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All About The zkLink L3 Summit: The Leading Technical Forum For Layer 3 Blockchain Solutions

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[PRESS RELEASE – Please Read Disclaimer]

The L3 Summit is a zkLink-initiated event series that educates, amplifies, and shares research about the current status of Layer 3 development from the world’s leading Layer 1 and Layer 2 blockchain protocols.

Layer 3s are a third layer built on top of Ethereum Layer 2 Rollups that deliver higher scalability, lower gas costs, and greater app-specific customizability. Layer 3s are poised to lead the future of building interoperable DApp infrastructures and Ethereum scaling solutions.

The L3 Summit brings together the world’s best protocols such as zkSync, Starknet, Scroll, Linea, Polygon, Manta, Mantle, Kakarot, Taiko, Celestia, Eigen Layer, and more, to push forward the boundaries of Layer 3 innovation and break through the blockchain trilemma.

zkLink and QED will be hosting its second L3 Summit at ETHDenver on March 2nd, 2024 at the Le Meridien Hotel in Downtown Denver.

For those interested in registering to attend the Summit, please see our Luma event page for more details. We look forward to kicking off another great event on one of the industry’s hottest topics: Layer 3s.

Introducing The L3 Summit: How zkLink Conceptualized The Idea

The L3 Summit has become the leading technical forum for exploring innovative Layer 3 blockchain solutions – where Layer 3 developers, founders, and Layer 1 and Layer 2 blockchain scaling enthusiasts get together to advance a young, quickly developing segment. But how did we get here? And what’s the story behind launching this event series?

Let’s quickly rewind the tape and fast forward to today.

Firstly, it’s well-known that the blockchain’s evolution from Layer 1 to Layer 2 marked a significant step forward in the industry, highlighted by motivations to solve the inherent issues plaguing the blockchain such as the tradeoff between scalability, security, and decentralization – otherwise known as the blockchain trilemma. Layer 2s however, predominantly focused their development atop the Ethereum network, striving to truly realize Ethereum’s mission to serve as the world’s decentralized compute platform.

Spectacularly, Layer 2s became so prominent during the 2020 and 2021 bull runs that they amassed significant market share and a motto of being “Layer 1 Killers.” However, as the years passed – Layer 2 advancement slowed, and even created second-order issues that were previously unforeseen, exacerbating the blockchain’s original problems.

For example, the two dominant approaches to Ethereum Layer 2 scaling – Optimistic Rollups and Zero-Knowledge Rollups – have come under scrutiny for displaying various weaknesses such as sacrificing security in the case of Optimistic Rollups – and an immature, small market niche for ZK Rollups due to their complexity and technical overload.

As a result, a new debate has emerged around reigniting the mission of scaling Ethereum and providing for a more interoperable multi-chain ecosystem. In particular, this debate has led to discussions about developing Layer 3 solutions, infrastructures, and middlewares that connect the various ecosystems and provide developers with multi-VM, EVM-compatible frameworks to ease their development timelines for launching DApps that work across networks and that have access to fragmented liquidity.

This story has become zkLink’s Muse and mission i.e., to solve liquidity fragmentation and to construct a Layer 3 solution where developers can launch scalable, fast, cheap, user-friendly, developer-friendly, secure, ZK-powered, general-purpose, and application-specific DApps.

Consequently, to push this narrative forward, and advance Layer 3 development and application, zkLink conceived and commenced the world’s first in-real-life event to debate the topic – the L3 Summit.

The first rendition of zkLink’s L3 Summit was held at Devconnect Istanbul in November 2023 – and now zkLink is preparing for an epic sequel to continue the momentum at ETHDenver 2024.

What Partner Projects & Speakers Will Be Present At The L3 Summit?

Our L3 Summit has attracted the attention of many of the industry’s heavyweights and prominent protocols. These include leading Layer 2s such as Arbitrum, Linea, Mantle, Polygon zkEVM, Metis, Scroll, Starknet, and zkSync – Innovative modular blockchain solutions such as Celestia, Eigen Layer, and Manta – Rising zkEVM solutions such as Kakarot and Taiko – And finally, Layer 2 Ordinals such as L2O Consortium, ZKP systems such as Polyhedra, oracle providers such as Pyth Network, and zk-Native blockchain protocols such as QED.

The projects above will feature renowned speakers at our L3 Summit in Denver to discuss the different approaches and purposes for building Layer 3 solutions, Layer 3 DeFi, general-purpose versus application-specific rollups, interoperability, zero-knowledge technology, zkEVM-compatibility, developing DApps on Layer 3s, and other interesting topics.

*We will soon be announcing the final speaker lineup, panel agendas, and keynote topics for our L3 Summit at ETHDenver*

Our first L3 Summit in Istanbul featured 17 speakers from over 15 projects, discussing topics around the future of Layer 3s, scaling Ethereum with Layer 2s, modular solutions for Layer 2 and Layer 3 Rollups, hyperchains, writing the EVM on a zkEVM, and the different tech stacks for deploying Layer 3 solutions.

In summary, without great speakers, one cannot hold a successful event, and thankfully, we’ve put together a crypto and blockchain “Dream Team” that will share valuable alpha on their respective panels and keynotes at Denver. Events like the L3 Summit serve as “leading indicators” for what’s next. So come and join the fun!

L3 Summit Sponsors: How We Make It Happen

Sponsors play a much-needed helping role in hosting a successful event that runs smoothly, is well-attended, and is properly organized and funded to give the many projects an ideal atmosphere to make a change. The two sponsors for our upcoming L3 Summit in Denver are Arrington Capital and QED, with QED serving as our title sponsor this year (shoutout to QED).

Arrington Capital is a thesis-driven firm investing in digital assets and Web3 since 2017. Arrington Capital has three sub-segments: Arrington XRP Capital, which is a multi-strategy hedge fund specializing in early-stage ventures and public markets – Arrington Algorand, which is an ecosystem fund investing and incubating projects in the Algorand ecosystem – and Arrington Moonbeam, which is an ecosystem fund investing and incubating projects in the Moonbeam ecosystem.

QED, our title sponsor for L3 Summit Denver, “is the world’s first zk-Native blockchain protocol built to scale trustless computation and privacy for the next generation of the internet.” QED protocol is starting its own initiative and movement called L2O, which stands for Layer 2 Ordinals, a set of standards for building trustless applications on Bitcoin.

QED is Bitcoin’s native execution layer, and unlike other Bitcoin Layer 2s that require a trusted multisig, on QED, assets can be bridged in a trustless way because they’re secured by ZKPs. Therefore, with its cutting-edge state model, QED is capable of supporting millions of concurrent users transacting in parallel and with low gas fees. For developers, QED’s BitIDE has custom opcodes, with which developers can use OP_MUL and more on the Bitcoin mainnet, thus allowing developers to easily deploy their dApps on Bitcoin.

The L2O Consortium

L2O Consortium is a comprehensive set of standards for trustless applications and Layer 2s to be built on Bitcoin for the first time. L2O’s mission is to bring BTC native security, internet scale, and interoperability to applications and Layer 2s on Bitcoin. L2O strives to unite the Bitcoin execution layer and is interested in collaborating with those who share their mission of bringing trustless compute to Bitcoin.

L2O will have a special panel at the zkLink L3 Summit discussing their solutions and analysis about the future of blockchain scaling technologies, approaches, and challenges. Despite having a focus on Bitcoin Layer 2s, L2O will bring valuable insights and perspectives towards the Ethereum and alternative ecosystem in scaling with zero-knowledge technology.

Grand Vision Of The L3 Summit Going Forward

Moving forward, we at zkLink plan to take the L3 Summit to more crypto and blockchain events worldwide, such as TOKEN2049 Dubai, ETHCC Bruxelles, and TOKEN2029 in Singapore. Layer 3s are still in its infancy, so we hope that through these events, the word and value proposition for Layer 3s will continue to gain more awareness in the public and attract more debate, thus leading to better products, solutions, and innovations that push the blockchain industry forward and initiate the next 10x wave of growth. Stay tuned!

Learn More About zkLink’s L3 Summit: Check Our Website & Twitter

To learn more about the upcoming L3 Summit: Denver edition, as well as our previously hosted L3 Summit: Istanbul Edition, please visit the L3 Summit website.

In addition, we have a separate distinguished Twitter account for the L3 Summit. So if you’re interested in getting daily updates and the latest news about our upcoming event, please follow and interact with our L3 Summit Twitter.

For those that have become irresistibly interested in what alpha we’re going to unleash at the L3 Summit, and want to attend the event in person, please go to our L3 Summit Luma page and register. You certainly won’t want to miss out!

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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