Toyota Advances Blockchain Integration with Mobility-Oriented Accounts for On-Chain Automotive Operations

Daily Top Performer — Avail (AVAIL)

The SPX index was down by 2.32%, there are concerns about the sustainability of the AI-driven bull market following underwhelming results from top tech firms. Investors are now awaiting further earnings reports, along with weekly jobless claims and preliminary GDP data for the second quarter. The broader cryptocurrency market was mixed, with Bitcoin rising by 0.26% and Ether dropping by 3.17%, in the past 24 hours.

Today's top performer is AVAIL, which surged 34.4% following the launch of Avail DA on the mainnet, revolutionizing blockchain scalability and unifying the Web3 ecosystem.

Avail (AVAIL), initiated in 2020, is a blockchain platform that focuses on improving data availability, allowing for scalable solutions by enabling proofs of block data without downloading the entire block. It supports off-chain scaling and boosts security for standalone chains by managing their data availability needs. Avail DA has launched on the mainnet, enhancing blockchain scalability by introducing a data availability layer that supports Layer 2 solutions and reduces operational costs. Founded by Anurag Arjun and Prabal Banerjee, Avail DA aims to unify the web3 ecosystem, allowing seamless interactions across blockchain networks. The platform has established over 70 partnerships and successfully handled millions of transactions during its testnet phase.

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Talk of the Town:

Toyota is exploring the integration of Ethereum's ERC-4337 standard to enable on-chain automotive operations through what it calls Mobility-Oriented Accounts (MOAs). Published by the Toyota Blockchain Lab, this initiative aims to treat vehicles as public blockchain accounts, linking them to users and services, and allowing for operations like unlocking and starting cars to be conducted digitally via tokenized rights. MOAs could utilize NFT standards for tokenization and facilitate multisig transactions among stakeholders such as car users and manufacturers. This approach could also enhance autonomous driving technologies and connect vehicles more seamlessly with urban infrastructure and services. Toyota's broader "Mobility 3.0" concept, initiated in 2019, underscores its vision to integrate social systems into its automotive technology through blockchain.

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Bitcoin Spot ETF Flows:

Bitcoin is trading below $66,000 due to outflows from Bitcoin ETFs and Mt. Gox estate's distribution of $335.8 million worth of Bitcoin to Bitstamp. 

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Airdrop to Watch:

Bitget has become Japan's second-largest cryptocurrency wallet, achieving significant growth in Q2 2024 with a 34% increase in new users, largely due to the successful airdrop of the Bitget Wallet Token (BWB). This event, coupled with endorsements from Japanese influencers, has propelled Bitget's popularity. The wallet features advanced DeFi and cross-chain capabilities, allowing transactions across multiple chains without additional fees. These functionalities have established Bitget as a comprehensive platform, essential for its growth. Enhancements in mobile user experience and simplifying setup processes are key to further expanding cryptocurrency wallet adoption.