Cryptocurrency

Binance Wallet and BTC L2 Project BEVM Launch an Exclusive Airdrop

Published

6 months ago

April 6, 2024

[PRESS RELEASE – Cardiff, 英国, April 4th, 2024]

According to Binance Web3 official announcement, Binance Web3 Wallet has officially launched a joint airdrop event with the BTC Layer2 project BEVM. Users who complete three simple tasks on BEVM through Binance Web3 Wallet will receive an exclusive airdrop of BEVM token. BEVM will allocate 10,500,000(0.5%) $BEVM for the airdrop to Binance Wallet users participating in this event. This is the first collaboration between Binance Web3 wallet and Bitcoin Layer2.

BEVM is an EVM-compatible Bitcoin layer2 based on Taproot Consensus and uses $BTC as gas, enabling fully decentralized $BTC cross-chain and allowing $BTC to be introduced into a broader range of applications in a trustless manner. BEVM recently announced the completion of its ten-million dollar funding round, with investments from nearly 20 institutions including Rocktree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, MH Venture, and Mapleblock. BEVM officially launched its mainnet on March 28, and in just one week, the mainnet has garnered over 600,000 user addresses.

What is BEVM?

BEVM is the first EVM-compatible Bitcoin L2 built on Taproot Consensus and uses $BTC as Gas.

Based on Musig + Bitcoin SPVs, Taproot Consensus is the final result of the BEVM team’s six years of exploring Bitcoin Layer2 solutions.

BEVM has two narratives, the first is “BEVM-Stack”(#BTClayer2 as a service), which can help developers launch #BTClayer2 with one-click. Secondly, BEVM will develop DBFX(Decentralized Bitcoin Foreign Exchange) protocol to seamlessly bridge native $BTC into any Defi protocol on any Chain. BEVM’s ultimate goal is to bring 10% of $BTC into the Layer2 network, expanding $BTC’s application scenarios to enable real circulation of $BTC.

The following are the key historical milestones of BEVM:

2017: Establishment of the BEVM team.

2018: Launch of the BTC Layer 2 solution ChainX, taking custody of 100,000+ $BTC and 500,000+ $BTC hash locks.

June 2023: Formal proposal of the BEVM Canary Network.

November 29, 2023: Publication of the BEVM whitepaper.

March 2024: Announcement of securing $10 million in funding with a post-investment valuation of up to $200 million.

March 2024: Announcement of the mainnet launch.

BEVM Funding Details

On March 25, 2024, BEVM announced the completion of a $10 million funding round, with a post-investment valuation of up to $200 million. The funding round involved approximately 20 investors, predominantly from Europe and the United States.

Among these investors, RockTree Capital stands out as a prominent and seasoned crypto investment institution based in the United States. Founded by Omer Ozden, who also serves as an international partner at ZhenFund Global Ventures, RockTree Capital boasts significant influence in the financial circles of China and the United States. Omer Ozden has previously served as a legal advisor for Facebook (now Meta) and was a member of the United States Congress. RockTree Capital has a strong track record of investing in and incubating numerous renowned crypto projects, including Chainlink, Tron, dYdX, Fantom, and Casper, among others.

In addition to RockTree Capital, other notable investors in the BEVM project include MH Ventures, which has invested in well-known projects like Celestia, Sei Network, and Linera; Mapleblock, known for its investments in Polyhedra, DAO maker, Kraken, and Huobi; and Arkstream Capital, which has invested in projects such as AAVE, Flow, Manta, and Particle.

Waterdrip Capital and Satoshi Labs, have also participated in the investment, as well as Viabtc Capital which is one of the world’s top three Bitcoin mining pools.

BEVM Technical Advantages

In the current market, BTC Layer 2 technology solutions can be broadly categorized into five types: Bitcoin sidechains, UTXO + client verification, Taproot Consensus, multi-signature + EVM, and Roullp.

BEVM adopts the Taproot Consensus technology, which was proposed and implemented by the BEVM team and serves as a typical use case for Taproot Consensus.

Taproot Consensus is a layer2 solution built on the three major native Bitcoin technologies. It has gradually matured since the Bitcoin Taproot upgrade in 2021. The essence of Taproot Consensus lies in Schnorr Signature + MAST Contract + Bitcoin Light Node Network.

Schnorr Signature enables Bitcoin multi-signature custodians to expand to 1,000, achieving decentralization of custodians. MAST Contract implements code-based management of aggregating signatures, relying on code rather than manual signature. The Bitcoin Light Node Network achieves decentralized Bitcoin cross-chain transactions and management through consensus driven by Bitcoin SPVs.

On March 28, 2024, BEVM’s mainnet, based on Taproot Consensus, officially launched, reaching over 600,000 user addresses within a week. It is currently one of the most implemented Bitcoin Layer2 solutions.

In summary, compared to other BTC L2 technological solutions on the market, BEVM boasts unparalleled advantages in terms of the native nature of Bitcoin technology, decentralization, and the level of implementation.

More Details about the Campaign between Binance Web3 Wallet and BEVM

On April 4, BEVM announced a joint airdrop campaign with Binance Wallet, offering airdrops for completing any of the three specified on-chain activities. BEVM has allocated 0.5% of its total token supply for this airdrop. It is also Binance Wallet’s first airdrop event in collaboration with a Bitcoin Layer2.

To participate in the event, users need to access the Binance Web3 Wallet and visit https://binance-campaign.bevm.io . There are three tasks included in the campaign, bridging $BTC to BEVM, creating position in Satoshi Protocol and daily check-in on BEVM.

User Participation Tutorial:

Step 1: Access and Set Up Binance Web3 Wallet

First, ensure you have a Binance account. If not, you will need to create one.

Then, download and install the Binance Web3 Wallet. This can be found on Binance’s official website.

After completing the installation, follow the instructions to set up your wallet.

Step 2: Participate in the Event

Access the event page using the Binance Web3 Wallet.

Complete the three tasks required by the event:

Bridge $BTC to BEVM: Follow the instructions on the page to bridge your $BTC from the main chain to the BEVM chain.

Create a Position in Satoshi Protocol: Navigate to Satoshi Protocol and create a new position.

Daily Check-in: Visit the BEVM page every day to check in.

Cryptocurrency

SUI Explodes by 12% Daily, Bitcoin Stopped at $65K Again (Market Watch)

Published

7 hours ago

September 25, 2024

The bitcoin bulls drove the asset to another monthly high of $64,800, but it ultimately failed to continue upward and has retracted by around a grand.

Chainlink has popped as today’s top performer from the larger-cap alts, while SUI continues its ascend with another double-digit surge.

BTC’s Path to $65K Halted Again

It was last Wednesday when the primary cryptocurrency faced massive volatility as the US Federal Reserve met to discuss and eventually lower the key interest rates in the country by 50 basis points. BTC went up and down on several occasions, but the bull prevailed in the end and pushed the asset north to $64,000 on Friday morning.

After a relatively sluggish weekend, bitcoin went on the offensive once again on Monday and neared $65,000. However, the bears were quick to intercept the move and pushed the cryptocurrency south by more than two grand.

The bulls didn’t stay down for long, though, as they initiated another leg-up in the past 12 hours or so that propelled BTC to $64,800 again. However, as it happened with the previous attempt, bitcoin couldn’t break through $65,000 and now trades below $64,000.

Its market capitalization has remained at around $1.260 trillion on CG, but its dominance over the alts has lost some more ground and is down to 53.8%.

Bitcoin/Price/Chart 25.09.2024. Source: TradingView

SUI in the Headlines

Many of the larger-cap alts stand quietly today. Ethereum and Binance Coin have retraced by 1-2%, and so has Tron. In contrast, SOL has increased by that percentage and trades at $150. Similar minor gains come from the likes of DOGE, SHIB, TON, and BCH.

ADA has increased by 3% and has neared $0.4. LINK has jumped by 7% and now trades above $12. However, SUI stands out as the top performer from the mid-cap alts, having added more than 12% of value daily. Moreover, the asset is up by 45% in the past week and a whopping 80% on a monthly scale. As such, it now sits at $1.75 and is the 26th-largest cryptocurrency.

Other notable daily gainers include SEI (24%), POPCAT (9%), and NOT (8%).

The total crypto market stands close to $2.350 trillion, which is basically the same as yesterday.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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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.

Cryptocurrency

Bitcoin’s Correlation With Gold Reaches 5-Month Peak, But What About Ethereum?

Published

7 hours ago

September 25, 2024

Bitcoin’s correlation with one of the oldest and arguably the safest investment instruments, gold, has risen to a five-month peak, according to data from IntoTheBlock.

At the same time, Ethereum’s numbers point to precisely the opposite, even though ETH is supposed to be ultra-sound money following some of its updates in the past few years.

BTC, Gold Correlation Rises

Due to many of the similarities between the two, such as limited supply and lack of central authority behind them, gold and bitcoin have been frequently compared, albeit mostly by supporters of the digital asset. In fact, they even argue that BTC has one up on the precious metal due to its existence in the digital world and its known hard supply of 21 million ever to exist.

However, bitcoin is a newer asset with less history, a smaller market cap, and a highly volatile nature. This has been the most vocal criticism of BTC doubters, such as Peter Schiff. Their performances tend to deviate in certain times but should follow a similar trajectory in times of economic uncertainty, wars, etc.

Data from IntoTheBlock shows that this has been the case on a few occasions this year. At first, both went toward uncharted territory simultaneously in March and April but parted ways in May and July. However, the trend has been on a positive uptake since the summer and reached a peak of 0.75 yesterday, which is the highest level since April.

Bitcoin’s correlation with gold has been on a rising trend, now reaching its highest level since March.
In contrast, $ETH‘s correlation with gold remains minimal and largely insignificant.
Key Takeaways
Bitcoin’s rising correlation over the past months aligns with… pic.twitter.com/fGstlFiAT6
— IntoTheBlock (@intotheblock) September 24, 2024

CryptoPotato recently compared the two asset’s YTD performances, concluding that BTC has done a lot better, even though it is far from its all-time high (registered in March), while the precious metal keeps charting new peaks. The latest came earlier today at $2,670/oz.

Ethereum, Gold on a Different Path

ITB’s post highlighted that while investors’ behavior highlights “bitcoin’s evolving role in macroeconomic hedging,” the same cannot be said about the second-largest cryptocurrency.

“Ethereum’s limited correlation with gold points to its position as a more speculative, growth-driven asset. Its price movements are less influenced by external economic factors and more driven by the underlying ecosystem, such as DeFi activity & staking.”

While this casts doubt over the ultra-sound money narrative for ETH, it just shows that Ethereum has a different role in the crypto market.

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Cryptocurrency

Cardano Reaches 1-Month High: 3 Bullish Signs Point to a Potential ADA Bull Run

Published

7 hours ago

September 25, 2024

TL;DR

ADA’s price surged to almost $0.40, potentially driven by positive metrics such as an increase in large transactions.
However, its RSI recently spiked to 81, suggesting overbought conditions and a potential correction despite predictions of further rallies from analysts.

ADA’s Resurgence

Cardano’s ADA has been among the top-performing leading digital assets in the last 24 hours, with its price hitting a one-month peak of over $0.39. Its market capitalization pumped to $14 billion (and retraced a bit since), making it the 11th-largest cryptocurrency.

Its revival aligns with three important metrics that have been on the rise. The first (somewhat expectedly) is the “In the Money” indicator, which, according to IntoTheBlock, is up 10.5% on a daily scale. It measures the change of ADA investors currently sitting on paper profits. As of now, 31% of those are in the green, while 66% are underwater.

The stats looked much worse during the crypto market crash at the beginning of August. Back then, ADA’s price plummeted to a seven-month low of $0.27, while only 0.35% of its holders were sitting on some profits on their initial investments.

The second bullish factor is the large transaction volume (where each on-chain ADA transaction exceeds $100,000). The figure reached $6.6 billion on September 25, representing a 12% increase in 24 hours.

Last but not least, we will focus on ADA’s NVT (network value to transactions) ratio. The metric is currently set at around 2.7, which is considered low. It indicates that the token is undervalued and, hence, ready for a potential rally.

One popular analyst who recently predicted a further pump for Cardano’s native token is the X user CryptoBullet. The trader expects the price to reach a lower high of around $1.80 sometime next year. However, they assumed it may later head south to roughly $0.15.

The Bearish Element

Conversely, ADA’s Relative Strength Index (RSI) suggests the asset could be poised for an imminent correction. The analysis tool measures the change and speed of price movements, varying from 0 to 100.

Readings above 70 signal that the token might be overbought, while anything below 30 is considered bullish since it indicates oversold conditions. Currently, the RSI is hovering around 70, briefly spiking to 81 on September 24.

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