#GOATMoments Today’s market session has started slowly as the global market cap has seen a 0.4% reduction from its previous 24 hours to take it to $1.21T. The market Fear and Greed Index is also currently neutral, according to CoinMarketCap.

Bitcoin ($BTC ) analysis

Bitcoin has kicked off today’s session slowly, posting a drop of 0.2% within 24 hours of trade as the asset now faces resistance at $31K once more, leveling to trade at $30.2K as of press time. BTC’s trading volume has also seen a 57% drop within the same period as market activity generally declines.

Bitcoin’s volatility levels are now low as the Bollinger bands move close to each other, indicating increasing volatility. The RSI indicator is now below the average line showing bear dominance.

BTC 1-day chart | Source: Tradingview

Ethereum (ETH) analysis

Ethereum is also having a slow session as the asset trades 52% below its previous 24-hour price to take its price back below $2K as the asset now trades at $1929. ETH’s trading volume had dropped by 52% as of press time.

Ethereum’s volatility levels are still increasing as the Bollinger bands now diverge away from each other, indicating increasing volatility. The RSI moves above the average line as ETH bulls push for continued dominance.

ETH 1-day chart | Source: Tradingview

Ripple (XRP) analysis

Still, on top of every trend list, Ripple is struggling in today’s session, having dropped 57% in price valuation within 24 hours to now trade at $0.71. Ripple’s trading volume has seen a massive drop of 57% as of press time, currently at $2.4 B.

Ripple’s volatility levels remain high amid the activity as the Bollinger bands diverge entirely. The RSI indicator is still in the overbought region as the MACD indicator also moves high on the positive region indicating continuous bull dominance on Ripple.

$XRP 1-day chart | Source: TradingView

#Solana (SOL) analysis

Solana is still facing corrections in today’s session as the asset records a 3.7% decrease within 24 hours of trading to take its price to $27.71 as of press time. SOL’s trading volume has also dropped 41% within the same period as crypto activity continues to drop.

SOL’s volatility levels are still increasing as the Bollinger bands move away from each other. The RSI is still above its average line in the overbought region as bulls dominate for the second day, with the MACD moving in the positive region.

$SOL 1-day chart | Source: TradingView

Other analysis

#BitDAO (BIT) is among today’s gainers. The asset trades 3.5% above its 24-hour price to reach $0.532 as of press time. #BIT ’s weekly gain currently stood at 23%. Maker (MKR) is also gaining significantly, trading at $942.36, representing an 8% increase in valuation within 24 hours.#Binanceturns6

BitDAO, a decentralized autonomous organization launched in July 2021, has announced a new proposal to address key issues that have arisen since its launch. The proposal aims to improve the organization’s tokenomics, project focus, and decentralization. The proposal, which is authored by user cateatpeanut 3, was posted on the BitDAO forum for community discussion.

One of the main issues that the proposal seeks to address is the lack of focus of the BitDAO strategy and narratives. The community has supported a variety of initiatives, including venture investments, ecosystem initiatives, and core product development, leading to a multi-strategy approach that lacks competitive strength. The proposal suggests that BitDAO should focus on its own long-term vision with clear strategies and resources.

The proposal also aims to address the unpredictable nature of the circulating supply of the BIT token due to the dynamic Bybit Contribution and the concentration of BIT token holdings. By modifying the Bybit Contribution from a dynamic exchange-linked amount to a fixed-schedule amount over 48 months, the proposal seeks to increase the stability and predictability of BIT tokenomics and decentralize BIT holdings and governance.

According to the proposal, the fixed-schedule contribution will start at 120 million BIT per month and halve every 12 months, totaling 2.7 billion units. The Bybit Contribution BIT will be retained in the BitDAO Treasury instead of immediately burning it, and the burn may be restarted via a subsequent BitDAO proposal.

The proposal brings several benefits, including focusing BIT tokenomics on BitDAO initiatives, such as the development and adoption of core BIT products, and reducing the likelihood of BIT being viewed as a “Centralized Exchange Token” or “Bybit Token.” The proposal also paves the way for BIT to be listed on other centralized exchanges, increases the predictability of $BIT tokenomics, and improves the decentralization of BIT holdings and governance.

Bybit, which has contributed over $600 million USDC/USDT and 177k ETH to the BitDAO treasury, will continue to partner with BitDAO in terms of technology development and product adoption. BitDAO will use BIT as its native token and be BitDAO governed and accountable. After completion of the 2.7 billion BIT fixed-schedule contribution, Bybit will likely remain the largest holder of BIT and be incentivized in BitDAO’s success.

The proposal’s tokenomic impact will result in the circulating supply of BIT being reduced from approximately 6.0 billion units to 3.3 billion units. This represents a 1.8x boost of BitDAO economics and governance voting power for all existing BIT holders. The proposal is open for community discussion, and the community is encouraged to vote on it.

#BitDAO #BIT #Mantlenetwork

This article was republished from azcoinnews.com

Mantle Network, the modular Ethereum Layer-2 (L2) blockchain, has made a significant impact with the launch of its mainnet at the Ethereum Community Conference (EthCC) in Paris. This milestone comes after a game-changing merger with BitDAO, resulting in the formation of the #Mantle Ecosystem and a unified web3 landscape. With a focus on scalability, performance, and tokenized governance, this collaboration has the potential to reshape Ethereum's Layer-2 landscape.

Unleashing the Power of a Unified Ecosystem:

The merger between Mantle Network and #BitDAO marks the beginning of a new era in decentralized finance. By combining resources and expertise, the unified Mantle Ecosystem aims to drive innovation and foster growth within the Ethereum community. With BitDAO's substantial treasury and Mantle Network's modular architecture, the stage is set for an ecosystem that empowers developers, builders, and token holders.

Revolutionary Design and Enhanced Performance:

Mantle Network's modular architecture sets it apart from other Layer-2 solutions. By segmenting execution, data availability, consensus, and settlement into separate layers, the network achieves optimal scalability and performance. The collaboration with EigenLayer brings forth an optimistic roll-up design and groundbreaking data availability solutions. This combination enables Mantle to retain Ethereum's security while significantly reducing costs and enhancing performance.

Impressive Testnet Results:

During the testnet phase, Mantle Network showcased its capabilities by handling millions of on-chain transactions, deploying a multitude of smart contracts, and connecting hundreds of thousands of unique wallet addresses. By successfully hosting high-frequency decentralized applications (dApps) and partnering with prominent projects such as Game7, HyperPlay, and EduDAO, Mantle Network has demonstrated its readiness to support a wide range of use cases.

Tokenized Governance and Treasury Allocation:

With BitDAO's substantial treasury integrated into the Mantle Ecosystem, the network boasts an impressive financial backing, including USDC, USDT, and #ETH Token holders now have the power to govern the use and allocation of these resources through Mantle Governance. This tokenized governance model promotes transparency, inclusivity, and decentralized decision-making, further fueling the expansion and adoption of product lines within the ecosystem.

The launch of #MNT Mantle Network's mainnet, coupled with the merger with BitDAO marks a significant milestone in 's Layer-2 Ethereum development. The innovative architecture, enhanced performance, and tokenized governance of the Mantle Ecosystem have the potential to reshape the way developers build and interact with decentralized applications. As the network continues to evolve and attract more users and partners, it is poised to play a pivotal role in the future of Ethereum and the broader blockchain ecosystem.