🚀 BitGo Expands Wrapped Bitcoin To BNB Chain And Avalanche
#BitGo #WrappedBitcoin #WBTC #BNBChain #Avalanche #LayerZero #DeFi #Cryptocurrency #Security #Blockchain
According to Blockworks, BitGo is expanding its tokenized wrapped bitcoin (WBTC) product to BNB Chain and Avalanche, with LayerZero as its official interoperability provider. This move allows WBTC, a widely used collateral in decentralized finance (DeFi), to be natively minted on these chains without additional bridging risks for users transferring WBTC collateral from Ethereum. The expansion is facilitated by LayerZero’s Omnichain Fungible Token (OFT) standard, which is currently utilized by over 100 protocols, including Ethena, Ether.fi, and Swell.
LayerZero’s OFT standard enables the transfer of WBTC between BitGo-approved chains at a low cost, using an omnichain message. This standard acts as a global accounting method that reduces the risks of double-spending or hacks associated with third-party bridges. BitGo’s security configuration for transferring WBTC involves a 1-of-2-of-3 decentralized verifier network (DVN) that includes LayerZero Labs, Polyhedra, and BitGo itself. This should not be confused with BitGo’s 2-of-3 multi-signature security model required for minting or burning WBTC.
Bryan Pellegrino, co-founder and CEO of LayerZero Labs, highlighted the significance of this development, stating that WBTC is one of the largest assets in DeFi and BitGo is a trusted custodian in the crypto space. He emphasized the importance of teams owning their security and the innovative potential of LayerZero’s technology. Since its inception in 2021, LayerZero has facilitated 135 million omni messages and $50 billion in value across various chains.
BitGo’s WBTC remains the most successful tokenized bitcoin collateral, with 152,950 WBTC ($8.7 billion) issued on Ethereum alone. However, the WBTC issuer faced controversy last month following a change in corporate ownership involving TRON founder Justin Sun. This led Sky Protocol (formerly Maker) to seek delisting WBTC collateralization from its DAI stablecoin, while Aave is adopting a cautious approach, according to Aave-Chan Initiative founder Marc Zeller.#BitGo #WrappedBitcoin #WBTC #BNBChain #Avalanche #LayerZero #DeFi #Cryptocurrency #Security #Blockchain
🚀 Telegram Wallet Bot Launches $140,000 DOGS Token Incentive Program
#Telegram #WalletBot #DOGSToken #IncentiveProgram #Cryptocurrency #Blockchain
According to Odaily, Telegram Wallet bot has introduced an incentive program offering a total of $140,000 in DOGS tokens. Users can participate by completing specific tasks designated by the Telegram Wallet. The deadline for participation is September 15.#Telegram #WalletBot #DOGSToken #IncentiveProgram #Cryptocurrency #Blockchain
🚀 Federal Reserve Conducts Reverse Repo Operation Totaling $281.392 Billion
#FederalReserve #ReverseRepo #MonetaryPolicy #MarketLiquidity #InterestRates #EconomicStability #Inflation
According to Odaily, the Federal Reserve has conducted a reverse repurchase (repo) operation involving 60 counterparties, totaling $281.392 billion. Reverse repo operations involve the Fed selling securities to financial institutions such as commercial banks and money market funds, with an agreement to repurchase them at a later date for a predetermined price. This mechanism is typically used to manage the money supply and market interest rates, aiming to achieve specific macroeconomic objectives.
In periods of economic overheating or rising inflationary pressures, the Federal Reserve may utilize reverse repo operations to reduce market liquidity, thereby effectively controlling short-term interest rates. This strategic move helps in maintaining economic stability by ensuring that the supply of money in the market aligns with the central bank's monetary policy goals.#FederalReserve #ReverseRepo #MonetaryPolicy #MarketLiquidity #InterestRates #EconomicStability #Inflation
🚀 BNB Surpasses 520 USDT with a 0.66% Increase in 24 Hours
#BNB #USDT #cryptocurrency #Binance #marketdata #priceincrease #trading
On Sep 10, 2024, 18:10 PM(UTC). According to Binance Market Data, BNB has crossed the 520 USDT benchmark and is now trading at 520 USDT, with a narrowed 0.66% increase in 24 hours.#BNB #USDT #cryptocurrency #Binance #marketdata #priceincrease #trading
🚀 Debate Over Solana's Tokenomics Amid Market Stagnation
#Solana #Tokenomics #Inflation #Cryptocurrency #Blockchain #Validators #Staking #CryptoMarket #SOL #Ethereum #Decentralization #BreakpointConference #ValueTransfer
According to Blockworks, with the crypto markets in a holding pattern and many Solana projects delaying major announcements until the Breakpoint Conference, discussions have emerged regarding Solana's tokenomic structure. The primary concern revolves around the inflation rate of SOL tokens, which some argue is growing too quickly. Opinions are divided on whether this is a significant issue that Solana should address or if it is a non-issue.
Inflation on the Solana network refers to the creation of new SOL tokens, which are distributed as rewards to validators and stakers. This process incentivizes validators to secure and maintain the blockchain, ensuring network security and decentralization. Initially, Solana's inflation rate was set at 8% per year, with a planned annual decrease of 15%. Currently, the inflation rate is around 5% and is expected to decline to 1.5% in the long term. This 5% inflation rate is often compared to Ethereum's current inflation rate of approximately 0.7%, leading some to be more bullish on Ethereum.
The inflation of SOL tokens exerts downward pressure on their price due to the dilution of the existing supply. Some argue that inflation results in a value transfer from non-stakers to stakers, as inflation rewards are eventually paid out to stakers. In a recent Lightspeed podcast episode, Blockworks Research analyst Dan Smith predicted economic changes for Solana in 2025, suggesting that the current level of token emission might not be necessary.
Nate, an anonymous figure involved with the Aurora validator, believes the current inflation level leads to significant value extraction and suggests that cutting validator rewards in half could be feasible. However, altering the inflation rate and the rewards for validators would require substantial coalition building within Solana's large network of stakeholders. Switchboard co-founder Chris Hermida mentioned that while proposals to lower inflation might arise, there does not seem to be a significant outcry against the current rate, which is relatively similar to other large networks.#Solana #Tokenomics #Inflation #Cryptocurrency #Blockchain #Validators #Staking #CryptoMarket #SOL #Ethereum #Decentralization #BreakpointConference #ValueTransfer
🚀 Bitcoin(BTC) Surpasses 58,000 USDT with a 1.58% Increase in 24 Hours
#Bitcoin #BTC #USDT #cryptocurrency #marketdata #trading #increase
On Sep 10, 2024, 19:58 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 58,000 USDT benchmark and is now trading at 58,000 USDT, with a narrowed 1.58% increase in 24 hours.#Bitcoin #BTC #USDT #cryptocurrency #marketdata #trading #increase
🚀 Nigeria SEC Plans Enforcement Actions Against Unregulated Crypto Firms
#Nigeria #SEC #Cryptocurrency #EnforcementActions #Regulation #FinancialSecurity #UnregulatedFirms
According to BlockBeats, the Nigerian Securities and Exchange Commission (SEC) is preparing to take enforcement actions against unregulated cryptocurrency companies. This move aims to send a clear message to firms operating without proper authorization that they will not be permitted to target Nigerian citizens, stated Emomotimi Agama, the Director-General of the SEC, in a statement released on Sunday.
Agama emphasized that the SEC is committed to ensuring that companies wishing to operate in the Nigerian market must comply with regulatory requirements. He stated, 'We will certainly take enforcement actions against those who intend to operate in this market without the intention of being regulated.' This initiative underscores the SEC's dedication to maintaining a regulated and secure financial environment for its citizens.#Nigeria #SEC #Cryptocurrency #EnforcementActions #Regulation #FinancialSecurity #UnregulatedFirms
🚀 Traders Bet On Major Fed Rate Cut Before January Policy Decision
#Traders #FED #RateCut #InterestRates #MonetaryPolicy #EconomicConditions #USPolitics #SOFR #SwapsMarket
According to Odaily, traders in the U.S. interest rate options market are still betting on at least one significant rate cut by the Federal Reserve this year. However, it is unlikely to occur before the U.S. presidential election on November 5. Recent options activity related to the Secured Overnight Financing Rate (SOFR) indicates that traders are increasingly positioning for a rate cut of approximately 150 basis points before the Fed's policy decision on January 29. This aligns with the current situation in the swaps market.
To achieve this without an inter-meeting rate cut, policymakers would need to implement at least a half-percentage point reduction in two of the four meetings before January. This expectation reflects the market's anticipation of significant monetary policy adjustments in response to economic conditions.#Traders #FED #RateCut #InterestRates #MonetaryPolicy #EconomicConditions #USPolitics #SOFR #SwapsMarket
🚀 Sony To Launch Yen Stablecoin In Collaboration With Sony Bank
#Sony #YenStablecoin #Soneium #SonyBank #Blockchain #DigitalCurrency #FinancialTransactions #Layer2 #Cryptocurrency #Fintech
According to Odaily, BSCN Headlines announced on the X platform that Sony's Layer2 network, Soneium, will collaborate with Sony Bank to introduce a yen stablecoin.
This partnership aims to leverage the capabilities of Soneium's Layer2 technology to provide a stable and efficient digital currency solution. The yen stablecoin is expected to enhance financial transactions by offering a reliable and secure digital alternative to traditional currency.
The collaboration between Sony and Sony Bank signifies a significant step towards integrating blockchain technology with mainstream financial services. By launching a yen stablecoin, the companies aim to facilitate smoother and more transparent transactions, potentially revolutionizing the way digital currencies are used in everyday financial activities.#Sony #YenStablecoin #Soneium #SonyBank #Blockchain #DigitalCurrency #FinancialTransactions #Layer2 #Cryptocurrency #Fintech
🚀 US Spot Bitcoin ETF Trading Volume Reaches Third Lowest Level
#Bitcoin #ETFs #TradingVolume #Cryptocurrency #Finance #BTC
According to Odaily, data monitored by Trader T indicates that the total trading volume of 11 US spot Bitcoin ETFs amounted to $711 million yesterday. This marks the third lowest level since their launch.#Bitcoin #ETFs #TradingVolume #Cryptocurrency #Finance #BTC
🚀 Exowatt Secures $20 Million Seed Funding to Revolutionize Clean Energy Solutions
#Exowatt #CleanEnergy #SeedFunding #SolarEnergy #EnergyStorage #ModularSystems #DataCenters #WestTexas #CryptocurrencyMining #ThermoelectricCells #InnovativeSolutions
According to Foresight News, Exowatt, a provider of modular clean energy solutions, has successfully raised $20 million in a seed funding round. The investment was led by a16z, Atomic, and OpenAI CEO Sam Altman. Exowatt aims to address the energy consumption challenges faced by the data center industry through a novel solar energy approach, utilizing modular systems to generate, store, and schedule clean energy. Hannan Parvizian, co-founder and CEO of Exowatt, announced that the company's first energy project is set to launch later this year in West Texas, in collaboration with a cryptocurrency mining partner.
Exowatt's flagship product, P3, directly converts solar energy into heat stored in thermoelectric cells. According to Bloomberg, these cells are made from a composite of clay and ceramic materials, capable of storing heat for several months.#Exowatt #CleanEnergy #SeedFunding #SolarEnergy #EnergyStorage #ModularSystems #DataCenters #WestTexas #CryptocurrencyMining #ThermoelectricCells #InnovativeSolutions
🚀 K33 Research Predicts Significant Market Rebound Based On Key Indicator
#K33Research #MarketRebound #FundingRate #PerpetualContracts #MarketAnalysis #InvestmentInsights #CryptoMarket #HistoricalTrends
According to BlockBeats, K33 Research released a market report on Tuesday, September 11, indicating that a reliable indicator suggests a significant rebound in the coming weeks and months. The report highlights that the 30-day average funding rate for perpetual contracts has dropped to negative levels, a phenomenon that has occurred only six times since 2018.
K33 analysts Vetle Lunde and David Zimmerman noted, 'Historically, when the monthly funding rate turns negative, it typically signals a market bottom.' The report further states that following previous instances of this indicator turning negative, the average return over the next 90 days was 79%, with a median return of 55%.#K33Research #MarketRebound #FundingRate #PerpetualContracts #MarketAnalysis #InvestmentInsights #CryptoMarket #HistoricalTrends
🚀 Metaplanet Increases Bitcoin Holdings, Boosts Share Price
#Metaplanet #Bitcoin #Investment #TokyoStockExchange #Cryptocurrency #MicroStrategy #BitcoinStrategy #JaponeseYen #HedgeAgainstInflation #CorporateBitcoin #SharePrice #BitcoinHoldings #BTC
According to Cointelegraph, Japanese investment firm Metaplanet has expanded its Bitcoin holdings, resulting in a significant rise in its share price on the Tokyo Stock Exchange. On September 10, Metaplanet announced the purchase of 38.46 Bitcoin (BTC) for $2.1 million (300 million Japanese yen), bringing its total Bitcoin holdings to 398.8 BTC, valued at approximately $23 million. This marks the firm's tenth Bitcoin acquisition since its initial purchase on April 23, as per Bitcoin Treasuries data.
Despite a 13.3% decline in the total value of its Bitcoin investment, with the cryptocurrency currently trading at $57,520, Metaplanet's share price has surged by 480% since it revealed its Bitcoin investment strategy in early April, according to MarketWatch data. The firm now holds the 27th-largest Bitcoin stash among corporations globally and the third-largest in Asia.
In May, Metaplanet announced plans to utilize a comprehensive range of capital market instruments to enhance its Bitcoin reserves, mirroring the strategy employed by MicroStrategy. This plan was put into action on August 8 when the firm secured a $6.8 million (1 billion Japanese yen) loan to purchase additional Bitcoin.
Metaplanet CEO Simon Gerovich elaborated on the company's Bitcoin strategy at a Bitcoin Conference in July, stating that the goal is to hedge against Japan's increasing debt burden and the rapidly depreciating Japanese yen. Gerovich emphasized Bitcoin's status as a premier monetary asset and expressed the firm's commitment to accumulating as much Bitcoin as possible over time. He also credited MicroStrategy's Michael Saylor for leading the way in corporate Bitcoin adoption, noting that Metaplanet was considered a 'zombie' company before its Bitcoin investments.#Metaplanet #Bitcoin #Investment #TokyoStockExchange #Cryptocurrency #MicroStrategy #BitcoinStrategy #JaponeseYen #HedgeAgainstInflation #CorporateBitcoin #SharePrice #BitcoinHoldings #BTC
🚀 EigenLayer Extends Stakedrop Qualification Deadline for Early Contributors
#EigenLayer #Stakedrop #EIGEN #Ethereum #crypto #blockchain #earlycontributors
According to Foresight News, Ethereum's re-staking protocol EigenLayer has issued a reminder to early contributors to verify their eligibility for claiming EIGEN tokens. The deadline for verifying the qualification for the second season of Stakedrop has been extended to September 13. EigenLayer will open the claim for the second season of Stakedrop by or before September 17, 2024.#EigenLayer #Stakedrop #EIGEN #Ethereum #crypto #blockchain #earlycontributors
🚀 Fidelity And ARK See Significant Inflows
#Fidelity #ARK #InvestmentInflows #CapitalMovement #MarketSentiments
According to BlockBeats, on September 11, monitoring data from Farside Investors revealed substantial inflows for Fidelity and ARK. Fidelity's FBTC saw a net inflow of $63.2 million, while ARK's ARKB experienced a net inflow of $12.7 million.
These significant inflows highlight growing investor interest and confidence in these funds. The data underscores the ongoing trend of substantial capital movement into these investment vehicles, reflecting broader market sentiments and investor strategies.#Fidelity #ARK #InvestmentInflows #CapitalMovement #MarketSentiments
🚀 Multicoin Capital Accumulates Significant DRIFT Positions
#MulticoinCapital #DRIFT #Solana #DecentralizedExchange #Derivatives #CEX #PerpetualContracts #CryptoInvesting #Blockchain #MarketValuation
According to BlockBeats, on September 11, Multicoin Capital announced through a blog post that it has accumulated substantial positions in DRIFT, the native token of Drift, a Solana-based decentralized derivatives exchange (DEX). These positions have been built over the past few years through both private placements and public markets.
Multicoin Capital believes that Drift is functionally superior to major centralized derivatives exchanges (CEXs), which currently drive most of the trading volume for perpetual contracts. The firm expects Drift to continue iterating on its core perpetual contract products and to expand its market share over time.
Based on the valuation framework and market assumptions outlined in their report, Multicoin Capital values DRIFT at $3.58, which is more than seven times its current market price.#MulticoinCapital #DRIFT #Solana #DecentralizedExchange #Derivatives #CEX #PerpetualContracts #CryptoInvesting #Blockchain #MarketValuation
🚀 Bitcoin(BTC) Drops Below 57,000 USDT with a Narrowed 0.22% Increase in 24 Hours
#Bitcoin #BTC #Cryptocurrency #USDT #MarketData #PriceDrop #Trading
On Sep 11, 2024, 01:33 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 57,000 USDT and is now trading at 56,956.71875 USDT, with a narrowed narrowed 0.22% increase in 24 hours.#Bitcoin #BTC #Cryptocurrency #USDT #MarketData #PriceDrop #Trading
🚀 Smart Money Sells 5041 ETH, Gains $227,000
#SmartMoney #ETH #Trading #Profit #Cryptocurrency
According to Odaily, monitoring data from @ai_9684xtpa revealed that in the past hour, a well-known ETH trader, recognized for their skill in timing market peaks, has sold 5041 ETH. The transaction, valued at approximately $12.01 million, resulted in a profit of $227,000.#SmartMoney #ETH #Trading #Profit #Cryptocurrency
🚀 Multicoin Capital Predicts Significant Growth For Drift Protocol
#MulticoinCapital #DriftProtocol #DRIFT #Solana #cryptocurrency #investment #growth #liquidity #valuation
According to Foresight News, Multicoin Capital has released a research report on Drift Protocol, revealing that it has accumulated a substantial position in DRIFT through its various funds, including liquidity and venture capital funds, over the past few years. The report outlines a valuation framework and market assumptions, leading Multicoin Capital to predict a benchmark price of $3.58 for DRIFT, which is more than seven times its current price.
Multicoin Capital believes that as users and liquidity continue to migrate to Drift and Solana, the Drift Protocol is poised for further growth. The firm’s optimistic outlook is based on the increasing adoption and integration of Drift within the broader Solana ecosystem, which is expected to drive significant value appreciation for the DRIFT token.#MulticoinCapital #DriftProtocol #DRIFT #Solana #cryptocurrency #investment #growth #liquidity #valuation
🚀 Bitcoin Falls Below $57,000 Mark
#Bitcoin #Cryptocurrency #PriceDrop #BlockBeats #Trading #BTC
According to BlockBeats, on September 11, Bitcoin's price dropped below $57,000. The current trading price is $56,754, reflecting a 24-hour decline of 0.12%.#Bitcoin #Cryptocurrency #PriceDrop #BlockBeats #Trading #BTC