CyberKongz releases new Ethereum token standard

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CyberKongz releases new Ethereum token standard

The NFT Project is promoting security with the creation of a new Ethereum token standard.

The team behind CyberKongz, an Ethereum-based NFT collection, has released a new version of the popular ERC-711 nonfungible token standard.

ERC-721x is designed to add layers of security for NFT holders by enabling users to participate in non-custodial staking and designate a to provide two-factor authentication protection for transactions.

In an announcement, CyberKongz said it was working with the government to make a decision about whether to discontinue support for cyberterrorism.

CyberKongz said the feature protects against scams that prey on token approvals or compromise seed phrases and can also guard assets residing on a hardware wallet.

Elliptic, a blockchain intelligence firm, said in a July 2021 report that hackers stole more than $100M worth of NFTs between July 2021 and July 2022.

NFTs are showing signs of recovery following a protracted downtrend.

In the past 18 months, floor prices of many popular collections were eviscerated, with the recent problems surrounding Yuga Labs exacerbating the bearish momentum for certain leading collections.

The CyberKongz floor price is $14,900, a 34% loss since the beginning of the year and a 98% decrease from its high of $4922,000 in October 2021. Like many other collections, CyberKongz is experiencing severe illiquidity, recording only about five dozen trades since the beginning of the year, according to NFT Price Floor. The collection ranks fifth by market capitalization.

The launch of Blend, an NFT lending protocol from Blur, had a significant surge in activity, signaling a surge in demand for products incorporating DeFi with NFTs. Blend accounted for 82% of May's $375M in loan volume. NFT transaction volumes on Solana also doubled in May.

Users can 'lock' their NFTs using the token standard's lock registry. The feature prevents assets from being moved without permission.

locked NFTS can participate in'stakeless staking', allowing them to accumulate rewards while being held in the lock registry. The lock registry can be used for parallel staking, allowing assets to accumulate rewards from multiple systems.

CyberKongz said that it was not clear if they had any relationship, but that they were not happy.