Sonne Finance, a decentralized liquidity market protocol, was hit by a cyberattack, with initial losses of million in USD Coin and Wrapped Ethereum from its Optimism chain quickly escalating to million, as detected by blockchain security firm Cyvers on May 15. Following the attack, Sonne Finance suspended its Optimism Market and assured that […]
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Attackers Steal $1.6 Million in Digital Assets From Defi Protocol Pike Finance
Unknown attackers recently siphoned digital assets valued at just under .6 million from the decentralized finance protocol, Pike Finance. The protocol announced it is offering a 20% reward for the return of the funds, while an ongoing investigation into the incident continues. USDC Vulnerability The decentralized finance (defi) protocol, Pike Finance, said on May 1 […]
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Finance Expert Raoul Pal Says 20% Bitcoin Correction Only Temporary As Euphoria Will Return
Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has shed light on the current market state and the future outlook of Bitcoin, the world’s largest cryptocurrency. Despite the cryptocurrency witnessing declines of more than 15%, the financial expert has uncovered a significant pattern that indicates a potential bull flag following Bitcoin’s price correction.
Crypto Expert Unveils “Banana Zone” Rally For Bitcoin
In an X (formerly Twitter) post published on Tuesday, April 28, Pal shared a yearly chart depicting Bitcoin’s price movements from October 2023 to April 2024. At the time of writing, Bitcoin’s price is trading below the ,000 mark, at ,185, marking monthly declines of 15.12% and weekly lows of 11.31%, according to CoinMarketCap.
The crypto analyst has suggested that Bitcoin’s recent price correction was a temporary setback. He predicts that once the market fully refreshes, what he calls “the Banana zone” will kick in. He also described Bitcoin’s recent price declines as a “pause that refreshes.”
The pause emphasizes the final days of the crypto spring, a period marked by renewed optimism after bearish markets. A prime illustration of this phase occurred when Bitcoin surged to new all-time highs, surpassing ,000 in March, following its decline from 2022 to 2023.
On the other hand, the Banana zone represents a phase characterized by intense market excitement and the possibility of significant price increases. However, Pal has described this distinctive period as “when the market begins to anoint the new big L1 or L2, which explodes even vs SOL.”
The financial expert noted that once the Banana zone commences, it may pick up momentum towards the end of the year and continue well into 2025, potentially reaching peak mania. He also shared a historical pictorial analysis illustrating his Bitcoin predictions.
In the chart, the price of Bitcoin witnessed a Banana zone rally from ,000 to ,000 between 2014 and 2016 and from ,000 to ,000 between 2019 and 2020. Basing his predictions on this unique historical pattern, Pal suggested that Bitcoin’s price action from 2022 to 2024, starting at ,000 could potentially skyrocket to a new all-time high of 0,000.
Crypto Summer Is The Start Of Altcoin Season
Pal has predicted that after the crypto spring, a new season for cryptocurrencies will occur, termed “the crypto summer.” The financial expert has confirmed that this period will be the start of the altcoin season, highlighting that it is typically marked by an intense bubble in the crypto fall.
During the crypto summer, Pal projects that Ethereum would begin to outperform Bitcoin while Solana would accelerate its outperformance of both Bitcoin and Ethereum. The financial CEO disclosed that the crypto summer and fall are often confusing, as cryptocurrencies tend to adopt a narrative and may get caught up in the prevailing euphoria.
He predicts another two or more “nasty corrections” triggered by excessive leverage before the onset of the Banana zone. Additionally, Pal has indicated that three or four cryptocurrencies are set to lead the altcoin season, with one particular cryptocurrency emerging as the “Big new entrant,” much like Solana did during the previous cycle alongside Avalanche and Polygon.
South Korea’s Democratic Party to Introduce ETF and Digital Finance Reforms
South Korea’s Democratic Party of Korea (DPK) is eager to relax regulations on exchange-traded funds (ETFs), including those tied to spot bitcoin, despite resistance from the People Power Party (PPP). Although election concerns have temporarily halted the initiative, a crucial poll is set for April 10, and the parliament is predominantly controlled by the DPK-led […]
Bitcoin News
Xuirin Finance Set to Revolutionize DeFi With KYC-Free Debit Cards, P2P Lending and Much More
Looking to get involved with a platform that can change the face of decentralized finance forever? Xuirin Finance is revolutionizing the DeFi landscape through its innovative offerings like KYC-free debit cards, P2P lending, and so much more. Supporters can take part in the first stage of its presale right now. Xuirin Finance to Offer Futuristic […]
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Injex Finance Launches Presale for $INJX Token: Join Now to Secure Early Contributions
PRESS RELEASE. Injex Finance is excited to announce the official launch of its Presale for the native $INJX token, offering early contributors an exclusive opportunity to become part of the thriving Injex ecosystem. With the Presale now live, users can seize the moment to participate and benefit from this groundbreaking initiative. As the cryptocurrency market […]
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Prisma Finance Suffers $11.6M Hack in Liquid Staking Shockwave, Moves to Mitigate Fallout
The decentralized finance (defi) entity, Prisma Finance, has fallen prey to a security breach, with onchain detectives revealing that .6 million has been pilfered from its liquid staking protocol. Prisma Finance in Turmoil: .6M Lost to Hackers, Emergency Measures Activated On a recent Thursday, blockchain surveillance and safety squads from Peckshield and Cyvers reported the […]
Bitcoin News
Ondo Finance Joins BlackRock Tokenized Fund As Inflows Surpass $160M
BlackRock, one of the largest asset managers globally, has witnessed notable success with its newly launched tokenized money-market fund, BUIDL. The fund, which records shared ownership on the Ethereum (ETH) blockchain, has attracted over 0 million in just one week since its debut.
BlackRock’s BUIDL Fund
According to a Bloomberg report, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) primarily invests in cash, US Treasury bills, and repurchase agreements. The fund rewards its holders with a cryptocurrency, BUIDL, valued at per token.
Shareholders can transfer these tokens to other validated addresses using digital wallets approved by Securitize, BlackRock’s partner for the investment vehicle. The tokenized fund serves several key use cases, including treasury management for crypto companies, support for derivatives of Treasury bills, and acting as collateral for borrowing and trading, thus providing an alternative to stablecoins.
It is worth noting that Securitize Markets, an SEC-registered alternative trading system, plays a critical role in facilitating the transfer of tokens between market participants.
While the SEC has recently increased its scrutiny of Ethereum’s native token, ETH, Securitize CEO Carlos Domingo emphasizes that the investigations should be separate from the underlying blockchain infrastructure. Domingo also highlights the battle-tested nature of the public Ethereum blockchain, which provides a “robust foundation” for tokenization activities.
As previously reported by our sister website, Bitcoinist, BlackRock has emerged as an advocate for cryptocurrencies and tokenization within mainstream financial institutions. Chairman and CEO Larry Fink believes every financial asset will eventually be tokenized.
The company’s iShares Bitcoin Trust (IBIT) has already attracted more than billion in inflows since its launch as an exchange-traded fund (ETF) in January. With the BUIDL fund’s launch, BlackRock continues to demonstrate its willingness to explore new digital asset solutions.
Ondo Finance To Transfer Million In Assets To BlackRock
Ondo Finance, a platform specializing in tokenized real-world assets (RWA), has moved million worth of assets to BlackRock’s BUIDL fund. This strategic move enables Ondo Finance to facilitate instant settlements for its US Treasury-backed token, OUSG.
This makes Ondo Finance a major participant in the BUIDL ecosystem. According to on-chain researcher Tom Wan, it currently holds million worth of BUIDL tokens, which, in addition to those above million, will result in a substantial 0 million worth of BUIDL tokens.
The researcher noted that this collaboration further strengthens the tokenized US Treasury market, with the potential to reach billion in value. In its announcement, the team behind the Ondo Finance platform summarized:
We’re excited to see BlackRock embracing securities tokenization with the launch of BUIDL, especially its broad cooperation with ecosystem participants. Not only does this further validate our original concept of a tokenized US Treasury fund, but it also bolsters our thesis that tokenization of traditional securities on public blockchains represents the next major step in the evolution of financial markets.
At the time of writing, the native token of Ondo Finance, ONDO, is trading at .909, exhibiting a surge of over 4% within the past 24 hours. This positive momentum adds to its impressive price uptrend of 115% recorded over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest?
Ondo Finance (ONDO), a decentralized finance (DeFi) protocol focused on tokenizing US treasuries, has witnessed a meteoric rise in its native token’s price over the past week. According to CoinMarketCap, although ONDO was only able to muster a meager 1.3% increase in the last day – yet pushing its value to a record-breaking .94 – the impressive feat comes on the heels of a 138% weekly gain, marking an impressive performance for the token.
ONDO Marks Banner Week With Big Numbers
Analysts attribute this surge to a confluence of factors. Whale investors, known for their significant holdings and market influence, have been accumulating ONDO at a substantial clip. Data from on-chain tracking platform Lookonchain reveals that three whale wallets recently withdrew over 9 million ONDOs, worth around million, from various exchanges. This behavior suggests a long-term bullish outlook on the token’s potential, potentially inciting a follow-the-leader mentality among retail investors.
Whales are accumulating #RWA token $ONDO!
Whale”0x56F9″ withdrew 6.53M $ONDO(.88M) from #Bybit in the past month.
Fresh wallet”0x92dD” withdrew 1.98M $ONDO(.78M) from #Gateio in the past hour.
Wallet”0xE6bf” withdrew 937,600 $ONDO(5K) from #Gateio 3 hours ago.
Address:… pic.twitter.com/o5jWqhresp
— Lookonchain (@lookonchain) March 25, 2024
Indeed, Santiment data analyzed by NewsBTC shows a 30% increase in the total number of ONDO holders since March 19th, surpassing the 10,000 mark. This influx of new investors, likely influenced by the whales’ actions and the overall hype surrounding tokenization, has further fueled the token’s price rally.
The recent surge in ONDO’s popularity coincides with a broader trend within the DeFi space. Last week, global investment giant BlackRock announced the creation of a tokenized fund on the Ethereum blockchain, allowing investors to earn US dollar yields through a decentralized platform. This move underscores the growing interest in tokenization, which involves representing real-world assets like securities, currencies, and real estate on a blockchain.
TVL Not Impressive Despite Weekly Rise
However, amidst the celebratory atmosphere surrounding the token’s price surge, a curious detail emerges. Despite the significant increase in ONDO’s value, the platform’s total value locked (TVL), a metric reflecting the total value of crypto assets deposited in its DeFi protocols, has remained relatively stagnant over the past week. While the reasons behind this discrepancy are unclear, it could be a cause for concern for some investors. A stagnant TVL might suggest that the recent price increase isn’t necessarily translating to increased usage of the Ondo Finance protocol itself.
Overall, the past week has been undeniably positive for Ondo Finance. The token’s impressive price surge, coupled with the current tokenization hype and strategic alignment with BlackRock’s recent venture, paints a promising picture for the future. However, the stagnant TVL serves as a reminder that long-term sustainability hinges not just on speculation but also on real-world adoption and the continued development of the Ondo Finance ecosystem.
Featured image from AlphaTradeZone/Pexels, chart from TradingView
FXS Price Poised For Uptrend As Frax Finance Unveils Roadmap To Reach $100B TVL
Frax Finance, a decentralized finance (DeFi) protocol, recently unveiled its Singularity Roadmap. It aims to propel the total value locked (TVL) of its layer 2 blockchain, Fraxtal, to 0 billion by the end of 2026. This notable surge would represent a 760,000% increase from the current TVL levels, which stand at million.
Frax Finance Singularity Roadmap
According to the protocol’s announcement, Fraxtal, the substrate that powers the Frax ecosystem, serves as Frax Finance’s operating system. With the launch of Fraxtal and achieving an effective 100% Collateralization Ratio (CR), Frax Finance claims to have consolidated its core product offerings.
To reach the ambitious 0 billion TVL goal, the protocol has announced that it has already generated over million, reaching the coveted 100% CR.
As announced, with this milestone achieved, the FRAX stablecoin, which has remained relatively dormant during the process, and the FXS revenue share, which has been temporarily reduced by 90% to conserve assets, can now undergo a “transformative change.”
In addition, the upcoming introduction of Layer 3s (L3s) on Fraxtal is expected to be a key factor in further contributing to the growth and adoption of the protocol.
Fraxtal, which is built on the Optimism (OP) network, stands out as one of the most widely used layer 2 solutions on top of Ethereum (ETH), according to the protocol. The Frax team says it has developed its underlying incentives to provide a seamless experience for developers and users, further encouraging adoption.
In particular, by owning the entire stack, Frax can introduce advanced features such as account abstraction, new precompiles, privacy features, aggregated decentralized applications (dApps), and interoperability with Superchain.
The protocol believes these features will enhance the on-chain experience, making Fraxtal the “preferred” platform for holding, staking, and transferring crypto assets.
Expansion Strategy
The proposal also unveils Frax Finance’s plan to establish 23 Layer 3s within 365 days, kicking off the “Fraxtal Nation” community. By supporting these 23 chains with developer access, incentives, and investment, Frax aims to foster a positive-sum approach and provide additional support to official partners.
The protocol also suggests that these partners will receive “substantial allocations” of FXTL points, aiming to solidify the role of the FXS token as the ultimate beneficiary of the Frax ecosystem.
Moreover, Frax Finance founder Sam Kazemian intends to allocate 50% of the revenue from protocol fees to veFXS token holders. In comparison, the remaining 50% will be used to acquire FXS and other Frax assets for pairing in the FXS Liquidity Engine (FLE).
This initiative will increase liquidity, strengthen the Frax balance sheet, and provide additional incentives for the protocol’s stakeholders.
Frax Finance’s proposal also seeks to reactivate the protocol fee switch, which was temporarily turned off during the consolidation phase of the protocol.
By reigniting this switch, a portion of the yield generated from protocol fees will be directed toward veFXS token holders. veFXS, or veiled FXS, represents a locked version of the native token, FXS, and offers enhanced voting power and participation in the Frax ecosystem.
As of the time of writing, FXS has not responded favorably to the news. Its current trading price is .93, reflecting a 3.5% loss in the past 24 hours. It is important to note that the proposed protocol features are still in development, and the impact on the Frax Finance ecosystem and the token’s performance is yet to be determined.
Featured image from Shutterstock, chart from TradingView.com