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Polkadot Shines – Is Now The Time To Buy DOT Before $10?

Polkadot, a blockchain platform designed for interoperability between different blockchains, is experiencing a surge in new users, but a disconnect between user growth and network activity is raising questions about its long-term viability.

Based on the latest figures, DOT tallied an all-time high in active wallets and unique accounts in March, surpassing 600,000 and 5.59 million, respectively. This suggests a growing interest in the platform, potentially driven by the thriving developer ecosystem on Polkadot’s parachains, specialized blockchains that connect to the main Polkadot chain. Moonbeam, a prominent parachain, played a particularly significant role, contributing the highest number of active addresses with nearly 250,000.

Polkadot Transactions Dip Despite Active User Growth

However, despite the influx of new users, the number of transactions on the Polkadot network hasn’t kept pace. While there was a modest increase in transactions compared to February, the current volume remains significantly lower than the peak recorded in December.

This inconsistency raises concerns about how actively users are engaging with the network. The possibility exists that users are holding or staking their DOT tokens instead of utilizing them for transactions on the platform.

Polkadot Price Seeks Stability After Recent Decline

The price of Polkadot’s native token, DOT, seems to be finding support around $9. This could indicate a period of consolidation after a decline from its previous highs above $11. While a price increase is typically seen as a positive sign, it’s important to consider it alongside actual network usage.

Is Polkadot Building Without Using?

The current situation with Polkadot presents a paradox. The platform is attracting new users, but they aren’t necessarily translating into active network participants. This could be due to several factors. Perhaps users are waiting for a specific application or service to be built on Polkadot before actively engaging. It’s also possible that technical limitations are hindering user activity.

Further analysis is needed to understand the reasons behind the lagging transactions. Examining the types of transactions occurring on the network could provide valuable insights. For instance, an increase in governance-related transactions might suggest a more engaged user base, even if overall transaction volume remains low.

Polkadot’s Future Hinges On Active Network Use

While the growth in active wallets and accounts is a positive sign for Polkadot, it’s crucial to convert this interest into actual network usage. The success of Moonbeam demonstrates the potential for a vibrant developer ecosystem on Polkadot. However, broader adoption across various use cases is necessary for the platform to reach its full potential.

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Paradigm Drives $225M Funding Round For Monad Labs, Blockchain Rival To Ethereum, Solana

Venture Capital (VC) firm Paradigm is leading a substantial $225 million funding round for a new Layer 1 (L1) network, that aims to compete with the Ethereum (ETH) blockchain. Other notable participants include VC firms Electric Capital and Greenoaks.

According to a recent Fortune Magazine report, Monad Labs, the company behind the blockchain project, aims to compete with established players such as Solana (SOL) and Ethereum and the Layer 1 blockchain protocol Sui (SUI). 

Monad’s Rebuilt Ethereum Blockchain 

Per the report, Monad’s initiative is to rebuild the Ethereum blockchain from the ground up, while retaining the ability to execute smart contracts. The project aims to achieve faster transaction speeds, handle higher volumes, and offer lower costs compared to existing networks. 

Notably, Monad ensures compatibility with Ethereum’s programming infrastructure, known as the Ethereum Virtual Machine (EVM). This compatibility allows developers to port applications built for Ethereum, ensuring a fluid transition to the new blockchain.

Keone Hon, the founder of Monad, stated in an exclusive interview with Fortune that the company has dedicated approximately two years to developing its blockchain solution. 

Hon noted that Monad Labs stands out by fully supporting the EVM bytecode standard. Developers use this standard to create decentralized applications (dApps) on platforms such as Ethereum, Polygon, Avalanche, Binance Smart Chain, and Optimism. 

According to Avichal Garg, managing partner of Electric Capital, nearly 90% of developers working across various crypto ecosystems focus exclusively on EVM chains. 

This statistic, highlighted in a recent report by Electric Capital, demonstrates the significant appeal of EVM compatibility. Although Monad does not undergo a complete redesign of its programming language like some other blockchains, it still benefits from the widespread usage and familiarity of the EVM.

Blockchain-Powered Exchanges? 

According to the report, Monad plans to launch its mainnet by the end of the year and expects to launch a testnet in the coming months. The company, which currently employs around 30 people, is also looking to launch a native token, although details of its launch alongside the mainnet have not been disclosed.

While Keone Hon emphasized the pursuit of mainstream adoption, he pointed out that Monad’s initial use case is likely to be “high-frequency” trading activity, drawing on his own experience at Jump Trading, a data and research-driven trading firm. 

Hon emphasized the need for a highly performant blockchain to enable exchanges on the scale of Nasdaq or Chicago Mercantil Exchange (CME), which process millions to billions of transactions daily.

Lastly, Hon also highlighted the potential for a blockchain with high transaction capacity and low fees to enable various applications, such as gaming. He cited examples where blockchain-based games, such as RuneScape, require frequent updates of player statistics, necessitating low-cost and fast transactions on the blockchain.

Ethereum

At the time of writing, ETH was trading at $3,497, down nearly 5% in the past 24 hours. 

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SUI Slips After Hitting All-Time High: TVL Tumbles 12% – Token Price In The Gutter?

The burgeoning world of Decentralized Finance (DeFi) has witnessed a rollercoaster ride for newcomer Sui, a Layer 1 blockchain designed to scale DeFi applications. After a stellar start to 2024, Sui’s Total Value Locked (TVL) – a metric reflecting the total value of crypto assets deposited in its DeFi protocols – surged to a record $724 million in late March. However, this celebratory moment proved fleeting, as the platform has since experienced a downward trend.

SUI TVL Takes A Tumble

Despite the recent decline, Sui’s TVL currently sits at a healthy $654 million, according to DeFiLlama. This translates to a 12% drop from its peak, showcasing a correction following its initial surge. However, it’s important to note that Sui remains in a positive light compared to some established players.

Silver Linings For Sui

While the recent dip might raise concerns, Sui boasts a more optimistic outlook when considering a broader timeframe. Compared to its New Year’s Day value, the current TVL represents a significant 25.5% increase.

This upward trajectory extends further back, with a staggering 68% growth since the beginning of the year. This impressive background performance fuels optimism for Sui’s potential to regain its momentum, potentially propelling it towards a coveted spot amongst the top 10 DeFi chains.

SUI Token Mirrors Market Trends

The price of Sui’s native token (SUI) reflects a similar pattern to its TVL. Currently trading at $1.65, SUI has shed nearly 30% of its value compared to its all-time high of $2.20 reached in late March. Despite the recent slump, SUI has managed a modest 2% daily increase. However, zooming out reveals a 11% loss over the past week.

Can Sui Recover its DeFi Mojo?

Regaining the lost TVL will be a key test for Sui’s development team. Identifying the reasons behind the user exodus is essential. Were there any security concerns or technical glitches that caused users to pull their funds? Transparency and addressing these issues head-on will be critical for rebuilding user confidence.

Related Reading: Filecoin Bull Run On The Horizon? Analyst Sees 250% Surge

Building A Thriving DEX Ecosystem Is Vital

Meanwhile, a vibrant DEX ecosystem is another pillar for Sui’s future. Decentralized Exchanges allow users to trade cryptocurrencies directly with each other, without the need for a centralized intermediary.

Fostering a healthy DEX landscape will attract more users and liquidity to the Sui blockchain, ultimately boosting its TVL. Enticing established DEX protocols to migrate to Sui or supporting the development of native DEX solutions could be effective strategies.

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Solana Primed For Takeoff? Expert Analysis Points To Buying Opportunity

Solana (SOL), a prominent player in blockchain technology, finds itself at a crossroads. While crypto analyst Altcoin Sherpa remains bullish on its long-term potential, recent price drops and a surge in failed transactions raise concerns.

Is Solana Poised For A Major Rally?

Sherpa, known for simplifying complex investment strategies, suggests a buying range of $168-208 for SOL. He emphasizes a long-term approach, advocating patience over short-term price movements.

This aligns with Solana’s reputation for innovation, offering a fast and scalable platform for decentralized applications (dApps). Its growing popularity and strong foundation in blockchain technology further solidify Sherpa’s optimistic outlook.

The analyst urges investors to exercise patience and adopt a long-term perspective while dealing with the erratic cryptocurrency market and advises against overanalyzing the short-term price fluctuations.

By contrast, he advocates refocusing towards a broader point of view, emphasizing that significant profits could result from a less fearful response to price fluctuations within the suggested purchase frame.

In light of the volatility of cryptocurrency investments, this perspective offers some degree of clarity and suggests that Solana’s value is about to see a significant increase.

But, SOL Price Is On The Weak Side

However, Solana’s recent price performance paints a different picture. Over the past 24 hours and the last week, SOL has experienced a slight decline. This dip comes amidst a period of high trading volume, exceeding $4.3 billion in the last day alone. While high volume can indicate strong market interest, it can also be a sign of volatility.

Further dampening investor sentiment is a concerning rise in failed transactions on the Solana network. Data from Dune Analytics reveals a staggering rate – nearly three-quarters of all transactions on the SOL chain have failed since March 2024.

While bots causing spam are attributed to most of these failures, legitimate users interacting with the blockchain for swaps or decentralized exchange (DEX) transactions could also be affected. This network congestion raises questions about Solana’s scalability, a core strength Sherpa highlights.

The Road Ahead For SOL

Solana’s future trajectory hinges on its ability to address these network issues. Developers are actively working on solutions, but it remains to be seen if they can effectively mitigate the problem. Addressing scalability concerns will be crucial to maintaining user confidence and attracting new ones.

The contrasting perspectives on Solana highlight the inherent volatility of the cryptocurrency market. Investors considering SOL should carefully weigh Sherpa’s long-term vision against the recent price decline and network issues.

Looking ahead, several factors will influence Solana’s future. The success of upcoming projects built on its platform and the broader adoption of blockchain technology will play a significant role. Additionally, regulatory developments and the overall performance of the cryptocurrency market could also impact SOL’s price.

Solana remains a force to be reckoned with in the blockchain space. Its innovative approach and strong foundation are undeniable. However, overcoming network congestion is paramount to fulfilling its long-term potential.

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Cardano Latest Technological Updates Unveiled, Analyst Maintains Bullish Outlook on ADA

Cardano (ADA), the proof-of-stake blockchain platform, has made notable progress in technological advancements, according to Input Output Hong Kong (IOHK), the engineering firm behind the Cardano blockchain.

IOHK’s recent announcement highlights crucial improvements across various aspects of the platform, signaling further growth and development for Cardano.

Cardano Smart Contract Optimization

One significant area of improvement lies within the ledger team, which has reportedly enhanced test frameworks and data quality in the Newconstraints phase3. They achieved this by introducing constraints and new types such as Size, SizeSpec, and Sized. 

The engineering company has also noted advancements in wallets and services. The Lace team is preparing to release Lace v.1.9, which promises new features and improvements for Cardano users.

In the realm of smart contracts, the Plutus team has included a guide in the documentation, elucidating how to use AsData functionality to optimize scripts. They have also implemented a UPLC optimization pass to minimize the number of forces and delays in the script.

Mithril Team Releases Major Update

Addressing scalability, the Hydra team has restored test compatibility with all networks and reviewed and merged streaming plugins. They have rectified tutorial instructions for downloading the latest Cardano-node and resolved the observed contesters bug. 

The Mithril team has released Mithril distribution 2412.0, encompassing critical updates and enhancements. These include support for the Prometheus metrics endpoint in signer, deprecation of the snapshot command in the client CLI, full Pallas-based implementation of the chain observer, and compatibility with Cardano node v.8.9.0. 

Moreover, the team has implemented community-requested features to verify the output folder structure created by the client. They continue to investigate and address any sources of “flakiness” in the CI end-to-end test.

Notable Surge In Token Trading Volume

According to DeFiLlama data, Cardano’s total value locked (TVL) currently stands at $422 million, signifying a slight dip of $80 million following the achievement of the $500 million milestone. Cardano boasts a significant figure of $23.3 million in terms of stablecoin market capitalization.

Analyzing Token Terminal data reveals several key market indicators for Cardano. The fully diluted market cap, representing the maximum potential market value of all tokens in circulation, is estimated at $29.20 billion, reflecting a notable 4.9% increase over the past 30 days. 

Similarly, the circulating market cap, which considers only the tokens in active circulation, stands at $22.88 billion, with a 5.2% growth rate over the same period.

Long-Term Outlook Remains Bullish For ADA

Regarding price action, crypto analyst “Trend Rider” recently shared insights on ADA’s latest price action in a post on the social media platform X (formerly Twitter). 

According to the analyst, ADA’s price experienced a decline after reaching a yearly high of $0.811 on March 14. It is currently trading within the range of a parabolic red line and a rider band. 

Cardano

The parabolic red line represents a significant resistance level, while the rider band indicates a potential support region for ADA’s price. This range-bound movement suggests a period of consolidation for ADA, as the cryptocurrency takes a breather before its next significant move.

Furthermore, the analyst notes that the bullish strength of the trend has weakened over the past two weeks. This could indicate a temporary slowdown in ADA’s upward momentum, potentially leading to consolidation or sideways trading. 

However, despite this weakening bullish strength, the analyst stated that the overall trend direction remains bullish, suggesting that ADA’s long-term prospects remain positive.

Cardano

ADA is trading at $0.652, exhibiting a sideways price action in the last 24 hours. However, over the past seven days, the token has successfully recovered from previous losses and registered a gain of 5.4%.

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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.  

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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.

Featured image from Shutterstock, chart from TradingView.com

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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.