The memecoin will bolster its popularity in the F1 world by featuring in this year’s Esports’ series. 

Popular memecoin Floki Inu (FLOKI) said it has partnered with Sauber Esports, a move that will see it feature in this year’s Formula One (F1) Esports series. 

The development is part of efforts to bolster the mainstream adoption of $FLOKI among enthusiasts of the F1 Esports series competition. 

Floki Inu considers the partnership as an opportunity to further promote its native cryptocurrency to followers of the F1 electronic sports competition. 

Importance of the Partnership to $FLOKI

The competition recorded a spike in the number of viewers last year. The F1 Esports tournament had 23 million views in 2021, representing a 103% surge from what was recorded the previous year. 

“MARKETING ANNOUNCEMENT: #FLOKI enters the world of #F1ESPORTS in partnership with @SauberEsports,” Floki Inu stated. 

?MARKETING ANNOUNCEMENT: #FLOKI enters the world of #F1ESPORTS in partnership with @SauberEsports

Why it's a big deal?
– F1 eSports 2021 achieved a record breaking 23 mil views, up 103% from prev year!
– EA's F1 2022 was June's No.1 game, up 23% compared with last year's F12021 pic.twitter.com/xm1QS5XYwx

— FLOKI (@RealFlokiInu) July 20, 2022

Following Floki Inu’s partnership with Sauber Esports, the logo of the cryptocurrency will be featured on the sleeves of the Esports team and gamers’ wears in this year’s season. 

The benefits of the partnership include “cross-promotion on the eSports Team’s social media channels and dedicated video content to promote the partnership.” 

As part of the #F1ESPORTS partnership with @SauberEsports;

– #FLOKI branding will be positioned on the sleeve of the eSports Team's & Gamers' wear.
– Cross-promotion on the eSports Team's social media channels
– Dedicated video content to promote the partnership.

— FLOKI (@RealFlokiInu) July 20, 2022

About Sauber Esports

It is worth noting that Sauber Esports is the official Esports team of the Alfa Romeo Orlen team. Sauber Esports recently unveiled three riders for the 2022 campaign.  

The 2022 F1 Esports Series is the sixth season of the competition. This year’s Esports Formula One series will be held in F1’s official 2022 game. 

Last year’s driver’s and team titles were won by Jarno Opmeer and Mercedes-AMG Petronas Esports Team, respectively. Interestingly, Sauber Esports is looking to win this year’s campaign, after introducing three new drivers. 

“Alfa had a tough 2021 campaign, scoring 12 points over the 12 races and finishing ninth in the team standings. But with two bona fide household names and one of the brightest young talents in simulated racing in the ranks, there’s no reason the squad can’t ascend the tables this season,” Alfa noted in an announcement today. 

This year’s campaign is expected to commence by the end of next month. “There will be one event per month – September, October, November & the finals in December – 3 days per event,” Floki Inu added. 

Here is the timeline for #F1Esports format for the 2022 season:

Pre-season test – End of August 2022.
There will be one event per month – September, October, November & the finals in December – 3 days per event.

The exact dates will be revealed later, follow us to stay updated!

— FLOKI (@RealFlokiInu) July 20, 2022

Prosecutors in South Korea have seized transaction records from crypto exchanges as investigations into Terra heat up.

At around 5 pm on Wednesday, South Korean prosecutors raided several crypto exchanges in the country. The raid was part of an extended investigation into what happened to Terra and why Terra Luna and TerraUSD (UST) collapsed.

Prosecutors are also considering various investigative angles to determine whether Terra officials and their affiliated entities played any part in the collapse of the Terra ecosystem.

According to the Korea Herald: “A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other material from Upbit and other local exchanges around 5 p.m.”

Investors Filed Case

Following the collapse of Terra Luna and UST, thousands of people lost their funds. It’s estimated that around 200,000 South Koreans lost collective investments, which amounts to billions of Won. After the incident, the investors filed a case to compel Terraform Labs and its controller, Do Kwon, to refund their money. Another co-founder, Daniel Shin, is also named in the case.

Interestingly, Terraform Labs’ CEO, Do Kwon, has since fled the country to live in Singapore. Various independent investigators and stakeholders have determined that Do Kwon and his counterparts may have conspired to defraud investors.

What’s Next?

At the time of this writing, it’s still unclear what the seized transaction records from UpBit and several other South Korean crypto exchanges have revealed to the prosecutors. Granted, any evidence of wrong-doing on the part of Terra officials will be added to the mounting evidence against the crypto company and its controllers.

It’s worth noting that TFL and Do Kwon are already under investigation both in South Korea and the US. In SK, the authorities demand a tax bill amounting to around $80 million that Do Kwon and TFL are alleged to have evaded. The authorities are probing the UST sales that may have been conducted illegally in the US.

World’s Zero-Knowledge (ZK) Scaling Solution for Ethereum Has Been Released by Polygon.

We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation.

Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2.

Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.

[1/6] pic.twitter.com/P929DRCT1y

— Polygon – MATIC ? (@0xPolygon) July 20, 2022

Polygon zkEVM (zero-knowledge Ethereum virtual machine), the first Ethereum-equivalent scaling solution that works flawlessly with all current smart contracts, developer tools, and wallets, has been released. It utilizes powerful encryption known as zero-knowledge proofs.

The protocol is synonymous with the Ethereum Virtual Machine (EVM), the software framework that developers utilize to build decentralized applications (dApps) on Ethereum. According to the creators, it is compatible with all current smart contracts, development tools, and wallets.

EVM-equivalence means that any smart contract or dev tool that you can use on Ethereum can be used on Polygon zkEVM. Period. It’s just like using Ethereum, but with the scaling power of ZK tech.

“EVM-equivalence is different from EVM-compatibility because it creates less user friction, removing the need for any kind of modification or re-implementation of code.”

Because of its high level of security and resilience to censorship, Polygon zkEVM is a more appealing choice than other Layer 2 scaling solutions for software developers working on payment and DeFi apps.

In contrast to conventional optimistic roll-ups, which require consumers to wait up to seven days before they can make deposits or withdrawals, zk-Rollups provide far quicker settlement and a much higher level of capital efficiency.

Polygon said:

“Many believed that a zkEVM was years away or not practical or competitive. No one believed in us, but Polygon did.”

According to Polygon, the ZK ‘Rollup’ technique is capable of reducing fees by 90% compared to existing charges on the Layer 1 Ethereum network. Future off-chain data availability configurations will be able to further minimize expenses. 

Polygon zkEVM can now achieve complete EVM equivalency and scalability at a pace never before seen because of Polygon Zero’s proving system advancements and technical contributions from both Zero and Polygon Miden in its zkProver.

Furthermore, rollups like Polygon zkEVM are the primary method by which the Ethereum community works to enhance the network’s competence. This will enable users to conduct transactions in a quick and inexpensive manner without jeopardizing the most essential security guarantees provided by the network.