A community member has argued that FTX’s BIT tokens should not be automatically converted because of disqualifying factors.
Mantle’s MNT Token Outpaces Rival Layer 2 Blockchains Over Past 24 Hours
After launching its mainnet on Monday, Mantle’s utility and governance token has jumped roughly 4%, more than the native tokens of Arbitrum and Optimism over the past day.
Anchorage Digital opens up DeFi voting for custody clients
Anchorage joins AAVE, Lido and BitDAO in adopting the off-chain voting platform Snapshot.
BIT Token Surges to Weekly High Following $200M BitDAO Ecosystem Fund Proposal
BIT jumped 5% over the weekend, outperforming both ETH and BTC, following the proposal from layer 2 network, Mantle.
MATIC, HBAR, LDO and BIT gather strength as Bitcoin price rebounds
BTC price could remain range-bound in the near term, but MATIC, HBAR, LDO and BIT could continue higher.
5 altcoins that could breakout if Bitcoin price stays bullish
Bitcoin has turned bullish, but is it a dead cat bounce? If BTC bulls keep pace, LTC, OKB, BIT and FTM could see strong rallies.
These 4 altcoins may attract buyers with Bitcoin stagnating
Bitcoin remains stuck in a tight range but LTC, APE, ICP, and BIT are showing signs of starting a new up-move.
Data Suggests Ethereum Layer-2 Tokens May Experience Explosive Upside
While the Ethereum network and its users continue to suffer from the high fees of the layer-1 blockchain, various layer-2 (L2) solutions are stepping into the spotlight to solve the problem.
As analyst Miles Deutscher explained, citing data from Dune Analytics, layer-2 scaling solutions saw monumental growth in 2022. “I expect this trend to continue in 2023 and beyond,” Deutscher commented.
Blockchain analytics firm Nansen also released data today showing the growth of layer-2 solutions. Specifically, Nansen referred to Abritrum.
“Arbitrum season is in full swing,” wrote a researcher at Nansen. According to their data, transactions on L2s are increasing significantly, while transactions on Ethereum are decreasing. A clear divergence can be seen.
Regarding Arbitrum, the Nansen researcher writes that the number of daily active addresses averaged 50,000 to 70,000 in November and December. A few months ago, from July to September, the average was 15,000 to 20,000.
With the recent Nitro upgrade, Arbitrum has once again massively lowered its average gas price for a transaction. While the average fee was $0.35 before Nitro, it has dropped to $0.08 afterwards. This represents a reduction of almost 75%.
However, although Arbitrum’s network usage is skyrocketing, there is no token yet. So far, there is also a lack of an official announcement regarding an Arbitrum token.
Rumors have it that Arbitrum will launch its token by the first quarter of 2023 at the latest. The ticker is supposed to be either ARBI or ARB.
The Leading Ethereum L2 Solution
As NewsBTC reported yesterday, Polygon (MATIC) currently holds the leading position when it comes to successful Ethereum L2 tokens. The project has entered partnerships with major brands such as Starbucks, Mercedes, Meta, Reddit, eBay, Disney, and Adobe, among others.
Sandeep Nailwal, co-founder of Polygon, revealed yesterday that the zkEVM mainnet “is coming soon”. With the implementation, Polygon will reach a massive milestone.
Once the zkEVM mainnet comes online, there could be an explosion of dApps on Polygon. Zero-knowledge cryptography will enable privacy and minimize data volumes to make transactions for smart contracts even more efficient.
BitDAO And Optimism
Another emerging L2 project is BitDAO, which is backed by the exchange Bybit. About a week ago, the project had announced the soft launch of Mantle, a modular Ethereum Layer-2 solution with separate execution, finality and data availability layers.
A public test network is scheduled to go live in 2023. It will serve as the core of BitDAO and use BIT as a token.
Optimism also has a token. The L2 Ethereum scaling solution was first introduced in June 2019, and the public mainnet was launched in December 2021.
The OP token’s airdrop took place in June 2022, with nearly 249,000 registered Optimism users receiving the newly launched token. Remarkably, the project’s mainnet is currently hosting the largest decentralized exchange, Uniswap V3.
At press time, the ETH price was sitting just above crucial support in the 4-hour chart.
Game7 allocates $100M in open-source technology grants for Web 3.0 gaming companies
“We’re looking to support teams building innovative open-source infrastructure that can accelerate the blockchain gaming space and foster collaboration,” wrote Game7 in its FAQ.
BitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync
As outlined by its creators, zkDAO will be community-driven and is currently seeking contributors.
DAO treasuries surged 40X in 2021: DeepDAO
DeepDAO ranks the Uniswap DAO, BitDAO and Lido Finance DAO as the top three in terms of treasury value at $2.9 billion, $2.4 billion and $602 million each.
Universities including Berkeley, MIT, Harvard, Oxford to form EduDAO to promote Web 3 innovations, financed by BitDAO treasury
The funds from EduDAO will be used for research, education and entrepreneurship in Web 3 technologies among the world’s top universities.
$500M blockchain gaming proposal Game7 to come online with backing from industry veterans
The vast majority of the funding will come from BitDAO, one of the fastest growing decentralized treasuries in the world.
White hat potentially saves SushiSwap $350M by finding ‘obvious’ exploit
The security researcher found a flaw in a dutch auction smart contract that could have resulted in the loss of 109,000 ETH.