Lưu trữ cho từ khóa: #DeFi

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Friend.tech collaborates with Conduit, launches Friendchain

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Friend.tech, a key player in the web3 social networking sphere, has disclosed plans to collaborate with Conduit, a notable crypto infrastructure service provider, to create its native blockchain.

On June 8, Friend.tech unveiled plans for Friendchain, a proprietary blockchain that will utilize the FRIEND token as a fully transferable gas token.

The platform did not specify a launch timeline for the project.

Meanwhile, the decision isn’t surprising, given recent statements from the project’s co-founder, Racer.

In May, Racer mentioned the possibility of leaving the Coinbase-backed Ethereum layer-2 network Base due to feelings of alienation from the ecosystem. He even offered a 0,000 reward for any developer who could successfully migrate the platform from Base without major disruptions.

However, the recent announcement has elicited mixed reactions within the community. Some analysts view it as a natural progression, suggesting that successful decentralized applications will eventually become independent chains. Others caution that this move might hinder growth.

A prominent FriendTech advocate, known as The Giver on social media platform X, described the decision as “short-term bullish and mid-term bearish” for the crypto venture.

According to the analyst, FriendTech should focus on maximizing user acquisition to build a solid user base, ideally by leveraging connections through the Base and Solana blockchains.

Since its launch in August 2023, Friend.tech has become one of the leading SocialFi decentralized applications (dApps) on the Base network. The platform’s model allows users to purchase keys linked to their social media accounts, facilitating direct interactions with influencers.

Key purchases not only grant chat access but also provide financial benefits. Users receive a share of the transaction fees and reward points that can lead to token airdrops.

Following the launch of its second version and a token airdrop campaign last month, Friend.tech has solidified its position at the forefront of the SocialFi movement. Despite a recent 20% decrease in total value locked, the platform still leads the SocialFi trend with nearly million in TVL as of June 8, according to data from DeFiLlama.

Currently, FRIEND is trading at around .8439, up 15% in the past 24 hours, according to data from CoinMarketCap.

FRIEND 24-hour price chart | Source: CoinMarketCap

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DeFi

Wormhole unveils new governance staking feature, W token rises 12%

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Wormhole’s governance token, W, has experienced a significant surge of 12% following the introduction of a new staking feature. 

At the time of writing, the W token was exchanging hands at .7113, up 12% in the last 24 hours. In the same timeframe, the crypto asset also witnessed a trading volume of 5 million, per data from CoinMarketCap. Its market cap stood at .25 billion.

W 24-hour price chart | Source: CoinMarketCap

Wormhole (W) is a cross-chain messaging protocol that facilitates the transfer of assets and data across different blockchain networks.

In a June 6 X post, the Wormhole team revealed the launch of the “Stake for Governance” feature for W token holders. The new functionality allows W token holders to stake their tokens to participate in governance decisions. This helps in promoting a more decentralized and community-driven management structure.

Dan Reecer, co-founder of Wormhole Foundation, also took to X on the same day to provide additional details on the significance of this launch. He explained that of the staking feature marks the first step in the W staking roadmap, introducing the industry’s first multichain governance system, MultiGov.

W token holders can now delegate their tokens either to themselves or to a chosen delegate, enabling a seamless multichain experience for voting and delegating in any DAO.

Reecer also noted that MultiGov, developed in collaboration with Tally and ScopeLift, allows users to delegate and vote from any connected Layer 2 network and, soon, Solana.

Tally is a governance platform that helps DAOs manage their proposals and voting. On the other hand, ScopeLift is a development team that focuses on building tools for decentralized governance.

Unlike other protocols, such as Uniswap, which hosts its governance on the Ethereum mainnet, MultiGov offers a more convenient and cost-effective solution for users across different chains. The innovation aims to provide a truly multichain experience and chain abstraction.

For those looking to stake for governance, users can head to the Tally Governance Portal. There, they can transfer their W tokens from Solana to a supported EVM chain, such as Ethereum, Arbitrum, Optimism, or Base.

Once transferred, users can choose a delegate and stake their W tokens for governance.

Additionally, Wormhole has implemented a daily transfer limit of 100 million W tokens from Solana (SOL) to EVM chains to ensure security.

The next steps for Wormhole governance include completing and auditing the Solana integration into MultiGov. After that, the acceptance of proposals and the beginning of voting will follow.

Wormhole’s efforts to expand the reach of the W token are evident in its recent listing on Robinhood, a major cryptocurrency exchange. The W token is now available to trade with European customers on the platform. Additionally, investment firm Multicoin Capital revealed in an April 3 blog post that it had co-led a 5 million funding round in Wormhole last year.

According to analysts at Invezz, the Wormhole token has surged from .513 on May 14 to over .718, breaking past key resistance at .70.

Despite trading above the 50-period and 25-period moving averages, it has formed a rising broadening wedge, a bearish pattern. This puts the token at risk of a reversal down to .60, the analysts noted.

Meanwhile, a trader known as Degen_Maximum sees the potential for the W token to double in value in the short term, adding an optimistic twist to its recent performance.

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DeFi

Ferrum CTO warns against concluding ETH’s non-security status

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Ever since the launch of Bitcoin ETFs in January, the crypto industry has been eagerly waiting for the US Securities and Exchange Commission’s nod regarding Ethereum. Finally, in May, as all hopes were fading, the commission decided to approve the 19b-4 forms for spot Ether ETFs.

According to Taha Abbasi, CTO at Ferrum Labs, the decision is pivotal and is expected to be another step towards mass adoption.

“It proves to the world that L1 and related assets are indeed functioning as intended and are now recognized by governing authorities as well,” Abbasi told crypto.news. 

The sudden but highly anticipated move has sparked a lot of questions regarding how the regulators view the second-largest cryptocurrency. Is it no longer a security? Is it a commodity?

Ether ETFs have been classified under the Securities Act of 1933 rather than the more restrictive Investment Company Act of 1940.

The Investment Company Act of 1940 applies to entities that are primarily engaged in the business of investing, reinvesting, and trading in securities. It imposes stricter regulations on the operations, management, and structure of investment companies.

If classified under this act, it would imply that ETH is considered a security, subjecting it to more rigorous regulatory oversight and potentially imposing additional operational constraints on the ETFs.

Contrarily, the Securities Act of 1933 focuses on ensuring that securities offered to the public are registered and that investors receive sufficient information about the securities being offered. For ETH, this means that the ETFs must disclose detailed information about their holdings and operations.

According to Abbasi, this decision does not provide a definitive answer. Rather, it implies a more balanced regulatory environment that acknowledges the unique nature of digital assets.

Abbasi warned against jumping to conclusions, stressing that the recent approval concerns the ETP product and its “compliance with regulatory requirements for securities offerings” rather than providing a clear classification of ETH itself.

“The impact of the ongoing debate about ETH being a security will likely hinge on future regulatory actions and interpretations, but this move signals a cautious yet progressive step toward integrating digital assets into traditional financial markets,” he added.

Further, he urged market participants to interpret the SEC’s cautious approach as an indication of ongoing regulatory uncertainty. 

He believes SEC Chairman Gary Gensler’s constant refusal to clarify ETH’s classification is “a strategic approach by the SEC to retain flexibility and control” over the cryptocurrency sector.

“Participants should remain vigilant, comply with existing regulations, and stay updated on any regulatory developments,” Abbasi advised.

Another key point to the recent approval was the inability to stake ETH within these ETFs. The SEC views staking as an illegal offering by cryptocurrency platforms. The securities watchdog has also taken action against big names like Coinbase and Kraken for their staking services.

Several ETF issuers have amended their filings in response to this.

Abassi believes the lack of staking could directly impact the attractiveness of Ether ETFs. He acknowledged the “unique benefits” offered via staking, adding that taking it out of the equation would lead to “potential opportunity costs and competitive disadvantages.”

“The impact on returns and market dynamics will depend on how well issuers address these challenges and position their products in the market.”

However, he noted that by targeting specific investor segments and effectively communicating the strengths of their products, ETP issuers could still “attract a substantial investor base.”

As of now the commission is yet to approve the S-1 registrations for the ETF filings.  

This process is known for its complexity and the meticulous scrutiny it requires regarding investor protection, market maturity, and regulatory clarity. 

Bloomberg’s Eric Balchunas expects a June launch for the ETF product. Abbasi, however, speculated that a “realistic” estimate could be  “6 to 18 months” before we see Ether ETFs trading on exchanges.

“Market participants should stay informed about regulatory developments and engage in the public comment process to influence the outcome positively,” he concluded.

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Theo Crypto News

DeFi

KARRAT surges 40% amid partnerships with Palantir and Nvidia

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KARRAT, the governance token of the KARRAT protocol, has surged over 40%, reaching an all-time high since its launch.

At the time of writing, the token was trading at .10, marking a 41% increase in the last 24 hours. The crypto assets trading volume also saw a significant rise, climbing by 600% to million.

KARRAT 24-hour price chart | Source: CoinMarketCap

Launched on April 22 by the KARRAT Foundation in Camana Bay, Cayman Islands, the KARRAT Protocol is funded by KARRAT tokens, focusing on the gaming and AI sectors.

AMGI Studios, an independent animation and gaming company at the intersection of AI and gaming, is a key supporter of KARRAT and collaborates with major entities like Polygon and Delphi Digital.

KARRAT’s latest surge in value followed a June 4 announcement of a partnership between AMGI Studios and AI & Big Data powerhouse Palantir.

The partnership will see AMGI Studios utilize Palantir’s foundry architecture in its products and applications, marking a significant step forward for the KARRAT ecosystem.

In another notable development, AMGI Studios announced a collaboration with AI leader Nvidia on May 23. The partnership is expected to further enhance the integration of advanced AI technologies within the KARRAT ecosystem​.

In a May 3 X post, an X user @CryptoGodJohn suggested that KARRAT has the potential to become as influential as SAND and MANA in the gaming coin market, potentially reaching a fully diluted valuation of over billion.

KARRAT has already secured listings on major crypto exchanges, including Coinbase, Gate, and KuCoin, enhancing its accessibility and trading potential.

Earlier in February, KARRAT Protocol revealed the launch of its first web3 game, ‘My Pet Hooligan,’ a social-action game available in early access on the EPIC Games platform.

The AAA game, the flagship IP of AMGI Studios, features advanced motion capture technology, AI-driven characters, and real-time face-driven animation. It allows players to embody NFTs in-game using the KARRAT protocol.

The web3 game has already gained recognition, winning the Best Action Game award at the GAM3S.GG Awards in December 2023.

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Theo Crypto News

DeFi

BNB reaches new ATH amid highly volatile trading

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Binance Coin (BNB) has reached a new all-time high for the first time in over three years. However, the asset could witness high volatility.

BNB is up by 12% in the past 24 hours and is trading at 5.8 at the time of writing. Earlier today, the asset touched an ATH of 1.56 — hitting a new ATH for the first time since May 12, 2021.

BNB price, RSI, open interest and funding rate – June 5 | Source: Santiment

Thanks to the price rally, BNB’s market cap surpassed the 0 billion mark, last witnessed in December 2021. Moreover, the Binance-native token’s daily trading volume increased by 62%, reaching .18 billion.

Notably, the largest centralized cryptocurrency exchange, Binance, burned 1.94 million BNB tokens, worth roughly .17 billion on April 24 — bringing bullish momentum to the asset. BNB currently has around 147.58 million tokens in circulation. 

According to data provided by Santiment, the BNB total open interest surged by 32.5% over the past 24 hours — rising from 5.66 million to 6.67 million. The sudden increase in the open interest shows signs of highly volatile trading since some traders are still betting on a further price rally for the token.

Moreover, data from the market intelligence platform shows that the BNB Binance funding rate dropped from 0.02% to 0.01% in the past 24 hours. The downward momentum in the funding rate shows that the amount of traders betting on the BNB price drop has increased.

In addition, the BNB Relative Strength Index (RSI) is currently sitting at the 74 mark, per Santiment data. The indicator shows that BNB is overbought at this price point and some investors could shift to short-term gains.

For BNB to remain in the bullish zone, its RSI would need to cool down below the 50 mark. 

It’s important to note that high price volatility would be expected for BNB due to the sudden increase in the token’s open interest and declining funding rates — which could ultimately bring a large amount of liquidation.

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Theo Crypto News

Bitcoin

Money20/20: Rootstock Bitcoin L2 eyes further Latin American expansion

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Speaking at Money 20/20 in Amsterdam, Ricardo Castro of Rootstock Labs highlighted the focus of the Bitcoin layer-2 protocol on providing global acess to decentralized finance (DeFi), particularly in emerging markets. 

Bitcoin (BTC) and Ethereum (ETH) are by far the two largest decentralized networks, each with unique strengths. BTC is rewnowned for its robust security standards, while Ethereum’s blockchain emphasizes functionality and utility through smart contracts. 

For years, developers have tried to bridge the two concepts and create a network that can bootstrap decentralized finance solutions atop BTC’s blockchain. Rootstock Labs says it has achieved this, giving Latin American users and crypto participants at large a secure BTC-backed smart contract platform.

According to Castro, the protocol boasts over 2,000 BTC, valued at over 1 million, backing DeFi development and liquidity for decentralized applications (dapps) on the layer-2 side chain. The chain uses a native token called RBTC, pegged one-to-one with Bitcoin for transaction validation.

DefiLlama data also confirmed more than 3 million in total value locked on Rootstock, including over million in stablecoins. Castro told attendees that the company will continue to support innovation around Bitcoin smart contact capabilities to bridge the gap between BTC and Ethereum’s offerings. 

The startup has a multi-million pool prize for developers and already issued over 100 grants in the past 12 months, per the exec. 

Rootstock BTC L2 TVL | Source: DefiLlama

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DeFi

Kaspa (KAS) surges 20%, eyeing all-time high

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KAS, the native token of the proof-of-work cryptocurrency Kaspa, has soared 20% as its price nears a potential all-time high.

At the time of writing, Kaspa (KAS) has experienced a 200% increase in trading volume and an 18% increase in price during the previous 24 hours. The cryptocurrency asset has risen 25% in the previous seven days and 61% in the last 30 days, indicating an optimistic prognosis for the altcoin this month.

KAS 24-hour price chart | Source: CoinMarketCap

According to CoinMarketCap, the token now ranks 26th in the global cryptocurrency list, with a trade price of .176, a circulating supply of around 23,828 million KAS tokens, and a market capitalization of .09 billion.

Kaspa is a cryptocurrency designed to provide a high-performance, scalable, and secure blockchain platform. Kaspa’s distinguishing feature is its usage of the GhostDAG protocol, which enables faster block times and higher transaction throughput than typical blockchains. GhostDAG, unlike standard blockchains, does not create orphan blocks in parallel. Instead, GhostDAG lets them to cohabit while enforcing consensus.

The current price increase follows a June 3 X post by trader Christian Ludwig, who pointed out the potential catalysts that are likely to drive the price of Kaspa to as high as in the coming months. Among them is the introduction of Kaspa KRC20 smart contracts, the Kaspa network’s potential to rise as the next best stablecoin transfer network.

Other potential drivers cited by Ludwig to reach the price target were the Ethereum Virtual machine bringing the ETH network to Kaspa and an upcoming Blockdag upgrade that will boost its network speed by up to 10 times.

Earlier on May 30, Kaspa’s hashrate had grown to approximately 300 PH/s, which remains a fraction of Bitcoin’s hashrate. However, the rate remains approximately 20 times higher than Ethereum Classic’s, making it more difficult to attack. 

Kaspa’s network is based on one of Satoshi Nakamoto’s previous concepts. Bitcoin’s creation schedule was expected to be substantially shorter. This idea prompted Kaspa to provide rapid currency production, with halving occurring more frequently. 

Kaspa will, at max, contain a total of 28.7 billion coins, with a halving occurring every year. At the current hashrate, more than 23 billion coins have already been produced, accounting for more than 82% of the total supply. The competition to mine the remaining coins will intensify, and miners will be forced to cover their costs through fees. 

The majority of KAS trading takes place through ByBit, Gate.IO, and KuCoin, while the crypto community hopes for a Binance listing. As Kaspa’s popularity grows, miners may try to amass coins in the hopes of seeing positive price action.

Because of its huge supply, KAS is relatively noticeable, nearly cracking the top 25 assets by market capitalization. 

Kaspa has been distributed to approximately 500K addresses, holding more than a “dust” amount. However, People are adopting Kaspa at a slow pace in 2024 because they are more interested in meme tokens, which are easier to acquire. 

The Kaspa community anticipates a price increase of from present levels. However, KAS can only rise up if L1 narratives return to the forefront. Kaspa’s blockchain leverages its DAG structure, speed, and mining to boost its influence. The network is still behind in token creation and value-generating projects. 

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DeFi

OKX rebrands and launches crypto exchange, wallet in the Netherlands

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OKX, one of the largest centralized exchanges (CEX) by trading volume, announced the launch of its CEX and a web3 wallet in the Netherlands.

On June 3, the exchange shared on X that it will support more than 150 cryptocurrencies and 60 crypto-euro trading pairs. 

Notably, the exchange rebranded from Okcoin Europe Ltd. to OKX on April 10.

Per the announcement, OKX teamed up with the local online payments company iDEAL to allow its Dutch users to easily deposit and withdraw funds from their accounts. Moreover, users can also use the Single Euro Payments Area (SEPA) for free euro deposits and withdrawals.

In addition to the CEX platform, OKX also launched a self-custodial web3 wallet, called OKX Wallet, for its Dutch users. The OKX Europe general manager Erald Ghoos said that the wallet and the exchange have been carefully crafted by a team of experts after reviewing customer feedback.

Ghoos added that OKX holds “a crypto service provider registration with De Nederlandsche Bank (DNB) and a virtual financial asset service provider license in Malta.”

On May 24, OKX withdrew its application for the Virtual Asset Service Provider (VASP) license in Hong Kong. The exchange halted operations in the region on May 31. However, OKX did not explain the main reason behind leaving one of the fastest-growing cities for crypto companies. 

According to data provided by CoinMarketCap, OKX has a 24-hour trading volume of .7 billion with almost 5.9 million weekly visits. The total assets under its management reach .8 billion with Bitcoin (BTC) having the largest share of 46.2%, worth .69 billion.

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DeFi

Bitcoin reaches the $69k mark after a series of large investments

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The Bitcoin (BTC) price has gained bullish momentum, surpassing the ,000 mark, after a bearish weekend.

BTC is up by 1.3% in the past 24 hours and is trading at ,080 at the time of writing. The flagship cryptocurrency’s market cap surpassed the .35 trillion mark with a daily trading volume of .7 billion.

BTC price, RSI, active addresses and supply in profit – June 3 | Source: Santiment

The bullish momentum comes after a few large investments around the Bitcoin ecosystem. Per a report on June 1, Paradigm helped the Bitcoin staking protocol Babylon raise million. 

Moreover, Tether, the USDT issuer, rushed to buy up to 0 million worth of Bitdeer shares in a private deal. Bitdeer is a popular Bitcoin mining company and its shares are worth between and .

The Republic of Tatarstan, also known as Tataria, is trying to build the largest Russian Bitcoin mining company, worth roughly 0 million. Innopolis Tech, a fintech company governed by a former Russian minister of communications, will be leading the project.

According to data provided by Santiment, the number of active addresses on the Bitcoin network has been consistently declining over the past four days — falling from 683,150 on May 31 to 538,240 unique daily active addresses at the reporting time.

Data from Santiment shows that the total supply in profit has slightly increased — rising from 18.28 million BTC to 18.33 million coins. Notably, 19.707 million Bitcoins have entered circulation so far. 

The BTC Relative Strength Index (RSI) is currently sitting at the 54 mark, according to Santiment. The indicator shows that Bitcoin is still in good condition for a steady bullish momentum.

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