[PRESS RELEASE – Frankfurt, Germany, November 20th, 2024]

KYVE is entering its expansion era, introducing an enhanced web app packed with new features and collaborations to support users and unlock multi-network potential. From experienced developers to crypto newcomers, the platform aims to make it easier for users to jump in, contribute, and benefit as part of KYVE’s mission to make blockchain data accessible to all.

The latest updates are meant to make it easier for users of all levels to engage with KYVE’s ecosystem, fostering cross-network collaboration and data support across diverse blockchain platforms.

What’s New?

• Staking and Participation in KYVE’s Network: The KYVE web app now features an in-app guide designed to facilitate staking of $KYVE. Participants may receive rewards in $KYVE as well as in other tokens integrated into the KYVE protocol. This feature supports a diverse range of opportunities for stakers and validators, contributing to broader participation in the KYVE ecosystem.
• What is backing this? KYVE’s multi-coin funding feature and Public Goods Funding Program already partnered with SOURCE Protocol, Andromeda, a dYdX grant, Lava Network, and others to come.

“We’re proud to support KYVE Network in permanently archiving all historical dYdX data and further streamlining data accessibility for ecosystem participants!” – dYdX Grants on X. 

• Testing with Mainnet Faucets: KYVE’s newly introduced faucets allow users to test the platform’s features in a low-commitment environment. Whether they’re exploring staking or running a validator, these faucets are designed to make it easier for new users to experiment and get comfortable before fully committing.

• One-Stop Access with Kado and Skip: Integrated directly into the KYVE web app, Kado and Skip simplify the process of swapping or purchasing $KYVE, removing entry barriers and making it easier for users to start participating in KYVE’s network.

What This Means for Users

With these new features, KYVE is unlocking a wide range of opportunities for users to support the future of blockchain data scalability while earning rewards across multiple networks. The updated web app is designed to accommodate both experienced blockchain developers and newcomers, KYVE’s new web app enhancements are designed to support contributions to the platform’s mission of preserving historical chain data while providing value to participants.

As KYVE expands its solutions to more ecosystems, the focus remains on providing streamlined access, empowering users to play an active role in supporting blockchain scalability and data preservation. KYVE is dedicated to ensuring that all blockchains receive the data support they need to thrive and that all types of users can take part in this mission.

About KYVE

KYVE Network is a decentralized data management solution that provides specialized tools for data archiving, validating, and accessing blockchain data. KYVE’s protocol ensures that only accurate historical data from a blockchain is made immutable and easily accessible for all.

As a result, KYVE allows other chains to decentralize their historical data and overall data accessibility management and provides essential tooling to access this data, enabling enhanced scalability of chains and ecosystem development.

KYVE is one of the most supported blockchains in the space, backed by Arweave, Ava Labs, Solana Foundation, Interchain Foundation, Moonbeam, TheGraph, Parity Technologies, Composable Finance, Zilliqa, Mina Foundation, Aurora, and NEAR Foundation. As well as VCs such as Hypersphere Ventures, Coinbase Ventures, Distributed Global, Mechanism Capital, CMS Holdings, IOSG Ventures, and others.‍

TL;DR

• XRP surged by double digits in the past week, with analysts predicting additional gains of up to $8.
• Rumors of SEC Chair Gary Gensler’s replacement with a new pro-crypto leader could aid Ripple’s legal issues, driving XRP’s growth further.

The Potential Journey to a New ATH

Ripple’s XRP was unable to join the massive bull run of the cryptocurrency market following Donald Trump’s win in the US presidential elections. However, in the past week, it followed suit and even outperformed all of the top 20 digital assets. As of the time of this writing, it trades at $1.13 (per CoinGecko’s data), representing a 67% increase on a seven-day scale.

The resurgence fueled huge enthusiasm across the XRP community, while multiple analysts predicted further gains in the near future.

The X user Mikybull Crypto thinks the asset’s rally has yet to start. The trader assumed XRP might experience a massive price jump if the Bitcoin (BTC) dominance declines. Currently, the primary cryptocurrency accounts for almost 60% of the total crypto market share. Its dominance has been on the rise since the end of 2022, and it will be interesting to see if there will be an eventual altcoin season that could cause a shift in the trend.

JAVON MARKS envisioned a “bullish breakout” that could send XRP’s valuation to over $3, while Crypto Ceaser was even more optimistic. 

The latter thinks the price may “cool off a bit” in the short term and later begin a journey to an all-time high of almost $8.

Crypto Tony chipped in, too. He described a potential consolidation and retreat to $0.92 as “a gift.” “Would love to see that and then a hold on the daily closure. I remain long from 0.66c as shared,” the trader added.

Waiting for Gensler’s Possible Resignation

One important factor that may trigger an additional price increase for Ripple’s native token is change at the leadership of the US Securities and Exchange Commission (SEC). Since 2021, the agency has been led by Gary Gensler who is known for his anti-crypto stance. During his tenure, the SEC filed countless lawsuits against cryptocurrency businesses, including Ripple.

According to many market observers, Gensler’s days at the helm are numbered. After all, Trump promised to fire him on day 1 after assuming office. The previous Chairmen of the regulator, Mary Jo White and Jay Clayton, resigned days after the presidential elections in 2016 and 2020, respectively, which also suggests that the current leader could soon vacate his post. 

The next Chair is expected to be pro-crypto. Such a shift could lead to a faster settlement of the Ripple v. SEC legal battle (and other cases) and positively affect XRP and the entire market.

Leading decentralized finance (DeFi) protocol Aave has achieved a remarkable milestone, hitting $10 billion in active loans.

It marks a 300% rise in lending activity from the start of the year when the figure stood at $3.4 billion.

DeFi Renaissance

Data from the on-chain DeFi tracking platform Token Terminal shows that in the last 30 days, active loans on the platform increased by 16.4% to reach $10.04 billion. At the same time, its total value locked (TVL), which is the overall value of crypto deposited on the protocol, went up by 26.7% to $15.96 billion.

Looking at other metrics, fees are up 48% to $40.34 million, annualized to over $490 million, which is a 33% improvement over the last 30 days. This has pushed monthly revenue by 82% to $9.36 million. Similarly, annualized revenue projections now stand at $113.84 million. This uptick has boosted Aave’s earnings, which have increased 1,628% over the last 30 days.

Additionally, there are currently nearly 173,000 token holders, a slight 0.9% increase from the previous month. The figure has been boosted by a more than 40% increase in daily active users in that period, numbering over 6,200 per day and nearly 30,000 per week.

As noted by Aave founder Stani Kulechov, the protocol’s explosive growth is a reflection of DeFi’s broader “renaissance.”

Aave’s Expanding Ecosystem

Beyond its core lending activities, Aave is looking to explore new frontiers, including a possible deployment on Spiderchain, a Bitcoin layer-2 network designed by Botanix Labs. The potential integration would combine Bitcoin’s deep liquidity with Aave’s lending ecosystem, enabling Ethereum-based applications to interact with BTC assets.

According to reports, the Aave-Chain Initiative (ACI) is currently seeking feedback from its community on the proposal. If successful, it could further solidify the platform’s leadership within DeFi.

In October, President-elect Donald Trump’s fledgling DeFi project, World Liberty Financial (WLF), issued a proposal to Aave to establish an instance on the platform. The proposal contained an offer of 20% of all protocol fees as well as 7% of the supply of WLF’s governance token, WLFI.

In the same month, Aave saw a rise in deposits of Coinbase’s wrapped Bitcoin offering, cbBTC, with 56% of the cryptocurrency housed there.

However, despite the platform’s latest triumph, its native AAVE token is 3.4% below its level from 24 hours ago. Additionally, across seven days, it lost over 12% of its value, reflecting a marked underperformance against the global crypto market, which is up 4.90%.

Nonetheless, over the last three months, AAVE has been up 31.7% while also gaining a whopping 81% in the last six months.