Over the past 24 hours, the price of the cryptocurrency of the gaming Web3 project Notcoin (NOT) has soared by more than 40%. The asset has become one of the most traded on the market. However, NOT trading volume has more than quadrupled over the past 24 hours. Let’s figure out what contributed to such a significant growth of the Notcoin token.

Market dynamics of NOT

According to CoinGecko , at the time of writing, NOT is trading at $0.007918, having risen in price by 39.8% over the last day. The cumulative increase for the week was 40.6%.

Cost chart NOT. Source: CoinGecko

The market value of the asset is now estimated at $813 million. Daily trading volume soared by 433% to $1.07. Notcoin is ranked 15th in the ranking of the most traded assets over the past 24 hours.

Notcoin Growth Drivers

One of the main factors behind the positive dynamics of NOT was a large airdrop, which was announced by the OKX cryptocurrency exchange on May 27. As part of the distribution, a total of 5 thousand Toncoin (TON) and 200 million NOT will be distributed among users.

To participate in the giveaway you must complete a number of tasks. For example, make a deposit of 100 Tether (USDT) in any cryptocurrency or trade pairs with Notcoin for an amount of 100 thousand USDT. The more tasks completed, the more rewards the participant will receive. The promotion will last exactly one month – until June 27.

Airdrop page. Source: OKX

In addition, the mention of the game project by Andrey Grachev, founder of the venture capital firm DWF Labs, had a positive effect on the NOT price. On X (formerly Twitter), he wrote a phrase that the Notcoin team made something like their motto – “probably nothing.”

Tweet by Andrey Grachev referring to Notcoin. Source: X/Andrei Grachev

The developers NOT responded to Grachev’s tweet with emojis. And users thanked the founder of DWF Labs for the increase in the price of Notcoin.

“That’s very respectful, thank you @ag_dwf @DWFLabs. Keep up the good work, the TON ecosystem is waiting for NOT to continue to move it forward,” wrote a crypto enthusiast under the username BroLeonAus.

The Open Network (TON) team also shared another achievement : in just 30 hours, 1 million new users registered on the network. According to the developers, significant changes in the blockchain occurred with the launch of NOT. Meanwhile, Earlier, representatives of Notcoin announced a competition for 20 million NOT. In addition, a new type of missions for passively earning coins has appeared in the gaming application.

The post Notcoin (NOT) Takes Flight: What’s Fueling the 40% Surge? first appeared on The VR Soldier.

Oracle service provider Chainlink has made a strong move defying the broader market correction and gaining by 6% in the last 24 hours. As of press time, the Chainlink (LINK) price is trading 5.84% up at $18.21 with a market cap of $10.6 billion and its daily trading volume soaring by 132% all the way to $850 million.

Chainlink (LINK) Price Eyes 150% Gains

The strong bounce back in the Chainlink price comes at crucial support levels with analysts expecting gains anywhere between 150% to 300% in the future.

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Crypto analyst Michael van de Poppe has shared his insights on Chainlink’s recent performance, stating, “Chainlink woke up from the critical area of support. Likely, there’s going to be continuation and the low is in. From this point, I wouldn’t be surprised with a 150-300% price increase”.

LINK Shares Space With SWIFT

Chainlink’s recent surge is likely driven by bullish sentiment among the token holders and supporters following the announcement of Chainlink’s co-presentation with international payments platform Swift at this week’s Consensys conference in Austin, Texas.

This collaboration, which began last autumn, has demonstrated that “existing infrastructure can merge with the new world of blockchains,” according to Chainlink. Project co-founder Sergey Nazarov also expressed optimism for Ethereum and digital assets over the weekend, following the historic approval of Ethereum exchange-traded funds (ETFs), stating that it’s “really just the beginning.” Chainlink has shown significant progress, recently highlighting its network’s advancements across nine different blockchains, including Ethereum, Arbitrum, Polygon, and Base.

Additionally, earlier this month, the Depository Trust & Clearing Corporation (DTCC), the largest settlement and clearinghouse in the U.S., announced its use of Chainlink’s cross-chain interoperability protocol in collaboration with Wall Street giants JP Morgan and BNY Mellon as part of a tokenization pilot. This pilot, known as Smart NAV, enabled Wall Street institutions to make mutual fund data available on public networks.

In its latest weekly research newsletter, crypto investment firm 21Shares spotlighted Chainlink, praising it for “revolutionizing the realm of tokenization.” The firm credited Chainlink with facilitating over $10 trillion in transactions across more than 2,000 projects spanning 22 different networks.

The post Chainlink (LINK) Soars While Market Dips: Collaboration with SWIFT Fuels Rally  first appeared on The VR Soldier.

Kaiko Research recently announced that the approval of spot Ethereum ETFs by regulatory bodies signals a bullish future for the digital asset, despite some immediate market challenges. The firm emphasizes that this development dispels much regulatory uncertainty surrounding ETH’s classification, thereby fostering its long-term growth.

Ethereum ETFs Await Final SEC Greenlight

Will Cai, Head of Indices at Kaiko, remarked on the implications of the SEC’s decision, indicating a pivotal shift in how Ethereum is perceived by regulatory entities. “The SEC’s approval is a clear indication that ETH is treated as a commodity rather than a security,” he stated. This perception is critical as it likely sets a precedent for the treatment of similar digital tokens in the U.S. market.

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Moreover, Cai highlighted that while the approval is a significant step forward, the complete regulatory process requires further developments. The SEC has approved the ETFs’ 19b-4 filings but still needs to approve S-1 orders. The anticipation is that spot Ethereum ETFs could launch within weeks or months, marking a significant moment in cryptocurrency investment avenues.

Grayscale Ethereum Fund Braces for Outflows

Despite the optimism, Kaiko predicts some potential short-term volatility, especially concerning Grayscale’s Ethereum fund, ETHE. With $11 billion in assets under management, the fund might see significant outflows, which could exert downward pressure on Ethereum prices. Kaiko estimates about $110 million in average daily outflows from ETHE once it transitions to an ETF.

This scenario mirrors the experience of Grayscale’s Bitcoin fund, GBTC, which witnessed outflows amounting to 23% of its AUM during its first month of ETF trading. However, it is noteworthy that other ETFs eventually offset these outflows, indicating a possible balance that could emerge with Ethereum as well.

Hong Kong ETH ETFs See Net Outflows

Kaiko also turned its focus to the global scene, particularly the underwhelming performance of Ethereum ETFs in Hong Kong. Since their inception in early May, these ETFs have recorded $4.4 million in net outflows, contributing to the uncertainty about how U.S. market developments might unfold.

Additionally, the analysis of centralized exchange data reveals that ETH market depth is currently about 42% below its average levels before the FTX collapse, and the U.S. market concentration has decreased from 50% to 40% since early 2023. These figures highlight the shifting landscape of ETH trading and the broader implications of regulatory and market changes on its accessibility and stability.

The post Ethereum ETFs: Bullish Long-Term Despite Short-Term Volatility first appeared on The VR Soldier.

Activity on the Shibarium network has increased by 50%: how will this affect the price of Shiba Inu. Shibarium is showing significant growth in on-chain activity. Moreover, the number of new transactions on the Shibarium second-layer network, a key element of the Shiba Inu (SHIB) ecosystem , increased by almost 50% from Friday to Sunday, from 5,150 to 7,691, according to Shibariumscan.

Shibarium attracts more users

The total number of accounts on the Shibarium network also increased significantly : from 105,367 as of May 1 to 113,732 by May 27. However, this dynamic indicates sustainable development and growing trust in the platform.

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Shibarium functions as a layer 2 solution, increasing the scalability and efficiency of transactions on the Ethereum blockchain. The development of the network reflects Shiba Inu’s goal to move beyond its ” meme ” origins and become a widely used cryptocurrency.

On May 2, an important hard fork was successfully completed in Shibarium. In addition, the network upgrade promises to deliver lightning-fast transaction speeds and more predictable gas fees. All this should improve the customer’s user experience. Meanwhile, on May 16, the ecosystem officially launched ShibaSwap, its own decentralized exchange (DEX), at Shibarium. Moreover, this strategic move is part of further efforts to increase the value and attractiveness of Shibarium.

Kaal Dhairya, developer of Shiba Inu, emphasized the team’s commitment to continuous development: “We will continue to release updates and improvements on a regular basis to ensure everyone remembers that this is not a sprint, but a marathon.”

Shiba Inu on the edge of potential 32% growth

Additionally, Shiba Inu is exhibiting a Volatility Compression Pattern (VCP). This technical pattern is characterized by gradually narrowing price swings. Meanwhile, It is often seen by traders as an indicator of a potential breakout.

Dynamics of Shiba Inu (SHIB). Source: TradingView

If SHIB successfully breaks the $0.00002631 neckline, it could strengthen by about 32% of its current market price towards the $0.00003282 resistance level.

However, if the bullish breakout fails, the price could return to the support at $0.00002345. Its breakdown could push the coin to the next significant support level $0.00002052.

The post Shiba Inu Eyes 32% Surge as Shibarium Network Grows first appeared on The VR Soldier.

The daily trading volume on decentralized exchanges (DEX) on the Solana blockchain has experienced a notable decline. On May 26, data from Artemis dashboard indicated that the volume had plummeted to $984 million. This is a significant drop from the volume three days prior, which exceeded $1.5 billion. This decrease contrasts sharply with Solana’s performance in April, when the DEX volume reached a monthly record high of $60 billion. However, the recent decline in trading volume can be attributed to reduced interaction with memecoin launched on the Solana network. Previously, a surge in memecoin trading had driven the volume to unprecedented levels. However, as the memecoin craze subsides, so does the trading volume on SOL decentralized exchanges.

Solana: Weakening Open Interest Signals Potential Downtrend

Another critical indicator pointing to Solana’s potential downturn is the Open Interest (OI) on the network. According to Santiment data, Solana’s OI has plunged to $1.90 billion from nearly $2.20 billion on May 20. Open Interest measures the total value of all open positions in a contract. An increase in OI typically signals a bullish trend as more capital flows into the market. Conversely, a decrease suggests that liquidity is being withdrawn, indicating a bearish trend.

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The drop in Solana’s OI suggests a weakening market sentiment. As liquidity exits SOL contracts, the potential for an uptrend diminishes. This reduction in OI has correlated with a decline in SOL’s price, which previously surged to $188.45 when OI was higher. If the current trend continues, SOL could face further declines, potentially reaching $145.90.

Bullish Solana Predictions

Crypto analyst Trader Tardigrade has made bold predictions regarding Solana’s future price trajectory. Tardigrade’s analysis highlights Solana’s recent breakout from a consolidation pattern, suggesting a potential rise towards the $1,000 mark. This optimistic outlook comes as SOL trades at $170, indicating significant growth potential.

Tardigrade’s prediction is supported by Solana’s strong market performance. Despite short-term fluctuations, including a 4.50% decrease in the last 24 hours and a 1.30% decline over the past week, the overall outlook for SOL remains positive. The cryptocurrency’s ability to maintain support levels amidst market volatility underscores its strength and investor confidence.

Memecoin Frenzy Fades: Impact on Solana’s Market Trends

This decrease in volume has also affected Solana’s native token, SOL. At the time of reporting, SOL’s price stood at $165, with a 24-hour increase of 2%, down from a peak close to $190 just a few days earlier. The demand for SOL is closely linked to memecoin trading, as many memecoins require SOL for transactions. In addition, its market capitalization has increased by 5% to $74,467,605,568. The recent approval of the highly anticipated Ethereum ETF is expected to have a positive impact on the entire altcoin market, including Solana.

This market-wide bullish sentiment could propel SOL prices higher. The Ethereum ETF’s approval not only signifies increased institutional trust in the cryptocurrency market but also paves the way for other blockchain projects to gain mainstream attention.

The post Solana DEX Volume Slumps After Memecoin Frenzy Fades  first appeared on The VR Soldier.

Following the U.S. SEC’s opposition to Ripple motion to seal remedies-related documents, an XRP Whale has been garnering significant attention in the broader crypto market. This Whale has been offloading massive amounts of XRP coins to a CEX, a move that is potentially driving volatility in the token’s price performance.

On-chain insights from a tracker reveal that this renowned ripple Whale dumped nearly 32 million tokens to an exchange in the past 24 hours. This has ignited a wave of speculation about the future price movements of the Ripple Labs-backed token. Moreover, the crypto landscape is already abuzz with uncertain implications of FIT21’s passing (U.S. House Approves Crypto FIT21 Bill), which is considered as a potential game changer for the XRP lawsuit. Here’s a closer look at these developments that have piqued global attention.

Whale Dumps Ripple Amid SEC’s Opposition & FIT21 Frenzy

According to data by Whale Alert, the Whale Rzn has once again shifted massive amounts of XRP to Bitstamp, a Luxembourg City-based CEX. Notably, 31.8 million XRP, worth $16.87 million, was recorded to be transferred in the past 24 hours.

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This transfer has sparked speculation primarily due to the contrasting nature of the transaction amid FIT21’s optimistic buzz. Notably, the passing of the FIT21 crypto bill stages as optimistic news for the Ripple community, giving clarity on what cryptos should be classified as securities.

However, it’s also worth noting that the U.S. SEC has filed to oppose Ripple’s motion to seal key documents in the remedies briefing before Judge Torres. These developments, collectively, have further added a layer of intrigue to the XRP Whale transaction’s motive.

Meanwhile, it’s also worth mentioning that this XRP Whale’s transactions have recently emerged as a recurring phenomenon within the global crypto realm.

XRP Price Falls

While writing, the XRP token noted a 2.05% dip in its price in the past 24 hours and is currently trading at $0.5274. Derivatives data by Coinglass further illustrated a bearish sentiment among investors for the token.

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XRP’s Futures Open Interest slipped 0.26% to $617.99 million, and the derivatives volume plunged 3.79% to $526.51 million. This underscored reduced investor interest in the asset.

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Meanwhile, the RSI hovered at around 50, hinting that the asset is neither overbought nor oversold. This data, coupled with the abovementioned developments, has kept crypto traders and investors on their toes, flagging uncertain movements for the token ahead.

Additionally, pro-XRP lawyer Bill Morgan has recently spotlighted further vital market statistics for the Ripple-backed token. In a post shared on X, Morgan rationalized as to why Ripple’s decision to not burn XRP escrow has no significant implications on price.

The post XRP Price Wobbles as Whale Sells, SEC Opposes Ripple first appeared on The VR Soldier.

A whale transaction involving the movement of 2,000 ETH from Binance has captured the attention of the cryptocurrency community, sparking widespread speculation about its potential impact on Ethereum’s value. Whale movements often indicate upcoming market shifts, and this latest transfer has analysts and investors closely monitoring the market for possible price fluctuations. As the Ethereum network continues to evolve and adapt, this large-scale transaction raises questions about what might come next for ETH in an ever-fluctuating market.

ETH Whale Transfer Details and Strategic Implications

The Data Guru monitoring service observed in a notable development that has set the cryptocurrency community abuzz, a large-scale transfer of 2,000 ETH from Binance. However, this transaction, executed by Whale 0x2C4, involved moving Ethereum valued at approximately $7.84 million to the Manta Network, a privacy-focused blockchain platform. Such whale movements often trigger speculations about market trends and potential price impacts, and this latest activity is no exception.

Whale 0x2C4 executed this transfer just an hour ago. Meanwhile, the whale’s decision to pledge these 2,000 ETH to the Manta Network signifies a substantial commitment to this privacy-centric project. In addition, this move raises questions about the strategic reasons behind such a transfer and its implications for the broader cryptocurrency market.

A closer look at Whale 0x2C4’s portfolio reveals significant holdings across multiple assets, indicating a sophisticated investment strategy. With the recent addition, the whale’s total pledged assets in the Manta Network include 10,535 ETH, valued at approximately $41.4 million. Meanwhile, this substantial ETH holding shows the whale’s strong confidence in both Ethereum and the Manta Network. Besides Ethereum, Whale 0x2C4 holds 248 BTCB, a version of Bitcoin on the Binance Chain, worth about $17 million. Moreover, the whale also possesses a significant amount of Tether, with holdings amounting to 3 million USDT.

Ethereum Current Market Dynamics and Future Speculations

As of today, the live value of Ethereum (ETH) is $3,923.99, with the cryptocurrency’s 24-hour trading volume being $13.8 billion. The coin has surged 4.58% in the past 24 hours and is currently trading between $3,933.31 and $3,828.27. Ethereum’s live market cap stands at $471.4 billion, indicating a robust market presence despite recent fluctuations. Ethereums open interest is currently at +9.92% with a valuation of $13.2 Billion, also the RSI is at the 66.32 Level reflecting potential bullish presence.

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Marking a landmark event within the United States’ crypto landscape, the SEC gave 8 spot ETH ETFs a green light via an omnibus order this week. These ETH ETFs included VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. The approval of ETH ETFs is a significant development, suggesting increased institutional interest and potential for wider adoption. However, the immediate impact on ETH’s value has been less straightforward than that observed with Bitcoin.

The post Ethereum Whale Transfer Sparks Market Direction Debate first appeared on The VR Soldier.

The rally in the world’s third-largest meme token PEPE seems to be unstoppable. In the last 24 hours, the PEPE Coin value has surged by another 12% extending its weekly gains to more than 80%. Meanwhile, Mallconomy is becoming the ultimate multidevice Metaverse hub.

PEPE Coin Hits New All-Time High 

At the writing time the PEPE price is trading at $0.0000166 with its market cap crossing $7 billion hitting a new milestone. The recent rally in PEPE comes amid huge investor interest as the daily trading volumes have skyrocketed past $2.56 billion.

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PEPE has become the third-largest meme token, following Dogecoin and Shiba Inu, to reach a significant milestone. The token has not only outperformed rival memecoins but also surpassed the broader cryptocurrency market, achieving a 135% gain over the past month. Year-to-date, the Ethereum-based cryptocurrency has delivered a 12x return to its holders.

This rally has attracted the attention of wealthy investors. On-chain tracking platform Spot On Chain reported that a whale withdrew 1.32 trillion PEPE tokens from Binance over the last five days. At the current price, this whale’s PEPE portfolio has generated a 21% return.

What’s Behind PEPE Price Surge?

PEPE’s recent stellar performance aligns with the optimistic sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.

Pepe’s value action remains bullish as buyers resist efforts to drive the price down. Strong support has formed around the $0.00001380 level, which has been tested twice. Additionally, PEPE is establishing higher lows and higher highs, indicating a rising uptrend. The value is also trading above the 50-day and 200-day simple moving averages (SMA), further reinforcing the bullish outlook. PEPE is poised for further rallying, with on-chain analysis firm Santiment reporting a surge in active addresses holding PEPE from 3,600 to 12,000 between May 21 and May 22. A similar increase in PEPE-holding wallets was observed in mid-May.

Mallconomy: The future of shopping in the metaverse

Launched in 2022, Mallconomy is a creator economy pioneer with an ambitious vision: to create the most engaging and expansive shopping hub in the metaverse. It’s a win-win for everyone involved; brands showcase their products in a fresh, interactive way while shoppers enjoy browsing as they would in a physical store—all from the comfort of their own homes.

Mallconomy supports browsing across multiple devices, including PCs, mobiles, and even smart TVs, with apps expected to debut in December 2024. But browsing is also rewarding: Mallconomy offers a Browse-to-Earn scheme where users earn WOOT tokens for nearly every action they take within the metaverse.

Mallconomy and Intelligent Virtual Sales

One thing you won’t find in a regular brick-and-mortar store is Mallconomy’s ChatGPT-powered Ready Player Me avatars, intelligent virtual sales assistants that provide round-the-clock support. Likewise, MallCard NFTs offer a wide range of perks, from dividends and referral kickbacks to exclusive access to a Tinder-like launchpad and early entry to land sales within Mallconomy’s metaverse.

With its presale just getting underway, Mallconomy presents a stellar investment opportunity. WOOT tokens are currently worth $0.00274, with over $100,000 already raised. But here’s the exciting part, the prices are set to rise regularly, offering early investors a significant edge. Don’t miss out on this chance to invest in the future of e-commerce and the creator economy!

The post PEPE Coin Surges Amid Whale Accumulation, Mallconomy Emerges as Metaverse Shopping Gem first appeared on The VR Soldier.

Avalanche (AVAX) price is facing significant resistance that could challenge the rally and push the altcoin back within the long-term channel. On the other hand, Designed as a substantial upgrade on its Telegram trading bot rivals, Bitbot is the AI-infused non-custodial trading companion the market has been requesting, and it has 100x gains firmly within its sights.

Avalanche optimism may be short-lived

Avalanche’s exit from a month-long consolidation reignited investor optimism. However, the fall in the asset price below the $39 resistance actually resumed consolidation.

One reason for this is the lack of support from the broader market, which is hinted at by the moving average convergence divergence (MACD) indicator. At the moment, the signal line is close to crossing the MACD line, which is considered a bearish signal.

MACD AVAX. Source: TradingView

Additionally, AVAX faced major resistance between $37 and $41. This is because, according to the Global In/Out of the Money (GIOM) indicator, investors bought about 11.9 million tokens worth $409.7 million in this range. To break out of the consolidation, the altcoin first needs to make this supply profitable.

Avalanche (AVAX) Price Forecast: Continued Consolidation

At the time of writing, Avalanche is trading at $37. The asset price may gradually decline towards the $31 support as the above-mentioned factors suggest a bearish outcome.

Avalanche price analysis. Source: TradingView

However, if investors show more initiative, AVAX will attempt to reaffirm the channel’s upper boundary at $39 as support, paving the way to $42. The next major resistance is at $45: if the altcoin settles above it, the bearish thesis will be invalidated.

Bitbot Gem Scanner

AI tokens are a hot topic, currently commanding a market cap of about $23 billion. Meanwhile, according to Valuates, AI crypto trading bots are set to grow at a compound annual growth rate (CAGR) of 37.2% through 2029. It’s clear, then, that Bitbot stands at the forefront of one of crypto’s fastest-growing trends.

Bitbot leverages the latest AI innovations through its flagship Gem Scanner. This sophisticated tool aggregates data from multiple sources to identify trending tokens, assigning them a one-look score based on on-chain activity and overall market sentiment. However, this intelligence feeds directly into the Alpha List, an exclusive feature for BITBOT token holders. Here, the potential of each token is distilled into actionable intelligence, with users able to take advantage of Bitbot’s sniping feature to enter a position before the broader market catches on.

The bright future ahead for Bitbot and its investors

With AI’s capabilities in the trading realm only growing and an ongoing bull run energizing crypto prices, Bitbot’s non-custodial solution is well-positioned to attract a massive following. It’s already secured 80k+ Twitter followers and 26k+ Telegram members.

Additionally, there are exciting incentives to hold the BITBOT token. For example, there is a handsome revenue-sharing program of up to 50% of trading fees and referral bonuses of 15% that last a lifetime. Tokens are also set aside to airdrop prizes of $1k each to 1000 lucky winners. On the other hand, analysts are highly optimistic about BITBOT’s long-term potential.

Drawing parallels to Banana Gun’s remarkable 80x surge from its presale to peak, expectations are that Bitbot could potentially surpass this, especially considering its superior AI-driven features and security enhancements. With such a promising outlook, Bitbot could be well on its way to delivering 100x returns to presale backers.

The post Avalanche (AVAX) Struggles at Resistance, While AI-Powered Bitbot Aims for 100x Gains first appeared on The VR Soldier.

In his latest article, Illia Polosukhin, CEO of NEAR, delves into the transformative potential of AI in revolutionizing computing and collaborative efforts. In addition, he highlights NEAR ecosystem rise as a prominent consumer blockchain catering to mainstream applications, handling a substantial volume of transactions each day. Moreover, Polosukhin underscores the forthcoming stage of NEAR’s roadmap, which centers on establishing the platform as the primary nexus for User-Owned AI.

NEAR Focus on Usability and Scalability

NEAR’s ecosystem maintains its emphasis on usability and mainstream applications, with plans for sharding and scalability improvements on the horizon. However, the emergence of AI as the most disruptive technology of the coming decade is undeniable, with progress predominantly concentrated within centralized, closed for-profit entities. Meanwhile, the aim for NEAR is clear: to ensure that the power of AI resides in the hands of users, rather than a select few mega-corporations.

As per Illia Polosukhin, CEO of NEAR, The NEAR Foundation is directing resources towards establishing NEAR as the premier ecosystem for the next era of AI research and applications.

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This involves investing in core infrastructure, including data collection, rewarding creators, and providing access to computing resources and innovative monetization avenues. However, NEAR envisions itself as the destination where any AI application and innovative consumer use case can leverage top-tier User-Owned AI infrastructure within the Web3 ecosystem.

Introducing the NEAR.AI R&D Lab

Looking ahead, NEAR.AI R&D Lab, under the oversight of Alex Skidanov, Illia Polosukhin, and other leaders, will focus on developing an “AI Developer” to address the challenge of constructing end-to-end Web3 applications based on user intents. In addition, a team of AI researchers will be assembled, with resources allocated to cutting-edge research required to achieve this goal.

web3festival – NEAR Protocol Co-Founder Illia Polosukhin

NEAR’s ecosystem is uniquely positioned to realize this vision on a large scale, leveraging its vast user reach, Web3 developer ecosystem, and substantial financial resources managed by a non-profit Swiss Foundation. In addition, with the involvement of key figures and connections in both Web3 and AI domains, NEAR is capable of attracting top AI talent to drive the User-Owned AI movement forward.

A Positive Cycle for User-Owned AI Success

These initiatives in ecosystem development, R&D, and infrastructure will create a positive cycle, attracting more creators and positioning the User-Owned AI ecosystem for global success. Meanwhile, the ultimate objective is to offer an alternative to closed, centralized entities and foster a future where powerful AI truly serves users and communities, catalyzing new economies and accelerating innovation and creativity.

The NEAR Foundation pledges to nurture and finance projects developing AI infrastructure on the NEAR platform, covering areas such as computing and inference, data curation and incentivizing creators, crowdsourcing and synthetic data markets, as well as agentic infrastructure, among others. However, NEAR offers premier User-Owned AI infrastructure accessible to any AI application and innovative consumer use case, with connectivity to everyone in Web3 through Chain Abstraction.

The post Illia Polosukhin: The Rise of User-Owned AI on NEAR first appeared on The VR Soldier.

Terra Luna Classic Layer 1 development team Genuine Labs has submitted a proposal for the v3.0.1 upgrade, encompassing sdk 47 and other major updates to the chain. The move comes after the developer group announced readiness for a major upgrade to further improve the efficiency and robustness of the system.

Terra Luna Classic Developer Submit Major Upgrade For Voting

Software Upgrade Proposal 12110 “Genuine Labs’s proposal for v3.0.1 Upgrade” is up for governance voting on the Station wallet. The proposal seeks community and validator agreement for the v3.0.1 software upgrade, which was previously prepared by Genuine Labs, as per details on the Terra Luna Classic community’s GitHub.

Upon approval of this proposal, the proposed binary is deployed on the chain through a chain halt software upgrade. It means that the Terra Classic chain will be halted at block height 18,303,000 and the protocol will require validators to replace the old binary with the new. The upgrade is estimated to happen on June 2, 2024 at 16:00 UTC.

As the VR Soldier reported, this upgrade consists of several key elements including SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix aimed at enhancing the operation and performance of networks. However, the proposal has received 100% votes in favor from the community until now. Among validators, 4 have participated yet in the governance voting and all have voted in favor of the proposal.

LUNC and USTC Price Performance

LUNC price has been trading sideways in the last 24 hours, with the price currently at $0.0001134. The 24-hour low and high are $0.0001127 and $0.0001155, respectively. Furthermore, trading volume has decreased further by 20% in the last 24 hours.

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Meanwhile, USTC price is also trading sideways at $0.02252. The 24-hour low and high are $0.02244 and $0.02319, respectively. The price is up 16% in this month. In addition. there are low trading volumes on spot and derivatives sides, with traders likely awaiting cues from the broader crypto market.

The post Terra Luna Classic (LUNC) Set For v3.0.1 Upgrade first appeared on The VR Soldier.

Dogecoin is experiencing a unique buzz in the ecosystem, revolving around the increasing speculation about obtaining approval for a DOGE spot ETF product tracking the coin in the near future.

Dogecoin is Showing Mixed Signals

While the largest focus in the digital currency ecosystem remained on Ethereum following the sanctioned spot ETH ETF, Dogecoin has received its fair share of attention. The passing of Kabosu, the dog that inspired the Dogecoin creation and the broader memecoin, sparked numerous tributes to the coin.

Even Tesla CEO and X owner Elon Musk shared a tribute post that helped incite a slight bullish run in the price of the coin. At the moment, DOGE is still maintaining some of its accumulated gains, rising 3.87% to $0.1706. While this instills confidence in a market experiencing mild consolidation, the 24-hour trading volume tells a different tale. He wrote: “OG Doge has ascended to heaven to be with his friend Harambe,” Musk wrote on X. The inclusion of the gorilla points to yet another piece of internet history.

X Bullish Open Interest Despite Lower Volume

Amidst the price surge, the trading volume has decreased by 54.31% to $1,428,386,003. This statistic is difficult to elucidate as price growth and volume are anticipated to exhibit some forms of correlation. At the present level, there’s a limited interest in the retail DOGE market and if sustained, might pull the price down this extended US Memorial Day season.

However, the Dogecoin Open Interest (OI) metrics paint another distinct bullish narrative. According to data from Coinalyze, Dogecoin open interest in the past 24 hours has surged by 6.86% to $895.7 million. While the retail sector might be filled with bearish interests, DOGE derivatives traders are excited about the market as indicated by the data.

Will SEC Approve DOGE ETF?

When spot Bitcoin ETF products launched in January, there was a general pessimistic anticipation that no other cryptocurrency will secure related approval. However, the speculations changed earlier this week when the SEC approved 8 spot Ethereum ETF products.

With this new product, many market advocates are now hopeful that memecoins like Dogecoin also have a fair chance to secure related approval in the future. Many of these memecoins like Dogecoin began as a joke, however, many of these tokens are making very significant pivots to offer utility.

From Shiba Inu’s endeavor to launch Shibarium to Floki’s introduction of TokenFi, the landscape is evolving. With this, expectations remain that mainstream adoption through ETFs may be attained later.

The post Dogecoin (DOGE) ETF Hype Trigger Conflicting Growth Indicators first appeared on The VR Soldier.

The Uniswap Foundation has announced that a vote on a proposal to create a new fee collection mechanism will take place before May 31. However, the announcement saw the platform’s native token UNI rise by more than 20%.

New Uniswap fee mechanism

The Uniswap Foundation has described an important step towards implementing autonomous fee collection and distribution in Uniswap V3 pools. “If the proposal is accepted, then ownership of the UniswapV3Factory mainnet will be transferred to a new instance of V3FactoryOwner. This vote will not include commissions; this will be implemented in a future proposal,” the Foundation explained.

In February, the Uniswap Foundation proposed a fee reward mechanism for UNI token holders to incentivize participation in governance. Early feedback showed strong support for the proposal, despite potential legal challenges from the US Securities and Exchange Commission (SEC) regarding the protocol.

Traditionally, all fees collected by the platform went to liquidity providers (LPs). The new proposal plans to distribute protocol fees to UNI holders who stake tokens.

Top platforms by commission size. Source: CryptoFees

According to CryptoFees, Uniswap earned approximately $3.2 million in fees in the last 24 hours, with an average of $3.4 million over the past week. The protocol processes approximately 30% of all transactions in the decentralized finance sector.

In parallel, the Uniswap Foundation disclosed that at the end of the first quarter it had $41.41 million in fiat and stablecoins, as well as 730,000 UNI tokens. During this period, the Foundation awarded $4.34 million in new grants and paid out $2.79 million in previously obligated grants.

“Fiat USD and stablecoins will be used to fund grants and operations, and UNI will be used to fund employee benefits,” the Foundation noted.

About UNI

Uniswap is an automated liquidity protocol for exchanging ERC-20 tokens and Ethereum cryptocurrency. It is GPL licensed open source software. Allows you to trade quickly and efficiently, eliminating intermediaries. Whenever possible, most actions are based on decentralization and with resistance to censorship in mind.

However, the Uniswap (UNI) is a token released on September 16, 2020 by the decentralized exchange of the same name. On the same day, it appeared on the Binance exchange listing . Since its creation, UNI has been actively growing, developing and self-sustaining under the full control of the community. The implementation of UNI (ERC-20 token) is necessary mainly to support the governance principles that help the protocol continue to develop further. UNI is released with the goal of ultimately turning it into a self-sufficient and autonomous infrastructure by supporting the principles of self-government.

The post Uniswap Pumps on Fee Mechanism Vote: UNI Up 20% as Foundation Reveals Assets first appeared on The VR Soldier.

Ethereum developers are actively preparing for the launch of the Pectra update. However, according to the documentation, it should take place by the end of the first quarter of 2025. Meanwhile, this significant update will introduce the Ethereum Virtual Machine Object Format (EOF), which includes approximately 11 network improvement proposals (EIPs).

The next major Ethereum update is expected in Q1 2025

One of the standout features of the Pectra update will be PeerDAS, a selective data access solution. In addition, PeerDAS leverages existing peer-to-peer network components on Ethereum to ensure efficient data distribution and availability. However, this innovation aims to strengthen network resiliency and performance while addressing ongoing scalability issues.

Interestingly, the developers will replace the account abstraction proposal EIP-3074 with a more advanced proposal, EIP-7702, introduced by Ethereum co-founder Vitalik Buterin. EIP-7702 allows external account holders (EOAs) to function as wallets during transactions. Meanwhile, this greatly simplifies the user experience and improves security.

“This EIP is designed to be highly compatible with the final account abstraction without unnecessarily locking in ERC-4337 or RIP-7560 details,” the proposal states. The Pectra architecture includes two key components – Prague at the execution level and Electra at the consensus level. Together, they aim to optimize transaction processing and consensus mechanisms on the network, ensuring a more reliable and efficient blockchain operation. Meanwhile, the final scope of Pectra is still being discussed, some proposals, such as the integration of Werkle trees, may be delayed until a future hard fork called Osaka.

Solving the MEV Problem

MEV refers to the profit that block producers can make by rearranging, including, or excluding transactions within a block. MEV allows those producing Ethereum blocks to manipulate transactions to generate additional profits. Such actions may give an advantage to those with more resources and technical know-how. In addition, this undermines trust in the network, making it difficult to compete. Buterin describes two main approaches to combating the MEV problem: minimization and quarantine.

Minimizing MEV reduces unfair value extraction using protocols like CowSwap. Encrypted transaction pools hide transaction details until they are confirmed: this approach allows all participants to participate in block creation, regardless of resources or technical skills.

The post The next Ethereum update is scheduled for the first quarter of 2025 first appeared on The VR Soldier.

Solana (SOL) exited the ascending channel on May 20th. Since then, the price of the altcoin has fallen by 13%. Moreover, as selling pressure intensifies, SOL risks moving below the 20-day exponential moving average (EMA) and continuing its correction. These events unfold as FTX reportedly completes the sale of all its SOL holdings.

Solana Bears enjoy success

The double-digit decline in SOL price in recent days has pushed it towards the 20-day EMA. A fall below this line is generally considered a bearish signal and is seen as a move from accumulation to distribution.

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The fall in the SOL Cash Flow Index (MFI) confirms the increasing influence of sellers. At the moment, the indicator is below the neutral level of 50, indicating the readiness of market participants to get rid of the altcoin.

Futures market participants believe in SOL growth

The drop in the price of SOL over the past few days has led to a surge in liquidations of long positions in the futures market. However, between May 20 and May 23, traders using leverage lost $19 million.

Financing rate SOL . Source: Coinglass

However, despite this, the funding rate remains positive, amounting to 0.014% at the time of writing. This suggests that derivatives market participants continue to believe that Solana’s price will rise and are opening more longs.

If the trend continues and the bulls regain control of the spot market, the price of the altcoin could rise to $169.94. However, increasing selling pressure could cause SOL to fall to $151.95.

FTX sold out Solana

 According to sources familiar with the matter, Pantera Capital and  Figure Markets purchased a block of 800,000 SOL for approximately $80 million—thus, the price of one token was $102. This significant discount reflects the urgency of FTX’s efforts to liquidate its remaining assets. Kyle Chasse, founder of Master Ventures, noted the importance of these deals. “This event closes a significant chapter in the liquidation of FTX’s assets,” he said .

Pantera Capital also participated in the auction, although details of their purchase were not disclosed. The company’s ongoing interest in Solana underscores its strategic approach to investing: Pantera previously attempted to raise $250 million to purchase tokens from FTX.

In the past, selling Solana at a significant discount has resulted in a noticeable drop in the asset’s price. However, this time the news did not have any impact on the asset price. According to data from the VR Soldier, SOL is trading at $168.5, having lost 1.73% in the last 24 hours.

Occurring in November 2022, the FTX collapse became one of the most notorious cases in the crypto industry. The exchange owes customers and creditors more than $11 billion. Despite these obligations, FTX disclosed the availability of free cash in the amount of $16.3 billion, which allowed it to fully repay its debts, including interest.

The exchange’s ability to find available cash and its aggressive asset liquidation efforts provide a positive outlook for the recovery plan. FTX’s amended Chapter 11 plan, pending court approval, aims to ensure a fair distribution of assets among clients.

The post Solana (SOL) Price Correction: Can Bulls Regain Control? first appeared on The VR Soldier.

Binance, a leading cryptocurrency exchange platform, has unveiled an exciting addition to its ‘Hodl & Earn’ promotion series. However, the latest segment, dubbed ‘Binance Learn & Earn‘, offers users a chance to expand their blockchain knowledge while earning rewards in nervos network CKB and PORTAL tokens.

Binance Initiative: CKB and PORTAL Rewards

Running from 2024-05-21 09:00 (UTC) to 2024-06-04 09:00 (UTC), the program is open to all KYC-verified users. In addition, participants can access a variety of courses and quizzes, completing them to earn predetermined amounts of CKB and PORTAL tokens. Meanwhile, rewards are distributed on a first-come, first-served basis, and users can start engaging with the content at any time during the program duration.

Users can complete each course only once, with a maximum of one reward per completed course. Additionally, caps will be placed on the rewards available per eligible user based on their country/region. The earned CKB and PORTAL tokens will be automatically locked in Simple Earn Locked Products for 150 days, offering users a 10% APR.

To receive rewards, participants must complete KYC verification. Illegally bulk registered accounts or sub-accounts will not qualify for rewards. Binance reserves the right to terminate the activity at any time without prior notice and holds final interpretation authority over the activity. The terms and conditions may be subject to change or modification at Binance’s discretion.

About Nervos Network (CKB)

Nervos is an open-source modular blockchain network constructed from the ground up to ensure security, decentralization, flexibility, and interoperability. At its core is CKB, which stands for Common Knowledge Base, the cornerstone of the Nervos Network.

Launched in 2019, CKB has significantly evolved its role within the blockchain ecosystem. Moreover, the CKB core team, in collaboration with the CKB Eco Fund, CELL Studio, and other pivotal players within the Nervos ecosystem, initiated the “BTCKB” endeavor in 2024.

The “BTCKB” initiative aims to tightly couple Bitcoin and CKB. By leveraging the resemblances between them, such as PoW consensus and the UTXO model, CKB can advance the Bitcoin blockchain with robust new smart contract capabilities and bring Bitcoin L1 assets to CKB. Moreover, CKB has been secured by ASICs mining since 2020, and the initial halving of CKB issuance occurred in 2023.

About PORTAL

Portal is a platform aimed at uniting games and players from various blockchain networks, creating a unified Web3 gaming ecosystem. Meanwhile, the technology makes games easier to access and distribute, making it easier for players to move from Web2 to Web3. The project’s signature feature is Portal Passport , a universal login solution that connects players’ identities and assets across games.

PORTAL is the native token of the platform; it is used for payments on the platform, for example, in marketplaces like Magic Eden or when buying/selling game assets. The PORTAL token also gives you the right to have a say in managing the future of the project and platform, and much more.

The post Binance Introduces New Learn & Earn Opportunity With CKB and PORTAL first appeared on The VR Soldier.

Ethereum co-founder Vitalik Buterin transferred 80 ETH to the Railgun crypto mixer. At the current exchange rate, the programmer’s transaction is valued at approximately $300 thousand. 

Vitalik Buterin supports online privacy tools

The Ethereum co-founder regularly sends funds through Railgun. However, recently it turned out that the North Korean hacker group Lazarus Group is using the cryptocurrency mixer. According to some estimates, cybercriminals have already managed to launder more than $60 million worth of Ethereum through the service.

Vitalik Buterin’s latest transaction on Railgun. Source: Arkham Intelligence

Vitalik Buterin responded to the news of his transfer and Railgun’s connection to Lazarus, saying that “confidentiality is normal.” According to him, the crypto mixer uses a security pools protocol, which makes it difficult for attackers to join and does not violate user privacy.

How does Railgun work?

Railgun is an EVM-compatible privacy protocol that enables anonymous transactions in the decentralized finance (DeFi) sector. 

In a recent interview, a Railgun representative explained that the service is powered by zero-knowledge proofs (zk-SNARKs).  In addition, with zk-SNARKs, the crypto mixer ensures user privacy in decentralized applications (dApps).

One of the functions of Railgun is the so-called private proof of innocence. However, this feature allows you to prove that users did not interact with scammers on the blockchain and are not connected with them in any way.

Crypto mixer also includes auditing functions. Meanwhile, using a special private key, the user can show his transactions to third parties. Moreover, the latter will only be able to view the data, but not change it.

Crypto Mixers, Privacy, and the Lazarus Problem

Railgun became for the Lazarus Group an alternative to another cryptocurrency mixer – Tornado Cash, which came under sanctions from the US government in August 2022. However, according to regulators, more than $9 billion in criminal funds have been laundered through the service since 2019.

Almost immediately, law enforcement agencies arrested the developers of Tornado. Roman Storm and Roman Semenov are under house arrest. Moreover, Storm’s trial is scheduled for September this year.

Alexey Pertsev was sentenced to five years in prison last week. Prosecutors said he helped launder more than $1.2 billion through the mixer. Pertsev denies all accusations, and the crypto community supports him in this.

Previously, Tornado developers founded the JusticeDAO Foundation to raise money for legal proceedings. They managed to raise more than $350 thousand. Meanwhile, representatives of Coinbase and even Edward Snowden, who said that privacy is not a crime, contributed.

The post Vitalik Buterin Transfers 80 Ethereum to Railgun Amid Lazarus Group Connection first appeared on The VR Soldier.

Render (RNDR) is preparing to break the upper boundary of the ascending triangle. If the bulls get their act together, the altcoin has a chance to reach a new all-time high. Meanwhile, WienerAI stands out as a game-changer, offering users a sophisticated AI interface designed to empower them with unparalleled trading capabilities. WienerAI boasts an AI interface that is instant, predictive, and user-friendly.

Render encounters difficulties

Render’s rally could slow significantly as some key indicators hint at bearish dominance. At the time of writing, the points forming the Parabolic SAR indicator exceed the asset price. Market participants usually interpret this as a signal to exit long positions and enter short ones.

RNDR price analysis. Source: TradingView

The current value of the CMF RNDR money flow indicator is -0.01, which also hints at the development of a downward trend.

Render (RNDR) Price Forecast: Potential Correction

On-chain metrics confirm the possibility of a correction beginning. According to the analytical platform Santiment, weighted sentiment for RNDR was in the negative zone of -0.29, which demonstrates the prevailing negative sentiment among market participants regarding the asset.

Weighted mood Render. Source: Santiment

Additionally, the market value to realized value (MVRV) ratio of the token is 231.78%, highlighting potential selling pressure. However, If the trend continues and Render fails to break above the upper border of the triangle, it risks falling to $9.8. However, if this bearish forecast is refuted, the token price will exceed $12.

WienerAI: Your Predictive Crypto Trading Partner

Users can simply pose questions related to their crypto investment needs, and WienerAI utilizes predictive technology to identify potential winners. In addition, with unbiased analysis and reasoning, WienerAI delivers valuable insights to traders.Never miss out on lucrative opportunities again. 

WienerAI not only identifies potential gainers but also facilitates seamless swaps across various Decentralized Exchanges (DEXs) to ensure users secure the best prices effortlessly. Embracing a decentralized philosophy, WienerAI refrains from charging any fees. However, this approach enables users to maximize their gains without worrying about additional costs eating into their profits.

Guarding against frontrunning by MEV bots, WienerAI ensures users stay ahead of the competition. MEV bots exploit price differences on DEXs, but WienerAI’s advanced technology preemptively protects traders from such predatory practices. 

WienerAI: Where Canine and Machine Intelligence Meet in Crypto Trading

WienerAI represents the convergence of canine and machine intelligence, leveraging the power of AI and blockchain technologies. Moreover, Built on the Ethereum Network, WienerAI finds its ideal environment to thrive and evolve. As an ERC20 token on the Ethereum Blockchain, $WAI serves as the native token of WienerAI, facilitating seamless transactions within the platform. WienerAI is not just a static solution but an ever-evolving platform.

With modular technological capabilities and a commitment to staying at the forefront of AI advancements, WienerAI remains infinitely upgradable to meet the evolving needs of traders. In summary, WienerAI transcends the traditional notion of a trading bot, emerging as a sophisticated crypto trading partner equipped to provide users with the competitive advantage they seek in the dynamic world of cryptocurrency.

The post RNDR Price Faces Resistance, WienerAI The Next-Level Crypto Trading Partner first appeared on The VR Soldier.

Litecoin (LTC), one of the oldest assets in the crypto market, has not impressed with its dynamics: unlike many altcoins that have updated all-time highs, it still cannot break above the important psychological level of $100. On the other hand, Bitbot, amid its rapid-selling presale, is garnering tremendous attention. It has already amassed $3.7m and is presently in stage 14, with a presale price tag of $0.0189.

Litecoin Bullish Signal: Ichimoku Daily Cloud Test

LTC recently tested the lower boundary of the Ichimoku daytime cloud. This development suggests potential upside, especially if Bitcoin continues its move towards $73,000. A successful cloud breakout could push the altcoin towards the important $93 resistance level.

LTC/USDT (1D). Source: TradingView

The Ichimoku Cloud provides additional support at $85.70. To maintain the bullish trend, Litecoin must remain above it. On the other hand, the amount of $85.09 (38.2% Fibonacci Retracement ): This level serves as the first line of defense for LTC. Loss of support could signal a weakening bullish trend and lead to further correction.

$83.74 (50% Fibonacci level): The 50% retracement level is a critical support zone. A fall below it will indicate a potential trend reversal.

Litecoin (LTC) Forecast

If LTC breaks through the Ichimoku Cloud, the next significant resistance level to watch is $93. There could be significant selling pressure at this level. On the contrary, a fall below $81 could signal a potential trend reversal, which requires caution.

LTC/USDT (4H). Source: TradingView

The Spent Output Profit Ratio (SOPR) and its adjusted version (aSOPR) for Litecoin are greater than 1, indicating that more LTC transactions are being made at a profit. This is a strong bullish indicator as it reflects positive market sentiment and fundamental strength. Meanwhile, although the altcoin is showing encouraging signals, testing the Ichimoku cloud and maintaining positive SOPR and aSOPR values, traders should watch for a breakout of the $81 level, which could indicate a change in trend.

Why is Bitbot perceived as a top crypto investment opportunity?

The Telegram bot market is hovering around the $1 billion mark as of writing. For example, Banana Gun, Unibot, and various AI-powered tokens dominate it. Bitbot has entered this swiftly expanding market with over 106 million lifetime trades. In addition, It currently averages over 400k transactions per day.

At the core of Bitbot’s value proposition are its advanced AI tools. For example, the Jewel Scanner tool utilizes cutting-edge proprietary AI technology to reveal bargain-priced crypto jewels and high-potential presale opportunities. Additionally, the mimic trading feature enables novices to imitate successful trades from seasoned users, gaining knowledge while generating profits.

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Bitbot is the sector’s inaugural non-custodial security solution in collaboration with acclaimed cybersecurity firm Knightsafe. Bitbot’s commitment to user security is illustrated by its “not your keys, not your crypto” philosophy. It eliminates the necessity for third-party involvement in transactions when trades are executed.

Can Bitbot outshine BNB’s price performance this year?

While the BNB price fluctuates, following remarkable early growth in the first quarter of 2024, pundits are awaiting the result of the Bitcoin halving event to observe if BNB will soar. Meanwhile, Bitbot investors harbor fewer worries as the presale swiftly sells out. Bitbot holders will possess a share of up to 50% of transaction fees. Now, there’s no doubt that Bitbot stands as one of this year’s premier crypto investment opportunities.

So, if you’re seeking an exhilarating, groundbreaking crypto investment this year, look no further than Bitbot. Don’t let FOMO triumph; acquire your Bitbot coins today. This dedication to security without compromising the trading experience positions Bitbot as one of the foremost crypto investment opportunities in 2024. This abundant growth potential has led to analysts projecting 50x-100x returns by the conclusion of 2024.

The post Is Litecoin (LTC) Poised for a Breakout? AI-Powered Bitbot Surges in Popularity During Presale first appeared on The VR Soldier.

The Fantom Foundation recently received a resounding vote of confidence from its community with nearly unanimous approval (99%) for the first proposal regarding the upcoming Sonic network. However, this green light paves the way for the introduction of Sonic, a brand new layer-1 blockchain boasting its own native token, $S.

Fantom Community Approved The Sonic Proposal

According to Fantom’s post on social media account X (formerly twitter), the Fantom Foundation announced that its community has voted in favor of the first Sonic-related proposal, with a support rate of 99%. Meanwhile, the FTM token will be compatible with Sonic’s new token S and will be exchanged at a 1:1 ratio upon its release.

The arrival of Sonic signifies a major leap forward for the Fantom ecosystem. In addition, its designed to address the limitations of the existing Opera network, Sonic promises significantly faster transaction speeds and superior overall performance. Moreover, this positions Sonic to become a primary platform for future developments within the Fantom landscape.

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A key feature of the proposal involves the launch of the Sonic Network itself, a high-throughput blockchain that will operate alongside the current Opera network. However, this new network will be powered by its own native token, $S.

To ensure a smooth transition for existing Fantom users, the proposal includes a mechanism for FTM holders to migrate their tokens to the new $S token at a 1:1 ratio during the launch of the Sonic chain. Initially, this migration is expected to be a two-way street, allowing users to seamlessly swap between $FTM and $S. On the other hand, and in the long-term plan, however, anticipates a shift towards a one-way migration from FTM to $S.

Sonic is Fueling Growth

The Fantom Foundation has pledged its unwavering support for the Opera network. However, Fantom Operations Ltd will continue to dedicate validator resources to ensure the smooth operation of Opera for the foreseeable future. This commitment underscores the Foundation’s desire to provide users with a choice and a comfortable transition path as they explore the potential of the new Sonic network.

Furthermore, the Fantom Foundation is demonstrating its commitment to the long-term success of Sonic by allocating a significant portion of its treasury funds to fuel the development of the Sonic ecosystem. Meanwhile, this investment will be directed towards initiatives such as market development, business expansion, and the creation of migration grants to incentivize key Fantom developers to build on the Sonic network.

The successful passage of this initial proposal marks just the beginning of the journey for Sonic. The Fantom Foundation recognizes the importance of community involvement and will continue to empower its users through a series of upcoming governance votes. Moreover, these votes will provide the community with a platform to shape the future of Sonic by offering their input on a range of proposals, including airdrop programs, liquidity initiatives, and the allocation of additional grants. With the launch of Sonic and the active participation of its community, the Fantom ecosystem is poised for a period of significant growth and innovation.

The post Fantom Foundation’s Community Approves First Sonic Proposal With 99% Support first appeared on The VR Soldier.