PRESS RELEASE. Geneva, Switzerland, May 17, 2024 – 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 […]
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New Gaming Crypto Presale Raises $1M – Could Mega Dice Token Explode?
A new cryptocurrency called Mega Dice Token (DICE) is shaking up the gaming world. With over million raised in its presale, DICE is turning heads, leading to speculation that it could be the next GameFi project to explode. DICE Token Looks to Revolutionize Crypto Casino Gaming Mega Dice isn’t just another online casino – […]
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dYdX Trading Inc Founder Antonio Juliano Steps Down As CEO, Token Takes a Hit
Antonio Juliano, the founder of dYdX Trading Inc., has announced his decision to “step down” as Chief Executive Officer (CEO), citing a mix of “personal and professional reasons.”
This move marks a significant change for the company behind the decentralized derivatives exchange dYdX. Juliano will transition to the roles of Chairman and President, with Ivo Crnkovic-Rubsamen set to take over as CEO.
Juliano Reflects On His Tenure And The Evolution Of dYdX
Juliano’s tenure as CEO saw dYdX grow into a prominent player in the decentralized finance (DeFi) sector, especially in derivatives trading.
Reflecting on his journey since the dYdX whitepaper in 2017, Juliano shared in the announcement that moments of “overwhelming” pressure made him consider stepping aside.
Juliano noted:
For my own part in this journey, I too have come far. I feel as though I’ve been gifted (and endured) a lifetime’s worth of adventure and growth since solo founding dYdX at 24. Chris Dixon once told me “founding is an emotional challenge disguised as an intellectual one”. I have now lived this, and know it to be true. dYdX has given me the rollercoaster of intense experiences from ibar, to excitement, to elation, to desolation. There have been times, many of them, when l’ve felt so overwhelmed I wanted to leave.
Notably, Juliano’s decision to change roles, as highlighted in the announcement, comes from a place of “personal satisfaction” and the “realization” that while he is irreplaceable as the founder, the role of CEO can be handed over to someone else.
Today, @AntonioMJuliano, announced that he is transitioning from CEO of dYdX Trading Inc. to the role of President and Chairman. Antonio’s product vision, leadership, and relentless dedication over the past 7 years have transformed dYdX from an idea into one of the largest DeFi… https://t.co/iUdSmjtQ5T
— dYdX (@dYdX) May 13, 2024
Impact Of The CEO Transition – Token Sees Sudden Drop
Ivo Crnkovic-Rubsamen, a long-time friend and collaborator of Juliano, is set to become the new CEO. Juliano expressed confidence in Crnkovic-Rubsamen’s ability to lead, noting that he has been “progressively” stepping back over the past two years, preparing for this transition.
Juliano will continue influencing “major decisions” and strategy at dYdX, working closely with the new CEO to oversee day-to-day operations.
He emphasized that dYdX’s mission is far from complete, pointing to the growing importance of DeFi and derivatives in the crypto landscape, noting:
dYdX is not finished. Not even close. The opportunity is bigger than ever now. It’s becoming incredibly obvious that DeFi will be the dominant way crypto is used, and derivatives will pily a large part in that.
Following the announcement of Juliano’s step-down, the price of the dYdX’s token experienced a decline, dropping by approximately 1.2% in the past 24 hours to a trading price of .01, with a 24-hour low of .94.
This downturn contrasts with the general recovery in the crypto market, highlighted by a 2.8% increase in Bitcoin over the same period.
Despite the dip in token price, dYdX’s total value locked (TVL) has remained stable, with a slight increase of 2.37% over the past month. It has maintained a level above 0 million since March.
Featured image from Unsplash, Chart from Tradingview
EigenLayer’s Exclusive $15 Billion Token Launch: Who’s In And Who’s Out?
The crypto world is currently abuzz with the launch of EigenLayer’s new token, EIGEN, which has quickly become one of the year’s most anticipated digital asset events.
According to Bloomberg, the project has attracted significant attention for its approach to decentralized finance (DeFi) and its “controversial” decision to exclude users from certain jurisdictions, including the US, China, and Canada, from participating in the token distribution.
EigenLayer Challenges And Opportunities in Token Distribution
EigenLayer, a DeFi protocol based in Seattle, has made waves in the industry by introducing a concept known as restaking. This method aims to increase rewards on the Ethereum blockchain by allowing users to deposit ETH to help operate the network.
According to data from DeFiLlama, since its debut in 2023, EigenLayer has attracted over billion in assets, demonstrating the significant interest and potential of this new approach.
The launch of the EIGEN token is set to commence with an airdrop, a process where tokens are distributed to users based on certain criteria, including a points system that rewards early service adopters.
Kunal Goel, an analyst at Messari, noted that anticipating this airdrop was a “primary incentive” for users to place funds in EigenLayer’s service.
However, the excitement has been tempered by the fact that many participants who accumulated points are now barred from claiming their tokens due to using virtual private networks or residing in excluded countries.
Robert Drost, executive director at the Eigen Foundation, explained that the exclusions were a necessary step to adhere to regulatory guidelines, which are often unclear and challenging to navigate, noting:
It’s not possible to operate in the space without following regulatory guidelines and being responsible, and the challenging part is that there is not a lot of clarity.
This sentiment was echoed by Nick Cote, co-founder of Secondlane, who noted:
Issuers not being upfront with jurisdictional restrictions leaves a sour taste in people’s mouth when it comes time to receiving your rewards, and then you find out you’re disqualified for X, Y, Z reason.
Impact On The Broader DeFi Ecosystem
EigenLayer’s restaking service is not just a new feature in the Ethereum ecosystem; it represents a shift in how applications can leverage the deep pool of transaction validators that underpin Ethereum.
This service increases the yield from staking ETH – from a baseline of around 3% to higher rates, albeit with additional risks.
As a result, EigenLayer has risen to become the “second most popular DeFi application,” as reported by Bloomberg, partly at the expense of liquid staking protocols like Lido and Rocket Pool, which have seen significant outflows in recent months.
According to DeFiLlama, liquid staking protocols have experienced a more than 20% decline in total value locked since their notable high above billion in March.
Meanwhile, according to a recent report from IntoTheblock, nearly 4% of all ETH is now restaked using EigenLayer, showcasing the project’s growing popularity.
EigenLayer recently surpassed B in TVL.
Nearly 4% of all ETH, and 40% of liquid staking tokens (LSTs) supply is currently being restaked into EigenLayer pic.twitter.com/LZ0vbp3L3z
— IntoTheBlock (@intotheblock) April 26, 2024
Featured image from Unsplash, Chart from TradingView
New Crypto to Watch: 99Bitcoins Token Raises $1M and is Offering $99K BTC Airdrop
Every once in a while, a new crypto project makes investors sit up and pay attention. That’s exactly what’s happening with 99Bitcoins Token (99BTC) right now. The project has raised over million in funding so far – and the development team is planning to airdrop a whopping ,999 worth of Bitcoin to early community […]
Bitcoin News
SUI Gets Spicy: Network Fires Back At Token Supply FUD
Sui, the year-old Layer-1 blockchain darling, is facing a harsh reality check. While celebrating its first anniversary on May 3rd, 2034, the network finds itself embroiled in a controversy surrounding its tokenomics, the design and distribution of its cryptocurrency, SUI.
SUI Supply: Cause for Concern?
The fire was ignited by Justin Bons, founder of Cyber Capital, who tweeted concerns about the SUI token supply being overly concentrated in the hands of the founders and early contributors.
Bons pointed to a potential 80% allocation – 160 million out of a total 10 billion – going to Mysten Labs, Sui’s creator, and another 600 million earmarked for “early contributors,” raising eyebrows about potential centralization.
1/16) SUI has a great design, except for its token economics:
SUI claims to have a capped supply of 10B, with 52% being “unallocated” till 2030
The problem is that over 8B SUI is being staked right now!
Over 84% of the staked supply is held by founders! SUI is centralized:
— Justin Bons (@Justin_Bons) May 2, 2024
This alleged lack of decentralization worries investors. If these significant token holders decide to sell their SUI holdings (dump), it could cause a dramatic price drop, harming regular investors.
Sui Fights Back: Transparency On The Agenda
The network wasted no time in refuting these claims. The network vehemently denied any accusations of a centralized token supply, calling them “misleading” and “inaccurate.”
In a bid to assure investors, Sui emphasized that Mysten Labs doesn’t have control over the Sui Foundation treasury, community reserves, or investor tokens.
The network further clarified that the foundation, as the largest holder of locked tokens, will release them according to a publicly available schedule. They reiterated their commitment to transparency, stating that “every token that will be released has been allocated.”
Additionally, Sui highlighted that all staking rewards earned by the foundation are reinvested back into the community, a detail also reflected in the public emission schedule.
Trust Issues: The Market Responds
While Sui attempts to quell concerns, some market participants remain skeptical. They question the network’s motives, labeling the token distribution strategy as potentially manipulative. This skepticism coincides with a recent slump in SUI’s price.
Despite impressive gains in the past, the token has shed over 25% in the last month and sits a staggering 90% below its all-time high. This price performance fuels doubts about the project’s long-term viability.
The Importance Of Transparency: A Lesson For Blockchain Projects
The SUI tokenomics controversy underscores a critical lesson for the entire blockchain industry: transparency is paramount for building investor trust.
Justin Bons’ concerns, though potentially exaggerated, highlight the need for clear communication and verifiable token distribution plans.
As the blockchain space matures, projects that prioritize transparency and fair distribution models will likely garner stronger investor confidence and ultimately, a more sustainable future.
Featured image from Penn Today – University of Pennsylvania, chart from TradingView
STYLE Protocol Building to Empower Gamers Closes $2.5M Seed and Lists Token on Major Exchanges
PRESS RELEASE. MAY 6, 2024 — Switzerland. STYLE Protocol, which transforms NFTs into 3D assets that can be used in any game or metaverse, has listed its native utility token on major exchanges. The cutting-edge digital asset — $STYLE — made its debut on Bitget and MEXC, and is also available on the decentralized exchange […]
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900 Million Telegram Users Send TON Token Soaring 15% – Details
Telegram, the messaging giant, has reached a staggering 900 million users. This surge directly impacts Telegram Open Network (TON), the blockchain designed to work seamlessly within Telegram. TON has seen a remarkable 15% growth in the last week, highlighting its potential to become a mainstream crypto player.
TON price action. Source: Coingecko
TON: Cheap Transactions Draw In Users
The key to TON’s recent success lies in its tight integration with Telegram. Users can ditch the hassle of separate crypto wallets and make transactions directly through Telegram’s native wallet.
This frictionless experience, coupled with TON’s cheap transactions and fee-free USDT transfers, is a major draw for everyday users who might be hesitant to dive into the complexities of traditional crypto exchanges.
Gm
Telegram hits 900M Monthly Active Users, Gm back if you are one of them. pic.twitter.com/B6AlwEK71B
— TON (@ton_blockchain) May 5, 2024
Farming In Your Chats
While TON facilitates everyday transactions, its goals extend further. The Telegram ecosystem thrives on a network of apps and bots that introduce inventive ways to interact with your wallet. A prime example is “farming,” which allows users to participate in decentralized finance (DeFi) activities using TON or other tokens, all within the familiar Telegram interface.
This functionality to “farm” directly within chat windows showcases how TON fosters a deeper integration with cryptocurrencies. It breaks down the barriers between messaging and finance, potentially leading to a more seamless adoption of crypto in our daily digital interactions.
Security Concerns
However, TON’s path to mainstream adoption isn’t paved with roses. The biggest thorn in its side is security. While the integrated wallet offers undeniable convenience for small transactions, security experts raise concerns about its suitability for storing large amounts of cryptocurrency.
Unlike traditional hardware wallets, which are considered the gold standard for secure crypto storage, Telegram’s software wallet might be more susceptible to hacks or breaches. This could be a significant deterrent for users wary of entrusting their hard-earned crypto to a messaging app.
Regulatory Tightrope
Another looming challenge for TON is the ever-evolving regulatory landscape surrounding cryptocurrencies. Governments worldwide are still grappling with how to handle these digital assets, and regulations can significantly impact how TON operates within different markets.
Navigating this regulatory tightrope will be crucial for TON’s long-term success. The network needs to ensure it complies with evolving regulations while still offering users the functionality and freedom they expect from a decentralized blockchain.
Featured image from Pexels, chart from TradingView
Sui Surpasses Solana in Daily Transactions Amidst Spam Token Frenzy
Sui, a scalability-focused blockchain, has surpassed Solana, a top 10 cryptocurrency network, in activity levels, registering 41 million transactions on April 3. The activity overheating on Sui is caused by ‘spam’, a Sui native token designed to stress test the network’s capabilities, assigning tokens to users equivalent to the number of transactions issued. Sui Surpasses […]
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Uniswap Founder Shares His Two Cents On Good Token Distributions
Hayden Adams, founder of the Uniswap protocol, has shared his opinion on what characterizes a good distribution or rollout of a token. In a recent post on the X platform, the prominent crypto figure listed 10 qualities of good token distributions, highlighting the complexities surrounding the launch of a cryptocurrency.
Uniswap Founder Gives Opinion On Good Token Distributions
Adams began his take on good token distributions by stating that projects should allocate “tokens, not points” to the community. This phrase implies that participants should receive actual tokens that hold value within a particular ecosystem or on a network, instead of receiving points that may have limited utility.
Not aimed at any specific project, but have seen a ton of discourse recently on the topic so figured I’d share my take on good token distributions:
1) tokens, not points
2) don’t farm the farmers – teasing and creating ambiguity around a token distribution to grow your numbers…
— hayden.eth (@haydenzadams) May 4, 2024
Secondly, Adams warned against creating ambiguity or being vague about a token distribution to increase the number of participants or to “farm the farmers.” A good token distribution practice includes sharing real details when ready, according to the Uniswap founder.
Additionally, Adams criticized “low float tokens,” while calling them malicious. The prominent DeFi figure urged project teams to ensure sufficient tokens are available in circulation to prevent manipulation and allow genuine price discovery.
Adams also discouraged hyping a token’s price and how it will skyrocket before it launches. The founder believes hiring an influencer or a marketing company to promote a token’s value only depicts a get-rich-quick scheme rather than a genuine attempt at building real value.
What’s more, the Uniswap founder stressed the importance of free token airdrops during token distributions. “Don’t be stingy – give a significant amount away. If you don’t think the community deserves a significant amount, don’t release a token,” Adams said in his post.
Ultimately, Adams advised new crypto projects to be careful and thoughtful in their decision-making to avoid making mistakes that might put them at odds with the crypto community. “Create something you’re proud of and stand behind it,” the Uniswap founder added.
A Jab At Friend.tech and its FRIEND?
At the beginning of his post, the Uniswap founder clearly stated that the opinion is not aimed at any specific project. However, the timing is interesting, especially after social media platform Friend.tech’s “unsuccessful” token airdrop.
On Friday, May 3rd, Friend.tech airdropped its new FRIEND tokens to users in conjunction with the launch of the protocol’s version 2. While the token’s value quickly rose to 7 after launch, FRIEND’s price nosedived to below within a few hours.
Analysts pinpointed liquidity issues and a mass sell-off as the primary reasons behind the downturn of FRIEND and, ultimately, the ineffectual token launch. Moreover, many users complained about how challenging it was to claim the token airdrop, as technical drawbacks reportedly frustrated the process.