While crypto has been at the eye of the storm in the race for the White House, a notable absence in the recent unveiling of the Democratic Party’s latest platform ahead of the Democratic National Convention has discouraged the industry. The document, unveiled amidst heightened anticipation, notably overlooks any mention of Bitcoin or digital assets, […]
A Nigerian court has ordered the freezing of nearly $40 million in crypto funds believed to have been used to support nationwide protests against the government. The ruling, amid heightened tensions over the rising cost of living in Africa’s most populous nation, has sparked concerns over the authorities’ response to civic unrest. Anti-Graft Agency Freezes […]
Declining interest rates — along with rising investment in Bitcoin — could provide the fuel the DeFi market needs to experience a long-awaited resurgence.
Crypto startup funding rose over 2.5% in Q2, and Tron could be on track to become the most profitable blockchain in terms of revenue, according to Justin Sun.
In a recent report, market researcher and analyst DeFi Ignas has provided a detailed analysis of the current bearish and bullish cases for the leading altcoin, Ethereum (ETH), offering valuable insights into the cryptocurrency’s prospects. Factors Behind The Ethereum Underperformance Ethereum has struggled to keep pace with its crypto peers over the past two years, declining 47% against Bitcoin (BTC) and underperforming Solana (SOL) by 6.8x since the market lows of early 2023. According to Ignas, the reasons behind this underperformance are open to debate, but a few key factors stand out. Firstly, the “digital gold” narrative surrounding Bitcoin is easier for new retail users and institutions to grasp than Ethereum’s more complex story. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs Additionally, the rising prominence of Solana, which is catching up to or sometimes even surpassing Ethereum in active users, transaction volume, and mindshare, has put pressure on the leading smart contract platform. “Solana is a riskier (lower market cap) bet on smart contract adoption, while Ethereum is squeezed in between,” Ignas explains. “Ethereum’s modular approach with Layer-2 solutions has also led to a fragmentation of liquidity and a more complicated user experience.” However, the researcher remains bullish on Ethereum’s long-term potential, citing several compelling reasons to watch. Network Effects And Real-World Use Cases Efficient and Deflationary Network: If Ethereum’s gas prices remain around 20 Gwei, the network is considered deflationary and scalable, making it an attractive and efficient option for users. Decentralization and Security: Ethereum’s decentralization and security have attracted the trust of major institutions, including BlackRock, PayPal, JPMorgan, and Santander, who are testing blockchain settlement and tokenization on the platform. Mature DeFi Ecosystem: Ignas contends that Ethereum and its Layer-2 solutions boast “the most mature decentralized finance (DeFi) ecosystem” in the crypto space, with significant combined total value locked (TVL) and trading volume, attracting more users and driving up gas fees and ETH burning. Network Effects: Ethereum’s first-mover advantage and the largest developer mindshare contribute to its network effects, solidifying its position as the leading smart contract platform. Real-World Asset Tokenization: Ethereum is emerging as the preferred chain for tokenizing real-world assets (RWAs), with 52% of all stablecoins and 73% of all U.S. Treasuries currently tokenized on the platform. The Overlooked Catalyst? According to the researcher, another catalyst that few are discussing but that could have a significant impact is the upcoming Pectra upgrade, which is expected in the first quarter of 2025. This upgrade, which merges the Prague (execution layer) and Electra (consensus layer) updates, promises to introduce several key improvements, including Account Abstraction (enhancing user experience), staking improvements, and scalability. “The market is underestimating the importance of the Pectra upgrade,” Ignas said. “Features like Account Abstraction, staking enhancements, and scalability improvements could be game-changers for Ethereum’s adoption and usability.” Related Reading: Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443 While trading at $2,670 as of this writing, VanEck’s ETH base price forecast of $11,800 by 2030 may seem bearish to some, Ignas pointed out, but it still represents a 4.4x increase – significantly more than Solana’s 2.2x forecast over the same period. Ultimately, with a solid ecosystem, growing institutional support, and upcoming technical upgrades, the researcher notes that the bullish case for Ethereum looks increasingly compelling, even as the asset navigates near-term headwinds. Featured image from DALL-E, chart from TradingView.com
The cryptocurrency industry is making a concerted push to win over the Democratic Party ahead of the 2024 presidential election, with a new organization hoping to counter former President Donald Trump’s growing influence among crypto supporters. Political Crypto Battle According to a Fortune report, a new grassroots organization called ‘Crypto for Harris’ is leading the […]
EigenLayer leads the restaking sector with a $12.9 billion TVL, driven by AVS rewards and growing interest in Ethereum-based restaking.
As Bitcoin adoption continues to gain momentum globally among countries and traditional financial (TradFi) institutions, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has emerged as a stealth holder of the largest cryptocurrency on the market. Unexpected Bitcoin Whale? According to a recent analysis by K33 Research analyst Vetle Lunde, NBIM, which manages the […]
Layer-2 chains Base and Scroll have contributed to Aave’s recent borrower and depositor growth.
Layer-2 chains Base and Scroll have contributed to Aave’s recent borrower and depositor growth.
TON and Pyth’s collaboration brings institutional-grade real-time price feeds to TON developers, enhancing DeFi innovation.
The NYDFS is recruiting a policy specialist to address key crypto, DeFi, and AI issues within financial services.
Curve Finance’s CRV token emissions reduced to 162.7 million annually, while Curve DAO earnings surpass emissions for the first time.
On-chain data platform Token Terminal has set the stage for a potential seismic shift in the crypto ecosystem. It predicts that $10 trillion asset management giant and exchange-traded fund (ETF) issuer BlackRock is preparing to unveil its blockchain platform. BlackRock’s Crypto Masterplan Recent research by Token Terminal delves into BlackRock’s strategic entry into the crypto […]
In its third letter to the SEC, the crypto exchange said it would withdraw the proposal, which was first released in 2022, and start over again.
Decentralized finance (DeFi) hacks remain a major threat to the industry despite a reduction in the amount stolen in 2023, according to blockchain security firm Halborn.
Amid the buzz surrounding political tokens and the heated race for the White House between former President Donald Trump and Vice President Kamala Harris, a token known as Restore the Republic (RTR) emerged. According to Fortune, this crypto, which exploited rumors surrounding the Trump family, defrauded investors and led to the loss of significant amounts […]
DeFi's resilience amid market turmoil underscores its potential to operate autonomously and maintain stability without central intervention.
The post DeFi protocols show resilience despite this week’s macro crash: IntoTheBlock appeared first on Crypto Briefing.
As regulators scrutinize DeFi more closely, participants need to improve compliance around AML and KYC and make the process easier for customers, says Thomas Gentle, Compliance Officer, Quadrata.
Former President Donald Trump made waves at the recent 2024 Bitcoin Conference in Nashville when he pledged to “make crypto great again” – including firing the Securities and Exchange Commission (SEC) Chair on his first day back in the White House. Trump’s promise to oust the crypto-skeptic Gary Gensler resonated with many in the crypto industry who […]
The hacker’s use of Tornado Cash marks the first movement of the stolen Unizen funds since March, heightening security concerns.
Long at odds with the Biden administration, the crypto industry has launched a major political offensive to influence the Democratic Party. According to a Bloomberg report, a network of pro-crypto super Political Action Committees (PACs) has raised over $170 million to back crypto-friendly candidates in congressional primaries, focusing on supporting Democrats. Crypto Industry’s Political Offensive […]
Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins. Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy. In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly. Most Holders Are In Red, But Partners Are Interested In Chainlink Solutions So far, IntoTheBlock data reveals that 65% of LINK holders are in losses, and only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation. Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency. Feature image from DALLE, chart from TradingView
According to Bloomberg, a wallet linked to a major cryptocurrency heist two years ago swapped $39.75 million worth of the stablecoin DAI to scoop up 16,892 Ethereum (ETH) as the second-largest cryptocurrency plummeted by as much as 23% on Monday. Crypto Hacker Exploits Ethereum Crash Per the report, the hacker behind the 2022 attack on […]
Jump Trading’s recent transfer of millions in Ethereum to centralized exchanges has unsettled the crypto market. Over the weekend, the firm moved 17,576 ETH, valued at $46.78 million, to exchanges such as Binance, OKX, Coinbase, ByBit, and Gate.io, according to blockchain analytical platform Spot On Chain. This move follows a pattern noted by crypto analyst […]
The post Crypto market reels from Jump Trading’s massive Ethereum transfers appeared first on CryptoSlate.
Decentralized smart contract platform Fantom has undergone a transformation, rebranding itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Virtual Machine (EVM). The rebrand was officially announced via X on August 1, with Sonic Labs now fully operational across all platforms. Fantom’s Transformation Into Sonic Labs This rebranding marks a […]
Arbitrum resumes its drive downward along with the broader market downturn investors are experiencing today. According to the latest market data, ARB is down nearly 14% since last week, putting more pressure on the bulls to slow the bearish tide. However, there are several developments on the platform that might affect investor perception in the long term. These new deployments might make or break the early half of the month for investors and traders alike. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? Multiple Projects Now Support Arbitrum Metalend, a blockchain lending company, recently announced its support for Arbitrum on its native platform. This new addition to the Arbitrum circle will further push users to the platform, leveraging Metalend’s already big following. With Arbitrum’s growing position in the lending space of crypto, the platform might experience growth in that sector of the market. However, they’re not the only ones to join the fray. MetaLend is excited to announce that we have launched support for @arbitrum! You can now go to https://t.co/xnBCsmSwdo to track and trade (leveraging DEX aggregators) your @arbitrum portfolio. You can track multiple wallets in one view and soon you will be able to submit limit… — MetaLend – Manage All Your Wallets in One Place! (@MetaLend_DeFi) July 30, 2024 Blockscout announced its support for Arbitrum One, giving investors and traders access to a whole list of features for them to analyze on-chain data on Arbitrum. Features like in-depth block data, verified smart contracts, and full API access are some of the things Arbitrum users will have access to because of this. The platform’s DAppScout feature will also help users filter dApps with low-security scores, improving user experience while giving them the ability to keep their funds safe from malicious actors. ArbOS 31 ‘Bianca’ To Bring More Devs On-Board ArbOS 31 is a proposal that would expand Arbitrum’s position within the dev space. If it passes, several key features will be added like Stylus VM which will enable the Arbitrum chain to support more programming languages like Rust and C++. To make it simple, Stylus VM will be used by devs to code on their language of expertise rather than switching to Solidity, Arbitrum’s native coding language. This change will make smart contract deployment easier as it makes any smart contract written on the platform be compatible with existing Solidity-based smart contracts. The proposal also covers the implementation of Passkeys, a password-less system of identification to protect user data and funds, and the Nova Fee Router which will make the collection of fees on the Arbitrum DAO more efficient. Arbitrum has also announced that voting for the proposal is now live. A Long Time Recovery For ARB? The market’s bearishness might continue until middle of August, which poses an important question to ARB bulls: whether to attempt slowing the bears down now or attempt at a later date. Related Reading: GRT Market Signals 12% Drop: Is A Turnaround Possible? ARB’s current position will further endanger any potential of near future gains for investors and traders. With the market environment favoring the bears in the short to medium-term, more pain will be felt by investors and traders. Investors should then wait for the perfect opportunity, watching the movement of the broader market before making a decision. Featured image from Wired, chart from TradingView
Lido Finance's new institutional-grade staking solution could significantly enhance institutional participation in the crypto ecosystem, despite regulatory scrutiny.
The post Lido Finance launches institutional-grade liquidity staking appeared first on Crypto Briefing.
The strategic funding round included a16z, Coinbase Ventures, Variant, Pantera and Brevan Howard.
The exploit saw around 60 million ASTRO tokens drained, sending the price of ASTRO plummeting to an all-time low.