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CyberConnect, an online social network, announced its latest partnership, with Space ID. Space ID is a network that provides universal name services. The collaboration was built around a shared vision to establish a universal identity infrastructure (DID). This infrastructure will allow seamless interoperability with the larger SPACE ID Web3 name Ecosystem.

Migration to SPACEID 3.0 Stack

Decentralized digital identities (DIDs) play a key role in decentralized networks. CyberConnect and Space ID acknowledge the importance of building an universal DID infrastructure. CyberID will migrate to the SPACE ID 3.0 Stack in order to enhance interoperability within the broader SPACE ID Web3 name Ecosystem. This migration will create a full stack infrastructure for domain management, registration, and resolution.

CyberID NFTs that have been minted in the Optimism Network will be tracked to ensure that each CyberID holder gets their new CyberIDs via an airdrop onto Cyber L2. As the Cyber L2 launch nears, we will provide more details on this exciting development. The SPACE ID Web3 name SDK will include the migrated CyberID, allowing multi-chain resolution throughout the ecosystem.

Supporting Cyber L2’s Scalable Future With SPACE ID

Cyber L2, an Ethereum Layer 2-based solution, promises to make on-chain transactions faster and cheaper. SPACE ID, in line with this promise, will support CyberL2 to facilitate its future scalability. This integration will streamline and simplify the processes of minting and trading CyberID, other domain NFTs powered Cyber L2 and managing them on the SPACE ID Platform.

The partnership will also enable the creation social applications on the existing platform by leveraging CyberID and CyberGraph. CyberID allows users to create a unique, self-sovereign, on-chain identity, which enhances their web3 experience.

Ecosystem airdrop for CyberL2 Supporters

SPACE ID is celebrating this important partnership by preparing an ecosystem airdrop to early supporters of Cyber. Airdropped $ID Tokens will be given to eligible CyberID holders that are also $CYBER stakeholders. In the near future, more details will be revealed about this ecosystem airdrop. Keep an eye out for more information on how you can participate in this exciting event!

CyberConnect and SpaceID

CyberConnect is the first Ethereum Layer 2 platform that has been re-stamped for social interaction and mass adoption. CyberConnect acts as a social layer for web3 apps and gives users access to web3 tools, experiences and financial liquidity in all Layer 2 ecosystems. Visit the Cyber website, Twitter or Blog for more information.

Space ID is an universal name service that provides a comprehensive identity network for discovering, registering and trading Web3 domains. The partnership with CyberConnect is designed to improve interoperability, and support the growth for Cyber L2. Visit Space ID's website, blog, Twitter or Discord channels to learn more.

Bitwise, one of the leading names in cryptocurrency asset managers, wants to take advantage of the growing popularity and use of layer-2 networks, including Ethereum. The firm is considering the introduction of a Exchange Traded Product that will give investors exposure to these cutting edge technologies.

Matt Hougan is Bitwise's Chief Investor and has taken a bullish position on the potential of layer-2 solutions for Ethereum. These solutions aim to improve network scalability, and lower transaction fees. Both of these have been major obstacles for the Ethereum main blockchain. Layer-2 networks like Optimism Arbitrum and zkSync improve performance by moving transactional burdens off of the main Ethereum blockchain.

Consideration of an ETP for Ethereum's layer-2 network is indicative of growing interest in blockchain scalability and decentralized finance solutions. This type of ETP would allow a wider investor base to gain access to the performance and scalability of these networks, without having to directly engage with the underlying technology.

Bitwise's exploration of this area reflects a strategic decision, even though the details of the ETP remain unclear, such as which layer-2 applications or networks it would target. The selection process will likely include a thorough analysis of layer-2 solutions, their adoption rates, technology robustness and growth potential.

In recent years, a number of projects have been launched in the layer-2 ecosystem. These networks are crucial for Ethereum's success in the long term, as they offer the scalability required for wide adoption of decentralized apps (dApps). Bitwise's possible ETP offer could be a sign of institutional confidence in Ethereum's layer-2 network, and signal their belief in its scalability.

To launch an ETP, you will need to navigate a complex regulatory landscape. The Securities and Exchange Commission (SEC) and other regulatory bodies have been cautious in approving cryptocurrency-related investment products, with concerns over market volatility, investor protection, and regulatory oversight.

The interest in Ethereum layer-2 networks is still growing despite these challenges. An ETP would be a game changer for both institutional and retail investors. Bitwise's exploration of this area may pave the road for other asset management firms to consider similar products, further integrating cryptocurrency in traditional investment portfolios.

Bitwise's ETP, which is a potential ETP, could be the first of many cryptocurrency investment products to emerge as the Ethereum network prepares for its next development phase. This will include upgrades and an increasing focus on layer-2 solutions. Layer-2 solutions are addressing the key barriers to adoption of blockchains, and the future is promising for Ethereum's ecosystem as well as forward-thinking asset management companies like Bitwise.