Polygon, the layer-2 scaling network, has announced a new Community Grants Program, with 1 billion POL tokens (rebrand of current MATIC) allocated to ecosystem developers over the next ten years.
Polygon Labs revealed on Tuesday its program is now live. Polygon Labs said in a blog post: “Following community consensus, the Community Treasury has been created, with 1B POL unlocked over 10 years, with ~100M POL per year—all for builders.”
Accordingly, Season 01 of the program is now open, with 35 million MATIC set for distribution to projects building on the L2 network. At current MATIC prices, that’s about million set to benefit builders looking to expand Polygon’s ecosystem.
Distribution of the funds lies with “the neutral Community Treasury Board” the platform announced.
Polygon will also follow an open, community-aligned funding model, with professional Grant Allocators helping to allot the Season 01 funds.
Who is eligible?
Projects looking to benefit from the grants program have to meet at least two conditions:
One, they must be building on Polygon or if not, be willing to migrate their projects to the blockchain platform. Also important is that the projects must be in the business of building for the long term.
Polygon has opened two avenues for participating projects – the “General Grant Track,” targets builders eyeing developer tooling and infrastructure on Polygon.
Meanwhile, the “Consumer Crypto Track,” will focus on consumer-focused projects, including gaming, decentralized social, gamified commerce, AI/blockchain integration and NFT innovations.
Why the Community Grants Program?
According to Polygon Labs, CGP’s primary objective is to support developers. The best time to do this is as they build, not long after projects go live.
“Waiting until a project has finished building and produces results misses a key piece of true innovation: The opportunity to take chances. With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it,” Polygon Labs wrote in the blog post.
Applications for Season 01 opened today, June 11 and will close on August 31, 2024.
Binance Coin (BNB) price has suffered a harsh reversal this week as sentiment in the crypto and stock industries worsened. The BNB token dipped to a low of 0 on Tuesday, down from an all-time high of 4.
Binance Coin token sold off this week as investors embraced a risk-off sentiment following last week’s strong nonfarm payrolls (NFP) data. The downturn coincides with Bitcoin gravitating towards the ,000 level while Ethereum dipped below ,500. The total market cap of all digital coins crashed by over 3% in the past 24 hours while the crypto fear and greed index has dropped to 60.
This decline is in part due to anticipation of Wednesday’s Federal Reserve decision. In it, analysts expect that the Federal Reserve will leave interest rates unchanged between 5.25% and 5.50%.
The central bank is also expected to hint that it will remain being data-dependent when deciding to cut interest rates. In his previous statements, Jerome Powell has said that the bank wants more evidence that inflation is moving towards its target of 2.0%.
Record high was brief
Binance Coin’s recent crash is a big reversal from what happened last week when it jumped to a record high of 5. At its peak, the token had a market cap of over 6 billion, making it bigger than well-known companies like Deere, KKR, Palo Alto Networks, and ADP.
BNB token’s plunge has coincided with a drop in futures open interest, which have slumped from last week’s high of billion to 6 million.
Binance Coin price forecast
Binance Coin chart
The daily chart reveals that the BNB token price has dived from last week’s 4 to the psychological level of 0. It has moved to the 23.6% Fibonacci Retracement point and crossed the key support level at 5, its highest point on March 16th.
Binance Coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA) while the two lines of the MACD have formed a bearish crossover. The histogram has also dropped below the neutral level.
Therefore, the token will likely go through this shakeout for a while and then resume the bullish trend. If this happens, it will likely retest the all-time high of 5 either by the end of this week or next week.
Web3 infrastructure startup Biconomy has launched a solution that supports the safe delegation of on-chain operations to artificial intelligence agents.
According to the firm’s co-founder, Aniket Jindal, Biconomy’s Delegated Authorization Network (DAN) will address the absence of autonomy for artificial intelligence (AI) agents in crypto. The blockchain builder also touted DAN as a mitigating tool against security concerns stemming from AI’s potential complete control over wallet keys.
As crypto intersects with artificial intelligence, users have espoused doubts about these models’ ability to withstand compromises or to execute complicated tasks connected to on-chain activity.
Jindal said its collaboration with Silence Labs for DAN solves this by enabling AI agents to optimize and authorize blockchain transactions without jeopardizing self-custody practices. Biconomy’s delegated protocol grants AI agents access to keys stored on EigenLayer’s Actively Validated Services (AVS).
The so-called “Delegated Auth” keys allow AI-powered parameters to “securely navigate complex on-chain tasks” and unlock new use cases in the crypto space, per Jindal in a statement on June 11.
Biconomy’s DAN stack promises to support what some experts have described as a key feature for mass adoption – delivering automated processes for handling transactions and other blockchain-related efforts.
The idea complements account abstraction, a development trend sweeping through on-chain communities, especially on Ethereum (ETH). Biconomy is also building on this innovation, boasting over three billion in volume, five million onboarded users, and 1.2 million smart accounts, per details from the firm’s website.
Introducing Biconomy DAN!
Delegated Authorisation Network
🤖Securely Delegate to AI agents to authorise transactions on behalf of users 🧑⚖️Only within user-defined scoped permissions 🔐Leveraging the economic security of @eigenlayer
The crypto market is heating up, with the overall market cap rising by 12% over the last month. So what’s the best crypto to buy right now?
The answer, as always, is that it depends. Your risk appetite, goals, and the balance of your overall portfolio will likely inform your choice. We can, however, show you some interesting options!
Table of Contents
How to choose the best crypto to buy right now
Here are a few common factors we take a look at when assessing the best altcoins to buy now.
Market Capitalization
Recent Performance
Technological Advancements
Upcoming Catalysts
Community Support
This isn’t a straightforward case of picking projects with higher market caps or great recent price performance. Sometimes an investor prefers to find a small-cap project to invest in, although these are higher risk. Some investors may also prefer crypto with poor recent price performance due to the perception that it may be undervalued.
Top cryptos to buy now
Let’s kick, things off and check out our list of cryptos!
1. Ethereum (ETH)
Ethereum will very often make the list of best cryptos to invest in no matter who’s making it. Ethereum is the leading blockchain network underpinning the flourishing Web3 and DeFi industries, with countless potential use cases.
Potential Price Catalyst
ETF Approval: The SEC’s recent approval of Ethereum ETFs is expected to drive significant capital inflows.
Scalability Upgrades: Upcoming Layer 2 solutions could increase the number of transactions Ethereum can handle while also reducing fees.
Should I buy Ethereum now?
With institutional investments on the rise and continuous technological improvements, Ethereum could be poised for significant growth. Its ongoing upgrades and the potential price surge from ETF trading make it an attractive candidate to interested investors, while issues like a lack of regulatory compliance or a wider market downturn could negatively impact the price.
2. Bitcoin (BTC)
Needing no introduction, Bitcoin is the world’s first cryptocurrency and remains the largest with a huge market cap of .3 trillion, dominating the market.
Potential Price Catalyst
Bitcoin Halving: Recent halving events have historically coincided with price increases.
ETF Approval: Like Ethereum, Bitcoin ETFs have recently been approved, attracting more institutional investment.
Should I buy Bitcoin now?
Bitcoin is an interesting prospect. It was literally the best performing asset class in the world throughout 2024 and the previous year, outshining stocks and commodities alike. For that reason, a BTC investment may be a double-edged sword.
It’s appealing due to the impressive price history, but the fact that BTC is near an all-time price high may put some investors off, with many preferring to buy in at what they feel is a lower point in the future price trajectory.
3. Binance Coin (BNB)
BNB is the native token to the Binance exchange and Binance Smart Chain, offering discounts on trading fees to users and thus providing quite a lot of practical utility.
User Benefits: BNB holders enjoy reduced trading fees and exclusive token sales.
Should I buy Binance Coin now?
Binance Coin saw a fairly hefty 27% price fluctuation this past week, with high trading volume and volatility providing plenty of swing trading opportunities for savvy investors.
Of course, the coin is also being held by long-term investors. BNB has a very valuable use case, but is also vulnerable to the successes and failures of the Binance exchange which has recently been embroiled in a money-laundering scandal.
4. Solana (SOL)
No list would be complete without at least one contender for the Ethereum throne, and here we’re going with Solana. The network allows for rapid transactions and low fees, giving it a potential advantage over Ethereum if upcoming Ethereum network updates prove underwhelming.
Regardless, Solana is building out its own community and projects, with a growing number of developers creating apps on the platform.
Potential Price Catalyst
Cross-Chain Integration: Integration with LayerZero for cross-chain transfers enhances its functionality.
Stablecoin Launch: PayPal’s stablecoin launch on Solana highlights its growing ecosystem.
Should I buy Solana now?
Solana has remained relatively flat price-wise over the last month, with a 10% increase in 30 days and a 1% drop over the last week as the price continues to bounce off of established levels of support and resistance.
5. Polkadot (DOT)
Polkadot is a major project working on something crucial to the success of the blockchain industry, namely interoperability. The goal of the project is to enable multiple blockchains to work together and transfer information and funds between each other with full compatibility.
Potential Price Catalyst
Parachain Technology: Unique technology supporting scalability and interoperability.
Developer Community: Strong support from developers ensures ongoing innovation.
Should I buy Polkadot now?
Polkadot prices are down almost 8% in the last week, and it is now trading at .57 and battling to stay above crucial levels of resistance at .40. This presents an interesting case for traders looking to buy potentially undervalued projects, although of course, timing the bottom is no easy feat.
Final thoughts on the best crypto to buy now
Ethereum and Bitcoin remain the top choices for many analysts throughout the industry due to the popularity and functionality of these household-name cryptos. However, Solana, Binance Coin, and Polkadot are also interesting contenders at the moment due to a mixture of the unique price action and possible price catalysts exhibited by each coin.
At the end of the day, risk management is key. When choosing the best crypto to buy today, investors typically set specific price targets and stick to a strict set of rules when it comes to their profit-loss ratio and other best practices of crypto trading.
Ethena price has been in a strong freefall this week as a sense of fear spread in the crypto industry.
ENA has recorded losses for eight consecutive days, marking its longest losing streak on record. It plummeted to a low of .07400 on Tuesday, reaching its lowest point since May 20th. It has lost over half of its value from its highest level this year.
Crypto fear and greed index slips
Ethena has joined other cryptocurrencies that have crashed hard in the past few days. Bitcoin, the biggest crypto in the world, has dropped from this month’s high of near ,000 to ,000. Ethereum has also slipped to ,500 while the market cap of all digital coins has slipped to .4 trillion.
This retreat has contributed to a decline in the crypto fear and greed index, which has fallen from this week’s high of 64 to the greed zone of 60.
There has been no direct catalyst for this sell-off since Bitcoin ETFs have continued to accumulate assets in the past few weeks. Therefore, investors are likely anticipating a hawkish Federal Reserve when it concludes its meeting on Wednesday.
Ethena price has dropped even as its ecosystem remains steady. According to DeFi Llama, the total value locked in the ecosystem has jumped to a record high of over .38 billion as demand for the Ethena USDe stablecoin jumped.
USDe has now grown to become the fourth-biggest stablecoin in the industry after Tether, USD Coin, and Dai. Its holders have jumped to over 212k as they chase its 27.5% yield. That is a bigger yield than Terra Luna used to offer in its prime.
There are a few concerns about USDe. First, a US legislation proposed by Cynthia Lummis would ban algorithmic stablecoins in the country. Second, there is a risk that the stablecoin will lose its peg in case of substantial volatility in the crypto industry.
Third, unlike stablecoins like Tether and USDC, USDe is not backed by fiat currency. Instead, the developers have described its mechanism as a “delta-neutral synthetic dollar backed by assets outside the banking system.” It achieves its stability by hedging the spot assets’ delta during the minting process.
Ethena price forecast
Ethena’s hourly chart
The 4H chart shows that the Ethena token price has been in a strong bearish trend after peaking at .0800 last week. It has now slipped below the 50-period moving average while the MACD indicator has dropped below the neutral level.
The Relative Strength Index (RSI) has also moved from the overbought level of 75 to the current 30. Therefore, the path of the least resistance for the token is bearish, with the next point to watch being at .6550, its lowest swing on March 16th.
Generally speaking, Tucker Carlson’s interviews tend to generate more light than heat — with guests who are carefully chosen because they align to his world view.
Tucker Carlson has established himself as one of the world’s most divisive right-wing pundits.
Since abruptly leaving Fox News, he’s performed cozy interviews with some of the world’s biggest autocrats — Russia’s Vladimir Putin and Hungary’s Viktor Orban among them.
Bukele has won plaudits in crypto circles after his Central American nation became the first to adopt Bitcoin as legal tender in September 2021. But it’s been a pretty bumpy ride.
According to the University of Central America’s Public Opinion Institute, just 12% of Salvadorans actually transacted in BTC last year. The adoption rate for remittances, where foreign workers send funds home to their loved ones, is even lower at 1%.
And though Bukele made a huge splash about creating “Bitcoin City” at the base of a volcano, as the 2021 bull market hit its dizzying peak, the crypto-inspired metropolis hasn’t materialized.
The one bright spot of the president’s audacious bet? El Salvador’s stockpile of BTC has skyrocketed in value after spending many months in the red. According to NayibTracker.com, the country now owns 5,777 BTC worth 9.9 million, with paper profits of million.
Source: NayibTracker.com
Bitcoiners were enthralled in the early days of Bukele’s experiment when he would announce huge new BTC buys in a Michael Saylor-esque fashion.
But those announcements started to dry up around July 2022 after the markets tanked, with BTC having suffered a stomach-churning drop from ,000 to ,000 in just nine months.
November of that year marked the start of a more subtle, less showy crypto strategy: instead, the president declared that El Salvador would now start buying one Bitcoin every day.
Records from the wallet’s address show that Bukele has persevered with this strategy — and the balance has incrementally grown by 1 BTC on a daily basis right up until now.
Source: mempool.space
But for Bukele fans hoping for a grand Bitcoin update in his Tucker Carlson interview, they were to be left bitterly disappointed. Why? Because the cryptocurrency wasn’t even mentioned once.
Instead — the main themes of the discussion had names like “Bukele’s mission to save El Salvador”, “Bukele’s three-point economic plan” and “Is Western civilization dying?”
Generally speaking, Carlson’s interviews tend to generate more light than heat — with guests who are carefully chosen because they align to his world view.
Bukele was given a platform to reiterate claims from Salvadoran security officials that the homicide rate has plunged to 2.4 per 100,000 people — much lower than the U.S.
But independent observers have questioned these figures and claim this data is “not truthful” because violent deaths across the nation are “highly underreported.”
A state of emergency was also imposed by Bukele to tackle gangs and reduce crime on the streets, a policy that has been rated highly among the population.
However, there are allegations that many of the 76,000 arrests were made so with little evidence — and in a detailed report, Amnesty International documented “the systematic use of torture and other abuse against prisoners.” This wasn’t mentioned in the interview.
Carlson also approvingly described Bukele as “literally the most popular elected leader in the world,” but this doesn’t tell the entire story either.
El Salvador’s constitution had long declared that presidents can only serve one consecutive term. But judges in the country’s top court were sacked, with newly appointed justices then deciding that Bukele could run again. A landslide victory later followed, and the president has already hinted a third term may be on the horizon.
Overall, this was an hour-long interview that was light on nuance and hard questions and extremely heavy on compliments for Bukele’s leadership. But there’s a much bigger picture here, as opposition politicians and everyday Salvadorans would tell you.
Equally, in the world of crypto, it can be very easy to be full of praise for Bukele — who has openly described himself as “the world’s coolest dictator” — because of his passion for Bitcoin.
But this is one small element of what defines Bukele and his leadership of a country where 27% of the population is in poverty.
As a Bitcoiner would say to someone worried about a sudden drop in price, it’s important to zoom out.
Beercoin price is soaring while Bitcoin and major altcoins are dumping. The $BEER token soared to a record high of .000572 and is up more than 700% from its lowest point last week. This surge has brought its market cap to over 6 million, making it one of the top Solanameme coins.
Beercoin holders are growing
Beercoin, a recently launched Solana meme coin, is doing well as the number of holders jump. According to the developers, there are now over 40,000 holders and the number is growing by the day even as sentiment in the cryptocurrency industry weakens.
Beercoin’s token has also jumped as more centralised exchanges are listing the coin. It is now available at major platforms, including Bitget, Gate, ByBit, and MexC. In addition, it is available in decentralised exchanges (DEX) like Raydium and Jupiter.
As a result, the daily volume of the $BEER token has jumped sharply in the past few days. Data by CoinGecko shows that the volume soared to over 3 million on Tuesday from million on Monday.
Beercoin has joined other Solana meme coins that have done well this year. Dogwifhat has seen its market cap jump to over .6 billion, making it the fourth-biggest meme coin in the world after Dogecoin, Shiba Inu, and Pepe.
Bonk, which was launched in December 2022, has a market cap of over .89 billion while Book of Meme (BOME) is valued at 2 million. Cat in a Dogs World and Popcat are the other fast-growing Solana meme coins.
Developers are selecting Solana to launch their meme coins because of its superior speed and transaction costs compared to Ethereum. Its DEX networks like Raydium, Orca, and Jupiter have also gained substantial market share in the industry.
Beercoin, which describes itself as liquid gold, completed its token sale recently and raised millions of dollars from investors.
Beercoin price analysis
Beercoin price chart
The hourly chart shows that the BEER token price has been in a bull run in the past few days. It soared to a high of .000572, where it has struggled to move above since June 5th. It has also remained slightly above the 50-period moving average and the red ascending trendline.
Beercoin has also remained between the Woodie pivot point and the first resistance point. Therefore, the outlook for the token is neutral for now.
More upside will only be confirmed if the token crosses the important level at .000572. If this happens, the next point to watch will be at .0007, the first resistance of the Woodie pivot point. The alternative scenario is where it starts retreating as investors start to take profits.
Polygon has unveiled Season 01 of its Community Grants Program to bolster projects building within the Polygon and Ethereum ecosystems.
According to a press release shared with crypto.news, starting Jun. 11, the project will allocate 35 million MATIC to developers working on Polygon.
For the first season, the funds would be distributed in MATIC due to the network’s ongoing token upgrade to POL. Subsequently, future grants will be distributed in POL.
For projects to be eligible, they must either be building on Polygon or willing to migrate to the network. One of the goals of the grant is to ensure long-term commitment to the network.
The grant approval would have an average turnaround time of four weeks, with applications being reviewed on a rolling basis. Every project can secure between 5,000 to over 50,000 MATIC in funding.
In the first season, up to 35 million MATIC will be injected into the network. Grant payouts would be scheduled for the first of each month following approval.
Applications would be categorized into two, namely, the General Grant Track and the Consumer Crypto Track.
The general grant track would be applicable for a wide range of projects and doesn’t have any serious limitations.
“For anyone, anywhere, building whatever on Polygon—this is for you,” the announcement said.
Projects in this category would focus on key areas like developer tooling, protocol infrastructure, and decentralized applications (dApps).
The consumer crypto track, on the other hand, will focus on projects driving consumer adoption of cryptocurrency. Key areas of focus include gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, NFT innovations, etc.
This categorization makes the application process streamlined and ensures appropriate support is provided to every applicant.
All allocations would be overseen by the Community Treasury Board, an independent body in charge of the allocation of funds from the Community Treasury. The board was introduced in April, with proposed members including Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel from the dYdX foundation.
The board will be responsible for conducting monthly reviews of projects selected for the grant.
The Community Treasury will allocate approximately 100 million POL annually over a ten-year period, totaling 1 billion POL.
Several projects have already received funding from Polygon. Notable names include QuickSwap, a decentralized exchange on Polygon, which received a million grant in 2021.
Polygon’s Community Grants Program comes days after it acquired blockchain startup Toposware. With this acquisition, the entity behind MATIC aims to bolster its Zero-knowledge development.
As Ethereum (ETH) retests the ,500 low amid the market-wide drop, CryptoQuant analyst ShayanBTC suggests the asset could face further declines if current trends in the futures market do not improve.
The recent market turbulence has driven multiple altcoins to their lowest levels in weeks. Notably, Ethereum recently slumped to the lower spectrum of the ,500 threshold for the first time in over three weeks, retesting the ,503 low earlier today.
Amid the bearish conditions, investor anxiety has returned. Data from the futures market indicates that market participants have turned bearish, betting on steeper declines and a sustenance of the turbulence.
In a recent analysis, ShayanBTC called attention to the Taker Buy Sell Ratio, which measures the aggressiveness of buyers versus sellers in the futures market. A ratio above one indicates that buyers are dominating, while a ratio below one suggests that sellers are more aggressive.
According to market data, the seven-day moving average of this ratio has been dropping recently, failing to climb above one. This downward trend indicates that most futures traders are selling Ethereum aggressively.
Such behavior could be driven by speculation or profit-taking amid the current market conditions. ShayanBTC argues that the significant decline in this ratio serves as a bearish signal, suggesting that the downward trend in Ethereum’s price could continue if this selling pressure persists.
ETH price – June 11 | Source: Trading View
Meanwhile, despite derivatives volume spiking 131% to a record .8 billion, Ethereum’s long/short ratio, which measures the ratio of long (bullish) to short (bearish) positions, has witnessed a massive drop. This ratio has collapsed to 0.8921, suggesting a dominance of short positions, per Coinglass data.
Ethereum is currently trading at ,537 following a mild recovery from the ,503 floor price recorded earlier this morning. Despite a 3.58% drop today, the crypto asset trades above the 200-day EMA (,945) and 50-day EMA (,381).
