Tortola, British Virgin Islands, June 5th, 2024, Chainwire

Nibiru EVM execution boasts blazing-fast transaction speeds, scalability, and seamless integration for Ethereum developers, positioning Nibiru to drive mainstream adoption and innovation in Web3. 

Overcoming Ethereum’s Scalability Hurdles

Nibiru Chain, a pioneering smart contract ecosystem, introduces Nibiru EVM, a high-performance Ethereum Virtual Machine (EVM) execution environment, showcased in its latest v2 release.

Nibiru plans to scale beyond Ethereum’s current infrastructure, which is limited to approximately 20 transactions per second (TPS) and results in high fees during periods of congestion. These constraints hinder developers from building performance-intensive applications similar to the ones seen in Web2. Nibiru EVM surpasses these limitations by offering throughput exceeding 10,000 TPS even with just single-threaded execution.

To take the scaling and performance a step further, Nibiru plans to upgrade the network to process transactions with parallel optimistic execution, which is “targeted for release before the end of 2024,” according to Co-Founder of Nibiru, Unique Divine. This approach allows nodes to utilize extra hardware resources, pushing the boundaries on the network’s transaction handling capabilities.

Fueling Ecosystem Expansion and Enhanced Developer Experience

“Compatibility with Ethereum is a key driver for attracting liquidity and promoting ecosystem growth on Nibiru EVM. Launching a blockchain protocol is about building trust and showcasing real-world utility. Innovating and improving the EVM is a key part of our strategy,” explains Unique.

With Ethereum developers accounting for applications that make up over 90% of the total value locked (TVL) across smart contract ecosystems, Nibiru EVM significantly lowers barriers to entry and accelerates development timelines.

Nibiru EVM empowers developers with a robust, user-friendly environment that enables seamless interaction between Ethereum-based tokens and applications across multiple virtual machines. This multi-VM approach ensures fast transaction processing and a streamlined user experience.

Ethereum developers are able to deploy applications in a familiar EVM environment, reducing barriers to entry and accelerating development timelines, whilst also reaping the benefits of parallel optimistic execution and instant finality.

Nibiru in Early Innings

Since its mainnet launch in March 2024, Nibiru has supported Wasm (Web Assembly) smart contracts written in the Rust programming language. The introduction of Nibiru EVM promises developers an EVM-compatible execution environment that is both highly performant and scalable. Positioned to play a crucial role in the future of decentralized applications, Nibiru is driving innovation and setting the stage for mainstream adoption.

About Nibiru

Users can stay up-to-date on the latest news or engage with Nibiru by visiting the Community Hub. Users can find the official web application and information on user guides, block explorers, and upcoming governance and improvement proposals. 

Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.

Contact

PR & Media Inquiries
media@nibiru.org

The post Nibiru EVM to Transform Ethereum Capabilities for Tomorrow’s Web3 appeared first on Blockonomi.

TLDR

Emails from Nvidia staff suggest that Elon Musk diverted 12,000 H100 AI chips originally meant for Tesla to his social media company X and AI startup xAI.

Musk’s decision pushed back Tesla’s receipt of over $500 million in GPUs by months, potentially delaying the automaker’s AI infrastructure development.

Musk responded to the claims, stating that Tesla had no place to put the chips and they would have sat idle in a warehouse, and the south extension of Tesla’s Texas Gigafactory will soon house 50,000 H100s for self-driving technology training.

The reports have exacerbated tensions between Musk and some Tesla investors who feel he has conflicts of interest and is not fulfilling his obligations to the automaker.

Musk’s companies, including xAI and Neuralink, are competing in the AI and brain-to-computer interface sectors against giants like OpenAI and Google.

Recent reports suggest that Tesla CEO Elon Musk instructed Nvidia to prioritize shipments of AI chips to his social media company X and AI startup xAI over the electric vehicle manufacturer.

Emails from Nvidia staff, obtained by CNBC, indicate that Musk diverted 12,000 H100 GPUs originally slated for Tesla to X, pushing back the automaker’s receipt of over $500 million in processors by months.

The decision has raised concerns among some Tesla shareholders, who question whether Musk is fulfilling his obligations to the company while also running several other ventures that require significant attention and resources.

Critics argue that Musk is only a part-time CEO of Tesla, the company responsible for the majority of his wealth, as he also manages SpaceX, Neuralink, The Boring Company, and the recently acquired X (formerly Twitter).

Musk has been encouraging Tesla investors to focus on future products, such as AI software for self-driving vehicles, dedicated robotaxis, and a driverless transportation network.

He has emphasized the importance of Nvidia’s GPUs in achieving these goals, stating that Tesla will increase the number of active H100s from 35,000 to 85,000 by the end of the year. However, the Nvidia emails suggest that Musk may have exaggerated Tesla’s procurement plans to shareholders.

In response to the reports, Musk took to X to clarify the situation. He stated that Tesla had no place to put the Nvidia chips where they could be turned on and that they would have sat idle in a warehouse.

Musk added that the south extension of Tesla’s Texas Gigafactory is near completion and will house 50,000 H100s for self-driving technology training.

Laura “Liar” Kolodny

— Elon Musk (@elonmusk) June 4, 2024

Despite Musk’s explanation, the reports have exacerbated tensions between the billionaire entrepreneur and some Tesla investors.

The company’s stock price has dropped nearly 30% this year, as it faces a sales decline due to aging electric vehicle lineups and increased competition.

Some shareholders have expressed concern over Musk’s ability to manage his various companies effectively while ensuring Tesla remains a leader in the electric vehicle and AI markets.

Musk’s other ventures, particularly xAI and Neuralink, are competing in the rapidly evolving AI and brain-to-computer interface sectors.

xAI recently introduced the Grok chatbot as a “non-woke” alternative to OpenAI’s ChatGPT, while Neuralink has received FDA approval to begin human trials for its brain-to-computer interface technology.

The post Musk Responds to Claims of Prioritizing X and xAI Over Tesla After Diverting Nvidia AI Chips appeared first on Blockonomi.

TLDR

Floki (FLOKI) price surged 25.11% in the past 24 hours, reaching a new all-time high of $0.000327.

The market cap of Floki increased by 25% to $3 billion, and the 24-hour trading volume jumped 102% to $1.42 billion.

Technical indicators suggest a strong bullish trend for Floki, with potential resistance levels at $0.00039, $0.0004, and $0.0005.

Floki announced a $12 million investment from DWF Labs, following a previous $10 million purchase in February.

The Floki price has increased by 200% since its April 13 bottom, and the upward movement is expected to continue, with a potential target of $0.000663.

Floki (FLOKI), a popular meme coin, has experienced a surge in price over the past few days, setting a new all time high today.

The Floki price reached a new all-time high of $0.000327, marking a 25.11% increase within a single day. This impressive rise reflects a broader trend in the cryptocurrency market, where meme coins are gaining traction among investors.

FLOKI Price at Coingecko

The market cap of Floki has also seen a substantial increase, now standing at $3 billion, positioning it at rank 36 in terms of market capitalization. The 24-hour trading volume has more than doubled, reaching $1.42 billion, indicating heightened trading activity and growing investor interest.

Technical indicators suggest that Floki’s bullish momentum is likely to continue. The Relative Strength Index (RSI) has surged to 72, indicating strong buying pressure, while the Moving Average Convergence Divergence (MACD) exhibits bullish signals.

The Chaikin Money Flow (CMF) indicator, at 0.10, suggests a positive inflow of capital into FLOKI, further confirming the bullish sentiment.

Floki’s recent success can be attributed to several factors, including the announcement of a $12 million investment from DWF Labs, a market maker and Web3 investment firm.

This investment follows a previous $10 million purchase by DWF Labs in February. The partnership with DWF Labs, first announced in May 2023, has helped facilitate numerous partnerships and exchange listings for Floki.

Since its April 13 bottom, the Floki price has increased by an impressive 200%. The upward movement initially remained within an ascending parallel channel but broke out on May 27, validating the channel as support and continuing its upward trajectory.

According to the wave count analysis, Floki is likely in the fifth and final wave of its upward movement, which could potentially extend to a target of $0.000663, nearly 100% above the current price.

Despite the bullish outlook, it is essential to note that a breakdown from the ascending parallel channel could invalidate the bullish count and suggest that the fifth wave has already concluded. In such a scenario, Floki might retrace to the closest long-term support at $0.000150.

Floki’s recent price action has not gone unnoticed by the crypto community, with many analysts and investors closely monitoring its performance.

The meme coin’s ability to maintain its bullish momentum and reach new all-time highs has solidified its position as a strong contender in the market for this coming bull run.

The post Floki (FLOKI) Price Soars 25% & Reaches New All-Time High, Will The Run Continue? appeared first on Blockonomi.

In the dynamic crypto world, one name has everyone talking: Algotech (ALGT). While the ALGT fever spreads, Notcoin (NOT) and PEPE holders are watching like hawks, ready to pounce on any market opportunity. Let’s get into what’s happening with these three digital assets and how they are performing in the crypto market.

Why ALGT Tokens Are the Ultimate Crypto Power Play

Algotech (ALGT), the cool kid on the crypto block, isn’t just aiming to lead the pack—it’s aiming to dominate. How? By kicking human biases and pesky time-related risks to the curb with some slick trading automation tools and a sprinkle of AI magic. The result? A trading experience that is so smooth will make you believe ALGT is the best crypto to buy now.

And that’s not all! Algotech isn’t just about flashy tech—it’s about giving people what they want. Think advanced trading strategies at your fingertips, like hedging and mean reversion, with a side of alpha insights. It’s like having a secret weapon in your back pocket, but it’s a killer trading platform instead of a cape. And let’s talk risk, shall we? Algotech doesn’t mess around with keeping your precious capital safe. From fancy features like position sizing to AI-based monitoring, ALGT has your back.

Currently, ALGT tokens are going for a measly $0.08, with the value expected to jump to $0.15 by listing time. This would register an 87.5% upturn. We believe that with ALGT tokens in your custody, you’re about to take the crypto market by storm.

Telegram’s Notcoin Allocation Sparks 206.67% Price Surge

In some exciting news during the second week of May 2024, the Telegram ecosystem announced it had decided to allocate about 5% of its Notcoin token supply to over 500,000 community members and exchange users. It’s a gesture that speaks volumes about Telegram’s commitment to inclusivity and community engagement.

In response, NOT shifted from $0.0075 to $0.023 by the beginning of June, sparking a 206.67% jump within a month. As far as Notcoin’s future is concerned, experts are bullish, with their predictions suggesting that NOT will trade at $0.055 by Q3 2024, marking a 139.13% climb from $0.023.

Coinbase Listing Sparks PEPE’s 99.86% Growth

As the second week of April 2024 unfolded, Coinbase Exchange announced that it would list PEPE later in the month.

In response to the revelation, PEPE moved from $0.000007325 to $0.00001464 by the first week of June, displaying a 99.86% surge. Can PEPE maintain its position in the green zone? Analysts believe so, as they forecast PEPE to reach $0.00003894 by the end of Q3 2024. With that, PEPE will showcase a 165.98% ascent from $0.00001464.

While NOT and PEPE are not experiencing a crypto crash, ALGT matches their performance and may even surpass them. This is the reason why investors are looking up to the latter.

Algotech: Your Secret Weapon for Trading Triumphs

Algotech isn’t just another face in the crowded crypto crowd—it’s your new best friend in the decentralized trading game. This up-and-coming platform packs a punch with cutting-edge algorithms and slick blockchain tech, serving unique insights like gourmet appetizers.

ALGT holders can waltz through the investment dance floor, armed with risk mitigation tools and strategies that promise to unlock top-tier performance. Say goodbye to guesswork and hello to trading triumphs with Algotech. Grab yourself the ALGT token for $0.08 now. Once the presale ends, early investors stand to generate up to 500% ROI. Algotech has raised $6,062,398.120 since the presale started, and we believe the token will thrive once it goes live on exchanges.

Visit Algotech Presale

Join The Algotech Community

The post Crypto Investors Bet Big On Algotech (ALGT) While Notcoin And PEPE Holders Keep Close Watch appeared first on Blockonomi.

TLDR

Regulatory uncertainty has been the main reason why financial advisors haven’t increased exposure to crypto over the last five years.

Recent political developments in Washington, such as the House passing the FIT21 Act and the SEC approving spot Ether ETFs, suggest that the U.S. is moving towards regulatory clarity for crypto.

If regulatory uncertainties are resolved, the crypto space could be exposed to the $20 trillion financial advisory industry in the U.S.

The market is currently undervaluing the significance of these policy shifts, presenting an opportunity for investors to capture “alpha” in the crypto market.

While no policies have actually changed in Washington yet, the tide has turned in favor of crypto, and the market may move towards all-time highs once it fully appreciates the implications of these shifts.

The cryptocurrency market may be on the cusp of a significant breakthrough as the United States moves closer to providing regulatory clarity for digital assets.

According to Matt Hougan, chief investment officer at Bitwise, a leading crypto asset manager, the resolution of legal uncertainties could expose the crypto space to the country’s $20 trillion financial advisory industry.

For the past five years, regulatory uncertainty has been the primary factor preventing financial advisors from increasing their exposure to cryptocurrencies.

A recent survey by Bitwise revealed that 64% of advisors cited this reason as their top challenge in accessing the asset class. However, recent political developments in Washington suggest that the winds are changing in favor of crypto.

Last month, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with bipartisan support, including votes from 71 Democrats.

This bill aims to provide comprehensive regulatory clarity for crypto assets and companies. Additionally, both the House and Senate passed a resolution to strike down SEC guidance that prevented regulated banks from offering crypto custody services, although President Joe Biden later vetoed the bill.

The SEC approved spot Ether exchange-traded funds (ETFs) on May 23, after months of speculation that they would be rejected. These developments, according to Hougan, indicate that the U.S. is finally moving towards a clearer regulatory framework for cryptocurrencies.

The potential impact of these policy shifts on the crypto market cannot be overstated.

If the regulatory barriers are lifted, the crypto space could gain access to the vast wealth managed by U.S. financial advisors, estimated at around $20 trillion. As Hougan puts it,

“Imagine, then, how much of that $20 trillion will go into crypto when the biggest barrier gets lifted.”

Despite the significance of these developments, the market seems to be undervaluing their potential impact. Hougan notes that investors outside of the crypto bubble appear uninterested in these news, as the concrete benefits of such regulatory changes are “too far removed.”

He observes that when discussing these political developments at conferences, “people’s eyes glaze over.”

This lack of interest, however, presents an opportunity for savvy investors to capture “alpha” in the crypto market. If the market were to fully appreciate the implications of the shift in Washington, Hougan believes that crypto prices would already be at new all-time highs.

It is important to note that while the tide has turned in favor of crypto, no policies have actually changed in Washington yet. The repeal of SAB 121 was vetoed, FIT21 is unlikely to pass the Senate before the November elections, and the approved spot Ether ETFs have yet to launch.

As Hougan puts it,

“The tide has changed, but the water hasn’t come in yet. Wake me up when the action happens.”

The shifting political landscape in the U.S. has the potential to usher in a new era for cryptocurrencies. If regulatory clarity is achieved and the financial advisory industry embraces digital assets, the market could experience a significant surge in demand and liquidity.

As mainstream acceptance grows, the crypto market may indeed rapidlyy move towards new all-time highs.

The post Bitwise CIO: U.S. Regulatory Clarity Could Expose Crypto to $20T Financial Advisory Industry appeared first on Blockonomi.

TLDR

The Thai Securities and Exchange Commission (SEC) has approved the country’s first spot Bitcoin exchange-traded fund (ETF), to be launched by One Asset Management (ONEAM).

The ONE Bitcoin ETF Fund will be limited to wealthy and institutional investors and is scheduled to be distributed between May 31 and June 6.

ONEAM will invest the fund in 11 major global Bitcoin funds to ensure liquidity and security, offering exposure to Bitcoin within a regulated framework.

MFC Asset Management, another Thai firm, is still awaiting regulatory approval for its planned Bitcoin ETF, which will also be restricted to qualified investors.

Thailand follows other countries, such as the US, Hong Kong, Australia, and the UK, in approving regulated Bitcoin investment vehicles, providing easy exposure to Bitcoin’s price movements without direct handling of the cryptocurrency.

The Thai Securities and Exchange Commission (SEC) has given the green light to the country’s first spot Bitcoin exchange-traded fund (ETF).

The approval, granted to One Asset Management (ONEAM), marks Thailand’s entry into the growing list of nations that support regulated Bitcoin investment vehicles.

The ONE Bitcoin ETF Fund, which is scheduled to be distributed between May 31 and June 6, will be limited to wealthy and institutional investors.

This decision follows the Thai SEC’s amendments to local guidelines in April, permitting restricted Bitcoin ETFs targeting professional investors. The move is expected to pave the way for broader mainstream adoption of Bitcoin in Thailand once public offerings become available.

ONEAM plans to invest the fund in 11 major global Bitcoin funds to ensure robust liquidity and security.

By doing so, the company aims to offer exposure to Bitcoin within a regulated framework, addressing risks such as theft that are associated with direct cryptocurrency ownership.

Pote Harinasuta, chief executive of ONEAM, emphasized the potential of digital assets as an alternative investment, stating,

“Digital assets are an alternative asset that have low correlation with other financial assets. They are suitable to help investors diversify investment risks.”

While ONEAM has secured the SEC’s approval, another Thai firm, MFC Asset Management, is still awaiting regulatory clearance for its own planned Bitcoin ETF product.

Both offerings will be restricted to qualified investors, in line with the Thai SEC’s guidelines.

Thailand’s approval of a spot Bitcoin ETF follows similar moves by other countries around the world. In January, the US SEC approved several Bitcoin ETFs, which sparked a surge in interest from investors.

Since then, jurisdictions such as Hong Kong, Australia, and the UK have also launched spot Bitcoin ETFs or comparable products.

The emergence of these regulated investment vehicles provides an easy and secure way for professional investors and institutions to gain exposure to Bitcoin’s price movements without the need to handle the cryptocurrency directly.

By offering a regulated avenue for Bitcoin investment, these ETFs are expected to attract more institutional capital and foster broader mainstream adoption of cryptocurrencies.

The Thai SEC’s decision to approve a spot Bitcoin ETF also reflects the growing demand from local institutions to add Bitcoin allocations to their portfolios.

As the cryptocurrency market continues to mature and gain recognition from regulators worldwide, the approval of such investment products is seen as a crucial step towards legitimizing Bitcoin as an asset class.

However, the Thai authorities have also taken steps to balance the promotion of the crypto ecosystem with fraud prevention measures.

The SEC has been directed to compile a list of unauthorized cryptocurrency platforms, which will be blocked following court approval.

The regulator has acknowledged the potential impact on users and announced a grace period to allow them to manage and withdraw their assets from these unauthorized services.

Thailand has previously adopted crypto-friendly policies, such as exempting crypto trading gains from the 7% value-added tax and permitting local investment in U.S. spot Bitcoin ETFs. However, the country has also maintained strict controls, requiring crypto custodians to have contingency plans in place.

The post Thailand Approves First Spot Bitcoin ETF for Wealthy & Institutional Investors appeared first on Blockonomi.

Mo Shaikh, CEO of Aptos Labs, has joined the Digital Asset Markets Subcommittee, a group managed by the Commodities Futures Trading Commission’s (CFTC) Global Markets Advisory Committee (GMAC), according to a recent report.

Mo Shaikh has consulted the World Economic Forum on its global blockchain strategy, including central bank digital currencies (CBDCs).

Founded in 1998, the subcommittee advises the CFTC on regulations related to digital assets. The group focuses on developing a clear, consensus-driven approach to classifying digital assets and their functions. It aims to promote innovation, identify and address risk considerations, and enable adequate regulatory understanding.

Blockchain Is Blowing Up!

The latest appointment could strengthen Aptos’ influence in the cryptocurrency sector. Previously, the subcommittee had welcomed prominent members, including representatives from BlackRock, Polygon Labs, and Uniswap Labs.

Before joining the CFTC’s Digital Assets Subcommittee, Shaikh led blockchain strategic partnerships for Novi, Facebook’s wallet, and consulted the World Economic Forum on its global blockchain strategy, including central bank digital currencies (CBDCs).

APTOS FOUNDER MO SHAIKH APPOINTED BY CFTC TO JOIN DIGITAL ASSETS SUBCOMMITTEE

– The US Commodities Futures Trading Commission (CFTC) has officially added @AptosLabs founder Mo Shaikh to the Digital Assets Subcommittee.

– The subcommittee falls within the Global Markets… https://t.co/I8Moie0lRb pic.twitter.com/eDovVpSmsW

— BSCN (@BSCNews) June 4, 2024

In addition, Aptos CEO consulted sovereign wealth funds, energy, and telecom companies with BCG’s private equity practice.

Shaikh’s participation can contribute to the subcommittee’s efforts to develop clear and effective digital asset regulations. Moreover, the CFTC can benefit from a more open line of communication with key industry players.

His involvement can allow the Commission to clearly communicate regulatory expectations and receive feedback from the industry on the proposed rules.

The appointment comes after the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22.

One of the key highlights of FIT21 is that digital assets will be regulated by either the SEC or the CFTC, depending on the decentralization of their underlying networks or projects. This has been one of the most remarkable developments since the digital asset industry had likely been under the SEC’s oversight.

Positive Developments for Aptos

Not only the latest appointment can benefit the CFTC, but it can also help the Aptos blockchain.

“Not only do we represent L1s, but we also represent a lot of the projects in the Web3 space — and [are] happy to be a voice for them along the way,” Shaikh noted.

Aptos utilizes Move, a programming language designed for Diem (Facebook’s abandoned blockchain project). This language is believed to be efficient and secure. The main goal of the Aptos blockchain is to process transactions faster than Ethereum, the current leader in the space.

Other blockchain projects, like Sui, which has roots in Diem technology, also emphasize transaction speed as a key advantage.

Aptos Labs has secured $400 million from well-respected venture capital firms. Based on a recent funding round, the company is valued at over $4 billion.

In April this year, Aptos Labs announced a strategic partnership with tech giant Microsoft. This collaboration leverages Microsoft’s Azure cloud computing platform and the Azure OpenAI language model to support intelligent applications.

As part of the deal, Azure OpenAI will power Aptos Ascend, a digital asset management platform designed for financial institutions.

According to the announcement, Aptos Ascend aims to achieve two key goals. Firstly, it seeks to expand access to decentralized finance (DeFi) for institutional capital through the Aptos network. Secondly, it aims to increase the global liquidity of tokenized real-world assets (RWAs).

This partnership isn’t the first foray for Aptos Labs and Microsoft into the Web3 space. In August 2023, the two companies joined forces to develop a new AI-powered blockchain solution. This earlier initiative focused on advancing digital payments, tokenization, and the intersection of AI and Web3.

Apart from Microsoft, Aptos Labs also collaborated with many other big names with relevant expertise to accompany the development of Aptos Ascend, including Brevan Howard, SK Telecom, and Boston Consulting Group (BCG).

The post Aptos CEO Appointed to CFTC’s Digital Asset Group appeared first on Blockonomi.

TLDR

PEPE price fell 17% from its all-time high on May 27, 2024, but found support at $0.000014 on June 4.

PEPE’s trading volume has declined by $3.1 billion since the correction phase began, a 72% drop compared to the 19% price decline.

The faster decline in volume compared to price suggests that selling pressure is weakening, signaling a potential bottom and imminent bullish reversal.

PEPE is approaching a critical support level at the 20-day SMA ($0.0000138), which could attract bulls to enter new positions.

Despite the recent pullback, PEPE has outperformed major cryptocurrencies like Bitcoin and Ethereum over the past year, yielding a remarkable return of 1,299.26%.

PEPE, the prominent meme coin hosted on the Ethereum blockchain, has experienced a rollercoaster ride in recent weeks.

After reaching an all-time high of $0.0000172 on May 27, 2024, PEPE price tumbled 17% amid a profit-taking frenzy.

However, crucial on-chain insights suggest that the correction phase could be winding down, potentially setting the stage for another rally in June 2024.

Pepe Coin Price at Coingecko

PEPE’s impressive performance in May 2024 saw the meme coin close the month with a remarkable 151% growth, climbing more than 10 places in the CoinMarketCap rankings to enter the top 20, with its market capitalization surging above $6 billion.

The all-time high on May 27 marked PEPE’s second consecutive peak in as many weeks, but the subsequent profit-taking wave led to a 19.27% decline from the month’s peak, with PEPE trading at around $0.00000145 on June 5.

Despite the recent pullback, a critical trend observed in the PEPE markets this week suggests that the bottom could soon be in.

The Santiment chart, which tracks the dollar value of all transactions involving a cryptocurrency on a given day, reveals that PEPE’s 24-hour trading volume has declined significantly faster than the price.

PEPE price vs. Trading Volume | Source: Santiment

While PEPE price has only declined 19% from last month’s market top, the trading volume has recorded a more substantial 72% drop-off, falling from $4.32 billion on May 23 to just $1.27 billion on June 5.

This faster decline in volume compared to price during a correction phase is considered an early signal of an imminent bullish reversal by strategic investors.

It indicates that sellers are increasingly growing unwilling to sell as prices fall further and that most PEPE traders who wanted to book profits have already sold at the top.

With trading volumes down $3 billion in the last 10 days, the selling pressure is evidently weakening, signaling that the market might be approaching a bottom.

Technical indicators also support the idea of a potential bullish reversal. PEPE price is now approaching a critical support territory at the 20-day Simple Moving Average (SMA) price level of $0.0000138. As the retracement from the all-time highs nears the 20% mark, bulls on the sidelines could consider it the perfect timing to enter new positions.

If PEPE price heads into another rally in 2024 as predicted, the current all-time high at $0.00017 remains the main short-term resistance cluster to beat.

With sufficient momentum, PEPE could hit new peaks above the $0.000020 mark in June 2024. However, if bearish momentum intensifies, PEPE could lose the $0.000014 key support level and fall as low as the 50-day SMA at $0.0000010.

Despite the recent pullback, PEPE has outperformed major cryptocurrencies like Bitcoin, Ethereum, and Solana over the past year, yielding a remarkable return of 1,299.26%. This robust performance indicates strong and widespread investor interest in the meme coin.

The post Pepe Coin (PEPE) New All Time High Soon? Outperforms Major Cryptocurrencies with 1,299.26% Annual Return appeared first on Blockonomi.

TLDR

Tools for Humanity, a Worldcoin contributor, has voluntarily extended the suspension of Worldcoin orb operations in Spain until the end of 2024 or until the completion of the GDPR audit by the Bavarian Data Protection Authority (BayLDA).

The Spanish Data Protection Agency (AEPD) initially ordered Worldcoin to cease operations in Spain in March due to concerns related to the protection of personal data.

Worldcoin collects people’s irises to authenticate their humanness and creates a digital ID, making them eligible to receive free WLD tokens, which has raised privacy concerns worldwide.

The project has faced bans and scrutiny in several countries, including Portugal, Kenya, and Hong Kong, due to risks to personal data privacy.

Worldcoin’s price has plunged 55% since its peak in early March, currently trading at around $4.79.

Worldcoin, the blockchain-based identity verification project co-created by OpenAI CEO Sam Altman, continues to face regulatory hurdles as its suspension in Spain has been extended until the end of 2024 or until the completion of the General Data Protection Regulation (GDPR) audit by the Bavarian Data Protection Authority (BayLDA).

The decision comes amidst growing concerns over the project’s data collection practices and their potential impact on personal privacy.

Tools for Humanity, a key contributor to the Worldcoin project, voluntarily offered to extend the pause of Worldcoin orb operations in Spain, which were initially halted in March following an order from the Spanish Data Protection Agency (AEPD).

The AEPD’s precautionary measure aimed to protect the rights and freedoms of interested parties under Article 66.1 of the GDPR.

The Worldcoin project has been designed to establish a system where individuals can authenticate their humanity by having their eyeballs scanned by a Worldcoin orb, creating a World ID that verifies their personhood.

Participants are rewarded with WLD tokens for undergoing this process. However, the collection and processing of biometric data, specifically iris and facial images, have raised privacy concerns worldwide.

In recent months, Worldcoin has faced scrutiny and bans in several countries, including Portugal, Kenya, and Hong Kong, due to the risks posed to personal data privacy.

The Hong Kong investigation revealed that Worldcoin had infringed the Privacy Ordinance by not specifying whether the submission of personal data by customers was compulsory or not.

In response to these regulatory challenges, Tools for Humanity has taken measures to address data privacy concerns.

The company has been cooperating with the BayLDA, the main authority overseeing data processing under the GDPR, for over a year.

Worldcoin has introduced initiatives such as “Personal Custody,” which prohibits new signups from requesting to have their biometric data stored and encrypted, and has implemented measures to allow users to delete their iris codes and prevent individuals under the age of 18 from signing up.

Despite these efforts, the ongoing investigations and the extended suspension in Spain underscore the complex legal and ethical issues surrounding the use of biometric data for identity verification purposes.

As the demand for technologies that can distinguish between humans and AI-powered bots grows, projects like Worldcoin will need to navigate a challenging regulatory landscape to ensure compliance with data protection laws and alleviate privacy concerns.

The impact of these regulatory challenges has been evident in Worldcoin’s market performance, with the WLD token plunging 55% since its peak in early March. As of this writing, WLD is trading at around $4.79, a slight decline from its 24-hour high of $4.89.

Worldcoin WLD Price for last 3 months, from Coingecko

As the BayLDA’s audit nears completion and the AEPD continues to collaborate with its German counterpart, the future of Worldcoin’s operations in Spain and the broader European Union remains uncertain.

The outcome of these investigations will likely set a precedent for the regulation of biometric data collection and processing in the context of identity verification projects, shaping the landscape for similar initiatives in the years to come.

The post Worldcoin’s (WLD) Spain Suspension Extended Amid GDPR Audit, Token Price Continues Fall appeared first on Blockonomi.

TLDR

BNB, the native token of the BNB Chain ecosystem, has surged to a new all-time high, crossing the $700 mark and gaining more than 11% in the past 24 hours.

The token’s rally is supported by the popularity of Binance Launchpool, which requires users to hold and stake BNB to participate in new token offerings on the exchange.

Altcoins, including Solana, Starknet, and Toncoin, have also experienced significant gains, fueling speculation about an imminent altcoin season.

Analysts are bullish on BNB, with some targeting a potential breakout to $1,000 if the current uptrend continues.

BNB’s trading volume has soared to $2.3 billion, and its market capitalization has reached $102 billion, indicating renewed interest from investors.

The cryptocurrency market has been abuzz with excitement as BNB, the native token of the BNB Chain ecosystem, has reached a new all-time high, surpassing the $700 mark.

The token’s impressive 11% gain in the past 24 hours has not only solidified its position as the fourth-largest cryptocurrency by market capitalization but has also fueled speculation about a potential altcoin season on the horizon.

Binance Coin price at Coingecko

BNB’s surge can be largely attributed to the growing popularity of Binance Launchpool, a platform that allows users to stake their BNB tokens to participate in new token offerings on the world’s largest cryptocurrency exchange.

The recent success of projects like Notcoin, which accumulated a market capitalization of $2.2 billion since its launch on Binance Launchpool, has driven increased demand for BNB as investors seek to capitalize on potential profits.

The rally in BNB has not gone unnoticed by market analysts, with some expressing extremely bullish sentiments.

Analyst “Sheldon The Sniper” believes that BNB is primed for a surge to $1,000 if the current uptrend persists, positioning it as one of the leading altcoins in the ongoing bull market.

Another analyst, Kaleo, highlights BNB’s potential to enter a “phase of price discovery,” drawing parallels to its significant role as an early leader in the previous bull market.

The optimism surrounding BNB is further bolstered by the reduced regulatory scrutiny faced by Binance following the conviction of its CEO, Changpeng Zhao, in April.

This development positions the exchange and its native token favorably to benefit from anticipated institutional inflows and a surge in trading volume.

The impact of BNB’s rise extends beyond its own ecosystem, as other altcoins have also experienced significant gains in the past 24 hours. Solana (+4.3%), Starknet (+8.1%), and Toncoin (+8.8%) have all seen notable increases, contributing to the overall positive sentiment in the market and fueling discussions about a potential altcoin season.

As BNB continues to break new ground, its trading volume has soared to an impressive $2.3 billion, marking a 15% increase compared to the previous day.

The token’s market capitalization has also reached $102 billion, gaining over $6 billion within a 24-hour period, further highlighting the renewed interest and inflow of capital from investors.

The post Binance Coin (BNB) Smashes All Time High Over $700: Altseason & $1k Next? appeared first on Blockonomi.

TLDR

Microsoft India’s official X (Twitter) account, with over 211,000 followers, was hijacked by cryptocurrency scammers impersonating Roaring Kitty (Keith Gill).

The scammers used the hijacked account to promote a phishing site that claims to offer a presale of GameStop (GME) crypto, but instead steals victims’ cryptocurrency assets.

The incident may be the result of a SIM-swapping attack, targeting weaknesses in two-factor authentication.

Verified X accounts of major companies and crypto influencers have increasingly been targeted by scammers in 2024 to lure customers into fake promotions.

In December 2023, a wallet drainer named ‘MS Drainer’ reportedly stole $59 million from over 63,000 victims through Google Ads targeting counterfeit crypto platforms.

Microsoft India’s official X account fell victim to a cryptocurrency scam, with hackers impersonating the notorious meme stock trader Keith Gill, better known as Roaring Kitty.

The incident has raised concerns about the growing trend of verified accounts being targeted by scammers to promote fraudulent crypto schemes.

The Microsoft India account, which boasts over 211,000 followers and a gold checkmark indicating its status as an officially verified organization, was hijacked by the scammers.

They took advantage of Gill’s recent comeback to the public eye, which had a significant impact on GameStop (GME) stock prices, causing a 38.8% increase in shares for the year.

The hackers used the compromised account to post a series of videos featuring Roaring Kitty, along with links to a malicious website claiming to offer a presale of GameStop (GME) crypto.

Phishing site pushed via Microsoft India’s hijacked X account (BleepingComputer)

Unsuspecting users who connected their cryptocurrency wallets to the phishing site would have their assets stolen by the scammers through a wallet drainer.

Experts believe that the breach may have been the result of a SIM-swapping attack, a technique that exploits weaknesses in two-factor authentication.

This method involves scammers taking control of a phone number associated with the targeted account, allowing them to bypass security measures and gain unauthorized access.

The incident bears similarities to the hack of the U.S. Securities and Exchange Commission’s (SEC) X account in January, which was attributed to a SIM-swapping attack.

In that case, the compromised account was used to post a fake announcement about the approval of Bitcoin exchange-traded funds (ETFs), causing a temporary spike in Bitcoin prices.

The Microsoft India account hack is just one example of the growing trend of verified X accounts being targeted by scammers in 2024. Other high-profile victims include Netgear, Hyundai MEA, and the Web3 security firm CertiK. These attacks often involve the promotion of cryptocurrency scams, fake airdrops, and wallet drainers.

The increasing frequency of such incidents highlights the need for enhanced security measures and greater awareness among users. Companies and individuals must take steps to protect their accounts, such as enabling multi-factor authentication and being cautious of suspicious links and offers.

The popularity of cryptocurrency and the rise of decentralized finance (DeFi) have made the crypto space an attractive target for scammers.

In December 2023, a wallet drainer named ‘MS Drainer’ reportedly stole $59 million from over 63,000 victims through Google Ads that targeted counterfeit versions of popular crypto platforms.

As the Microsoft India account hack demonstrates, even well-established and verified accounts are not immune to these threats.

The post Sim-Swap Attack: Microsoft India’s X Account Falls Victim to Roaring Kitty Crypto Scam appeared first on Blockonomi.

Key points:

Bitcoin NFTs have surpassed $4 billion in all-time sales volume, ranking fourth behind Ethereum, Solana, and Ronin.

In May 2024, Bitcoin NFTs led the market with $171 million in sales, despite a broader market slump.

Ordinals, a protocol for numbering and inscribing data on Bitcoin’s smallest units (satoshis), has fueled the rise of Bitcoin NFTs.

The value of Ordinals is linked to the rarity and history of the satoshis they are inscribed on, as well as the inscribed artwork.

Despite the success of Bitcoin NFTs, Ethereum still dominates the market with $43.8 billion in all-time NFT sales.

According to data from CryptoSlam, Bitcoin NFTs have now surpassed $4 billion in all-time sales volume, securing the fourth spot behind Ethereum, Solana, and Ronin.

In May 2024, amidst a broader market slump that saw overall NFT sales decline by 54% compared to April, Bitcoin NFTs defied the trend.

They recorded an impressive $171 million in sales, outperforming Ethereum ($159 million) and Solana ($90 million) over the same period.

This achievement is particularly noteworthy considering the dominance of Ethereum in the NFT space, with the blockchain boasting a staggering $43.8 billion in all-time NFT sales.

The rise of Bitcoin NFTs can be attributed to the emergence of the Ordinals protocol, created by Casey Rodarmor in late 2022.

Ordinals provide a system for numbering and inscribing data on satoshis, the smallest denomination of Bitcoin. By assigning unique numbers to each satoshi based on the order they were mined and transferred, Ordinals enables the creation of distinct digital assets on the Bitcoin blockchain.

What sets Ordinals apart from traditional NFTs is the additional layer of value they possess. Beyond the inscribed artwork, the worth of an Ordinal is intrinsically tied to the rarity and historical significance of the satoshi it is attached to.

Satoshis mined by Bitcoin’s creator, Satoshi Nakamoto, or those minted during specific milestones in Bitcoin’s history, such as halving events, command higher values among collectors.

The technical differences between Ordinals and conventional NFTs have led some to view them as an evolution of digital assets. By embedding all data on the Bitcoin blockchain, Ordinals are considered more decentralized and complete than their counterparts, which often rely on off-chain data for features like royalties.

However, the rise of Bitcoin NFTs has not been without challenges. The surge in activity has led to network congestion, echoing the issues faced by Ethereum during the CryptoKitties craze in 2017.

To address this, many Ordinals users have migrated to Layer-2 networks like Stacks and Merlin Chain, which offer more efficient platforms for trading and inscribing Ordinals.

Despite the lack of support from some notable NFT artists, the grassroots community has embraced Ordinals, creating a thriving ecosystem of unique and sought-after digital assets.

As Bitcoin continues to evolve beyond its original purpose as a store of value and payment mechanism, Ordinals represent a transformative moment, showcasing the potential for Bitcoin to host a diverse array of applications.

The post Bitcoin NFTs Cross $4 Billion in Sales: Outperform Ethereum & Solana Last Month appeared first on Blockonomi.

TLDR

The SEC is closing its Salt Lake City regional office, which will reduce the number of its regional branches from 11 to 10.

The decision follows a notable decrease in the office’s workforce, including individuals who departed due to reported involvement in the unsuccessful litigation against DEBT Box.

Two SEC lawyers, Michael Welsh and Joseph Watkins, who were based in the Salt Lake office, resigned in April after a federal judge criticized the SEC for “gross abuse of power” in the DEBT Box case.

The judge not only threw out the case against DEBT Box but also fined the SEC over $1.8 million for its unethical tactics and misleading the court to gain an unfair advantage.

The SEC will handle Utah enforcement matters from its Denver office going forward, and the closure is not expected to disrupt regulatory oversight for businesses in Utah.

The U.S. Securities and Exchange Commission (SEC) has announced the impending closure of its Salt Lake City regional office, a move that comes in the wake of the regulator’s failed enforcement action against cryptocurrency platform DEBT Box.

The Salt Lake City office, which is the SEC’s only regional outpost with enforcement authority for a single state, has seen a significant decrease in its workforce, including the departure of key individuals involved in the DEBT Box case.

In a June 4 notice, the SEC cited the Salt Lake City office as its least-staffed location and noted that it had recently lost a substantial number of employees. The closure of this office will reduce the SEC’s regional branches from 11 to 10. The regulator stated that the decision was based on considerations of budget and organizational efficiency and that there are no plans to close any other regional offices.

The announcement follows a tumultuous few months for the Salt Lake City office, particularly in connection with its failed enforcement action against DEBT Box.

In July 2023, the SEC filed a lawsuit against the company, alleging that it ran a $49 million fraud by selling “node licenses” that promised profits from mining various cryptocurrencies. However, the agency claimed that these tokens were never actually mined, casting doubt on the entire scheme.

The case took a dramatic turn when a federal judge harshly criticized the SEC for committing a “gross abuse of power” by using false information to freeze DEBT Box’s assets.

???? We have some fantastic news to share with our D.E.B.T. Box community today!

The U.S. District Court for the District of Utah has officially dismissed the SEC's case against us without prejudice. This means the case is closed, and any future action by the SEC would have to go… pic.twitter.com/aGiNVxMYbz

— D.E.B.T. (@TheDebtBox) May 28, 2024

Two SEC lawyers, Michael Welsh and Joseph Watkins, who were based in the Salt Lake office, resigned in April following the judge’s rebuke. It remains uncertain whether their resignations contributed to the “significant attrition” mentioned by the SEC.

Last week, the judge dealt a major blow to the SEC by not only dismissing the case against DEBT Box but also fining the regulator over $1.8 million for its unethical tactics.

The court discovered that the SEC had misled the judge to gain an unfair advantage in the case.

Moving forward, the SEC will handle Utah enforcement matters from its Denver office instead of Salt Lake City. This change is not expected to cause any disruption in regulatory oversight for businesses in Utah, as the SEC’s examination oversight for the state had already been transferred to Denver years ago.

The post SEC to Close Salt Lake City Office Amid Staff Attrition and DEBT Box Fallout appeared first on Blockonomi.

TLDR

Bitcoin’s price is currently hovering around $71,000, with its average price across 5-day, 30-day, and 50-day periods falling within a tight 5% range, indicating low volatility and the potential for a price breakout in either direction.

Bitcoin is currently trading above its three Simple Moving Averages (SMAs), which is a favorable sign for traders and suggests that the moving average could serve as a new support level if the price falls.

The recent surge in Bitcoin’s price comes on the heels of massive inflows into US spot Bitcoin ETFs, with the funds collectively witnessing $887 million in net inflows, marking the second-highest such inflow ever recorded.

Glassnode data suggests that long-term Bitcoin holders are still holding onto a large portion of unrealized profits, and they could cause heavy selling if Bitcoin reaches a new all-time high.

Galaxy Digital CEO Mike Novogratz believes Bitcoin’s risk is skewed to the upside and could end the year at $100,000 if it overcomes the $73,000 all-time high around next week.

Bitcoin’s price has been hovering around the $71,000 mark, with traders and investors closely watching for signs of a potential breakout.

The convergence of Bitcoin’s average price across three different time frames—5-day, 30-day, and 50-day periods—has fallen within a tight 5% range, signaling low volatility and raising the chances of a significant price move in either direction.

Bitcoin BTC Price at Coingecko

The recent surge in Bitcoin’s price comes amidst massive inflows into US spot Bitcoin exchange-traded funds (ETFs). Data from HODL15Capital shows that these funds collectively witnessed $887 million in net inflows, marking the second-highest such inflow ever recorded.

Leading the charge were the Fidelity Wise Origin Bitcoin Fund with $378 million and BlackRock’s iShares Bitcoin Trust with $275 million.

This milestone in ETF inflows marks a significant turning point for Bitcoin, as it signals a growing demand from institutional investors and a broader acceptance of the cryptocurrency as a legitimate asset class.

The surge in demand has also defied skeptics who doubted the appeal of Bitcoin ETFs to retail investors.

Despite the positive sentiment surrounding Bitcoin’s price action, data from blockchain analytics firm Glassnode suggests that long-term holders are still holding onto a large portion of unrealized profits.

This could potentially lead to heavy selling pressure if Bitcoin reaches a new all-time high, as these investors may be tempted to take profits.

However, Galaxy Digital CEO Mike Novogratz remains bullish on Bitcoin’s prospects, believing that the cryptocurrency’s risk is skewed to the upside.

He predicts that Bitcoin could end the year at $100,000 if it manages to overcome the $73,000 all-time high around next week.

Novogratz cites increased regulatory clarity and the potential approval of the FIT21 bill by the Senate as major catalysts that could bring more prominent traditional players into the ecosystem, further boosting Bitcoin’s price.

The post Bitcoin (BTC) Price Surges to $71k: New All Time High Soon? appeared first on Blockonomi.

TLDR

U.S. spot Bitcoin ETFs experienced their second highest daily net inflows on June 4, amounting to $886.75 million.

Fidelity’s FBTC led the inflows with $379 million, followed by BlackRock’s IBIT with $274 million and Ark Invest and 21Shares’ ARKB with $139 million.

This marks sixteen consecutive days of net inflows for U.S. Bitcoin ETFs, just one day behind the longest positive flow streak recorded in January to mid-February.

The spot Bitcoin ETFs have accumulated a total net inflow of $14.57 billion since their inception, with BlackRock’s IBIT crossing $20 billion in assets under management.

Analysts expect the upcoming spot Ethereum ETFs to attract $3.1 billion to $4.8 billion in net inflows over the first five months of trading.

U.S. spot Bitcoin exchange-traded funds (ETFs) have demonstrated their resilience and growing popularity, as evidenced by the second highest daily net inflows recorded on June 4, amounting to $886.75 million.

This impressive figure comes just shy of the record-breaking $1.05 billion in daily net inflows seen on March 12.

Leading the charge was Fidelity’s FBTC, which saw inflows of $379 million, closely followed by BlackRock’s IBIT with $274 million. Ark Invest and 21Shares’ ARKB also made a significant contribution, recording inflows of $139 million.

Other notable performers included Bitwise’s BITB with $61 million and Grayscale’s GBTC with $28 million, marking its third largest net inflows since its conversion from a closed-end fund to a spot ETF.

This latest surge in inflows marks the 16th consecutive day of positive flows for U.S. Bitcoin ETFs, nearly matching the longest streak recorded in January to mid-February.

The persistent demand for these investment vehicles highlights the growing acceptance and interest in cryptocurrencies among institutional and retail investors alike.

Since their inception, the 11 spot Bitcoin ETFs have collectively amassed a staggering $14.57 billion in total net inflows.

This influx of capital has propelled BlackRock’s IBIT to surpass the $20 billion milestone in assets under management, solidifying its position as a leading player in the Bitcoin ETF market.

The strong performance of spot Bitcoin ETFs comes as the cryptocurrency market experiences a resurgence, with Bitcoin briefly touching above the $71,000 mark during late night Tuesday.

This price action, coupled with the consistent inflows, suggests a growing confidence in the long-term potential of Bitcoin as an investment asset.

Looking ahead, the U.S. market is eagerly anticipating the launch of spot Ethereum ETFs, as major issuers have recently submitted amended registration statements to the Securities and Exchange Commission.

Analysts at K33 Research estimate that these spot Ether funds could attract between $3.1 billion and $4.8 billion in net inflows over the first five months of trading, further cementing the role of cryptocurrencies in the mainstream financial landscape.

The post U.S. Spot Bitcoin ETFs Record Second Highest Daily Net Inflows at $886.75 Million appeared first on Blockonomi.

TLDR

BlackRock’s USD Institutional Digital Liquidity (BUIDL) Fund paid out nearly $1.7 million in monthly dividends to its holders on Ethereum, a 38% increase from the previous month.

Ondo Finance’s crypto wallet, labeled as “OUSD Instant Manager,” received the largest share of the dividend, obtaining roughly 42% of the total pot.

The total value of all tokenized treasury product tokens in the crypto ecosystem currently stands at $1.45 billion, with BlackRock’s BUIDL fund accounting for almost a third of this value.

BlackRock’s BUIDL fund became the largest tokenized treasury fund in April 2024, overtaking Franklin Templeton’s BENJI offering just six weeks after its debut.

The rapid growth of BlackRock’s tokenized offering highlights the increasing interest in tokenization of real-world assets, particularly U.S. Treasuries, as a low-risk, stable yield investment option.

BlackRock, the world’s largest asset management firm, has been making significant strides in the tokenized treasury market with its USD Institutional Digital Liquidity (BUIDL) Fund.

The fund, which was launched on the Ethereum blockchain in March 2024, has seen remarkable growth and recently paid out nearly $1.7 million in monthly dividends to its holders, a 38% increase from the previous month.

The seven-figure payout was distributed through a single transaction on the Ethereum network, with 11 wallet addresses receiving an average of 151,735 BUIDL tokens.

Today, the @BlackRock USD Institutional Digital Liquidity Fund (BUIDL) paid out $1.7 million in monthly dividends to holders on the @ethereum blockchain.

BUIDL is the largest tokenized fund, providing US dollar yields to holders.https://t.co/J41qDJnwvB

Securitize is proud to… pic.twitter.com/PomFcRSEL4

— Securitize (@Securitize) June 3, 2024

Ondo Finance’s crypto wallet, labeled as “OUSD Instant Manager,” was the largest recipient, obtaining roughly 42% of the total dividend pot.

Ondo Finance, a tokenized real-world assets (RWA) platform, currently holds 49,999,999 BUIDL tokens, making it the fourth-largest holder of the fund.

The rapid growth of BlackRock’s BUIDL fund is a testament to the increasing interest in tokenization of real-world assets, particularly U.S. Treasuries. Tokenized treasuries offer investors a low-risk, stable yield investment option without leaving the blockchain ecosystem.

In just six weeks after its debut, the BUIDL fund overtook Franklin Templeton’s BENJI offering to become the largest tokenized treasury fund in April 2024.

The total value of all tokenized treasury product tokens in the crypto ecosystem currently stands at $1.45 billion, a more than 12.5% increase since the start of May. BlackRock’s BUIDL fund accounts for almost a third of this value, with a market cap of $462.5 million.

According to rwa xyz, the market value of tokenized treasury bonds has increased from $719 million to $1.44 billion since the beginning of this year, including BUIDL, FOBXX, OUSG, USDY and USTB. BlackRock's tokenized fund BUIDL, which was issued at the end of March this year, has…

— Wu Blockchain (@WuBlockchain) June 4, 2024

BlackRock’s activity on-chain and in governance forums highlights the evolving institutional presence in the crypto ecosystem, moving from mere interest to active participation.

The asset management giant’s spot Bitcoin ETF, IBIT, has also been performing well, with outstanding net inflows and a total volume of $2.05 billion.

The post BlackRock’s BUIDL Fund: The New King of Tokenized Treasuries appeared first on Blockonomi.

TLDR

Coinbase’s Ethereum Layer 2 network, Base, generated over $6 million in on-chain profits in May, outperforming competitors like Blast and Optimism.

Base’s total value locked (TVL) has seen significant growth, nearly sextupling from $1.3 billion to $7.6 billion in the last three months, driven by the implementation of EIP-4844 and proto-danksharding via the Dencun upgrade in March.

Coinbase’s upcoming Smart Wallet, which utilizes account abstraction, is expected to improve accessibility to on-chain transactions for new adopters and drive further adoption of Base.

Blast, a rising Layer 2 network from the makers of NFT marketplace Blur, has gained recognition for its unique native yield for ETH and stablecoins, increasing its share of Layer 2 profits from 5.3% in April to 15.2% in May.

Despite Base’s impressive growth, it still remains behind industry leader Arbitrum in terms of TVL, with Arbitrum currently holding $19.1 billion.

Coinbase’s Ethereum Layer 2 network, Base, has been making waves in the crypto ecosystem, generating over $6 million in on-chain profits in May alone.

This impressive performance has allowed Base to outpace competitors like Blast and Optimism, solidifying its position as a leading Layer 2 solution.

The surge in Base’s profitability can be attributed to the rapid growth of its total value locked (TVL), which has nearly sextupled from $1.3 billion to $7.6 billion in the last three months.

Base TVL from L2Beat

This growth was largely driven by the implementation of EIP-4844 and proto-danksharding via the Dencun upgrade in March, which significantly reduced gas costs and attracted more activity to the network.

Coinbase’s upcoming Smart Wallet is another factor expected to contribute to Base’s continued success.

The Smart Wallet utilizes account abstraction, a technology that simplifies on-chain transactions for new users by enabling features such as gasless transactions, preauthorized payments, and one-click transactions.

This user-friendly approach is anticipated to onboard millions of new users to the world of decentralized finance (DeFi) and further drive adoption of Base.

While Base has been leading the charge, other Layer 2 networks have also been making notable strides. Blast, a rising network from the creators of NFT marketplace Blur, has gained recognition for its unique native yield for ETH and stablecoins.

Blast’s share of Layer 2 profits increased from 5.3% in April to 15.2% in May, showcasing its growing presence in the ecosystem.

Despite Base’s impressive growth and profitability, it still trails behind industry leader Arbitrum in terms of TVL. Arbitrum currently holds $19.1 billion in TVL, demonstrating its continued dominance in the Layer 2 space.

However, with Base’s rapid expansion and the anticipated launch of Coinbase’s Smart Wallet, the gap between the two networks may narrow in the coming months.

As the Ethereum ecosystem continues to evolve and Layer 2 solutions gain traction, networks like Base and Blast are poised to play a significant role in driving the adoption of DeFi and making blockchain technology more accessible to the masses.

The post Base Dominates Ethereum Layer 2 Profitability: TVL Skyrockets to $7.6 Billion appeared first on Blockonomi.

TLDR

Fhenix, an Ethereum Layer 2 network focused on data confidentiality, has raised $15 million in a Series A funding round led by Hack VC, bringing its total funding to $22 million.

Fhenix has launched its open testnet called Helium, allowing developers to deploy “confidential” smart contracts on the Fhenix Layer 2 network for the first time.

The project uses fully homomorphic encryption (FHE) technology from cryptography company Zama to enable end-to-end data encryption, even during the processing stage.

Fhenix aims to drive data confidentiality across the entire blockchain ecosystem and has partnered with EigenLayer to develop an FHE co-processor.

The Fhenix mainnet is expected to launch in the first quarter of 2025, and the company has set up a grants program to attract developers to its testnet.

Fhenix, (read our guide here) an Ethereum Layer 2 network developer focused on data confidentiality, has recently announced the successful completion of a $15 million Series A funding round.

The round, led by Hack VC, saw participation from prominent investors such as Dao5, Amber Group, Primitive Ventures, GSR, Collider Ventures, and Stake Capital.

This latest injection of capital brings Fhenix’s total funding to $22 million, following a $7 million seed round in September 2023.

Alongside the funding announcement, Fhenix also launched its open testnet called Helium.

This milestone marks the first time developers can deploy “confidential” smart contracts on the Fhenix Layer 2 network.

The project leverages fully homomorphic encryption (FHE) technology from cryptography company Zama to enable end-to-end data encryption, even during the processing stage. FHE is considered the “holy grail” of cryptography, as it allows for the computation of encrypted data without the need for decryption.

Fhenix co-founder and CEO Guy Itzhaki emphasized the importance of confidentiality in the blockchain ecosystem, stating,

“After scaling, confidentiality is the next major hurdle Ethereum needs to solve in order to reach mainstream adoption. FHE is the most elegant solution to the problem of encryption because, unlike existing confidentiality solutions based on zero-knowledge technology, it allows for end-to-end computation of encrypted data.”

Looking ahead, Fhenix plans to launch its mainnet in the first quarter of 2025. While details regarding a potential token launch remain undisclosed, the company has set up a grants program to attract and support developers in exploring the capabilities of its testnet.

The exact size of the program has not been finalized, but Itzhaki assures that it will be substantial, given the recent Series A funding round.

Fhenix’s long-term vision extends beyond its own Layer 2 network, as the company aims to drive data confidentiality across the entire blockchain ecosystem.

To further this goal, Fhenix has partnered with EigenLayer to develop an FHE co-processor. This co-processor will act as a stateless rollup, enabling Layer 1 and Layer 2 networks to access FHE services with minimal modifications.

Fhenix’s focus on data confidentiality and its innovative use of FHE technology position the project as a promising player in the Ethereum ecosystem.

The post Fhenix Raises $15M & Launches Helium Testnet, Enabling Confidential Smart Contracts on Layer 2 appeared first on Blockonomi.

TLDR

Ethereum (ETH) spot ETFs are expected to attract significant inflows, potentially reaching $4 billion within the first five months of trading.

Analysts predict that ETH might outperform Bitcoin (BTC) in the second half of this market cycle due to various factors, including lower operating costs for validators, token incentives, and a token burn mechanism.

Nearly 40% of ETH is “soft locked” in DeFi services or as collateral, reducing its circulating supply and potentially increasing its value.

If ETH surpasses the $4,000 mark, some analysts believe it could rally to $10,000.

The omission of staking in the approved ETH ETFs is not expected to negatively impact inflows, as most assets in Canadian and European ETH ETFs are held in non-staked funds.

The recent approval of Ethereum (ETH) spot exchange-traded funds (ETFs) in the United States has sparked a wave of optimism among crypto enthusiasts and investors.

These ETFs, which can directly hold ETH, are expected to attract significant inflows, with some estimates suggesting they could reach $4 billion within the first five months of trading.

Crypto analytics firm K33 Research has based its forecast on a comparison between the assets under management in existing ETH-based exchange-traded products worldwide and similar Bitcoin (BTC) products.

The firm also considered the amount of open interest in futures contracts on the Chicago Mercantile Exchange, a key indicator of institutional demand.

As the ETH ETFs prepare to launch, many analysts predict that Ethereum might outperform Bitcoin in the second half of this market cycle.

This optimism stems from several factors, including lower operating costs for ETH validators compared to BTC miners, token incentives that result in less potential selling pressure, and a token burn mechanism introduced with the implementation of EIP-1559.

Another factor contributing to the bullish sentiment around ETH is the significant amount of the token that is “soft locked” in DeFi services or used as collateral. Nearly 40% of ETH is locked up in this manner, effectively reducing its circulating supply and potentially driving up its value.

Some analysts, like Jelle from CryptoJelleNL, suggest that if ETH can surpass the $4,000 mark, it could potentially rally to $10,000. This prediction is based on the recent breakout from a multi-month falling wedge pattern and the successful reclaiming of key support levels.

$ETH had spot ETFs approved, broke out of the falling wedge, reclaimed key support & now consolidates above that level.

Seeing lots of people overcomplicate things here. So long as prices hold above this area, theres no reason to flip bearish.

Hold on tight and enjoy the ride. pic.twitter.com/Gvn0MhnKsV

— Jelle (@CryptoJelleNL) June 4, 2024

The approved ETH ETFs will not include staking rewards, a decision likely made to appease regulators. While some have argued that this omission might lead to lower demand, K33 Research disagrees, pointing out that most assets in Canadian and European ETH ETFs are held in non-staked funds.

The post Ethereum (ETH) to $10k This Cycle & Will Outperform Bitcoin: ETFs Will be The Catalyst appeared first on Blockonomi.

TLDR

Raspberry Pi has partnered with Hailo to create a $70 AI Kit add-on for the Raspberry Pi 5 microcomputer.

The AI Kit includes a Hailo-8L AI accelerator module capable of 13 trillion operations per second (TOPS), outperforming some laptop AI chips.

The AI Kit integrates with the Raspberry Pi’s camera software stack and can run AI tasks such as object detection, pose estimation, and facial recognition.

The kit aims to make AI more accessible and power-efficient for professionals and enthusiasts alike.

The software installation process is simple, and users can run AI demos within minutes of setting up the kit.

Raspberry Pi, the beloved single-board computer maker, has recently unveiled a new addition to its lineup: the Raspberry Pi AI Kit. Developed in collaboration with AI chipmaker Hailo, this $70 add-on brings the power of artificial intelligence to the Raspberry Pi 5 microcomputer.

The kit combines the Raspberry Pi M.2 HAT+ with a Hailo-8L AI accelerator module, offering users a cost-effective and energy-efficient solution for integrating high-performance AI functionality into their projects.

Raspberry Pi 5 wearing the Raspberry Pi AI Kit

At the heart of the AI Kit lies the Hailo-8L module, a compact yet powerful AI accelerator capable of delivering an impressive 13 trillion operations per second (TOPS).

This performance surpasses that of some laptop AI chips, such as AMD’s first-generation XDNA Ryzen 7040-series and Intel’s Meteor Lake processors.

The Hailo-8L connects to the Raspberry Pi 5 via a single-lane PCIe 3.0 connection, ensuring fast and efficient data transfer.

One of the key features of the Raspberry Pi AI Kit is its seamless integration with the Raspberry Pi’s camera software stack.

This enables users to rapidly develop sophisticated AI vision applications that run in real-time with low latency and minimal power consumption.

The kit is compatible with both first-party and third-party cameras, providing flexibility for various use cases.

The AI Kit empowers users to tackle a wide range of AI tasks, including object detection, semantic and instance segmentation, pose estimation, and facial landmarking.

These computationally intensive tasks are handled entirely by the Hailo-8L co-processor, freeing up the Raspberry Pi 5’s CPU to focus on other critical functions.

The kit’s efficient hardware scheduling allows users to run multiple neural networks on a single camera or process data from two cameras concurrently.

To simplify the software aspect of AI development, Raspberry Pi has worked diligently to integrate the camera subsystem with the AI framework.

The rpicam-apps suite of camera applications now includes a post-processing template that enables real-time neural network inferencing within the camera pipeline.

By leveraging the pre-installed Hailo Tappas post-processing libraries, users can create advanced AI-based applications with just a few hundred lines of C++ code.

Getting started with the Raspberry Pi AI Kit is a easy – users need only install a few packages through apt, reboot the system, and they can begin experimenting with the provided AI demos within minutes.

The post Raspberry Pi Introduces $70 AI Kit for Raspberry Pi 5: High-Performance AI with Low Power Consumption appeared first on Blockonomi.