The Solana Foundation has given its take on the offensive meme coin issue that originates on the Solana blockchain. Austin Federa, head of strategy at the Solana Foundation, sustained that the core components of Solana should be permissionless while blocking some of these offensive assets should be left to individual applications. Solana Unlikely to Deal […]
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Ethereum Foundation Receives Confidential State Inquiry, Removes Warrant Canary Icon From Github Repo
The Ethereum Foundation has reportedly received a “voluntary enquiry from a state authority,” according to a note added to the group’s Github page. State Actors Have Contacted the Ethereum Foundation; SEC Reportedly Investigating On Wednesday, March 20, 2024, the crypto community discussed a message posted to the Ethereum Foundation’s Github repository which also features a […]
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Avalanche Foundation Discloses First Batch of Meme Coin Holdings
The Avalanche Foundation has disclosed the first set of community coins, also called meme coins, in which the institution has invested under its 0 million Culture Catalyst fund launched in 2022. Coq inu, gecko, kimbo, nochill, and tech are the first five currencies that are part of the foundation’s holdings, and more might be chosen […]
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Bitfrost and Stacks Foundation Team up to Enhance Bitcoin Utility
In a recent development, the Bitfrost Foundation has allied with the Stacks Foundation to explore new opportunities within the Bitcoin ecosystem. This partnership is dedicated to harnessing Bitcoin’s potential by introducing innovative use cases and improving interoperability with assets and protocols based on Bitcoin. Bitfrost and Stacks Foundation Partner to Expand Bitcoin Ecosystem On Thursday, […]
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Optimism Foundation Executes $89 Million OP Private Token Transaction
The Optimism Foundation recently sold approximately 19.5 million OP tokens, valued at nearly million, to an unnamed buyer, with these tokens being sourced from the unallocated segment of their OP Token treasury initially set aside as working capital. This sale is part of the foundation’s management of the Optimism network, a blockchain designed to […]
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The Ethereum Foundation Is Selling ETH Again, Is The Top In?
The Ethereum Foundation, a non-profit organization, has initiated an unexpected ETH sell-off to a single address, prompting speculation about a potential market peak.
Ethereum Foundation Executes Multiple ETH Transfers
On Monday, March 4, Blockchain analytics platform LookOnChain revealed a series of transactions executed by a wallet address related to the Ethereum Foundation. Sharing a screenshot of the transaction details on X (formerly Twitter), LookOnchain disclosed that the Ethereum Foundation had initiated three ETH transactions to a single wallet address identified as “Cumberland Forwarder”.
Among these transfers, two involved selling off 500 ETH each, while the third recorded a transaction amount of 0 ETH. At the time of writing the price of Ethereum is trading at ,684.95 according to CoinMarketCap. This price puts the value of the Ethereum Foundation’s 1000 ETH sell-offs at over .68 million.
It’s uncertain whether this unexpected sell-off indicates a shift in the foundation’s perspective on Ethereum’s current valuation, as the foundation is known for selling ETH tokens during tops. Additionally, the timing of the transfers could be an indication of a peak in Ethereum’s price, which often precedes a significant price correction.
Including the Ethereum Foundation, there have been other major ETH transfers made by investors. Earlier in January, bankrupt cryptocurrency company Celsius Network initiated a massive sell-off worth about 5 million ETH. Following this large-scale transfer, Ethereum’s price experienced a major decline.
With the price of Ethereum slowly approaching its peak value, if a similar sell-off phase occurs, it could potentially trigger a shift in market sentiment, pushing investors to opt for other major cryptocurrencies as they attempt to diversify their portfolios and avoid risks.
ETH’s Price Update
Recently, Ethereum has been witnessing significant gains, driving its price closer to its previous all-time high of ,379 in May 2021. Notably, the cryptocurrency has been aggressively following Bitcoin’s recent bullish uptrend, reinforcing its position as the second-largest cryptocurrency in the space.
Various analysts have consistently made bullish predictions about the price of Ethereum, with the majority expecting the cryptocurrency to surge above ,000 soon. Considering the multiple upgrades and developmental activities ongoing within the Ethereum blockchain, a price surge to ,000 seems probable.
In the advent that Ethereum reaches its “top in”, the cryptocurrency may undergo a sell-off phase, as investors seek to maximize profits by cashing out their investments. This could lead to a price reversal, with persistent selling pressures diminishing demand and instigating Fear, Uncertainty and Doubt (FUD) among traders and investors.
Digital Euro Association Partners With HBAR Foundation to Boost Understanding of CBDCs and Stablecoins
The Digital Euro Association (DEA) has entered into a partnership with the HBAR Foundation. This collaboration aims to bolster its comprehension of central bank digital currencies (CBDCs) and stablecoins. Although this partnership marks a significant milestone in the digital currency landscape it nevertheless does not amount to an endorsement of any ideologies or products. Enhancing […]
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Uniswap Foundation Unveils Major Upgrade Plan, UNI Price Skyrockets 52%
Uniswap (UNI), one of the industry’s largest decentralized cryptocurrency exchanges (DEXs), has set the stage for a major shift in its ecosystem with a proposed upgrade that could have significant implications for UNI token holders.
The upgrade aims to bolster governance participation, enhance resilience, and reward token holders for active engagement within the Uniswap ecosystem.
Uniswap Takes Big Leap In Governance
Uniswap Foundation (UF) Lead Developer Erin Koen, while expressing his enthusiasm, has suggested that it has been the “biggest week in Uniswap Protocol Governance” and revealed a major upgrade proposal for the system.
At the heart of the proposed upgrade lies a fee mechanism designed to reward UNI token holders who stake and delegate their tokens. As announced, by actively participating in the governance process, token holders can earn additional rewards in the form of protocol fees.
In addition to the enhanced rewards, the proposed upgrade seeks to fortify Uniswap Governance, making it “more resilient and decentralized.”
According to Koen, by increasing the number of actively involved token holders, the governance structure becomes more robust, ensuring that decisions align with the collective interests of the UNI community.
The proposed upgrade maintains governance control over core parameters such as fee-charged pools and fee magnitude. Token holders will collectively decide on these critical aspects, allowing for flexibility and adaptability in response to market dynamics.
Beyond the immediate benefits, the proposed upgrade holds the potential for long-term value appreciation of the UNI token. By incentivizing participation and aligning token holders’ interests with the ecosystem’s success, Uniswap aims to foster organic growth and adoption.
Assuming a successful on-chain vote, the community will have the option to activate fees. Gauntlet, a trusted entity, is reportedly preparing a proposed roll-out process that will be shared on the forum.
Only after completing this separate governance process will fees be collected and distributed according to the adopted contracts. Koen further noted:
We’re excited to invigorate governance – incentivizing not only delegation but thoughtful and active delegation – by tying delegation to protocol fees. Specifically, we believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success. If this proposal succeeds we believe we will see an influx of new delegations.
UNI Records 23-Month High
As these developments unfold, considerable excitement has emerged around the Uniswap protocol. Notably, a cryptocurrency investor named “Virtual Bacon” expressed enthusiasm, stating, “Uniswap finally proposes to share revenue with UNI token stakers. Chart exploding on this ‘proposal’ which hasn’t passed yet.”
Within 24 hours, the UNI token witnessed a surge of over 52%, signaling the market’s anticipation of the potential benefits this upgrade could offer token holders.
Currently, the UNI token is trading at .29. However, with the unveiling of the upgrade proposal, the token quickly surged to the .50 level, reaching its highest point in 23 months.
The gains over longer time frames have also experienced a dramatic surge. Over the past fourteen days, the UNI token has seen an impressive increase of 73%. Similarly, the token’s value has soared by 94% in the last thirty days.
Overall, should the proposed upgrade be approved and implemented, Uniswap will reinforce its position as a leading DEX and establish a framework that empowers token holders and fosters the continued growth and success of the Uniswap protocol.
Featured image from Shutterstock, chart from TradingView.com
Aptos Foundation and Blockchain Phone Maker Jambo Partner to Bolster Global Web3 Access
The Aptos Foundation has revealed its collaboration with Jambo, a creator of blockchain-enabled smartphones, to bolster emerging markets through Web3 innovation. The pair state that their alliance seeks to improve Web3 access and knowledge in areas that would benefit greatly, by utilizing the layer one (L1) blockchain technology of Aptos in tandem with Jambo’s dedication […]
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Dydx Foundation Receives $30M From Community Treasury to Propel Strategic Initiatives
This week, the Dydx Foundation revealed it has secured a million allocation from the Dydx Chain Community Treasury. This financial infusion is designated to extend the foundation’s operational capacity by an additional three years, facilitating the execution of the project’s strategic roadmap. Community Treasury Allocates Million to Dydx Foundation for Enhanced Ecosystem Innovation […]
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