Over the years, analysts and developers have touted Ethereum as a deflationary network, presenting the blockchain as ultrasound, aligning with Bitcoin’s sound money principle. However, that seems to have changed with the network’s latest upgrade. CryptoQuant analysts revealed in the firm’s latest weekly report that Ethereum ceased to be a deflationary network after the Dencun...Read More
There are around 23,000 bitcoin options about to expire on May 3. These have a notional value of around $1.4 billion which has been pretty similar to previous expiry events. Crypto markets have been dumping hard all week but have recovered marginally in late trading on May 2. However, bitcoin remains under $60,000 and sentiment...Read More
Uniswap, the most widely used Layer 2 decentralized exchanges (DEXs) built on Ethereum, now accounts for approximately 37% of the total trading volume on L2. This represents a remarkable increase compared to the trading volumes observed two years ago. Uniswap L2 Volumes Surged Over 650% In a post on X, Tom Wan, a researcher at...Read More
While Bitcoin has been recognized as a commodity, the same cannot be said for Ethereum’s status, which has been more ambiguous due to its initial coin offering (ICO) in 2014. However, a new report suggests that the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, seem to have believed that Ethereum is an...Read More
Outflows in digital asset investment products continued for the third week in a row. The latest weekly outflow of $435 million marked the highest outflow since March. According to the latest report by CoinShares, the trading volumes in Exchange-Traded Products (ETPs) dropped to $11.8 billion last week from $18 billion the previous week, with Bitcoin...Read More
Gas fees on the Ethereum network have dropped to a six-month low. The average cost is $1.12 per transaction, marking the lowest figure since October 18. Analysts from Santiment noted that this drop in gas fees could be the start of an upcoming altcoin rally. Ethereum Gas Fees Plummet According to Santiment, traders typically cycle...Read More
Consensys has taken legal action against the U.S. Securities and Exchange Commission (SEC). The lawsuit, filed on Thursday, aims to stop an impending SEC crackdown on Consensys’ MetaMask wallet and seeks a crucial ruling on the classification of Ethereum’s native token, Ether. Consensys Challenges SEC’s Stance The filing asserted, “The U.S. Securities and Exchange Commission’s...Read More
São Paulo-based Nubank announced the launch of a new feature that allows withdrawals and deposits of Bitcoin and cryptocurrencies. With this latest move, customers will now be able to send and receive Bitcoin, Ethereum, and Solana using the Nubank app. The withdrawal and deposit options are now available, allowing users to check the functionality on...Read More
As the classic weather forecast goes in the Northern Hemisphere, April showers bring May flowers. Will it hold up for crypto exchange markets in Q2 of 2024 after a sharp correction this April? And if the market does recover in May, whose flowers will bloom brightest? Bitcoin price‘s four-year bull run seems imminent, but will...Read More
Data from IntoTheBlock revealed that investors withdrew approximately half a billion ETH from centralized exchanges last week, the highest the asset has seen since February. $500M ETH Leaves CEXs The withdrawal of large amounts of ETH from centralized exchanges signals investor confidence in the long-term price trajectory of the asset. Market participants usually withdraw their...Read More
Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology. The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness. EY Launches the OpsChain Contract Manager EY, one of the top “big four” accounting firms alongside Deloitte, KPMG,...Read More
It may sound counter-intuitive that a decentralized network can generate a profit, but that is exactly what Ethereum has done so far this year. According to an April 18 Token Terminal report, the Ethereum blockchain generated a $369 million profit in the first quarter of 2024. If this level of profit is sustained, the blockchain...Read More
For the past four days, fees paid by users on Bitcoin have exceeded those on Ethereum, according to data from Cryptofees, a data analytics platform. This surge in Bitcoin transaction fees has been associated with the growing anticipation surrounding the upcoming halving event and the Runes upgrade. Bitcoin Fees Surpasses Ethereum for 4 Consecutive Days...Read More
While crypto has long been highly affected by the broader financial market, the price of Ethereum (ETH) appears especially impacted by its movements. According to recently published data from IntoTheBlock, the correlation between ETH and several traditional market indexes is now far higher than those between its larger rival, Bitcoin (BTC), and the same markets....Read More
Investor hesitancy continued as digital asset investment products witnessed a modest sum of $126 million in outflows last week. This reluctance could potentially be due to the stall in positive price trends. While trading volumes increased slightly from $17 billion to $21 billion compared to the previous week, activity in ETP/ETFs decreased relative to the...Read More
The highly anticipated Dencun fork on March 13th has significantly boosted the adoption of Layer 2 solutions on Ethereum. This was evidenced by the surge in increased activity post-upgrade. Intotheblock’s latest analysis revealed a similar trend as it noted a surge in the number of transactions on Ethereum’s layer 2 solutions after the Dencun upgrade....Read More
On April 9, the EigenLayer team announced that the platform’s EigenDA, the first Available Validator Service, had launched on the Ethereum mainnet. The team added that over 4.1 million ETH had been restaked on EigenLayer, and over the past few weeks, 70% of all new Ethereum validators restaked to the platform. Moreover, restakers can now...Read More
Over the past decade or so, countries around the world have resorted to seizing cryptocurrencies. The United States government stands at the forefront, boasting crypto holdings of almost $15.27 billion. This substantial stash includes 212.847k BTC and 45.654k ETH. US Leads with Holdings of $15.27B Silk Road is perhaps the most infamous case where the...Read More
Ethereum may have lagged behind its peer altcoins this bull season, but its rebound has been swift. Over the past week, ETH has climbed by nearly 10%, pushing its price above $3,600. In fact, LunarCrush’s latest analysis indicates that Ethereum is displaying “ultra strong” activity and even outshining numerous other assets in the market. Renewed...Read More
With the broader market resurgence, digital assets investment products also maintained their upward trend. According to CoinShares’ latest data, inflows reached $646 million last week. As a result, year-to-date inflows have reached an all-time high of $13.8 billion, significantly surpassing the $10.6 billion recorded in 2021. ETF Hype Slows Down The new feat comes after...Read More
In a report released earlier this week, analysts from investment manager VanEck forecasted that Ethereum’s Layer 2 scaling networks will reach an astonishing $1 trillion market capitalization by the year 2030. The $1 trillion prediction was reached by estimating that Ethereum would hold 60% of the market share across all public blockchains and assessing the...Read More
Ethereum and its Layer 2 scaling solution, Polygon, attracted the most new users by far in the first quarter of 2024. The latest report by Flipside revealed that these two blockchain platforms have garnered the most cumulative new users among observed EVM chains since the beginning of the year. Polygon boasted 12.3 million new users,...Read More
As per Coin98’s Ethereum Q1 2024 Financial Report, the blockchain network clocked in a massive surge in income statement metrics. Fees and revenue witnessed a 1.8 times increase quarter-over-quarter (QoQ), while earnings tripled over the same period. This financial momentum is essentially aligned with significant advancements in network and ecosystem metrics. Ethereum’s network recorded over...Read More
A recent report by Coinbase Research uncovered that restaking has emerged as the second-largest sector in decentralized finance (DeFi) on Ethereum. The study highlights EigenLayer’s restaking protocol as an important component for new services and middleware on the Ethereum network, potentially offering significant ETH rewards for validators in the future. EigenLayer’s Restaking Protocol Ethereum’s proof-of-stake...Read More
Digital asset investment products experienced a positive shift in sentiment during the last week of March, with inflows reaching $862 million, nearly recovering from the previous week’s record outflows of $931 million. Despite this encouraging rebound, CoinShares revealed that ETF activity appears to be slowing down. In fact, the latest data shows that the daily...Read More
CrowdSwap has launched the first decentralized crypto exchange-traded fund (ETF) ever, consisting of ten digital assets, including Bitcoin (BTC) and Ether (ETH). According to a press release, the new crypto fund, the Bull Run dETF, offers investors access to a diversified digital asset portfolio while ensuring the processes remain decentralized and secure. The First DeFi...Read More
Ethereum co-founder Vitalik Buterin has re-upped his post from 1.5 years ago on “Layer 3s”, saying that L3s won’t magically increase throughput. Still, they can reduce certain fixed costs associated with batch publishing and deposits or withdrawals. His statement comes amid concerns that Layer 3 networks are taking away from Ethereum’s value and security. L3...Read More
Vitalik Buterin – the co-founder of Ethereum – shared insights on the next steps in the protocol’s simplification and easing the burden on node resources, also known as ‘Purge.’ The Purge essentially aims to safeguard the protocol by optimizing data storage. At the same time, it also seeks to address design decisions that were made...Read More
Polygon Labs CEO Marc Boiron has voiced his discontent with layer-3 (L3) networks, saying their existence is taking away Ethereum’s value. His statement comes amid growing excitement around L3 networks such as Degen Chain, which are built on top of L2s to facilitate application-specific dApps that offer solutions such as scaling, costs, and interoperability. How...Read More
The Ethereum network has reached a noteworthy milestone by attaining one million validators. Based on data from the Dune Analytics dashboard developed by Hildobby, the quantity of ETH staked has risen to 32 million, with an approximate value of $114 billion at current market rates. This figure accounts for 26% of the total Ethereum supply....Read More
