Lưu trữ cho từ khóa: #DeFi

DeFi

Near token hits technical resistance as DeFi inflows rise

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Near token hits technical resistance as DeFi inflows rise

Near token pulled back for two consecutive days as the recent Nightshade 2.0 launch on mainnet and as traders position for the upcoming Nvidia earnings.

Near (NEAR) retreated to $4.83, down from last week’s high of $5.22. It remains slightly above the 50-day moving average and 57% above its lowest point this month.

Near DeFi inflows jump

A closer look at Near’s ecosystem reveals that most dApps in its Decentralized Finance ecosystem have experienced strong inflows in the past few weeks.

Burrow, a lending marketplace similar to AAVE (AAVE) saw its inflows jump by 23% over the last seven days, reaching $160 million.

Similarly, inflows into liquid staking apps like Linear Protocol, Meta Pool, Here Wallet, and AllStake have increased by over 25% in the same period.

Overall, the total value locked (TVL) in Near Protocol has soared to over $654 million, its highest level since July. In NEAR terms, the TVL has jumped to 47.6 million.

This rebound is likely due to the recent launch of the Nightshade 2.0 upgrade, which introduced stateless validation and enhanced scalability through advanced sharding.

Sharding is a process that slices blocks into smaller shards, increasing a network’s throughput. It is also expected to localize congestion, so gas price increases do not affect the entire network. The developers aim to position Near as the preferred blockchain for launching decentralized applications.

Nvidia earnings ahead

The Near token is also in the spotlight as traders await Nvidia’s earnings, scheduled for Aug. 28. These results are significant because Nvidia has become the leading AI company, pushing its market cap to over $3 trillion.

The earnings report will provide more insight into whether the AI industry is still growing. In its last financial results, Nvidia’s revenue jumped by over 240% to $26 billion, surpassing its earnings from the entire fiscal year 2021.

Analysts expect Nvidia’s quarterly revenues to come in at over $28.7 billion, higher than the $26.9 billion it made in 2022.

Near Protocol has positioned itself as a prime blockchain for AI developers by offering agentic frameworks, payments, compute tools, and decentralized storage solutions. It has been adopted by companies like Ringfence, Masa, and Cosmose AI.

With a market cap of $5.3 billion, Near is the largest AI-focused blockchain, according to CoinGecko.

Near token is still in a downtrend

Near price chart | Source: TradingView

The daily chart shows that the Near token is still in a downtrend even after rising by over 57% from its lowest point in August. It remains below the upper side of the descending channel that connects the highest swings since May 26. 

Near has also been forming a series of lower lows and lower highs, meaning that there is a risk that it may resume the downtrend and retest the support at $4. A bullish breakout will be confirmed if Near rises above the descending trendline.

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Theo Crypto News

Bitcoin

Semler Scientific expands Bitcoin portfolio with $5m purchase

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Semler Scientific has expanded its Bitcoin holdings to over 1,000 BTC, signaling continued confidence in the crypto as a strategic investment.

Semler Scientific, a medical tech company, is intensifying its Bitcoin strategy with the purchase of an additional 83 (BTC) for $5 million, raising its total holdings to 1,012 BTC at a cumulative cost of $68 million, including fees and expenses.

In a Monday press release, Aug. 26, the Santa Clara-based healthcare technology company, which specializes in chronic disease management solutions, said it had made the purchase primarily using cash from operations, supplemented by funds raised through its at-the-market equity program.

“We are encouraged by the growing institutional adoption of bitcoin. It was recently reported that for the first time, institutions own more than 20% of Bitcoin ETF assets under management.”

Eric Semler, chairman of Semler Scientific

Semler Scientific keeps buying Bitcoin

Semler Scientific’s initial foray into Bitcoin occurred in late May, when the company announced the acquisition of 581 BTC for $40 million.

At the time, Semler emphasized Bitcoin’s potential as a “reliable store of value” and a “compelling investment,” citing its scarcity and potential as an inflation hedge and safe haven amid global economic uncertainty. Additionally, Semler also said at the time that the company believes that Bitcoin’s digital, architectural resilience “makes it preferable to gold, which has a market value of approximately 10 times that of Bitcoin.”

With the latest transaction, Semler Scientific ranks 17th spot in the list of top public companies all over the world that hold Bitcoin on their balance sheet, surpassing American Bitcoin mining company Bit Digital, Inc., per data from Bitcoin Treasuries.

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Theo Crypto News

DeFi

Trump promotes family crypto project ‘The Defiant Ones’ on Truth Social

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Former President Donald Trump has seemingly put his weight behind his family’s crypto project, the Defiant Ones.

In an Aug. 22 post on Truth Social, Trump endorsed the decentralized finance project, saying; “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”

It’s worth noting that Trump met with leaders of the largest financial firms in the U.S., promising tax cuts and deregulation in exchange for their support ahead of the 2024 presidential election. Among the names he spoke with this summer include JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan.

This marks the first time Trump has publicly endorsed the still-inactive crypto project on his personal account. 

Up until now, his sons — Eric Trump and Donald Trump Jr. — have been promoting the mysterious project over the last few weeks.

In a past interview with The New York Post, Eric described the project as “digital real estate,” highlighting its potential to shake up the financial sector by providing equitable and instant access to collateral.

It’s equitable. It’s collateral anyone can get access to and do so instantly. I don’t know if people realize what a shakeup that is for the world of banking and finance.

Eric Trump, speaking about the Defiant Ones

Most of the Trump brothers’ posts have broadly hinted at the project’s goal of building “the future of finance,” but have provided no specifics on its functionality.

This has left followers curious about whether it would involve a decentralized autonomous organization, a new cryptocurrency, trading market, or something else entirely.

To cut down on the speculation, Trump Jr. recently directed people to a Telegram channel called the Defiant Ones, stating it would be the official source of information about the mysterious project.

The channel currently has almost 40,000 members, and recently gave away premium Telegram subscriptions to 10 of them.

The project seems like the culmination of Trump’s newfound support for crypto. While he referred to the industry as a “scam” in the past, he has since reinvented himself as a pro-crypto stalwart, earning support from the industry in the process.

In July, the former president headlined the Bitcoin 2024 conference in Nashville, Tennessee, where he outlined a series of crypto-friendly proposals, including setting up a national Bitcoin (BTC) reserve if elected.

After The Defiant Ones was unveiled, numerous critics on X.com almost immediately called it another “grift.”

At least six of Trump’s companies have gone bankrupt. The now-defunct Trump University, launched in 2005, was shut down for fraud. Trump has since resorted to selling sneakers, bibles, and non-fungible tokens, or NFTs.

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Theo Crypto News

DeFi

Alpaca crypto rallies post-listings, but becomes severely overbought

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Alpaca Finance token experienced a significant surge this week, reaching a high of $0.227, the highest level since April 8.

ALPACA (ALPACA) rose by over 252% from its lowest point this year, making it one of the top-performing coins of the week. Its market cap climbed to over $37 million, while its 24-hour trading volume spiked to $142 million.

The token’s surge followed the listing of its perpetual futures on Binance, the largest centralized exchange in the industry. This listing potentially exposed the token to over 216 million users on the platform.

In addition to Binance, WhiteBit, a partner of FC Barcelona, also listed Alpaca Finance’s perpetual futures. According to WhiteBit’s website, it recorded a 24-hour trading volume of over $6.5 million. 

Alpaca Finance is one of the top Decentralized Finance dApps in the BNB Smart Chain ecosystem with over $55 million in funds deployed across its V1 and V2 networks. It is an alternative to AAVE (AAVE) that lets people borrow and earn rewards.

It is common for altcoins to see substantial gains following their listing on major exchanges like Binance and Coinbase.

Alpaca token gets overbought

Alpaca token price | Source: TradingView

Alpaca’s price surge coincided with the convergence of two lines forming a falling wedge pattern, a technical setup that typically signals further upside potential.

The token broke above the key resistance level at $0.1940, the highest point on June 5, and surpassed both the 200-day and 50-day moving averages. This move indicates that bullish momentum is currently strong.

Alpaca reached a high of $0.2778, aligning with the weak, stop & reverse level of the Murrey Math Lines tool.

However, there are signs that it has gotten highly overbought. The Relative Strength Index rose to the extremely overbought point at 86 while the Money Flow Index indicator moved to 97. 

While these overbought conditions reflect strong bullish momentum, they also suggest that a sharp reversal could occur as the initial excitement from the exchange listings fades. If a pullback happens, the key reference level to monitor would be $0.1940, which aligns with the major support/resistance pivot point of the Murrey Math Lines.

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

DeFi

Babylon Bitcoin staking drives BTC fees above $130

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A Bitcoin fee bidding war erupted on Aug. 22 as Babylon debuted phase one of its native BTC staking offering.

Early on Thursday, Aug. 22, the average Bitcoin (BTC) transaction fee was under $1. Closer to noon, users had to pay around $132-$137 to transfer BTC after Babylon’s Bitcoin staking program went live. 

Babylon’s BTC staking allows users to earn yield by depositing crypto directly on proof-of-stake (PoS) networks. The idea aims to expand BTC utility beyond the “digital gold” narrative, which typically incentivizes holding the asset rather than using it in more active financial strategies.

Phase one of Babylon’s staking system was a “locking-only phase,” where users quickly filled the maximum allocation within hours.

In BTC’s case, as a proof-of-work (PoW) blockchain, miners validate transactions in exchange for fees. Higher fees can encourage miners to prioritize certain transactions.

The rush to participate in Babylon’s staking platform triggered an on-chain scramble among users, driving competition for miner priority and propelling BTC fees near $140, as confirmed by CryptoQuant analyst J.A. Maartun.

Over 1,000 BTC, worth nearly $61 million, was prepared for phase two after the race to stake assets. More than 12,700 stakers and 20,610 solo delegates queued up to earn rewards by securing PoS chains with BTC.

Rising Bitcoin adoption and utility

Staking in decentralized finance (DeFi) is common among PoS chains, allowing crypto holders to generate passive income from their assets. While this practice is native to PoS networks, developers have been exploring ways to extend it to Bitcoin’s ecosystem.

The move effectively broadens BTC’s role in DeFi, at a time when institutional interest in crypto is growing. Wall Street giants like BlackRock and Fidelity were approved to launch spot BTC ETFs in January, and funds from traditional finance and crypto-native wealth managers have since accumulated over $50 billion in assets.

U.S. presidential candidates have mentioned creating a national BTC reserve and institutional ownership continued on the uptrend at press time.

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Theo Crypto News

DeFi

H1 2024 sees $630m in crypto losses, exchanges take biggest hit

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Crypto losses nearly reached $630 million in the first half of 2024, with centralized exchanges hit hardest, according to Cyvers.

The crypto market experienced a surge in losses, totaling over $629 million in the first half of 2024, doubling the amount from the previous year, as reported by analytical firm Cyvers. In an X post on Aug. 22, the firm highlighted that centralized exchanges were the primary targets, marking a significant shift in cyberattack focus.

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https://twitter.com/CyversAlerts/status/1826603243868233899

One of the most significant incidents occurred in May when over $300 million was stolen from DMM Bitcoin, one of Japan’s largest crypto exchanges, due to a compromised private key. Analysts at Cyvers emphasized the “urgent need for robust key management” following this breach. Improper access control was identified as the leading cause of hacks in Q2 2024, particularly affecting centralized exchanges.

Crypto recovery improves amid evolving threats

Despite the increase in losses, fund recovery efforts improved by 42% year-over-year in Q2 2024, driven by proactive measures and rapid response strategies. However, Cyvers warned that the threat landscape is still evolving, with “address poisoning, oracle manipulation, and cross-chain attacks becoming more common.”

While centralized exchanges took the largest hit, decentralized finance protocols also faced considerable risks. The blockchain forensic firm stressed the importance of real-time protection and monitoring to prevent further losses. Looking ahead, Cyvers cautioned about the rise of more sophisticated contract exploits, artificial intelligence-driven attacks, and threats to layer-2 protocols, urging the crypto community to remain vigilant and secure their assets.

Earlier in August, analysts from another blockchain analytics firm PeckShield reported that the crypto sector experienced a series of major attacks in July, resulting in losses of around $266 million. The largest breach involved WazirX, one of India’s biggest cryptocurrency exchanges, which lost $230 million in a sophisticated attack allegedly carried out by North Korean hackers, leading to a temporary pause in withdrawals.

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Theo Crypto News

DeFi

Aave price rallies 12% amid surging whale activity

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Aave’s price saw a surge of over 12% amid heightened whale activity and a broader jump in the global crypto market.

At the time of writing, Aave (AAVE) has become the 47th largest cryptocurrency, with its market cap exceeding $1.89 trillion as its price soared 12.4% on Aug. 20, trading at $126.9, according to data from crypto.news.

AAVE 24-hour price chart – Aug. 20 | Source: crypto.news

Despite this rise, the cryptocurrency remains down 80.8% from its all-time high of $661.6, while its daily trading volume is staying at $392 million.

Meanwhile, blockchain analytics firm Lookonchain revealed that whales had significantly increased their holdings of Aave within just a three-hour window. According to their data, these large-scale investors acquired a total of 31,407 AAVE, valued at approximately $3.92 million.

In one instance, the whale address 0x3737 spent 813 ETH, equivalent to $2.18 million, to purchase 17,690 AAVE at a price of $123 per token. Another whale, identified by the address 0x1D15, withdrew 13,717 AAVE worth about $1.73 million from Binance. As of press time, that whale holds a total of 19,373 AAVE, valued at $2.45 million.

Whale activity around Aave surges as DeFi shows signs of maturation

The latest surge in whale activity coincides with a broader recovery in the DeFi sector, as indicated by Edward Wilson, Head of Marketing at Nansen Analytics.

In a statement to crypto.news, Wilson outlined a pivotal shift in the crypto market from the frenzy of speculative meme coins towards more fundamentally strong DeFi projects. This trend, Wilson suggests, signifies a maturation within the market that favors sustainable growth over fleeting excitement.

Moreover, Nansen Analytics has tracked a substantial increase in Aave holdings by seasoned investors, amounting to around $5 million since early August, with this growing confidence seemingly supported by technical patterns on Aave’s price chart.

“The developing Adam & Eve bottom pattern suggests a strong potential for further upward momentum, which aligns with the market’s renewed focus on strong fundamentals.”

Edward Wilson

Earlier in July, Aave’s price had already seen an 8% boost following a proposal by founder Marc Zeller to implement a token buyback program, further fueling optimism about the token’s future.

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Theo Crypto News

DeFi

Whale loses over $55m in DAI stablecoin to phishing attack

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A whale address lost a substantial amount of DAI tokens to a phishing attack after carelessly signing a fraudulent transaction.

On-chain data confirms that the losses amounted to a whopping $55.47 million in Dai (DAI). According to an X post by Lookonchain, the whale’s funds were stored in Maker, a decentralized finance protocol built on Ethereum.

However, after signing the fraudulent transaction, the ownership of these funds was altered, allowing the attacker to take full control of the DAI tokens in the wallet. When the whale tried to withdraw the funds, the transaction failed due to the unintended change in ownership. The hacker then swiftly moved the stolen DAI tokens to a newly created address. 

Through this address, the attacker has since been converting the tokens to Ethereum (ETH) and rerouting them to other wallets. So far, the hacker swapped 27.5 million DAI for approximately 10,625 ETH, ultimately moving most of the funds to CoW, a trading protocol.

Phishing attacks have become increasingly common in the crypto scene. In June, a MakerDAO delegate lost $11 million in various tokens, including USDe, to a similar scam. In May, an NFT trader lost over $145,000 in Bored Ape Yacht Club collectibles, while another investor saw $101,000 in multiple cryptocurrencies vanish due to phishing.

Recent Chainalysis research confirms that since May 2021, approval attacks have accounted for an astonishing $2.7 billion in stolen assets. Previous reports also revealed that victims lost over $46 million to phishing attacks in February this year.

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Theo Crypto News

DeFi

Aave V3 goes live on ZKSync’s Era mainnet

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Aave V3 has launched on the ZKSync Era mainnet to unlock liquidity and yield generation for users of the zero-knowledge-powered blockchain ecosystem.

Aave Labs said in a blog post that the deployment of Aave (AAVE) V3 on Era will see the community leverage advanced ZK technology to benefit from expanded access to decentralized finance.

Integration also means more institutional use cases within the Elastic Chain, a network of standalone chains, including rollups that tap into ZKSync’s technology. Recently, the Aptos Foundation proposed the deployment of Aave V3 on the Aptos (APT) mainnet.

A gateway to DeFi

With the deployment, new institutional use cases that will be available to users include private networks and custom platforms tailored for given asset classes, user risk profiles, and segments.

The integration also brings GHO, a decentralized overcollateralized stablecoin native to Aave, to users.

According to Stani Kulechov, founder and chief executive officer of Aave Labs, the launch of Aave V3 on Era offers both Aave and ZKsync communities an opportunity for further collaboration and innovation.

“By combining ZK-proofs and the unified Elastic Chain ecosystem, Aave can unlock unprecedented scalability, privacy, and security, expanding the DeFi user base and new institutional use cases,” Kulechov added.

Chainlink price feeds integrated

Aave V3’s deployment on Era also includes the integration of Chainlink (LINK) to offer access to reliable price feeds.

Meanwhile, Aave DAO delegate and service provider Aave Chan Initiative will coordinate and redistribute any airdrops from ZKsync through liquidity mining and other incentives.

The Aave DAO has reportedly approved four assets for initial accessibility on Era. These include the stablecoins USDT and USDC, Wrapped Ethereum (WETH), and Wrapped stETH (wstETH).

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Theo Crypto News