Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our September edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
LayerZero (ZRO) is a cross-chain interoperability messaging protocol providing secure communication and asset transfers across networks. LayerZero deploys immutable endpoints to connect users and applications with supported networks. LayerZero-integrated applications or Omnichain Applications can customize their security stack to allow select Decentralized Verifier Networks (DVNs) to verify messages before destination chain execution. This enables modular security configurations for applications to whitelist DVNs based on custom verification model or validator requirements. Token issuers can build on the Omnichain Fungible Token (OFT) Standard to create seamless asset bridging experiences. Instead of trusting a third-party bridge to lock tokens in a smart contract, the OFT Standard burns tokens on the source network and mints native tokens on the destination network, creating a unified supply across chains. ZRO tokens can be used to pay transaction fees to participate in protocol services.
Safe (SAFE) is a wallets and messaging protocol enabling users to access the Safe{Wallet} and developers to build on the modular Safe{Core} stack. Safe{Wallet} users can connect their signer wallet such as MetaMask to create a minimum signer threshold to increase asset security. Safe’s multisig smart contract wallet allows users to prevent misuse of funds if a single account is compromised. Safe’s Passkeys remove the complexities of remembering seed phrases to recover wallet access, storing the private key on the user’s device and public key in a decentralized server. Safe{Core} is an account abstraction stack where developers can integrate these smart contract account features in their protocols and enhance the user experience, subsidizing gas fees or batching transactions. SAFE tokens are used to vote on governance proposals to progress protocol development.
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