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Cryptocurrency

Ethereum takes off amid talk of an imminent merger

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The main problem with Ethereum, limiting the growth of network usage, is its low bandwidth. The situation is supposed to be remedied by the transition from a proof-of-work (pow) algorithm to a proof-of-ownership (pos). Since a test network on pos has been developing in parallel with the current chain for a long time, the “move” to the new algorithm is called a merge.

Ethereum was the first full-fledged blockchain to support smart contracts, so it was the absolute dominant player in the NFT and DeFi markets until 2021. However, as usage of the network grew, so did the workload, and with it the fees, since throughput does not exceed 20 transactions per second. Users are forced to pay “tips” to miners to get their transactions onto the block as quickly as possible. On days when popular collections are on sale or during the DeFi market rush, the average commission went over $50.

Expensive usage has led to increased demand for competitive networks. Because of this, Ethereum’s share of the DeFi sector has dropped from 96% in January 2021 to the current 58%.

Ethereum needs faster and cheaper solutions to maintain its lead among altcoins. Vitalik Buterin made the choice in favor of pos, as the “environmental load” is significantly reduced, and the reliability in the long term is higher. The latter is achieved both due to the growth of decentralization (there is no need for powerful hardware), and due to the risk of losing money to intruders in a 51% attack (if detected, the protocol destroys the ETH used).

The only question was the timing of the merger, as the time of the actual move is constantly postponed. Recently, however, more and more specific dates have been named, and developer Tim Baco suggested this past Friday as a tentative date of September 19. Ethereum has gained 17% against Bitcoin in a few days.

Optimism has also gripped the Lido token, which has nearly doubled in recent days. The Lido platform represents a stack in Ethereum 2.0 (the pos branch) and currently provides about a third of all frozen assets ($6.3 billion of $19.4 billion).

However, the optimism may be premature: September 19 is a tentative and non-binding date, and the timing of the move has been repeatedly postponed. Several major tests are scheduled for August, after which the development team may announce a final date. Ethereum fans should keep their finger on the pulse.

Cryptocurrency

Popular Gaming Platform Holds Numerous Meme Coins, Including Shiba Inu (SHIB) and Dogecoin (DOGE)

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TL;DR

  • A well-known gaming platform announced its holdings of meme coins like SHIB, DOGE, PEPE, and BONK, integrating “their unique cultures” into its ecosystem.
  • The entity hinted that similar news might follow in the future.

Turning Into a Meme Coin HODLer

Meme coins have been crypto’s rock stars during this bull cycle, with multiple individuals and entities entering their ecosystem. The latest to do so is the popular gaming platform – The Sandbox.

In a recent X post, it revealed holding Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), and more. “We’re thrilled to integrate their unique cultures into our platform,” the platform stated.

Besides hopping on the meme coin bandwagon, The Sandbox touched upon the merits of some of the tokens it added to its portfolio. It described Shiba Inu as a “global phenomenon,” while DOGE was praised for its “strong community” and “humorous origins.”

PEPE and BONK were also highlighted. The Sandbox noted that the former employs a mechanism to decrease the total supply over time, labeling it “a deflationary meme coin.” For its part, BONK was represented as “the most widely held dog-themed cryptocurrency on Solana.”

“We’re excited to integrate these meme coins into The Sandbox and look forward to the utility they will provide for our users and the broader meme coin community. Stay tuned for more soon,” the gaming platform concluded.

SAND is Still Waiting for a Bull Run

Speaking of The Sandbox, it is worth mentioning its native token – SAND – which has seen better days. It currently trades at around $0.32 (per CoinGecko’s data) – a 30% decline on a two-week scale and a staggering 95% plunge from the all-time high of around $7.50 registered in November 2021. 

SAND is among the very few cryptocurrencies that have not witnessed any substantial gains in the past year, a period that saw Bitcoin (BTC) rise to a new peak of over $73,500 and Binance Coin (BNB) touch almost $720.

In comparison, other gaming coins, including Immutable (IMX), Axie Infinity (AXS), and Ronin (RON), are well in the green on a yearly scale. 

On the other hand, some on-chain metrics signal that SAND might head north in the short term. Its Relative Strength Index (RSI) recently dipped below 20, currently standing at 32. The technical analysis tool identifies oversold or overbought conditions in the market and varies from 0 to 100. A ratio above 70 shows a price correction might be imminent, while its low points indicate a possible buying opportunity.

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BNB Chain Launches Third TVL Incentive Program; Offering Up to $300K To Accelerate Growth

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[PRESS RELEASE – Dubai, UAE, June 19th, 2024]

BNB Chain, the community-driven blockchain ecosystem that includes the world’s largest smart contract blockchain, today announced the launch of the third installment of its (Total Value Locked) Incentive Program. This program is committed to nurturing Web3 ventures that are deployed on BNB Smart Chain (BSC) or opBNB.

Two challenges have been crafted for this series: a $100,000 BNB Lock-Up Challenge (Part A) and a $200,000 TVL Challenge (Part B). The TVL Challenge now includes all forms of assets, not just BNB.

The BNB Staking Challenge is engineered for DeFi platforms that support BNB staking, with participants to be ranked and rewarded based on their BNB lock-up and staked LSD BNB increments during the event. The reward for this challenge extends up to $50,000 with all DeFi platforms supporting BNB staking are eligible to get involved.

The TVL Incentive Program offers a $200,000 prize pool to be distributed based on the total incremental TVL of all participants and is open to DeFi projects on opBNB and BSC. Participants will share rewards calculated on their incremental TVL and BNB locked during the event period.

The third installment of the BNB Chain TVL Incentive Program not only boosts innovative projects on BNB Chain but also fosters a stimulating ecosystem to accelerate growth. Several successful recipients of our past TVL Incentive Program, like Kinza Finance, BSquared, and Thena have become cornerstone projects within the BNB ecosystem, showcasing significant growth.

Applicants must pass at least one security audit and be live on BSC or opBNB for consideration. Weighting and further criteria can be found here and applications can be made here.

The application period for Part A and Part B commences from 19 June 2024 to 26 June 2024. The competition period will run from 27 June 2024 to 27 July 2024. The winner announcement for both challenges is slated for 30 July 2024.

The rewards for both challenges will be dispensed within three weeks of the event’s conclusion. Full terms and conditions of the TVL Challenge, such as participants needing to maintain their TVL for one calendar month – with a TVL reduction of less than 15% – for the remaining 50% of their rewards to be distributed around 28 August 2024, can be found in the link.

The TVL Incentive Program, featuring a total of $300,000 in prizes, builds on BNB Chain’s existing initiatives – such as its Most Valuable Builder (MVB) program, cementing BNB Chain’s dedication to fostering the Web3 ecosystem.

For more detailed information and to submit application, users can visit here.

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Largest Dogecoin (DOGE) Whales Cut Positions as Retail Investors Gain Ground

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There has been a significant shift in the distribution of Dogecoin holdings over the past year.

In fact, a cohort of DOGE whales have slowly reduced their holdings, which, in turn, may have been captured by retail and mid-sized holders of the meme coins.

DOGE Whales’ Distribution

According to the latest analysis by IntoTheBlock, the largest Dogecoin whales – holders owning more than 0.1% of the total supply – have been steadily reducing their positions.

Interestingly, their collective share has decreased from 45.3% to 41.3%. This reduction indicates a redistribution of the OG meme coin, with retail and mid-sized investors now holding a significantly higher portion of the supply.

This aligns with an increase in the supply held by entities with balances between 100 million and 1 billion DOGE. This further validated the trend that Dogecoin sold or redistributed by the largest whales is being accumulated by mid-sized holders.

“Over the past year, the largest Dogecoin whales have been reducing their holdings. The percentage of the supply held by those owning more than 0.1% each has dropped from 45.3% to 41.3%. In contrast, retail and mid-sized investors now hold a larger share of the total supply.”

Dogecoin ETF Soon?

Dogecoin has witnessed a significant drawdown in its price recently. Over the past week or so, the meme coin has declined by approximately 20%, dragging its value to $0.124.

While the whale redistribution trend could suggest more upcoming losses, what can boost Dogecoin’s trajectory going forward is the potential launch of spot Dogecoin ETFs. Many experts believe that to be a possibility, especially after the SEC’s approval of spot Ethereum ETFs.

BitMEX co-founder Arthur Hayes, for one, said that Dogecoin could secure an ETF by the end of this cycle. In a recent interview with Real Vision co-founder Raoul Pal, Hayes highlighted the growth Dogecoin experienced over the years and its status as the oldest meme coin in space which provides it a competitive advantage over other meme coins that have sprung up in recent years.

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