fois.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Crypto: Vitalik redefines gas fees with Ethereum EIP-7706! - Cointribune EN

Ethereum co-founder Vitalik Buterin proposed introducing multidimensional gas pricing.

In his latest essay, Buterin proposed eliminating the limitations of the existing commission system using multidimensional gas pricing.

The network uses a peer-to-peer model in which all computing processes, including storage, data transfer, and encryption operations, are measured in a single metric, gas.

With this approach, various resources are considered as interconvertible but are not. Although the system simplifies market transactions and the calculation of commissions, it combines fundamentally different types of resources, Buterin noted.

According to Buterin, mixing leads to inefficient computing power use and the potential rejection of safe blocks or, conversely, the inclusion of dangerous blocks in the blockchain.

The Ethereum co-creator proposes that moving to a multidimensional gas model may better reflect the networks true constraints and capabilities, potentially increasing capacity without making resources more fungible.

Buterin has previously spoken about the concept of multidimensional gas, noting its implementation in the EIP-4844 update. The new type of transactions for large binary data arrays, BLOBs, added during the Dencun update significantly reduced costs for layer 2 solutions, especially those based on rollup technology. The Dencun hard fork was successfully implemented on the mainnet on March 13.

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Vitalik Buterin proposes method to increase Ethereum capacity - crypto.news

Ethereum (ETH) is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the Securities & Exchange Commission (SEC) approving a spot ETH ETF decrease with every passing day.

Bitcoin (BTC) price tests the patience of traders as it glides along an ascending trendline on the four-hour time frame. Meanwhile, the GameStop saga that has resurfaced after three years distracts the market.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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Cryptocurrencies Price Prediction: Cryptos, Ethereum & Bitcoin American Wrap 14 May - FXStreet

Polymarket, a cryptocurrency-based prediction market platform, has successfully raised $45 million in a Series B funding round amid a surge in popularity leading up to the U.S. presidential election. The round was led by Peter Thiels Founders Fund, with notable contributions from Ethereums creator Vitalik Buterin, 1confirmation, ParaFi, and Dragonfly Capital, according to Polymarket founder Shayne Coplan, who communicated with CoinDesk via Telegram. The companys valuation in this round was not disclosed.

This latest investment follows a previously undisclosed $25 million Series A funding round led by General Catalyst and includes a $4 million seed round from 2020, bringing Polymarkets total raised funds to over $70 million. To support its next growth phase, Polymarket has appointed Richard Jaycobs as the head of market expansion, who previously held executive roles at traditional finance firms, including President of Cantor Exchange and CEO of The Clearing Corporation.

Polymarket is recognized as a leading platform for building prediction markets on cryptocurrency infrastructure. In these markets, participants place bets on the outcomes of real-world events within a specified timeframe, ranging from sports games to political events. For instance, a current market on Polymarket is gauging whether the U.S. Securities and Exchange Commission will approve a spot exchange-traded fund for Ethereum by May 31, with Yes shares trading at 16 cents, suggesting a 16% probability of approval.

These markets are touted not just as gambling venues but as tools for gaining a more accurate understanding of public sentiment and providing more reliable forecasts than traditional polls and punditry, a standpoint long advocated by economist Robin Hanson.

Despite a regulatory setback in 2022 that barred Polymarket from serving U.S. residents under a Commodity Futures Trading Commission settlement, the platform continues to see significant betting activity. This year alone, $202 million has been wagered on various events, with over $125 million staked on the presidential election. This exclusion from the U.S. market contrasts with Kalshi, the only CFTC-regulated prediction market, which faces potential regulatory challenges from the CFTCs recent proposals to ban election-related bets, a rule that would not affect Polymarket.

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Polymarket Raises $45M in Series B Led by Peter Thiel and Vitalik Buterin - CryptoCurrencyNews

Ethereum (ETH) is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the Securities & Exchange Commission (SEC) approving a spot ETH ETF decrease with every passing day.

Read more: Ethereum trades horizontally as institutional whales dump heavily on Coinbase

Ethereum could be poised for new upgrades following recent proposals. Here are market movers for the largest altcoin:

The proposal aims to reduce gas fees for data-heavy transactions that don't require much resources for computation through the introduction of a new type of gas uniquely assigned to calldata. The current gas structure of Ethereum involves only two types of gas, namely execution gas, which covers fees for the computational resources to process transactions, and storage gas, which covers the cost of storing data specifically in "blobs.

EIP-7706 introduces the third category related to calldata - a key part of Ethereum transaction that's transmitted to a smart contract "when functions are invoked." Buterin also recommended in the proposal that Ethereum switch from using separate mechanisms and leverage a common approach for the different gas fees. EIP-7706 could lower gas fees for certain transactions while improving the user experience if the Ethereum community approves it.

The proposal follows an earlier essay on multidimensional gas pricing and the EIP-7702 proposal on account abstraction co-authored by Vitalik Buterin.

Also read: Ethereum declines briefly, JP Morgan sees a spot ETH ETF approval despite recent Wells notice

Ethereum is trading around the $2,900 price level on Tuesday after failing to balance a previous price inefficiency from Friday. In the short term, most traders are slightly bearish as long liquidations hit $24.22 million in the past 24 hours, according to data from Coinglass. ETH's open interest declined by 1.8%, confirming the short-term bearish sentiment. This may be because of heightened expectations of a spot ETH ETF denial by the SEC.

Read more: Ethereum needs a bullish trigger, Joseph Lubin blasts the SEC

However, ETH may quickly bounce back up or at least sustain a sideways movement as the $2,852 price level has proven to be a key support for ETH it has only gone below it once in nearly three months. The next leg up may see ETH attempt to break past the $3,161 resistance.

ETH/USDT 4-hour chart

ETH may not see huge price gains in the coming days, considering investors are exercising caution as the SEC's decision on ETH ETFs looms.

Additionally, the current price level could also prove a good buy opportunity for long-term holders in anticipation of ETH's next price rally.

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Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial - FXStreet

Ethereum co-creator Vitalik Buterin proposed a joint idea to improve account abstraction for standard on-chain addresses.

Dubbed Ethereum Improvement Proposal (EIP) 7702, the concept would introduce a new transaction method that allows externally owned accounts (EOAs), otherwise known as the defacto Ethereum (ETH) account, to execute smart contract wallet functions.

After transactions are completed, EOAs would revert to the default state. Buterin co-authored EIP-7702 with Ansgar Dietrich, Matt Garnett, and Sam Wilson to offer better synergy with smart contract capabilities enshrined in EIP-4337.

According to Uniswap Founder Hayden Adams, EIP-7702 also brings quantum resistance as a substitute for EIP-3074, which developers mulled shipping with the next blockchain upgrade after Dencun called Petra.

Vitalik just proposed EIP-7702.

It's one of the most impactful changes Ethereum is going to have EVER.

So, here's everything you need to know about how it works and how we got here:

Buterin and other developers proposed account abstraction in 2020 and 2021 as a framework to enable advanced features like wallet recovery and multi-factor authentication for regular ETH addresses.

Account abstraction was deployed on the ETH mainnet in March last year, providing greater flexibility for users looking to swap any token and leverage better on-chain operability.

Buterin has frequently noted that account abstraction will play a major role in the future of blockchain transactions, complementing the quintessential cypherpunk approach and bolstering solutions like zero-knowledge proofs.

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Vitalik Buterin pitches upgrade to Ethereum account abstraction - crypto.news

Arman Shirinyan

Cryptocurrency network of future may get brand new system of gas management

Thanks to insights from Vitalik Buterin and contributions from experts like Ansgar Dietrichs, Barnabe Monnot and Davide Crapis, we are getting familiar with the concept of "multidimensional gas." Traditionally, Ethereum has used a unit called "gas" to measure and price the computational efforts required for transactions and operations. This includes calculations like adding and multiplying, managing data storage, bandwidth and even complex processes like generating cryptographic proofs.

The recent proposal involves transitioning from a single-dimensional gas model to a multi-dimensional one, addressing the inefficiencies of treating different types of computational resources as equivalents. The current system, while simple, does not accurately reflect the varying demands different operations place on the network, which can lead to either over or under-utilization of resources.

Buterin uses a straightforward diagram to explain that while the gas limit might suggest a block can safely handle a certain amount of computation and data, the reality of what is safe can be quite different. This misalignment could potentially allow for blocks that are either too safe and under-utilized or too risky and overloaded.

With the introduction of multi-dimensional gas on Ethereum via EIP-4844, the network can now process different types of demands more efficiently. This change has already started to show benefits. Blobs, for example, will allow these rollups to operate much more cheaply, increasing transaction volume threefold without significantly raising block size, thus maintaining network safety.

The update also anticipates future enhancements, such as better support for "stateless clients" a new type of Ethereum client that does not need to store a complete copy of the blockchain. These clients rely heavily on proof systems, and the current shift toward multidimensional gas could facilitate a smoother implementation of these systems by allowing the network to handle proofs more efficiently without compromising on security or inflating costs for users.

This multi-dimensional approach allows Ethereum to fine-tune how it manages different resources, potentially increasing throughput without risking safety. It marks a sophisticated step forward in blockchain technology, promising to make Ethereum more scalable, efficient and ready for future demands.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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Vitalik Buterin Solves Ethereum's Gas Fee Problem - U.Today

TLDR:

Render (RNDR) has been leading the crypto market in gains, helped by the recent mention of its Octane software by Apple. NuggetRush is becoming one of the top crypto coins of savvy investors, thanks to its revolutionary new gaming model. Meanwhile, Vitalik Buterin has launched a new proposal to improve the UX of wallets and reduce potential downsides.

>> Buy NuggetRush Now <<

In the recent keynote presentation showing off its M4 chip for the latest iPads, Apple mentioned Octane, a 3D design software powered by the Render Network. While the mention of Octane lasted only three seconds, it was enough to provide bullish momentum for Render.

Over the last week, the altcoin price has surged by more than 48%, outperforming other top altcoins. In May, the price of RNDR increased from a low of $7.00 to a new high above $11.40. If the RNDR maintains its bullish momentum, the ERC20 coins could attempt to set a new all-time high above $13.60 this month.

Like Render, unique projects have been the attraction of the crypto community over the last few months. NuggetRush (NUGX) is one of the new DeFi projects that has seen large investor interest over the last few weeks, as the project raised over $3.8 million during its blockchain ICO.

Despite NuggetRush being a GameFi project, it transcends traditional P2E gaming by incorporating artisanal mining, entertainment, real-world utility, and meme culture. Apart from all this, NuggetRushs focus is on enriching its users, making it one of the best gaming tokens to buy.

NuggetRush seeks to create a community of gamers who respect each other and work as a team for a common goal. In the crypto mining game NuggetRush, players can pool their efforts and have a high chance of winning free NUGX tokens, popular NFTs, rare gems, and even real gold.

In addition, the team behind the project actively seeks the feedback and input of its community to develop a better ecosystem. The native token of the platform, NUGX, has also enjoyed significant success, rising by more than 40% of its original price. While NUGX is currently trading in the $0.0342 range, analysts are optimistic it can trade above $1.00 before the end of the year.

>> Buy NuggetRush Now <<

The co-founder of Ethereum, Vitalik Buterin, has launched a new proposal aimed at improving the UX performance of ETH wallets. Dubbed EIP-7702, the proposal aims at making traditional wallet users enjoy the same benefits as smart wallets.

Several other improvements to launch with EIP-7702 include batch transactions, wallet recovery via social tools, and sponsor transactions of one wallet. If the proposal passes, these features could be integrated into the next major Ethereum upgrade, Pectra.

The Buterin proposal seeks to give traditional Ethereum wallet users the benefits of smart contract wallets without compromising the networks account abstraction. If passed, this could significantly improve the performance of the network.

Meanwhile, NuggetRush and Render have caught the attention of investors because of their respective novel platforms. Thus, RNDR and NUGX are two of the best cryptos to invest in now, as their growing adoption could cause major price increases for these coins.

Visit the NuggetRush Website

Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice.

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Apple Mentions Render's Octane, Ethereum EIP-7702 To Improve Wallet, Investors Turn To NuggetRush - Times Tabloid