Category: Cryptocurrency News

Cardano (ADA), the blockchain platform renowned for its scalability and technological approach, has made significant strides in the crypto market, as highlighted by the recently released Messari report.  The report provides valuable insights into Cardano’s achievements in Q2 2023, solidifying its position as a prominent player within the industry.  With a strong focus on fostering a robust ecosystem and pushing the boundaries of decentralized finance (DeFi) and non-fungible tokens (NFTs), Cardano is poised to reshape the landscape of blockchain technology, according to Messari.  Cardano TVL Ranking Skyrockets, Climbs From 34th to 21st Per the report, Cardano experienced substantial growth in stablecoin value, with a 34.9% quarter-over-quarter (QoQ) increase and a significant 382.1% year-to-date (YTD) surge.  Indigo Protocol emerged as a frontrunner in stablecoin and synthetic asset issuance, solidifying its dominance in the space. Furthermore, the Total Value Locked (TVL) witnessed a shift towards newer projects, as protocols created in the past six months accounted for 47.4% of TVL dominance in Q2.  Related Reading: Curve Finance Resurgence: 70% Of Stolen Funds Recovered, Redemption On The Horizon The TVL in USD rose by 9.7% QoQ and 198.6% YTD. Cardano’s TVL ranking climbed from 34th to 21st across all chains in 2023. On the other hand, average daily decentralized application (dapp) transactions on Cardano surged by 49% QoQ, marking the third consecutive quarterly increase. Moreover, Minswap, an automated market maker (AMM), showcased the largest absolute growth in transaction volume.  However, several new dapps also contributed to the overall surge. Minswap’s popularity soared in Q2, surpassing the leading NFT marketplace jpg.store regarding dapp transactions.  This trend aligned with the sectoral shift, as DeFi activity gained momentum while NFT activity experienced a decline. The overall increase in dapp transactions reached a substantial 49.0% QoQ, averaging 57,900 daily transactions. Q2 NFT Metrics Reflect Market Correction According to Messari, NFT metrics experienced a decline in Q2. Average daily NFT transactions dropped by 35.7% QoQ to 2,900, while the total quarterly trading volume fell by 41.9% QoQ to $46.2 million.  This downward trend aligned with the broader market, as even blue-chip collection floor prices declined in 2023.  Notably, NFT sales volume remained concentrated primarily in jpg.store, which dominated the marketplace with a 98% market share. Nevertheless, unique buyers continued to drive NFT activity, while a relatively small number of sellers catered to this larger pool of buyers. Messari further highlights that Cardano’s ecosystem showcased expansion in multiple sectors, particularly in DeFi. Protocols for swaps, stablecoins, synthetics, and unique Cardano-centric services like lending staking power surfaced alongside the incumbents.  Related Reading: Shiba Inu (SHIB) Rides On Bullish Waves As Shibarium Launch Nears, Buy Now? Cardano’s second quarter showed substantial growth and diversification across various sectors, including DeFi, NFTs, and Layer-2 solutions.  Key statistics revealed a surge in stablecoin value, a shift in TVL dominance towards newer projects, and an impressive increase in average daily dapp transactions.  While NFT metrics experienced a decline, the ecosystem demonstrated resilience and competition among protocols.  In contrast, Cardano’s native token, ADA, has been experiencing a decline in line with the broader market trend since April 15, after reaching its yearly peak of $0.4620. ADA is trading at $0.2933, reflecting a 1.4% decrease in the past 24 hours. Over the last fourteen days, it has declined nearly 6%. Featured image from iStock, chart from TradingView.com 

Lawyers for Kyle Davies filed evidence that his U.S. citizenship had been renounced in 2021, which, according to a bankruptcy judge, left him outside the court’s jurisdiction.

This week’s Crypto Biz explores PayPal’s stablecoin, Coinbase’s new layer 2 network, Bitstamp’s fundraising and the growing popularity of crypto bots on Telegram.

Bitcoin seems on the verge of seeing downside volatility during today’s trading session if bears can break current support. However, price action has been slow as all major narratives, including those from macroeconomic forces, have lost strength. Related Reading: Bitcoin Price Prediction 2024/25: 4-Year Cycle And Elliot Wave Can Coexist As of this writing, Bitcoin trades at $29,300 with sideways movement across the board. Low volatility has been suppressing BTC’s price action, a status quo that could persist until macroeconomic forces come back into the picture in September. Nassim Taleb Lashes Out At Bitcoin Again In the meantime, Bitcoin critics are using the drop in volatility, and trading volume, to support their arguments against the cryptocurrency. Wall Street operator, professor, and author Nassim Taleb stands among the latter. Via his X account, Taleb showed his almost 1 million followers the chart below pointing at the Bitcoin price and the decline in trading volume. Using the chart and the metric as a proxy to gauge Bitcoin adoption, Taleb stated: When I said pple lost interest in bitcoin, it was based on this: BTC Volume is slowly disappearing, down >85% from the peak. As volume drops, manipulations become easier but, at some point, manipulators will need to exit. This is how Open Ponzis implode. The chart above shows BTC declining trading volume since 2020 when the cryptocurrency entered a rally that took it from a low of around $3,000 during a “Black Swan” event, the COVID-19 pandemic, to an all-time high of $69,000. At that time, similar to today, BTC and the crypto market spend years in a “Crypto Winter” with declining prices. Once the sector rallied, many jumped in on the action swelling the trading volume to an all-time high. In that sense, Taleb seems to be hinting at a downside for the price of the cryptocurrency following a rise in price with low trading volume, which often leads to a decline. One crypto investor tried to show Taleb a different version of the chart above, which goes back to 2014 when the cryptocurrency was trading just above $100. The user pointed out that BTC has seen periods of volatile volumes as the cryptocurrency became a mainstream asset. Related Reading: Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons However, Taleb dismissed the user with the following: Imbecile, if you knew how to read the chart you’d see only now a rise in price WITH DROP in volume. The Black Swan author has been a Bitcoin critic, comparing the cryptocurrency with a “cult” and predicting that the sector will eventually “fade.” Cover image on Unsplash, chart from Tradingview

The San Diego State University team uncovered nearly a million dollars were scammed from victims via the Lists feature on Twitter — now called X.

After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend.

Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools. The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from…
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Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools.  The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from Curve’s smart contracts. Curve Finance Commits To Restitution Process For Hacked Funds In a significant effort, Curve Finance has successfully retrieved 70% of the funds affected by the hack. While this achievement marks an important milestone, an active investigation is underway to recover the remaining balance and hold the perpetrators accountable. Related Reading: Kraken Surges Ahead In Altcoin Liquidity To Overtake Coinbase In US: Kaiko Understanding the gravity of the situation, Curve Finance has also taken proactive measures to ensure a fair and transparent distribution of the recovered funds to affected users. The protocol is diligently working to measure the respective shares of each impacted account, aiming to facilitate an equitable restitution process that prioritizes user protection and trust restoration. Curve Finance’s recovery efforts are further bolstered by their recent announcement of a $1.85 million bounty. This generous reward will be granted to anyone who can provide accurate information leading to the identification and apprehension of the attackers holding the remaining funds.  By offering this substantial bounty, Curve Finance actively encourages community participation and collaboration to expedite the investigation and bring the perpetrators to justice. Curve’s Post-Hack Safety Report Following a thorough investigation, Curve Finance discovered that the exploit primarily targeted the aleth, peth, mseth, and crveth pools.  The vulnerability stemmed from a bug within the vyper 0.2.15-0.3.0 version, which the protocol promptly identified as the root cause of the breach. By swiftly pinpointing the issue, Curve Finance was able to take immediate action to mitigate any further risk to its users. Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover? It is important to note that all other pools on Curve Finance have been confirmed as safe and unaffected by the exploit, according to Curve’s update. This assurance gives users the confidence to continue utilizing the platform, knowing that their funds remain secure within these pools. Alongside the technical remediation, Curve Finance collaborates with security experts, auditors, and the broader DeFi community to conduct thorough audits and implement additional security measures.  This collaborative approach aims to reinforce the protocol’s resilience and prevent similar incidents in the future. Overall, Curve Finance’s recovery of 70% of the hacked funds, coupled with its ongoing investigation and bounty initiative, underlines the protocol’s commitment to user protection and the broader DeFi community.  According to Token Terminal data, Curve Finance’s circulating market cap currently stands at $518.76 million, reflecting a decrease of 22.29% over the analyzed period.  The fully diluted market cap, which represents the potential future market value of the project, is estimated at $1.97 billion. Curve Finance’s total value locked (TVL), a crucial indicator of the protocol’s popularity and user engagement, currently amounts to $2.44 billion. Despite a decline of 35.19% over the analyzed period, Curve Finance maintains a substantial TVL, highlighting its significance within the DeFi landscape. Featured image from iStock, chart from TradingView.com