SushiSwap innovates with council structure in its new phase, Sushi
Labs
The decentralized exchange SushiSwap (COIN:SUSHIUSD) has
announced the transition of its management to a new format called
Sushi Labs. Replacing the DAO model, the new system adopts a
council structure to streamline decision-making and improve market
responsiveness. Launched on June 11, Sushi Labs will manage the
operational, technical, and administrative aspects of the
ecosystem. Jared Grey, now the director of the Labs, expressed
confidence in the structural renewal to revitalize the Sushi DEX,
especially following a significant financial decline since
2022.
PancakeSwap introduces gas-free transactions with Zyfi partnership
PancakeSwap (COIN:CAKEUSD), a popular decentralized exchange
(DEX), has significantly enhanced accessibility to DeFi by
integrating with Zyfi in the zkSync Era, enabling gas-free
transactions. This innovation eliminates the need for users to pay
gas fees, which were previously a significant barrier, especially
for newcomers who needed to acquire Ether first. Now, users can pay
fees using a variety of ERC-20 tokens, making transactions simpler
and less costly. This change not only improves the user experience
but also may increase the adoption of DEXs by making them more
competitive with centralized exchanges, offering a more
user-friendly interface and smoother trading processes.
Bitcoin slides below $67,000 ahead of inflation data
Bitcoin (COIN:BTCUSD) fell to $66,485 in the past 24 hours,
marking the lowest value of the month, in anticipation of a crucial
inflation report in the U.S. The 4.4% drop on Tuesday reflects
market tension ahead of the imminent release of macroeconomic data
and statements from the Federal Reserve.
Fernando Pereira, an analyst at Bitget, highlighted concerns
about the correlation between stock market behavior, represented by
the S&P 500, and Bitcoin’s price. “Something that is starting
to worry about Bitcoin’s price right now is the wedge formation
that the S&P 500 is making, with strong divergence in the RSI.
If this wedge breaks down, BTC could plummet, and what will
determine whether this break happens or not is the new Fed interest
rate, to be declared on Wednesday,” Pereira noted.
Traders are now watching critical supports, with some pointing
to the possibility of buying the dip. Meanwhile, the increase in
open contracts suggests a potential escalation in market
volatility.
Bitcoin ETFs in the U.S. see first net outflow after 19 days of
gains
After a record 19-day streak of net inflows, Bitcoin ETFs in the
U.S. faced outflows of $65 million on Monday. The Grayscale ETF
(AMEX:GBTC) led the losses with $40 million, followed by Invesco
(AMEX:BTCO) with $20 million. Recent market volatility and the
anticipation of significant economic events, such as Janet Yellen’s
speech and the FOMC meeting, may have influenced these
withdrawals.
SEC acknowledges ProShares Ethereum ETF proposal, approves changes
for 21Shares
The U.S. SEC acknowledged a proposed rule change for ProShares’
Ethereum ETF but has not yet approved the change, leaving a window
of up to 135 days for final deliberation. Meanwhile, the SEC
allowed 21Shares to proceed with changes, removing Ark Invest from
the project without usual delays, facilitating the continuation of
the process. Ark Invest decided not to proceed with its Ethereum
ETF, maintaining focus solely on the Bitcoin ETF.
Lido launches initiative with Mellow Finance to revitalize stETH
Lido (COIN:LDOUSD), prominent in the Ethereum DeFi ecosystem,
faces challenges with the “restake” trend. In response, it launched
a partnership with Mellow Finance to strengthen the position of
stETH (COIN:STETHUSD). This collaboration, part of the new Lido DAO
initiative, will allow traders to access advanced restake tools.
With this, Lido aims to reposition stETH as the preferred choice
for restaking, combating the loss of influence to new services like
EigenLayer.
ZKsync announces distribution of 3.675 billion tokens in airdrop
The ZKsync Association confirmed the airdrop of 3.675 billion ZK
tokens to users and contributors of the Ethereum Layer 2 network
next week. This represents 17.5% of the total 21 billion tokens.
Beneficiaries can claim their tokens until January 2025. Most of
the remaining tokens will be allocated to ecosystem initiatives,
with smaller percentages designated for investors and the Matter
Labs team, promoting greater community engagement and
governance.
MultiversX promises to revolutionize blockchain with enhanced
scalability
The MultiversX (COIN:EGLDUSD) platform promises a leap in the
efficiency of layer 2 blockchains, with up to a 100-fold increase
in transaction throughput thanks to new Sovereign Chains. This
technology allows L2 networks to inherit the scalability of
MultiversX, significantly boosting transactions per second. During
a test, the network achieved 77,000 TPS, with potential to reach
100,000 TPS. Sovereign Chains aim to simplify the interaction
between applications of different blockchains, enabling a seamless
and consistent user experience. These layers operate as invisible
backends, eliminating the need for users to understand the
technical complexity of each chain.
Ripple completes acquisition of Standard Custody & Trust
Company and launches XRPL fund for blockchain innovation in Asia
Ripple (COIN:XRPUSD) announced the completion of the acquisition
of Standard Custody & Trust Company, strengthening its
infrastructure with an NYDFS-regulated trust entity. This move,
following the purchase of Metaco, aims to improve Ripple’s product
offerings and facilitate the launch of a stablecoin. Jack McDonald,
CEO of Standard Custody, will also assume the role of senior vice
president of stablecoins at Ripple.
In related news, Ripple created the XRPL Japan and Korea Fund,
committing 1 billion XRP to stimulate blockchain innovation in
these markets. According to Emi Yoshikawa, VP of strategic
initiatives, the fund aims to integrate the XRP Ledger into
business operations and support developers and startups. Ripple
intends to strengthen its presence and impact in the region,
standing out in blockchain solution development and deepening XRP
Ledger adoption.
Tether plans to invest $1 billion in technology and biotech next
year
Tether (COIN:USDTUSD) CEO Paolo Ardoino revealed plans to invest
$1 billion in the next twelve months, focusing on sectors like
financial infrastructure, artificial intelligence, and
biotechnology. In a recent interview with Bloomberg, Ardoino
highlighted that the investment strategy continues the $2 billion
previously applied in these sectors. Additionally, part of the
profits from the reserves of the largest stablecoin operator USDT
will be reinvested in innovations that promote independence from
big tech.
Tiplink innovates cryptocurrency adoption with Google-linked wallet
Solana-focused startup TipLink introduced a new tool designed to
simplify blockchain access for beginners. The “TipLink Wallet
Adaptor” allows users to create a crypto wallet directly in the
browser, linked to their Google account. This solution dispenses
with the need for complex setups in traditional wallets like
Phantom or Solflare. Ian Krotinsky, the company’s CEO, bets that
this ease of use will attract a broader audience, especially those
less familiar with cryptocurrency technology.
DeFi Technologies applies innovative Bitcoin staking on Core Chain
Canadian company DeFi Technologies (USOTC:DEFTF) announced an
investment of over $100 million in Bitcoin (COIN:BTCUSD) to act as
a validator on the Core Chain, a first-layer blockchain. This move
follows the company’s strategy to adopt Bitcoin as its primary
reserve asset, starting with an initial acquisition of 110 BTC.
Through this commitment, DeFi Technologies reinforces its role in
the decentralized finance ecosystem, actively participating in
network consensus and leveraging the innovative Satoshi Plus
staking mechanism.
Metaplanet increases Bitcoin investment and boosts shares
Japanese investment company Metaplanet (TSX:3350) announced the
acquisition of additional bitcoins, totaling 250 million yen ($1.6
million), bringing its total to 141 BTC, approximately $9.4
million. The purchase marks the third acquisition since April 2024
and is part of the company’s strategy to use bitcoin as a reserve
asset in response to Japan’s high public debt and yen
volatility.
Crypto.com receives regulatory approval in Ireland and expands
operations
The Central Bank of Ireland granted Crypto.com, one of the
largest cryptocurrency trading platforms, authorization as a
virtual asset service provider (VASP). This approval allows the
company to expand its service offerings in the country, including
exchanges and fiat wallets. Crypto.com joins other major regulated
entities in Ireland, such as Coinbase Global (NASDAQ:COIN) and
Ripple.
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