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Eigen Labs, the company behind the EigenLayer protocol, has announced the acquisition of the restaking platform Rio Network. The acquisition, which was carried out through two separate transactions, will also see Rio’s intellectual property code made open-source. Specifically, the Eigen Foundation plans to open-source Rio network’s liquid restaking token (LRT) technology as a reference implementation in the EigenLayer ecosystem. The companies did not disclose the value of the deal.
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🔥 Rally Report 🔥
TONCOIN
The price of TON has rallied by 6% in the past 24 hours.
WHY?!
📈 The rally follows the launch of the fourth season of The Open League. Notably, ‘The Open League’ is an official incentive program launched by the TON Foundation that rewards active users in the ecosystem.
⚡️ The season will last for two weeks, ending on June 26th at 11:00 UTC.
If you want to buy or trade TON, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
One of the biggest factors that drives a cryptocurrency's performance is whether it exists in a strong narrative. This is because narrative is what helps a project's pitch to broader retail.
Narratives that are easy to understand and which they can relate to are the ones that have the best chance of succeeding in the next altcoin season.
In this video, we look at our updated view on the top narratives for Q3. We explain their opportunities and challenges as well as mention a few projects or tokens to watch.
Don't miss it!
🔔 MARKET MOVING NEWS! (12/06/24)
1️⃣ Bitcoin ETF Net Outflows Hit $200 Million Ahead of FOMC Meeting ❓
Yesterday, U.S. spot Bitcoin ETFs saw net outflows of $200 million. Notably, this marks the highest net outflows in a single trading day since May 1, when net outflows reached $564 million. The outflows come ahead of the crucial Federal Open Markets Committee (FOMC) meeting. According to the CME FedWatch Tool, market participants are not expecting any change in interest rates, with 99.4% of investors predicting the interest rate to remain at the current level of 525-550 bps. Another factor that is likely spooking investors is the U.S. Consumer Price Index (CPI) report which will be revealed later today. A higher-than-expected CPI print will likely delay interest rate cuts.
Source
2️⃣ MetaMask Adds 'Pooled Staking' for Cheaper Ethereum Validation ☄️
MetaMask, the most popular wallet for Ethereum, has rolled out a "pooled staking" feature, allowing users to pool their funds and stake their assets in enterprise-grade validators operated by blockchain software company Consensys. Notably, this feature would make it cheaper to contribute to the blockchain network's security compared to running a full validator node.
Explaining how MetaMask’s pooled staking service contributes to the decentralisation and security of Ethereum, the senior product manager at Consensys Matthieu Saint Olive, stated,
Having more users staking and more ETH staked is beneficial for Ethereum security [...] Also, the underlying validator infrastructure is distributed across multiple cloud providers, multiple regions across the globe, multiple consensus clients and multiple execution clients.
You can imagine that the news that Tether is making good money went around the world. We get tens or hundreds of deals per month that are on the table, and we only end up doing a very small percentage of that […] Our investment policy is investing only in projects we find extremely interesting. We are not a classic VC. We do invest in things that we care about, and we have our own strategy.
https://www.youtube.com/watch?v=lC4GvMph1Sc
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🔔 MARKET MOVING NEWS! (11/06/24)
1️⃣ ZKsync To Airdrop 3.6 Billion ZK Tokens Next Week 💰
The ZKsync Association will reportedly conduct a one-time token airdrop of 3.675 billion ZK tokens to early users and adopters of the Ethereum Layer 2 network ZKsync next week. Notably, the airdrop represents 17.5% of the token's total supply of 21 billion tokens. The tokens will be claimable starting next week until January 3, 2025, and will be distributed to 695,232 eligible wallets.
The airdrop is designed to reward "real people first" and prioritise community members over investors and the Matter Labs team. The ZKsync Association stated,
Awarding more tokens in the airdrop than to the Matter Labs team and investors is more than a symbolic decision for the community. When the ZKsync governance system launches in the coming weeks, the community will have the largest supply of liquid tokens to direct protocol governance upgrades.
https://www.youtube.com/watch?v=BppQDdhbcQQ
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🔔 MARKET MOVING NEWS! (10/06/24)
1️⃣ Io.net CEO Ahmad Shadid Steps Down From CEO Role Days Before Token Launch ❓
Solana-based DePIN Io.Net, which lets users rent out GPU power for money, has reportedly replaced its CEO just two days before its native token launches on Binance Launchpad. Notably, CEO Ahmad Shadid announced his departure and named fellow co-founder and former COO Tory Green as his replacement.
Shadid's announcement post reads as follows,
While there have been allegations regarding my past, I want to emphasize that I am stepping down as CEO to allow io.net move forward without distraction and to focus on its growth and success. I am deeply grateful for the support and dedication of our team, partners, and community for helping us build http://io.net into what it is today. Also to show that gratitude I will be donating 1M $IO of my personal $IO coins to http://io.net’s Internet of GPUs Foundation to help grow the ecosystem.
Tomorrow I’m finally relaunching the telecommunication company I co-founded and you will be able to purchase phones, or month to month cell plans using $MOTHER or Sol. Ad campaign n rollout to follow late this week.
🚨 New Video Alert!! 🚨
It’s been an intersting begining of the year for crypto to say the least!
This week, Jessica sat down with Arthur Hayes and Raoul Pal to discuss what is going on in the crypto market and what to expect from it in the upcoming months.
In the conversation, Arthur and Raoul shared the most degenerate plays in their portfolios, which narratives and projects they follow. They talked about memecoins, the biggest financial risks, crypto threats and much more besides.
All this and more in today’s interview! Enjoy!
https://www.youtube.com/watch?v=fUj7EM-6kQ0
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🔔 MARKET MOVING NEWS! (08/06/24)
1️⃣ Bitcoin Price Tanks as Nearly $300 Million in Longs Get Rekt 🔽
The broader crypto market experienced a sudden plunge in price on Friday afternoon, yielding a still-growing pile of liquidations that includes almost $300 million worth of long positions. Specifically, data from CoinGlass shows that over $373 million in long positions and $43 million in short positions have been liquidated over the past 24 hours. CoinGlass also shows that the largest single liquidation order happened on OKX valued at $5.2 million.
Source
2️⃣ Bitcoin Network Transaction Fees Temporarily Soar To Nearly $52 💸
The Bitcoin network experienced a sharp increase in network fees on Friday driven by 332,000 unconfirmed transactions. Notably, network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In United States dollars, this represents $50–$52 in fees per transaction. Priority fees have since dropped to around $3 per transaction. According to many sources, the 332,000 unconfirmed transactions are the result of centralised exchange OKX collecting and sorting through wallets. Most of it is reportedly related to internal transactions to consolidate outputs.
Source
3️⃣ Crypto Marketplace Bakkt Weighs Potential Sale, Breakup 🤔
According to a Bloomberg report, Bakkt Holdings Inc., the digital-asset marketplace launched by the parent of the New York Stock Exchange, is considering the sale of the firm or breaking up the company into smaller entities. The potential move comes at a time when the crypto industry is experiencing a spike in takeover activity. Bakkt has reportedly been working with a financial advisor to weigh a range of strategic options. However, no final decision has been made and Bakkt could opt to remain independent.
Source
4️⃣ Trump Pitches Himself As 'Crypto President' At San Francisco Tech Fundraiser 🇺🇸
According to a Reuters report, former United States President Donald Trump presented himself as a champion for cryptocurrency by claiming his goal is to be the “crypto president,” at a fundraising event in San Francisco hosted by Craft Ventures’ general partner, David Sacks and tech billionaire Chamath Palihapitiya. The event reportedly helped Trump raise $12 million to support his promotional efforts before the Nov. 5 U.S. presidential election.
Source
🔔 MARKET MOVING NEWS! (07/06/24)
1️⃣ Telegram Launches Digital Mini-App Payment System, Telegram Stars ✨
Pavel Durov, CEO of the messaging platform Telegram, has announced the launch of ‘Telegram Stars’ - a new payment system for digital goods and services via in-app purchases on iOS and Android. Notably, Durov stated that app developers can swap their stars for TON via the exchange Fragment.
Explaining Telegram Stars’ compliance strategy for Apple and Google's digital product sale policies, Durov wrote,
Apple and Google take a 30% cut when users buy Stars from them, but Telegram will subsidise ads purchased with Telegram Stars. So if developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps.
The defendants ran a scam to drive up the price of digital artwork through false promises about developing a videogame. They allegedly took investor funds, never developed the game, and pocketed the proceeds. Digital art may be new, but old rules still apply: making false promises for money is illegal.
Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash.
https://www.youtube.com/watch?v=0G1iryvmtfI
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We believe ETH is a revolutionary asset with few parallels in the non-crypto financial world. The Ethereum network is likely to continue its rapid market share growth from traditional financial market participants and, increasingly, Big Tech. Should it do so while maintaining its dominant position among smart contract platforms, we see a credible path to $66B in free cash flow to token holders supporting a $2.2 trillion asset, or $22k per coin, by 2030.
🔥 Rally Report 🔥
STACKS
The price of STX has rallied by 7% in the past 24 hours.
WHY?!
📈 According to data from DefiLlama, the TVL (denominated in STX) on Bitcoin layer-2 network Stacks has hit a new all-time high. Data from Signal21 also shows that the number of active wallets and transaction volume on Stacks just hit a new all-time high.
🎙 Grayscale, which recently launched the ‘STX’ Trust, has announced a live broadcast with Stacks Co-Creator Muneeb Ali, scheduled for June 6 at 11 AM ET.
If you want to buy or trade STX, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔔 MARKET MOVING NEWS! (13/06/24)
1️⃣ Fed Sees Just One Rate Cut This Year; Bitcoin Gives Up Session Gains 🕯
Yesterday, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve held its benchmark fed funds rate range at 5.25%-5.50%. Notably, policymakers’ move to leave interest rates unchanged for an 11th consecutive month comes in the backdrop of a 25 basis point rate cut by the European Central Bank (ECB) and the Bank of Canada.
However, the Fed also updated its economic outlook, stating that its median expectation for the fed funds rate at year-end 2024 is now 5.1%. This is markedly higher than its median expectation of 4.6% three months ago. This means the central bank is now anticipating just one 25 basis point rate cut this year versus 75 previously. This hawkish turn in the Fed economic projections saw Bitcoin’s price, which had rallied earlier that day, return back to $67,300.
Source
2️⃣ Andrew Tate Token Surpasses MOTHER Amid Claims Of Insider Activity ▶️
Daddy Tate (DADDY) — the Solana-based memecoin promoted by controversial social media figure Andrew Tate has hit the $300 million market capitalisation mark and surpassed the token launched by rapper Iggy Azalea. Interestingly, the pump comes as crypto analytics firm Bubblemaps posted a tweet earlier that day reporting that it “found huge insider activity” for DADDY. It stated that insiders bought at least 30% of the supply at launch before Andrew Tate started to promote it on X. All of the wallets that bought this supply were funded through Binance with “nearly identical amounts at the same time.” While Bubblemaps added that it couldn’t confirm whether they belong to the same group, it stated that “the timing and amounts strongly suggest they do.”
Source
3️⃣ GameStop Stock Price Plunges as Short Seller Taps Out 🔽
Shares of game retailer GameStop (GME) fell sharply in afternoon trading on Wednesday after renowned short-seller Citron Research - which lost billions on its short position on GME during its headline-grabbing rally three years ago - announced that it was giving up, declaring, “We respect the market’s irrationality.” Notably, the exit comes just a week after Citron founder Andrew Left confirmed his firm's renewed short positions. He had told Reuters that it was not as large as it was in 2021 but that “it's fun to go back into the fire.”
Source
4️⃣ Terraform Labs To Dissolve, CEO Asks Community To Take Over Following $4.47 Billion SEC Settlement 🤔
Terraform Labs, the developer of Terra blockchain, plans to dissolve its operations and sell its projects in the ecosystem following a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC). CEO Chris Amani is urging the community to take over the Terra network. The projects expected to be sold include Pulsar Finance, Station Wallet and Enterprise DAO. A community proposal is being planned to burn all unvested Luna, Terraform's native token, and continue the Terra and Terra Classic blockchains under community ownership.
Source
5️⃣ UwU Lend Drained For $3.7 Million In Second Exploit This Week ❌
According to blockchain security firms Beosin and Blocksec, decentralised lending protocol UwU Lend was hacked for $3.7 million today. Notably, this attack comes just days after a previous hack that resulted in a loss of $20 million. Both attacks were carried out using flash loans, and some suspect they were done by the same entity. UwU Lend had previously acknowledged and fixed the security vulnerability that led to the first hack, but it appears that another vulnerability was exploited in this latest attack. The stolen funds have been converted to ether and are currently sitting in the attacker's wallet address.
Source
6️⃣ Eigen Labs Acquires Rio Network, Opens LRT Code ⚡️
https://youtu.be/0QJ2eKBaqHU?si=QIFqKvhYyVhf-xAu
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Notably, the post comes shortly after Trump hosted Bitcoin miners at his Florida Mar-a-Lago residence, including Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and TeraWulf board member Amanda Fabiano. The group reportedly discussed how Bitcoin mining can help strengthen the electrical grid and foster job creation.
Source
🔥 Rally Report 🔥
OASIS
The price of ROSE has rallied by 10% in the past 24 hours.
WHY?!
📈 The rally seems to come from large market activity on the crypto exchange Coinbase. Specifically, it appears that someone on the exchange is market buying a lot of ROSE. This entity has reportedly taken over 10M ROSE off the exchange so far today.
🔍 There also appears to be some speculation that this is related to institutional accumulation, specifically relating to the 'Privacy ETF' filed by Grayscale a few months ago.
If you want to buy or trade ROSE, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Have you tried to find a job recently? If you have, you’ll know that it’s much easier said than done.
Despite millions of open positions being out there, more and more people are struggling to find a job. This is strange, because there’s actually more job vacancies than there are unemployed people… at least on paper, anyway.
You see, despite the unemployment rate being at a multi-year low, and government officials assuring everybody that the post-pandemic economy remains vigilant, the opposite appears to be true. Things suck right now, and getting a job these days requires a lot of patience and perseverance.
Today, we’ll be taking a look at why it's been so hard to find a job lately, how it could impact the economy if things don’t improve, and tell you how you can put yourself in the best position for employment.
Enjoy!
🔥 Rally Report 🔥
GNOSIS
The price of GNO has rallied by 8% in the past 24 hours.
WHY?!
📈 The rally follows the introduction of two new governance proposals for the GnosisDAO.
⚡️ The first, GIP-100, suggested allocating approximately 5% of the Gnosis DAO assets, primarily SAFE, ETH, and stablecoins, to fund a $30 million buyback program. This proposal which is aimed at bringing the price of GNO above the book value, passed today.
🔍 The second, GIP-102, suggests that GnosisDAO contribute an investment of $20M to the new GnosisVC fund. The GnosisVC fund will deploy funds into early-stage projects in line with the existing Gnosis 3.0 thesis with a focus on RWAs, DePIN, and financial payment rails as target verticals. This proposal is not yet up for voting on snapshot.
If you want to buy or trade GNO, we have a 20% trading fee discount + $600 bonus for you on Binance 👇
🔗 https://www.coinbureau.com/deals/trading/binance/
🚨 New Video Alert!! 🚨
This week’s crypto review is a crazy one. After a second best inflow day, the spot Bitcoin ETFs could be signalling a local top for BTC. Of course, you wouldn’t be able to tell given all the GameStop hype.
You’d also be forgiven for thinking the economy is weakening. Didn’t you hear its strong? That could mean no rate cuts, at least until Trump gets into office thanks to all the pro-crypto donations.
Across the pond, the EU is starting to restrict stablecoins for crypto traders, and it looks like a strengthening dollar could spell trouble for the developing world. Perhaps this is by design…
All this and more in today’s video!
https://www.youtube.com/watch?v=0cX1Huf89PE
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🔔 MARKET MOVING NEWS! (09/06/24)
1️⃣ FriendTech Plans To Develop Own Blockchain ‘Friendchain’ ‼️
Decentralised social media platform Friend.tech has announced it will be teaming up with Conduit to develop its own blockchain, Friendchain. Notably, the move comes after FriendTech co-founder Racer had recently hinted that a move away from Base was being considered for the social network.
The network will reportedly use FriendTech's native token as a "fully transferable gas token." While the protocol didn't specify a timeline for the move, its announcement on X hints that it may take “months." Ironically, the announcement seems to have had a negative effect on the price, which has fallen by 16% over the past twenty-four hours.
Source
2️⃣ Arbitrum To Distribute $215M In ARB Tokens for Gaming Innovation 💰
On Friday, the Arbitrum DAO officially voted to pass a proposal submitted by the Arbitrum Foundation that seeks to set aside 225 million ARB tokens (worth roughly $215 million) to be distributed over three years through the newly established Gaming Catalyst Program (GCP)
Organisations that significantly supported the proposal include L2Beat, Wintermute, and gaming-focused Treasure DAO. The GCP aims to rapidly increase recognition and usage of Arbitrum, Orbit and Stylus among game developers and players, fostering growth and engagement within the gaming community.
Source
3️⃣ Binance Reaches 200M Users With $100B In Assets Under Custody 🔼
Crypto exchange Binance officially announced that the number of registered users on the Binance has exceeded 200 million worldwide. It reportedly took Binance 2 years and 2 months to grow from 100 million to 200 million users. Notably, while the exchange reported adding a total of 40 million users in 2023, it appears to have already added at least 30 million more users just 6 months into 2024. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.
Source
4️⃣ Norway Returns Almost $6M In Funds Stolen From Ronin ▶️
The Norwegian government has reportedly frozen and returned $5.7 million in funds connected to the hack on the Ethereum sidechain Ronin. Notably, the returned funds are connected to the $600 million Ronin exploit in 2022. The funds were returned as a result of a coordinated effort among law enforcement agencies, lawyers, accountants, and blockchain forensics firms. Sky Mavis has stated that it will use about 15% of recovered assets to cover costs and expenses incurred by those involved in the recovery efforts and the remaining 85% will be deposited into the “Axie Infinity” treasury.
Source
🚨 New Video Alert!! 🚨
Blockbuster token launches aren’t what they used to be. Many of this year’s most hyped new cryptos are underperforming, leaving many of us wondering why.
It’s becoming clear that one of the answers is something that most crypto holders, traders, and investors overlook when doing their research. Today we're going to tell you about this important factor, explain how it's been impacting crypto prices, and what you can do to ensure that your bags don't suffer because of this phenomenon.
Don't miss it!
🔥 Rally Report 🔥
WORMHOLE
The price of W has rallied by 10% in the past 24 hours.
WHY?!
‼️ W token holders can now stake their tokens to participate in the governance of the protocol.
⚡️ Notably, the industry's first multichain governance system (MultiGov) launches first with the wormhole DAO. It will leverage multichain token transfers and Wormhole Messaging to allow users to delegate and vote from any connected L2 and soon Solana as well. Investors are bullish since this brings chain abstraction a step closer to reality.
If you want to buy or trade W, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
INJECTIVE
The price of INJ has rallied by 6% in the past 24 hours.
WHY?!
‼️ Injective released the first comprehensive paper on INJ yesterday. The paper details the token's utilities and deflationary mechanisms.
☄️ Injective also announced that it had onboarded gumi as a validator for the network. Notably, gumi is one of the largest giants in the gaming industry and is expected to drive further adoption across Japan and the broader Asia region.
If you want to buy or trade INJ, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQ
🚨 New Video Alert!! 🚨
What’s eating Hong Kong’s ETFs?
The new spot crypto ETFs were supposed to mark a high point in Hong Kong’s race to be a global crypto hub. But since their launch, they have underperformed, with low volume and net outflows in their first few weeks of trading. This begs the question of whether they will pick up steam, or become just another flop like so many crypto exchange traded products before them.
Today, we find out.
🔔 MARKET MOVING NEWS! (06/06/24)
1️⃣ Robinhood Set To Acquire Crypto Exchange Bitstamp In Potential $200 Million Deal 🤝
Crypto and stock trading platform Robinhood has reportedly agreed to acquire U.K.-based crypto exchange Bitstamp for $200 million in cash to expand its global crypto presence and attract institutional clients. The cash deal is expected to close in the first half of 2025, subject to customary closing conditions such as regulatory approvals.
Johann Kerbrat, General Manager of Robinhood Crypto stated,
The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and long-standing global exchange has shown resilience through market cycles … [and] has established one of the strongest reputations across retail and institutional crypto investors. Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.
We’ve added programmatic daily yield so this looks a little bit more like a savings product than a checking account product, which is maybe the way to think about traditional stablecoins. [USDL] is going one step further from democratizing access to dollars, to also democratizing the risk-free rate, in the safest manner possible.
https://www.youtube.com/watch?v=CD0FSjw0axI
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