The EigenLayer Foundation has announced an upcoming rewards program that will reward stakers and operators for securing Actively Validated Services.
According to details in a blog post, the Ethereum (ETH) restaking protocol is also introducing a new incentive program that will offer 4% of the EigenLayer (EIGEN) total supply.
EigenLayer Foundation announces rewards-boost program
EigenLayer links different restaking protocols, and stakers and operators help secure AVSs by restaking their ETH. In return, they receive staking rewards.
When the new initiatives launch, it will be the first time the stakers and node operators get token-based rewards directly from AVSs via the EigenLayer protocol.
Meanwhile, 4% of the supply will be shared with recipients through “rewards boost” distributions as part of the new EIGEN programmatic incentives program.
In this case, stakers and operators will receive rewards proportional to AVSs’ distribution. What it means is that the more AVSs a network participant supports, the more tokens the EigenLayer Foundation will distribute to them.
“The goal of this design is to incentivize AVSs to begin distributing rewards to stakers and operators early, to benefit from and obtain a larger share of the early EIGEN programmatic incentives,” the blog post read.
Program to also benefit new AVSs
EigenLayer plans to support even AVSs that may not yet have the capacity to distribute rewards on the first day. Stakers and operators supporting such AVSs will still receive small distributions of EIGEN.
The ‘rewards floor’ will be available outside the main rewards boost to allow every genuine AVS to allocate some rewards to its stakers and operators. EigenLayer says this should encourage new actively validated services to join the EigenLayer ecosystem.
AVS rewards will launch in the coming weeks, while programmatic incentives are scheduled for the coming months.
EigenLaye, which launched its contracts to the mainnet in June last year, has seen over 4.8 million ETH and more than 108 million EIGEN restaked. There are 16 launched AVSs and over 300 operators.
Altcoins SATS, Aave, Monero, and ORDI have all surged over 10% over the past day to rank as the top gainers in the crypto market, as Bitcoin, the leading cryptocurrency by market cap, jumped over 4% in the same timeframe.
SATS
SATS (1000SATS) led the charge among the top gainers on July 26.
At the time of writing, the crypto asset was still up 18.5% in the last 24 hours, trading at $0.00033. SATS’s daily trading volume was also up 18.4%, hovering around $202.6 million.
The meme token’s market cap now stands at $695.6 million. However, the token’s value remains 64% below its all-time high of $0.00093, achieved on Dec. 26, 2023.
SATS is a BRC-20 token created to honor Satoshi Nakamoto, the pseudonymous inventor of Bitcoin. The name SATS refers to satoshi, the smallest unit of Bitcoin, equating to 0.00000001 BTC.
Developed by an anonymous team, SATS embodies a lighthearted approach within the cryptocurrency space, highlighting the cultural and historical importance of Bitcoin’s smallest unit.
Aave
Aave (AAVE) saw a 10% increase in price over the past day, trading at $102.6 at press time. In the same time frame, the crypto asset’s daily trading volume hovered around $240.5 million.
AAVE 24-hour price chart | Source: TradingView
Aave’s market cap is $1.52 billion, making it the 55th largest crypto asset. The token is still 84% below its all-time high of $666, reached on May 19, 2021.
Aave is a decentralized finance protocol enabling users to lend and borrow cryptocurrencies and real-world assets without relying on a centralized intermediary.
The platform has its own cryptocurrency, AAVE, which serves as its governance token. Holders of AAVE can vote on Aave’s development proposals and earn staking rewards by locking their tokens into the system. Additionally, Aave issues aTokens to lenders, allowing them to earn interest on their deposits.
Monero
Monero (XMR), a privacy-focused peer-to-peer digital currency, was still up 8.5% in the last 24 hours and was trading at $168.7.
XMR 24-hour price chart | Source: CoinMarketCap
With a market cap of about $3.11 billion, Monero ranks 27th in global cryptocurrency rankings by market cap and has a daily trading volume of approximately $129.5 million at the time of publication.
Monero is a cryptocurrency that focuses on privacy and confidentiality. Unlike most cryptocurrencies that emphasize transparency and security, Monero upholds the principles of anonymity. This sets it apart from well-known transparent blockchains like Bitcoin and Ethereum.
Monero ensures user anonymity through technologies such as ring signatures, stealth addresses, and ring confidential transactions (RingCT). These features make every user on the Monero network anonymous by default, concealing information about the sender, receiver, and transaction amount.
ORDI
Ordi (ORDI) saw an 11.6% increase in price over the past day, trading at $38.5 at press time. In the same timeframe, the crypto asset recorded a trading volume of $165 million.
ORDI 24-hour price chart | Source: TradinView
ORDI’s market cap is $809 million, making it the 83rd largest crypto asset. The token is still 60% below its all-time high of $96, reached on March 5, 2024.
ORDI is a meme coin on the Bitcoin network and the first BRC-20 token created using the Ordinals protocol.
The Ordinals protocol, developed by software engineer Casey Rodarmor, allows data like text, images, audio, and video to be directly inscribed on each satoshi, the smallest unit of Bitcoin. This technology has enabled new uses for non-fungible tokens (NFTs) and other tokens on the Bitcoin blockchain.
ORDI has a fixed supply of 21 million tokens and functions as a fungible and transferable asset within the BRC-20 ecosystem.
Bitcoin leads market recovery with 4% jump
The surge in these altcoins followed Bitcoin’s (BTC) 4.5% rise over the past day, reaching $66,968 on Friday, July 26. Bitcoin’s 24-hour low was $63,506, while its high was $67,338. The world’s oldest and most valuable cryptocurrency recovered from its losses, surpassing the $66,000 mark for the first time this week.
Other popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), experienced minor fluctuations in gains and losses. The overall Market Fear & Greed Index stood at 59 (Neutral) out of 100, according to CoinMarketCap data.
At the time of writing, the global crypto market cap was $2.39 trillion, reflecting a 24-hour increase of 3.41%.
Regulators in India are looking to publish a discussion paper regarding the nation’s stance on cryptocurrencies by the end of 2024.
In a recent interview, Ajay Seth, secretary of Economic Affairs, said the discussion paper will shed light on the government’s stance towards crypto. The paper will look to solicit comments from relevant stakeholders in crafting crypto policy in one of the world’s most populous countries.
“In India it (cryptocurrencies) is being regulated from the perspective of AML and EFT alone. Regulation starts and ends there, it cannot be beyond that, so should the remit be more? What should be the policy stance? All that will come out in the discussion paper.”
Ajay Seth, secretary of Economic Affairs
An inter-ministerial group comprising multiple regulators is drafting the discussion paper. The group is reportedly exploring a “wider policy for cryptocurrencies,” says Seth.
The discussion paper is expected to come out before September.
The group includes the Reserve Bank of India, the nation’s central bank, and the Securities and Exchange Board of India, its market regulator.
The RBI has historically opposed allowing cryptocurrencies in India, citing risks to the nation’s economic stability. As such, the central bank has proposed a complete ban on cryptocurrencies instead of regulating them.
Meanwhile, India’s securities regulator has portrayed a more favorable stance. In May 2024, SEBI said the nation should take a multi-agency approach to crypto legislation. The suggestions, presented to an advisory panel, outlined plans to delegate oversight to various agencies like the Insurance Regulatory and Development Authority of India.
Further, Seth pointed to an IMF-FSB synthesis paper published in July 2023, advising against an outright ban on digital currencies. The finance ministers and central bank governors (FMCBG) from G20 nations adopted the global regulator’s proposal in October.
The IMF-FSB proposal came during India’s presidency at last year’s G20 summit. Seth hinted that those frameworks might be considered when drafting the policy paper.
Sumit Gupta, co-founder of Indian crypto exchange CoinDCX, lauded the move, stating that it is a “significant step” towards regulating the crypto sector.
“As key stakeholders in this sector, we urge the government to actively seek input from domestic businesses. Engaging with local businesses will ensure that the regulatory framework is robust, inclusive, and supportive of innovation,” Gupta told crypto.news.
India currently doesn’t have a crypto regulatory framework in place but has imposed a 30% tax on profits generated via cryptocurrencies, alongside a 1% tax deducted at the source. However, that hasn’t stopped the regulators from clamping down on the sector.
India’s Financial Intelligence Unit has mandated licensing for crypto service providers operating in the nation, and as a result, several off-shore crypto exchanges were blocked earlier this year.
Allegations of insider trading have marred Mystiko Network’s second airdrop after a few select wallets amassed more airdropped tokens than regular users.
The accusations started with an X post from blockchain reporter Colin Wu, who highlighted suspicious activities involving newly created addresses and large token distributions.
According to community, Mystiko Network is suspected of a large amount of insider trading in the 2nd Airdrop. The official Mystiko-Vault Community Incentives: 0xBc…25d6 distributed 20 million XZK to 1,487 newly created addresses through the Multisender app at 16:22 UTC on July…
Notably, Mystiko Network’s second airdrop is meant to reward holders of the vXZK, the ERC-20 wrapped version of the XZK, which functions as the governance token. The team disclosed that the second airdrop was distributed, according to a snapshot of vXZK balances, from June 30 to July 17.
Interestingly, citing on-chain data, Wu revealed that on July 5, the official Mystiko-Vault Community Incentives wallet moved 20 million XZK tokens to 1,487 newly created addresses using Multisender, a crypto app that allows market participants to send tokens to multiple addresses.
The new addresses then received gas funds from major exchanges like OKX or Bybit just a day after receiving the airdrop. The community has attributed such coordinated actions to an orchestration aimed at favoring insiders, who then benefited from these substantial token allocations.
Moreover, the number of airdropped tokens received by these new addresses was notably higher than that of regular users, prompting accusations of insider trading. The event has intensified scrutiny on Mystiko Network, especially since the project secured $18 million in a funding round led by Sequoia Capital India in March.
Mystiko Network responds
In response to these allegations, the Mystiko Network team issued a statement on X, addressing the community’s concerns and outlining their steps to investigate the matter.
At Mystiko Network, transparency and community trust are paramount. We were recently made aware of allegations regarding certain transactions involving our tokens. Here’s our response:
1. Mystiko was alerted to these allegations and immediately launched an internal…
Mystiko stated that they immediately launched an internal investigation upon learning about the allegations. The investigation confirmed the existence of the addresses in question and reviewed their transaction history.
The team stressed that these addresses met the criteria for early contributors to the ecosystem, having conducted multiple transactions within the network. This marks the second airdrop controversy in two months following the lack of anti-Sybil concerns around the zkSync airdrop.
Meanwhile, the Mystiko Network has continued to attract over 150,000 users and over $276 million in transaction volume. since the mainnet launch in March 2023.
Let’s touch base with Mystiko current stats.
Mystiko V1 launched on the Mainnet March 2023 and has securely served over: ✅$276,710,654 in transaction volume ✅ 153,790 unique users ✅ 1,293,994 total txns in 6 Chains: Ethereum, BASE, Polygon, BSC, Avalanche, Linea. ✅ More… pic.twitter.com/rE0qdWFHj1
Cryptocurrency liquidations have witnessed a massive increase as the global crypto market cap plunged below the $2.5 trillion mark.
According to data provided by Coinglass, total crypto liquidations surged by 92.5% in the past 24 hours, reaching $292.22 million. Due to the market-wide downturn, almost 89% of the total amount, worth $259.7 million, belongs to long positions.
Crypto liquidations map – July 25 | Source: Coinglass
The remaining $32.5 million has been liquidated from short-position holders.
Per Coinglass, Ethereum (ETH) has the largest allocation, worth $101.6 million in liquidations — $97.5 million in longs and $4.1 million in shorts. Bitcoin (BTC) secured the second spot with $83.3 million in liquidations over the past day — $71.5 million in long positions and $11.7 million in shorts.
Data from Coinglass shows that the largest liquidation happened on Binance, the largest crypto exchange by trading volume, worth $11.78 million in the BTC/USDT trading pair.
According to data from CoinGecko, the increased amount of liquidations comes as the global cryptocurrency market capitalization declined by 3.6% over the past 24 hours — falling from the $2.5 trillion mark to $2.42 trillion. Notably, the total crypto market cap briefly touched a local high of $2.55 trillion at 15:00 UTC on July 24.
Moreover, Bitcoin reached an intraday high of $67,110 on Wednesday, July 24, before plunging close to $64,100. Ethereum is currently among the top losers in the past 24 hours with an 8.1% price drop. ETH is trading at $3,160 at the time of writing.
Following the increased liquidations, the total open interest in the cryptocurrency market decreased by 4% and is currently hovering around $63.6 billion, according to Coinglass. At this point, lower market-wide volatility would be expected with a lower amount of incoming liquidations.
Spot Ethereum exchange-traded funds have recorded an immediate net outflow on their second day of trading in the United States.
According to data provided by Farside Investors, spot Ethereum (ETH) ETFs witnessed a net outflow of $133.3 million on Wednesday, July 24. Notably, only the Grayscale Ethereum Trust (ETHE) saw an outflow of $326.9 million.
On their first trading day, spot ETH ETFs recorded over $1 billion in trading volume with $106.6 million in net inflows.
Data from Farside Investors shows that the total outflow from the ETHE fund has already reached $811 million over the past two days. The Grayscale Ethereum Mini Trust (ETH), on the other hand, saw $45.9 million and $15.1 million on July 24 and 23, respectively.
Most of the inflows came from the Fidelity Advantage Ether ETF (FETH), worth $74.5 million.
Moreover, the WisdomTree Physical Ethereum Securities ETP (ETHW) and the VanEck Ethereum ETF (ETHV) registered $29.6 million and $19.8 million in inflows, respectively.
BlackRock’s iShares Ethereum Trust ETF (ETHA) saw $17.4 million in inflows yesterday, per Farside Investors. The investment product’s inflows reached $266.5 million on July 23.
Franklin Ethereum ETF Fund (EZET) and Invesco’s Ether Fund (QETH) had smaller shares of the net inflows, each worth $3.9 million and $2.5 million. 21Shares Core Ethereum ETF (CETH) remained neutral as the market moved back into bearish momentum.
Following the significant net outflows from Ethereum ETFs, the Ethereum price plunged by 7.6% over the past 24 hours. The second-largest cryptocurrency is trading at $3,180 at the time of writing. ETH’s market cap is currently hovering at $382 billion with a daily trading volume of $21.3 billion.
It’s important to note that the broader crypto market is also wandering in the bearish zone. According to data from CoinGecko, the global cryptocurrency market capitalization declined by 3.4% over the past day and is currently sitting at $2.43 trillion.
FLOW, the native token of the Layer-1 blockchain network Flow, has surged 17% over the past day, making it the top gainer among the top 100 cryptocurrencies by market cap.
Currently, Flow (FLOW) is trading at $0.6283, according to data from crypto.news. The token’s trading volume has increased by 361%, reaching approximately $150 million. Additionally, FLOW’s market capitalization has surged to $950 million. Despite this rise, FLOW remains 98.6% below its all-time high of $46.16, recorded on April 5.
FLOW 24-hour price chart | Source: TradingView
Flow, developed by Dapper Labs, is designed to support decentralized applications (dApps) and digital assets. The platform aims to offer a high-performance, user-friendly environment that addresses scalability without compromising decentralization. Its architecture enables developers to create secure and efficient smart contracts.
FLOW serves multiple purposes within the Flow ecosystem, including paying transaction fees, staking, and participating in network governance. The increasing number of dApps and users on the platform has driven demand for FLOW, influencing its price.
The recent surge in FLOW’s value follows a July 24 announcement by Flowverse, a discovery hub and NFT marketplace for the Flow blockchain, stating that OKX Australia has listed Flow on their exchange.
Additionally, on-chain data analyst Adrià highlighted several key developments in a July 24 announcement. These updates include the unveiling of the Crescendo Testnet, set for Aug. 14, and the BETA by NBA Top Shot reaching $100k in total value locked.
Furthermore, 3,500 contracts have been created on Flow, and a new open-source category has been introduced on Flowverse.
Other notable achievements include MFL, a web3 Football Management game on Flow, hitting 50k in secondary sales. Sean P. Robb also shared insights on scaling Ethereum applications using the Ethereum Virtual Machine (EVM) on Flow.
Akash Network (AKT) price was up 12% on Thursday as the cryptocurrency ranked second behind Book of Meme (BOME) as the top gainers.
While BOME leads top 100 gainers by market cap with a 24-hour gain of over 14%, AKT traded to highs of $3.45. The AI related token led other coins in this category, with only Render (RNDR) and The Graph (GRT) in the green among top AI and Big Data cryptocurrencies.
SingularityNET, Fetch.ai and Ocean Protocol, which are headed for a merger under the Artificial Superintelligence Alliance (ASI), were all dumping more than 10% at the time of writing.
The all-time high for AKT was $8.07 reached in April 2021.
However, while in the current market cycle, the cryptocurrency peaked at $6.22 on March 10, 2024. A surge amid Upbit listing in April saw AKT break to above $6.03 before paring gains.
Akash Network price up amid RenAIssance Hackathon
The broader crypto market was up just 1% to about $2.29 trillion, but Akash Network appeared to defy this with its double-digit gain.
As well as the announcement that Crypto.com now supports AKT staking with up to 19% in rewards, positive vibes around Akash Network may have come from another major network related event.
With FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to training of models, for on-chain rewards. Users can also contribute data and other computing resources to earn AKT.
The RenAIssance Hackathon offers rewards in AKT, USDC and native FLock token FML. Top 3 models in the hackathon will earn 400 USDC and $400 worth of AKT for the winner; 300 USDC plus $300 worth of AKT will go to the runner up and 200 USDC plus $200 in AKT for the third-place model.
Participants also stand to win 200 USDC and $200 worth of AKT for winning validators.
David Garai, founder of Starknet-powered crypto project Nostra, has stepped down as the CEO just days after the launch of the project’s native token, NSTR.
Nostra is a platform that allows users to lend, borrow, swap, and bridge crypto.
The project launched its token on June 17, with 100% of the total supply unlocked during the token generation (TGE) event. Meanwhile, Garai resigned as the platform’s CEO today, June 28.
“I have resigned as CEO of Nostra,” Garai said in a statement posted on X. “The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs,” he added, referring to Nostra head of product Richard Thomas-Pryce.
Head of Product to lead Nostra team
Garai said that while he is leaving to take a “lil break for the first time in four years,” Thomas-Price and the team are ready to continue building Nostra.
“Over the last 2.5 years, our team has built Nostra into the largest and most profitable protocol on Starknet, earning $2.5M annually with over $180M TVL. Of course, development doesn’t stop here,” the former CEO wrote. “Under the leadership of [Thomas-Price], Nostra (and its 12 full-time builders) will continue developing the product suite for the Super App, with Nostra Earn coming soon, as well as STRK liquid staking, for which Nostra is well positioned to be the frontrunner.”
Nostra token price drops after news
Nostra launched with a total supply of 100 million NSTR tokens, 11% of which went to an airdrop targeted for the community. The project allocated 25% to the treasury, earmarked 14% for future airdrops, and handed investors and the team 26.2% and 23.8%, respectively.
There was no vesting period for the tokens.
According to data from CoinMarketCap, Nostra’s market cap is currently at $9.62 million, and its price hovers near $0.096. Garai’s resignation news has coincided with a 4% decline for NSTR. On June 17, NSTR’s price reached a high of $0.21.
