Demex Daily #95: AMD and Wormhole Team Up for Zero-Knowledge Cross-Chain Tech
What’s Interesting Today:
Wormhole, a prominent protocol for cross-chain interoperability, has formed a partnership with AMD, a key player in the semiconductor and computer processor industry, to further its commitment to zero-knowledge (ZK) technologies. Through this partnership, Wormhole will gain access to AMD's cutting-edge FPGA hardware accelerators, including models Alveo U55C and U250, to boost the generation of ZK proofs. This move is part of Wormhole's strategy to address the increasing demand for specialized computing hardware in the decentralized space, aiming to enhance the performance and scalability of applications developed on its platform. The collaboration will also introduce ZK light clients, enabling secure cross-chain communication across over 30 blockchain networks. By adopting ZK proofs, Wormhole intends to shift away from centralized node operators towards a more decentralized and secure verification process, offering better security assurances to applications and users across multiple blockchains.
Avalanche has experienced a notable resurgence, fueled by the popularity of memecoins, GameFi, and real-world assets (RWAs), leading to a doubling of its Total Value Locked (TVL) in Q4 2023. According to a report from Flipside Crypto, Avalanche's on-chain activity and daily transactions saw significant spikes in November and December 2023. The platform's GameFi sector witnessed a 300% increase in daily active users on subnets since October, with transaction counts also rising. DeFi Kingdoms dominated transaction activity, although Shrapnel has recently surpassed it. The RWA market cap on Avalanche grew by 45% in recent months, with EUROC, a Euro-backed stablecoin, driving the RWA volume. Despite a previous downtrend, Avalanche's TVL rebounded to $1.5B in late December, supported by strong liquidity, gaming competition, token burns, and RWAs, marking a recovery from a 92% drop since December 2021. Benqi, a native protocol, significantly contributed to the network's TVL, showcasing the ecosystem's revival and growth potential.