Crypto: Cardano Implements Critical Updates, dYdX Faces Disruption, and More
April 08 2024 - 02:05PM
IH Market News
Coinbase’s Base reaches $4 billion in TVL and leads in L2 growth
Base, Coinbase Global’s (NASDAQ:COIN) Ethereum Layer-2 project, has reached a total locked value of $4.15 billion, surpassing the growth of other L2s like Arbitrum. Without a native token, Base captures 10% of the total TVL of $41.03 billion in scaling projects, with a 14% increase in just one week. Recently, it has become a hub for meme coins and serious projects, including the Web3 gaming platform, Iskra, standing out in the crypto industry.
Challenges and opportunities of the Lightning Network in the current scenario
Despite expanding access in Asia and on Coinbase globally, Bitcoin’s Lightning Network faces criticisms regarding its effectiveness. This Layer 2 protocol, created to improve Bitcoin’s scalability, has been seen as revolutionary since its inception in 2016. However, claims of fundamental flaws are gaining traction, including the departure of key developers. Despite this, there’s no complete abandonment, evidenced by recent significant investments and partnerships. First, Neutronpay, a company dedicated to strengthening the Lightning Network’s infrastructure, secured $1.5 million in venture capital funding. This investment specifically aims to enhance the network’s viability and accessibility in Southeast Asia. The second initiative is Coinbase’s (NASDAQ:COIN) partnership with Lightspark to launch the Lightning Network on the Coinbase platform.
Cardano prepares for significant updates with Chang and Ouroboros Leios
Charles Hoskinson, co-founder of Cardano (COIN:ADAUSD), expresses his excitement for two critical updates: the Chang hard fork and the Ouroboros Leios consensus mechanism, aimed at enhancing the network in response to community demands. The Chang hard fork is a step towards more community governance, granting more voting power to ADA holders, while Ouroboros Leios focuses on optimizing transaction efficiency and scalability. These advancements reinforce Hoskinson’s vision for Cardano, aiming for a more democratic, efficient, and competitive network in the blockchain ecosystem.
dYdX experiences an outage after a protocol update
The dYdX, a decentralized derivatives exchange protocol, faced an outage following a scheduled update, halting block production since the early hours of the morning. This is the first significant setback since the launch of its fourth version and the independent Cosmos blockchain. The team is working to resolve the issue, with the network’s validators scheduled to discuss a solution. The incident did not negatively impact the value of the dYdX token (COIN:DYDXUSD), which observed an increase of over 3.5% in the last 24 hours. Recently, the dYdX community agreed to stake 20 million dYdX tokens, valued at $60 million, with the Cosmos provider Stride to enhance security and promote diversity among its members. The initiative, which received 91% favorable votes, will allow participants to receive rewards in USDC, reinvested in more dYdX tokens. Stride reduced its fees to encourage the proposal, aiming to increase the security and decentralization of the dYdX network.
Bitcoin and U.S. crypto stocks kick off the week on a high note
Bitcoin (COIN:BTCUSD) and U.S. cryptocurrency stocks have had a promising start to the week, with Bitcoin hitting $72,000, a peak since March, boosted by 3.6% over the last 24 hours in anticipation of the upcoming halving. Other cryptocurrencies like Ethereum (COIN:ETHUSD), Ripple (COIN:XRPUSD), Dogecoin (COIN:DOGEUSD), and Cardano (COIN:ADAUSD) also saw gains of 5.88%, 4.05%, 2.18%, and 3.63% respectively, while the meme coin Pepe (COIN:PEPEUSD) surged by 12.4%.
MicroStrategy could profit from Bitcoin’s next halving
Brokerage Benchmark highlighted in a report that MicroStrategy (NASDAQ:MSTR) is well-positioned to benefit from the upcoming Bitcoin halving on April 20, an event that will halve mining rewards, potentially increasing the cryptocurrency’s value. The company, which adopts a strategy of accumulating Bitcoin, could see its value rise significantly, similar to what occurred after previous halvings. Benchmark raised MicroStrategy’s price target from $990 to $1,875, forecasting an optimistic scenario for the company and Bitcoin while maintaining a buy recommendation.
TokenFi proposes exclusive benefits for TOKEN holders
The TokenFi (COIN:TOKENUSD) team is proposing the “TOKEN Supercharge Program” to enrich the TOKEN holders’ experience, offering them priority access to new token issuances on the platform. If accepted, the proposal will allow qualified participants to acquire up to four times the standard amount of tokens, prioritizing those who own or stake TOKEN. The initiative requires users to have at least $1,000 in TOKEN to enjoy early access, with tiered benefits for larger investments, while non-participants will face restrictions.
Chainalysis hires former IRS director to bolster the fight against financial crimes
Chainalysis, a blockchain analysis specialist, has recruited James Lee, a former director of criminal investigations at the IRS, as the new global head of capability building. Lee will contribute his extensive experience to strengthen financial crime fighting initiatives, collaborating with authorities and institutions worldwide to enhance the use of Chainalysis tools.
Binance executive refutes allegations in Nigeria
Tigran Gambaryan, a Binance executive, was detained in Nigeria on charges of money laundering and tax evasion, along with colleague Nadeem Anjarwalla. In a recent hearing, Gambaryan pleaded not guilty before the high court. While awaiting trial, bail may be requested until April 18. The detention comes amid Nigerian government allegations of Binance facilitating illegal transactions, despite the company’s denials.
Bitget launches a program to train future Web3 leaders in Europe
Bitget announced the “Bitget COO Apprentice,” an innovative program in Europe aimed at young Web3 enthusiasts, offering an immersive experience alongside the company’s leadership to enhance skills and knowledge in the sector. Part of the Blockchain4Youth initiative, the program aims to equip participants with a deep understanding of Web3, under the mentorship of experienced executives, including an educational trip to Dubai for the highlights.
Pump.fun boosts the memecoin market with innovation and profit
Pump.fun, an innovative memecoin platform, recorded $528,000 in fees in a single day last Sunday. Launched for Solana tokens (COIN:SOLUSD) in January and expanding to Ethereum Layer 2 Blast in February, the platform simplifies the creation and trading of new tokens, enabling fair and secure launches without initial liquidity. Through a unique bonding curve method, Pump.fun democratizes token trading, avoiding fraudulent practices and reducing the costs and complexities associated with traditional launches.
HashKey Group launches a global exchange with ambitious plans
After obtaining a license in Bermuda, HashKey Group, focused on digital assets in Asia, introduced HashKey Global, a digital trading platform. According to COO Livio Weng, the goal is to become one of the leading licensed exchange conglomerates within five years, surpassing current regulated ones. Already considered a unicorn, HashKey aims to expand after nearly reaching $100 million in funds, starting with spot trading of 21 assets and futures soon.
1inch launches a Web3 debit card with Mastercard support
The 1inch Network (COIN:1INCHUSD), in collaboration with Baanx (COIN:BXXUSD) and Mastercard (NYSE:MA), announced the launch of a Web3 debit card, enabling users to make purchases and ATM withdrawals using cryptocurrencies converted into fiat currency. This card aims to bridge the crypto and traditional worlds, allowing cryptographic transactions at over 160 million locations globally, expanding the accessibility and use of digital assets in daily life.
Lumoz raises funds for blockchain infrastructure expansion
Lumoz, formerly known as Opside, a platform that facilitates the launch of zk-rollups for developers, has just completed a pre-Series A funding round, reaching a valuation of $120 million. The round saw participation from major investors such as OKX Ventures and Polygon co-founder Sandeep Nailwal, totaling $6 million. Lumoz aims to provide an effective blockchain scaling infrastructure, enabling the facilitated development of zk-rollups, a vital technology for blockchain scalability and efficiency.
Polychain Capital boosts Ritual with funding for decentralized AI
Polychain Capital, a blockchain investor, made a significant contribution to Ritual, an artificial intelligence initiative that raised $25 million to decentralize AI systems. The round, initially led by Archetype, aims to counteract the dominance of major tech companies in AI, promoting a more open and collaborative approach. The exact amount invested by Polychain was not disclosed but contributes to the effort to resist censorship and collaborative innovation in the AI economy.
Advancement of Chinese asset managers with Bitcoin ETFs in Hong Kong
Two Chinese asset management giants, Harvest Fund and Southern Fund, based in Hong Kong and each managing over $200 billion, applied for authorization to introduce spot Bitcoin ETFs in the city. These developments follow Hong Kong’s willingness to accept applications for crypto ETFs, marking a significant step for local investors’ access to Bitcoin.
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