- First soulbound identity protocol for Ethereum mainnet released by Masa Finance.
- Masa mainnet also lets developers quickly mint SBTs for a variety of use cases
- Developers of Ethereum and Celo will have access to the Masa protocol
Masa Finance has released the first soulbound identity protocol for the Ethereum mainnet. The protocol will enable Ethereum to generate standard soulbound tokens for Know Your Customer authentication, credit scores, and other use cases.
Soulbound tokens are non-transferable tokens that cannot be moved from one wallet to another. Vitalik Buterin popularized the concept, arguing that these coins might be used to represent governance rights for decentralized finance (DeFi) protocols or to verify attendance at an event.
Furthermore, the launch of Masa mainnet also lets developers and projects to build upon the protocol, employing Masa as the infrastructure to quickly mint SBTs for a broad variety of use cases.
Calanthia Mei, Co-Founder at Masa stated:
The next crypto bull market hinges upon web3 delivering real-world utility. Masa will help billions of global users build their authentic identity on-chain, and leverage their on-chain identity to unlock real-world utility, such as access to a thriving web3 economy and on-chain liquidity.
She added,
Soulbound Tokens are uniquely positioned to serve as the bridge for web2 users to enter into web3, and Masa aims to be the SBT common infrastructure layer
Developers of Ethereum and Celo will have access to the Masa protocol, which will spread to new blockchains in 2023. Masa-based projects can generate SBTs for user authentication, Know Your Customer (KYC), risk-based DeFi financing, and a variety of other purposes.
In other news, as a result of the recent BTC boom, investors have been transferring BTC from cold storage to spot exchanges in order to cash in on the price appreciation.
the quantity of stablecoins that are now being traded is said to be diminishing, as reported by CryptoQuant, as the amount of selling pressure increases. Additional demand is required in order for this recovery rally to continue, and as a result, the current trend may not continue in the foreseeable future.
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