Category: Cryptocurrency News

The amendments will become obligatory starting Jan. 1, 2024, and must be taken into account in by applicants for enhanced DASP registration.

Ethereum is currently dominating the DeFi and smart contract niches when it comes to the Total Value Locked (TVL). However, while Ethereum is still the king, other chains like Solana, Avalanche, and Polkadot compete to prove themselves worthy contenders to the throne.  Solana, in particular, has seen some massive growth recently in terms of its total value locked (TVL). According to on-chain data from Messari, Solana outperformed other chains by achieving a total value-locked (TVL) gain of 14% over the course of the previous month. Solana Sees Massive Growth in Total Value Locked The aggregated TVL of the entire DeFi sector has been in a freefall since November 2022, and Solana hasn’t been exempted. However, Solana’s growth during the past month was driven in significant part by an increase in the TVL of protocols for staking and yielding based on Solana. Related Reading: BlackRock Insiders Give A Timeline For When The First Spot Bitcoin ETF Will Be Approved TVL refers to the total amount of assets deposited in a decentralized finance (DeFi) protocol and is used as a metric to rank platforms. On-chain reports show that Solana grew its TVL by $45 million in July, corresponding to a 14.4% growth. According to DeFi Llama, Solana currently sits at the 9th position in terms of TVL locked in all chains. Solana is now at a TVL of $320.07 million, representing a massive growth from its $205.11 million TVL at the beginning of the year. While Ethereum still has the highest value with a TVL of $23.3 billion, it saw its TVL decline by 13% over the past month. Binance Smart Chain (BSC) also posted a monthly loss in TVL, dropping by 4.6% to $3.3 billion. SOL price recovers to $24.75 as TVL grows | Source: SOLUSD on Tradingview.com How Far Can SOL Go In 2023? While the increase in TVL is due in part to an increase in the TVL of protocols, Solana also witnessed a surge in price at the beginning of July. Data from Coinmarketcap shows the price of Solana shot up from $18.9 on July 1 to $27.4 on July 16 to reach a market cap of $11.81 billion.  Solana, along with Bitcoin, led the surge in the crypto market around this time period. As a consequence, the surge in Solana’s price led to a direct proportion in the value of the total assets locked in DeFi protocols on the chain.  Related Reading: Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications Despite having a TVL growth in the last month, user activity on the chain dropped toward the end of the month. Its market cap also dropped to $9.7 billion at the end of July, demonstrating the volatility of the crypto market.  At the time of writing, Solana is trading at $24.85 and is up by 14.93% in a monthly timeframe. Although experts predict Solana can surge above $30 before the end of the year.  Featured image from Analytics Insight, chart from Tradingview.com

This initiative aims to house all NYSC certificates on the blockchain, providing individuals with the means to easily verify and authenticate them.

Aptos (APT) has scored a major deal with tech giant Microsoft yesterday. However, the announcement of a “partnership” between Aptos Labs and tech giant Microsoft has raised eyebrows and ignited debates across the crypto community if this is just smoke and mirrors. With the APT token witnessing a surge of nearly 20% following the news, and a significant token unlock looming, the timing and nature of this partnership have come under scrutiny. Aptos-Microsoft Deal Just A Click? In the official press release, Aptos Labs revealed its plans to integrate Microsoft’s artificial intelligence (AI) technology. The collaboration aims to introduce a range of tools and services, including the Aptos Assistant chatbot, powered by Microsoft’s Azure OpenAI Service. The chatbot is designed to assist users with queries about the Aptos ecosystem and offer resources to developers crafting smart contracts and decentralized applications. Related Reading: Aptos Labs’ Collaboration With Microsoft Sends APT Soaring By 17% CEO Mo Shaikh commented on the convergence of AI and blockchain, stating, “Artificial intelligence and blockchain technologies are quickly converging for one important reason: They are both generational breakthroughs that profoundly impact the evolution of the internet and shape society.” However, the partnership’s announcement has not been without its critics. Renowned crypto analyst @DefiSquared, known for being the top-ranked trader on Bybit, took to Twitter to express his skepticism. He pointed out, “lmao what. Did you guys really just pump Aptos 15% on the “news” that it’s paying to use Microsoft Azure services? Seems like an obvious short on a chain that yes, still has no users and an $8 bil valuation with an infinite token supply and 100% annual emissions.” @DefiSquared further highlighted the timing of the news, just two days (on Friday) before more than 4.5 million APT tokens (2% of the circulating supply) will be unlocked, suggesting potential ulterior motives. He also shared a screenshot from Microsoft’s website, indicating the ease with which entities can join the Microsoft AI Cloud partner program, sarcastically remarking, “Aptos really clicked ‘Enroll at no cost and become a partner today’ and added a billion dollars to their market cap. Who knew it was that easy?” Aptos really clicked “Enroll at no cost and become a partner today” and added a billion dollars to their market cap. Who knew it was that easy? pic.twitter.com/Lt42y4vpB2 — DeFi^2 (@DefiSquared) August 10, 2023 Related Reading: Aptos (APT) Succumbs To Bearish Pressure, Loses 10% In A Single Week While the partnership promises to explore blockchain-based financial services, including asset tokenization and central bank digital currencies, the specifics remain vague. Aptos’ representative emphasized the collaborative nature of the partnership, stating, “This is a collaboration from day one. Aptos Labs’ team of AI experts, Ph.Ds, and Web3 developers are working directly with Microsoft’s AI team to train models, integrate AI technology into the Aptos Assistant and GitHub elements integrating with Aptos’ blockchain.” APT Price Analysis As the crypto community continues to dissect the nuances of this partnership, the question remains: Is this a genuine stride forward for Aptos, or a well-timed PR move to buoy token prices ahead of a significant unlock for venture capitalists (VCs)? Only time will tell. At press time, the APT price stood at $7.27. Thus, APT failed to post a higher high. The price has already bounced downwards off the resistance at $7.98 and also ahead of the 200-day EMA as well as the 23.6% Fibonacci retracement level. Featured image from iStock, chart from TradingView.com

Hi everyone. As I'm quite interested in this matter (i.e. energy consumption of a blockchain network), I find it probably appropriate for me to give a critical review on the article published by Juan Ibanez and his team at CBT-UCL about energy consumption of major blockchain/DLT networks and Hedera in particular. For starter, the full…
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It is truly a momentous occasion when Kraken listed our very own Moons. I believe everyone in this sub has been running on hopium high since the listing. Now that Kraken (a huge respectable exchange) has listed MOONs, it would not be long before Coinbase and Binance follow suit. I did some research on this…
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Amidst a more extensive revival in the cryptocurrency market, the value of Shiba Inu has witnessed a significant upward trend today, giving investors of the meme coin a reason to be happy. The surge in its value can be attributed not only to the prevailing favorable feeling in the cryptocurrency industry, but also to a fundamental reason that is bolstering its worth. According to data from the crypto market tracker Coingecko, as of the time of writing, the trading price of SHIB reached $0.00000974, reflecting a notable increase of nearly 3% within the past 24 hours. Furthermore, the data reveals that SHIB has demonstrated a commendable upward trend of 18.2% over the course of the previous seven days. On Wednesday, the cryptocurrency SHIB experienced a significant increase of approximately 5.75%, reaching a value of $0.00001005. This upward movement is part of an ongoing pattern of recovery that commenced two days prior. In aggregate, the price has undergone a reversal of nearly 15% from its most recent nadir of $0.0000947. SHIB price as of Thursday. Source: Coingecko As the situation progressed, it can be observed from an on-chain standpoint that a significant number of the wealthiest addresses associated with Shiba Inu had acquired a notable quantity of SHIB tokens during its recent price recovery over the course of the previous two days. Within the realm of cryptocurrency, specifically in relation to canine-themed currencies, Shiba Inu has garnered substantial interest due to its remarkable surge in popularity. Through a dedicated pursuit of diverse advancements, the network strives to emancipate itself from being narrowly categorized as a mere cryptocurrency associated with memes. One notable example that deserves attention is Shibarium, which distinguishes itself as an innovative layer-2 scaling solution. The diligent endeavors devoted to its creation are approaching the point of realization, with a prospective launch scheduled for the current month. SHIB market cap at $5.73 billion at the time of writing. Chart: TradingView.com The imminent technological milestone is eliciting increased enthusiasm among the community, not just because to the development in technology it represents, but also because of the wider ramifications it may entail. Related Reading: Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look Simultaneously, this positive advancement corresponds with a dominant sense of expectation of a significant change in the direction of the asset’s value. The confluence of Shibarium’s launch and the anticipated fluctuation in price intersect to generate a juncture of considerable prospective metamorphosis for the ecosystem. The convergence of technological innovation and market dynamics is being closely observed by stakeholders, who are eager to assess the collective influence on the project’s progress and its market value. The anticipated debut of Shibarium gives SHIB a boost in price. Source: DailyCoin Meanwhile, according to the principal inventor of the pseudonymous memecoin, Shytoshi Kusama, Shiba Inu’s forthcoming blockchain-based digital identity initiative is expected to offer a wide range of applications that will contribute to the preservation of decentralization. Related Reading: Cardano False Breakdown: Could It Set The Stage For A 26% Climb? The official Twitter account of Shib, an ecosystem within the cryptocurrency space, has made an announcement stating that Kusama intends to incorporate Self-Sovereign Identity (SSI) into all Shiba Inu enterprises. SSI refers to a blockchain-driven identification solution that bears resemblance to digital passports. This solution empowers users with absolute authority over the storage and utilization of their personal identity information. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from VectorStock