Ethereum Follow Protocol Goes Live

• Ethereum Follow Protocol goes live.

• TrueCoin settles charges with the SEC.

• WalletConnect opens airdrop registrations.

• Phaver launches its SOCIAL platform token.

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The Ethereum Follow Protocol, an onchain social graph for Ethereum, is now live on mainnet and open to all users. The launch allows users to sign in with their Ethereum wallet to follow others, block wallets, and view their leaderboard rank. EFP enables users to create and manage follow lists through EFP List NFTs on Base. The protocol integrates data from ENS records, such as a profile picture, bio, and social links. The release includes a wallet activity feed powered by Interface. Developers can leverage EFP to incorporate rich account data, such as follow lists, into their applications.

TrueCoin LLC and TrustToken Inc., the issuers of the TrueUSD stablecoin on Ethereum, settled with the SEC over charges of defrauding investors by diverting a substantial portion of TUSD reserves into a speculative offshore fund. The companies agreed to settle the charges with the SEC by paying $700,000 in penalties. Despite knowing about redemption issues and having most reserves tied to its offshore fund, the SEC says TrueCoin falsely assured users that the stablecoin was fully backed by U.S. dollars. The penalty for TrueCoin and TrustToken appeared minimal when compared to Binance's $4 billion fine for failing to comply with KYC regulations.

WalletConnect is now accepting user and contributor registrations for its upcoming WCT token airdrop. In the first airdrop season, 50 million WCT tokens will be distributed out of a total 18.5% of the total token supply, allocated for airdrops. Eligibility for the first airdrop is determined by past activity on the WalletConnect Network. For users, eligibility is based on WalletConnect connections and signatures, while for developers, it includes contributions to CAIPs, EIPs, SDKs, and other open-source projects. To participate, users must create a profile, connect their Ethereum wallets via WalletConnect, and optionally link their GitHub accounts. The results for the initial airdrop will be revealed in November. The airdrop is part of WalletConnect's journey towards becoming a fully decentralized network by 2025, with WCT serving as the protocol’s staking and governance token.

Phaver, a Web3 social aggregator designed for Lens Protocol and Farcaster, launched its SOCIAL platform token. Eligible users can now claim their Phaverdrop Season 1 allocation on Base over the next 30 days. The launch unlocks roughly 10% of the token’s 10 billion total supply. SOCIAL tokens can be used to boost Cred Level and Points on the Phaver platform, offering preferential feed visibility. 

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