Latest Developments in the Blockchain Industry

IoTeX, founded in 2017, anticipated the rise of Decentralized Physical Infrastructure Networks (DePIN) long before the concept gained popularity in 2023. The project initially positioned itself as a Layer 1 blockchain focused on connecting the Internet of Things (IoT) with blockchain technology. However, IoTeX has recently pivoted towards a modular approach, reflecting a significant strategic shift in response to evolving industry needs. Jing Sun, co-founder of IoTeX, shared insights into this transformation during an interview at TOKEN2049. Sun explained that while traditional Layer 1 blockchains struggle to address the unique challenges of DePIN projects, particularly in data verification, IoTeX aims to provide foundational support for the entire DePIN ecosystem. This includes developing middleware and various tech stacks that enable efficient off-chain data validation and on-chain value capture. A key component of IoTeX's new strategy is W3bStream, a protocol designed to validate device data off-chain and selectively record critical information on-chain, thus reducing operational costs for DePIN projects. This approach, coupled with IoTeX's concept of 'Sovereign Smart Devices', creates a framework where machines can autonomously participate in economic activities, forming what Sun describes as a 'machine society' within the blockchain ecosystem.

DePIN Altcoins Showing Potential Gains in October As broader market sentiment improves, tokens that power Decentralized Physical Infrastructure Networks (DePINs) are among the altcoins showing potential gains in October. Notable DePIN coins to watch next month include Bittensor (TAO), Robonomics Network (XRT), Render (RENDER), Anyone Protocol (ANYONE), and IAGON (IAG). Bittensor (TAO) Climbs to Multi-Month Highs The value of TAO, the token that powers Bittensor’s decentralized machine learning network, has spiked by 78% over the past week. The altcoin now trades at a price level last recorded in April. TAO currently enjoys a significant bullish bias, as evidenced by its rising on-balance volume (OBV). When an asset’s OBV rises, it indicates that buyers have the upper hand in the market. It suggests that buying pressure is high, and traders and investors are confident in the asset’s potential to increase in value. If the uptrend continues, TAO could break above $651.34, turning this level into a support floor. Should this occur, the altcoin may be poised for a rally toward its all-time high of $774.86, last reached on April 11. Robonomics Network (XRT) Sees Surge in Demand XRT, the utility token of the Robonomics network, a decentralized cloud storage provider, is currently trading at $4.72, following an impressive 83% increase over the past week. It ranks as the top-performing DePIN coin in terms of growth over the last seven days. XRT’s rising Chaikin Money Flow (CMF), which tracks the flow of money into and out of the asset, reflects solid demand. With a CMF value of 0.08, the data shows that buying pressure is outpacing selling activity, supporting the token’s price increase. Additionally, XRT’s on-balance volume (OBV), which measures the cumulative money flow into and out of the asset, has surged 33% over the past week. This rise in OBV indicates that more buyers are entering the market, fueling the token’s price momentum. If the buying pressure continues, XRT could reach $7.71. However, a sharp increase in profit-taking could reverse this trend, potentially driving XRT’s price down to a monthly low of $1.84. Render (RENDER) Rallies Past Key Moving Averages RENDER is currently trading at $6.10, marking a 31% increase over the past week. This surge has pushed the token above two key resistance levels, its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA), which have been obstacles since June. As of now, RENDER’s 20-day EMA, reflecting the average price over the last 20 trading days, stands at $5.42. Meanwhile, the 50-day SMA, a longer-term indicator tracking the average closing price over the past 50 days, is $5.10. This breakout suggests strong momentum for RENDER as it moves past these critical levels. When an asset trades above these key averages, its uptrend is gaining momentum and is likely to continue. If RENDER successfully flips these key levels into support, its price may rally toward $7.26.

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FILLiquid participated in the FIL Brussels event, a significant gathering in the Filecoin ecosystem, discussing AI, DePIN, and Compute. The event, organized by the Filecoin Foundation, featured talks and workshops with industry leaders. Arthur Tan, CEO of FILLiquid, highlighted the company's innovative Filecoin-based liquidity leasing solutions, aiming to enhance sustainable storage power growth. FILLiquid's open-source protocol has been audited for security, offering a unique feature connecting FIL holders with storage providers for passive income opportunities. Currently in its testnet phase, FILLiquid is gearing up for mainnet launch, with participants eligible for a free $FIG token airdrop.

Click, a mobile app utilizing the Nodle Network, is set to combat misinformation by enabling users to capture and publish authenticated content. It has partnered with Lens Protocol, an open social platform that promotes content ownership. This collaboration introduces a 'Share to Lens' feature, allowing 'Deep Reals'—photos and videos with digital authenticity proofs—to be shared on the Lens decentralized social web. The integration facilitates the distribution of verified media, enhancing its reach and engagement. Users can verify the authenticity of content captured with Click, ensuring it is not AI-generated or altered, and maintain ownership as it is shared on Lens. The partnership aims to deter misinformation in the digital age, especially amid the surge of generative AI. Both Nodle Network and Lens Protocol are looking forward to deeper integration with the Elastic Chain, a ZK rollups network powered by the ZK Stack, for advanced content distribution and user profile interoperability.

Decentralized Physical Infrastructure Network (DePin) projects are gaining attention for their innovative solutions to real-world issues. Three notable DePin projects are set to offer airdrops, presenting opportunities for blockchain enthusiasts and investors. Grass, a decentralized web scraping network, is converting public web data into AI datasets and has recently initiated an update asking users to connect their Solana wallets, indicating an imminent airdrop. Grass has secured approximately $4.5 million in funding from investors like Polychain Capital and Tribe Capital. The U2U Network, a layer-1 blockchain for DePin, is also conducting an airdrop campaign, encouraging users to complete on-chain tasks for NFT rewards. With $10 million raised from three funding rounds, U2U Network is leveraging NFTs and loyalty points to enhance user engagement. Lastly, Chirp, a DePin telecommunications network for IoT and voice communication, is launching the Chirp Tracker App Campaign as part of its airdrop strategy to increase user participation and network growth. These airdrops are integral to the projects' roadmaps for broader token distribution and heightened user engagement.