Also: Arbitrum integrates Bitcoin; UBS tests ZKSync for gold
The crypto industry lost a further $73.9 million in January due to exploits, representing a ninefold increase month-over-month.
Corn, an Ethereum Layer 2 network that aims to use tokenized bitcoin in DeFi, raised $8.3 million in a community funding round.
An analyst has explained how Arbitrum could see an upswing of around 46% if its price breaks out of this technical analysis pattern. Arbitrum Has Been Trading Inside A Descending Triangle Recently In a new post on X, analyst Ali Martinez has talked about a Descending Triangle pattern forming in the 4-hour price of Arbitrum. The “Descending Triangle” refers to a formation from technical analysis (TA) that, as its name suggests, looks like a triangle slopped downwards. The pattern involves two trendlines between which the asset consolidates: an upper level drawn by connecting together lower highs in the price and a lower one parallel to the time-axis that joins bottoms. Like in many other TA patterns, the upper line is considered to be a point of probable resistance for the price, while the lower one can act as support. Related Reading: Trader Greed Strikes Again: Bitcoin Corrects To $102,000 After FOMO Spike Breaks out of either of these lines can imply a continuation of trend in that direction. An escape above the triangle is naturally a bullish signal, while a drop under it can foreshadow a bearish outcome. Similar to the Descending Triangle, there is also another pattern called the Ascending Triangle, which forms when the consolidation occurs towards an overall upside. Now, here is the chart shared by the analyst that shows the Descending Triangle that the 4-hour price of Arbitrum has been trading inside during the last couple of months: As displayed in the above graph, the Arbitrum 4-hour price retested the upper level of the Descending Triangle a few days ago, but it found rejection as it has since plunged down. Yesterday, the coin saw a very brief retest of the lower line, but it appears this level is also holding for the cryptocurrency as its price has found a rebound from it. Related Reading: XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking? It’s likely that these levels won’t hold for long, however, as ARB is fast approaching the apex of the triangle. As the range gets narrower, the chances of a breakout (in either direction) become higher. At present, Arbitrum is trading right in the middle of the two levels, so it’s uncertain which one it would be traveling to next. Martinez notes that if the breakout happens towards the upside, then the cryptocurrency could end up enjoying a surge of around 46%. This figure is based on the fact that the height of the triangle involves a price swing of this percentage. It only remains to be seen whether ARB would be able to find a break above the Descending Triangle or not. ARB Price At the time of writing, Arbitrum is trading around $0.72, up 1% over the last 24 hours. Featured image from Dall-E, charts from TradingView.com
Orbiter Finance's OBT will have a total supply of 10 billion tokens and launch on Ethereum, Arbitrum and Base.
The BoLD upgrade enables anyone to participate in securing the network, removing centralized validator restrictions.
Lotte’s Caliverse, an AI-driven entertainment experience, is coming to the layer-2 network, allowing web3 users to pay for services with crypto.
PancakeSwap's 2024 trading volume surged to $310 billion, driven by DeFi growth, layer-2 adoption and user-focused upgrades.
The DeFi protocol also launched an in-house perpetuals trading app.
The Ethereum co-founder also proposed changes to ease transfers among layer-2 scaling networks.
The asset manager will support builders on Sui and pilot emerging blockchain technologies on the network.
The decentralized exchange for futures and options trading plans to go live on Arbitrum on Jan. 8.
Like other decentralized AI networks, Morpheus seeks to curtail the negative side effects of AI, such as centralization, censorship, and data monopolies.
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has expanded its reach to multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon, according to a Nov. 13 statement. This expansion is part of BlackRock’s strategy to strengthen its tokenization efforts, transforming BUIDL into a multi-chain asset. It enables users and applications within these blockchain ecosystems to […]
The post BlackRock strengthens tokenization push with BUIDL’s multi-chain expansion appeared first on CryptoSlate.
The tokenized money market fund will launch on nearly half a dozen new blockchain networks.
The DeFi liquidity protocol has already paused operations on Arbitrum and Avalanche blockchains as the team investigates the vulnerability.
One of the biggest trends of 2023 among the leading layer-2 projects on Ethereum was the emergence of “blockchain in a box,” where the teams encouraged developers to clone their code to spin up new layer 2s. Now, it appears, one project in particular, Optimism, appears to be pulling away as the clear leader.
According to the latest report from blockchain security firm Immunefi, the cryptocurrency sector will face persistent challenges with hacks and scams in 2024. The report highlights that although exploit losses have decreased monthly, the industry has seen more than $1.4 billion lost to 179 hacks and scams this year. In October alone, losses amounted to […]
Franklin Templeton says this is the first tokenized money fund to launch on Coinbase's layer-2 network.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Uniswap, the leading decentralized exchange (DEX) on Ethereum, is building and growing, looking at the number of processed volumes over the years. Uniswap Processes Over $2 Trillion On Ethereum Since launching in late 2018, on-chain data shows that the DEX has processed over $2 trillion in cumulative volume on the Ethereum mainnet. Related Reading: Top Crypto Analyst Unveils Strategy To ‘Make Millions’ By March 2025 The steady climb in cumulative volume points to Uniswap’s growth over the years and the team’s dedication to ensuring that the platform functions as originally designed. Unlike centralized exchanges like Binance or Coinbase, Uniswap relies on smart contracts for swapping. All transactions are initiated from a non-custodial wallet such as MetaMask, ensuring the holder retains control of all assets. No transaction is approved unless the wallet owner authorizes it. For the unique value proposition Uniswap presents, the platform continues to grow by leaps and bounds. The latest data from DeFiLlama reveals that the DEX manages over $4.9 billion worth of assets. At this level, Uniswap is the sixth largest DeFi protocol, cementing the dominance of Ethereum-based dapps. While users can choose from three protocol versions, the latest iteration, v3, is the largest, managing over $3 billion. Uniswap v3 was the first DEX to introduce concentrated liquidity to improve capital efficiency. Besides v3, users can swap on Uniswap across multiple chains, including the BNB Chain and Avalanche. However, DEX trading via Uniswap is popular on Ethereum, where the exchange manages over $3.9 billion. DeFi Dominance, UNI To $12? As DeFi gains traction and more traders opt to swap trustlessly, Uniswap will likely process even more transactions. Most importantly, the DEX may dominate DEX trading on Ethereum layer-2s, looking at trends. DeFiLlama data reveals that the dapp has a total value locked (TVL) of over $277 million. Related Reading: Bitcoin Signal That Led To At Least 70% Surge Has Formed Again Considering the role of the DEX on Ethereum and the fact that it is among the biggest contributors of gas fees, UNI could benefit in the coming sessions. From the daily chart, UNI is posting impressive higher highs and approaching a key resistance level. After dumping to $4.7 in early August, the token has almost doubled in valuation and is on the cusp of printing fresh Q4 2024 highs. A break above $8.5 could trigger a wave of demand that may see UNI float to $12. Feature image from Adobe Stock, chart from TradingView
Approximately $58 million has been lost from a cybersecurity breach at the lending protocol, one expert said.
Gasless swaps could ease the DeFi onboarding process, bolstering mass crypto adoption among new holders.
Base, the Ethereum layer-2 scaling solution from crypto exchange Coinbase, has witnessed a surge in activity in the past two months and is now gunning for the top spot in the Ethereum ecosystem. Related Reading: CZ Drops Major AI Warning: What Binance’s Founder Wants You To Know In an interesting development revealed by data from […]
A drop in Ethereum network activity and investors' concerns about the global economy continue to weigh on ETH price.
According to the latest Binance Research report, the Ethereum (ETH) issuance rate continued to rise in September 2024, raising concerns about the digital asset’s “ultrasound money” claim. Ethereum Issuance Rate Continues To Surge In its October 2024 Monthly Market Insights report, Binance Research highlighted that the ETH issuance rate continued its ascent in September, moving away from its previously deflationary status. Related Reading: Is Ethereum Primed For Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally The second largest digital asset by reported market cap had a 30-day annualized inflation rate of approximately 0.74%, a level not observed in the last two years. The sharp uptick in ETH supply inflation has questioned its “ultrasound money” positioning. Interestingly, the term “ultrasound money” draws inspiration from Bitcoin’s (BTC) “sound money” narrative. While BTC’s supply is capped at 21 million, ETH’s supply can become deflationary, theoretically increasing scarcity and protecting it from inflation-driven erosion of purchasing power. Ethereum’s high issuance rate could be attributed to several factors, including low mainnet on-chain activity, leading to a low transaction fee and, consequently, lower ETH burn rates. In 2021, Ethereum core developers implemented EIP-1559, which introduced a fee-burning mechanism that aimed to reduce ETH’s circulating supply, thereby creating deflationary pressure on the token. However, with declining mainnet activity, the amount of ETH being burned is lagging behind the ETH issuance rate, leading to a net inflationary trend. Notably, September 2024 experienced one of the lowest ETH burn rates since the highly anticipated Merge event, when Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Ethereum Layer-2 Solutions To Blame For Low ETH Burn Rate? The report points to March 2024 as the starting point of Ethereum’s inflationary trend, following the implementation of EIP-4844 or the Dencun upgrade, which reduced transaction costs on layer-2 scaling platforms such as Optimism (OP), Arbitrum (ARB), Base, and Polygon (MATIC). The report adds: As L2s cannibalized network activity throughout the year – further impacted by broader market conditions – transaction fees and, consequently, burned fees on Ethereum declined, with September recording one of the lowest levels since the Merge. This has prevented ETH from decreasing in supply to remain deflationary, leading to the net positive daily supply changes we now see. Recent trends corroborate the assertion above, as network activity on layer-2 solutions grows across different metrics. For instance, a report in July 2024 noted that daily active addresses and transaction volume on Polygon had soared significantly. Related Reading: Ethereum Solo Staking Made Easier? Vitalik Buterin Supports Lower Entry Requirements Similarly, decentralized finance (DeFi) activity on Arbitrum increased earlier this year when decentralized exchange (DEX) Uniswap surpassed $150 billion in total swap volume on the network. Another report found that over 48% of digital assets bridged from the Ethereum network end up on Arbitrum, indicating users’ high trust in the layer-2 network’s robust security and reliability. ETH trades at $2,385 at press time, up 1.7% in the past 24 hours. Featured image from Unsplash, charts from Binance Research and Tradingview.com
Despite scalability and high gas fees facing Ethereum, the founder of EigenLayer, a liquidity restaking platform, insists the network is superior, especially against Solana. Solana is the third most valuable smart contracts platform, trailing Ethereum and the BNB Chain. Over the years since launching, it has been gulping up more market share from Ethereum, cementing its position. Is Ethereum Superior To Solana? While the prominence of Solana is evident, Sreeram Kannan, the founder of EigenLayer, argued in a post on X that Solana prioritizes low latency and global node synchronization over other core features. Related Reading: Solana (SOL) ‘Could Go Parabolic’ Once It Breaks $200 Resistance – Analyst On the other hand, Ethereum took a different approach, emphasizing the need for stability and decentralization. Accordingly, in Kannan’s view, the first smart contracts platform offers a more comprehensive solution than its competitor. Currently, EigenLayer manages over $12 billion worth of assets on Ethereum, according to DeFiLlama. Although Kannan acknowledges the efficiency of Solana, the founder nonetheless picks out some limitations now that the platform is building a global state machine. At the top of the list is the blockchain’s sacrifice of programmability and verifiability. Meanwhile, the EigenLayer lead thinks Ethereum is excelling, especially on performance, thanks in part to the success of rollups and the resulting wild adoption. This off-chain solution provides instant confirmation and is more performant than web2 applications. At the same time, Ethereum is programmable, enabling EigenLayer to add more features like an arbitrary decentralization of verifiable tasks. As a result, the liquidity restaking platform, Kannan adds, has enabled cloud-scale programmability. Layer-2 Platforms Thriving: Why Is ETH Struggling? The co-founder of Celestia, Mustafa Al-Bassam, also appreciates what Ethereum brings to the table and is absent or underdeveloped in other networks. In a post on X, Al-Bassam said the first smart contracts platform is “underrated.” Related Reading: Shiba Inu Burn Rate Skyrockets 81% In One Day, Are The Bulls Back? Specifically, the co-founder lauded the thriving rollup ecosystem in Ethereum, saying it is “by far the largest and most successful.” As of September 30, L2Beat data shows that the layer-2 ecosystem in Ethereum manages over $38 billion, with Arbitrum and Base among the largest platforms. Even as Base and other Ethereum layer-2 platforms draw activity, ETH, the native currency, is struggling for momentum. The daily chart shows bulls have yet to break above $2,800, although support remains at $2,400. Dwindling upside momentum has been partly blamed on the proliferation of layer-2 scaling solutions. The network becomes inflationary as more activity is re-routed off-chain, and enhancements like Dencun are activated to make layer-2 transactions even cheaper. Looking at Ultra Sound Money, fewer ETH are not being torched. Feature image from DALLE, chart from TradingView
Crypto hack and fraud-related losses decreased in Q3 2024, though Ethereum (ETH) remained the most targeted smart contract platform, according to a report by Immunefi. Losses Primarily Due To Centralized Exchange Hacks Immunefi has released its 2024 Q3 report, detailing the specifics of cryptocurrency-related hacks and losses during the quarter. The report notes two major […]
Synthetix, a popular DeFi protocol, is facing challenges regarding its plans for Arbitrum, a layer-2 platform for Ethereum. According to the recent voting results, the community voted against its plans to extend its Long-Term Incentive Program (LTIP) grant. Arbitrum Holders Vote Against Synthetix Proposal The goal was to support the launch of Multi-Collateral Perps. The feature would have permitted traders to trade using margin with ETH, BTC, and USDx acting as collateral when initiating perpetual futures on Arbitrum via Synthetix perpetuals. Related Reading: LayerZero Surges over 7% As Bulls Ignite Fresh Rally, A $4.5 Breakout Looms? If the Arbitrum community had agreed, it would have allowed Synthetix to distribute 900,000 ARB as trading fee rebates. According to the Synthetix proposal, they intended to incentivize users and, thus, boost the active trading volume of Synthetix on the layer-2 platform. While novel and a net positive for Synthetix, the ARB community deemed the extension, which would have started from September 16 through November 16, unnecessary. Subsequently, 66% of all ARB votes were against this extension, and 9% supported this proposal. Now that ARB holders have rejected the extension, the launch of the Multi-Collateral Perps feature will face delays. For this reason, Synthetix users on Arbitrum would have to wait longer to trade trustless perpetual with the freedom to use various margin assets. At the same time, there are now reduced incentives to engage. Fewer users will be willing to trade on Arbitrum using Synthetix perpetual without the extension. Accordingly, this would negatively impact the DeFi trading portal. Combining the above, engagement on Arbitrum would be impacted as Synthetix traders, angling for the fee rebates sent from the 900,000 ARB, would withdraw. What’s Next? Will ARB Recover From Record Lows? In the future, it remains to be seen how Synthetix will proceed on Arbitrum, the largest Ethereum layer-2 by trading volume. As it is, the protocol might now have to explore other strategies to incentivize traders and launch the crucial Multi-Collateral Perps feature. Related Reading: FTM Rockets 17% Amid Growing Interest In Fantom Ecosystem Though SNX prices might suffer, ARB might find support now that supply will be lowered. Looking at the daily chart of the ARBUSDT, sellers are in control. After peaking in January 2024, ARB has been plunging lower, sliding by as much as 80% to spot rates. The token finds itself in critical support. If bears take over, ARB will fall, printing fresh all-time lows. Feature image from iStock, chart from TradingView
The ongoing hack has already netted the attackers over $6 million worth of stablecoins, which have been swapped to ETH by the attacker.