Venom Blockchain Launch Triggers Huge Surge In User Adoption, Surpassing 1 Million In A Single Day

With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain. 

Venom Blockchain Market Cap Soars

Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture. 

The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just $0.0002. 

As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over $5.2 billion and a trading volume of over $200 million, highlighting Abu Dhabi’s interest in the technology.

Over One Million Users In The First Year

The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products.

In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure.

Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology. 

Venom Blockchain

On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at $0.6580, reflecting a recent increase of 3.8% in the past trading hour.

In the past 24 hours, the trading volume of the VENOM token has reached $62,515,705, marking a notable increase of 193.60%, according to CoinGecko data.  

Featured image from Shutterstock, chart from TradingView.com 

Ondo Finance Joins BlackRock Tokenized Fund As Inflows Surpass $160M

BlackRock, one of the largest asset managers globally, has witnessed notable success with its newly launched tokenized money-market fund, BUIDL. The fund, which records shared ownership on the Ethereum (ETH) blockchain, has attracted over $160 million in just one week since its debut. 

BlackRock’s BUIDL Fund

According to a Bloomberg report, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) primarily invests in cash, US Treasury bills, and repurchase agreements. The fund rewards its holders with a cryptocurrency, BUIDL, valued at $1 per token. 

Shareholders can transfer these tokens to other validated addresses using digital wallets approved by Securitize, BlackRock’s partner for the investment vehicle. The tokenized fund serves several key use cases, including treasury management for crypto companies, support for derivatives of Treasury bills, and acting as collateral for borrowing and trading, thus providing an alternative to stablecoins.

It is worth noting that Securitize Markets, an SEC-registered alternative trading system, plays a critical role in facilitating the transfer of tokens between market participants. 

While the SEC has recently increased its scrutiny of Ethereum’s native token, ETH, Securitize CEO Carlos Domingo emphasizes that the investigations should be separate from the underlying blockchain infrastructure. Domingo also highlights the battle-tested nature of the public Ethereum blockchain, which provides a “robust foundation” for tokenization activities.

As previously reported by our sister website, Bitcoinist, BlackRock has emerged as an advocate for cryptocurrencies and tokenization within mainstream financial institutions. Chairman and CEO Larry Fink believes every financial asset will eventually be tokenized. 

The company’s iShares Bitcoin Trust (IBIT) has already attracted more than $13 billion in inflows since its launch as an exchange-traded fund (ETF) in January. With the BUIDL fund’s launch, BlackRock continues to demonstrate its willingness to explore new digital asset solutions.

Ondo Finance To Transfer $95 Million In Assets To BlackRock

Ondo Finance, a platform specializing in tokenized real-world assets (RWA), has moved $95 million worth of assets to BlackRock’s BUIDL fund. This strategic move enables Ondo Finance to facilitate instant settlements for its US Treasury-backed token, OUSG. 

This makes Ondo Finance a major participant in the BUIDL ecosystem. According to on-chain researcher Tom Wan, it currently holds $15 million worth of BUIDL tokens, which, in addition to those above $95 million, will result in a substantial $110 million worth of BUIDL tokens.  

The researcher noted that this collaboration further strengthens the tokenized US Treasury market, with the potential to reach $1 billion in value. In its announcement, the team behind the Ondo Finance platform summarized:

We’re excited to see BlackRock embracing securities tokenization with the launch of BUIDL, especially its broad cooperation with ecosystem participants. Not only does this further validate our original concept of a tokenized US Treasury fund, but it also bolsters our thesis that tokenization of traditional securities on public blockchains represents the next major step in the evolution of financial markets.

Blackrock

At the time of writing, the native token of Ondo Finance, ONDO, is trading at $0.909, exhibiting a surge of over 4% within the past 24 hours. This positive momentum adds to its impressive price uptrend of 115% recorded over the past 30 days. 

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Breaking Records: Mantle (MNT) Soars 40% In One Day To New All-Time Highs, Next Target Revealed

Layer 2 (L2) blockchain Mantle (MNT) has demonstrated remarkable performance, surpassing most of the top 100 cryptocurrencies in the market. The token has surged by 40% in the past 24 hours, reaching a new all-time high (ATH) of $1.49. 

Mantle Network’s Layer 2 Solution

Mantle Network operates as an Ethereum Virtual Machine (EVM)-compatible L2 scaling solution to provide a deeper understanding of the protocol. It leverages Optimistic rollups to enable fast and cost-effective transactions. 

The unique aspect of Mantle lies in its modular design, which combines Optimistic rollups with a separate data availability layer. Unlike traditional blockchains, Mantle’s approach involves handling the four key blockchain functions on different layers.

Mantle’s transaction execution function occurs on its EVM-compatible execution settlement layer. Blocks are generated on the L2 execution layer by Mantle’s sequencer, which then submits state root data to the Ethereum mainnet. 

This architecture significantly reduces transaction costs compared to the base layer and improves network efficiency by separating the layers. Additionally, the implementation of Optimistic rollups minimizes the overall load on nodes.

MNT Surges As Staking Launches

One of the potential catalysts behind the recent surge in MNT can be attributed to the introduction of MNT staking, as highlighted by crypto researcher Alex Wacy. 

According to Wacy, the Mantle Rewards Station plays a key role in this staking initiative, offering rewards to MNT stakers from the Mantle Ecosystem. By participating in staking, users contribute to the network’s security and operations while also being incentivized through these rewards.

The staking process begins with the Ethena event, where users receive mShards tokens. These tokens have value within the Mantle decentralized finance (DeFi) ecosystem, allowing users to perform various decentralized finance activities within the network. These activities may include trading, investing, or interacting with various DeFi protocols and applications built on top of Mantle.

In particular, mShards can be traded within the Mantle decentralized application (dApp) ecosystem, allowing users to take advantage of potential market growth options. The ability to trade these tokens increases liquidity and fosters an active ecosystem within Mantle.

In addition, the researcher notes that mShard token holders will soon be able to redeem for ENA, another token associated with the Mantle Ecosystem. This redemption process adds utility and value to mShards, further increasing their appeal to token holders.

The issuance of Ethena shards for Epoch 2 will end on April 1, indicating a limited-time opportunity for users to acquire these shards through staking, which may have further increased interest in the blockchain ahead of the deadline from investors looking to capitalize on this opportunity. 

Bullish Prospects

Examining the figures, MNT has experienced a surge in trading volume, reaching $647,118,249 in the past 24 hours, signifying a substantial 141.40% increase compared to the previous day. 

The market capitalization of the MNT token stands at $4,157,261,742, propelling it to the 33rd position on CoinGecko’s rankings. Over the past 7 days, Mantle (MNT) has outperformed the global cryptocurrency market, which has seen a 2.30% increase, and similar cryptocurrencies within the Ethereum ecosystem have risen by 12.70%.

Mantle

The MNT token has retraced to the $1.27 level, marking a 2% decline in price over the past hour. Despite the temporary setback, the token’s strong momentum suggests potential trading risks and opportunities. It is worth noting that the next identified support line for the token is at the $1.080 level.

If this support level fails to hold, the token’s price could drop further, potentially reaching the $1 mark. The next significant resistance level would be at $0.94. 

However, if the bullish momentum continues throughout the week, the token may target the $1.60 and $1.68 levels before potentially surging towards the $2 mark.

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AVAX Soars 9% As Avalanche And Chainlink Announce Partnership For Global Asset Circulation

According to a recent announcement from blockchain platform Avalanche (AVAX), Australia and New Zealand Banking Group (ANZ) has partnered with Chainlink (LINK) Labs to explore the potential of on-chain digital assets for global movement and settlement. 

Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the collaboration aims to connect the Avalanche and Ethereum (ETH) blockchains to enable uninterrupted delivery versus payment (DvP) settlement of tokenized assets across networks in multiple currencies.

Tokenized Asset Transaction Across Avalanche And Ethereum Using Chainlink

ANZ, a provider of banking products and services to millions of customers in nearly 30 markets, has reportedly taken an unusual approach to exploring the world of on-chain digital assets. 

By leveraging Chainlink’s CCIP, ANZ is validating how customers can access, trade, and settle tokenized assets across multiple networks and currencies using Delivery vs. Payment. This approach aims to improve settlement efficiency and risk management for digital assets that fall under the classification of “securities” and their transactions.

According to Avalanche, Chainlink’s CCIP has been “crucial” in abstracting the complexities of moving tokenized assets across various blockchains, ensuring “atomic” cross-chain Delivery vs. Payment settlement. 

Notably, within the collaboration, ANZ simulated a transaction where a customer used ANZ’s Digital Asset Services (DAS) portal to purchase tokenized ANZ-issued New Zealand dollar stablecoins (NZ$DC) on Avalanche. 

Subsequently, the customer purchased tokenized Australian nature-based assets issued as non-fungible tokens (NFTs), denominated in tokenized ANZ-issued Australian dollar stablecoins (A$DC), on Ethereum. 

Furthermore, ANZ facilitated the FX conversion between the two currencies, while CCIP provided the necessary infrastructure to transfer tokens and data between Ethereum and Avalanche.

ANZ Harnesses Avalanche’s Evergreen Subnet

Monday’s announcement also revealed that ANZ used its Avalanche Evergreen Subnet for the project, leveraging its Ethereum Virtual Machine (EVM) compatibility, permissioning, and custom gas token features. 

The Evergreen Subnet allowed ANZ to explore new use cases and business models using customizable networks like Avalanche.

ANZ’s collaboration with Chainlink and Avalanche showcases how traditional financial institutions embrace blockchain technology to enhance capital markets. 

Ultimately, Avalanche revealed that the initial results of the test transactions were promising, and the initiative could change how the financial services industry approaches tokenized assets. 

The next steps include deploying the solution on blockchain mainnets and extending the workflows to include communication between different blockchain networks for different use cases.

AVAX Nears 22-Month High 

At the time of writing, Avalanche’s token AVAX has been on a steady uptrend, resulting in a remarkable increase of over 60% in the last 30 days. Currently, the token is trading at $58.31, just below its 22-month high of $65 set on Monday the 18th.

Within the last 24 hours, AVAX experienced a 9% increase after the announcement of the collaboration with Chainlink and ANZ Group. This surge allowed the token to break through the $55 resistance level. However, the $60 level is expected to be another obstacle that could lead to a consolidation period between $55 and $60 should the bullish momentum fade.

Avalanche

Further demonstrating the interest in AVAX, the token’s trading volume in the last 24 hours reached $1,135,122,192, indicating a significant increase of 127.20% compared to the previous day. 

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Shiba Inu Takes Over The Internet: Google Searches Climb As Global Interest Surges

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is back in the spotlight with a surge in both search interest and token price. Google Trends data reveals a global increase in searches for “Shiba Inu” and related queries, indicating renewed investor optimism for the meme coin.

Shiba Inu Surge Sparks Enthusiasm

This increase comes after a quiet period for the memecoin. However, the past month has been nothing short of phenomenal. Search popularity reached a seven-day peak of 100 on March 16th, though it has settled at a still-healthy 48 – significantly higher than January’s levels. Phrases like “Why is Shiba Inu going up?” and “Shiba Inu All-Time High” have also seen a significant uptick, reflecting investor curiosity and potential buying interest.

While the interest is global, specific regions are leading the charge. Pakistan, the Netherlands, Slovenia, Canada, and Nigeria have emerged as the top search originators for SHIB in the past week. This geographically diverse interest suggests a broad-based appeal for the meme coin.

This renewed interest coincides with a remarkable price rally. SHIB’s value has skyrocketed over 180% in the past month, reaching a two-year high of $0.000045. This bullish run fueled speculation of a retest of its all-time high above $0.000088. However, the market has since witnessed a correction, bringing SHIB’s price down slightly.

Despite the correction, the enthusiasm within the Shiba Inu community remains high. The long-term goal of reaching $0.01 per SHIB token continues to be a hot topic, although analysts caution it might take several years to materialize.

Shibarium And Market Recovery

To achieve this ambitious target, the developers are focusing on Shibarium, the project’s Layer-2 scaling solution. Shibarium aims to become a thriving smart contract hub, potentially attracting more users and driving up demand for SHIB.

Experts believe several factors are contributing to the current Shiba Inu frenzy. The broader cryptocurrency market has shown signs of recovery after a recent slump, potentially boosting investor confidence in meme coins like SHIB.

Additionally, ongoing developments within the Shiba Inu ecosystem, such as Shibarium and the burning initiatives to reduce the overall token supply, might be fueling investor optimism.

Whether SHIB can maintain its current momentum and reach its long-term price goals remains to be seen. However, the recent surge in search interest and price rally is a clear indication that the “Dogecoin Killer” is back in the game, attempting to capture the hearts (and wallets) of memecoin enthusiasts worldwide.

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Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down?

Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500.

While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month. 

Ethereum’s Network Activity Surges But Price Remains Stagnant

An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3. 

This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame. 

However, Ethereum has been on a price decline since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023. 

According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.

Can Ethereum Resume Its Uptrend?

At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term.

At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security

As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets.

Ethereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point could mean a further move to the downside.

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FXS Price Poised For Uptrend As Frax Finance Unveils Roadmap To Reach $100B TVL

Frax Finance, a decentralized finance (DeFi) protocol, recently unveiled its Singularity Roadmap. It aims to propel the total value locked (TVL) of its layer 2 blockchain, Fraxtal, to $100 billion by the end of 2026. This notable surge would represent a 760,000% increase from the current TVL levels, which stand at $13 million. 

Frax Finance Singularity Roadmap

According to the protocol’s announcement, Fraxtal, the substrate that powers the Frax ecosystem, serves as Frax Finance’s operating system. With the launch of Fraxtal and achieving an effective 100% Collateralization Ratio (CR), Frax Finance claims to have consolidated its core product offerings. 

To reach the ambitious $100 billion TVL goal, the protocol has announced that it has already generated over $45 million, reaching the coveted 100% CR. 

As announced, with this milestone achieved, the FRAX stablecoin, which has remained relatively dormant during the process, and the FXS revenue share, which has been temporarily reduced by 90% to conserve assets, can now undergo a “transformative change.” 

In addition, the upcoming introduction of Layer 3s (L3s) on Fraxtal is expected to be a key factor in further contributing to the growth and adoption of the protocol.

Fraxtal, which is built on the Optimism (OP) network, stands out as one of the most widely used layer 2 solutions on top of Ethereum (ETH), according to the protocol. The Frax team says it has developed its underlying incentives to provide a seamless experience for developers and users, further encouraging adoption. 

In particular, by owning the entire stack, Frax can introduce advanced features such as account abstraction, new precompiles, privacy features, aggregated decentralized applications (dApps), and interoperability with Superchain. 

The protocol believes these features will enhance the on-chain experience, making Fraxtal the “preferred” platform for holding, staking, and transferring crypto assets.

Expansion Strategy

The proposal also unveils Frax Finance’s plan to establish 23 Layer 3s within 365 days, kicking off the “Fraxtal Nation” community. By supporting these 23 chains with developer access, incentives, and investment, Frax aims to foster a positive-sum approach and provide additional support to official partners. 

The protocol also suggests that these partners will receive “substantial allocations” of FXTL points, aiming to solidify the role of the FXS token as the ultimate beneficiary of the Frax ecosystem.

Moreover, Frax Finance founder Sam Kazemian intends to allocate 50% of the revenue from protocol fees to veFXS token holders. In comparison, the remaining 50% will be used to acquire FXS and other Frax assets for pairing in the FXS Liquidity Engine (FLE).

This initiative will increase liquidity, strengthen the Frax balance sheet, and provide additional incentives for the protocol’s stakeholders.

Frax Finance’s proposal also seeks to reactivate the protocol fee switch, which was temporarily turned off during the consolidation phase of the protocol. 

By reigniting this switch, a portion of the yield generated from protocol fees will be directed toward veFXS token holders. veFXS, or veiled FXS, represents a locked version of the native token, FXS, and offers enhanced voting power and participation in the Frax ecosystem.

Frax Finance

As of the time of writing, FXS has not responded favorably to the news. Its current trading price is $6.93, reflecting a 3.5% loss in the past 24 hours. It is important to note that the proposed protocol features are still in development, and the impact on the Frax Finance ecosystem and the token’s performance is yet to be determined.

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Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention

The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater.

Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network.

Solana’s Dominance: Coingecko Study Insights

According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market.

Currently priced at $191, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly $85 billion, and its 24-hour trading volume amounted to $9 billion.

The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation.

Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it.

Factors Driving Solana’s TVL Increase

Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone.

Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop

This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly $4 billion.

Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network.

Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly $3.7 billion.

Additionally, the network achieved an all-time high of $1.6 million in total daily fees, with fee income of $3.61 million.

Ether.fi (ETHFI) Sell-Off Intensifies As Arrington XRP Capital Shifts Holdings To Binance, Will $3 Support Hold?

ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on Binance on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors. 

Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions.

Price Concerns For ETHFI 

In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform. 

According to the blockchain analytics firm, Arrington XRP Capital minted 5,000 units of eETH, Ether.fi’s natively reshaped liquid staking token. Notably, these eETH tokens were distributed to ten different wallets, each containing 500 units.

Following the distribution, Arrington XRP Capital proceeded to claim a total of 200,498 ETHFI tokens across the ten wallets. The funds were transferred to another address, consolidating the acquired ETHFI tokens. 

In the final step of the observed activity, Arrington XRP Capital sent the entire balance of ETHFI tokens to the Binance cryptocurrency exchange, potentially for selling purposes, which could put further pressure on ETHFI.

However, the Ether.fi team has responded to the speculation surrounding the on-chain movements made by Arrington XRP Capital.

Ether.fi Clarifies 

According to Ether.fi, Arrington XRP Capital has been a consistent investor in the platform and has provided significant support since its inception. The statement further noted that as early adopters and active stakers, the Arrington team has actively staked its assets on Ether.fi, contributing to the platform’s growth. 

The multi-wallet distribution observed in recent activity did not surprise Ether.fi, as they were reportedly informed of this approach in advance.

Ether.fi claimed that splitting the assets into multiple wallets did not provide additional benefits or change the distribution outcome. The protocol alleged that consolidating the assets into a single wallet would have produced the same results.

The protocol alleged that these assets are part of their liquid funds, which are “actively traded.” The decision to transfer the assets to the Binance cryptocurrency exchange was motivated by the nature of their trading activities and liquidity needs, the Ether.fi team concluded.

Arrington Capital Addresses Speculations

The Arrington Capital team also clarified the context through a social media post. They clarified that they had been long-term investors, staking over $50 million of ETH since February 2023. 

The company claimed that the recent sale of a “small percentage” of its initial airdrop tokens amounted to less than $700,000, allegedly representing only 0.1% of the day’s trading volume.

Ultimately, Arrington Capital emphasized that their actions were not a “Sybil attack” and did not exploit the protocol’s distribution methodology. They wrapped up their response by claiming that airdrop distribution follows a linear model that is “unaffected” by distribution across multiple wallets.

Ether.fi

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Classic Minerals And AuResources Drive Blockchain-Backed Funding For Gold Mining Ventures

Classic Minerals Limited, an Australian gold exploration company, and AuResources AG, a Swiss fintech startup, have begun a $60 million funding initiative to leverage blockchain technology to boost the gold mining and fintech sectors.

The collaboration is designed to accelerate the development of Classic’s gold projects, particularly the Kat Gap Project in Western Australia and the Forrestania Gold Project, by avoiding traditional commodity trade funding.

Blockchain-Backed Capital

In a move that bypasses traditional banking channels, AuResources, backed by digital and tokenization-focused bank Black Manta Capital, will provide the initial $10 million in funding. 

This capital injection is intended to support Classic’s production capacity at the Kat Gap project and facilitate the development of the Lady Magdalene and Lady Ada deposits. By leveraging blockchain technology, the partnership introduces a new business model that aligns with the companies’ interests. 

Classic’s Kat Gap project, situated approximately 170km south of Southern Cross, has demonstrated potential. It boasts a $41 million reserve at 2.5 grams per tonne (g/t) and additional inferred resources of $120 million at 2.19g/t within the area. 

Following a successful trial mining phase in mid-August 2023, the project has generated revenue, with gold sales surpassing $967,000 across the September and December 2023 quarters. The collaboration with AuResources aims to build upon this initial success, facilitating further exploration.

In addition, Classic Minerals has acquired full control of the 500 km² Forrestania Gold Project Properties. The Forrestania Project, with a history of production and resources Inferred and Indicated, represents additional exploration and development for blockchain-backed financing.

Gold Financing Enters The Digital Age

After a long period of planning and support from investors, Ian Cooper, CEO of AuResources, expressed his excitement about the partnership by stating the following:

Being able to reach this milestone today is the result of two years of dedicated work and the unwavering support of our investors. The entire team is proud to move forward, and we couldn’t have found a better partner than Classic Minerals.

Furthermore, the financing structure, backed by gold “tokens” using distributed ledger technology, aims to provide investors with increased security and transparency. 

On the other hand, John Lester, Chairman of Classic Minerals, expressed his gratitude towards AuResources and Black Manta Capital Partners for their support, stating: 

The launch of this funding round firmly establishes Classic on the international stage. We are now poised to deliver exceptional value to AuResources, Black Manta Capital, and our esteemed shareholders.

Overall, the partnership and the new funding strategy underscore the use and wider adoption of blockchain technology within the crypto asset industry and for traditional finance (TradFi) companies such as gold and other commodities. 

Blockchain

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BNB Price Soars As Binance Smart Chain Implements “BEP 336” Upgrade, Inspired By Ethereum’s Dencun

Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain.

The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021.

BNB Smart Chain Cost-Effective Data Solution

According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled. 

These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block.

The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain.

BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction.

While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds.

BEP 336 Integration With Phased Roadmap

BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues. 

The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network.

According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable. 

The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology.

BNB

The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686. 

In case of further price gains, the next resistance walls for the BNB price are placed at the $600 level and the $608 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH. 

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‘Dencun’ Upgrade Officially Deployed On Ethereum Mainnet, ETH Price Holds Steady Below $4,000

Ethereum (ETH) has completed a major software upgrade, Dencun, that promises to make utilizing the network ecosystem more cost-effective. This update specifically targets Layer 2 (L2) networks, such as Arbitrum (ARB), Polygon (MATIC), and Coinbase’s Base, which are interconnected with Ethereum. 

With Dencun, transaction costs on these networks have significantly decreased, with fees dropping from dollars to cents or even fractions of a cent.

Ethereum Dencun Upgrade And Cost Savings

Considered the most significant change in Ethereum’s end-user experience, the Dencun upgrade is expected to foster the development of new applications and services by significantly reducing expenses. 

As NewsBTC reported on Tuesday, the update introduces a new data storage system, departing from the traditional approach of storing Layer 2 data on Ethereum itself. Adopting a new “blobs” repository reduces data storage costs since information is warehoused for only about 18 days instead of indefinitely.

One of the notable benefits of the Dencun upgrade lies in its impact on decentralized exchanges (DEXs) and gas costs. For instance, projected gas costs for popular Layer 2 networks, such as Arbitrum, Optimism, and Coinbase’s Base, are set to be significantly reduced. 

Ethereum

The projected savings translate into a reduction of Arbitrum’s swaps from $2.02 to $0.40, Optimism’s swaps from $1.42 to $0.28, and Coinbase’s Base swaps from $0.58 to $0.01, emphasizing the pivotal role of this upgrade. 

As the upgrade was successfully launched on the mainnet, Tim Beiko, Ethereum Foundation core developer, expressed his satisfaction with the work accomplished and claimed:

Dencun is both the most complex fork we’ve shipped since the Merge, and tied for “most total EIPs in a fork” with Byzantium. There were more teams than ever involved in the process, and it somehow all worked out smoothly…! Grateful to work with all of them, onto the next one. 

Blob Transactions And Pricing Changes

Layer 2 network Arbitrum has provided insights into the upgrade process. It will take around one to two hours for blob transactions to commence posting and for the new pricing changes specified by EIP-4844 to come into effect. 

ArbOS Atlas, an upgrade that supports Arbitrum Chains, will introduce further fee reductions for Arbitrum One, set to be activated on March 18th. The updated configurations include a reduction in the Layer 1 (L1) surplus fee from 32 gwei to 0 per compressed byte and a reduction in the L2 base fee from 0.1 gwei to 0.01 gwei.

The Dencun upgrade unlocks cost-saving opportunities for Layer 2 networks and addresses congestion concerns by freeing up more space on the Ethereum network for additional transactions. While the upgrade offers enhanced efficiency, it does come at the cost of no longer retaining a complete record of all data indefinitely.

However, as Layer 2 networks embrace this new update to the Ethereum ecosystem, the stage is set for accelerated adoption, usage, and broader accessibility within the Ethereum community and its underlying protocols.

Dencun Upgrade Fails To Propel ETH Above $4,000 

Despite the successful upgrade, ETH’s price remains unaffected, continuing to consolidate below the $4,000 threshold. The token attempted to surpass this crucial resistance level on Monday and Tuesday but failed to sustain its position above it.

Ethereum

For over 24 hours now, ETH has been trading between $3,930 and $3,970. Nevertheless, it’s worth noting that ETH has maintained its upward momentum, with gains exceeding 18% over the past fourteen days and nearly 60% over the past thirty days. 

Additionally, introducing the Dencun upgrade is expected to drive increased demand for ETH, potentially sparking a renewed uptrend that could bridge the gap between current trading prices and its previous all-time high (ATH) of $4,878, achieved in November 2021.

Featured image from Shutterstock, chart from TradingView.com

Number Of Ethereum Short-Term Holders Increasing – Is A Bull Rally Next?

Ethereum (ETH) has been showing a solid performance lately, leaving investors both ecstatic and wary. The world’s second-largest cryptocurrency, boasting a market capitalization of nearly $480 billion, recently surpassed the coveted $4,000 mark for the first time since December 2021, igniting a flurry of bullish predictions. But is this a genuine resurgence, or are we witnessing a temporary blip before a potential correction?

Let’s dissect the forces at play. Proponents of a sustained uptrend point to a confluence of positive factors. The long-awaited approval of a US-based Ethereum ETF is a hot topic, with speculation swirling that a green light could trigger a significant influx of institutional capital, potentially injecting billions into the Ethereum ecosystem.

Additionally, the upcoming Bitcoin halving, an event that cuts Bitcoin’s mining reward in half, is expected to have a positive spillover effect on the entire cryptocurrency market, potentially propelling Ethereum further.

Surge In Short-Term Ethereum Holders Signals Optimism

This optimistic outlook is bolstered by a surge in on-chain activity. Data from IntoTheBlock reveals a significant increase in the number of short-term Ethereum holders.

Historically, this trend, with its 60% monthly price surge for ETH, aligns with bull markets, signifying an influx of new users entering the crypto space and actively participating in the network. Think of it as a crowded party – the more people show up (currently approaching the highs of the last bull cycle), the livelier the atmosphere becomes (and potentially the higher the price goes).

But, there’s more to the story. A closer inspection of technical indicators paints a slightly different picture. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are currently hovering in overbought territory, with RSI specifically nearing the 70 mark.

In simpler terms, this suggests that Ethereum’s price at slightly above $4,000 might be stretched a bit thin and due for a potential pullback. Imagine a jump rope competition – if you’re swinging too hard and fast (like an RSI over 70), eventually you’ll trip yourself up.

Ethereum’s Future: Balancing Act

Adding a layer of intrigue, the sentiment among investors seems geographically divided. While the “Coinbase Premium,” a metric reflecting buying pressure, is thriving in the US, its Korean counterpart indicates ongoing selling activity.

This regional disparity could be attributed to diverse market dynamics and investor preferences. Perhaps American investors, with a green Coinbase Premium, are more optimistic about the regulatory landscape surrounding crypto, while their Korean counterparts, with a red Korea Premium, are taking a more cautious approach.

So, what does this all mean for Ethereum’s future? The answer, unfortunately, isn’t as clear-cut as we’d like. The confluence of positive factors like potential ETF approval, increased network activity with a surge in short-term holders, and a potential Bitcoin halving boost paint a bullish picture.

However, technical indicators hinting at an overbought market and contrasting investor sentiment across regions introduce a note of caution. Ethereum is currently walking a tightrope – will it maintain its momentum or face a reality check in the form of a price correction? It’s anybody’s guess.

Featured image from Pixabay, chart from TradingView