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

Coinspeaker TruthLabs Exposes Ethereum’s ICO Ties to Bitcoins from Silk Road and Mt.Gox

The Ethereum (ETH) network has grown significantly in the past few years and is now in a major transition period that could lead to faster mass adoption. After the Hong Kong regulator approved spot Ethereum exchange-traded funds (ETFs) earlier last month, the United States government is also preparing to approve a dozen similar products ahead.

However, questions of how well the Ethereum network is decentralized have lingered in most regulators and investors. Moreover, the highly debated crypto FIT21 bill regards a blockchain to be decentralized if no single entity holds more than 20 percent of the voting power.

How was Ethereum ICO Funded?

According to the information provided by a popular on-chain sleuth TruthLabs, the Ethereum network was established on money traced back to the famous Silk Road darknet marketplace. Specifically, TruthLabs highlighted that Ethereum’s initial coin offering (ICO) wallets on the Bitcoin network and the My Ether Wallet (MEW) Founders were funded by the same Silk Road address that led to the Mt.Gox exploiter.

“Ethereum, The Blockchain that’s been ridden with Theft, Fraud, and Money Laundering on a scale never seen before, was originally funded from Bitcoin from the Very Same Silk Road Address that Ross Ulbricht stole from. I’ve shared before how many of the exploits, including the DAO hack, were carried out by some of Ethereum’s core Team,” TruthLabs noted.

The TruthLabs’ sleuth indicated that the Ethereum network is highly centralized from its ICO, as founders received heft mining rewards. The investigator noted that the Ethereum team secretively accumulated more Ether from 9 different mining pools.

Specifically, TruthLabs mentioned that Vitalik Buterin, Joseph Lubin, ConsenSys, and the entire Ethereum team received more than 2.5 million Ether before 2018. Over the years, TruthLabs highlighted that the Ethereum team used the Bitfinex cryptocurrency exchange to dump their holdings into the secondary market.

🚨Part 3: Lubin, Vitalik, Consensys, and the Ethereum Team's network of ICO Wallets, also received over 2.5M ETH in Mining rewards prior to 2018!

There are of course way more address' in which this Team received Mining Rewards. However, the address' below, show you the network… https://t.co/InMMfXycP9 pic.twitter.com/maLczmKpeE

— TruthLabs 🫡 (@BoringSleuth) May 22, 2024

Market Implication

Ethereum price has rallied more than 30 percent in the past seven days to above $3,900 on Thursday, during the early New York session. The prospects of spot Ethereum ETF approval in the United States have rejuvenated the altcoin’s bullish outlook.

Furthermore, most regulators in the United States have argued that Ethereum has evolved over the years to a decentralized protocol enabling mass adoption of digital assets. The large-cap altcoin, with nearly half a trillion dollars in market capitalization, has attracted more than 92 million holders, who have facilitated over 2.3 billion transactions.

The Ethereum network provides liquidity to the majority of the altcoin industry and more institutional investors are using it to tokenize real-work assets.

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TruthLabs Exposes Ethereum’s ICO Ties to Bitcoins from Silk Road and Mt.Gox

Coinspeaker USDe Market Cap Jumps amid Spot ETH ETF Approval Speculation

The market capitalization of Ethena USD (USDe) shot up significantly amid spot Ethereum exchange-traded fund (ETF) approval speculations as multiple asset management firms eagerly await the United States Securities and Exchange Commission (SEC) decision on their applications.

According to recent data, the market cap of USDe skyrocketed above $2.6 billion in the past 24 hours, marking a 2.87% surge followed by a 19.10% increase in trading volume, which at the time of writing stands at $163.8 million.

Since the beginning of the year, the market cap of USDe has achieved significant gains, rising from $315 million to $2.6 billion. The adoption of USDe has been on the rise, which is evident from the rise in market capitalization of the stablecoin backed in a 1:1 ratio with the United States dollar.

It is also important to note that currently $2.6 billion worth of USDe tokens are in circulation, a staggering number amid the surge in popularity of Ether (ETH) owing to the optimistic chances of approval of a spot ETH ETF.

Ethena is a synthetic dollar protocol that has been created on the top of the Ethereum blockchain and seeks to “provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument – the ‘Internet Bond’,” as per the details available on CoinMarketCap.

Additionally, USDe is the “first censorship resistant, scalable, and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral” and is the fastest growing stablecoin since its debut earlier this year in the history of digital assets, as stated by Ethena.

USDe aims to rival the likes of Tether’s USDT and Circle’s USDC, the top two stablecoins by market capitalization, with market capitalizations of $111 billion and $32 billion, respectively.

A major reason for the surge in popularity of USDe is the staking yield provided by Ethena, which currently stands at 32.7% as per its website. The project is backed by Dragonfly Capital, BitMEX co-founder Arthur Hayes, Binance Labs, OKX Ventures, and Bybit, which recently announced the integration with Ethena USD.

Aave to Add USDe to USDe to Aave V3

Aave, a decentralized crypto lending platform, recently voted to add USDe to Aave V3 following the successful onboarding of sUSDe (staked USDe) on Ethereum.

“Ethena’s synthetic dollar, USDe, provides a stable crypto-native solution for a cash and carry structured product. The staked version of USDe, sUSDe, earns yield from the protocol and has high potential for strong borrow demand, which was already onboarded successfully into Aave,” said the proposal.

This could further boost the adoption of USDe since Aave has a total value locked (TVL) of $13 billion with a 21.90% surge in the past week, as per DefiLlama. Moreover, Ethena also announced that it would leverage Bitcoin (BTC) to enhance the stability of USDe, attracting more users.

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USDe Market Cap Jumps amid Spot ETH ETF Approval Speculation

Coinspeaker Bybit CEO Denies Insolvency Rumors, Confirms Healthy Balance Sheet

On May 22, rumors began circulating on X that the cryptocurrency exchange Bybit might be facing insolvency. These rumors were triggered by a post from blockchain analytics platform Arkham Intelligence, which misrepresented Bybit’s proof-of-reserves (PoR) data, suggesting a significant drop in the company’s reserve balance.

This speculation led to a mass exodus of withdrawals from the platform as users hurried to secure their assets, fearing a repeat of the FTX bankruptcy saga.

The growing concerns prompted Bybit CEO Ben Zhou to address the rumors directly on X. Zhou denied the insolvency claims, calling them false.

“Hearing some rumors about Bybit being insolvent or hacked, etc. Please note that we have updated our PoR this month. You can view all Bybit wallets through Nansen (Total more than $11B). None of the rumors that I have seen so far have any real facts supporting them. Please be aware,” Zhou wrote on X.

Bybit CEO Tries to Prove Financial Health

To further reassure users that the exchange has a healthy balance sheet, Zhou provided a link to the exchange’s proof-of-reserves (PoR) and a Nansen dashboard displaying all the cryptocurrencies held by the platform.

The PoR showed that users’ assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), and stablecoins, exceed 100% of the total funds deposited by users.

The reserve ratios for some of the major cryptocurrencies held by the exchange are 116% for BTC, 106% for ETH, 111% for SOL, 129% for USDC, and 107% for USDT.

This means that Bybit has more than enough funds to meet users’ withdrawal requests if they choose to withdraw all their assets from the platform. Additionally, the Nansen dashboard revealed that the total amount of assets contained in Bybit’s wallets is worth over $11 billion if converted to US dollars.

According to Nansen, the net worth reflects the total value of the token holdings in Bybit’s provided addresses. However, the analytics company cautioned that the data should not be considered a comprehensive statement of Bybit’s actual assets or reserves.

Investor Concerns and Market History

Despite Zhou’s reassurances, investors have withdrawn around $5 million from the platform. The move was influenced by previous experiences where insolvency rumors turned out to be true.

In the crypto industry, several bankruptcy cases began with rumors, even as their executives tried refuting the allegations of insolvency.

For example, before FTX officially filed for bankruptcy,  the company  CEO Sam Bankman-Fried (SBF) claimed it was financially strong and capable of honoring users’ withdrawal requests.  The company was posed by CoinDesk for suffering a liquidity crisis in 2022.

In an attempt to avoid panic and stabilize the situation, FTX sought a bailout deal with Binance. However, Binance pulled out of the deal, which ultimately led to FTX’s collapse in November 2022.

Similarly, other companies like Celsius Network, BlockFi, and Voyager Digital, which faced liquidity crises and subsequently went bankrupt, tried to stay afloat by secretly seeking additional funds from investors to continue operations.

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Bybit CEO Denies Insolvency Rumors, Confirms Healthy Balance Sheet

Coinspeaker President Joe Biden’s Campaign Team Wants to Hire Meme Master

There is an opening in President Joe Biden‘s campaign team for a “Partner Manager”, someone who will be responsible for “engaging the internet’s top content and meme pages.” 

President Biden Seeks Votes from Gen Z

The United States Presidential election is drawing closer and it is no longer news that the 46th US President plans to have a rerun. 

In a bid to secure votes from the younger generation, popularly referred to as Gen Z, the team behind the Biden for President (BFP) campaign is looking for a meme expert. The successful candidate will be responsible for creating engaging content on social media platforms to entice the target group. 

According to the job description, the “Partner Manager” will initiate and manage “day-to-day operations in engaging the internet’s top content and meme pages.” He/She is also required to initiate and manage relationships with digital media companies, podcasters, and “meme pages across a number of social media platforms.”

This individual will receive as much as $65,000 to $85,000 a year. Considering the salary scale found on many job recruitment sites in the United States, this range appears to top the average salary offered to many digital marketers. It is noteworthy that this move aims to portray Biden as an internet-savvy leader. Moreover, it is not the first time that the BFP team has dabbled into memes.

The “Dark Brandon” laser eye meme of Biden was seen circulating the internet, in preparation for the 2024 elections. While the President’s approach to winning Gen Z votes appears creative and in alignment with recent trends amongst young people, it is worth noting that his his perceived “animoxity” towards digital assets may put him at a disadvantage. 

Donald Trump and Robert Kennedy Support Crypto 

Unlike his rivals Donald Trump and Robert F. Kennedy Jr who are known to be more enthusiastic about cryptocurrencies, Biden does not share much affection for the burgeoning industry. He recently directed the Secretary of Treasury to inform a British Virgin Island-incorporated company MineOne Partners Limited to sell and evacuate from its premises in the next four months. Noteworthy, the company operates a crypto mining business.

There are speculations that Biden’s administration may now have a slight soft spot for the digital asset ecosystem, especially with talks about the SEC potentially approving Ethereum ETF. It may be too early to conclude as no official information or announcement has been made on the matter.

Meanwhile, Trump has taken his campaign a notch further by accepting crypto donations from supporters who intend to contribute to his race for the White House. For someone who obviously condemned cryptocurrencies, Trump’s move is a significant pivot. In one of his campaigns, he clearly stated that his administration, if re-elected, would not crack down on BTC and other digital assets.

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President Joe Biden’s Campaign Team Wants to Hire Meme Master

Coinspeaker Congressman Emmer Calls for CBDC Ban to Fight Biden’s Alleged Surveillance Plan

Congressman Tom Emmer recently voiced strong opposition to the Biden administration’s push for a central bank digital currency (CBDC), warning that it could affect American values and citizens’ right to privacy.

During a speech to the House of Representatives, Emmer argued that the Biden administration is eager to trade Americans’ right to privacy for a “CCP-style surveillance tool.” According to the Congressman, this could potentially allow the federal government to access citizens’ transaction data. He states:

“Unlike decentralized digital assets such as Bitcoin, CBDCs are a digital form of sovereign currency designed, issued, and monitored by the federal government.”

An Anti-American Approach

Over the past five years, central banks worldwide have shown significant interest in issuing CBDCs. According to research by the Atlantic Council, as of March 2024, 134 countries are exploring a CBDC, with 38 ongoing pilot projects.

However, Emmer cited recent instances like China, where governments weaponized financial systems against their citizens. Emmer fears that this “anti-American” scenario could happen in the United States if CBDCs are adopted.

“It’s naive to believe that your government will not weaponize the tools that it has to control you. This may be why the Biden administration issued an executive order placing an urgency on CBDC research and development,” he adds.

Federal Reserve’s Direct Control

Notably, the Federal Reserve notes that while Americans often keep their money in digital forms like bank accounts, payment apps, or online transactions, a CBDC would be a liability to the Fed. According to Emmer, this potentially gives the Fed more direct control over individuals’ finances. He revealed that the Federal Reserve has already described CBDCs as “one of their key duties” in a document that was provided to his office.

While there are no concrete plans for a US CBDC launch in 2024, there are several bills and proposals that aim to restrict or regulate the development of a CBDC.

In February 2023, Emmer introduced the CBDC Anti-Surveillance State Act. The bill has impressively garnered support from 165 Republican conference members and aims to ensure that Congress retains authority over the United States digital currency policy. Emmer states:

“This bill ensures that Congress, not the administration, retains authority over the United States Digital Currency Policy so that it reflects our American values of Privacy, individual sovereignty, and free market competitiveness.”

According to Emmer, any CBDC would need to balance safeguarding consumers’ privacy rights with providing the transparency necessary to deter criminal activity.

As the debate over the development of CBDCs continues, Emmer’s warnings highlight the critical need for careful consideration of privacy and individual freedoms.

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Congressman Emmer Calls for CBDC Ban to Fight Biden’s Alleged Surveillance Plan

Coinspeaker XRP Whale Moves Over 50M Coins, Sparks FIT21 Bill-Related Speculation

Moments ago, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Crypto bill, causing jubilation within the crypto community. However, the development was especially important for the Ripple community as an XRP whale immediately released a large amount of XRP to centralized exchanges (CEXs).

For context, the relatively new crypto bill reportedly states that certain digital assets sold or transferred under an investment contract do not necessarily classify as a security for the sole reason of that. According to pro-XRP lawyer Bill Morgan, Judge Torres played a huge part in seeing that that part was included in the FIT21 bill.

While the White House is currently kicking against the newly passed law, its provision could be a total game-changer in the ongoing Ripple vs. SEC legal battle. Further fueling this speculation is the recent whale activity.

Whale Moves 50.78M Tokens as Move Sparks Curiosity

According to on-chain data from transaction tracker Whale Alert, the renowned XRP whale has dumped 50.78 million XRP in the wake of the bill’s passing into law. However, he did so over a few separate transactions to CEXs Bitstamp and Bitso.

The whale first transferred 29.14 million XRP to Luxembourg-based Bitstamp. He then transferred another 21.64 million XRP to Bitso in the second transaction.

Notably, the whale activity has raised concerns as many would have thought that the positive news for Ripple would have triggered more accumulation instead of the sell-off. However, the reason behind the decision to offload the XRP tokens remains unclear. For what it might be worth,  though, Ripple had previously collaborated with both exchanges, so there might be another game plan.

XRP Price Tumbles

Over the last 24 hours, the XRP token’s price has recorded both gains and losses. However, as of press time, XRP price was exchanging hands at $0.5283, down 1.13% over the past day. According to CoinMarketCap data, the 24-hour trading volume plunged 32.63% to $1.12 billion, giving the token a bearish outlook.

Meanwhile, the price action of XRP does not exactly come as a surprise. More so, in the light of the recent whale activity mentioned earlier,  that may have brought about an increase in selling pressure.

Overall, though, the RSI stands at 51, meaning that the asset still maintains a neutral stance toward the market. Simply put either bulls or bears can potentially take control of the token in the coming days. However, the odds might be in favor of the bulls giving the fresh air of optimism that the FIT21 has brought for XRP. Now, all eyes are on the Senate.

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XRP Whale Moves Over 50M Coins, Sparks FIT21 Bill-Related Speculation

Coinspeaker Bitcoin Runes Hype Dwindles as Transactions Drop 84%

The Bitcoin Runes protocol, once a hot topic within the cryptocurrency community, is seeing a significant decline in its transaction volume. Initially launched on April 20, coinciding with the fourth Bitcoin halving, the protocol experienced a surge in activity that has since tapered off dramatically.

Initial Surge and Peak Activity

Upon its launch, Bitcoin Runes quickly captured the market’s attention, largely driven by the excitement surrounding the Bitcoin halving event. On April 20, Runes transactions accounted for 57.7% of all Bitcoin transactions. This surge in activity saw Runes transactions dominate the Bitcoin blockchain, peaking at 81.3% of all transactions on April 23. This high level of engagement helped drive Bitcoin mining revenue to an all-time high of $107.7 million.

However, this dominance was short-lived. By May 2, the proportion of Runes transactions had plummeted to 11.1%, marking a significant reduction from its peak just days earlier.

Declining Transactions and Fees

The initial excitement surrounding Bitcoin Runes led to impressive transaction volumes and fees. On the launch day, 3,344 Runes were carved, generating nearly $3 million in fees. Despite a peak on April 26 with 23,061 Runes carved, this momentum quickly faded. By May 21, less than 200 Runes were carved, and the corresponding transaction fees had dropped to a mere less than 10% of total Bitcoin fees, down from 70.1% at launch.

Data from Dune Analytics highlights the fluctuating trend of Runes activity. After the initial spike, Runes transactions have seen a consistent decline. As of May 22, Runes represented just 12.7% of Bitcoin transactions, a steep drop from their peak.

This decline is mirrored in the overall transaction fees generated by Runes, revealing the challenges of maintaining sustained interest and activity in the cryptocurrency market.

Photo: cryptokoryo_research / Dune

Market Dynamics and Future Outlook

The drop in Runes transactions is part of a broader trend observed in the Bitcoin DeFi space, known as BTCFi. Despite the initial surge in interest, fueled by the excitement surrounding the Bitcoin halving, the sustainability of projects like Runes remains uncertain.

Several factors have contributed to the initial surge and subsequent decline. The influx of private capital and optimistic market sentiment played crucial roles in driving up valuations and initial interest. However, the lack of sustained demand and the inevitable market adjustment have tempered this enthusiasm.

Despite the decline, Runes have left a lasting impact on the Bitcoin market, generating substantial transaction fees and testing the viability of new protocols. As Runes settle into a more stable, less dominant role, their influence on the Bitcoin ecosystem is likely to diminish, leading to a more predictable integration.

The future of Runes remains promising as part of the broader Bitcoin ecosystem. Their initial hype may have waned, but they have proven the potential for innovation within the cryptocurrency space, offering both opportunities and challenges for developers and investors alike.

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Bitcoin Runes Hype Dwindles as Transactions Drop 84%

Coinspeaker StarkWare Introduces ZKThreads to Improve DApp Scalability

StarkWare, the main developer behind the Layer-2 blockchain Starknet, has unveiled a new scaling framework based on ZK execution sharding called ZKThreads. This protocol aims to improve the scalability of Decentralized Applications (DApps) on Starknet via execution sharding enabled with zero-knowledge proofs.

ZKThreads Utilizes StarkWare’s Fractal Scaling

Notably, this new solution takes support from the concept of fractal scaling that was introduced by StarkWare three years ago. The goal is to utilize ZKThreads for the expansion of Starknet’s array of “fractal-scaling” solutions. According to Starknet, this addition would offer users an alternative to the existing ZK coprocessors that function similarly.

Over time, the existing ZK coprocessors have proven to be quite effective; however, they often operate independently. Invariably, this leads to the development of applications with fragmented liquidity and reduced interoperability needs.

The challenge of fragmentation is what ZKThreads is set out to address. Precisely, StarkWare plans to tackle this setback by providing a standardized development environment that supports provable applications.

The application of the execution sharding will support different segments of network transactions or computations. It will perform this task in sync with maintaining security through zero-knowledge proofs. Such a framework is designed to constantly ensure that blockchain dApps can scale effectively by distributing the computational and transactional load while ensuring the decentralization or security of the network is not compromised.

Layer-3 chains that are resident in the Starknet ecosystem will also have access to this new framework. Generally, these L3 chains are known for supporting the scaling of dApps that require fully customizable control. However, ZKThreads offers more flexible scaling that ensures liveness is provided at every step by allowing for direct fallback onto the base layer.

Multiple Features on StarkWare’s ZKThreads

The architectural design of the ZKThreads includes several essential components: a butcher, a prover, as well as different contracts that handle application logic and state changes on a network such as Starknet. This is available to guarantee the accuracy and usability of transactions across the Starknet ecosystem.

In the long run, the new ZKThreads framework will provide greater composability, security, and interoperability for ecosystem dApps. Louis Guthmann, head of product strategy at StarkWare, shared more insights on the functionalities of the scaling framework.

“ZKThreads open the door to executing directly on Starknet when needed, ensuring liveness at every step and leaner design for dapps,” Guthmann said.

The ZKThreads is yet to be officially launched but is expected in the next nine months, probably Q1, 2025. After that, it would be implemented on the testnet. One of the first users of the framework will be Starknet-based developer Cartridge, utilizing the ZKThreads for scaling on-chain games.

The design of the scaling framework is viewed to hold the capacity to transform dApps especially the decentralized exchanges on Starknet.

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StarkWare Introduces ZKThreads to Improve DApp Scalability

Coinspeaker Gate.io Ceases Operations in Hong Kong amid Tightening Crypto Regulations

Gate.io, a crypto exchange platform, announced that it would cease operations of its Hong Kong-based entity, Gate HK, and it has also officially withdrawn its license application to operate a cryptocurrency trading platform in the country. This decision can be linked to the increasingly strict regulations for virtual asset service providers (VASP) in the Chinese region.

The Securities and Futures Commission (SFC) of Hong Kong warned that any VASP operating in the region and those yet to submit their license application must close down their operations in Hong Kong by May 31. This warning has caused some crypto exchange platforms to hurriedly submit applications, while some have also shut down businesses.

Gate.HK, which officially started operations in Hong Kong last May, stated that it will be undergoing a major overhaul of its platform and withdrawing license operations in the country.

The company, however, urged users of their platform to withdraw their assets before August 28, as it plans to delist all tokens, including major crypto coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Solana (SOL), amongst others, on May 28 by 4:00 PM (Hong Kong Time).

Aside from delisting, the exchange company stated that, effective from the moment the announcement was made, it no longer accepts deposits of assets or registers new users on its platform and has also stopped marketing its services in Hong Kong. The company stated:

“Cessation of Marketing: Effective immediately, Gate.HK will stop marketing its services in Hong Kong. We strongly advise users to allow themselves sufficient time to wind down or otherwise manage their positions with Gate.HK before 4:00 PM (Hong Kong time) on 28 May 2024 and to withdraw their assets from the platform before 28 August 2024.”

Gate.HK initially submitted its license application to the Hong Kong SFC in February. Although the sudden withdrawal is surprising, it can be traced to not being able to secure the proper licenses for legal operations within Hong Kong. Despite the setback, the crypto exchange platform revealed that it is working on making necessary changes to its operations and intends to restart its business in the region later in the future.

Responses of Other Crypto Exchanges to Regulatory Pressures

Gate.HK is not the first to withdraw its application, as several other virtual asset service providers have taken similar steps after being unable to scale through Hong Kong crypto regulations. HKVAEX, a Hong Kong crypto exchange platform allegedly linked to Binance, announced it was closing its business after withdrawing its license application on March 28.

Similarly, Huobi HK, HTX’s Hong Kong affiliate, retrieved its license application for the second time on May 14 and is set to shut down its operations by August. According to the SFC rule, virtual asset providers that fail to meet requirements are to shut down by May 31 or within three months of being notified by the regulator.

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Gate.io Ceases Operations in Hong Kong amid Tightening Crypto Regulations

Coinspeaker Binance Megadrop Announces Listing of LISTA as Its 2nd Project

One of the world’s biggest cryptocurrency exchange platforms, Binance, is bringing Lista (LISTA) on board as the second project on its recently launched token platform, Binance Megadrop. This comes with significant anticipation as Binance will be the first platform to list the token, providing early access to its users through a combination of airdrops and Web3 quests.

In a recent press release, Binance revealed the listing of LISTA, a protocol focusing on liquid staking and decentralized stablecoins. The exchange stated that further information on the Megadrop amount, including Web3 quests, official listing start time, and detailed listing plans will follow in subsequent announcements.

Notably, the maximum token supply for Lista is set at 1 billion LISTA. Out of this total, 100,000,000 LISTA, which represents 10% of the maximum token supply, will be allocated as Megadrop Token Rewards. The announcement added that, at the time of the launch, the initial circulating supply will be 230,000,000 LISTA, which represents 23% of the maximum token supply.

The exchange went further to caution the investors by stating, “Please do your own research to ensure the safety of your funds.” It further adds:

“Any claims to offer this token for sale before the stated timeline are false advertising.”

Functionality of LISTA

LISTA serves as a multi-utility token within the Lista DAO ecosystem. Designed for governance functions, it supports various financial activities within the ecosystem, including instant conversions, asset collateralization, borrowing, and yield farming.

Lista DAO operates as an open-source liquidity protocol enabling users to earn yields on collateralized crypto assets such as BNB, ETH, stablecoins, and others. It also facilitates borrowing through its decentralized stablecoin, lisUSD, also known as a “Destablecoin”. The model is inspired by MakerDAO’s system but aims to expand its functionalities.

Binance Megadrop

Binance announced the launch of Binance Megadrop in April this year, with the aim to provide early access to select Web3 projects before their tokens are listed on the Binance Exchange. It focuses on enhancing the token launch experience by integrating Binance Simple Earn and the Binance Web3 Wallet.

To access Binance Megadrop, users need to log in to their Binance account, making sure they have at least one active Binance Web3 Wallet. They can subscribe to BNB Locked Products and/or complete Web3 Quests to get scores that may accumulate over time. These scores will determine the rewards they receive through the Megadrop program.

The listing of LISTA on Binance Megadrop marks a significant milestone for both Binance and the Lista DAO project. The exchange’s innovative Megadrop platform is set to provide its users with exclusive early access to promising Web3 projects.

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Binance Megadrop Announces Listing of LISTA as Its 2nd Project

Coinspeaker Gary Gensler Condemns Proposed Crypto Market Bill Ahead of House Vote

SEC Chair Gary Gensler has voiced staunch opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21), ahead of its scheduled House vote. Gensler argues that the proposed legislation poses a threat to established regulatory frameworks and investor protections.

Potential Risks to Investor Protection

Gensler’s main contention with the bill, designated as H.R. 4763, is that it would alter how crypto assets are classified, effectively removing them from SEC oversight. He warns that this could create regulatory loopholes and undermine decades of oversight standards, putting investors and capital markets at risk.

A key issue for Gensler is the bill’s provision allowing crypto firms to self-certify as “decentralized” or “digital commodities.” He warns that this could limit SEC scrutiny due to resource constraints, leaving significant portions of the crypto market without adequate regulation.

Gary Gensler cautions that such a process could extend risks beyond the crypto space, threatening broader $100 million capital markets. He highlighted the danger of fraudulent schemes, such as pump and dump operations, if bad actors could avoid securities laws by rebranding themselves as crypto investment contracts.

The FIT21 Act seeks to reassign more regulatory duties to the Commodity Futures Trading Commission (CFTC) by introducing a “digital commodity” classification for certain digital assets. However, Gensler criticized this approach, arguing that it ignores established legal tests like the Howey Test, which defines securities.

He asserted that excluding crypto trading platforms from the definition of an exchange and replacing tried-and-tested frameworks with the new classification would ultimately endanger investors.

Legislative Support and Opposition

Support for the FIT21 Act comes primarily from the US Republican Party, which aims to provide a more comprehensive regulatory framework for the crypto industry and increase the CFTC’s oversight role.

Notably, Former President Donald Trump and his advisors have also signaled their backing for FIT21, with Trump recently indicating a willingness to accept campaign donations in cryptocurrency. House Speaker Nancy Pelosi is reportedly considering a vote on the bill, which is slated to take place later on Wednesday.

Major industry stakeholders have also endorsed the bill. Sixty crypto organizations, including Gemini, Kraken, and Coinbase, have voiced their support, citing the need to update outdated securities laws to suit the digital asset market. They argue that current regulations, which date back nearly a century, are ill-suited for the complexities of the crypto space.

Gensler’s firm stance against the FIT21 Act highlights a significant divide between regulators and the crypto industry over how digital assets should be governed. As the House prepares to vote, the outcome could have profound implications for the future regulation of the cryptocurrency market in the United States.

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Gary Gensler Condemns Proposed Crypto Market Bill Ahead of House Vote

Coinspeaker Bollinger Bands Creator Worried about Bitcoin Price Trajectory as Buy Calls Surge

Renowned analytics platform Santiment recently stated that discussions surrounding Bitcoin on social media have increased amid the anticipation of the approval of the spot Ethereum exchange-traded fund (ETF). The market is seeing more buy calls than sell calls, indicating a growing optimism about the Bitcoin price trajectory.

When an asset sees a rise in buy calls among traders on social media, it often reflects positive sentiment for continued price growth. Traders view this as a good entry point, considering current prices as low and anticipating an upswing.

Temporary Sell-off Possible

Despite the positive social sentiment, newer investors, who lack strong conviction in Bitcoin’s long-term potential, often exploit the surge in buy calls as an opportunity to profit. This leads to possible temporary sell-offs as Santiment explains in an X post:

“Ideally, many weak hands panic sell here. Just a bit of FUD can help justify a new BTC all-time high (ATH).”

Bitcoin’s Market Value to Realised Value (MVRV) ratio currently stands at 153.19%. Notably, the MVRV ratio measures the relationship between Bitcoin’s current market price and the average price at which each token was acquired.

A high MVRV ratio suggests that Bitcoin is overvalued and that many holders are sitting on profits. This situation often leads to increased selling pressure as investors seek to capitalize on their gains.

Additionally, according to data by Coinglass, Bitcoin’s funding rate across crypto exchanges reached 0.018%, the highest level in a month. A rallying futures funding rate is generally bullish, indicating strong demand for long positions. However, an unsustainably high level can lead to forced selling by leveraged long positions, triggering potential corrections.

Bollinger Bands Creator Concerned

Renowned trader John Bollinger, creator of the widely used analysis indicator Bollinger Bands, has also expressed caution regarding Bitcoin’s immediate future.

Notably, Bollinger Bands plots standard deviations above and below a simple moving average and identifies volatility and potential price reversals. Recently, Bollinger noted a two-bar reversal at the upper Bollinger Band, a pattern often indicative of a temporary market correction.

While Bollinger’s analysis suggests short-term concerns, he remains optimistic about Bitcoin’s long-term prospects.

Bollinger Bands analysis comes at a critical time for Bitcoin, which surged by 12% in the last seven days and is currently trading only 6% below its peak price.

Prominent crypto analyst Rekt Capital stated that if a weekly candle closes above $71,500, it can kickstart the breakout from the Re-Accumulation Range. However, he also noted that historical trends suggest Bitcoin might consolidate within this Re-Accumulation Range for several more weeks.

The anticipation of the spot Ethereum ETF approval and the social media buzz bind investors to watch if Bitcoin can surpass its previous ATH.

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Bollinger Bands Creator Worried about Bitcoin Price Trajectory as Buy Calls Surge

Coinspeaker Joseph Lubin Plans to Take Blockchain Firm ConsenSys Public

Ethereum co-founder Joseph Lubin, who now leads the blockchain software and Web 3 firm ConsenSys, has recently unveiled his plans to take the company public. As per the latest report by DL News, ConsenSys could be in the final stage of going public.

Speaking to DL News at the crypto conference DappCon in Berlin, Lubin said:

“We’ve talked about that for a long time. And there are different ways to go public in our ecosystem. You can launch a protocol, you can tokenise a protocol, you can externalise a project.”

In the cryptocurrency sector, the tokenization or airdrop of a project is often considered similar to an Initial Coin Offering (ICO). Over the past few months, there have been speculations circulating the MetaMask airdrop.

The popular MetaMask wallet has a user base that exceeds a staggering 30 million. As a result, the issuance of the MetaMask token would undoubtedly create major excitement in the crypto community.

“If we do go public in some form, we’ve always been biassed to using our own technology,” said Lubin. However, the ConsenSys founder refrained from stating exactly which route they would adopt. But he gave some hint that ConsenSys might consider spinning out MetaMask, or its other business units such as Layer-2 blockchain network Linea or toolkit developer Infura. “We spun out over 40 of them. Some of them like Gnosis are very successful,” he said.

ConsenSys Working with KPMG

Disclosing further cards, Joseph Lubin stated that ConsenSys is already working with auditing giant KPMG but declined to provide any additional details.

Nevertheless, he emphasized that ConsenSys would choose the blockchain path for its public offering rather than pursuing a traditional listing of shares on the Nasdaq or another stock exchange. He added:

“If we do go public in some form, we’ve always been biassed to using our own technology to do something. That doesn’t mean we would want to walk away from American capital markets, which are deep and liquid,” he continued. “But there might be ways to go public using our own technology and still make it accessible.”

Lubin, who gained experience on Wall Street as a technology executive in Goldman Sachs’ private wealth unit in the early 2000s, is also considering acquisitions. “We’ve recently received board approval,” he mentioned. “Our activity level is quite high.”

In the past, ConsenSys has been conducting strong acquisitions and other intellectual property purchases.

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Joseph Lubin Plans to Take Blockchain Firm ConsenSys Public

Coinspeaker Staking Platform Kiln Brings LST Restaking on EigenLayer via Ledger Live

Kiln, an institutional crypto staking platform has announced the introduction of Liquid Staking Token (LST) on EigenLayer via Kiln’s Ledger Live dApp. According to Kiln, this is the first time that over 1.5 million users of the hardware wallet manufacturer will be allowed to restake on blockchain protocol EigenLayer directly within the dedicated interface.

Ledger Customers Enjoy Perks of Integration

This integration comes with several perks including clear-signing via Kiln’s Ledger Nano plugin that was reviewed by Ledger’s security team. For context, clear-signing is a method of signing blockchain messages or transactions in such a way that the signed content can be read and verified by humans.

“We’ve made the process straightforward, so it should take anyone less than a minute to get rewarded,” Kiln Co-Founder and CEO Laszlo Szabo said.

Ledger VP of Consumer Services Jean-Francois Rochet was clear on the vision of the firm. He described it as an open platform with the best third-party service providers in the ecosystem. Furthermore, he acknowledged that the introduction of LST staking through Kiln provides Ledger customers with more avenues to interact with their digital value.

Users who deposit LSTs into EigenLayer can accumulate EigenLayer restaking points and Actively Validated Service (AVS) rewards.

EigenLayer is a Decentralized Finance (DeFi) protocol that is focused on providing restaking services for Ethereum (ETH). It allows users to deposit and “re-stake” Ethereum from different LSTs with a plan to allocate those funds to secure third-party networks or AVSs. Data from DeFiLlama states that since 2023 when EigenLayer began to accept deposits, it has accumulated a total of $18 billion in Ethereum to secure various protocols.

Consensus protocols, oracle networks, and data availability platforms are some of the AVSs that have benefited from the restaking protocol’s security. The AVS mainnet launch took place on April 9 and since that time, Kiln says it has been an operator on EigenLayer and is currently operating all mainnet AVSs. Claims for the first season of EigenLayer’s native tokens started on May 10.

Users started delegating tokens to EigenDA AVS operators, but the tokens are non-transferable until the end of the third quarter.

Multiple Projects Utilize EigenLayer Protocol

It is worthy of note that since it went live on the Ethereum mainnet last month, a handful of protocols have adopted its offering. Top cryptocurrency trading platform BIT Exchange launched EigenLayer Points (ELP)/USDT trading on the spot market on its Points Program system. This move drove an uproar in its ecosystem as the firm became the first centralized exchange to offer a market for purchasing EigenLayer Points ahead of the Token Generation Event.

Coinbase Cloud equally announced its participation as one of the initial operators on EigenLayer and declared its readiness to partner with users interested in restaking their ETH or LSTs. Similarly, Sam Padilla, product manager at Google Cloud, shared the news that the Google Cloud EigenLayer mainnet operator is up and running.

Considering how much engagement the blockchain restaking protocol has registered in this short while, EigenLayer might record more collaboration and utilization of its services in the future.

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Staking Platform Kiln Brings LST Restaking on EigenLayer via Ledger Live