AI agents saw a 322% surge in market capitalization in Q4 2024, hitting $15.5 billion.
The BoLD upgrade enables anyone to participate in securing the network, removing centralized validator restrictions.
Lens will give users ownership of their data and a chance for monetization when the mainnet launches early next year.
Uniswap has hit record monthly volume across Ethereum L2s and one analyst said it’s an early sign of Ethereum ecosystem outperformance.
Base is one of two Ethereum layer 2s with a TVL above $10 billion, making considerable ground since launching in August last year.
Optimism (OP) has experienced a market rebound in the past week gaining by 35.76% based on data from CoinMarketCap. The Ethereum layer-2 token hovers above $2.20 with investors strongly bullish on future price gains. However, certain trading indicators signal otherwise. Related Reading: Optimism: Major Partnership Pushes OP Price By 24% Optimism Likely To Fall By 18% In a November 23 post on X, renowned crypto analyst Ali Martinez shared a bearish prediction on Optimism despite the token’s current upward trend. According to Martinez, the TD Sequential has flashed a sell signal on OP’s 4-hour trading chart, presenting the potential for an imminent price dip. In trading markets, the Tom Demark (TD) Sequential indicator is commonly used to identify potential price exhaustion or continuations by analyzing patterns within price bars. After OP’s rally in the past week, the TD sequential now points to a trend exhaustion, suggesting a possible price reversal. Following this signal development, Martinez predicts OP could slide to $2.0. However, further correction could force the token’s price to around $1.80 indicating a potential 18% decline from the current market price. Martinez’s price projection is further backed by OP’s Relative Strength Index, an indicator that measures the speed and magnitude of an asset’s price movement to determine if it is overbought or oversold. According to data from OP’s 4-hour trading chart, the token’s RSI valued at 65.18 and descending from the overbought zone indicates buying pressure is weakening and a potential price correction is imminent. However, Optimism remains well above its 100-day simple moving average (SMA) which suggests a possible uptrend continuation. This factor, combined with the present strong bullish sentiments in the altcoin market suggests OP may maintain its current price rally, reaching as high as $2.5 at which lies its next significant market resistance. Related Reading: Optimism Superchain’s L2 Mode Network Launches New Governance Model – Here’s Why Optimism Price Overview At press time, Optimism exchanges hand at $2.29 following a 1.64% gain in the past 24 hours. Meanwhile, the altcoin’s daily trading volume is down by 13.17% and valued at $860.51 million. On larger time frames, OP is significantly impressive notching gains of 35.76% in seven days as earlier stated, and 33.77% in the past 30 days. Despite recent gains, the Ethereum-layer 2 token remains 54.65% away from its all-time high of $4.85. However, OP remains an investor favorite considering its status in the Ethereum ecosystem. According to data from Top 7 ICO, Optimism is the Ethereum layer-2 network with the third largest total value locked (TVL) valued at $6.46 billion falling behind Base ($7.02 billion) and Arbitrum ($14.3 billion). Featured image from Coinmonks, chart from Tradingview
The new Ethereum layer 2, Namechain, will make it easier to register names, update records and manage decentralized websites.
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
Starknet’s inaugural staking vote introduces mechanisms for minting and parameter adjustments, paving the way for staking by October 2024.
Users of Arbitrum orbit chains, layer-3 solutions for Ethereum built on top of the platform’s technology stacks, can now pay gas fees using USDC. The move comes even as ARB, the native token of the Ethereum layer-2, continues to post lower lows, pushing losses to nearly 80% since January 2024 highs. Arbitrum Orbit Chains Support USDC For Paying Gas Fees In a press release, the decision to integrate bridged USDC aims to reduce gas fees and attract more developers. As of August 8, USDC is one of the top stablecoins by market cap. CoinMarketCap data shows that Circle, the stablecoin issuer, has minted over $34.5 billion of the token, mainly on Ethereum and its layer-2s. Related Reading: 3 Reasons Why Ethereum Is Struggling Today: Will ETH Break $2,000? It should be noted that USDC is also supported in other ecosystems, including Solana and the BNB Chain. Currently, over $1.6 billion USDC has been bridged to Arbitrum. By allowing users to pay gas fees using USDC, Arbitrum said they would be saved from the pain of enduring volatility typical in ETH. Depending on demand, gas fees tend to fluctuate, rising by several folds when there is congestion in the mainnet. This volatility tends to impact user experience significantly. As such, some users opt for alternative platforms like Solana or Avalanche, where gas fees are relatively low. Since USDC is pegged to the greenback, it is stable. Accordingly, regardless of the decentralized app they use on Arbitrum’s orbit chains, users can predict gas fees, making it easier to budget and, more importantly, manage finances. Pushing Adoption, ARB Down 80% In 8 Months In the press release, Arbitrum added that this integration will free orbit chain users from holding multiple tokens, further enhancing user experience. Related Reading: More Pain Ahead: Analyst Warns Of Imminent Bitcoin Plunge Below $54,000 To Fill CME Gap Circle also announced a grant program for projects looking to be built on Arbitrum. This may spur the adoption of USDC on the orbit chain. Despite the integration, ARB, the native token of Arbitrum, remains under intense selling pressure. As of August 8, the downtrend remains, and ARB is down nearly 80% from January 2024 highs. Even though prices have been consolidating, as evident in the daily chart, bulls need to push higher, clearing $0.60. However, a clean break above 40.80, or July highs, could spark demand. This surge may revive demand in the medium to long term. Feature image from DALLE, chart from TradingView
The trial was part of an initiative set up by the European Central Bank to identify how blockchains can facilitate central bank money settlement.
TON has seen more daily active addresses than Ethereum in 10 of the last 11 days — however, that figure doesn’t include Ethereum layer 2s.
Stephen Richardson’s view aligns with Bloomberg’s ETF analysts, who expect the spot Ether ETFs to capture 10-20% of the flows that Bitcoin ETFs did at launch.