Author: NBTC
The crypto industry’s monetary involvement in the 2024 US presidential election has exceeded $1.2 billion, with Polymarket accounting for a vast majority of the amount, according to a recent report by Breadcrumbs. The report outlined how political donations, decentralized betting, politifi tokens, and NFT sales have connected crypto with the election in unprecedented ways, marking a sharp increase from previous election cycles. Donations up 10x Political donations from the crypto sector have surged to $190 million, nearly doubling the $98 million contributed in the 2022 cycle and up more than 10x from $15 million donated in 2020. Leading contributors include…
As an increasing number of layer-2 chains compete today for user attention and liquidity, developer efforts are ramping up around “chain abstraction,” a broad term used to describe a seamless cross-chain user experience across all chains. Fully implemented chain abstraction is still years away, though we have an early glimpse into what a chain-abstracted user experience looks like. In partnership with Everclear (previously Connext), Renzo protocol sought to bring native restaking to six supported layer-2s: Arbitrum, BNB Chain, Base, Mode, Blast and Linea. Renzo is the third-largest liquid restaking protocol, with $1.2 billion in total value locked (TVL) today. Read…
In a recent tweet, Neon Rebel, cofounder and CEO of Paradigm, announced a significant update that has caused quite a stir in the blockchain community. This week, Paradigm quietly introduced a new feature called applicative recursion as part of Starknet’s 13.2 upgrade. The innovation is called blockpacking and is expected to change how transactions are conducted. We quietly rolled out applicative recursion this week and it’s been a fucking gamechanger💥💥Part of @Starknet’s 13.2 upgrade, applicative recursion (aka blockpacking) bundles multiple L2 blocks into a single recursive proof which means fixed L1 costs get spread across a much… pic.twitter.com/ZKZhYEAciV — Neon…
Early August 2024 has been marked by a major sell-off across the markets, with stocks and cryptocurrencies wiping billions of dollars of value within hours. Few assets have been as active or as dramatic as Bitcoin (BTC), the world’s premier cryptocurrency, which has, after briefly promising to regain its annual and all-time highs (ATH) above $73,000, rapidly plunged through several consecutive support levels. In fact, in the small hours of Monday, August 5, BTC even briefly crashed below $50,000, though such a level seemingly appeared too enticing for investors to miss out on, and the buying pressure the plunge created…
$360 billion asset manager Janus Henderson has stepped into the ring with other Wall Street giants in the amusing movement toward blockchain technology. They’re taking over the management of the $11 million Anemoy Liquid Treasury Fund, which invests in short-term US Treasury bills. This fund’s been tokenized. What does that mean? They’re turning the fund’s shares into digital tokens on the blockchain, essentially putting this money on-chain. You’ve probably heard the names before. BlackRock, Fidelity, Franklin Templeton. These companies are already tokenizing Treasuries and money markets. Janus Henderson is now following their lead. But what’s different here is that they’re…
Shibarium, Shiba Inu’s layer-1 solution, is celebrating its first anniversary. Shibarium became the key buzzword for the Shiba Inu community last year, with the holders of the meme coin desperately waiting for new updates about its much-anticipated launch. The network had a rather bumpy start last August, with transactions stalling and the SHIB price experiencing a significant crash. Developers claimed that the technical hiccups were caused by a huge number of transactions that the network could not initially handle. Shibarium eventually became fully functional on Aug. 28 after developers fixed the issues that had plagued the network. In a celebratory…
Some chain abstraction projects are the following ones and they are working toward enhancing cross-chain operation. Some of the top-notch innovations in the different aspects of the blockchain are Arcana Network, NEAR Protocol, Socket Protocol, Across, and Everclear. The effects of such projects in the long-term and place of the blockchain ecosystem remain to be seen. The emerging wave of projects in the continuously developing blockchain field is expanding the chain abstraction concept. This relatively new branch focuses on making inter-chain transactions easier and could revolutionize decentralized applications and cryptocurrencies in the future. Arcana Network: Pioneering Data Privacy Arcana Network…
The sudden drop in the crypto market today has garnered significant attention. Bitcoin (BTC), the largest cryptocurrency by market capitalization, briefly dipped to $49,000 before stabilizing at $52,765. Ethereum (ETH) mirrored this volatility. CoinGecko data shows it briefly touched $2,100 before trading at $2,359. Investor Nerves Shaken as Crypto Volatility Surges These swift fluctuations led to extensive liquidations. According to Coinglass data, the liquidation amount in the last 24 hours has reached $1.06 billion, with $901.33 million from long positions and $159.41 million from short ones. BeInCrypto reported that, around five hours ago, the liquidation figure was only approximately $800…
James Fickel is one of the world’s richest cryptocurrency investors, with an estimated millionaire crypto net worth of $400 million. The millionaire, however, has lost over $40 million in a series of decentralized finance (DeFi) leveraged trades since January 2024. In particular, James Fickel has opened long Ethereum (ETH) positions against Bitcoin (BTC) this year, effectively shorting BTC with ETH. For that, the crypto millionaire has borrowed Wrapped Bitcoin (wBTC) on Aave, trading it for Ethereum’s native token. He borrowed 3,061 wBTC, worth $172 million, exchanging it for 56,445 ETH from January 10 to July 1. On average, the ETH/BTC…
Tron’s new meme coin launchpad SunPump appears to have stolen the attention of degen traders from leading Solana platform Pump.fun, with the recently launched rival responsible for more new tokens over the last day. Pump.fun has dominated this year’s meme coin market with many of the biggest winners—such as Billy, Michi, and more—having launched via the protocol. At its peak, Pump.fun was being used to launch over 20,000 tokens a day, drawing over $2 million in revenue as a result. But these numbers have taken a hit since SunPump launched last week. And over the past 24 hours, SunPump has…