Trump’s Second NFT Sales Surge 350% Amid Speaker Speculation
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Prominent crypto exchange Coinbase has emerged as the second largest ETH staking entity based on a recent scoop by Chinese reporter Colin Wu. This development comes amidst growing concerns about network centralization in regard to Lido’s dominance in the ETH staking market. Related Reading: Is Ethereum’s Staking Boom A Ticking Time Bomb? JPMorgan Weighs In Coinbase Accounts For 14.1% Of ETH Staking Activity – Report According to Wu, a report from Dragonfly data scientist hildobby, using data from Dune analytics, reveals that Coinbase presently has 3.873 million staked ETH, representing 14.1% of all staked ETH. Coinbase dominance in the ETH staking sphere is only superseded by that of the liquid staking platform, Lido DAO, which accounts for one-third of all staked ETH. Other platforms with a significant staking percentage include the Binance and Kraken exchanges, with a 4.2% and 3.0% market share, respectively. Meanwhile, the Figment staking pool comes third with a 4.9% market dominance. Notably, Coinbase experienced a 44% increase in ETH staking activity over the last six months. Coincidentally, this development falls within the period during which the Ethereum Shanghai upgrade has been active. Contrary to fears that the last Ethereum network update may induce a decline in staked ETH due to the ability to finally withdraw staked assets, the Shanghai upgrade has so far boosted stakers confidence, resulting in a net positive flow of 7.84 million ETH since its implementation in April. At the time of writing, the total amount of staked ETH stands at 27.42 million ETH, representing 22.81 of ETH’s circulating supply. Related Reading: SSV Network Unveils Plan For Decentralized ETH Staking Infrastructure Lido’s Growing Dominance Sparks Centralization Concerns In other news, Wu stated there are community concerns about centralization in regard to Lido’s ETH staking dominance. Due to the Proof-of-Stake Consensus model, a higher amount of staked ETH translates to a higher voting power during governance processes. Data from Dune Analytics shows that Lido accounts for 8.80 million staked ETH, representing 32.11% of the ETH staking market. Notably, the liquid staking platform experienced a 55% rise in staking activity over the last six months. According to information from Ethereum’s official blog, concerns about centralization are quite valid, as any validator controlling a minimum of 33% of staked ETH can prevent the network from finalizing any block, even in the presence of a 66% majority. Moreover, if a validator acquires 55% of the staked ETH, they could theoretically split the Ethereum chain into two forks. All these are speculations, as there is no evidence indicating that Lido DAO has any malicious intentions toward the Ethereum network. At press time, ETH trades at $1,620.18, with a 1.36% decline in the last day, based on data from CoinMarketCap. In tandem, the token’s daily trading volume is down by 36.41% and valued at $2.86 billion. ETH trading at $1,619.24 on the hourly chart | Source: ETHUSDT chart on Tradingview.com Featured image from Ebunker, chart from Tradingview
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We have heard the saying before: not your keys, not your crypto. Self-custody is a core tenant of why people choose to use and interact with cryptocurrency and demands that one knows how to self-custody their crypto responsibility in order to store it safely. In return, you have true ownership of your crypto and control…
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I just made a crypto-to-fiat trade on Coinbase and paid a little more than $20 in trading fees. I don't know what it was about right now because I've paid these exorbitant fees before on Coinbase, but something about today led me to here to bring up this rant and start a discussion. tl;dr: I'm…
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I've just received the email from 3commas: Dear 3Commas Users, We are writing to inform you about a recent incident that has come to our attention concerning the security of your 3Commas accounts. What Happened? We have received reports from a few customers regarding unauthorized trades on their accounts shortly after their account passwords had…
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Dogecoin, which began as a meme cryptocurrency, has demonstrated that it can compete successfully in the crypto market. Although Dogecoin is still the biggest meme crypto, on-chain data points to the crypto losing steam among whale investors. According to data from IntoTheBlock, the number of Dogecoin transactions valued at $100,000 or more has declined sharply over the past few months. Data also shows that the number of daily transactions has been on a steady decline since May. Related Reading: Here’s How Sam Bankman-Fried Allegedly Used Customer Funds On Alameda Research Dogecoin Whale Transactions Dogecoin seems to be losing interest from whale traders. A deep dive into on-chain data from IntoTheBlock has shown Dogecoin witnessed only 651 whale transactions in the past 24 hours and 4.85k whale transactions throughout the week. This metric follows transactions above $100,000, but its current level is a pale reflection of Dogecoin’s past performance. At the height of the Dogecoin hype in 2021, whale transactions made up a sizable portion of all Dogecoin transfers, reaching as high as 39.3k transactions in one week. A metric following the number of overall transactions has shown similar results of low volume. Dogecoin recorded a staggering increase of 8,220% in daily transactions to reach 2.08 million on May 27, but this count has since fallen to just 38,000 transactions in the past 24 hours. When daily active addresses decline this rapidly, it’s usually a sign that interest in the crypto asset is waning. DOGE market cap currently at $8.6 billion. Chart: TradingView.com Dogecoin has been on a downtrend for quite some time, although it is still the 9th largest crypto in terms of market cap. At the time of writing, Doge is trading at $0.06133, down by 3.59% in a monthly timeframe. The crypto has also witnessed a 22.24% drop in trading volume in the past 24 hours. Declining Interest In Dogecoin And Other Meme Coins The value of meme cryptocurrencies is highly dependent on hype and popularity rather than real-world utility. So, declining interest and activity among users and investors can be an issue. Related Reading: Binance Immense XRP Holdings Exposed In Detailed Proof of Reserves Report Shiba Inu has taken the attention of the crypto industry in the past few months, as it looks to elevate itself from being just a meme crypto. Other meme coins like Dogecoin and Dogelon Mars have struggled to receive interest from investors. According to on-chain analytics firm Santiment, social media talks about meme coins are now at their lowest level since 2020. Though the drop in transaction count is worrying, Dogecoin has defied the odds before. There’s a good chance that X (formerly Twitter) could incorporate Dogecoin payments into its platform. If this is implemented, it could serve as the next catalyst for Dogecoin’s growth. Featured image from Getty Images