Lưu trữ cho từ khóa: CryptoCurrency

DeFi

Drift brings DeFi-integrated prediction market to Solana

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Drift, an on-chain trading protocol, has introduced prediction markets as part of its expanding suite of products.

The Solana (SOL)-based platform revealed its new predictions market feature in an announcement on Aug. 19.

Drift’s prediction market product will function similarly to Polymarket, offering users the chance to bet on the outcome of events such as the U.S. election. However, Drift’s B.E.T goes a step further by integrating decentralized finance.

With Drift’s B.E.T, users can earn yield on their bet trades as the event unfolds and reaches its resolution. Additionally, users can hedge their predictions through “structured bets,” allowing them to go long on a prediction market while simultaneously shorting Bitcoin (BTC).

Unlike Polymarket, which offers prediction trades via the USDC (USDC) stablecoin on Ethereum (ETH) and Polygon (MATIC), Drift supports over 30 tokens, including yield-generating stablecoins and liquid staking tokens on Solana.

Growing predictions market

Drift’s announcement of its prediction market on Solana follows the protocol’s unveiling of an earn product and election center in July. The election center allows political meme coin enthusiasts to swap $TREMP and $KAMA meme coins.

Prediction markets continue to attract attention, especially with the upcoming U.S. elections and other significant events around the world.

For example, Polymarket currently has more than $624 million in bets on the 2024 U.S. presidential election. As of Aug. 19 at 11:40 am ET, Kamala Harris has recently surged ahead, with 51% of trades in her favor, while 47% of traders see Donald Trump winning a second term in the November election.

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Theo Crypto News

Bitcoin

Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m

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A Bitcoin wallet that has been dormant since 2014 suddenly woke up and moved over 174 bitcoins worth more than $102 million.

Blockchain data showed that the Bitcoin (BTC) wallet that received 174.88 BTC on Jan. 8, 2014, moved funds for the first time on Aug. 16, 2024.

The transfer comes after a decade, during which Bitcoin’s price soared to highs of $73,000 before retreating to current levels.

Transaction cost

While BTC’s initial value was nearly $142,000 in 2014, the staggering gains the flagship cryptocurrency has seen since mean that the 174.88 bitcoin is now worth more than $10.2 million.

Blockchain tracker Whale Alert spotted this dormant Bitcoin wallet movement on Aug. 16.

The transaction fee for the transfer was 67,500 satoshis, or $39.43, which is considerably low. However, per mempool details, this was still an overpayment of 50x that saw the $10.2 million transaction confirmed quickly.

In October 2018, the wallet’s holdings totaled about $896,000, and crossed the $5 million mark in late January 2021.

According to data on blockchain explorer Blockchair, the addresses’ balance currently stands at 0.00004226 BTC, worth $2.50 at the current Bitcoin price of $59,300.

Bitcoin wallets waking up

The last few months have seen a rising frequency of dormant Bitcoin addresses waking up to move millions of dollars worth of BTC. It’s notable that Satoshi-era addresses — those holding coins mined in the first few months of Bitcoin creator Satoshi Nakamoto’s time — have not been common.

However, the past few months have seen multiple dormant wallets suddenly move, including one that woke up after a 12-year hibernation to transfer $6.9 million in BTC in July this year. Another wallet sent $3 million in BTC to Binance in June after being dormant for over 14 years.

Whale Alert also spotted this other dormant wallet movement.

Currently, about 18.3 million BTC are in dormant Bitcoin wallets. BitInfoCharts data shows a sharp rise since January 2024, when cumulatively, dormant BTC wallets held about 7.4 million coins.

In most cases, investors watch the movement of BTC in dormant wallets as potential sources of fresh supply pressure on prices. ‘Sell wall’ investors often see prices struggle, resulting in huge volatility.

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Theo Crypto News

Công nghệ

NEBRA launches its zero-knowledge proof aggregator on Ethereum

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Zero-knowledge proofs platform NEBRA has launched its Universal Proof Aggregation solution, bringing the benefits of ZKP verification to the crypto industry.

NEBRA UPA, which went live on Ethereum (ETH), is a protocol that combines zero-knowledge proofs into a single proof to offer cost-effective on-chain verification. The UPA protocol is designed to boost scaling and privacy across blockchains through proof aggregation, the NEBRA team said in a press release shared with crypto.news.

“Low throughput and the high cost of verification are major obstacles preventing applications from taking full advantage of ZKP technology. But with NEBRA UPA, ZKP is no longer a dream for the future – it is a solution that is available and being used right now,”

Shumo Chu, co-founder and chief executive officer of NEBRA.

A solution for zkEVMs and RaaS protocols

Protocols and projects that benefit from UPA’s solution include zero-knowledge virtual machines, co-processors, roll-up as a service solutions, and consumer applications.

An example of the latter is the WorldCoin (WLD) project, which taps into ZKP for its orb to verify a user is a unique human. The project’s World App uses this technology for identity proof without revealing information. Other notable projects in the ZKP ecosystem include Polygon zkVM, ZK Sync, and Starknet.

The issue of cost

ZKP costs can be prohibitive, but UPA looks to cut this from $20 to $2 for Ethereum and from $2 to $0.2 for layer-2 solutions. The significant reduction in the cost of a ZK proof for everyday crypto use cases, such as buying coffee, will empower developers and add to adoption across decentralized applications.

“Who wants to pay $20 for a ZK proof for a coffee purchase? But when the cost falls to mere cents, innumerable possibilities open up for developing decentralized applications,”

-Nebra co-founder Yi Tong.

NEBRA has raised a total of $4.5 million in funding from crypto venture capital firms, including Andreessen Horowitz, Bankless Ventures, and Nascent. The platform plans to deploy UPA v2 to top L2s to allow more dApps to tap into the benefits of reduced costs for on-chain ZKP use.

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Theo Crypto News

Công nghệ

Proof-of-stake blockchain XION introduces native utility token

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Web3 Foundry Burnt has announced the launch of XION Foundation, the non-profit organization that will oversee the development and expansion of the proof-of-stake blockchain XION.

The venture-backed platform also unveiled $XION, the native token of the layer-1 blockchain. Burnt shared news of these milestones in a blog post published on Aug. 14.

XION launches native token

XION Foundation will focus on democratizing access to Web3 across financial services, digital economies, and ownership. Helping to power these goals and providing utility within the L1 blockchain’s ecosystem will be $XION.

In addition to network security, the token will drive the platform’s governance and decentralization, community incentives, including airdrops, and funding for projects building on XION.

XION raised $36 million from investors

XION is built on the inter-chain communication protocol and the Cosmos (ATOM) developer toolkit, and launched its public testnet in October 2023.

The L1 blockchain’s ecosystem is designed to empower Web3 adoption via consumer-friendly decentralized applications. The platform leverages its Chain Abstraction solution to bring this into reality, making it easy for ordinary users to access and use Web3 products.

On XION, users can interact with dApps on their phones without having to worry about seed phrases or private keys.

The project released its technical whitepaper in December 2023 and has so far raised a total of $36 million from top crypto venture capital firms.

Among those backing XION’s latest funding round, which secured $25 million were Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Other investors include Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.

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Theo Crypto News

Công nghệ

Offchain Labs unveils new platform to boost crypto adoption

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Offchain Labs, a venture-backed firm with traction across the crypto space, aims to boost further development and adoption of blockchain via a new platform dubbed Tandem.

The Offchain Labs developer team’s ecosystem footprint includes core contributions to the development of Prysm, a consensus client for Arbitrum (ARB) and Ethereum (ETH). Tandem is the team’s latest project aimed at bolstering blockchain innovation.

In September 2023, Offchain Labs teamed up with Espresso Systems, the platform behind the Espresso Sequencer, to help Ethereum rollups and developers achieve interoperability.

What does Tandem bring to the market?

With this new project, the team offers Tandem as a partner studio that will provide select projects with access to Offchain Labs’ resources and market presence to build and launch on-chain applications.

Tandem’s dedicated service will utilize Arbitrum Nitro’s execution layer, tapping into features such as data availability and Rollup-as-a-service (RaaS) for customizable scalability. RaaS helps projects scale their infrastructure to enhance network operations and settlement.

In a comment on Tandem’s mission, Offchain Labs co-founder and chief executive officer Steven Goldfeder said:

“By providing resources and mentorship, we aim to empower developers and entrepreneurs to bring their visionary ideas to life, driving the next wave of decentralized applications and transformative technologies. We are excited to see the groundbreaking projects that will emerge from this initiative.”

Projects that benefit from Tandem will have a dedicated stakeholder who will act as the “point person,” collaborating with the project from building to deployment. Additionally, projects will benefit from partnerships facilitated by Tandem.

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Theo Crypto News

Altcoin

Spot Bitcoin and Ethereum ETFs record second day of joint inflows streak

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Spot Bitcoin and Ethereum exchange-traded funds in the United States continue their streak with a second consecutive day of positive inflows this week.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded a total inflow of $38.94 million on Aug. 13, representing a nearly 40% increase from the $27.87 million recorded the previous day.

BlackRock’s IBIT fund led with $34.6 million in inflows, bringing its total since launch to $20.36 billion. It was the only Bitcoin ETF to see inflows for two consecutive days.

Other notable inflows included $22.6 million into Fidelity’s FBTC and $16.5 million into Bitwise’s BITB. These gains helped to counterbalance a $28.6 million outflow from Grayscale’s GBTC, which has seen total outflows of $19.49 billion since its inception.

The remaining Bitcoin ETFs did not record any activity on that day.

Trading volumes for Bitcoin ETFs were slightly lower at $1.18 billion, down from $1.3 billion on Aug. 12. The cumulative net inflows into spot Bitcoin ETFs stood at $17.4 billion.

In contrast, the nine spot Ethereum ETFs saw a significant uptick in investor interest, with net inflows reaching $24.3 million on Aug. 13, a notable increase from the modest $5 million recorded the previous day.

According to data from SoSoValue, BlackRock’s ETHA led the charge once again, with $49.1 million in inflows following a day of no flows.

Fidelity’s FETH and Invesco Galaxy’s QETH also saw inflows of $5.4 million and $0.8 million, respectively. This was the first day of inflows for Invesco’s Ethereum ETF since its launch.

Grayscale’s ETHE fund saw an outflow of $31 million, bringing its total outflows to $2.32 billion since launch.

Despite the inflows, the trading volume for Ethereum ETFs dropped significantly to $190.76 million. Overall, these funds have experienced cumulative net outflows of $376.67 million to date.

At the time of writing, Bitcoin (BTC) was exchanging hands at $60,786, while Ethereum (ETH) stood at $2,726.

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Theo Crypto News

Bitcoin

RUNE jumps 14% on Kujira partnership and Bitcoin’s climb above $61K

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Decentralized cross-chain liquidity protocol THORChain experienced a price surge of 14% on Aug. 14 morning, making it one of the leading gainers in the crypto market.

With a one-day trading volume above $272 million, THORChain (RUNE) gained nearly 13.6% and exchanged hands around $3.70 at the time of writing. RUNE allows crypto users to exchange digital tokens across several blockchains, including Bitcoin.

RUNE 24-hour price chart — Aug. 14 | Source: crypto.news

This recent uplift in THORChain‘s market performance is partly due to its new partnership with Kujira, which aims to enhance the liquidity within Kujira’s suite of decentralized finance applications. This collaboration seeks to bolster growth and stability for both platforms.

A distinctive feature of their partnership is the community-driven token raise, which contrasts with traditional fundraising methods by allowing wider community involvement. The initiative is designed to manage existing financial obligations and synchronize the economic interests of both the Kujira and THORChain communities, fostering a stronger interconnection and resilience within their ecosystems.

Additionally, the partnership encompasses strategic and operational adjustments to mitigate similar financial issues in the future.

THORChain has also formed alliances with SwapKit and Noble to integrate stablecoins into the THORChain AppLayer. Noble will facilitate this integration by providing native USDC issuance, enhancing the user experience by simplifying deposits into the AppLayer with single-click functionality.

These collaborative efforts are indicative of a larger trend in the defi space, where platforms are joining forces to improve liquidity, user engagement, and overall financial stability.

Additionally, Bitcoin’s (BTC) recent surge past the $61,000 mark on Aug. 13 likely played a significant role in THORChain’s upturn. BTC, the largest cryptocurrency, rose by over 3%, with trading volumes around $29.2 billion.

BTC’s market cap also increased by 3.14% to $930 billion as of press time. This surge in Bitcoin’s metrics came a day after spot BTC exchange-traded funds experienced net positive flows, which were more than five times greater than those of spot Ethereum ETFs.

Meanwhile, the global crypto market cap also saw a 2.3% increase in the last 24 hours, standing at $2.14 trillion at the time of writing.

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Theo Crypto News

Công nghệ

Manta Pacific adopts multiple data availability framework for Layer 2 blockchains

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Manta Pacific, the first layer 2 modular blockchain on Manta Network, has introduced a multiple data availability framework to support a more reliable blockchain ecosystem.

Manta Network announced in a press release sent to crypto.news on Aug. 13 that adopting the MultiDA strategy adds several other DA protocols to its modular stack, including Celestia (TIA).

In the blockchain and crypto space, data availability is crucial for maintaining network integrity by ensuring access to and verification of transaction data at all times. Celestia DA is one of the most popular providers in the market.

The MultiDA strategy allows Manta Pacific to optimize transaction costs and enhance user experience, the protocol stated in the announcement. Other data availability solutions now powering Manta Pacific’s modular stack include EigenDA, OG, Nubit, NEAR (NEAR)’s Nuffle Labs and Dill.

Expanded security

Manta Network’s decision to post L2 block data on multiple DA providers follows its initial integration with Celestia in December 2023. The new strategy broadcasts block data across seven major DA layers simultaneously, enhancing the platform’s security.

“By prioritizing the security, resilience, and uptime of the network, we are paving the way for a more robust and reliable blockchain ecosystem. This will empower users with enhanced trust and accessibility, ultimately accelerating the mainstream adoption of decentralized technologies,” said Manta Network co-founder and core contributor Kenny Li.

Over the past seven months, Manta has leveraged the data availability ecosystem to save over $5 million across more than 27 million user transactions. The platform has 279 deployed projects and recently integrated with Mountain Protocol to offer expanded yield opportunities.

The Manta Foundation also launched a $50 million ecosystem fund to support development of early-stage projects.

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Theo Crypto News

DeFi

OpenOcean launches DEX aggregator on Bitcoin L2 Rootstock

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Decentralized exchange aggregator OpenOcean has expanded its services to Rootstock, a decentralized finance protocol built on Bitcoin.

Why is this important?

The integration introduces the first DEX aggregator to Rootstock, a smart contracts network on Bitcoin (BTC) that offers compatibility with Ethereum (ETH). OpenOcean and Rootstock announced the integration in a press release on Aug. 13.

Rootstock’s EVM-compatible platform allows OpenOcean users to tap into Ethereum’s crypto economic potential while benefiting from Bitcoin’s security.

“This expansion not only aligns with our mission to provide comprehensive, efficient, and user-friendly trading solutions across all of our supported blockchains but also empowers our users to utilize the trust of the Bitcoin network in a way that was not possible before,” Guy P., Rootstock head of growth, said.

OpenOcean offers its crypto trading services across more than 35 blockchains, integrating 99% of liquidity pools, including those from Uniswap (UNI). The integration with Rootstock also enables full trading for top coins and trading pairs.

Growing focus on Bitcoin DeFi

Bitcoin’s ecosystem continues to experience significant growth as more users leverage their BTC holdings. In February, crypto venture capital firm Pantera Capital released a report highlighting the potential for a DeFi explosion on the flagship blockchain network.

According to analysts at the firm, Bitcoin-based decentralized applications represent an “untapped” half a trillion-dollar market.

In April, Stacks co-founder Muneeb Ali said that BTC adoption could benefit greatly from the huge traction for Bitcoin layer 2 protocols. Satoshi Protocol and Merlin Chain are some of the platforms that have launched projects aimed at enhancing Bitcoin’s DeFi ecosystem.

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Theo Crypto News