Category: Cryptocurrency News

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.  Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? 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. Related Reading: Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Here’s Why Featured image from Shutterstock, chart from TradingView.com 

Hong Kong already has a clear definition of Ethereum and it is not a security, said OSL Digital Securities head Wayne Huang.

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On Monday, April 29, Keonne Rodriguez, co-founder of the non-custodial bitcoin wallet Samourai, entered a plea of not guilty to accusations of operating a money transmitter and engaging in money laundering. Rodriguez secured his release by posting a $1 million bail and will be confined to his residence in Harmony, Pennsylvania, with his movements monitored […]

In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted to unprecedented levels, causing concerns within the mining community. Bitcoin’s Latest Halving Sends Hash Price Into Freefall As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than $50 per PH/s per day. The concept of hash price, developed by Luxor, a Bitcoin mining services company, helps understand the daily dollar earnings a miner can expect per unit of hashing power. Related Reading: Expert Makes Bold Call: It’s Time To Swap Your Dollars For Bitcoin Despite Bitcoin’s hash rate remaining strong, the halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC per block, has exerted downward pressure on the critical profitability metric. This reduction in potential earnings comes when the overall cryptocurrency market, including Bitcoin, is experiencing volatility. This downturn in hash price is not isolated but coincides with other declining metrics in BTC. According to TradingView, Bitcoin’s dominance index has also reduced, highlighting a decrease in capitalization relative to the total crypto market. Bitcoin’s dominance has declined from 57.10% mid-month to approximately 54.69% today. Concurrently, Bitcoin’s market value has also trended downward; over the past week, the cryptocurrency experienced a decrease of about 4.4%. This downward trend persisted into the past day, with Bitcoin’s price dropping an additional 0.8%. Signs Of A Bullish Future Amid Bitcoin Current Slump Despite the downward turns, analysts like those from CryptoQuant suggest that bullish signals might still be on the horizon. They point to the Adjusted Spent Output Profit Ratio (aSOPR), which, despite current market indecisiveness, continues to exhibit bullish trends. Moreover, expert analysts like Rekt Capital have weighed in with a long-term perspective, suggesting that Bitcoin could see a significant rally as part of this halving cycle, drawing parallels with previous cycles. Historical data shows that Bitcoin typically reaches a market peak within 500-550 days post-halving. If these patterns hold, Bitcoin could be poised for substantial gains by mid to late 2025, reinforcing the cyclical nature of this leading digital asset’s market movements. Related Reading: Bitcoin Long-Term Outlook: Analyst Foresees Peak In Late 2025 Overall, while the immediate effects of the halving on hash price and market dynamics paint a sad picture, the underlying data indicates a mix of caution and optimism. Featured image from Unsplash, Chart from TradingView

With the debut of spot bitcoin and ethereum exchange-traded funds (ETFs) in Hong Kong trading on Tuesday, market observers are speculating about the potential demand for these ETFs in the region, reminiscent of the enthusiasm seen in the U.S. following the approval of 11 spot bitcoin ETFs on Jan. 10. Zhu Haokang, head of digital […]

While compiling a list of known burn addresses, I came across an interesting one: 0x0000000000000000000000000000000000000DeD According to Etherscan, NMR have been removed from this address on two occasions. Both appear to be a call from some other address to the NMR ERC20 contract's withdraw() method. My theory is that NMR has some sort of nonstandard…
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The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market.  With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States. HK Bitcoin ETF Market Poised For Record-Breaking Debut Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day. This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars.  Related Reading: Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Here’s Why Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia.  Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market.  According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF. Unprecedented Investment Options One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings.  Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold.  Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest. Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang.  Mainland Chinese Investors Restricted Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support.  Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race.  Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future. Currently, BTC is trading at $63,000 after failing to consolidate above the key $66,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run.  Featured image from Shutterstock, chart from TradingView.com 

Not seeing much content on ENA what does everyone think? How about the recent price volatility? submitted by /u/WhichEstablishment96 [link] [comments]