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U2U Network’s December Listing: Pioneering a Comprehensive Blockchain for DePIN

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PRESS RELEASE – Ho Chi Minh, Vietnam, December 10th, 2024]

U2U Network, a leading DePIN Layer-1 platform, has announced the closure of all funding rounds in preparation for its upcoming listing scheduled for Q4 2024.

The Foundation

The global blockchain market has experienced growth, valued at $20.22 billion in 2023 and projected to reach $561.38 billion by 2030 with a CAGR of 64.5%. Initially developed to support cryptocurrencies like Bitcoin, blockchain has evolved into a transformative technology, revolutionizing industries such as finance, healthcare, and supply chain management with enhanced transparency, security, and efficiency.

Building on this foundation, DePIN is redefining how infrastructure systems operate by integrating blockchain with physical assets. By 2023, DePIN had grown to include 650 projects with a market cap of $35 billion, and experts project its market potential to expand to $3.5 trillion by 2028, underscoring its transformative capacity.

Amid the rapid expansion of the blockchain and DePIN markets, U2U Network has announced its upcoming listing, a strategic move designed to further accelerate market growth and development.

U2U Network – A Leading DePIN Layer1, Closed All Funding Rounds With $13.8M, Getting Ready for Listing

U2U Network is at a pivotal moment in its development, aiming to enhance user experiences within the decentralized ecosystem. Through its comprehensive application, U2U Network serves as a centralized hub, enabling users to interact seamlessly with various integrated DePIN projects. This approach simplifies the process, removing the need for multiple app downloads and reducing complexity. Additionally, it provides a platform for projects to integrate their mini-apps, improving visibility and creating opportunities for collaboration within a unified ecosystem.

Recently, U2U Network secured $13.8 million in funding from notable venture capital firms, including KuCoin VenturesChain CapitalIDG BlockchainCointelegraphV3VJDI VenturesTesseract, IBG, Blockhive, Maxx Capital, UB Ventures. This funding is allocated to advancing its modular Layer-1 blockchain, which features DAG technology and EVM compatibility, addressing key challenges in scalability and interoperability. U2U’s innovative subnet technology supports the creation of scalable, flexible sub-networks, tailored to meet the needs of DePIN development.

As the DePIN industry grows, reflecting broader trends like the integration of blockchain into everyday applications, U2U Network focuses on advancing scalable hardware solutions for real-world use. This approach seeks to streamline adoption across sectors, contributing to the development of the DePIN ecosystem and fostering innovation in decentralized infrastructure.

Looking Ahead: Preparing for the Listing Season

U2U Network’s upcoming listing represents a significant milestone in its trajectory. This step will provide greater visibility, broaden the investor base, and support community expansion, furthering the network’s efforts to deliver practical, decentralized infrastructure solutions.

Exclusive Listing Details

Expected Date: 10 AM (UTC), December 10, 2024

Listing Platforms: KucoinGate.ioBingX and MEXCMore listing partners will be announced soon

For IDO Participants on Fjord: Users will receive U2U ERC-20 tokens on the Ethereum network and can deposit them for trading on Exchanges, please check which exchanges support the deposit of U2U ERC-20 Token. U2U ERC-20 tokens will be available on both CEXs and DEXs.

Users will receive U2U tokens on the ERC-20 network and can deposit them for trading on KuCoin.

Gate.io, MEXC, and BingX only support U2U native token

Token Utility

Transaction Fees: Used to pay gas fees for transactions and smart contract interactions.

Staking & Security: Locked by validators or delegators to secure the network and earn rewards.

Governance: Enables holders to vote on protocol upgrades, network changes, or DAO decisions.

Incentives & Rewards: Rewards users for behaviors like liquidity provision, governance participation, or network development.

DeFi Collateral: Serves as collateral for loans, liquidity pools, and other financial products.

DApp Utility: Powers services, premium features, or specific use cases within decentralized applications.

Subnet Operations: Subnet Node Operators pay Verification Nodes with tokens for interactions between Subnet and Layer 1.

Tokens can be used as payment currency, hiring resources from Subnet Node Operators, or pay for services on Subnet dApps

Token Allocation:

Token distribution:

Ethereum: 1,000,000,000 U2U

U2U Mainnet: 9,000,000,000 U2U

U2U Network’s upcoming December listing marks a significant step in its journey within the DePIN ecosystem. By offering a unified platform and leveraging advanced technology, U2U Network aims to address key industry challenges, support adoption, and contribute to the evolution of decentralized infrastructure.

REF:

  • Research, H. (2024) DePIN: Current State and prospects, Medium. Available at: https://htxresearch.medium.com/depin-current-state-and-prospects-ad6b1a59b3d4#:~:text=As%20of%202023,according%20to%20Messari (Accessed: 07 December 2024).

About U2U Network:

U2U Network is a modular L1 with subnet technology that perfect fit for DePIN. Their backers include Chain Capital, IDG Capital, Cointelegraph, JDI Ventures, Kucoin Venture, V3V Fund, Web3Port, and others. The project has also entered into partnerships with AWS, Klaytn Foundation, IoTex, Waterdrip Capital, Chain Catcher, etc. KOLs that have invested in U2U Network are KongBTC, Romano, ImNotTheWolf, Crypto Buzz, Antony, etc.

Mainnet is ready with more than 180K wallet addresses. DePIN Subnet launched with U2DPN product with more than 155K downloads, 59K contributer nodes, and 9K DAU in 3 months of launching. 80 dApps committed to building on chain (EVM-compatible) range from crypto applications (Defi, Gamefi, SocialFi, etc) to real-world scenarios (Storage, data mining, etc), and over 40 DePIN project signed MOU and under integration, 25 other projects in the pipeline.

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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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