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Traders take ETH from exchanges and invest it in staking Ethereum

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benefits of staking ethereum

According to Glassnode, about 1.1 million ETH were withdrawn from centralized exchanges in the last week. And most users did so for staking Ethereum. This is the largest 30-day drop in Ethereum balances in more than two years.

The last time users took this amount of Ethereum from platforms was in September 2020. At the time, the market was in the heyday of DeFi, and ETH was needed to feed smart contracts.

Centralized exchanges such as Coinbase, Binance and Kraken tried to appease customers. To stem the cryptocurrency exodus, they published reports with proof of reserves. They list the assets the exchanges use as collateral. 

Lido-stacking yields soared – benefits of staking Ethereum

Most major exchanges offer Ethereum sterling services, but the industry leader in this regard is the platform Lido. The yield on coins deposited into stacking through Lido has renewed its all-time high and reached 11.33%.

However, there is a nuance. Stacking rewards fall into two categories:

  • Execution-level rewards – 7.3%,
  • consensus-level rewards – 4%.

Regular Ethereum stackers only receive payouts in the second category (or even less, depending on how much the platform takes over).

The company said that over the past two weeks, the amount of ETH placed on Lido has increased by 95,648 ETH. The platform now holds 32% of all ETH placed on the stack, and its market value for those coins is $5.9 billion.

The Lido stETH token, which is issued in exchange for ETH deposited on the stacking platform, in theory equates to the value of ether. However, the stETH/ETH exchange rate dropped slightly to 0.9859 amid the turbulent events of the previous week. This meant that ETH was worth more than its stacking equivalent.

Also, over the past two weeks, the volume of sterling coins increased in networks such as Ethereum, Polkadot, and Kusama, but decreased in Solana and Polygon. 

beaconcha.in currently reports 14.95 ETH in stacking. This amount is estimated to be about $18.6 billion and represents 12.4% of the total coins in circulation.

Earlier, we reported that Bitget had allocated $5 million to help affected FTX users.

Cryptocurrency

BloodLoop Levels Up: $4M Raise Fuels Blockchain Gaming Adoption

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[PRESS RELEASE – Lugano, Switzerland, March 27th, 2024]

7 Digital Labs, the Swiss gaming studio that owns and produces BloodLoop, announced today that it has raised $4 million in seed funding. The company, which has been in the industry for over three years, is producing a free-to-play hero shooter integrated into the web3 gaming world.

BloodLoop – the company’s first product – is poised to immediately establish itself at the forefront of the next-generation hero shooter market and has garnered immediate interest from the web3 gaming community, reaching more than 350,000 registered users in just two weeks who are eager to try out the game in the closed beta version that will be available in the coming months.

Well-known funds and companies, including the Avalanche Foundation, Merit Circle, and Citizen Capital, led the investment round to raise the funds needed to complete the game’s development and launch.

According to CEO & Co-founder Luca Menale, “The company aims to create gaming platforms that engage users in a fluid, next-generation gaming experience, allowing them to fully and seamlessly take advantage of all the benefits made available by blockchain technology”.

Building the next-generation Hero-Shooter

BloodLoop represents a bridge of interconnection between the world of traditional web2 and web3 games, allowing all lovers of the hero-shooter genre to continue to enjoy an immersive, exciting, and competitive experience without giving up the features of the biggest and most famous traditional games, and at the same time be able to benefit from the concepts of true ownership and buying and selling game assets between players, made possible and secure by Blockchain.

BloodLoop, a 5v5 third-person shooter, offers players a vivid virtual world to immerse themselves in bloodthirsty battles with their favorite hero, juggling several unique maps and game modes. At the end of each game, players extract materials and fragments – NFTs over which they have full control – that form the cornerstone of the game’s economy: at the Forge, materials can be combined to create unique, limited edition skins and artifacts that can be used in-game or resold to other players.

There is also a strong emphasis on competitive game modes, where players can compete against each other to climb weekly and monthly leaderboards and earn $BLS rewards.

The entire infrastructure is powered by an Avalanche Subnet, a game-specific blockchain within the Avalanche network, designed to make exchanges between users instantaneous and secure, eliminate in-game transaction fees, and generally reduce friction for players who are not native to the blockchain world.

Ed Chang, Head of Gaming at Ava Labs, said, “We have been watching and following the development of BloodLoop since the team behind the game took their first steps, and it is amazing to see the progress they have made over the past three years. We are very excited that the team has decided to entrust the game’s blockchain infrastructure to Avalanche’s network. Bloodloop is a game that has all the ingredients to become one of the best up-and-coming web3 hero shooters on the market. They have our full support, and we are thrilled to be among their investors”.

BloodLoop Links:

X (Formerly Twitter)

Telegram

Discord

Website

Play2Airdrop campaign

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Dogecoin Nears $0.20 Amid Increased Whale Activity: Can the DOGE Price Rally Even More?

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TL;DR

  • Dogecoin’s price soared over 35% in a week, outperforming major cryptocurrencies in trading volume.
  • The surge coincides with a substantial DOGE transfer initiated by a mysterious whale.

The cryptocurrency market has rebounded in the past week, with Dogecoin (DOGE) among the best performers. Its price has jumped by over 35% on a 7-day scale, reaching almost $0.20.

DOGE Price
DOGE Price, Source: CoinGecko

Additionally, DOGE surpassed several rivals on different fronts. For example, the trading volume generated by the biggest meme coin in the last 24 hours exceeded $3.6 billion. Solana (SOL), Ripple (XRP), and Binance Coin (BNB) are trailing behind with $3.5 billion, $1.8 billion, and $1.7 billion, respectively.

Dogecoin’s resurgence coincides with increased activity from large investors. Whale Alert revealed the case of one mysterious person (or entity) who transferred over 1 billion DOGE (worth more than 180 million at current rates) to an unknown wallet. 

Numerous X users commenting on the post shared optimism that the move might be a precursor of a significant price pump. Others wondered who this mysterious whale could be, with some suggestions pointing out to Elon Musk.

Tesla’s CEO is an outspoken proponent of the meme coin and a HODLer. Earlier this month, he hinted that his EV giant might accept DOGE as a payment method “at some point.” He also promised to continue supporting the asset, adding “Dogecoin to the Moon.”

Some analysts have recently outlined optimistic price predictions for the token. DonAlt was among the biggest bulls, maintaining that “it isn’t too unlikely for Dogecoin to go to $1” based on how it is trading against Bitcoin.

DOGE is not the only meme coin to have performed quite well as of late. Shiba Inu (SHIB) is up 20% weekly, while the Solana-based dogwifhat (WIF) has soared by 42% for the same period.

Those willing to learn more about the different meme coins, their specifics, and related risks, feel free to check our dedicated video below:

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These Bitcoin ETFs Among Top 30 Asset Funds Listed Globally

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Four Bitcoin exchange-traded funds (ETFs) have secured positions among the largest 30 asset funds within their first 50 days on the market, with BlackRock’s IBIT and Fidelity’s FBTC “in a league of their own,” as per insights from Bloomberg senior ETF analyst Eric Balchunas.

U.S. spot Bitcoin ETFs are seeing a resurgence in capital inflows, marking a reversal from a series of consecutive net outflows over the past week.

Four Bitcoin ETFs See Substantial Inflows

In a recent post on X, Balchunas pointed out that BlackRock’s IBIT, Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB managed to climb among the top 30 ETF assets globally within their first 50 days of trading.

The data indicates that even Bitwise’s BITB is presently ranked 18th in assets under management, exceeding the world’s largest SPDR Gold Shares (GLD) fund.

On March 26, Fidelity’s fund witnessed its largest daily inflow since March 13, worth $279.1 million, adding 4,000 BTC to its holdings. This marked the firm’s second consecutive day of inflows exceeding $260 million.

Meanwhile, BlackRock’s fund saw inflows of $162.2 million, which is lower than earlier in the month when daily inflows averaged over $300 million.

The Ark 21Shares Bitcoin ETF fund had its best day since March 12, with inflows totaling $73.6 million, while Bitwise’s BITB saw inflows amounting to $16.7 million.

Other funds, such as Invesco Galaxy, Franklin Templeton, and Valkyrie, also observed significant inflows exceeding $26 million each.

Grayscale Outflows Continue

Data from Farside Investors indicates that the ten approved spot Bitcoin ETFs collectively had a substantial net inflow of $418 million on March 26.

In contrast, Grayscale’s Bitcoin Trust (GBTC) remained in a state of negative flows, with daily outflows reaching $212 million. However, the net inflows from its competitors surpassed GBTC’s outflows.

Since transitioning to an ETF on January 11, Grayscale has seen significant outflows totaling 277,393 BTC, approximately $19.5 billion at current market prices.

On the other hand, Bitcoin has remained steady around the $70,000 mark amid news that the London Stock Exchange intends to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May. The decision follows the exchange’s earlier announcement regarding accepting applications for crypto ETNs in the year’s second quarter.

In a recent report, crypto asset trading firm QCP Capital noted that asset managers increasingly allocate to Bitcoin for portfolio diversification. In addition, there has been a surge in requests for structured products like Accumulators and FCNs, indicating an increased appetite for diversifying investment portfolios with Bitcoin.

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