In this week’s crypto news review, we explore significant developments shaping the blockchain and digital finance landscape. From groundbreaking partnerships to expanding networks, the industry continues to push the boundaries of innovation. Key highlights from this week include Alibaba Cloud’s collaboration with Conflux to boost Web3 adoption in Hong Kong, Ethereum’s impressive $46B in total value locked (TVL), and Anchorage Digital’s new custody support for Bitcoin Layer-2 solution Stacks. Additionally, reports point out that Bitcoin whales remain unfazed by market volatility, while Alchemy Pay expands its crypto-fiat integration on Algorand.
Overall, the week has been marked by significant partnerships, growing DeFi metrics, and strategic moves by major players, indicating continued momentum and innovation in the crypto industry. Here’s a closer look at these pivotal stories one by one for your clear understanding.
Alibaba Cloud and Conflux Network Join Forces to Boost Web3 Innovation in Hong Kong
In a significant move this week, cloud computing giant Alibaba Cloud and Conflux Network have partnered to drive Web3 solutions across sectors like retail, tourism, and education in Hong Kong. The collaboration combines Conflux’s fast and secure blockchain infrastructure with Alibaba Cloud’s global network and computing expertise.
Cyberport, Hong Kong’s Web3 innovation hub, plays a key role in supporting this initiative. Backed by a HK$50 million grant from the Hong Kong SAR Government, Cyberport fosters Web3 growth. This move is attracting over 230 companies, including major firms like Animoca Brands and CertiK. This partnership aims to empower businesses to adopt Web3 technologies, creating a thriving ecosystem for digital innovation in the region.
Ethereum Network Reaches $46B in TVL, Led by Lido and Key DeFi Protocols
The Ethereum network’s total value locked (TVL) has reached $46 billion, showcasing its central role in decentralized finance (DeFi), according to DefiLlama. Lido leads with $23.5 billion TVL, dominating Ethereum staking by offering liquid staking products. Eigenlayer follows with $11.3 billion, gaining attention for its unique staking approach. Aave, with $9.29 billion, remains a major player in lending and borrowing.
Other notable platforms include Maker ($6.12B), ETHFI ($5.63B), and Uniswap ($3.47B), reflecting Ethereum’s expanding DeFi services and growing ecosystem.
Anchorage Digital Announces Custody Support for Bitcoin L2 Stacks, Boosting Institutional Interest
Anchorage Digital, a regulated crypto platform, has introduced custody support for Bitcoin Layer-2 solution Stacks. The partnership is aiming to attract institutional investors. This marks Anchorage’s first venture into Bitcoin L2 technologies, offering institutions secure access to blockchain-based financial solutions.
With this support, institutions can now securely custody Stacks Tokens ($STX) through Anchorage Digital Bank N.A. The move also enhances Bitcoin’s utility, enabling more efficient and cost-effective on-chain transactions and unlocking new use cases for the $800 billion Bitcoin market.
Bitcoin Whales Defy Volatility, Continue Steady Accumulation
Addresses holding between 100 to 1,000 Bitcoin ($BTC) have steadily accumulated more BTC despite recent market fluctuations. These addresses are now controlling 20.3% of the circulating supply. According to data from IntoTheBlock, these wallets are holding 395,000 BTC, showing confidence in Bitcoin’s long-term potential.
Since Bitcoin’s fourth halving in April, large holders have maintained their positions despite price corrections, signaling their belief in future growth. Bitcoin is currently trading at $58,443, and analysts are closely monitoring the behavior of these key players as market dynamics evolve.
Alchemy Pay Expands Crypto to Fiat Integration with USDT, USDC, and ALGO on Algorand
Alchemy Pay has expanded its crypto-fiat payment services by integrating USDC, USDT, and ALGO on the Algorand blockchain. This allows Algorand users to easily convert cryptocurrencies to fiat and vice versa using credit cards, mobile wallets, and bank transfers across 173 countries.
The integration simplifies access to the Algorand network, known for its energy-efficient and high-speed transactions. Alchemy Pay’s move solidifies its position as a bridge between traditional finance and crypto. It enhances user participation in blockchain ecosystems like Algorand, while also partnering with networks such as Polygon, Polkadot, and Avalanche.
Conclusion
In summary, this week’s updates highlight the continuous evolution of the blockchain space, with major players driving innovation and adoption. As partnerships strengthen and new integrations unfold, the crypto industry is poised for further growth, signaling exciting times ahead for both institutions and individual users.
