Lưu trữ cho từ khóa: staking

Phân tích

Mantra token holds above key support after dashboard upgrade

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Mantra, the popular cryptocurrency for Real World Asset tokenization, bounced back on Tuesday, Sep. 3 after hitting a crucial support level.

Mantra (OM) token price rose by 10% as it retested the important resistance point at $1 for the first time since Aug. 25. It has jumped by 15% from its lowest point on Monday. The token rose after the developer unveiled a new version of Mantra Zone, a platform that lets users earn rewards and explore on-chain activities. 

For example, users can invest in the Ondo Finance’s (ONDO) USDY liquidity pool and share part of the 888,888 OM that will be rewarded. Data shows that the pool has attracted over $2.19 million in assets. The pool has an estimated APR of 576%

Mantra token also rose as the network’s staking yield continued rising. According to StakingRewards, Mantra has one of the highest yields in the crypto industry. Its staking reward rose to 21.17%, its highest point since Aug. 23, after bottoming at 20.9% in August. Its staking ratio also rose to almost 50%

In contrast, Ethereum (ETH) has a staking yield of 3.05% and a staking ratio of 28.40%, while Solana (SOL) has a yield of 6.87% and a ratio of 65.54%.

Mantra price has found a strong support

Mantra price chart | Source: TradingView

Mantra’s rebound happened even as sentiment in the crypto industry remained weak. Bitcoin (BTC) has remained below $60,000 while the valuation of all coins retreated to $2.07 trillion.

Its recovery occurred after falling to $0.8675, an important support level that coincided with the ascending trendline connecting the lowest swings since June 25. It was also along the 100-day exponential moving average and the 38.2% Fibonacci Retracement point.

Therefore, Mantra will likely continue rising as investors target the key resistance level at $1.090, its 23.6% retracement point. Conversely, a drop below the ascending trendline will point to more downside as bears target the first pivot support at $0.70. 

A potential risk for Mantra is that more traders are still shorting the token. According to CoinGlass, 50.75% of all traders are shorting the token, higher than Monday’s 49.9%. Its futures open interest of $17.7 million was also significantly lower than the July high of $37.4 million.

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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

Phân tích

Avalanche rises after big token unlock; staking reward falls

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Avalanche, the 14th biggest cryptocurrency, rose for the sixth consecutive day after a significant token unlock.

The Avalanche (AVAX) token reached a high of $23.25 on Aug. 21, its highest level since Aug. 3 and 32% above its lowest level in August.

Avalanche’s staking yield retreats

The rise happened a day after the network unlocked 9.5 million AVAX tokens worth over $202 million. The next unlock will occur on Nov. 18 this year. 

Avalanche holders should expect more unlocks in the next few years, as just 64% of the total tokens have been unlocked. Over 255 million tokens will be unlocked by August 2029. 

Token unlocks are generally negative for existing holders since they increase the amount of available coins. Also, they impact staking rewards since some of these tokens flow to staking pools. 

Data by StakingRewards shows that AVAX’s staking yield has been in a downtrend in the past few weeks and is nearing its lowest level in months. It dropped to 7.93% on Aug. 21, down from 7.97% on July 21. 

More data shows that staking inflows rose after the token unlock on Aug. 20 after falling for six consecutive days, a sign that some investors exited their respective stakes before the token unlock. 

Avalanche’s token also rose after Santiment data showed that intraday volume grew to over 309 million, the highest point since Aug. 7. 

Avalanche’s volume has risen | Source: Santiment

AVAX price formed a death cross and a head and shoulders pattern

Avalanche price chart | Source: TradingView

Avalanche has been under substantial pressure this year. The token has dropped by over 64% from its highest level in March. It formed a death cross and a head-and-shoulders pattern in June, often leading to more downside. 

Also, Avalanche has continued to lose market share in the Decentralized Finance market. Data by DefiLlama shows that its total value locked has moved to $882 million, making it the ninth biggest chain in the industry. 

Avalanche has been passed by newer chains like Base and Arbitrum (ARB), which have assets of $1.49 billion and $2.68 billion, respectively. 

Other networks have also passed it in decentralized exchange volume. Its weekly DEX volume stood at $421 million, while Arbitrum had $3.7 billion and Base had $3.18 billion. 

A likely reason for this is that, unlike Solana (SOL) and Base, Avalanche’s meme coins like Coq Inu (COQ), Kimbo, and Gecko Inu have not become highly popular. Instead, Solana tokens like Dogwifhat (WIF) and Bonk (BONK) have gained market share.

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Altcoin

Arbitrum DAO signals approval to introduce staking for ARB tokens

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With 91.5% approval, the Arbitrum DAO has signaled its support for implementing ARB token staking to enhance governance and security.

The Arbitrum DAO has supported the implementation of (ARB) token staking, a move aimed at enhancing governance and bolstering the protocol’s security. Per the temperature check proposal submitted by Tally’s head of marketing, Frisson, over 91% voted in approval, while 8.46% opposed it.

The initiative, designed to improve the governance and security of the Arbitrum protocol, noted that only about 10% of ARB’s circulating supply is “actively used in governance,” and voter participation has declined since the launch of the Arbitrum DAO.

The new staking mechanism is expected to allow ARB holders who delegate their tokens to active governance participants to capture value, while a liquid staked ARB token (stARB) will enable the auto-compounding of potential future rewards and compatibility with decentralized finance applications.

Staking as insurance against governance attacks

A key component of the staking proposal is its role in safeguarding the Arbitrum DAO treasury, which has amassed over 16 million ETH in surplus fees. Frisson highlighted the growing risk of governance attacks, noting that as the treasury’s value increases, it becomes more “economically attractive for a malicious actor” to launch a governance attack on the DAO treasury.

Tally is set to develop the staking solution with an allocated budget of $200,000 in ARB tokens. Smart contract audits are expected to be completed by September, with the full implementation of the staking mechanism scheduled for October. Despite the news, ARB’s price continued to decline, trading nearly 3% lower, per data from crypto.news.

The approval comes just a week after Franklin Templeton, a $1.66 trillion asset manager, announced plans to launch a money market fund on Arbitrum. The so-called Franklin OnChain U.S. Government Money Fund (FOBXX) is also available on Stellar (XLM) and Polygon (MATIC).

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Theo Crypto News

DeFi

Restaking protocol Symbiotic launches devnet

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Symbiotic, a restaking protocol on Ethereum, has announced that its devnet is now live as it moves closer to the mainnet launch.

The platform’s devnet comes just months after the decentralized finance platform on Ethereum (ETH) launched in stealth and is a key step towards the mainnet deployment expected in the third quarter of 2024.

 “With this devnet release, Symbiotic is one step closer to its full immutable mainnet deployment in Q3 2024, pending five independent full-scope audits from industry-leading security firms (Statemind, ChainSecurity, Zellic, OtterSec, and Certora)” the Symbiotic team said in an announcement on Aug. 12.

Paradigm and cyber-fund-backed Symbiotic emerged from stealth in June, introducing a protocol that acts as a coordination layer for developers to build and adapt their own restaking implementations.

In the latest announcement, Symbiotic revealed that the rollout on Ethereum’s Holesky testnet will enable developers and businesses to create protocols that leverage restaking integrations and shared security.

As a key protocol, Symbiotic offers a trust-minimized network that projects can utilize to launch on day one. Features include a vault and a collateral system that major projects such as LayerZero, Ethena, and Bolt already leverage.

Symbiotic eyes penetration into the DeFi market, where protocols such as EigenLayer are emerging as significant players. The platform raised $5.8 million in its Seed funding round in June, with backing from crypto venture capital firms Paradigm and cyber.Fund.

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Altcoin

Polyhedra hits 6.9m staked ZKJ in V2 staking program

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Polyhedra Network’s staking program saw more than 6.9 million of its native token staked in less than a month.

The Polyhedra Network (ZKJ) team, which recently launched the open beta the protocol’s proof cloud, shared details of the new milestone on Aug. 2.

Staking allows ZKJ holders to earn rewards and participate in the Polyhedra Network’s governance. According to the data, the ZKJ staking program surpassed the $9 million mark in “under a month.” The total staked tokens hit 6.9 million, while the number of unique stakers rose to 1,688.

However, as of the announcement on Aug. 2, 2024, the total staked ZKJ only accounted for about 0.08% of Polyhedra’s total supply of 1 billion tokens.

Polyhedra Network staking V2

The zkBridge developer’s V2 staking program followed the conclusion of the first offer that launched in June. As a temporary program, the first event only lasted for four weeks. However, it allowed participants to stake ZKJ for a chance to earn a share of the $1.13 million reward pool.

As crypto.news highlighted at the time, that first Polyhedra staking program ran until July 11.

The protocol launched its staking program V2 on July 15, which it said would run for a maximum of 52 weeks. During this period, network participants will be able to stake their ZKJ tokens to accumulate Staking Power. This allows token holders to earn rewards.

Staking rewards

Rewards calculation and distribution occur every Thursday at 00:00 UTC, based on the individual user’s Staking Power versus the total Staking Power for all users.

The next distribution, for instance, is expected on Aug. 8, with 25,000 CYBER and 38,000 ZKJ available. On Aug. 1, Polyhedra distributed 30,000 ZRO and 20,000 ZKJ.

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Theo Crypto News

Altcoin

Karak integrates Space and Time to power trustless rewards

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Karak is tapping into Space and Time as its zero-knowledge coprocessor solution to power the trustless slashing and rewards for its Distributed Secure services.

In an announcement, the multi-chain restaking platform stated that Space and Time’s integration will provide a crucial security layer for decentralized services within the ecosystem. Karak, built on Ethereum (ETH), is a layer-2 project that looks to bolster user protection via universal security.

A ZK proofs solution for DSSs

Space and Time is a decentralized data warehouse that functions as a verifiable compute layer for blockchain and artificial intelligence applications. The platform offers a zero-knowledge (ZK) proofs solution that scales, which is essential for smart contracts, large language models, and enterprises.

Karak will utilize this technology for its DSS, which uses restaked assets to ensure security for various providers, including data availability marketplaces and zero-knowledge coprocessors. Space and Time’s fast on-chain proofs enable developers to quickly build and deploy DSSs.

Additionally, Space and Time is developing its own distributed secure service on Karak, aimed at enhancing the platform’s ZK-compatible indexing solution. This will allow the Space and Time community to run indexing nodes.

Coinbase and Pantera Capital back Karak

Karak, which recently raised $48 million in a Series A round at a $1 billion valuation, is backed by Coinbase and Pantera Capital. The funds will be used to accelerate the development of Karak’s universal security layer for Ethereum and the broader crypto community. Karak aims to create a universal restaking layer that integrates the global crypto economy, including every asset and blockchain network.

“Many assets have lower opportunity costs versus ETH, meaning the Distributed Secure Service (DSS) has an easier and much more viable path to sustainable yields. In an ETH-only environment, a DSS has to compete against every ETH yield opportunity with a new, novel risk profile,” Karak wrote on X.

Karak’s partners in the restaking ecosystem include Swell, ether.fi, Renzo, Kelp and Puffer Finance.

Wormhole was the first DSS on Karak, while the platform recently expanded its solution to offer native staking for Maker (MKR).

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NFT

Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange

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Crypto exchange Bitbank is gearing up for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese crypto exchange to seek regulatory approval to go public.

Bitbank Inc., a Japanese crypto trading platform, is seeking to go public as part of its strategy to expand its market presence and capitalize on the growing interest in digital assets in Japan.

According to a regulatory filing published today, July 31, the trading firm wants to go public on the Tokyo Stock Exchange, although the timing and specifics of the public offering remain uncertain as they are subject to regulatory approvals and other procedural requirements.

Established in 2014, Bitbank boasts a capital base of ¥8.65 billion yen (around $60 million), as of the end of last year, per the filing. The exchange didn’t rule out the possibility that the listing could be halted depending on future evaluations and market conditions.

As of June, Bitbank’s major shareholders included its co-founder Noriyuki Hirose with a 30.69% stake, MIXI, Inc. holding 26.99%, and Ceres Inc. with 23.05%.

In 2021, Bitbank secured ¥7.5 billion in funding from MIXI and Ceres to double down on its existing business as well as new ventures such as initial exchange offering, staking, custody, non-fungible tokens and a payment method based on a layer-2 solution. Unlike MIXI, Ceres — a Japanese marketing services provider — also supported Bitbank with funding as early as 2015, though the amount of that funding remains unclear.

Bitbank’s filing makes it the second Japaneses crypto exchange seeking to go public. Coincheck plans to go public on Nasdaq, via a merger with special purpose acquisition company Thunder Bridge Capital Partners IV, expected to finalize in Q3 of this year.

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Altcoin

EigenLayer announces AVS rewards, EIGEN programmatic incentives

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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.

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