Coinspeaker Bitcoin, Ethereum Prices Drop despite Approval of Ether ETFs

The party may be­ on hold for crypto bulls, at least for now. Despite the­ landmark approval of several Ethereum (ETH) e­xchange-traded funds (ETFs) by the US Se­curities and Exchange Commission (SEC) on May 23, 2024, both Bitcoin (BTC) and Ether price­s experience­d a decline in the past 24 hours.

Photo: CoinMarketCap

This price­ dip appears to be a classic case of “buy the­ rumor, sell the fact” behavior. Ethereum, which had surged by 20% in the wee­k leading up to the approval, saw a 5.87% drop, while Bitcoin saw a de­cline of 3.53% following the SEC’s decision of Ethereum ETFs approval. The total market capitalization also de­clined by 1.19%, reaching $2.44 trillion.

Ethereum Price Pullback after ETF Approval

“This pullback shouldn’t be a surprise,” says Alex Kuptsikevich, a senior market analyst at FxPro. “We shouldn’t be surprised if the price pulls back to the $3000 area again, returning to an important consolidation area. From these levels, large institutional investors can start building a position in ETFs.”

Kuptsikevich points to the similar price movement witnessed in January 2024 following the approval of the first Bitcoin ETF. Bitcoin’s price initially dipped 19% before experiencing a significant rebound.

While the SEC’s approval of the 19B-4 forms is a significant step forward for Ether ETFs, it’s important to note that these funds are not yet cleared to trade. The SEC still needs to greenlight the individual S-1 filings before investors can purchase shares.

However, the approval process appears to be moving forward. The SEC has given the go-ahead to eight ETF proposals from major financial players like BlackRock, VanEck, Fidelity, Franklin Templeton, Bitwise, ARK Invest 21Shares, Invesco Galaxy, and Grayscale. These ETFs are expected to list on major exchanges like the Nasdaq, NYSE Arca, and Cboe BZX.

Long-Term Optimism Persists

Even with the­ recent drop in price, e­xperts are still hopeful about Ethe­r’s future and the crypto market as a whole­. For instance, Standard Chartered fore­casts that Ether ETFs could attract up to $45 billion in their first year. QCP Capital expects that Ethe­r’s price could jump by more than 60% soon, driven by growing inte­rest from institutional investors in futures and dire­ct purchases.

The rece­nt price fall of Ethereym afte­r the Ether ETF rece­ived the gree­n light shows the volatile nature of the­ crypto market. However, it’s important to se­e this as just a part of Ether’s growth story. These­ groundbreaking ETF approvals are setting the­ stage for more investme­nt from institutional players.

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Bitcoin, Ethereum Prices Drop despite Approval of Ether ETFs

Coinspeaker Pantera and Figure Scoop Up Final Discounted FTX Solana Tokens as Sales Wrap Up

In a move marking the conclusion of weeks-long auctions, the estate of bankrupt crypto exchange FTX has finalized the sale of a substantial trove of deeply discounted Solana tokens, valued at $2.6 billion. Among the latest buyers are Figure Markets and Pantera Capital, who scooped up the last stash of FTX’s Solana tokens.

According to insiders, Figure purchased a block of approximately 800,000 coins for around $80 million. This acquisition was made at a huge discount, with Figure paying roughly $102 per token, compared to the market price of about $166 at the time of purchase. Pantera’s purchase price and details remain unknown.

The exchange, which faced turmoil following its collapse in November 2022, has demonstrated unexpected financial strength, unearthing a surplus cash reserve totaling $16.3 billion. This surplus, exceeding FTX’s liabilities by 50%, has positioned the exchange to fully repay its customers, along with interest, a rarity in US bankruptcy proceedings.

FTX’s Journey to Financial Recovery

FTX’s journey to financial misery traces back to a history of financial mismanagement by its founder Sam Bankman-Fried (SBF). The downfall of SBF, a prominent figure in the crypto industry, sent shockwaves across the market and raised questions about the sustainability of FTX, one of the largest crypto exchanges at the time.

SBF’s failure, attributed to a series of missteps and regulatory challenges, caused FTX’s descent into bankruptcy, leaving millions of customers and creditors in limbo. In the aftermath of SBF’s downfall, FTX faced intense scrutiny from regulators and investors. The exchange’s liquidity reserves were depleted, resulting in financial woes and casting doubt on its ability to honor its obligations to customers and creditors.

Despite the adversity, FTX embarked on a series of restructuring efforts, including the liquidation of various assets such as Solana tokens and shares in successful startups. The sale of its Solana tokens was initiated in April after court approval was granted.

So far, FTX’s efforts have yielded substantial results, showcasing its commitment to address pending financial obligations. The exchange’s newfound financial stability has instilled confidence in its ability to settle its debts, which amount to around $11 billion owed to two million customers and other creditors.

FTX’s revised Chapter 11 plan, pending court approval, aims for a centralized distribution of assets among its customers, streamlining the repayment process and ensuring equitable treatment for all claimants.

The exchange’s proactive approach to debt repayment and the revelation of its surplus cash reserves have bolstered investor confidence and provided a positive outlook for its resurgence. Last year, the SEC had already hinted at the possibility of approving the revival of FTX, provided the exchange meets the regulatory guidelines.

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Pantera and Figure Scoop Up Final Discounted FTX Solana Tokens as Sales Wrap Up

Coinspeaker Binance Web3 Wallet Introduces New Yield Features to Boost Earnings

Crypto exchange Binance has recently initiated new enhancements and features to its self-custody crypto wallet – Binance Web3 Wallet.  As a result, the Earn page for the Web3 Wallet features two new sections – Simple Yield and Yield Plus – that aim to optimize users’ earning experience on the Binance app. 

The Earn section of the Binance Web3 Wallet has received a major makeover with powerful features and user-focused upgrades. It also features the new Simple-Yield sub-section providing a simplified way for users to earn yield on their digital asset holdings while simultaneously removing the complexities associated with DeFi. By using protocols such as Venus and Aave, users can start generating passive income in just a few clicks.

Another major revamp of the Web3 wallet includes another sub-section Yield Plus. This provides a simplified crypto staking and restaking facility. It also allows users to maximize the APR in a hassle-free way with the special zone offering easy and step-by-step guides. 

This entails instructions for accumulating points for potential upcoming airdrops and token distributions. Users in Yield Plus have initial access to opportunities such as SolBlaze, Kamino, Marinade, Renzo, Eigenpie, StakeStone, Lista DAO, and Ondo.

Binance Web3 Wallet Support News Blockchains

Along with adding new features and enhancements, the Binance Web3 Wallet has also extended support for six new blockchains including Degen Chain, BounceBit, Mode Network, KuCoin Chain, Ronin, and the Tabi Testnet.

This extension of new blockchain support comes with the integration of 61 decentralized applications (dApps) thereby allowing users to explore a wide range of DeFi services.

The newest iteration of Binance Web3 Wallet introduces enhanced swap services, integrating Base Chain, bolstered security measures, and customizable settings accessible directly within the wallet interface. Solana-based swaps have undergone improvements, offering superior rates, accelerated transaction speeds, and expanded support for various trading pairs.

These upgrades to Binance Web3 Wallet will elevate user experience, solidifying its position as one of the industry’s most inclusive, secure, and user-friendly self-custodial wallets.

The recent development from Binance comes as it continues to face competition in the global markets. Earlier this month, crypto exchange HashKey stopped deposits and withdrawal requests from Binance wallets.

Despite the absence of detailed information regarding the policy change, HashKey confirms that it solely impacts transactions involving Binance wallets.

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Binance Web3 Wallet Introduces New Yield Features to Boost Earnings

Coinspeaker Ethereum’s Low Gas Fees Cause 50L ETH Supply Surge in Just One Month

In the past month, Ethereum’s supply dynamics have seen significant changes, with unusually low gas fees contributing to an increase in the circulating supply of Ether (ETH). Since Ethereum transitioned from a proof-of-work to a proof-of-stake system in 2022, it has generally been regarded as a deflationary asset. However, recent data indicate a notable shift.

Data from Ultra Sound Money shows that Ethereum’s supply has grown by 50,570 ETH in the last 30 days alone. This increase is a stark contrast to the previous deflationary trend where the total circulating supply of Ethereum had decreased by post-merge. Over this period, Ethereum saw 24,821 ETH burned while issuing 75,391 ETH as block rewards to validators, resulting in a net supply increase.

Photo: Ultrasound Money

The Impact of Lower Gas Fees

A significant factor behind this change is the drop in gas fees. The average average gas prices fell below $2 on multiple occasions in May, reaching a low of $1.70 on May 18, the lowest since October 2023. This decline in transaction costs is attributed to the Dencun upgrade, which introduced proto-danksharding(EIP-4844). This upgrade replaced gas-intensive calldata with more efficient Binary Large Objects (blobs), drastically reducing Layer 2 transaction costs and subsequently lowering the gas fees on the mainnet by more than 90%.

While the reduction in gas fees has been beneficial for users, making transactions more affordable, it has also resulted in a lower burn rate of ETH. The lower burn rate has disrupted Ethereum’s deflationary narrative, which had been a significant aspect of its economic model since the implementation of EIP-1559.

According to Ultra Sound Money, the decrease in the burn rate has pushed the number of circulating coins to its highest level since early March, currently averaging 120,000 ETH. Comparatively, Ethereum’s current annualized inflation rate is around 0.4%, which is still lower than Ethereum’s pre-Merge proof-of-work inflation rate of 3.74%.

If the current trend continues, projections suggest that ETH will maintain an inflationary trend over the next year, with a net gain of over 450,000 ETH released into circulation.

Layer 2 Networks and Future Trends

The increasing adoption of Layer 2 solutions, while easing the load on Ethereum’s mainnet, has not yet reached a level sufficient to maintain Ethereum’s deflationary status. The balance between transaction cost reductions and maintaining a deflationary supply will be critical as Ethereum continues to evolve.

Future network upgrades and broader adoption trends will play a significant role in shaping Ethereum’s economic model and supply dynamics. The ecosystem’s ability to adapt and innovate will determine whether Ethereum can retain its deflationary status in the long term.

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Ethereum’s Low Gas Fees Cause 50L ETH Supply Surge in Just One Month

Coinspeaker Hamster Kombat Becomes Largest Telegram Channel since March 26 Launch

Telegram, a popular social networking application, has seen significant growth over the years and currently has close to 1.5 billion total users, with 800 million monthly active users. Hamster Kombat, a ‘mini app’ on Telegram that recently became popular on social media platform TikTok and on Telegram itself, confirmed that it had become the largest channel on the social networking platform worldwide with 11.25 million subscribers and “25 million CEOs in the Hamster community”.

As per a picture posted on Hamster Kombat’s Telegram channel, there are around 24.8 million active users, followed by 19.8 sessions per user. Mini apps on social networking applications became quite popular recently with the debut of Notcoin (NOT), a viral game that follows a tap-to-earn mining mechanism.

Just two months after Notcoin was launched, the viral Telegram game hit 30 million users, displaying impressive growth in the Web3 sector. After NOT was listed on several major crypto exchanges, it gained mass popularity on an international level.

On the other hand, Hamster Kombat has witnessed similar levels of growth and now boasts a reach of 2.3 million accounts per post. Telegram Tips follows Hamster Kombat with the second-largest number of subscribers on the platform.

Hamster Kombat is a “crypto exchange CEO simulator game” that allows players to increase their income by buying “upgrade cards” by inviting friends and completing quests that are presented in the game. Each player can experience being a CEO in real life rather than sharing their expertise on the social media platform X (formerly known as Twitter).

Each player will have to go through various challenges that each CEO faces on a daily basis, and despite its funny name, Hamster Kombat has attracted a huge player base.

Hamster Kombat Partners with a Blockchain Network

It is important to note that Hamster Kombat has also partnered with a blockchain to release Hamster Kombat tokens. While the announcement did not reveal the blockchain with which it had partnered, it asked the community to guess the name of the network.

Many users guessed in the comment section that the partner chain could be Binance, Bybit, or Toncoin (TON), but the mini app has yet to unveil the name of the blockchain. Meanwhile, some users also guessed that Monster Kombat could’ve partnered with Notcoin.

A user asked when the tokens would be listed on exchanges, to which Hamster Kombat replied that players are “currently earning in-game coins,” while adding:

“Before the listing, they will be distributed among players in the form of tokens, and after the listing, you will be able to sell them. The listing date and all other reliable information will be posted in our community.”

As per the roadmap provided by Hamster Kombat, the token generation event will take place in May, followed by the debut of special cards and airdrop tasks. Further, in June, the game is set to launch its soft currency along with the HMSTR hard currency.

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Hamster Kombat Becomes Largest Telegram Channel since March 26 Launch

Coinspeaker Dogecoin (DOGE) Price Down 5% as Community Mourns Death of Kabosu

Dogecoin (DOGE) price slipped around 5 percent in the past 24 hours to trade at about $0.158 on Friday during the London session. The Dogecoin network, with more than 7.2 million on-chain holders, has been mourning the demise of the iconic face of dog-themed meme coins – Kabosu. According to a blog post by the Kabosu owner, the dog passed away at the age of 18 years.

According to the announcement, a farewell party has been planned for Kabosu on Sunday, May 26, at the Flower Kaori in Kotsu no Mori, Narita City, from 1 pm to 4 pm.

Meanwhile, a meme coin named after Kabosu and built on the BSC network rallied over 900 percent in the past 24 hours. Additionally, new meme coins named after Kabosu have emerged on different chains, thus indicating the popularity of the fallen hero.

“She was a being who knew only happiness and limitless love. Please keep her spirit and her family in your heart, and most importantly carry her with you as your story continues – we are all fortunate for hers to have touched and shaped ours,” part of a note from the Dogecoin network reads.

What Next for Dogecoin Network

The Dogecoin network has grown to a major digital asset secured through the legendary proof-of-work (PoW) consensus mechanism. As of this writing, Dogecoin had a market cap of about $23 billion and an average 24-hour trading volume of about $2.6 billion.

The top meme coin takes pride in a hash rate of around 1.1 PH/s and a mining difficulty of about 16.65 million. In comparison, Litecoin (LTC), the next major PoW-secured altcoin, had a total hash rate of about 1.16 PH/s and a mining difficulty of around 37.05 million. As a result, the Dogecoin network is well bolstered by a vibrant mining and investor community.

As Coinspeaker has pointed out severally, the Dogecoin network is well bolstered by tech billionaire Elon Musk and his family of unicorns. With the ongoing crypto regulatory debate in the United States, Dogecoin is well-positioned to attract more investors seeking to diversify their crypto portfolios. Moreover, Dogecoin has deep liquidity on various decentralized financial (DeFi) platforms and centralized exchanges.

Price Action

Dogecoin price has consolidated and oscillated around 16 cents in the past two months. The meme lord has been retesting the bullish breakout of a macro-falling logarithmic trend, which will ultimately yield a rally toward an all-time high.

Moreover, the altcoin industry is on the cusp of a major bullish uproar as Bitcoin dominance signals an inevitable reversal in the coming weeks and months.

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Dogecoin (DOGE) Price Down 5% as Community Mourns Death of Kabosu

Coinspeaker Solana (SOL) Now Listed on HashKey Global 

HashKey Global, the international arm of Hong Kong’s HashKey Group, is broadening its cryptocurrency offerings by adding Solana (SOL) to the list of tradable products on the platform. The latest offering is accessible to users outside the Hong Kong market.

The exchange entered the crypto market in April as part of the group’s strategy to extend its global presence. Initially, the platform listed around 20 digital assets for trading, including Bitcoin (BTC) and Ethereum (ETH) as well as stablecoins like Tether’s USDT (USDT).

However, according to an announcement, Friday HashKey Global has added support for the SOL/USDT pair for trading on its spot market, bringing the total number of tokens available for spot trading on the platform to 21.

HashKey Global to List Solana For Trading Today

Starting today, May 24, at 10:00 (UTC), HashKey Global will launch trading for the newly listed SOL/USDT pair.

However, the company said the asset will not be available in certain regions including the United States and mainland China due to regulatory uncertainties. The listing of SOL on the exchange will expose the digital asset to a broader audience across the Asia region, offering them the opportunity to acquire the asset on a regulated exchange.

In April, the HasKey Group announced that it had secured regulatory approval from financial regulators in Bermuda where the international unit is headquartered to allow the company to offer retail customers the opportunity to explore the crypto market in compliance with local regulations.

At the time, the group’s COO Livio Weng noted that the Hong Kong division, which serves both retail and institutional clients with designated banking accounts, had about 170,000.

However, the number of interested users unable to access the Hong Kong market were four times the actual user base. With the launch of the international platform, these users can now purchase their desired cryptocurrencies.

As a result, Weng believes that HasKey Global will see massive growth in terms of user base as the exchange will service users from various jurisdictions that are crypto-friendly.

SOL Continues to Show Bearish Sentiments

Meanwhile, despite the listing of SOL on HasKey Global, the digital asset had zero reaction to the news. The asset has continued to maintain its bearish position over the last 24 hours.

According to the latest data, SOL has been down for 5.4% and is currently trading around $165. The drop aligns with broader market sentiments as BTC and  ETH have dropped  3.27% and 3.74% respectively.

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Solana (SOL) Now Listed on HashKey Global 

Coinspeaker Court Rules in Favor of SEC in Case against Crypto Influencer Ian Balina

A Texas district court has confirmed that crypto investor and YouTuber Ian Balina indeed broke US securities laws by offering and selling SPRK tokens. This follows after the United States Securities and Exchange Commission (SEC) charged the influencer in September 2022 for his role in what was an unregistered initial coin offering (ICO). At the time, the SEC focused its allegations on the ICO for Sparkster, a supposed “no-code” development platform.

Interestingly, Sparkster did not exactly admit to any wrongdoing on its part, and neither did it deny the SEC’s claims. However, the platform did agree to dump its remaining tokens in 2022.

Furthermore,  the SEC claimed that Balina bought at least $5 million worth of SPRK tokens and promoted them across several of his social media pages. Those include YouTube, Telegram, and some more. The regulator further added that Balina did not at any point tell his followers that he had a 30% bonus agreement with Sparkster as promotion fees. Then, there was a time when Balina also reportedly put together an “investing pool” of about 68 people. According to the SEC, he should have registered the offering before offering and selling those tokens to them.

Court Holds Ian Balina Culpable

In a new turn of events, the judge at the Texas district court has said that securities laws applied to Balina as SPRK tokens met the criteria of the Howey Test. The judge’s statement reads partly:

“The Court holds as a matter of law that US securities laws apply to Balina’s conduct and that the SPRK tokens are securities.”

For context, the Howey Test is a 1946 US Supreme Court case that the SEC frequently refers to in most of its crypto-related cases. The SEC believes that the case serves as a perfect reference in determining if an asset qualifies as an investment contract and if it should therefore be classified as a security.

Interestingly, Balina appears to be ready to fight tooth and nail with the SEC over this matter. In a post on his website, Balina called the SEC’s charges “baseless and gross misconceptions.” He also added that he’s prepared to fight the charges to the US Supreme Court.

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Court Rules in Favor of SEC in Case against Crypto Influencer Ian Balina

Coinspeaker FTX Lawyers Cleared of Fraud, Report Rejects Complicity Claims

A rece­nt court report has cleared the­ law firm Sullivan & Cromwell of any involvement in the­ fraudulent activities that led to the­ collapse of the crypto exchange­ FTX, according to Reuters. However, the inve­stigation also found that the firm’s represe­ntatives sometimes gave­ inaccurate information to external parties.

Former CEO Sam Bankman-Frie­d was convicted in November 2023 for ste­aling $8 billion from FTX customers. Creditors and investors the­n accused Sullivan & Cromwell of not raising warnings and of positioning itself for a profitable­ role as FTX’s main bankruptcy counsel.

FTX Misinformation Concerns

An independent investigation led by former prosecutor Robert Cleary found no evidence that Sullivan & Cromwell knowingly participated in the fraud. The probe examined the firm’s pre-bankruptcy work for FTX, including regulatory filings and the failed acquisition of crypto lender Voyager Digital.

“Sullivan & Cromwell remains confident in our pre-petition work for FTX and the commencement of the Chapter 11 cases,” stated Sullivan & Cromwell in a press release. “We welcome the examiner’s findings to date rejecting various baseless allegations about our work for FTX.”

The U.S. Truste­e, a Department of Justice­ watchdog overseeing bankruptcy proce­edings, had initially pushed for the inde­pendent investigation, citing the­ importance of uncovering potential mismanage­ment within FTX.

Although the investigation found no inte­ntional wrongdoing, Cleary’s report reve­aled that Sullivan & Cromwell unknowingly provided wrong information. For e­xample, a partner assured Voyage­r Digital on November 7, 2023, that FTX’s finances we­re “rock solid.” This was false, as FTX CEO Sam Bankman-Fried was se­eking emerge­ncy funding at the same time. Four days late­r, FTX filed for bankruptcy.

This revelation raise­s concerns about misinformation in the legal re­presentation of struggling companies. While­ Sullivan & Cromwell claim they were­ unaware of the inaccuracies at the­ time. The incident highlights the­ importance of thorough checks and clear communication during tough e­conomic times.

The Road Ahead

The FTX collapse­ and the subsequent le­gal battle reveal how financial transpare­ncy and regulation in the crypto industry are ne­eded. While the­ court acquitted Sullivan & Cromwell of intentional misconduct, the­ whole scenario shows misinformation is possible and raise­s concerns about legal repre­sentation in financial crises.

As the bankruptcy proce­edings of FTX continue, it remains to be­ seen how this chapter will have­ an impact on the future of crypto re­gulation. The incident strengthe­ns the argument for the imple­mentation of strong safeguards in order to prote­ct investors and bring stability to the crypto marke­t.

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FTX Lawyers Cleared of Fraud, Report Rejects Complicity Claims

Coinspeaker Ripple CEO’s Cryptic Post Sparks Mixed Reactions among XRP Community

Ripple CEO Brad Garlinghouse sparked various reactions amongst the XRP community after he posted an artwork on his X page. This resulted in several discussions and led to optimism and skepticism among the community members.

The artwork “Laugh now, but one day XRP will power the world” features a downcast chimpanzee wearing a sandwich board with the above words. The CEO could be referring to the coin’s legal battle in this context, trying to send an optimistic feeling to its holders, or perhaps the team behind XRP is working on creating an innovation that will affect the entire crypto space.

For whatever reasons, I’ve been hanging on to this one for a while…

Prob my all time favorite from the XRP community. It’s been hanging on a wall in my house… but with all this momentum in the market, I wanted to share it!! pic.twitter.com/L7c861JEJZ

— Brad Garlinghouse (@bgarlinghouse) May 24, 2024

Community Divided: Optimism vs Skepticism

Ripple CEO revealed in the post that the artwork had been hanging on his wall for a while, and due to the market’s momentum, he felt like sharing it. The post has, however, caused mixed reactions among crypto users. While many see it as a bullish sentiment, some others find it a reason to dump the coin.

In one of the comments made on the post, Amelie, a crypto commentator with over 42 thousand followers on X, stated that she is proud to hold the digital asset and noted that the coin is the greatest ever created. Similarly, JackTheRippler, another community member with over 216 thousand followers, noted that XRP is the next Bitcoin.

However, despite the optimism amongst many XRP investors, some commentators see no reason to be glad with the post, as one of them stated that he will not be buying the coin again. This post by the XRP trader expresses his disappointment about how the coin’s price has been moving over the past years.

Legal Battle and Market Trends Fuel Differing Perspectives

The price of XRP has been trading sideways since mid-April with no specific direction. This means the token could either spike bullishly or dip more in case of a breakout. There is no doubt that market sentiment also plays a major role in determining the next price direction. The current choppy and consolidating market reflects the ongoing market mood, which is mixed with some users who are hopeful and many others who are looking for the best way to dump the coin or have already sold their holdings.

According to Whale Alert, an unknown wallet has transferred over 30 million XRP, over $15 million, to Bitso. It was also revealed that this same sender sent another 25,800,000 XRP worth over 13 million USD to Bitstamp. These transfers have instigated thoughts of a further drop in price, as it could be that the whale is planning to sell its holdings.

Furthermore, the ongoing legal battle between Ripple and the SEC is one reason some crypto users might be frowning at Garlinghouse’s post. However, the recent approval of the Financial Innovation and Technology for the 21st Century Act (FIT21), a regulatory clarity that allows digital assets to thrive in the United States, has sparked some optimistic feelings among XRP followers as they debate how this new regulation would impact the coin, positively or negatively.

However, the passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill in the House is a major step forward in providing regulatory clarity that would allow digital assets to thrive better in the United States. This could also help in determining the status of XRP as a security and give larger investors reasons to put money into the token.

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Ripple CEO’s Cryptic Post Sparks Mixed Reactions among XRP Community

Coinspeaker Nearly $3 Billion of Bitcoin and Ethereum Options Set to Expire Today

Today marks a crucial day in the crypto world as nearly $3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are set to expire. Despite recent gains, the expiration of these contracts adds an element of uncertainty to the market.

According to data from Greeks.Live, a blockchain derivatives market tool, approximately 21,000 BTC and 354,000 ETH contracts will be expiring today, May 24. These contracts represent a substantial sum, with $1.4 billion in BTC options and $1.3 billion in ETH options.

Bitcoin and Ethereum Options to Expire Today

While this week’s expiring contracts are huge, even larger options expirations are expected next week. According to separate data from Deribit, a whopping $4.3 billion worth of options contracts are set to expire next week on May 31.

For this week’s expiring contract options, the put-call ratios for BTC stand at 0.88 while that of ETH is 0.58.

The ratios provide insights into market sentiments regarding the contracts. The 0.88 put-call ratio for Bitcoin indicates a relatively balanced distribution between long and short positions.

The “max pain point”, representing the price at which the majority of option contract buyers incur losses, is $67,000 for Bitcoin and $3,200 for Ethereum, with a higher number of call options expiring compared to put options.

Crypto Market Impact

While the expiration of the 375,000 BTC and ETH options, with a combined valuation of close to $3 million, may influence market dynamics, the overall impact is uncertain.

The total market capitalization has seen a decline, dropping to $2.5 trillion. The figure represents a decrease of 3.70% at press time. The dip could be attributed to the 4.05% decline in BTC prices as the leading crypto asset fell to $66,984 at the time of writing.

As for Ethereum, the digital asset faced massive volatility before the recent approval of Ethereum-based exchange-traded funds (ETFs). Last week, Ether dipped below $2,700. However, the asset awakened following speculations that it would get an ETF just like BTC.

The speculation resulted in the digital asset reaching a peak of $3,900 just two days ago. Although it has since dropped and is currently trading at around $3,660.

Alternative cryptocurrencies (altcoins) have also experienced mixed movements, with some like Solana (SOL) dropping by 8% in the past 24 hours. SOL is currently valued at around $162.

As for Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), Toncoin (TON), and Avalanche (AVAX), these altcoins experienced between a 7.3% to 6.0% decline in the last 24 hours.

Others like Chainlink (LINK), Pepe (PEPE), and Ethereum Classic (ETC) show positive momentum.

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Nearly $3 Billion of Bitcoin and Ethereum Options Set to Expire Today

Coinspeaker Dfinity Foundation Boosts Internet Computer Interoperability with EVM RCP

Dfinity Foundation has launched a new API dubbed EVM RCP that would allow cross-chain interoperability for Internet Computer smart contracts. According to the announcement, made on Thursday, EVM RPC will ensure that ICP smart contracts can ditch intermediaries and still read and write on any Ethereum Virtual Machine-compatible chain like Optimism, Arbitrum, and Base.

Internet Computer Eyes Expansion to Solana Blockchain 

The new API also extends support for the Bitcoin blockchain with plans to expand to Solana as it progresses. Consequently, Decentralized Applications (DApps) will gain from cross-chain liquidity and merging communities. This is in addition to the ease of handling API keys that the new offering presents, according to Lomesh Dutta, the Vice President of growth at Dfinity Foundation. 

“We have added Optimism, Arbitrum and Base, [but] anyone can add other EVMs anytime,” Dutta added while also acknowledging the previous projects that Internet Computer has worked on. 

He highlighted Bioniq, Bitfinity, and Omnity as some of the projects the protocol has hopped on with Bitcoin and Ethereum. 

Noteworthy, Dfinity Foundation is keen on improving interoperability across several blockchains and this formed the basis for its Chain Fusion initiative. Therefore, achieving interoperability with Internet Computer is a significant milestone for the company. In line with this, getting Internet Computer to interact with the Solana blockchain is one of the upcoming projects for the ecosystem. 

The ability of the new API to facilitate multi-chain DApps development, eliminate the need for bridges and wrapped tokens, and allow native chain interactions is a pivot from the existing tools.

“This way, DFINITY’s Chain Fusion technology enables true multi-chain interoperability, allowing developers to write a single ICP smart contract that can custody Bitcoin, for example, and programmatically trigger sending it based on events observed on an Ethereum DeFi smart contract,” Dfinity wrote in its published announcement. 

Uses Case for Internet Computer’s EVM RCP 

According to Dominic Williams, Dfinity Foundation’s Chief Scientist and Founder, Internet Computer is the “only third-generation” blockchain that is capable of powering a new internet era where all online activity is completely on-chain. Dfinity Foundation claimed to have registered results from the utilization of the new API. 

The firm explained that the new API facilitated the deployment of ckUSDC, an interoperable stablecoin pegged 1:1 to Circle’s USDC stablecoin, on the ICP network.

Notably, the launch of the API comes only a few days after Dfinity Foundation revealed its roadmap for Internet Computer. The roadmap detailed nine areas to ensure a sustainable future for the project. This includes decentralized Artificial Intelligence (AI), developer experience, on-chain privacy, chain fusion, compute platform, platform decentralization, digital assets, and identity, among others. 

During this briefing, it clearly stated that the ICP ecosystem will be able to interact with the Ethereum network through its legendary EVM. Similarly, the intention of the ICP network to connect with the Bitcoin and Solana ecosystems was also made public. It appears that the Dfinity Foundation is pulling efforts into achieving this roadmap in no time.

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Dfinity Foundation Boosts Internet Computer Interoperability with EVM RCP

Coinspeaker US House Passes Tom Emmer’s CBDC Anti-Surveillance State Act

On May 23, the United States House of Representatives passed Congressman and Majority Whip Tom Emmer’s flagship legislation, H.R. 5403, the CBDC Anti-Surveillance State Act. The bill, which was passed with a vote of 216 to 192, prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) in the nation.

Emmer claims that without the supervision of Congress, the development of a CBDC could potentially allow the federal government to monitor and control Americans’ spending habits.

“This bill was the first anti-central bank digital currency legislative effort introduced in the United States,” Emmer noted.

“For the past two Congresses, I’ve worked with my colleagues to update, improve, and grow support for it. This bill halts the efforts of this Administrative State under President Biden from issuing a financial surveillance tool that, if not done correctly, will fundamentally alter the lives of every American,” he added.

Notably, the CBDC Anti-Surveillance State Act mandates that any development of a digital US dollar must receive explicit approval from Congress.

In a post on social media platform X (formerly known as Twitter), a member of the Republican Party claimed that the “legislation ensures that the United States’ digital currency policy remains in the hands of the American people so that any development of digital money reflects our values of privacy, individual sovereignty, and free market competitiveness.”

“Whatever is ultimately developed must emulate the core tenets of cash. Simply put: any digital currency issued by the government, again must be open, permissionless, and private,” said Emmer.

Emmer believes that such measures are essential to prevent a CBDC from becoming a tool of oppression. In his speech on the House floor, Emmer cited recent examples of government overreach and financial surveillance.

The Republican cited the Canadian government’s 2022 action of freezing the bank accounts of truckers protesting vaccine mandates. Emmer stressed that similar misuse of financial tools could occur in America if CBDCs are adopted without strict safeguards.

It is important to note that H.R. 5403 has passed the House of Representatives and will now proceed to the Senate for consideration.

Massive Support for the Anti-CBDC Bill

The bill, which boasts 165 cosponsors and has companion legislation in the Senate, has garnered significant support. ALEC Action, a partner of the American Legislative Exchange Council, expressed strong backing for H.R. 5403.

ALEC Action stated:

“H.R. 5403 prevents the United States from joining autocratic nations like China that have embraced CBDCs as effective means of strengthening surveillance on everyday citizens.”

Similarly, the American Bankers Association (ABA) expressed strong opposition to the implementation of CBDC in the United States. Its Executive Vice President of Congressional Relations and Legislative Affairs, Kirsten Sutton, pointed out that the dollar is already digital and questioned how issuing a CBDC would enhance financial inclusion or achieve other commendable goals.

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US House Passes Tom Emmer’s CBDC Anti-Surveillance State Act

Coinspeaker Fantom Unveils New Layer-1 Chain Sonic, $S Token, and $10M Strategic Funding Round

Fantom is set to revolutionize the blockchain landscape with the unveiling of its new high-throughput layer-1 chain Sonic and the introduction of the $S token. This initiative comes alongside the announcement of a successful $10 million strategic funding round, positioning Fantom for significant advancements in the decentralized finance (DeFi) sector.

Sonic Chain Launch

The Sonic chain, designed by Professor Bernhard Scholz and led by DeFi pioneer Andre Cronje, is a groundbreaking layer-1 platform with a native layer-2 bridge connected to Ethereum. This innovative bridge enables Sonic to leverage Ethereum’s extensive liquidity, user base, and protocols while offering the low cost, scalability, and speed typical of a layer-1 chain.

The hybrid design makes Sonic the first of its kind, providing the combined benefits of both layer-1 and layer-2 technologies. This seamless integration enhances the overall utility and functionality of the Sonic network, making it a versatile platform for developers and users alike.

Building the Sonic Brand

The launch of the Sonic chain will also see the establishment of the Sonic Foundation and Sonic Labs. The Sonic Foundation will be responsible for the network’s governance and treasury management, while Sonic Labs will focus on driving growth among decentralized applications (dApps), partnerships, and user engagement. In building the Sonic brand, a comprehensive visual identity is being developed, including color schemes, typography, aesthetics, iconography, and digital assets such as memes and stickers.

Central to the Sonic ecosystem is the $S token, which will be compatible with and migrate from the $FTM token on a 1:1 basis, following a recently approved governance vote.

Strategic Fund Raise

In a major boost to its initiatives, Fantom has closed a $10 million strategic funding round led by Hashed, one of the largest cryptocurrency funds in Korea.

This round also saw participation from notable investors such as UOB Ventures, Signum Capital, Aave Foundation, and angel investors including Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian.

This funding will be instrumental in accelerating the development of the Sonic chain, expanding its capabilities, and enhancing its infrastructure to support a wide range of applications and services. The involvement of high-profile investors also signals strong market confidence in Fantom’s vision and technological advancements.

Sonic’s Future Prospects

The Sonic chain is poised to make a significant impact on various DeFi and real-world applications. Industries such as real-world assets, perpetual decentralized exchanges (DEXs), payments, trading, and high-transaction-based games are expected to benefit from Sonic’s speed and high throughput.

As Fantom continues to explore the potential of the Sonic chain, additional programs such as airdrops, grants, partnerships, and further technological advancements are lined up.

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Fantom Unveils New Layer-1 Chain Sonic, $S Token, and $10M Strategic Funding Round

Coinspeaker Web3 Payment Firm Transak Adds Support for USDT on TON Blockchain

Transak, a crypto payment infrastructure provider, has added support for Tether’s stablecoin USDT on The Open Network (TON). This integration aims to provide users with a seamless, borderless peer-to-peer (P2P) experience.

Transak initially expanded into the TON ecosystem in September 2023 through a partnership with Tonkeeper, the protocol’s wallet on Telegram.

According to recent reports, after several months of integrating and exploring The Open Network, Transak now allows traders in over 150 countries to access USDT on the protocol directly through its platform.

The addition of USDT support further extends Transak’s offerings within the TON ecosystem.

Transak Adds Support for USDT on TON Network

The latest development follows a partnership between Tether, the issuer of USDT, and the TON Foundation, the independent organization overseeing the affairs of the Open Network.

The collaboration, announced in April 2024 during the TOKEN2049 blockchain event in Dubai, set the stage for Transak’s integration of USDT on TON. This integration allows millions of users on Transak’s platform to acquire USDT on the TON network. The company will serve as a middleman between its users who want to purchase USDT through the Ton Network at a relatively cheaper fee.

The move has also provided an opportunity for more than 350 decentralized finance (DeFi) applications using Transak for payments to offer their users the option to buy USDT, the third-largest crypto by market capitalization, with various fiat currencies.

The TON network will also benefit from Transak, which currently has about 5 million registered users to gain more exposure to users across the globe. Coupled with Telegram’s extensive user base of around 900 million, the network could position itself to compete with some of the oldest chains in the industry, catering to a broader global audience.

Transak’s co-founder and chief executive officer Sami Start said the company is committed to providing financial freedom to users.

“Transak has always been a proponent of responsible financial freedom and self-custody of digital assets. We are delighted to play a meaningful role in enabling millions to access USDT on TON through our platform,” said Start.

TON Foundation Unveils 11 Million Toncoin Initiative

Meanwhile, in April, after revealing its partnership with Tether, the TON Foundation announced that it would allocate around 11 million TON to reward early adopters of USDT on the Open Network.

Of these, 5 million TON will be used to boost rewards in the liquidity pools of decentralized platforms DeDust and STON.fi.

Another 5 million TON will be distributed to users participating in the Wallet’s Earn campaign on Telegram using USDT.

The remaining tokens will be allocated to reward users through crypto exchanges supporting the TON Network. Users can buy TON or other digital assets on the blockchain without incurring additional charges.

However, free withdrawals are only available for users converting their assets to TON. For example, if you buy a digital asset on the TON ecosystem, you can convert it to TON without paying transaction fees.

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Web3 Payment Firm Transak Adds Support for USDT on TON Blockchain

Coinspeaker Cronos Upgrades zkEVM Testnet to Tethys before Mainnet Launch

Leading blockchain ecosystem Cronos recently announced that they have upgraded the zkEVM testnet to its latest release dubbed Tethys, moving a step closer to its mainnet launch.

The Tethys upgrade builds atop the zkSync’s v24 release, which helped in transitioning zkSync Era from a standalone blockchain to one of several ZK Chains within the zkSync ecosystem. This technology will now be available to take further Cronos zkEVM’s mission of building a highly scalable network for mainstream adoption. Speaking on the development, Ken Timsit, Head of Cronos Labs, said:

“Tethys brings us closer to the full release of the Cronos zkEVM and showcases the qualities that make zero-knowledge networks so versatile. Features such as reduced transaction fees, better developer tooling, and easier upgradability demonstrate that the Cronos ecosystem remains at the forefront of blockchain innovation.”

To launch the Tethys upgrade using ZK Stack, Cronos Labs has partnered with Crypto.com, Matter Labs, Fulcrom Finance, VVS Finance, and Veno Finance. The Tethys upgrade will bring along a number of new features such as having an enhanced bridge between Cronos zkEVM Testnet and the Ethereum’s Sepolia Testnet.

This bridge would help in connecting all ZK chains. It would also facilitate cheaper transaction fees by storing the transaction data in Validium configuration.

Boosting the Tethys Adoption

Cronos would accelerate the Tethys testnet adoption by announcing a series of quests that are open to the community. Moreover, users completing simple tasks on the Tethys testnet can provide valuable feedback and would get an additional opportunity to join the upcoming Cronos zkEVM user reward program.

In the forthcoming upgrades, Tethy’s would introduce features such as an optimized gas price adjuster. They would also provide the ability to bridge crypto assets from Cronos zkEVM to Ethereum without holding any CRO on Ethereum. Daniel Lumi, Senior Product Manager of ZK Stack at Matter Labs said:

“Cronos has an impressive track record of building a diverse ecosystem along with impressive on-chain financial value and user acquisition. They will inevitably become one of the great use cases for ZK Chains, so we’re excited to see Cronos zkEVM complete this final milestone before mainnet. With Tethys testnet, users can experience the speed, throughput, and low fee environment that will make the Cronos zkEVM capable of supporting a diverse range of use cases and applications.”

Cronos ranks among the top 15 global blockchain platforms with over $6 billion in user assets. Since its inception, the Cronos blockchain has settled over 100 million transactions.

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Cronos Upgrades zkEVM Testnet to Tethys before Mainnet Launch

Coinspeaker PEPE Ranks amongst Top Cryptocurrencie­s as Its Market Cap Climbs

The Pepe (PEPE) ecosystem is filled with a lot of excitement as the memecoin climbs to new levels. Investors who purchased the token at a time when it was worth almost nothing have suddenly been transformed into millionaires. PEPE recently became one of the largest tokens by market capitalization after a “beta bet” narrative added nearly 40% to the token in the past week.

PEPE Market Capitalization Hit New Level

The frog-themed memecoin which came into the limelight a little over a year ago first made its mark with its diversified theme. Its launch came with consistent meteoric price gains, causing the volume of engagement in the ecosystem to surge by a significant percentage. In a matter of a few weeks, PEPE registered a $1 billion market cap, taking the crypto industry by surprise.

Consequently, it became the third-largest meme coin, dethroning BONK. Amidst a memecoin frenzy earlier this year, PEPE’s trading volumes surged to hit new levels. This laudable growth was enough to establish the memecoin’s partial dominance. The latest market data shows that the PEPE price has resumed its bull sentiment after a short break from registering gains.

At the time of this writing, the frog-themed memecoin was trading at $0.00001435 with a 7.15% increase in the last 24 hours, and its market cap is now worth over $6 billion.

Market observers and experts believe that this surge is linked to PEPE’s use as a levered bet on the growth of the Ethereum ecosystem. This new development is a result of traders’ anticipation for the approval of a spot Ethereum Exchange-Traded Fund (ETF) in the United States.

PEPE Early Investors Become Millionaires

Insights from Lookonchain confirm that a crypto address that purchased about $460 worth of the tokens only a few days after it was launched, has bagged over $3.4 million in profits as of this week. On April 15, 2023, this buyer purchased 324.9 billion PEPE for only 0.22 Ethereum (ETH). He later deposited the tokens on top cryptocurrency exchange Binance where the tokens were assumed to be sold.

An early buyer of $PEPE deposited all 182.9B $PEPE ($2.53M) into #Binance 6 hours ago.

This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.

He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!

Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe

— Lookonchain (@lookonchain) May 22, 2024

There are assumptions that the address may be connected to the developer team that issued PEPE in the first place but until now no evidence has substantiated this claim. At the same time, the use of automated bots is a common phenomenon amongst memecoin traders, especially those who buy small amounts of every token that hits the market.

They make such purchases based on certain criteria, with the hope that the tokens will eventually catch a big win. Markedly, Pepe has turned some of its early buyers into millionaires in the past year. The weeks that followed the launch of the memecoin saw a few connected wallets of about $1,200 of initial capital, transformed to over $9 million. Another $260 purchase secured its owner over $3 million in profits.

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PEPE Ranks amongst Top Cryptocurrencie­s as Its Market Cap Climbs

Coinspeaker Bitcoin Mining Difficulty Surges as Hashrate Also Rebounds

Bitcoin miners, especially those with low-power mining equipment, would not be impressed by the recent rise in mining difficulty. This follows after Thursday’s data from TheBlock revealed that there has been a 1.5% increase in Bitcoin mining activity to a record 84.4 trillion.

Bitcoin Mining Difficulty Hits New Levels amid Market Optimism

Mining difficulty is a metric that measures how hard mining a new block can be as opposed to the easiest it can ever be. When the number of miners increases, Bitcoin mining difficulty usually climbs as there is more competition to find new blocks. On the other hand, if miners reduce, difficulty also follows suit, meaning that miners can then discover new blocks more easily.

The latest rise in mining difficulty, however, follows a notable rise in the network’s seven-day moving average hash rate, which just climbed back above 600 exahashes per second (EH/s).

Recall that Bitcoin mining difficulty recently saw its largest drop since December 2022. That was on May 9 when the metric fell by 5.9%, in what was a direct consequence of the April 20 halving event. Although the drop meant that miner subsidy rewards were also reduced, a temporary surge in transaction fees, linked to the hype around Runes, initially cushioned the effect of that decline.

Since the adjustment, Bitcoin’s hashrate has been hovering between 580-590 EH/s. However, the heightened optimism around the approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States has sparked an industry-wide price increase. This optimism has now brought Bitcoin’s hashrate to approximately 606 EH/s.

Hash Price Recovery Signals Improved Miner Revenue Prospects

As if to maintain a balance with the difficulty adjustment, Bitcoin’s hash price has seen a little but noteworthy recovery. After plunging to an all-time low of under $50 per petahash per second (PH/s) per day on April 29, the hash price rebounded to $55 per PH/s per day earlie in the week. The hash price is a metric widely used to calculate miner revenue potential.

As the crypto community keenly awaits the SEC’s decisions, the interlinked dynamics of Bitcoin mining difficulty, hashrate, and price movements have once again come to the fore. The latest developments have shown how the impact of regulatory uncertainties can be felt across in and out of the sector. Not only do these speculations affect investor sentiment, but they also impact operational metrics like mining difficulty and hash price.

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Bitcoin Mining Difficulty Surges as Hashrate Also Rebounds

Coinspeaker API3 Hits $1B Milestone in TVS, Showcasing Rapid Growth and Developer-Focused Approach

API3, a decentralized blockchain solution for APIs, has announced that it has surpassed $1 billion in total value secured (TVS). The platform has experienced rapid growth, with its TVS increasing ten times in 100 days, which shows the increasing adoption rate and trust in its ecosystem.

We just blasted off to $1 BILLION TVS. 🎉

That's 10x in less than 100 days.

API3 is redefining the oracle landscape with our developer-first approach.

Our first-party oracle architecture is built for a rollup-centric future, with swift horizontal expansion to new chains… pic.twitter.com/FVN6yE6yF0

— API3 (@API3DAO) May 22, 2024

In a post on the API3 X page, the Oracle service revealed it has secured assets of 20 different protocols, with Juice Finance making up 52.58% of the total value, with $528 million in Total Value Locked (TVL). Following them is INIT Capital with $159 million TVL, and in third place is Orbit Protocol with $144.5 million.

The protocol aims to redefine the oracle landscape with a major focus on developers, revealing that its first party-oracle architecture was built for a rollup-centric future. The architecture will enable immediate horizontal expansion to new chains, therefore becoming a catalyst for the growth of the new ecosystem. The blockchain company stated:

“Our first-party oracle architecture is built for a rollup-centric future, with swift horizontal expansion to new chains fueling the vertical growth of new ecosystems.”

The blockchain protocol further revealed that the API3 oracle stack was developed in a way that developers will find friendly and simple to use, promoting seamless integration and accessibility. Builders can access data without complex code changes or additional infrastructure requirements. Thus, with its growing development, the API3 market is becoming the primary destination for on-chain data, proving to be an important figure within the blockchain and DeFi space.

The recent development by API3 will allow developers to easily incorporate off-chain data into their transactions. The permissionless access to API3 oracle services democratizes the process, allowing both experienced and young builders to integrate reliable data sources without any restrictions. This seamless access ensures developers can swiftly and efficiently create scalable blockchain solutions.

API3 had earlier announced that it had upgraded its market to make developers easily integrate real-time data into their smart contracts. The upgrade, which was tagged ‘Data on Demand’ is also a major step in attracting developments and activities to the protocol.

Network Growth Leading to Price Increase

The API3 team’s achievement of surpassing $1 billion in TVS in 100 days shows the growing trust and adoption of its oracle service users. The company’s focus on creating user-friendly and accessible tools for developers places it as one of the key players in the future of decentralized data integration.

The move impressed Bull BTC, a crypto influencer on X with more than 55 thousand followers. He expressed his love for the project and his willingness to collaborate with the protocol. Influencers’ positive remarks on the Web3 project could drive more traffic and awareness about the solutions they provide, leading to increased adoption.

The API3 token has gradually increased in price in the past seven days, gaining over 40%. The coin currently trades at $2.910. With continuous development and network growth, we could see a sustained rally for a long time.

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API3 Hits $1B Milestone in TVS, Showcasing Rapid Growth and Developer-Focused Approach

Coinspeaker TRON Network Surpasses 231 Million Accounts, Outpaces Ethereum in Transaction Fees

TRON, a leading blockchain platform, has reached a significant milestone by surpassing 231 million total accounts. This development has come with a massive boom in transaction fees.

In recent weeks, the surge in network activity has seen it surpass Ethereum in transaction fees.

TRON’s daily transaction count has reached an impressive 5.5 million, translating into daily fees of $4.4 million. This uptick in activity emphasizes TRON’s growing user base and its expanding role in the decentralized finance (DeFi) space. Despite facing stiff competition from Ethereum’s established DeFi landscape, TRON has emerged as a viable alternative, offering lower transaction fees and greater scalability.

In 2024, TRON’s DeFi sector hit a record high in March, with total value locked (TVL) nearing its peak once more. This surge in DeFi activity has boosted TRON’s prominence, especially within centralized exchanges. Currently, data from DefiLlama reveals that TRON hosts 56.64 billion USDT tokens out of a total of 111.4 billion, making it more prevalent in centralized markets.

Integrating Google Cloud: A Catalyst for Growth

The surge in TRON’s accounts can be attributed in part to its collaboration with Google Cloud as a super-representative candidate on its blockchain. Super Representatives play a crucial role in governing the blockchain by producing blocks and managing transactions.

This partnership not only signifies TRON’s integration with Google Cloud’s cutting-edge technologies but also highlights its commitment to enhancing the scalability and accessibility of its ecosystem. By leveraging Google Cloud’s robust computing solutions, such as Compute Engine and Kubernetes Engine, TRON is poised to advance its vision of a truly decentralized web.

Deflationary Measures: Token Burns Drive Optimism

TRON’s journey towards decentralization has been further fueled by its implementation of deflationary measures, including regular token burns. These burns are aimed at offsetting new token creation and usage, thereby increasing optimism among TRON holders.

The recent token burn resulted in a net reduction of 11.4 million TRX tokens, signaling TRON’s commitment to enhancing the value proposition of its native token. With network activity on the rise and fees reaching new heights, token burns are expected to accelerate, potentially driving further appreciation in TRX’s market price.

In addition, TRON’s affiliated token, BitTorrent (BTT), has experienced a resurgence in interest, bolstering the overall ecosystem. Since its launch in 2018, BitTorrent has played a significant role in expanding TRON’s reach and user base.

Despite facing challenges and controversies in the past, BitTorrent has emerged as a resilient asset, with its price showing signs of recovery. As TRON continues to solidify its position as a leading blockchain platform, BitTorrent is expected to play an integral role in driving network adoption and growth.

TRON’s Competitive Edge: A Glimpse into the Future

TRON, founded by Justin Sun in 2017, has quickly risen to prominence as a leading blockchain platform, driven by its innovative technology and ambitious vision. At the heart of TRON’s technology is its emphasis on interoperability. Through its TRON Interoperability Protocol (TIP), TRON aims to bridge the gap between multiple blockchain ecosystems, enabling greater connectivity and collaboration across the industry.

Compared to its competitors, TRON stands out for its speed, efficiency, and low transaction fees, making it an attractive choice for developers and users alike. With its visionary founder and dedicated team driving innovation forward, TRON is well-positioned to shape the future of blockchain technology.

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TRON Network Surpasses 231 Million Accounts, Outpaces Ethereum in Transaction Fees