Recent detailed analyses by Token Terminal and Messari have provided an in-depth review of the TRON network’s activity during the first quarter of 2024, emphasizing its competitive positioning and expansive growth within the blockchain sector.

Token Terminal Analysis

Token Terminal’s comprehensive report offers crucial insights into key data points and metrics of the TRON networks, setting it apart from comparable blockchain networks:

Daily Transaction Fees: TRON leads with $4.4 million in daily transaction fees, significantly higher than its peers, highlighting the network’s robust activity and utility.

Daily Active Users: Averaging 1.6 million daily active users across Q1, TRON is a leading blockchain for user activity, demonstrating a vibrant and engaged user base that supports continuous network growth.

Transaction Volume and Efficiency: TRON’s high transaction volume and operational efficiency underscore its strong infrastructure, which is optimized to handle extensive activity without compromising speed or cost.

Messari’s Comprehensive Insights

Messari’s report showcases key areas of TRON’s growth and strategic advancements:

Revenue and Market Expansion: With a 15% increase in market cap and record Q1 revenue of $128.1 million, TRON has solidified its place among the top revenue-generating blockchain networks.

DeFi and Stablecoin Sector Growth: TRON’s DeFi sector saw a 25% increase in TVL, while its stablecoin market cap, dominated by USDT, grew by 8%, further anchoring its pivotal role in the global stablecoin market.

Layer-2 Development for Bitcoin: The TRON DAO’s introduction of a Layer-2 solution for Bitcoin marks a pivotal development, aiming to integrate the TRON network, BitTorrent Chain, and Bitcoin networks to boost scalability and functionality.

Further Insights

Both reports highlight TRON’s resilience and strategic adaptability. Messari notes the network’s deflationary token model as a key factor in its economic stability. Token Terminal’s analysis of TRON’s transactional efficiency and user engagement sheds light on its capacity for sustaining growth and increasing adoption.

For a more granular look at TRON’s performance metrics and strategic initiatives, the full reports can be accessed through Token Terminal and Messari’s platforms. Keep up with TRON DAO for the latest updates and developments as we continue to push the boundaries of decentralization and blockchain innovation worldwide.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of May 2024, it has over 230.22 million total user accounts on the blockchain, more than 7.64 billion total transactions, and over $22.12 billion in total value locked (TVL), as reported on TRONSCAN.

In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.

TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

Media Contact

Hayward Wong

press@tron.network

The post Token Terminal and Messari Release Research Reports on TRON Network For Q1 of 2024 appeared first on Cryptopress.

What is Sui?

Sui is not just another blockchain; it’s a reimagined platform designed to overcome the limitations of traditional blockchains like Ethereum and Bitcoin. By combining a novel architecture, a unique programming language (Move), and a focus on parallel transaction processing, Sui is poised to usher in a new era of scalability, speed, and developer-friendliness in the world of decentralized finance (DeFi).

How Sui Works:

Unlike most blockchains that employ a sequential transaction processing model, Sui embraces parallel processing. This means that multiple transactions can be processed simultaneously, drastically increasing throughput and reducing latency. This is akin to upgrading from a single-lane road to a multi-lane highway, allowing for a much smoother and faster flow of traffic.

Sui achieves this through its unique object-centric data model. In Sui, every piece of data is treated as an independent object that can be owned, transferred, and modified. This is in contrast to account-based models like Ethereum, where transactions involve changes to the state of accounts. Sui’s object-centric model allows for greater flexibility and easier parallel processing, as transactions involving different objects can be executed independently.

Key Points:

Parallel Processing: Sui’s core innovation enables transactions to occur simultaneously, boosting speed and scalability.

Object-Centric Model: Data is treated as independent objects, allowing for more flexible and efficient transaction processing.

Move Programming Language: A secure and developer-friendly language designed specifically for blockchain development.

A Brief History of Sui

Sui’s origins trace back to Mysten Labs, a company founded by former Meta (formerly Facebook) engineers who played pivotal roles in developing the Diem blockchain project. While Diem ultimately faced regulatory hurdles, the team’s experience and expertise laid the foundation for Sui.

Launched on the Devnet in May 2022, Sui quickly garnered attention from the developer community due to its innovative architecture and potential to solve some of the most pressing challenges facing blockchain technology. This led to a successful Testnet phase, where the network was stress-tested and refined.

The Mainnet launch in May 2023 marked a significant milestone for Sui. The network is now live and open to users, developers, and businesses.

Timeline:

2021: Mysten Labs founded

May 2022: Devnet launch

May 2023: Mainnet launch

Distinctive Features: Speed, Scalability, and Developer Experience

Sui’s unique combination of features sets it apart from other blockchain platforms:

High Throughput: Sui’s parallel processing capabilities enable it to handle a massive number of transactions per second, far exceeding the capacity of most existing blockchains. This makes it ideal for applications that require high throughput, such as gaming, decentralized exchanges, and NFT marketplaces.

Low Latency: Transactions on Sui are confirmed almost instantly, thanks to its fast finality mechanism. This is crucial for applications that require real-time responsiveness, such as financial trading and online auctions.

Developer-Friendly: Sui’s Move programming language is designed to be secure, expressive, and easy to learn. It provides developers with a familiar syntax and a set of powerful tools for building decentralized applications.

Scalability: Sui’s architecture is inherently scalable, meaning it can handle increasing demand without sacrificing performance. This makes it a future-proof platform that can grow with the needs of its users.

Governance: A Community-Driven Approach

Sui’s governance model is still evolving, but the goal is to create a decentralized and community-driven ecosystem. The Sui Foundation, a non-profit organization, plays a key role in supporting the development and adoption of the Sui network.

Sui Foundation’s Roles:

Supporting Development: Funding research and development initiatives

Community Engagement: Fostering a vibrant community of developers, users, and businesses

Ecosystem Growth: Promoting the adoption of Sui in various industries

The long-term vision is for Sui to transition to a fully decentralized governance model, where token holders will have a say in the direction of the platform. This will ensure that the network remains aligned with the interests of its users.

Fact Sheet: Sui at a Glance

Aspect Details Project Smart contract 0x2::sui::SUI Official Website https://sui.io/ Explorer https://suiscan.xyz/mainnet/home Max. Market Cap 10.000.000.000 ICO Date May 2, 2023 Documentation https://docs.sui.io/ Whitepaper https://github.com/MystenLabs/sui/blob/main/doc/paper/sui.pdf Social Accounts Twitter: @SuiNetwork, Discord: https://discord.com/invite/sui

Conclusion

Sui represents a significant leap forward in blockchain technology. Its innovative architecture, focus on scalability, and developer-friendly environment make it a promising platform for the future of DeFi. As the Sui ecosystem continues to grow and mature, we can expect to see a wave of new and exciting applications that leverage its unique capabilities.

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Crypto markets react to US jobless claims report

Bitcoin and Ethereum see a slight drop following the report

Solana continues to outperform, gaining 10% in the last week

Analysts predict a potential return to all-time highs for Bitcoin

Notcoin enters the market with a $1 billion valuation

Market Reaction to US Jobless Claims Report

On May 16, 2024, crypto markets reacted to the latest U.S. jobless claims report, with Bitcoin dropping to $65,000 and Ethereum below $3,000. This dip comes amid mixed reactions from traders and analysts, with some predicting continued bullish momentum due to various factors, including the pending “mega meme cycle,” altcoin season, and a correlation with Ethereum’s price.

Solana’s Outperformance in a Volatile Market

Amidst the market turbulence, Solana has continued to outperform, gaining 10% in the last week. This performance has positioned Solana as the top gainer in the top ten by market cap, trading at US$162.80 (AU$243.50). The surge in Solana’s price can be attributed to its fast transaction speeds and low-cost DeFi services, making it an attractive option for investors seeking opportunities in the crypto market.

Market Outlook and Predictions

Despite the recent market dip, analysts like Peter Brandt and QCP Capital remain optimistic about the future of the crypto market. They forecast a potential return to all-time highs driven by easing inflation, sovereign and institutional adoption, and the upcoming U.S. elections. Additionally, the Oklahoma “Bitcoin Rights” bill, which protects citizens’ rights to self-custody Bitcoin and use crypto for legal transactions, is seen as a positive development for the market.

Notcoin’s Entry and Market Impact

On May 16, 2024, Notcoin (NOT) entered the market with a $1 billion valuation, attracting over 35 million users and achieving $294 million in trading volume within an hour. This new entrant has the potential to shake up the market and create new opportunities for investors, further fueling the growth of the crypto ecosystem.

As the crypto market continues to evolve, it is essential for investors to stay informed about the latest developments and trends. While recent market dips may cause concern, the resilience of assets like Solana and the optimistic outlook from analysts suggest that the market has the potential to recover and reach new heights. As new entrants like Notcoin enter the market, investors should remain vigilant and consider the potential impact on the overall market dynamics

The post Solana’s Performance in a Volatile Crypto Landscape appeared first on Cryptopress.

S&P Global Rankings emphasizes the importance of tokenization for asset managers.

Public blockchains offer significant efficiency benefits over legacy financial architectures.

Tokenization can revolutionize the way assets are managed, traded, and settled.

The Rise of Tokenization in Asset Management Tokenization has emerged as a powerful tool for asset managers, offering a range of benefits that can help streamline operations and improve overall efficiency. The Key to Efficiency and Transparency Public blockchains, such as Ethereum, provide a decentralized and transparent platform for tokenization. By leveraging the power of public blockchains, asset managers can benefit from increased efficiency, reduced costs, and enhanced transparency.

Tokenization

A Game-Changer for Asset Managers Tokenization has the potential to revolutionize the way assets are managed, traded, and settled. By representing real-world assets as digital tokens on a blockchain, asset managers can unlock a range of benefits, including increased liquidity, fractional ownership, and streamlined settlement processes.

According to a report by Deloitte, the global tokenization market is expected to grow from $1.9 billion in 2020 to $4.8 billion by 2025, at a compound annual growth rate (CAGR) of 19.5%.

#AI and #Tokenization are joining up to create a more effective and structured future. Tune into the latest #TECHTalks #podcast with host @RaquelBuscaino to hear more. https://t.co/3Y57RYC4JB pic.twitter.com/by9gSuqx35

— Deloitte Technology (@DeloitteOnTech) May 14, 2024

Conclusion

Tokenization has the potential to revolutionize the way assets are managed, traded, and settled. By leveraging the power of public blockchains, asset managers can benefit from increased efficiency, reduced costs, and enhanced transparency. As the global tokenization market continues to grow, it is becoming increasingly important for asset managers to embrace this innovative technology.

The post S&P Global Rankings Advocates for Tokenization in Asset Management appeared first on Cryptopress.

Bitcoin and Ethereum

Despite the prevailing market volatility, Bitcoin’s underlying fundamentals remain strong. This resilience is evident from the steadfast behavior of long-term holders and a significant drop in mining difficulty. Ethereum, on the other hand, has been facing security challenges, with the platform suffering 57% of the exploits and hacks in the first quarter of 2024.

Other Narratives

Stellar performance from memecoins eclipsed Bitcoin and altcoin gains, with an average return of 1312.6%. Memecoins like Brett and Book of Meme have garnered significant returns.

In the AI narrative, all large-cap AI tokens experienced gains, with AIOZ Network and Fetch.ai leading the way. The DeFi narrative achieved moderate returns, with Ribbon Finance as the most profitable large-cap token. DePIN recorded losses in the first half of the quarter but managed to end with an 81.0% return.

In Focus: Pepe Coin

Market Performance: Despite last days’ bearish trend in the crypto market, Pepe Coin emerged as a standout performer. 

GameStop Trader Influence: An infamous trader, known for the GameStop rally in 2021, has returned, causing a frenzy in financial markets. This has contributed to Pepe Coin’s surge, with a 30% increase after the trader’s activity was noted.

Market Speculation: Analysts are observing a shift from utility tokens to meme coins, with Pepe Coin’s market capitalization potential being a topic of discussion. There is speculation about whether Pepe Coin will continue to rise or if a market correction is imminent.

The post Crypto Market Update: May 15, 2024 appeared first on Cryptopress.

Single View to Trade Crypto and Stocks, Options, Futures, Currencies, Bonds, Funds, ETFs and More

Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced the launch of cryptocurrency trading in the United Kingdom as a new addition to its platform. Individual and institutional investor clients of Interactive Brokers (U.K.) Limited (IBUK), including financial advisers, can now trade crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) alongside the broad range of investment products available through Interactive Brokers from a single unified platform.

Eligible clients of IBUK can transact and view balances through a single platform that provides a unified view of their IBUK securities brokerage account and their crypto account at Paxos Trust Company. Clients benefit from the convenience of centralized cash management and can trade BTC, ETH, LTC and BCH plus stocks, options, futures, currencies, bonds, mutual funds, ETFs, and more from a single screen. This eliminates the need for investors to trade through different trading platforms and allows financial advisers to efficiently manage portfolios and allocate a percentage of client assets to cryptocurrency.

“Interactive Brokers offers a wide selection of global investment products, sophisticated technology and competitive pricing,” said Gerald Perez, Chief Executive Officer at Interactive Brokers (U.K.) Limited. “Introducing cryptocurrency trading gives UK clients enhanced flexibility to invest across markets and asset classes while also adding exposure to digital assets.”

Cryptocurrencies are denominated in USD on Interactive Brokers’ platform, and clients can convert GBP (or other currencies) to USD with spreads as tight as 1/10 of a PIP. As with any product on the Interactive Brokers platform that is denominated in a currency different than the currencies a client holds in their account at the time:

clients with cash accounts can also take advantage of FX auto-conversion of their GBP or other currency balances,1 while

clients with margin accounts can either automatically borrow USD (or whatever currency is needed to trade the product they want to purchase) or can choose to convert currencies at Interactive Brokers’ highly competitive rates.

Cryptocurrency commissions for IBUK clients are a low 0.12% – 0.18% of trade value, depending on monthly volume, with a USD 1.75 minimum per order. In addition, clients are not charged any added spreads, markups, or custody fees.

Interactive Brokers (U.K.) Limited is registered with the Financial Conduct Authority as a crypto assets firm under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Crypto assets are unregulated in the UK and are not subject to the Financial Services Compensation Scheme (FSCS) or the Securities Investor Protection Corporation (SIPC). All exchange and custody services for clients of IBUK in connection with trading and holding cryptocurrency tokens and other digital asset tokens through IBKR platforms are provided by Paxos Trust Company (a New York Limited Trust Company licensed by the New York Department of Financial Services).

For more information about cryptocurrency trading, please visit: https://www.interactivebrokers.co.uk/en/trading/products-cryptocurrencies.php

1 IBUK is currently in the process of completing the rollout of FX auto-conversion to all cash-account clients. This feature is already available for standard individual accounts.

About Interactive Brokers Group, Inc.:

Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities, and foreign exchange around the clock on over 150 markets in numerous countries and currencies, from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. For the sixth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its June 9, 2023, Best Online Brokers Review.

Contacts

Contacts for Interactive Brokers Group, Inc. Media: Katherine Ewert, media@ibkr.com

The post Interactive Brokers Launches Cryptocurrency Trading for UK Clients appeared first on Cryptopress.

Ethereum Layer 2 Transactions Soar, Fees PlummetEthereum’s transactions are hitting record highs, leading to a significant drop in transaction fees. The average fee on the Ethereum network has reached a new low of $1.712, signaling increased efficiency and user adoption.

Key inflation data scheduled for release this week, and traders are predicting its impact on these cryptocurrencies. 

Crypto NarrativesThe crypto narratives that are gaining the most traction today are memecoins, GameFi, and AI. Memecoins recorded the highest returns of 1312.6% on average across its top tokens in Q1 2024. GameFi and AI narratives also recorded significant returns. Among the large-cap AI tokens, AIOZ Network (AIOZ) led with 480.2%. In the GameFi sector, Echelon Prime (PRIME) stood out with 124.0%.

In focus: Coinbase Coinbase, the largest U.S. cryptocurrency exchange, is in focus today. Despite beating Q1 earnings expectations, COIN shares dropped as much as 4% in after-market hours. This development has put ETFs with double-digit exposure to Coinbase in the spotlight.

The post Crypto Market Update: May 14, 2024 appeared first on Cryptopress.

Evertas, the world’s first crypto insurance company, now offers worldwide coverage of up to $360M per location for mining equipment. These policies, the largest in the world and an order of magnitude beyond any similar policies, are available in 12- or 18-month terms.

“This is a dramatic increase from our 2023 coverage limits,” said Thomas Shewchuck, Head of Underwriting at Evertas. “Our capacity has grown from a $200M limit to $360M. We want people to know that we have substantially more coverage available for their mining equipment and operations, almost anywhere in the world.”

Evertas’ expanded mining equipment insurance coverage is used by miners to insure their ASICs and GPUs against operational perils such as fire, theft, vandalism, wind events like tornadoes and hurricanes, or damage due to power disruption.

Evertas CEO J. Gdanski added, “Evertas knows that the mining industry is the backbone of crypto, and we believe that this shows our commitment to that critical sector.”

The 18-month policy is a demonstration of Evertas’ underwriting expertise. “While most mining policies are capped at 12 months,” said Keith Burkhardt, Evertas Head of Insurance, “Evertas’ cryptonative underwriters provide the confidence to lengthen the policy period.” This extended policy term gives miners additional operational certainty and demonstrates Evertas’ continued commitment.

Learn more about Evertas’ insurance offerings here: https://evertas.com.

About Evertas

Evertas Inc. is a Florida-based insurance company focused on covering the full spectrum of risks for institutional holders of cryptoassets and blockchain technology including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals, and for artificial intelligence data operators. Licensed to operate as a Class 3A Insurer by the Bermuda Monetary Authority, Evertas was founded in 2017 by CEO J. Gdanski and President Raymond Zenkich.

Contacts

LEONA LAURIEleona.laurie@evertas.com

The post Increased Mining Property Line Now Available From Evertas appeared first on Cryptopress.

What is Elixir?

Elixir is a project aiming to revolutionize liquidity on decentralized exchanges (DEXs). Built with a modular DPoS network, Elixir acts as a central hub for orderbook DEXs to tap into, unlocking retail liquidity for various trading pairs. This cross-chain and composable infrastructure paves the way for exciting features and use cases within the DeFi space.

Airdrop Steps:

There’s no official confirmation regarding an Elixir Airdrop yet. However, based on community discussions and resources, here are some potential steps to qualify:

Connect your wallet: Visit the Elixir website and connect a compatible wallet like Ethereum or Sui.

Engage with the ecosystem: Interact with Elixir-powered products on DEXs or provide liquidity through USDC deposits.

Link your Discord and Twitter accounts.

Next, select the option “Mint ELXETH.”

Afterwards, you will gain access to unlock a Mystic chest.

To be eligible, you must contribute at least $100 in USDC to an Elixir-powered product.

Alternatively, you can deposit a minimum of $100 worth of ETH into the mainnet in order to mint elxETH and access the Mystic chest. By doing so, you will also receive a 50% bonus on the potions you earn from minting elxETH.

By supplying assets, you will accumulate points in the form of potions.

Engaging with other projects on Elixir will further increase the number of potions you earn.

If you sign up using the provided link, your potions will receive an extra 10% boost.

Additionally, referring your friends will earn you 10% of the potions from each person you refer.

Please note that it takes 24 hours for your earned potions to be updated.

For more information about the Apothecary Potions campaign, check out this tweet.

The team has announced their plan to release their own token called “ELX” in the future. It is likely that users who collect potions will receive an airdrop when the token becomes active.

*Please keep in mind that there is no guarantee that an airdrop will occur. It is speculative at this point.

Be Safe

Remember, airdrops can be a breeding ground for scams. Never share your private keys or wallet seed phrase with anyone. Always verify information directly from Elixir’s official channels before taking any action.

Elixir Airdrop Factsheet

Name Elixir Airdrop Status Unconfirmed Confidence Medium Sector DeFi Chains Ethereum, Sui

The post Elixir Airdrop appeared first on Cryptopress.

Bitcoin and Ethereum Navigate Choppy Waters Amid Market PressuresThe crypto market today sees Bitcoin (BTC) holding its ground above the $61,000 mark, despite facing selling pressures that could lead to a ‘panic’ sell-off if it falls below $60,000. Ethereum (ETH), on the other hand, has experienced a slight drop to $2,889, amid fears of tighter regulation and a significant sell-off by an Ethereum whale.

Macro Landscape: Inflation Begins to Fade?Federal Reserve Chairman Jerome Powell’s speech tomorrow at the Foreign Bankers’ Association could potentially trigger market volatility. Meanwhile, the release of the producer price index (PPI) data for April is expected to show a minor increase. Economists are particularly interested in the core PPI, which excludes food and energy, as it is predicted to rise by 0.2%. The annual core PPI would be 2.3%, slightly lower than the previous month’s 2.4%. On Wednesday, the consumer price index (CPI) will be released, with economists forecasting a slight decline from 3.5% to 3.4% for the annual headline rate.

Inflation Key Takeaways:

Federal Reserve Chairman Jerome Powell’s speech may impact market volatility.

The April producer price index (PPI) is expected to show a marginal increase.

The core PPI (excluding food and energy) is forecasted to rise by 0.2%.

The annual core PPI would be 2.3%, slightly lower than the previous month.

The consumer price index (CPI) will be released on Wednesday.

Economists predict a slight decline in the annual CPI headline rate from 3.5% to 3.4%.

Narratives Fueling the Market: Memecoins Lead the ChargeIn the realm of crypto narratives, memecoins have emerged as the frontrunners in Q1 2024, delivering staggering returns. Investors are also closely watching the developments in GameFi, AI integration in blockchain, and advancements in Layer 1 and Layer 2 solutions. Decentralized Physical Infrastructure Networks (DePIN) are gaining traction, hinting at a broader application of blockchain technology beyond traditional finance.

In Focus: TONToday’s spotlight shines on TON, the token of the Tonchain blockchain, which has seen a notable 7% rise. This surge is closely associated with the messaging service Telegram and comes amidst a broader market movement triggered by Bitcoin’s performance. TON’s ascent reflects the market’s appetite for tokens with practical applications and strong community backing.

The post Crypto Market Update: May 13, 2024 appeared first on Cryptopress.

Bitcoin and Ethereum Lead Market RecoveryThe crypto market today sees a significant recovery, with Bitcoin nearing $61,000 and Ethereum topping $3,100. This surge comes amid a broader market rebound, with Bitcoin rising over 2% to $62.9k on renewed global rate-cut optimism. Ethereum’s price movements mirror this positive sentiment, as the cryptocurrency continues to gain following its successful transition to Proof-of-Stake.

Narratives Driving the MarketAmong the narratives shaping the market, memecoins have shown remarkable performance, with meme-based tokens like Dogecoin and Shiba Inu experiencing surges of 3.4% and 2.6%, respectively. Gamefi and AI-related tokens are also gaining traction, with investors and enthusiasts closely watching these sectors for potential growth.

In focus: BitcoinBitcoin remains the coin in focus, maintaining its dominance in the headlines with its price around to the $61,000 mark. Several factors are currently affecting the Bitcoin market. One of the most significant is the ongoing regulatory scrutiny of cryptocurrencies. Governments around the world are grappling with how to regulate this new asset class, and their decisions could have a significant impact on the Bitcoin market.

The post Crypto Market Update as of May 10, 2024 appeared first on Cryptopress.

Bitcoin and Ethereum Lead Market RecoveryThe crypto market today sees a significant recovery, with Bitcoin nearing $61,000 and Ethereum topping $3,100. This surge comes amid a broader market rebound, with Bitcoin rising over 2% to $62.9k on renewed global rate-cut optimism. Ethereum’s price movements mirror this positive sentiment, as the cryptocurrency continues to gain following its successful transition to Proof-of-Stak³.

Narratives Driving the MarketAmong the narratives shaping the market, memecoins have shown remarkable performance, with meme-based tokens like Dogecoin and Shiba Inu experiencing surges of 3.4% and 2.6%, respectively. Gamefi and AI-related tokens are also gaining traction, with investors and enthusiasts closely watching these sectors for potential growth.

In focus: BitcoinBitcoin remains the coin in focus, maintaining its dominance in the headlines with its price around to the $61,000 mark. Several factors are currently affecting the Bitcoin market. One of the most significant is the ongoing regulatory scrutiny of cryptocurrencies. Governments around the world are grappling with how to regulate this new asset class, and their decisions could have a significant impact on the Bitcoin market.

The post Latest Developments and Trends in the Crypto Market as of May 10, 2024 appeared first on Cryptopress.

Astaria is a lending protocol shaking things up in the DeFi space. Let’s dive into what they offer and the buzz surrounding a possible airdrop.

Astaria: More Than Just an Airdrop Hopeful

Astaria isn’t just about a potential airdrop (more on that later). It’s a functioning lending protocol with innovative features:

Multi-Token Support: Borrow and lend across various ERC-20 tokens, ERC-1155 assets, and even ERC-721 NFTs, offering flexibility for users.

Fixed-Rate Loans: Unlike traditional DeFi lending with fluctuating rates, Astaria allows users to secure fixed-rate loans for predictable borrowing costs.

Unlimited Loan Duration: Borrowers can breathe easy with the option to choose loan terms that perfectly suit their needs, with no arbitrary time constraints.

Inclining-Rate Auctions: Astaria optimizes Loan-to-Value (LTV) ratios and maximizes potential returns for borrowers through a unique auction system.

Minimized User Interaction: Say goodbye to constant monitoring! Astaria streamlines the lending process, allowing users to set parameters and let the protocol handle the rest.

Airdrop Steps (not confirmed):

Disclaimer: There is currently no confirmed Astaria airdrop. These steps are based on a hypothetical scenario and common airdrop procedures.

Visit the Astaria App: Head over to the Astaria application page.

Connect Your Wallet: Connect your Base wallet to interact with the Astaria protocol.

Fuel Up: Ensure you have enough ETH (for gas fees) and the tokens you wish to lend or borrow. You can acquire ETH from exchanges like Binance [4].

Set Your Lending/Borrowing Preferences: Navigate to the “Intents” section and choose the type of collateral you’re willing to accept and the asset you want to lend or borrow.

Finalize the Transaction: Enter the desired amount and confirm the transaction details.

Earn Points & Climb the Ladder: You’ll earn points based on your transaction value. Remember, daily check-ins grant you 100 points as well!

The Point System: A Potential Key to the Airdrop

Astaria has launched a points program where users can accumulate points by lending or borrowing on the platform. While there’s no official confirmation, speculation suggests these points might play a role in a potential future airdrop if Astaria launches its own token.

Is the Astaria Airdrop real?

There is currently no official confirmation from Astaria regarding an airdrop. However, there is speculation and community discussion surrounding this possibility. Some predictions assign a very low chance of an Astaria airdrop happening before June 30th, 2024.

Factsheet:

Name Astaria Airdrop Status Unconfirmed Confidence Medium Sector Lending Chains Potentially Ethereum on Base (ERC-20)

Be Careful!

The prospect of an airdrop is exciting, but approach it with a healthy dose of caution:

Official Announcements Only: Only participate in an airdrop if there’s a clear and official announcement from the Astaria team. Never share your private keys or seed phrases for any airdrop.

Eligibility Matters: If an airdrop happens, there might be specific requirements to claim it. Make sure you understand the criteria before getting involved.

Don’t FOMO: Don’t let airdrop hype cloud your investment judgment. Always prioritize responsible financial strategies.

The post Astaria Airdrop appeared first on Cryptopress.

In 2024, Bitcoin’s scalability challenges will continue to hold it back from fulfilling its potential and serving a growing range of use cases. Now zkBTC, a project backed by industry-leading incubation and marketing firm Lunar Digital Assets, has emerged from the market with a mission that is as principled as it is promising: to scale Bitcoin for a holistic array of use cases, serve rising demand for Ordinals and BRC20s, and facilitate mass market adoption. 

Trending under the label, “a modern Web3 ecosystem for the Bitcoin community”, and powered by industry-leading zero-knowledge tech, zkBTC is taking a unique approach to resolving Bitcoin’s scalability challenges. zkBTC leverages Polygon Labs’ high-performance scalability stack to employ an EVM-equivalent chain with full smart contract functionality for Bitcoin-native assets. This design choice remains true to Bitcoin’s original mandate for secure, decentralised infrastructure, vastly improves the network’s throughput, drives down costs, and opens up a new

world of decentralised applications and tooling to drive Bitcoin’s rising Ordinals, Runes and BRC20 communities. zkBTC has arrived on the scene with conviction, rigorous principles, a unique go-to-market strategy, and a strong incubator with deep industry expertise and an impressive track record at the steering wheel. 

A Promising Project Guided by Industry Leaders 

While zkBTC’s founding cast has not yet been publicly revealed, sources have confirmed that premier Web3 incubator and marketing agency Lunar Digital Assets (LDA) is working closely with zkBTC. Having already generated more than $20 billion of value for its clients and delivered a number of zero-to-one industry hits for the Web3 industry, LDA’s success stories of past and present speak volumes about the firm’s branding know-how and keen market sense. Among the many winning projects to which LDA has contributed, standouts include Polygon’s industry-leading Layer 2 scalability solution, QuickSwap’s premier DeFi suite, Persistence’s liquid staking protocol, Dogechain’s Layer 1 EVM ecosystem, and Kinetix’s rising DeFi hub. Each and every project that joins forces with LDA seems to end up with a powerful, notorious brand – not to mention on-chain data that spells success.

Exploring zkBTC: A High-Performance 

Decentralized Scaling Solution 

When it comes to tech, zkBTC is not cutting corners. The project is leveraging Polygon zkEVM’s industry leading zero-knowledge scalability stack to provide a high-performance EVM environment for the Bitcoin community. At launch, zkBTC will be trustlessly plugged into Ethereum while employing the best technology available to connect with the Bitcoin network, thereby providing a powerful near-term solution to address market demand for improved performance and smart contract applications. Subsequent development efforts will focus on becoming maximally Bitcoin-native as technical feasibility advances. Reportedly, zkBTC is also committed to supporting native BTC for gas to cover on-chain transactions. 

The Future of Bitcoin is Bright 

For the first time, it appears Bitcoin might have finally found a solution to its scalability dilemma that can provide security and efficiency without straying from Bitcoin’s original mission. Between its powerful technical foundation, robust incubation support, and pragmatic go-to-market strategy, zkBTC is preparing to make waves across Web3. If all goes well, a golden age of innovation might just foster a utility-rich environment for Ordinals, Runes, BRC20 tokens, and entirely new use cases for Bitcoiners.

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There’s a new token standard called Runes for Bitcoin. It simplifies and improves the process of creating fungible tokens on the blockchain. In essence, Runes is a protocol designed specifically for generating fungible tokens on the Bitcoin blockchain.

What they are and why they’re significant:

Fungible Token Standard: Bitcoin Runes provide a standard for issuing fungible tokens, which means each token is identical and interchangeable with others of the same type. This opens up the possibility of having a wider variety of tokens on the Bitcoin network.

Efficiency and Integration: The Runes protocol is designed to be more efficient than previous methods of issuing tokens on Bitcoin. It uses Bitcoin’s Unspent Transaction Output (UTXO) model and the OP_RETURN opcode to streamline the process.

Potential for Memecoins: Bitcoin Runes have been described as a way to bring memecoins to the Bitcoin blockchain, potentially increasing their legitimacy and security.

Launch:

Bitcoin Runes are a very new development, having been proposed in September 2023 and scheduled to launch in April 2024, coinciding with the Bitcoin halving event.

Runes and Bitcoin

Runes interacts seamlessly with the current infrastructure. It harmonizes well with the Lightning Network, a secondary layer of the Bitcoin system that enables quicker and more cost-effective transactions. This advantage potentially sets Runes apart from other token protocols on Bitcoin. Moreover, Runes enhances Bitcoin’s ability to handle fungible tokens on its network. A Runestone represents a specific unspent transaction output (UTXO). By utilizing Hashed Time-Locked Contracts, Runes can be effortlessly integrated into the Lightning Network.

Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure. It is a legitimate competitor to Taproot Assets and RGB.The protocol is self contained and has no dependencies on ordinals or inscriptions, making it extremely simple.Balances are…

— Casey (@rodarmor) April 1, 2024

How BTC Runes Work

Bitcoin Runes is a system that allows people to use Bitcoin in a unique way, adding extra information to the transactions. It works by using the UTXO transaction model and the OP_RETURN opcode.

In the UTXO model, when someone sends Bitcoin, the entire amount they have is used up, just like spending all the money in your wallet.

The OP_RETURN opcode is a special instruction that lets people add extra information to Bitcoin transactions without affecting their ability to spend the bitcoin. It’s like storing data. In the case of Runes, this opcode stores information like the name, symbol, and other details.

Runes are different from BRC-20, another system. With Runes, you can send multiple types in one transaction, while BRC-20 only allows one type per transaction. So, you can send different runes to different people in a single transaction.

If there’s a problem with a rune transaction, the runes will be burned and destroyed. This prevents the accidental creation of new runes.

Runes Ecosystem

As the halving day approaches, #Bitcoin ecosystems like as $STX, $ORDI, and, most lately, $RUNE are gaining traction and attention So, what attracts people to this #Bitcoin ecosystem? Check the infographic and read our evaluation #RUNE #Runestone pic.twitter.com/4v6iDxg3lc

— HC – Capital (@hc_capital) April 16, 2024

Bitcoin Runes and Bitcoin Ordinals

Bitcoin Runes are closely related to Bitcoin Ordinals in a few key ways:

Same Creator: Both Runes and Ordinals were created by the same person, Casey Rodarmor.

Underlying Technology: Ordinals laid the groundwork for Runes. Ordinals introduced the concept of inscribing data onto individual Satoshis (the smallest unit of Bitcoin) on the blockchain.

Addressing Limitations: Runes were designed to address some of the limitations of Ordinals, particularly when it comes to fungible tokens. Ordinals are better suited for non-fungible tokens (NFTs) due to the way data is inscribed.

Here’s a table summarizing the key differences:

Feature Bitcoin Ordinals Bitcoin Runes Focus Non-fungible tokens (NFTs) Fungible tokens Data Inscription Data directly inscribed on individual Satoshis Leverages UTXO model for efficiency Efficiency Can be less efficient due to large data amounts Designed for a more efficient token creation process

Overall, Bitcoin Runes can be seen as an evolution of Bitcoin Ordinals, aiming to bring fungible tokens to the Bitcoin blockchain in a more optimized way.

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Bitcoin Price Stalls After Recent RallyBitcoin (BTC) prices have seen a further decline, dipping below the $63,000 mark. The market is signaling caution amidst increasing scrutiny from the SEC. Ethereum (ETH), on the other hand, has faced a shock as Grayscale drops its futures ETF plan, sparking debates and investor frenzy. This has led to strong sentiment among traders predicting a downward trajectory for Ether’s price.

The cryptocurrency market shows signs of consolidation after a volatile week. Bitcoin (BTC) is currently trading around $62,400, down roughly 3% in the last 24 hours. This follows a period of recovery from lows near $56,500.

Ethereum (ETH) Lacks Direction

Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, also faces uncertainty. Its price has dipped slightly over the past day to $3,007. While analysts see its future as relatively promising compared to Bitcoin, recent volatility suggests a wait-and-see approach from investors.

No Clear Narrative Dominates

While specific crypto narratives aren’t leading the market surge, there’s continued interest in Layer 1 and Layer 2 scaling solutions. These protocols aim to address scalability challenges on the Ethereum blockchain. Some analysts point to tokens associated with these solutions as potential long-term plays.

In Focus: Bitcoin (BTC)

Despite the recent price stall, some market analysts believe a key indicator suggests a period of relative calm for Bitcoin. On-chain data, such as the Bitcoin Volatility Realized Price (VRP), shows a decline, potentially indicating a consolidation phase after the recent upswing. However, with broader market uncertainty, some analysts remain cautious about short-term price predictions.

The post Crypto Market Update: May 8, 2024 appeared first on Cryptopress.

The company is the first digital banking platform to surpass this milestone outside of Asia and is honoring its customers in Brazil, Mexico, and Colombia with a tech-first campaign

Nubank announced today that it has surpassed 100 million customers in Brazil, Mexico, and Colombia, making it the first digital banking platform to reach this milestone outside of Asia. The achievement comes on the heels of record 2023 financial results, with over US$1 billion in net profit and over US$8 billion in revenues, which attest to the solidity, efficiency, and scalability of Nubank’s business model.

Currently, Nubank serves more than 92 million customers in Brazil, over 7 million in Mexico, and close to 1 million in Colombia, with record levels of satisfaction. According to internal analyses, the company’s NPS (Net Promoter Score) is nearly three times higher than incumbents and other major local fintechs.

True to its mission of “fighting complexity to empower people”, Nubank is leveraging tech and innovation to drive competition in the sector, and transform millions of lives through inclusion and improved financial management. The company’s digital model has helped its customers save more than 11 billion dollars in banking fees in 2023 and to spare more than 440 million hours of waiting in service queues over the past seven years1.

In Brazil, in a twelve month period, Nubank promoted the financial inclusion of 5.7 million people in the credit card market2. After breaking the access barrier, research showed that 60% of Brazilian customers improved their financial journey in the first 24 months, through frequent and responsible use of credit cards and other financial products3.

“In 2013, we had set ourselves the ambitious goal to reach one million customers in five years, which seemed almost impossible at the time. In a decade, we have surpassed 100 million, which is a testament to the trust our customers place in us and to the power of a truly customer-centric business model. These 100 million customers have written their stories together with ours, and we want to honor them in a special way,” explains David Vélez, founder and CEO of Nubank.

Nubank is launching “You at the center of everything”, a campaign that leverages technology and innovation to highlight real customers’ journeys through an activation on the Exosphere – the exterior of Sphere in Las Vegas and the largest LED screen in the world.

The Exosphere activation shows 360 degrees of images of Nubank customers on the exterior of the venue – which is nearly 112 meters high and more than 157 meters wide. The faces are formed by purple particles, each of which represents one of Nubank’s 100 million customers. Together, they illustrate that Nubank is composed of all their individual stories. Nubank customers will be featured from May 7th to the 14th on the Exosphere, kickstarting additional local campaigns and customer engagement in Brazil, Mexico, and Colombia. Nubank’s 100 Million campaign materials are available at www.nubank.com.br/100M.

“Being customer-centric has been guiding us since the very beginning. Today, we want our customers to see themselves the way we see them: at the center of everything. In reaching this milestone, we want to focus on the real people and individual stories of empowerment and advance our mission to help improve people’s lives,” emphasizes Cristina Junqueira, co-founder and Chief Growth Officer of Nubank.

A record journey to 100 million customers

Nubank was born in 2013 in Brazil with the mission to fight complexity to empower people in their daily lives by reinventing financial services, using technology to solve problems, and putting a bank in people’s pockets. Betting against a general fintech trend to begin operations with savings, the company launched a credit card with no fees, with the goal to tackle the most challenging financial vertical first: lending. The other key differential is the 100% cloud-native platform, which allows for scalable growth with a low cost structure, and powers some of the fastest data processing capabilities in the industry for product design, credit and risk models, and personalization.

The company surpassed one million customers in Brazil two years after launching its first product, three years ahead of forecast and mostly through organic member-get-member dynamics. The savings account, launched in 2017, unlocked further growth by enabling a suite of products: personal loans, SME solutions, investments, and crypto. Today, the portfolio includes marketplace and insurance, among others.

Starting in 2019, Nubank began to expand internationally, in Mexico and Colombia, leveraging the unique combination of cloud-native technology, customer centricity, efficient business model, and brand love. The Mexican customer base is growing faster than Brazil at similar stages for Savings and Credit Card, and is in its journey to obtain a banking license to keep expanding its product portfolio into investments, payroll products and higher credit lines, among others. In Colombia, the company introduced its savings product earlier in the year, which already has over 500,000 customers signed into the launch list.

Footnotes

1 Internal data, to be made available in our ESG report – waiting hours: BR since 2017; Mexico since 2019; and Colombia since 2021

2 2023 Data Nubank report, data related to the period between July, 2021 and July, 2022

3 Study conducted in partnership with Mastercard and the Boston Consulting Group, with customers who started banking January–June 2021 and monitoring financial health up to 24 months after. All data analysis and collection of customer data by Nubank was conducted in accordance with applicable privacy and data protection legislation.

About Nu

Nu is the world’s largest digital banking platform outside of Asia, serving over 100 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers’ complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu’s impact has been recognized in multiple awards, including Time 100 Companies, Fast Company’s Most Innovative Companies, and Forbes World’s Best Banks. For more information, please visit https://international.nubank.com.br/about/.

Contacts

Investors RelationsJorg Friedemanninvestors@nubank.com.br

Media RelationsLeila Suwwanpress@nubank.com.br

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What is Tether?

Tether (USDT) is a cryptocurrency designed to maintain a stable value pegged to the United States dollar. Unlike other cryptocurrencies known for their high price volatility, USDT acts as a bridge between the traditional financial system and the crypto world. In essence, it allows users to hold an asset that fluctuates minimally in value, yet still benefits from the speed and transparency of blockchain technology.

How it Works:

USDT is a type of cryptocurrency called a stablecoin. Stablecoins are tokens that derive their value from an external asset, such as fiat currencies (like the US dollar) or commodities (like gold). In Tether’s case, each USDT token is supposedly backed by one US dollar held in reserve by Tether Limited, the company that issues USDT. This reserve is intended to ensure that users can always redeem their USDT tokens for US dollars at a 1:1 ratio. However, the exact composition of these reserves and the level of transparency surrounding them have been a subject of debate and controversy, as we’ll explore in the history section.

Here’s a simplified breakdown of how USDT transactions work:

Buying USDT: You purchase USDT tokens on a cryptocurrency exchange using US dollars or other cryptocurrencies.

Holding USDT: USDT can be stored in a crypto wallet, similar to how you would store other cryptocurrencies.

Selling USDT: You can sell your USDT tokens back to a cryptocurrency exchange for US dollars or other cryptocurrencies.

Brief History:

Tether was launched in 2014 by Tether Limited, a company initially affiliated with Bitfinex, a cryptocurrency exchange. Here are some key milestones in Tether’s history:

2014: Tether launches its USDT token, initially issued on the Bitcoin blockchain through the Omni Layer protocol.

2017: Tether Limited faces criticism for a lack of transparency regarding its reserves. The company has not yet undergone a full independent audit to verify its claimed reserves.

2019: Tether expands its offerings to include USDT tokens pegged to other currencies, such as the Euro (EURT) and the Chinese Yuan (CNHT).

2021: Tether Limited settles with the New York Attorney General’s office for allegedly misrepresenting its reserves. As part of the settlement, Tether agrees to disclose more information about its reserves going forward.

Distinctive Features:

Price Stability: USDT’s primary advantage is its price stability. Unlike Bitcoin or Ethereum, whose values can fluctuate dramatically, USDT is designed to maintain a steady value of $1 per token. This makes it a valuable tool for crypto investors who want to park their funds in a low-volatility asset without leaving the cryptocurrency ecosystem.

Faster Transactions: Compared to traditional wire transfers, USDT transactions can be completed quickly and at a lower cost due to the underlying blockchain technology.

Integration with Exchanges: USDT is widely accepted by cryptocurrency exchanges, making it a convenient medium for trading other cryptocurrencies.

Governance:

Tether Limited is a private company, and the governance structure surrounding USDT remains somewhat opaque. There is no public information available regarding how decisions are made about the issuance and management of USDT tokens. This lack of transparency has fueled concerns about the stability and long-term viability of USDT.

Here’s a Tweet highlighting this concern:

This article is making the rounds. It’s well-written and makes a good case. And I should say up front that I have zero info about whether Tether really has 100% backing of every USDT.However, a few thoughts. https://t.co/AVC1OaCNv8

— Balaji (@balajis) January 16, 2021

USDT Fact Sheet:

Feature Detail Project Smart Contract Not publicly available Official Website https://tether.to/ Market Price Chart and Exchanges https://cryptopress.site/ ICO Date Not applicable (USDT wasn’t launched through an ICO) Documentation, Whitepaper https://tether.to/en/whitepaper/ Social Accounts Twitter: https://twitter.com/tether_to?lang=en

While Tether offers a convenient and stable way to navigate the cryptocurrency world, it’s important to be aware of the potential risks associated with its lack of transparency. As with any investment, conducting thorough research and understanding the underlying risks is crucial before venturing into the world of Tether (USDT).

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Who is Pavel Durov?

Pavel Durov, the founder of Telegram, is a Russian-born Emirati entrepreneur known for founding the social networking site VK and the app Telegram Messenger. He has recently announced a strategic shift for the messaging platform towards integrating blockchain technology through The Open Network (TON).

Durov’s Latest Statements on Cryptocurrency

Recently, Durov has made some significant statements related to the cryptocurrency world. He has endorsed the TON Blockchain spin-off project, Toncoin. This endorsement came as a surprise since Telegram had abandoned TON in 2020. Durov stated, “When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform. So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin.”

I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project.

Pavel Durov

Privacy First

The founder of Telegram has emerged as a vocal advocate for privacy rights and a controversial figure in the cryptocurrency space. While enthusiastic about Telegram’s potential, Durov’s views on cryptocurrencies themselves seem more cautious.

Durov is a staunch defender of user privacy. He has repeatedly criticized governments’ surveillance practices, calling the US a “police state” and expressing concerns about the encryption of competitor Signal being potentially compromised due to US government funding. Telegram’s focus on encryption and its resistance to government pressure have made it a haven for privacy-conscious users worldwide

Resistance Dog

Even the main memecoin refers to freedom on Telegram. ReDo on Ton is the cryptocurrency token called Resistance Dog (REDO) designed for the TON Blockchain. It is a memecoin with a lighthearted or humorous theme, gaining traction on the TON platform.

ReDo current price can be tracked on various cryptocurrency websites like CoinGecko.

Ton: Telegram’s Blockchain Journey

Durov’s endorsement of Toncoin has sparked a nearly 30% spike in the toncoin token price. He emphasized that Toncoin is independent from Telegram but wished the team the same success. He stated, “Coupled with the right go-to-market strategy, they have all they need to build something epic.”

Goals for Toncoin

Durov outlined Telegram’s evolution beyond messaging, aiming to transform it into a crypto empire. Telegram plans to introduce features for buying assets and creating NFTs, with significant revenue shares. USDT recently launched on the TON blockchain, integrating tightly with Telegram’s services for broader access.

Durov’s Official Twitter Account

Pavel Durov is active on Twitter and his official account is @durov. He often shares his views and updates about Telegram and the crypto world on this platform.

Tweets by durov

Also about other views of the world of privacy and politics.

Telegram: the app at the heart of Ukraine’s propaganda battle https://t.co/I0QrkAYP9c

— Pavel Durov (@durov) March 7, 2022

Pavel Durov’s has a promising future for Telegram in the crypto world. With the endorsement of TON and plans to integrate blockchain technology, Telegram is poised to become a significant player in the crypto ecosystem.

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PEPE’s trading volume surpasses competitors by over 500%

Factors contributing to PEPE’s success: strong community and memecoin trading frenzy

In the bustling world of cryptocurrencies, a surprising trend has emerged as Ethereum, the second-largest blockchain by market capitalization, witnesses a surge in the trading volume of a particular memecoin named PEPE. According to a recent analysis, PEPE transaction volumes have reached $84 million in the last 14 days, a staggering figure that surpasses its closest competitor, by more than 500%.

This surge in PEPE’s trading volume can be attributed to a few key factors that have contributed to its dominance in the Ethereum ecosystem. Firstly, the number of memecoins launched in April 2024 has increased tenfold compared to the same period last year, indicating a heightened interest in this niche sector of the crypto market. Despite this proliferation of new memecoins, PEPE has managed to stand out, capturing the attention and investment of traders across the globe.

One of the reasons for PEPE’s success is its strong community and the memecoin’s ability to tap into the nostalgia of internet culture. This has helped PEPE garner a significant following, driving up its trading volume and market cap. Additionally, the recent memecoin trading frenzy in the crypto markets has also played a crucial role in PEPE’s meteoric rise, with the coin rallying by over 700% since the end of February.

The growing popularity of PEPE is not an isolated phenomenon. In fact, it is emblematic of the broader trend of memecoins becoming a staple in the crypto industry. Private funds have begun establishing investment strategies focusing on memecoins, signaling a shift in the way investors view these digital assets. This move towards memecoins is further underscored by the fact that there were 138 new memecoins listed on CoinMarketCap in April 2024, up from just 18 in the same month last year.

The rise of PEPE and other memecoins on Ethereum is also reflective of the platform’s appeal to traders and investors looking for high-beta crypto assets. These assets can offer significant returns in a short period of time, making them attractive to risk-tolerant investors. However, it is important to note that investing in memecoins comes with inherent risks, as their prices can be highly volatile and influenced by factors such as social media sentiment and market speculation.

The dominance of PEPE in the Ethereum memecoin market is a testament to the growing interest in this sector and the potential rewards it can offer to savvy investors. As the crypto market continues to evolve, it will be fascinating to see how memecoins like PEPE and their competitors will shape the future of decentralized finance.

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