Author: NBTC

Decentralized finance (DeFi) has emerged as a dominant force in the blockchain space, surpassing stablecoins in daily transactions and concluding the first quarter with approximately 7 million daily transactions, reveals the “OnChain Report Q1 2024” by QuickNode and Artemis. All major DeFi protocol categories, including Liquid Staking, Lending, Bridges, Yield, and Derivatives, have seen their total value locked (TVL) increase two to threefold during Q1 2024. The first quarter marked the beginning of what the report calls ‘DeFi Summer part 2,’ with a staggering 291% quarter-over-quarter (QoQ) increase in user activity. This resurgence has sparked optimism and a strategic shift…

P2 Ventures, a blockchain-focused venture capital firm spun out late last year from developer Polygon Labs, has committed $50 million to support startup founders in a move that could kindle new projects in the Polygon ecosystem. The investment by P2 Ventures will go to founders through Hadron FC, a founder program with campuses in Dubai and New York, according to a press release. The program comes with mentorship, legal and regulatory assistance, networking opportunities and “comprehensive support to navigate the complexities of startup development and raise capital,” the release said. Among the initial 36 projects onboarding, several “engaged in a…

Ethereum price is still facing many hurdles near $3,200. ETH could start another major decline if the price stays below $3,200 and $3,280. Ethereum is struggling to recover above the $3,200 resistance zone. The price is trading below $3,200 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline if there is a close below the $2,900 support zone. Ethereum Price Consolidates Ethereum price found support and attempted a recovery wave above the $3,000 resistance zone.…

IOTA Foundation has revealed a key program aimed at promoting the Real-World Asset (RWA) tokenization ecosystem on IOTA. The 12-week Accelerator is a collaboration with early-stage venture capital firm Tenity and will offer the grant and other resources to early-stage projects ken on RWA, decentralised finance (DeFi), Institutional DeFi Services and infrastructure. IOTA APAC Accelerator to offer $50k grant to startups Specifically, the IOTA Ecosystem DLT Foundation says the IOTA APAC Accelerator program will provide select projects with a $50,000 grant. The projects will have a demo day at Token2049. Also notably, these startups will tap into the IOTA EVM…

Crypto firms in Canada will soon face increased disclosure obligations, per regulations introduced in Tuesday’s 2024 federal budget. The Canadian government said it intends to implement the Crypto-Asset Reporting Framework (CARF). This framework, endorsed by the Organisation for Economic Co-operation and Development (OECD) in August 2022, fulfills a mandate established by the G20 in April 2021. It called for the OECD to develop a system facilitating the automatic exchange of tax information pertaining to crypto assets. Canada’s budget suggested allocating CA$51.6m ($37.3m) to the Canada Revenue Agency over a five-year period starting in 2024–25. This will be followed by an…

Vechain and SingularityNET have announced a collaboration that signals a paradigm shift in technology integration, combining the strengths of blockchain — reliability and immutability — with the data processing capabilities of artificial intelligence (AI). Vechain and SingularityNET are committed to revolutionizing enterprise applications while leading the development of sustainable ecosystems in collaboration with Boston Consulting Group. Vechain’s expertise in product authenticity is supported by SingularityNET’s AI-powered data verification. Integrating AI as an additional layer of verification enhances both technologies to ensure authenticity and reliability. In pursuit of innovation, joint research initiatives are being implemented to harness the full potential of…

The 90-day and 52-week correlation coefficient between bitcoin and Nasdaq-listed chip maker Nvidia has risen above 0.80. The positive correlation is noteworthy as several analysts believe the surge in NVDA represents an AI bubble that could soon burst. Bitcoin (BTC) continues to move in tandem with Nvidia (NVDA) shares as some analysts question the surge in the Nasdaq-listed chipmaker’s valuations. The leading cryptocurrency by market value has pulled back over 8% from Thursday’s record high of $73,798. However, prices are still up 60% year-to-date, CoinDesk data shows. Nvidia has pulled back 9% from its lifetime peak of $974 but still…

TheStandard.io has joined forces with SushiSwap to introduce SUSHI as a novel collateral option within their smart vaults. This strategic alliance not only broadens the collateral choices available to users but also promises to enhance liquidity and bolster community engagement across the decentralized finance (DeFi) sector. The incorporation of SUSHI into TheStandard.io’s smart vaults presents a more diverse range of collateral possibilities. Users can now pledge SUSHI along with other established assets such as WBTC, ETH, ARB, LINK, GMX, RDNT, and PAXG, offering greater flexibility in managing their collateral portfolios and aligning with their investment preferences and risk tolerance. We’ve…

At the Blockchain Life 2024 conference in Dubai, Bybit CEO Ben Zhou emphasized the pivotal role of institutional investors in propelling the ongoing cryptocurrency bull market. Bybit, founded by Zhou in 2018, has risen to become one of the world’s top three exchanges by trading volume. Zhou shed light on the growing institutional interest in cryptocurrencies, stating, “From Bybit’s perspective, this bull market so far has been driven by institutions.” He revealed that since teaming up with third-party custodians such as Copper and Fireblocks, institutional capital inflows surged by 186% last year. Improved infrastructure and the approval of Bitcoin spot…

BTC is up, trading above $64,000 while ETH prices continue to decline. The CD20 is flat, trading at 2,174. Ether (ETH) was changing hands just above $3,000 during the opening hours of the Asia trading day as the CoinDesk Indices Ethereum Trend Indicator flipped negative, signaling a bearish shift in momentum. At the same time, bitcoin (BTC), is trading slightly above $64,000 after challenging it for most of the Asia trading morning. “Unexpected higher U.S. treasury yields, a stronger dollar, and geopolitical risks in the Middle East weighed down on crypto markets,” Jun-young Heo, a Derivatives Trader at Singapore-based Presto,…