Lưu trữ cho từ khóa: #DeFi

DeFi

VISTA token surges following launch of pump.fun alternative Ethervista

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VISTA, the native token of Ethervista, a Pump.fun-like platform on Ethereum, has seen significant gains since its launch on Sep. 1.

At the time of writing, VISTA was experiencing significant volatility, with an intraday high of $24.70 and a low of $13.71. The crypto asset’s daily trading volume hovered around $53 million while its market cap stood at $15.2 million per data from DEX Screener.

Within a day after launch, the token hit an all-time high price of $28.80, but it has since lost over 50% of that value. VISTA’s post-launch rally was supported by a surge in whale activity. 

Notably, an investor who controls the first and third largest amounts of Vista bought 79,070 Vista tokens for 10.5 WETH on Sep. 1. In the last two days, the investor sold 42,100 VISTA for 170.39 WETH, making a profit of more than 16X their initial investment.

According to Lookonchain, a whale named ‘frenulum.eth’ has earned 274 ETH (roughly $696.7K) by trading VISTA in just two days, achieving a 134x return. The trader initially invested 2.05 ETH (around $5.1K) to purchase 52,822 VISTA tokens and later sold them for 276.5 ETH (around $701.8K).

VISTA is a deflationary token with a capped supply of 1 million. Ethervista also has an automatic token buyback and burning mechanism designed to reduce the overall supply, potentially increasing the token’s value over time. The project has already burned over 2.17% of its total token supply.

According to s4mmy.moca, one of the key features of Ethervista is a 5-day liquidity lock for creators, which safeguards against rug pulls that often happen within 2-4 days of a project’s launch. Pump.fun has often been plagued by scammers launching memecoins that are abandoned just hours after they go live.

VISTA is gaining attention after SunPump, a new memecoin platform on the Tron network, outperformed its predecessor Pump.fun by launching more tokens and generating higher revenues. Per data from DeFi Llama, the total value locked in the SunPump ecosystem has reached $1.46 million, while its annualized fee income has increased to $49.77 million.

However, the interest around memecoins in general has waned, with some of the most popular memecoins seeing sharp drops in value over the last year.

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Theo Crypto News

DeFi

Ripple to bring smart contracts on XRP Ledger

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Blockchain payments firm Ripple has disclosed plans to bring smart contracts to the XRP Ledger mainnet, enhancing programmability and enabling developers to create customized applications.

In a Sep. 2 announcement, Ripple revealed it is working to introduce smart contracts to the XRP Ledger mainnet, aiming to expand its layer-1 functionality and attract more developers to the ecosystem. The XRP Ledger, launched in 2012, has been primarily leveraged by banks and financial institutions to facilitate cross-border payments.

Smart contracts are self-executing agreements in which the terms of the agreement are written into code. The upcoming smart contract functionality will build upon existing standards like Hooks.  

On XRPL, smart contracts are expected to enhance the platform’s flexibility by allowing developers to creatively utilize its foundational components—like escrows, NFTs, trust lines, payment channels, and decentralized exchange features—to build new decentralized applications.

Further, the announcement adds that developers can deploy smart contracts without a formal amendment process or requiring any approval. However, an XLS standard would be implemented to ensure that smart contracts are secure, efficient, and easy to deploy.

According to Ripple CEO Brad Garlinghouse, the programmability of the XRP Ledger is “something the XRP community has rightly been asking for.”

XRPL eyeing EVM support via sidechains 

Ripple also expects to deploy the XRPL EVM Sidechain early next year in collaboration with blockchain infrastructure provider Peersyst. The sidechain would allow XRPL developers to use Ethereum Virtual Machine tools and programming languages.

As previously reported by crypto.news, the XRPL EVM will leverage Axelar’s cross-chain bridge to enable transactions between the XRPL EVM Sidechain, the XRP Ledger, and over 55 other blockchains via wrapped XRP (eXRP), which would also serve as the gas token for sidechain.

Ripple has previously partnered with Cosmos-based evmOS, an XRPL sidechain that is also EVM compatible,

The recent development follows the introduction of Ripple’s fiat-pegged stablecoin, Ripple USD (RLUSD), which began beta testing on the XRP Ledger and Ethereum mainnet earlier this year. RLUSD is designed to maintain a 1:1 value with the US dollar, backed by a reserve of cash and cash equivalents, and could further boost XRPL’s liquidity.

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Theo Crypto News

DeFi

WIF leads meme coin rally with 12% surge

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Solana-based meme coin dogwifhat has jumped 12% and has ranked as the top gainer in the market today.

At the time of writing, dogwifhat (WIF) was still up 11.5%, trading at $1.58 per price data from crypto.news. The crypto asset’s daily trading volume was hovering around $598 million while its market cap had risen to $1.58 billion. Following the latest price increase, the dog-themed meme coin has taken 55th place among the cryptocurrencies by market cap.

WIF 24-hour price chart – Sep. 3 | Source: crypto.news

WIF’s recent surge is fueled by the recent whale accumulation of Dogwifhat tokens, with one whale acquiring over 9.57 million WIF tokens, worth $13.59 million, within just four days. Another whale used 1.4 million USDC to purchase 643,832 WIF tokens, making them the largest holder with 28.66 million tokens. Thie trend indicates growing investor confidence in WIF’s potential rebound, even after a 67% drop in value over the past year.

WIF remains the fourth-largest memecoin by market capitalization and the top Solana-based memecoin.

Data from Coinglass reveals that WIF’s total open interest jumped by 12.7% in the last day, increasing from $187.97 million to $211.8 million, reflecting growing trader engagement and anticipation of potential price movements.

Data from the market intelligence platform also shows that WIF’s aggregated funding rates are currently at -0.0015%, signalling a bearish sentiment among traders regarding WIF’s price outlook.

WIF’s current price positions it near the middle Bollinger Band, around $1.58, which often acts as a dynamic support or resistance level. Meanwhile, the MACD line has recently crossed above the signal line, suggesting a possible bullish momentum shift.

WIF Bollinger Bands and MACD chart – Sep. 3 | Source: crypto.news

If the price is sustained above the middle band, it could attempt to move towards the upper Bollinger Band at around $1.90. However, if the price fails to hold above this middle band, it may face further consolidation or a pullback toward the lower band around $1.25.

Meanwhile, a descending triangle emerged between late July and August, characterized by steadily declining highs and a firm support level. This formation typically hints at a potential bearish breakout, especially if the price breaches the established support line.

WIF’s recent price surge aligns with a broader uptick in the meme coin market, which has increased by 5.7%, reaching a total valuation of $ 40.6 billion over the past 24 hours. Alongside WIF, other notable meme coins like Pepe (PEPE), Bonk (BONK), and Brett (BRETT) have also seen gains, rising by 5.7%, 6.6%, and 4.3%, respectively.

Meanwhile, the global crypto market has also experienced a 1% surge, bringing it to a total valuation of $2.16 trillion. Bitcoin (BTC) is also in the green, up 2.1%, and it is exchanging hands at $58,895.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

SWIFT-like bridge for stablecoins UDPN adds support for Australian Digital Dollar

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The Universal Digital Payments Network has announced the integration of the Australian Digital Dollar into its platform, expanding its support for regulated stablecoins.

Launched in Davos as a bridge between centralized and decentralized digital currency systems, the Universal Digital Payments Network is expanding its list of supported assets with the integration of the Australian Digital Dollar, a multi-chain stablecoin.

In a Sept. 3 blog announcement, UDPN announced that AUDD would join the U.S. dollar and euro within its basket of supported assets, aiming to meet the growing demands of the digital economy by providing businesses with an alternative for managing financial operations.

UDPN adds support for Australian stablecoin

AUDD, which is collateralized one-to-one by Australian dollars and accessible on networks like Stellar, XRP Ledger, and Ethereum, was developed by fintech firm AUDC. Effie Dimitropoulos, CEO of AUDC, stated that the collaboration is expected to “accelerate the adoption of AUDD both within Australia and globally, reducing friction and enhancing the flexibility of international payments.”

Launched in 2023 as a SWIFT-style system for bank-issued and regulated digital currencies, UDPN has already seen tier-1 banks like Deutsche Bank and Standard Chartered’s SC Ventures test the network for transferring and swapping USD Coin (USDC) stablecoins.

Developed by GFT Group and Hong Kong-based Red Date Technology, UDPN has attracted dozens of partners, including financial lenders from the U.S., Australia, Latin America, and Europe, who are running their own tests on the network.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Pump.fun hits $100m revenue, but users criticize unsustainable model

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Solana’s Pump.fun surpassed $100 million in revenue since its January launch, but users aren’t sure the feat is good for crypto and decentralized finance.

It took the Solana (SOL) memecoin launchpad 217 days, or roughly seven months, to achieve its record revenue. Pump.fun beat DeFi giants like Ethena (ENA), Pancakeswap (CAKE), and even Curve Finance (CRV) to the milestone.

The protocol allows anyone to create meme-inspired tokens on Solana’s blockchain. Once developers launch a coin, the crypto trades on a bonding curve till it exceeds a $69,000 market cap.

Solana became the go-to memecoin chain in DeFi after the service debuted in early 2024. At one point, developers created over 500,000 memecoins via the platform in a month. The launchpad paved the way for oversaturation in the Solana ecosystem since creating tokens became easier than a few clicks. A crypto.news research found that less than 1% of Pump.fun wallets profited $1,000 or more.

Crypto users unhappy with Pump.fun success

Pump.fun may have raced to $100 million in revenue in record time, but many have questioned if it’s a net positive development for DeFi and the whole cryptocurrency industry.

The biggest concern stemmed from the protocol’s sustainability and its promotion of the casino-like underbelly of digital assets. 

One user argued that the platform fueled cash grabs by celebrities that did not align with crypto’s ethos. Several public figures, from Andrew Tate to Iggy Azalea, launched Pump.fun memecoins. Most of the tokens have crashed well below their peaks.

Questions over regulatory scrutiny of the Solana-based platform also remain, with agencies like the U.S. Securities and Exchange Commission insisting SOL itself, and perhaps its ecosystem, violates federal securities laws.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Cardano remains in bearish territory despite Chang hardfork

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Cardano has experienced a drop in price despite the Layer-1 blockchain completing its highly anticipated  Chang upgrade.

The Chang hardfork introduces key changes to Cardano, including on-chain voting, Delegate Representatives, enhanced smart contract capabilities, and a new governance structure with cost model improvements. ADA holders can now vote directly on governance issues or delegate their voting power to trusted representatives.

At the time of writing, Cardano (ADA) was down 2.7%, exchanging hands at $0.3335 per price data from crypto.news. The crypto asset’s daily trading volume hovered around $307.4 million while its market cap stood at $11.75 billion.

The latest drop in price comes as, in the past 24 hours, Cardano saw liquidations totaling $731.46K, with the majority being long positions at $698.32K, while short positions accounted for $33.14K. This suggests considerable selling pressure as the token remains in a downtrend.

Technical indicators also indicate that bears are in control, with ADA trading near the lower boundary of its Bollinger Bands, suggesting a potential oversold condition that might lead to a stabilization or minor recovery in price. Nevertheless, the volatility of the market leaves room for further declines.

ADA price, Bollinger Bands and MACD chart – Sep. 2 | Source: crypto.news

The Moving Average Convergence Divergence indicates a strong selling pressure, with the MACD line positioned below the signal line, signaling a likely continuation of the downward trend. Similarly, the Relative Strength Index stands at 38.56, below the neutral threshold of 50, further indicating selling momentum without reaching oversold territory yet.

ADA Aroon and RSI chart – Sep. 2 | Source: crypto.news

Further, the Aroon indicator points to a predominantly bearish trend, with the Aroon Down at a full 100.00%, indicating strong downward momentum, while the Aroon Up is at a lower 35.71%, showing weak upward movements.

However, according to analyst Crypto Yapper, Cardano’s intraday losses are part of a multi-month Falling Broadening Wedge pattern characterized by two descending and diverging trendlines, indicating lower lows and higher highs with increasing volatility over time.

Falling Broadening Wedge pattern emerging on ADA chart | Source: X/Crypto Yapper

Given the nature of the Falling Broadening Wedge, if ADA can break above the upper trendline, it could lead to a sharp reversal, potentially driving the price higher. This volume spike reinforces the possibility of an approaching breakout, making it a critical level for traders to watch closely.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Chinese CoinGecko alternative Feixiaohao allegedly under investigation

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China’s largest cryptocurrency market data platform, Feixiaohao, is allegedly facing legal troubles as reports claim its team has been detained by law enforcement.

While the exact details behind the detention remain unclear, a report from Chinese media shared by journalist Coin Wu suggests it could be related to compliance issues or disputes concerning Feixiaohao’s business practices.

According to the report, the Inner Mongolia police have been investigating the platform for over six months, and several key team members are allegedly in police custody. Attempts to contact the representatives of the Shanghai-based platform have also been unsuccessful as reported by multiple sources.

Feixiaohao operated as a data aggregation platform, providing real-time data on various digital assets and exchanges. It generated revenue primarily through listing fees paid by cryptocurrency projects to be featured on the platform, selling advertising space, and entering into promotional partnerships with exchanges and project teams.

However, following China’s crackdown on the cryptocurrency sector, the platform had to cease operations in mainland China, but that did not end its troubles. 

The report states that Feixiaohao was previously scrutinized for promoting shady exchanges and scam tokens, which could have led to the investigation. For instance, in November 2021, Wu highlighted that the platform had advertised the Squid Game token, based on a popular Netflix show, which eventually turned out to be a rug pull.

Currently, a team claiming to be Feixiaohao exists, but the report alleges that this team is not the original. Instead, it is believed to be a new group that acquired access to Feixiaohao’s codebase and is attempting to continue operations using the Feixiaohao brand.

Since labeling cryptocurrency transactions as illegal in September 2021, Chinese authorities have continued to crack down on the broader digital asset ecosystem. In 2023 alone, that nation has witnessed over 42,000 individuals being prosecuted for involvement in fraudulent activities involving cryptocurrencies.

Yet China has continued to witness a rise in crypto-related crimes, as previously reported by crypto.news. 

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Theo Crypto News

DeFi

MUNCAT becomes top gainer in crypto market with a 70% surge

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MUNCAT, a newly launched meme coin based on the Tron blockchain, has jumped 70% over the past day, making it the top gainer in the crypto market.

At the time of writing, MUNCAT (MUNCAT) was exchanging hands at $0.0402, with its daily trading volume up 737%, hovering around $6.98 million, per data from CoinGecko.

According to DEX Tools, MUNCAT’s market capitalization surged to over $38.3 million, with the number of holders surpassing 8,900. The network activity was predominantly bullish, as reflected by the number of buy transactions, which exceeded 993.

The latest surge in MUNCAT comes as the meme coin has secured its listing on several crypto exchanges, including HTX, SunSwap v2, and Poloneix. Deposit services for MUNCAT began on Aug. 29, followed by the opening of trading and withdrawal services on Aug. 30.

MUNCAT was launched on SunPump, the meme coin launchpad on the Tron blockchain. The meme coin integrates charitable giving into its operations by allocating a portion of transaction fees to animal welfare causes.

In addition to MUNCAT’s success, another token, ROCK, has recently emerged as one of the top-performing cryptocurrencies within the SunPump ecosystem. Driven by speculation that Justin Sun had invested in it, ROCK surged nearly 100% on Aug. 28, reaching a high of $0.003375 and achieving a market cap of over $3.3 million.

Meanwhile, data from DeFi Llama shows that the total value locked in the SunPump ecosystem has reached $1.53 million, with annualized fee income climbing to $36.06 million.

Token generation platforms have emerged as highly profitable this year. Despite significant declines in most Pump.fun tokens, the ecosystem has generated over $100 million in fees over the past eight months. These platforms profit by charging fees for token launches and transactions.

Even after the announcement of a partnership with CoinMarketCap, SunPump tokens have continued to drop. This collaboration aims to introduce a new dedicated express support channel for Tron memes. Meanwhile, CoinGecko, CoinMarketCap’s main competitor, has already launched a dedicated page for these memecoins.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Polkadot’s logo to feature on Lionel Messi’s jersey with Inter Miami partnership

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Blockchain network Polkadot will now feature its logo on the football icon Lionel Messi’s training kit as part of a partnership with United States-based football club Inter Miami.

According to a press release shared with crypto.news, Inter Miami players, including football stars such as FC Barcelona legends Lionel Messi and Luis Suárez, will wear training kits featuring the Polkadot logo as part of the club’s new partnership with the blockchain platform, now its global training partner.

The logo will be featured on the front and back of the training tops for players and technical staff, which will be worn during training sessions and pre-match warmups. Inter Miami fans worldwide will be able to see the new kits for the first time on Aug. 31 before an away match with Chicago Fire FC.

Further, as a main partner, Polkadot’s branding will also be featured in signage across the Chase Statium, the football club’s home ground. Polkadot will also engage the club’s fanbase via interactive fan zone activities as a part of the deal.

Chrissy Hill, CLO & interim COO of Parity Technologies, the blockchain infrastructure firm behind Polkadot, said the project’s sponsorship of Inter Miami aligns with its commitment to the future of entertainment.

Introduced in 2020, Polkadot is a sharded multi-chain network co-founded by Ethereum co-founder Gavin Wood. The project aims to connect multiple blockchains via its central Relay Chain, which ensures shared security and consensus. This design allows independent blockchain networks, known as parachains—customizable blockchains with their own specific features and functionalities—to operate in parallel and communicate with each other, enhancing interoperability and scalability across the entire network.

The recent partnership follows Polkadot’s sponsorship deals with Indy 500 driver Conor Daly and gaming company Mythical.

Polkadot uses a decentralized governance model where the community votes on how treasury funds are allocated, including marketing expenditures and sponsorship deals. While the amount spent on the recent sponsorship remains undisclosed, the arrangement aligns with the network’s past marketing initiatives.

Earlier this year, the crypto community criticized Polkadot’s marketing practices after the project’s H1 2024 report disclosed spending roughly $37 million in the first half of 2024 on marketing rather than crucial ecosystem-building initiatives.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News