The mailing list provider used by the Ethereum Foundation for updates was compromised, resulting in a phishing email. Hackers are now using addresses from the breach to send fake emails. These fraudulent emails claim a collaboration between Ethereum and LIDO, promising a high annual percentage yield (APY) for staked assets. Recipients are urged to avoid […]
Bitcoin News
Fantom Foundation Allocates $120 Million to Accelerate Migration to Sonic
The Fantom Foundation has unveiled a treasury allocation of 200 million FTM, approximately 0 million USD, to expedite the migration of partners to its new Sonic network. This allocation includes native application grants, strategic grants to decentralized applications (dapps), and first-class infrastructure tools and partners for developers and users. The Foundation is said to be […]
Bitcoin News
Ethereum Foundation Moves $64.4 Million Worth Of ETH, Is This A Dump?
The Ethereum Foundation is again in the news following its recent transaction involving millions of Ethereum (ETH) tokens. The non-profit organization’s Ethereum transactions are always significant, considering the impact they usually have on the second-largest crypto token.
Ethereum Foundation Transfers .4 Million Worth Of ETH
Crypto journalist Colin Wu revealed in an X (formerly Twitter) post that a wallet (0x8e…D052) linked to the Ethereum Foundation transferred 18,089 ETH (.4 million) to a new address (0x87…D812). On-chain data shows that the new address has yet to transfer these funds and that the ETH holdings have yet to be offloaded on the market.
Transactions involving the Ethereum Foundations are always concerning because the non-profit organization has a reputation for selling at the top. As such, the transaction of these funds is one to keep an eye on, considering that the potential sale of these tokens could mean that the Ethereum Foundation is again looking to catch ETH at the top.
It is worth mentioning that the Ethereum Foundation has already sold over 1,700 ETH since the start of 2024 with on-chain analytics platform SpotOnChain, noting that these transactions have always occurred ahead of a price drop. Therefore, a potential price drop if these 18,089 ETH are eventually sold is a huge possibility.
Despite this development, Ethereum’s outlook is very bullish, especially with Bloomberg analyst Eric Balchunas stating that the Spot Ethereum ETFs could begin trading by July 2. These funds are expected to spark a significant rally for the second-largest crypto by market cap, with crypto experts like Ash Crypto predicting that Ethereum could rise to ,000 thanks to these Spot Ethereum ETFs.
ETH To ,000 Is The Most “Asymmetric Bet”
Crypto analyst and trader Tyler Durden mentioned that the most asymmetric bet in crypto today is ETH reaching ,000. He also highlighted Ethereum’s chart against Bitcoin and suggested that ETH was ready for that big move, considering it has traded sideways for eight months.
The analyst also suggested that the Spot Ethereum ETFs will play a massive role in Ethereum’s rise to this price level. He stated that Wall Street went through a lot of effort to get the Spot Ethereum ETFs approved and that they would ensure that they make money from ETH while pumping its price.
Meanwhile, Durden boldly asserted that money would exit the Solana ecosystem and rotate to Ethereum. He claimed that Solana has lost its “main character and driver of liquidity”, which is why the money will flow into ETH. Interestingly, he mentioned that celebrities have “cannibalised,” which is why he believes that the capital rotation cannot happen the other way around with money moving from Ethereum to Solana.
At the time of writing, ETH is trading at around ,500, down in the last 24 hours, according to data from CoinMarketCap.
TON Foundation Announces Plans to Widen Access to USDT on Ton
The TON Foundation has announced a partnership with Tether to broaden the access of global crypto communities to USDT on the TON blockchain. The foundation has outlined plans to integrate TON-based USDT into at least a hundred exchanges and payment processors in both established and emerging markets in the coming months. TON Foundation and Tether […]
Bitcoin News
Cardano Foundation Forges Government Partnership in Argentina to Boost Blockchain Adoption
The Cardano Foundation has announced an interesting new public partnership in Argentina. The collaboration, which follows a public signing between Rogelio Frigerio, the Governor of Entre Ríos, and Rafael Fraga, the LATAM Lead for Business Development at the Cardano Foundation, is with the state of Entre Ríos, a central province of Argentina. The partnership aims […]
Bitcoin News
ERC-6900 Website Launches, Co-Authored by Ethereum Foundation, Alchemy, Circle and Quantstamp
The official resource for ERC-6900, www.erc6900.io, has been launched, co-authored by the Ethereum Foundation, Alchemy, Circle, and Quantstamp. The website is a comprehensive guide to ERC-6900, a groundbreaking proposal that standardizes interfaces for composable smart accounts. The core idea behind ERC-6900 is to foster permissionless innovation by making it easier for developers to build secure, […]
Bitcoin News
FTM’s Key Support At Risk As Fantom Launches Sonic Foundation And Wraps $10M Funding
The Fantom Foundation has recently disclosed its plans to establish the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain.
In an announcement on Thursday, the foundation expressed its commitment to leveraging its technology and revealed additional details about the upcoming developments.
Fantom Introduces Sonic Chain
According to the foundation’s blog post, with the completion of the upgrade for their Opera chain on the horizon, Fantom is directing its focus towards creating a new “high-throughput” chain called Sonic (S).
The introduction of the Sonic network will coincide with the establishment of the Sonic Foundation, which will assume responsibility for governance and treasury management functions. Additionally, Sonic Labs will spearhead the growth of decentralized applications (dApps), partnerships, and user engagement.
Developed under the guidance of Professor Bernhard Scholz, a virtual machine developer, and led by decentralized finance (DeFi) expert Andre Cronje, the Sonic chain represents a new type of Layer-1 platform with a native Layer-2 bridge connected to the Ethereum (ETH) network.
The Sonic chain is reportedly designed to serve as a Layer 1 solution connected to Ethereum via a Layer 2 bridge. This integration is intended to allow Sonic to leverage Ethereum’s liquidity, user base, and protocols.
As a result, the network will combine the benefits of a Layer-1 platform, such as affordability, scalability, and speed, with the security of a Layer-2 bridge, providing access to native ETH and other assets on Ethereum.
Million Raised In Strategic Funding Round
Regarding the “S” token, a recent governance vote has secured compatibility and migration between the decentralized platform’s native token FTM and S on a 1:1 basis.
Fantom also announced the successful completion of a million strategic funding round led by Hashed, one of Korea’s cryptocurrency funds. This funding initiative for the foundation is expected to expand further in the coming months.
In addition to Hashed, UOB Ventures, Signum Capital, and Aave (AVE) Foundation, along with angel investors Stani Kulechov, Robert Leshner, Michael Egorov, Fernando Martinelli, Tarun Chitra, and Sam Kazemian, and individual partners from UOB, have all provided support during the funding round.
The capital raised in the latest round of funding will be used exclusively to support strategic growth initiatives and ecosystem development within the Fantom network, according to the foundation’s statement, which concluded by saying:
Our team is steadfast in exploring how the Sonic chain can impact and elevate several different DeFi and real-world use cases. Industries and applications such as real-world assets, perpetual DEXs, payments, trading, and high-transaction-based games, can be transformed by the speed and high throughput of Sonic.
FTM Faces Potential Downtrend Continuation
Despite these developments, the FTM token has exhibited a lackluster response to the successful funding round and the potential benefits of the Sonic chain.
As a result, the token has declined by over 4% within a 24-hour period, putting a significant level of support for the native token at risk.
Currently trading at .8033, the FTM token’s immediate prospects hinge on the crucial .7994 support level. A breach of this support could lead to further price declines, with the next major support at .755.
On the other hand, if renewed bullish momentum and increased buying pressure emerge, the token may encounter resistance at the .844 and .8750 levels before potentially retesting the key .9 zone. Reclaiming the milestone remains pivotal for the token’s overall outlook.
Featured image from Shutterstock, chart from TradingView.com
Sei Foundation Unveils ‘Parallelized’ EVM In v2 Upgrade, Driving 11% Spike In SEI’s Price
To increase the capabilities of its Layer 1 (L1) blockchain, the Sei Foundation has announced a governance proposal to upgrade Sei to Version 2. This proposed upgrade will reportedly introduce a “high-performance, parallelized” Ethereum Virtual Machine (EVM) to improve the network’s overall functionality.
Sei Rolls Out Multi-Phase V2 Upgrade
According to the announcement, the Sei V2 launch will be rolled out in three phases to minimize risk, set user expectations, and optimize network performance. “By rolling out Sei v2 in measured steps, Sei Contributors can ensure a stable and scalable network for everyone,” the foundation stated.
The first phase will focus on validating software upgrades and transitioning the existing Sei Pacific-1 mainnet to the new “v2” iteration. This will pave the way for deploying EVM-based contracts and infrastructure integrations on the Sei network.
The announcement cautioned that “not everything will be functional at the start of this period. “For example, bridges will need time to deploy to Mainnet before the community can use them.”
However, the foundation promised to provide an official announcement once the v2 network is deemed stable and critical infrastructure, such as RPCs, bridges, indexers, and multi-sigs, is ready for use.
If the governance proposal is accepted, the Sei mainnet upgrade to Version 2 is scheduled for Monday, May 27th.
Interestingly, the announcement of the Sei V2 upgrade has already sparked a surge in the blockchain’s native token, SEI, which has emerged as one of the biggest gainers in the market over the past 24 hours, with a price increase of 11%.
All Eyes On All-Time High On Mainnet Upgrade Prospects
The SEI token is trading at .5830, surpassing its previous resistance level of .560. This breakthrough aims to consolidate the token’s price above this mark, a key level for the token’s prospects of testing higher resistance walls and potentially reaching its all-time high (ATH) of .14, set on March 16.
Furthermore, the token has recorded a trading volume of million since the announcement, resulting in a substantial 150% increase compared to the figures recorded during the previous weekend, according to CoinGecko data.
Despite these positive developments, it remains to be seen whether the governance proposal to upgrade the Sei blockchain to Version 2 will be approved.
In the event of a bullish outcome and the successful implementation of the V2 upgrade, the key resistance levels to watch on the upside are .592, .613, and .637. These levels could be potential targets for the token’s continued bullish momentum.
Conversely, should the token experience a price correction, the .544 and .527 zones would be the levels to monitor for potential support and stabilization of the SEI price in the coming days.
Featured image from Shutterstock, chart from TradingView.com
ICP Price Drops 10% As DFINITY Foundation Unveils Updated Internet Computer Roadmap
The DEFINITY Foundation, the company behind developing the Internet Computer protocol, has recently unveiled an updated roadmap to facilitate increased artificial intelligence (AI) blockchain adoption.
As the native token of the network, ICP continues to lead among AI tokens and holds the 22nd position in the top 100 cryptocurrencies. However, recent price drops have prompted the Foundation to focus on key areas of development to revitalize the token’s price action and further advance the protocol’s capabilities.
Internet Computer Roadmap
The highlighted aspects of the roadmap outline two critical steps called “milestones” in the Internet Compute platform domain: Tokamak and Stellarator. Tokamak focuses on reducing latency by maximizing the block rate of each subnet and introducing a new synchronous ingress submission endpoint.
Stellarator, on the other hand, will reportedly increase the storage layer, enabling subnet blockchains to host over 1TB of canister smart contract storage while improving the efficiency of the consensus layer.
The DEFINITY Foundation aims to integrate AI capabilities as smart contracts on the Internet Computer protocol to address the resource-intensive nature of AI training and inference.
The Cyclotron milestone outlined in the roadmap will increase on-chain inference for larger AI models through performance improvements in the WebAssembly runtime and inference engine. The Gyrotron milestone, on the other hand, explores the integration of AI-specialized subnets with GPU support, enabling compute—and memory-intensive computations on-chain.
ICP’s Interoperability With Bitcoin, Ethereum, And Solana
ICP’s Chain Fusion technology will allow direct interoperability with major blockchains, including Bitcoin, Ethereum, and other Ethereum Virtual Machines (EVMs). Nonetheless, the roadmap introduces several milestones to expand interoperability.
Tritium milestone enables ICP to interact with Ethereum and EVM smart contracts, facilitating cross-chain communication. Deuterium milestone extends Chain Fusion support to emerging Bitcoin protocols.
Interestingly, the Helium milestone aims to increase Chain Fusion for the Solana network, enabling decentralized applications (dApps) leveraging the capabilities of both networks.
Next, the Solenoid milestone decentralizes the operation of the ICP boundary nodes, “empowering” the network’s participants. The Levitron milestone provides visibility into the Internet Computer’s edge infrastructure, allowing developers to gain insights into dApp usage patterns and generate user statistics.
Lastly, ICP will incorporate two governance systems: the NNS (Internet Computer’s DAO) and the SNS framework governing individual dApps. Tokenomics incentivizes voting participation and aligns DAO decisions with long-term interests. These governance mechanisms will allegedly ensure decentralized decision-making and community involvement.
As of the current press time, the price of ICP has experienced a significant increase of 120% year-to-date. However, it is currently trading at .05, 98% lower than its previous all-time high (ATH) of 0 achieved in September 2023.
Once implemented, the impact of the roadmap on the cryptocurrency’s price and its potential to regain bullish momentum and drive adoption for various use cases remain to be seen.
Featured image from Shutterstock, chart from TradingView.com
EOS Network Foundation Founder: Bitcoin Halving Spurs Development of Solutions Enhancing Network Efficiency
With Bitcoin transaction fees recently becoming a more critical component of miner revenue, Yves La Rose, CEO of Exsat, believes there is “an increased incentive to adopt and develop solutions that enhance transaction throughput and network efficiency.” According to La Rose, this can be achieved by integrating advanced layer two (L2) solutions which expand the […]
Bitcoin News