Exodus Movement, a crypto wallet company, announced that its planned listing on NYSE American will not proceed as scheduled due to the U.S. Securities and Exchange Commission (SEC) still reviewing its registration statement, despite the statement being declared effective at the end of April. The company, which intended to uplist from OTC trading to expand […]
Bitcoin News
EigenLayer Makes A Big Splash With EIGEN Token Launch And Major Airdrop Plan, Get The Full Scoop!
EigenLayer, a decentralized restaking protocol built on Ethereum (ETH), has made significant announcements, paving the way for new developments within the crypto ecosystem.
The protocol unveiled its native token, EIGEN, which the newly formed Eigen Foundation will distribute. Alongside this, EigenLayer introduced a major plan for an airdrop and released a comprehensive new Whitepaper.
EigenLayer Unveils EIGEN With Novel Mechanism
According to the protocol’s announcement, the introduction of the EIGEN token brings forth a complementary mechanism designed to address “intersubjective” faults, which cannot be resolved through ETH restaking alone.
By expanding ETH restaking, EigenLayer positions ETH as the Universal Objective Work Token, while the universality of EIGEN makes it the Universal Intersubjective Work Token. EIGEN’s universality is reportedly aimed at allowing it to fork and slash for intersubjective errors committed by EIGEN stakers in any AVS (Automated Verification System) within the protocol.
To ensure widespread adoption of EIGEN across applications, EigenLayer has designed an application-independent mechanism to maintain the system’s cryptoeconomic security.
In EigenLayer, EIGEN staking and ETH restaking play complementary roles. EIGEN addresses safety properties through objective slashing, and ETH restaking ensures liveness and censorship-resistance properties dependent on stake decentralization.
The launch of EIGEN also introduces intersubjective staking, marking a significant milestone for the protocol and the Ethereum ecosystem. However, due to its newly introduced design, the concept requires widespread adoption and discussion among ecosystem participants.
At launch, the Eigen token will have a total supply of 1.67 billion tokens, with the Foundation allocating 45% of the tokens to the community. This allocation is further divided into staked drops, community initiatives, and ecosystem development.
Investors will reportedly receive almost 30% of the tokens, while early contributors will receive over 25%. Both these groups are subject to a three-year lockup period for their allocations.
A complete lock will be in place during the first year, followed by a gradual release of their total holdings at a rate of 4% per month over the subsequent two years.
EIGEN Token Launches Meta-Setup Phase
While the initial implementation of intersubjective staking at launch mirrors only a limited extent of the full protocol, several parameters still need to be determined for its full actuation.
To address this, EIGEN is being launched in a meta-setup phase, serving as a call to action for researchers, experts, and the broader community to engage in public discourse.
As EigenLayer announced, this collaborative effort aims to help define the necessary parameters to make the protocol and its interaction with the rest of the Ethereum ecosystem as effective as possible.
Featured image from Shutterstock, chart from TradingView.com
US Presidential Candidate RFK Jr Unveils Plan to Put Entire US Budget on Blockchain
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled his plan to put the entire U.S. budget on a blockchain. “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day,” he explained, adding that if somebody is spending ,000 for a toilet seat, everybody […]
Bitcoin News
Polkadot Unveils Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize Incentive
Gavin Wood, the founder of the Polkadot protocol, has unveiled a new Gray Paper outlining the forthcoming Join-Accumulate Machine (JAM) upgrade for the network. This announcement occurred during Wood’s presentation on Polkadot’s future at the Token2049 crypto conference in Dubai.
Wood introduced the JAM Implementer’s Prize, a 10 Million DOT prize pool, to encourage diverse development of the JAM protocol.
Polkadot Unveils JAM Upgrade
According to the announcement, the JAM upgrade aims to replace the relay chain, which acts as the central data chain in the Polkadot network, with a “more modular and minimalist design” that will allow Polkadot to run generic services and increase network stability.
The parachains service within JAM will support existing Substrate-based parachains, enabling developers to continue using Substrate to develop and deploy their blockchains.
Notably, these services will have no predefined limits on code, data, or state capacity and can accommodate additional DOT deposits for increased capacity.
JAM’s design includes several technical improvements. It replaces WebAssembly with the Polkadot Virtual Machine based on the RISC-V ISA, an open-source instruction set architecture (ISA) used to develop custom processors.
It also introduces SAFROLE, a SNARK-based block production algorithm. These upgrades are reportedly designed to optimize performance and scalability within the Polkadot network.
On The Path To Decentralization?
To realize the vision of “a truly decentralized protocol,” Polkadot aims to support multiple client implementations. Furthermore, the JAM Implementer’s prize has been established to incentivize and fund projects contributing to the development of JAM implementations. The announcement further reads on the matter:
We believe that supporting a range of implementations in various programming languages will strengthen the ecosystem’s foundation. It distributes the power of protocol implementers more widely and reduces the risk of a bug in one implementation taking down the entire network.
The JAM Implementer’s Prize will collaborate with existing and future funding initiatives that support Polkadot’s ecosystem and technology stack. These initiatives include Decentralized Futures, Grants, and Polkadot’s on-chain treasury.
The prize will be activated when JAM is ratified as a Polkadot technology through the network’s on-chain governance mechanism.
Overall, Gavin Wood’s introduction of the JAM upgrade and the associated 10 Million DOT prize reflects Polkadot’s intention to increase the protocol’s use and adoption. JAM’s modular design and incentives for multi-client implementations are also expected to contribute to ongoing efforts to decentralize the Polkadot network.
As JAM development continues, the Polkadot ecosystem welcomes proposals from teams interested in implementing it in various programming environments.
Despite the recent announcement, the network’s native token, DOT, has been unable to break the downtrend witnessed over the past month. Currently trading at .75, it reflects a significant 24% decline in price over the last 30 days.
Featured image from Shutterstock, chart from TradingView.com
Plan B Predicts Repeat Performance Post-Bitcoin Halving Amid Mixed Analyst Forecasts
At block height 839,856, the Bitcoin blockchain stands a mere 144 blocks short of the forthcoming reward halving at block height 840,000. Historically, bitcoin’s price has seen substantial increases following prior halving events. However, there are speculations that this occurrence might not follow the previous pattern. This week, the creator of the stock-to-flow (S2F) price […]
Bitcoin News
Binance CEO Discusses Company’s Plan After Settlement With US Authorities
Binance’s chief executive has shared his company’s future direction and areas of focus following its settlement with U.S. authorities, including the Department of Justice (DOJ). “We have moved past that as the company move into greater maturity,” he insisted, adding that the crypto firm is focusing on “sustainability.” ‘The Direction of Travel Is Very Clear’ […]
Bitcoin News
Predicting Bitcoin’s Bull Run Values: Plan B’s S2F Model and Ledn CIO’s $92,000 Target
As bitcoin hovers around the ,000 mark on March 18, 2024, there’s still widespread speculation about the potential for its price to climb even higher. The analyst Plan B continues to shed light on his well-known stock-to-flow (S2F) model, which suggests that “exponential growth” is expected to “continue.” Plan B: ‘S2F = Exponential Growth’ The […]
Bitcoin News
Fantom Launches Recovery Plan For Funds Lost In Multichain’s $200M Exploit, FTM Soars
The Fantom (FTM) Foundation has taken decisive steps to recover assets lost in the Multichain exploit that devastated various chains, including its own, resulting in a staggering 0 million loss.
After failed attempts to engage with the Multichain Foundation, the Protocol has announced that it filed a lawsuit for “breach of contract” and “fraudulent misrepresentations.”
Fantom Foundation Takes Legal Action Against Multichain
The exploit, which occurred in July 2023, targeted the Multichain bridge and affected multiple chains, including Fantom, Ethereum (ETH), Binance’s BNB, Cronos (CRO), Polygon (MATIC), Arbitrum (ARB), zkSync, Optimism (OP), and Moonbeam (GLMR).
Fantom’s ecosystems suffered losses of approximately one-third of the total damage. In addition, the Fantom Foundation claims that the recovery process has faced numerous challenges due to legal complexities, jurisdictional issues, uncooperative former directors, and ongoing police investigations.
To pursue justice, the Fantom Foundation initiated several measures. They filed a police report in Singapore, where the Multichain Foundation is incorporated, and in Kunming, China, where Multichain and its founder are under investigation.
Legal counsel was engaged in the United States, China, Hong Kong, and Singapore to navigate the diverse jurisdictions involved. Additionally, Fantom partnered with the blockchain intelligence firm TRM Labs to conduct a comprehensive forensic analysis of the asset flow. As a decisive move, legal action against the Multichain Foundation for losses incurred by Fantom was commenced in Singapore.
Empowered To Liquidate Multichain
The Fantom Foundation has also disclosed that a recent default ruling by Judge Tan Boon Heng of the General Division of the High Court of Singapore has ruled in favor of the Protocol’s claim.
According to the foundation’s blog post, the ruling paves the way for the protocol to petition the court to dissolve the Multichain Foundation and appoint a court-appointed liquidator.
The liquidator, equipped with specialized expertise, legal powers, and authority to act on behalf of Multichain, will reportedly assist in the tracing, recovering, and distributing of missing or frozen assets.
However, it is worth noting that while the current ruling addresses explicitly the Fantom Foundation’s losses, it sets an important precedent for all affected users to pursue their claims against Multichain.
Ultimately, the Foundation intends to use this legal victory to facilitate the appointment of “suitably qualified” experts to recover and distribute assets on behalf of all creditors. This milestone marks a significant step forward in the ongoing legal saga and underscores the team’s approach to righting the wrongs caused by the exploit.
Riding The Bull Market
Despite the ongoing legal battle faced by the protocol, its native token, FTM, has experienced significant gains across all time frames, taking advantage of the current bullish sentiment in the overall market.
In the year-to-date period, the FTM token has recorded a remarkable increase of 67%, followed by gains of over 92% in the past thirty days. Furthermore, in the past seven and fourteen days alone, the token has seen gains of 50% and 57%, respectively.
This continuous upward trend propelled FTM to reach a 20-month high of .751 on Monday. However, it has since retraced and is trading for .681, with a modest recovery of 1.8% in the past few hours.
Featured image from Shutterstock, chart from TradingView.com
FLOKI Skyrockets 32% Higher Following DWF Labs’ $10 Million Acquisition Plan
In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at .00005097.
DWF Labs Strengthens Partnership With Floki Inu
According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem.
As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity.
The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption.
Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement:
This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run
Price Soars, TVL Rises, And Chinese TV Exposure
Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024.
According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market.
The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition.
Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of 1 million, setting a new record and highlighting the widespread adoption of the token’s utility products.
In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of 5 million. This represents 25% of the token’s supply, with 5,313,899 worth of tokens locked and staked for up to 4 years.
This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them.
The memcoin token is trading at .00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly 0 million, reaching 5 million, according to the latest update.
Additionally, the trading volume for FLOKI has significantly increased, reaching 4 million in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
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