Genesis just filed for bankruptcy today. Some people may not know who they are, some might. But as usual, the situation is much more complicated than on the surface and I'll break that down here. Firstly, Genesis is a subsidiary of DCG, and is the sister company of Grayscale, who is also a DCG subsidiary.…
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Hi, I've been in the ecosystem for a while, but havent engaged in staking too much. I am looking to make an application that involves staking eth and I was wondering where I could find information about the following: – The best developer oriented dApps for their users to stake eth – i.e. I want…
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Despite the increase in market capitalization, which shows investors might be returning, big large caps are still deemed undervalued. In a tweet posted today by blockchain intelligence firm Santiment citing the MVRV Z-score, Binance coin (BNB) is the only overvalued crypto amongst tokens with a large market cap. Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Shiba Inu (SHIB), Uniswap (UNI), and Chainlink (LINK) are very much still undervalued. Price Outlook On BTC, ETH, And Undervalued Large Caps Santiment reported that BTC, ETH, XRP, ADA, DOGE, MATIC, SHIB, UNI, and LINK are undervalued. However, despite their deemed result, each of them was still part of the global crypto market rally or the ‘mini bull run’ seen over the past weeks. Related Reading: Cardano Up 30% Since December As 28 New Whales Hold At least 1 Million ADA BTC and ETH have seen more than a 10% increase in value, respectively, over the past seven days. At the time of writing, both cryptos are up 2% in the last hour, with BTC 24-hour trading volume exceeding $39 billion and ETH surpassing $6 billion. Other large caps like XRP and ADA have also seen significant movement in price to the upside over the past weeks. With XRP up 15% in the last 14 days and ADA up 25% over the same period. Notably, this is not ADA’s first time appearing on Santiment’s undervalued crypto list. Last month, the crypto analytics platform shared an analysis indicating that the Cardano native token was undervalued regardless of the aggressive accumulation from Sharks and Whales holding at least 100k to 10 million ADA tokens. BTC, ETH are undervalued | Source: Santiment Memecoins, such as DOGE, and SHIB, weren’t left out of the global rally as both did 13% and 35%, respectively, over the past 14 days. MATIC, UNI, and LINK have also printed bullish trends over the past week, up by 19%, 13%, and 14%, respectively, in the past two weeks. Binance Coin (BNB) Becomes Overvalued? Though merely looking at it, BNB being overvalued over other large caps such as BTC and ETH might be quite unbelievable. However, BNB’s potential has proved to make the coin overvalued worthy. Late last year, following the collapse of FTX, BNB survived through an industry-wide FUD, which plummeted its value by over 10%, sending it from its hovering $300 trading price to below $250. Related Reading: Binance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin’s Slowdown? Despite the intimidating FUD, BNB survived through, as the token didn’t plummet much as expected. Furthermore, since the beginning of the year, BNB has chosen the bullish path surging nearly 15% in the past two weeks. BNB also rallied amid its quarterly burn, which happened on Tuesday, and has so far refused to make a movement for a retracement. However, at the time of writing, BNB’s price is currently down 1.2% over the last 24 hours. As a result, its current market price is sitting at the $288 zone with a 24-high of $296.33 and a trading volume of $550.3 million over the same period. Featured image from Unsplash, Chart from TradingView
According to the deputy governor of the Somalian central bank, Ali Yasin Wardheere, the institution plans to fight inflation and currency counterfeiters with newly issued shilling banknotes. The bank reportedly said it hopes to complete the process of replacing old and high-value shilling bills with newly designed banknotes in 2024. Preserving the Value of New […]
Film festivals have seen an increase in blockchain and crypto-funded film projects and initiatives as Web3 technologies continue to merge with the entertainment industry.
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A group of global banking experts hosted by the World Economic Forum (WEF) convened about the need for global crypto regulation, including stablecoins and unbacked crypto assets. The panel agreed there must be at least some kind of base regulation for these assets and bank-equivalent regulation for blockchain applications seeking to offer products similar to […]
Flashbots is seeking to raise $50 million with a $1 billion pre-money valuation, according to The Block, citing sources aware of the deal. Pitch To Flashbots For A Chance to Invest As they look to crowdfund, it has been revealed that Flashbots is doing a “reverse pitching” where interested investors have to pitch, not the other way around. In this arrangement, investors confident of Flashbots’ prospects must explain, in detail, why they should have a slot in this investment round. Eventually, the goal is to raise between $30 million and $50 million in “equity investment,” pushing the firm’s valuation to unicorn status. Flashbot plans to split this investment round into two. Although Paradigm didn’t respond publicly to the publication’s request for comment or comment on the inquiry, details reveal that the crypto fund was among the first to show interest. They participated in Flashbots’ seed sale in 2020. However, Flashbots didn’t indicate the amount raised in the seed sale. Flashbots is a research and development organization claiming to negate the effects of maximum extraction value (MEV) in account-based blockchains like Ethereum and the BNB Smart Chain (BSC). Specifically, Flashbots focuses on Ethereum, where the costs of MEV can be high considering the high on-chain activity and the impact of gas fees, which is also relatively high versus other more scalable networks, including BSC. Their involvement, Flashbots’s documents explain, avoids the “existential risks MEV could cause to state-rich blockchains like Ethereum.” Related Reading: MEV Crypto Bot Gains $1M But Loses Same To Hack Same Day Tackling MEV MEV in blockchains is the maximum value that can be extracted from block production after validators, tasked with confirming transactions and securing the network, include or even re-order transactions in a block. Unlike Bitcoin, where transaction order is given, in Ethereum and similar networks, ordering is haphazard. It means profit-seeking validators can prioritize transactions tagged with higher fees. This explains why whenever the MEV in a block is higher than the network block reward, a validator can decide to re-order transactions in a block, creating vectors for possible centralization and exploitation. Related Reading: ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy Flashbots curbs this problem using MEV Boost. It is software allowing builders to auction blocks to validators, averting MEV centralization. Each party earns a fee for their contribution. Flashbots’s recent open source tool, Single Unifying Auctions for Value Expression (SUAVE), further decentralizes and avails, to everyone, including competitors, the MEV Boost. The reason for open-sourcing SUAVE is novel and meant to help the entire ecosystem grow stronger by proper decentralization. In Devcon Bogota, Philip Daian of Flashbots said: “So, we’re going to use MEV as this decentralized engine in the long term to make sure the users get the best execution on their trades in a way that will make TradFi look embarrassing very shortly.” Feature Image by The Block, Chart from Trading View
The community questioned Bybit’s timing in revealing their exposure, with many demanding proof to back up the reassurance from the CEO.
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