Lưu trữ hàng tháng: Tháng Sáu 2024

DeFi

Merlin Chain brings staking opportunities and DeFi access to Bitcoin

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Merlin Chain is bringing the much-anticipated decentralized finance (DeFi) opportunities to Bitcoin holders, thanks to a suite of innovative integrations and its proof-of-stake (PoS) mechanism.

Bitcoin Layer-2 blockchain Merlin Chain has seen more than billion worth of Bitcoin (BTC) bridged in the last 45 days. Now its eyeing further growth as it bring more benefits for BTC holders. In this case, the platform wants to be the game-changer for staking rewards and yield-generation on Bitcoin.

It’s goal is enable greater access to DeFi for BTC holders, opening up lucrative opportunities beyond hodling.

Merlin Chain aims to revolutionize Bitcoin’s DeFi landscape

Despite being one of the best-performing assets in the world over the past decade or so, Bitcoin holders have still missed on numerous earning avenues, Merlin Chain founder Jeff said.

“We are therefore delighted to finally grant BTC investors and hodlers concrete incentives to not just HODL, but earn and participate in the exciting DeFi ecosystem!” he noted.

Among these opportunities, which Ethereum currently dominates, are yield-generating prospects such as staking, liquidity mining and yield farming. Merlin Chain is unlocking these and other use cases that mirror “Ethereum’s mature DeFi ecosystem,” Jeff added.

The most notable aspect however, is that Bitcoin’s robust security and scarcity power the BTC DeFi ecosystem. It’s a scenario that also seeks to tap into an ecosystem with one of the most ardent user base in crypto.

Stake BTC to earn rewards

Users can earn yield on their BTC by bridging via Merlin Bridge.

When a holder locks their coins on the layer-1, they receive gas BTC that they can stake to generate a wrapped Bitcoin asset M-BTC. Like stETH, holders of M-BTC earn staking rewards.

Other opportunities that come with M-BTC include liquidity provision for yields, lending, borrowing, and derivatives. Users can stake M-BTC on Solv Protocol or bridge SolvBTC on Linea among other DeFi integrations.

Over 0 million in rewards distributed

Merlin Chain’s growth as a top Bitcoin L2 for yield is clear given the billion worth of assets bridged to and from the network.

More than that, the network has seen over 0 million in BTC distributed from the platform to Layer-2 networks that offer complementary rewards.

Merlin Chain, which currently has over .2 billion in total value locked (TVL) has partnered with some of the leading digital asset custodians and institutions to enhance its activities. These include Fireblocks, Cobo, Ceffu, and Antalpha, a subsidiary of Bitmain.

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Bitcoin

Crypto market rebounds on soft CPI data

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Crypto markets jumped on June 12 after U.S. CPI numbers for May came in flat, fueling expectations for promising inflation data.  

U.S. Consumer Price Index (CPI) data was unchanged last month, down from 0.3% in April. The year-over-year (YoY) CPI also dropped from 3.4% in April to 3.3% in May, besting predictions that data would remain the same. 

Core CPI YoY levels declined from 3.6% to 3.4% last month, the lowest rate since April 2021. The general consensus estimated a 3.5% point for this index. 

Following the improved data, the total crypto market cap grew by 3% to reach .65 trillion, per CoinGecko. Bitcoin (BTC) broke a two-day red streak with a 4% surge, leaping above ,300, while Ethereum (ETH) increased by nearly 3% to ,639 at the time of writing. 

Other digital assets ranked in the top 10 tokens, like BNB, Solana (SOL), XRP, Dogecoin (DOGE), and Toncoin (TON), also posted modest gains on the day. 

Top 10 digital assets jump on CPI data | Source: CoinGecko

Softer inflation data could buoy crypto prices 

A QCP Capital report suggested that crypto traders and investors anticipated cooler inflation data from the forthcoming Federal Open Market Committee (FOMC) meeting. 

The firm noted “aggressive buying” of June 13 calls and increased funding rates, indicating market positioning for an upside move.

“A neutral FOMC outcome could propel the crypto market to retest its highs once more,” said QCP Capital analysts. 

Cryptocurrencies and risk assets could see liquidity inflows if the Fed mirrors decisions from other apex banks. Recently, the European Central Bank and the Bank of Canada slashed rates. The U.S. dollar index (DXY) rose to a 30-day high following the news, meaning more capital became available for investments. 

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Phân tích

Toncoin (TON) price analysis as TapSwap players approach 50 million

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Toncoin (TON) price has done well this week as Bitcoin and most altcoins retreated. Ton is still hovering near its all-time high, giving it a market cap of over .6 billion. It has become the 9th-biggest cryptocurrency in the world.

Toncoin, a cryptocurrency created by Telegram, has been one of the best-performing altcoins in the market as it gained more than 600% from its lowest point in 2023.

The token has jumped because of the growing popularity among users and developers. Data compiled by DeFi Llama shows that the network has attracted 16 DeFi developers, giving it a total value locked (TVL) of over 0 million. Some of the most notable players in the ecosystem are Tonstakers, DeDust, and Bemo.

Toncoin has also become popular in the tap-to-earn industry as evidenced by Notcoin’s success. Notcoin has grown to over 30 million users while its market cap has jumped to over .8 billion.

TapSwap has grown to become the next big thing in the Toncoin and Telegram’s ecosystem. Data on its platform shows that it has over 49 million users from around the world. It also has more than 18 million daily users who have made over 1.8 trillion touches since its launch.

This number will likely continue growing as TapSwap prepares its airdrop, which will allow users to convert their tokens into fiat currency. 

Meanwhile, on-chain data shows that the number of active Toncoin wallets has gone parabolic in the past few months. It has soared to over 8.07 million, a significant number since the network started the year with about 1.28 million wallets.

Toncoin price analysis

TON token has been in a strong bull run in the past few months, a move that has made it one of the biggest players in the crypto industry. 

It has now moved to the middle line of Andrew’s pitchfork tool, a positive sign. It has also found substantial support at the 50-day Exponential Moving Average (EMA) and the Ichimoku cloud indicator. 

The risk is that the Notcoin price is slowly forming a triple-top chart pattern, which is a popular bearish sign. Therefore, more upside will be confirmed if the price moves above the all-time high of .87. If this happens, it will open the possibility that TON rising to .

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Theo Crypto News

Phân tích

Crypto price forecasts: Render, Floki, Arweave

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Cryptocurrencies and stocks rebounded on Wednesday after the weak US inflation data and as investors bought the recent dip. Bitcoin approached the key ,000 level while futures tied to the Dow Jones and Nasdaq 100 indices rose by 365 and 150 points, respectively. Here is the outlook for some of the more followed cryptocurrencies on Wednesday: Render Token (RNDR), Floki, and Arweave (AR).

Render Token price 

Render Token has been under pressure this week as the altcoin sell-off gained steam. It crashed from this month’s high of .86 to a low of .98

The token then bounced back after the encouraging US inflation data, which came a few hours before the Fed delivers its interest rate decision. Render and other tokens should benefit if the Fed points to future rate cuts. 

On the daily chart, as the token bounced back, it formed a bullish engulfing pattern, a popular sign of a reversal. At the time of writing, it was attempting to cross the 100-day Exponential Moving Average (EMA).

Render has also rebounded above the 38.2% Fibonacci Retracement point. It also remains below the Woodie pivot point. Therefore, these gains should be taken with a grain of salt since the token has formed a double-top pattern. 

A likely scenario is where it resumes the bearish trend as sellers target the key support at .9890, its lowest level this week.

Arweave price forecast

Arweave, a leading player in the Web3 storage industry, has been under pressure after peaking at .82 on May 18th. It has moved into a deep bear market after crashing by over 30% from that peak. 

Arweave has crashed below the 50-day moving average and is hovering slightly above the first support of the Woodie pivot point. On the positive side, the token has formed what looks like an inverse head and shoulders (H&S) pattern, which is a popular bullish sign. 

Arweave also remains between the middle and the first support line of the Schiff pitchfork tool. Therefore, the outlook for the token is mildly bullish, with the next target level being at the Woodie pivot point at .70.

This view will become invalid if the token drops below the first support at .68 since it will invalidate the inverse H&S pattern. 

Floki price analysis

Floki chart by TradingView

Floki, one of the most popular meme coins has also plunged hard in the past few days. It crashed from the year-to-date high of .0003485 to a low of .0002195 on Wednesday. 

This decline happened as the pair formed a double-top pattern at .0003140 whose neckline was at .0001130.  In most cases, this is one of the most bearish patterns in technical analysis. 

On the positive side, the token has found support at the 50-day and 100-day Exponential Moving Averages (EMA). 

Therefore, the token’s outlook is bearish, with the next reference level to watch being at .00017, which is about 30% below the current level. The alternative scenario is where the token rebounds and hits the upper side of the double-top at .0003140.

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Theo Crypto News

Phân tích

Pepe price forecast: here’s why the $PEPE token is rebounding

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Pepe (PEPE) price bounced back on Wednesday following the release of encouraging US Consumer Price Index (CPI) data. Pepe jumped to a high of .00014 in a high-volume environment. It has soared by over 23% from its lowest point this week.

Buying the dip after the CPI data

The Bureau of Labor Statistics (BLS) published encouraging inflation data. The headline Consumer Price Index (CPI) dropped from 0.3% to 0.0%, missing the expected 0.1%. The CPI dropped for the second straight month on an annualised basis. It dropped to 3.3% from the previous 3.4%. Excluding the volatile food and energy prices, inflation dropped to 0.2% MoM and 3.4% YoY.

These numbers came ahead of the Federal Reserve interest rate decision. Analysts expect the Fed’s officials will welcome the current inflation numbers and look to cut rates in the coming months. Rate cuts in general represent a positive catalyst as lower cost of borrowing increases the attractiveness of speculative investements, especially meme coins.

The rebound in Pepe’s price was also supported by a broader uptrend in the cryptocurrency market as investors waiting patiently on the sidelines were given a reason to start buying. Bitcoin jumped to ,600 while Ethereum jumped to ,645. Other meme coins like Bonk, Dogwifhat, and Book of Meme also bounced back. These tokens could see a harsh reversal if the Fed delivers a hawkish decision.

Last, Pepe’s momentum can be due to a classic case of buying the dip. Notably, the coin was down by around 35% from its highest level this week. This rebound happened in a high-volume environment. According to CoinGecko, the daily volume of Pepe jumped to over .28 billion, up from Tuesday’s 4 million. 

Pepe price prediction

The daily chart shows that the price of Pepe bounced back after the weak US inflation data. It rebounded after bottoming at .00001120, its lowest point this week. This price was a few points above the crucial support at .00001080, its highest swing on March 14th.

Pepe has now moved above the 23.6% Fibonacci Retracement level, which is a positive sign. Also, it has jumped above the 50-day and 25-day moving averages and the first resistance of the Andrew’s pitchfork tool.

Therefore, the token will likely continue rising as buyers target the next psychological level at .00015, 10% above the current level. A break above this level will see it soar to the year-to-date high of .0000172.

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Theo Crypto News

Công nghệ

Chromia launches incentivized testnet with 250,000 CHR reward pool

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Chromia, a Layer-1 relational blockchain platform, has launched an incentivized testnet that will offer a reward pool of 250,000 CHR tokens.

Users and developers will test Chromia’s capabilities across multiple verticals, including gaming, real-world assets (RWAs), digital collectibles and sports.

Chromia’s testnet

Testnet users can interact with decentralized applications (dApps) and Chromia’s official wallet, and earn the native CHR tokens ahead of the platform’s mainnet launch.

According to a press release, the testing program will encompass three distinct initiatives, each of which comes with a dedicated network run on Chromia’s mainnet candidate release.

“Ahead of the mainnet release, this is an opportunity to showcase the robustness and reliability of our technology, while also giving our loyal community the chance to contribute to shaping the future of the Chromia ecosystem,” Alex Mizrahi, co-founder of Chromia, said in a statement.  

Chromia testnet initiatives

Chromia’s first two testnet initiatives are HackNet and ProjectNet, and QuestNet.

Hacknet offers an opportunity to coders and other technically-minded users. These users will help assess Chromia’s core software as well as provide feedback on edge cases. This program runs for the next two weeks and will offer up 100,000 CHR in rewards.

The team expected HackNet to conclude on June 28, coinciding with the end of a third-party audit for Trail of Bits. This should allow Chromia to evaluate feedback from the community and help put into place a timeline for the mainnet launch.

ProjectNet, on the other hand, is for developers building on Chromia with Rell. Chromia will accept developer submissions for decentralized applications (dApps) until July 26, 2024. The reward pool for this category is 50,000 CHR, with the prize shared between the top 3 projects.

QuestNet, which launches on June 18, targets at incentivizing everyday users. 

The initiative will focus on delivering a user-friendly dashboard with users able to seamlessly interact with dApps and network features such as the Chromia Vault.

QuestNet has a prize pool of 100,000 CHR

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Theo Crypto News

DeFi

Hawaii’s Kauai Police warn of crypto scammers extorting fines as law enforcement

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Law enforcement authorities in Hawaii’s Kauai island have issued a warning about scammers posing as law enforcement to defraud cryptocurrency users.

According to the recent alert, the scammers employ deceptive tactics, calling the victims and falsely claiming they have an arrest warrant issued against them. 

The victims are then intimidated by the threat of an arrest unless they pay a fine in cryptocurrency. 

“Any such calls should be treated with suspicion. Refrain from disclosing your credit card details or any personal financial information,” said Kauai Police Assistant Chief Kalani Ke.

To convince the victims, scammers even alter the caller ID and manipulate the number that is displayed on the victim’s phone. With the spoofed numbers, victims are misled into believing that the call came from a government agency, even though it did not.

Scammers also employ real information about the victims to appear credible.

Details regarding how the numbers are spoofed or how they acquire information about the victims haven’t been disclosed.

The police department has emphasized that law enforcement agencies never demand any sort of payment over a phone call.

To mitigate such scams, Kauai police have urged locals to avoid answering calls from unknown numbers. They have also asked not to share any sensitive personal information.

“If they say they have the information and just need you to confirm it, don’t hang on, hang up,” the alert stated.

Further, the authorities have stressed that a fine isn’t issued unless an individual has appeared in court, where government-imposed fines cannot be paid in cryptocurrency.

“It’s crucial to report such incidents to the Kaua‘i Police Department and remember that law enforcement agencies will never call you to demand payment of any kind,” Chief Kalan added.

The warning comes as Hawaii is making some changes to its cryptocurrency sector. The Department of Commerce and Consumer Affairs of the Island state has decided that crypto businesses don’t have to comply with the state’s money transmitter laws.

As such, cryptocurrency businesses currently operate as unregulated businesses. However, they are required to abide by federal regulations such as those from the Financial Crimes Enforcement Network and the Securities and Exchange Commission.

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Theo Crypto News

Bitcoin

Average fees on Arbitrum rise 97%, daily transactions increase

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The average fees on the largest layer-2 (L2) blockchain, Arbitrum, witnessed a massive increase as the daily on-chain transactions surged.

Arbitrum is currently the largest L2 network with a TVL of .97 billion. 

According to data provided by Dune, the daily average fees on Arbitrum rallied by 97.8% earlier today, reaching .015 per transaction. Moreover, the average fees took a sharp decline, currently hovering at .007.

Daily average fees on Arbitrum | Source: Dune

Data shows that the rise in Arbitrum’s average fees comes as the number of daily on-chain transactions on the L2 network surged from 1.7 million to 2.3 million daily transactions on June 11.

At this point, Zora Network is the cheapest L2 blockchain with a daily average transaction fee of .0029, according to data from Dune. Scroll network is currently the most expensive among the leading L2 platforms with an average fee of .108.

The native token of Arbitrum, ARB, declined by 0.33% in the past 24 hours and is trading at .94 at the time of writing. The asset’s market cap is slightly over the .7 billion mark, making it the 38th-largest cryptocurrency.

On June 9, Arbitrum announced an initiative called the Gaming Catalyst Program to give out 225 million ARB tokens, worth roughly 5 million, to game developers in the web3 scene. 

On April 25, Arbitrum, Optimism, Polygon, StarkWare, and zkSync integrated Avail’s data availability layer to help developers build cost-effective, scalable and composable blockchain networks.

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Pháp Lý

Zimbabwe asks for public comments to create crypto framework

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Zimbabwe is seeking public comments on crypto regulation as the country aims to integrate emerging tech into its economic framework.

Zimbabwe has called for public feedback on crypto operations as it crafts a policy framework for the burgeoning sector, Bloomberg reports, citing a government statement published in a state-run newspaper.

The government reportedly wants to “assess and understand” the cryptocurrency landscape by “inviting all cryptocurrency service providers,” both domestic and international, who offer services to Zimbabwean customers to submit their comments by Jun. 26. To facilitate the assessment, the government has established a committee to engage with operators within the crypto ecosystem.

Since 1999, Zimbabwe has been excluded from international capital markets due to its default on debt obligations. As a result, the country now seeks new ways to boost its economy.

In 2023, the country issued its first digital token backed by gold in a bid to stabilize its economy after years of financial turmoil. In April this year, the African country introduced another currency, ZiG in its sixth attempt to stabilize the monetary system amid high inflation rates. The new currency replaced the Zimbabwean dollar, which had experienced multiple crashes since its reintroduction in 2019, exacerbating inflation.

Although the Reserve Bank of Zimbabwe has historically been cautious about crypto, emphasizing the need to protect consumers and the financial system, the issuance of the gold-backed token and the launch of ZiG indicate a shift towards exploring digital solutions to economic challenges.

As the International Monetary Fund noted in a research report, only one-quarter of countries in sub-Saharan Africa have formal regulations for cryptocurrencies. Approximately two-thirds have implemented various restrictions, while six countries, including Cameroon and Ethiopia, have outright banned crypto. In Zimbabwe, the government has ordered all banks to cease processing crypto-related transactions.

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