Category: AI

AccordingtoaBloombergreport,witha16%ownershipstakeinBridge,Sequoia’s$19millionSeriesAinvestmentmadejustayearagonowtranslatestoanimpressive$100millionreturn.Thisrapidgainisparticularlynotableinthecryptospace,whereventurefundinghasseenamarkedslowdownsinceitspeakin2022.Otherinvestorsalsostandtobenefitsignificantlyfromthisacquisition,includingRibbitCapital,HaunVentures,IndexVentures,andBedrockFundManagement,allofwhomholdsizablestakesinthefast-growingcryptofirm. Bridge,oftenregardedasthecryptoworld’sanswertoStripe,waslaunchedbyformerCoinbaseexecutivesZachAbramsandSeanYuin2022.Itwastodrivestablecoin-basedpaymentsintothemainstreamandcreateafunctionalalternativetotraditionalcreditcardcompanies,includinglegacysystemslikeSWIFT. TheinnovativemeansitdevisedforhandlingstablecoinpaymentscaughttheattentionofStripe’sleadership,includingitsco-founderJohnCollison,whothissummersaidhewasinterestedinsupportingstablecoinswithinStripe’sinfrastructure.Atthesametime,suchadealunderlinesStripe’scommitmenttoextendingthefrontiersofdigitalpaymentoptionsandpositioningitselfattheforefrontofcryptoadoptioninthepaymentsindustry. Still,thepromiseoftheacquisitionremainssubjecttotheregulatoryapprovalprocess,expectedtotakeafewmonths.Ifsuccessful,thedealwillmarkoneofthelargestacquisitionsinthecryptoindustrytodate,signalingStripe’sconfidenceinBridge’scontinuedupwardtrajectory. WithBridgerecentlyhittinga$14millionrunrate—afigureexpectedtogrowfurther—Stripe’sacquisitionreflectsboththeplatform’srapidgrowthandthelargerindustryshifttowarddigitalanddecentralizedpaymentsolutions.Theacquisitionspeaksvolumesnotonlyaboutthepromiseofstablecoinsinthemainstreamfinancialsystemsbutalsoaboutlong-termopportunitiesfortheventurefirmsatSequoiaandRibbitthathaveidentifiedandinvestedinBridge’spromiserelativelyearly. EU’sMiCAFramework:ADouble-EdgedSwordforStablecoinStability? TheEuropeanUnion’sMarketsinCrypto-AssetsRegulation,orMiCA,issettobringnewfinancialregulationstothecryptomarket,inparticulartostablecoinissuers,butconcernsgrowoveritsimpactonfinancialstability.SettotakefulleffectonDecember30,MiCAisthefirstregulatoryregimefromEuropeaimedatregulatingthecryptomarketandcreatingclarityandtransparencyamongalldigitalassets.However,accordingtoTetherCEOPauloArdoino,MiCA’srequirementsforstablecoinissuerstoholdamajorityofreserveswithinEuropeanbankscouldintroduceseriousrisksforbothissuersandthebroaderfinancialsystem. MiCAmandatesthatstablecoinissuersholdatleast60%oftheirreserveassetsincashdepositsatEuropeanfinancialinstitutions.Whilethisregulationisintendedtoensurestabilityandquickliquidity,Ardoinowarnsthatitcouldcreateunintendedconsequences.Heexplainsthatbecausebankstypicallylendoutupto90%oftheirdeposits,alargeinfluxofstablecoinreservesmightpressurebankstoincreaselending,potentiallystretchingtheirliquidity.Forexample,henotesthatifanissuermanages€10billion,theywouldberequiredtokeep€6billionwithinEuropeanbanks.Banks,then,couldlendoutroughly€5.4billionofthis,leavingonlyaround€600millionreadilyaccessible—ascenarioArdoinoseesasintroducing“systemicrisks.” Thecryptoindustryisnostrangertothepotentialpitfallsofbankingdependency.Circle,anissuerofUSDCoin(USDC),facedacrisisinMarch2023whenitlostitsdollarpeg,droppingaslowas$0.8774.ThisdepeggingfollowedanincidentwithSiliconValleyBank(SVB),whereCirclecouldnotretrieve$3.3billionofitsreservesafterSVBcollapsed.Thecrisisunderscoredtherisksassociatedwithstablecoinissuers’relianceonbanksandpromptedrenewedcallsforregulatoryclarity. Ardoino’sconcernsspotlightthefinelineregulatorsmustwalkinpromotingtransparencyandprotectingfinancialstability.WhileMiCAisalandmarkstepforcryptooversightinEurope,italsohighlightsthecomplexitiesofintegratingstablecoinsintotraditionalfinancialstructuresandmayprovokefurtherdebateonhowtobalancesecuritywithflexibilityastheindustryevolves. bravenewcoin.com

BitcoinSVemphasizesscalabilityandstability,aimingtoprocesstensofthousandsoftransactionspersecond. Dogecoin’sappealgrowswithitsfun,meme-basedoriginsandsupportfromnotablefigureslikeElonMusk. THORChainfacilitatesdecentralizedcross-chainassetswaps,ensuringusersmaintaincustodyoftheirassets. TheworldofinnovativecryptocurrencieswithBitcoinSV,Dogecoin,THORChain,eCash,andAave,eachofferinguniquesolutionsfromscalabilityandstabilitytofuncommunityengagement,cross-chainliquidity,fastpayments,anddecentralizedfinance.Theseplatformsnotonlyredefinecryptotransactionsbutalsoopenthedoortodecentralizedapps,secureassetswaps,andeasylending,presentingfreshopportunitiesfordigitalfinanceenthusiastsandinvestorsalike BitcoinSV(BSV):UnleashingScalabilityandStability BitcoinSVwascreatedaftersplittingfromtheBitcoinCash(BCH)platform.ThissplitaimedtobettermeetBitcoin’soriginalgoals.BSVfocusesonaddressingscalabilityissuesandensuringstability,aligningwiththeprinciplesoutlinedinSatoshiNakamoto’swhitepaper.InadditiontocancelingrestrictionsonblocksizeandreactivatingScriptcommands,BSVreportstheabilitytoprocessmorethantensofthousandsoftransactionspersecondwithalowfee.Smartcontracts,Tokens,andenterprise-levelapplicationscanbebuiltuponBSVduetounboundedon-chainscalingcapability,whichisenabledbythis. Dogecoin(DOGE):TheFunandFamiliarCryptocurrency DogecoinhastheShibaInumemeandwascreatedfromLitecoin.Originallycreatedasalight-heartedandeasy-to-understandformofcryptocurrency,Dogecoinsoonbecameratherpopular,largelybecauseoftherecognitionfrominfluentialpersonalitieslikeElonMusk.Duetoitsopencommunityandinherentlyfunnynature,ithasbecomenotonlyfamiliarbutalsopopulardigitalcurrency.Itscommunityandhumorousapproachhavemadeitawell-knownandwidelyuseddigitalcurrency. THORChain(RUNE):SeamlessCross-NetworkCryptoAssetExchanges THORChainisadecentralizedliquidityprotocolforseamlesscryptoassetexchangesacrossnetworkslikeBitcoinandEthereum.Userscanswapassetsinapermissionlesssettingwithoutrelyingonorderbooks.THORChainmaintainsmarketpricesthroughtheassetratioinapool.Itsnativetoken,RUNE,servesasabaseliquidityasset,platformgovernancetool,andsecuritymechanism.NodescommitRUNEtoparticipateintheconsensusprocess,ensuringeconomicsecurityfornativeassetvaults. eCash:IntegratingAvalancheConsensus eCash(XEC)isanopen-sourceLayer-1digitalcashnetworkthatemergedfromBitcoinABC,madeliveonNovember15,2020.Notably,forcombiningtheAvalancheconsensuswithitsproof-of-worklayer,eCashenvisionsclearingover5millionTPS.Itbuildsanewpaymentexperiencewithveryshorttime-to-transactionfinalityandallowsforfastprotocoladvancementthroughforking-freeimprovementsontheeCashdigitalcashnetworkspecialization. Aave:DecentralizedLendingandBorrowingSimplified Aave(AAVE)isadefiplatformenablinglendandborrowingofcoinsinadecentralizedway.LenderscollectinterestfromdepositingassetsintoLiquidityPoolswhileborrowersleverageflashloansbyusingcryptoassetsascollateral.TheAAVEtokengivesholdersdecreasedfeesandthecapabilitytoparticipateintheplatform’sdecision-makingprocess.ThesimplicityofrecreatingtraditionalcentralizedapproachesimpactedbydecentralizationhashelpedtoestablishAaveasaprominentDeFiplatformforlending/borrowingservices. cryptonewsland.com

Ethereum’sLayer-2networksfaceusabilitychallenges,limitingaccessibilityfornewcomersandcomplicatingtransactionsacrosschains. VitalikButerinproposesstandardizedaddresses,cross-chainswaps,andgaspaymentstoimproveLayer-2usabilityonEthereum. ERC-3668(CCIP-read)andkeystorewalletsareindevelopmenttosimplifycross-chaininteractionsandenhanceEthereum’suserexperience. Ethereum’suserexperienceacrosslayer-2(L2)networksisfacingincreasedscrutinyasexpertsintheblockchainindustry,includingCamilaRusso,highlightthesignificantchallengesinnavigatingitsmulti-layeredecosystem.RussorecentlyexpressedconcernsonthesocialmediaplatformX,notingthatEthereum’sL2infrastructure,whilepotentiallyflexible,currentlypresentssubstantialobstaclestoseamlessuserinteractions,particularlyacrossdifferentchains. HerobservationshaveunderscoredthedifficultiesevenexperiencedusersfaceintransactingacrossEthereum’sL2networks.TheseconcernsarenotonlyrelevanttoveteranusersbutalsoraisequestionsaboutaccessibilityfornewcomerstotheEthereumecosystem. EthereumpeopleIloveyouandIloveEthereum ButyougottastopminimizinghowbadtheL2experienceis. Ifyou\'reacryptonative,it\'sbad.Morethanbad,it\'sPAINFUL.That\'sifyoualreadyusecrypto.Ifyou\'reanewbie…it\'sunacceptable.Simplyunusable. Using… —CamilaRusso(@CamiRusso)October28,2024 ComplexL2InteractionsRaiseAccessibilityIssues Inaddition,RussoemphasizedthecomplexityinvolvedinusingmultipleL2networksonEthereumforvariousdecentralizedapplications(dApps),payments,andothertransactions.ShepointedoutthatEthereum’smulti-chainstructure,whileinnovative,lacksthecohesiveusabilityfeaturesneededtostreamlineinteractionsforusers. Moreover,theL2experienceisespeciallychallengingwhenusershavetointeractwithdifferentchainstocompletesimpletransactions.Thisprocess,accordingtoRusso,discouragesbroaderadoptionanddetersbusinessesandindividualsfromintegratingEthereum-basedsolutions. Inresponse,theindustryhasrecognizedthismulti-chainchallenge,whichhasdrawnaresponsefromEthereumco-founderVitalikButerin.HeacknowledgedRusso’sobservations,agreeingthatthecurrentL2userexperiencecouldbesignificantlyimproved.Buterinalsooutlinedproposalsaimedatenhancingcross-chainusability,especiallytomakeEthereum’sL2ecosystemmoreapproachableforbothexperiencedandnoviceusers. Buterin’sProposedSolutionsforSeamlessL2Transactions Specifically,VitalikButerinhighlightedsomekeyproposalstoaddresstheissuesRussoraised,focusingonimprovingconnectivityacrossEthereum’sL2networks.Onecentralobstacle,Buterinnoted,liesinthelackofstandardizedchain-specificaddresseswithinEthereum’secosystem. Totacklethis,hesuggestedincorporatingthechainnamedirectlyinwalletaddresses,whichcouldallowsmoothertransactionsacrossdifferentchainsbymanagingbridgingoperationsautomatically.Thischangecouldsimplifytheuserexperience,reducingtheneedformanualbridgingandallowinguserstoenterarecipient’saddresswithoutconcernforchaincompatibility. Additionally,Buterinproposedtheuseofstandardizedprotocolsforcross-chainswapsandgaspaymentoptions.Bystandardizingtheseprocesses,EthereumcouldstreamlinetradesacrossL2networks,makingtransactionsmorestraightforwardforallusers. Furthermore,Buterinalsomentionedthepotentialofusinglightclients,whichwouldletusersverifyinteractionsacrossL2networks,therebyenhancingsecurityinEthereum’sdecentralizedecosystem.Withthesesteps,Ethereum’scomplexstructurecouldbecomemoremanageableforbothindividualandenterprise-levelusers. FutureofCross-ChainUsabilityonEthereum Inthefuture,EthereumdevelopershavealsobeenworkingonERC-3668,knownasCCIP-read,whichaimstoallowuserstoverifytransactionsacrossEthereum-basedecosystemsmoreeffectively.Thisdevelopmentpromisestofurthersimplifyinteractionsacrosschains. Additionally,Buterinsuggestedkeystorewallets,whichwouldpermitupdatesonasinglechaintoberecognizedacrossmultiplechains.ThesechangescouldimproveefficiencyintheEthereumecosystem,potentiallymakingiteasierforuserstotransitionbetweendifferentchainswithouttechnicalchallenges. Significantly,thepotentialimpactofthesesolutionsextendsbeyondjusttheuserexperience.Witheffectivestandardization,Ethereum’secosystemcouldbecomemoreaccessiblefordevelopers,enterprises,andagrowinguserbase. Furthermore,ButerindefendedtheEthereumVirtualMachine(EVM),statingthatwhileimprovementssuchasEVM-MAXandSIMDmayenhanceperformance,theEVMremainseffectivewithoutstructuralchanges.ThisassuranceaimstomaintainconfidenceinEthereum’slong-termstabilitywhilefocusingonusabilityimprovements. cryptonewsland.com

ThepriceofDogecoinrecentlyskyrocketed,makingheadlinesasithitlevelsnotseeninmonths.Increasedattentionfromwell-knownindividualsandcommunitiesthatsupportDogecoinasalegitimatedigitalcurrency,alongwithrenewedmarketinterestandconjectureaboutitspossibleapplications,appeartohavecontributedtothememe-inspiredcryptocurrency\'ssharpincreaseinvalue. Theoverallupswinginthecryptocurrencymarketmaybeoneoftheprimarycausesofthispriceexplosion.SignificantcryptocurrencieslikeEthereumandBitcoinhavebeengainingtraction,whichfrequentlyresultsinaltcoinsfollowingsuit.Furthermore,Dogecoin\'svibrantonlinecommunityandthebuzzitcreatesonsocialmediafrequentlycausetemporaryspikesindemand,whichdrivespricesupquickly. Dogecoinispresentlyconfrontingasignificantresistancelevelat$0.18fromatechnicalperspective.Additionalgainsmaybepossibleifthepricecanbreakabovethislevelwithconsistentbuyingvolume,possiblyaimingforthe$0.20mark,acrucialpsychologicallevelfortraders.Whenbuyinginterestresumes,DOGEmayretracebacktoimmediatesupportlevelslike$0.14ifthecurrentmomentumwanes. Anotherimportantsupportlevelislocatedatabout$0.12belowthis,anditmightserveasaflooriftheassetexperiencesamorewidespreadmarketcorrection.GiventhatDOGEisapproachingoverboughtlevels,theassetmaysoongothroughacooling-offperiod,accordingtotheRelativeStrengthIndex. Dogecoinenthusiastsshouldbeencouragedbytherapidrise,butitisimportanttoexercisecautionbecauseDOGEhasahistoryofsharpfluctuations.AnyonefollowingDogecoin\'snextmovewillneedtokeepaneyeonthe$0.18resistanceand$0.14supportlevelsforthetimebeing. XRPnotgainingstrength XRPhasshownindicationsofweaknessandlowinvestorinterest,failingtokeepupwiththeupwardmomentumobservedonotherdigitalassets.Majorcryptocurrenciesareseeingrallies,butXRPseemstobefallingbehind.ThedecliningtradingvolumeseenonXRPcharts,whichindicatesthatfewertradersandinvestorsareinteractingwiththeassetatthistime,helpstoexplainthispoorperformance. Importantmarkersofmarketstrengthandinterestarevolumetrends.FewerpeoplearewillingtoinvestinXRP,asevidencedbythesteadilydroppingvolume,whichreducestheasset\'spotentialforgrowth.Becausethereislessbuyingpressure,XRPisinapositionwhereevensmallsell-offscancausepricestodropbecausethereisnotenoughdemandtooffsetanysellingactivity. Thislowvolumeenvironmentfrequentlyindicatesinvestorhesitancyorlackofconfidence.Atthemoment,thepriceofXRPistradingclosetoimportantsupportlevels,andarecoveryappearsdoubtfulintheabsenceofasignificantuptickintradingactivity.Thetechnicalchartindicatesthatthe50-dayand100-daymovingaverages,whichareusuallycrucialfordeterminingbullishorbearishtrends,havenotyetbeenovercomebyXRP. XRPdoesnotcurrentlyhavethemomentumnecessarytoescapeitsconsolidationphase,butastrongvolumebreakabovetheselevelscouldsignalapossiblerecovery.BecauseXRPdoesnothavethepurchasingpowertosparkasignificantrally,thegeneralsentimenttowardtheassetisstillcautious. Record-breakingEthereumoutflows Despitethefactthatitstillhastoovercomesignificantresistancelevelstoindicateamorerobustupwardtrend,Ethereumlookstobepreparingforabearishmove.The100-dayExponentialMovingAverage(EMA),whichhashistoricallyservedasacriticalpointofresistance,iscurrentlyinrangeofETH\'spriceonthechart. Ethereummaybeabletoaimforevenhigherlevelsifthis100EMAissuccessfullybreached,withthe200EMAemergingasthenextimportantmilestone.WiththemarketasawholeshowinglittlemovementandEthereumstuckinaconsolidationphaseformonths,thecryptocurrencyhasbeengoingthroughadifficulttime. Investorpatiencehasbeenputtothetestbythemarket,butrecentpricemovementsaregivingrisetosomehope.Ethereumhastheopportunitytoemergefromitsconsolidationandjointhecurrentralliesobservedonothersignificantcryptocurrenciesnowthatthe100EMAiswithinreach.Still,the200EMAisacrucialleveltokeepaneyeon.Shiftstowardlong-termbullishtrendshavehistoricallybeenlinkedtobreakingabovethe200EMA. AmoreprolongedrallymaybeindicatedifEthereumisabletosurpassthisbarrier,whichmightenableETHtoprofitfromthemarket\'srekindledinterestindigitalassets.Ethereumstillhasthepotentialtogrowbeforehittingoverboughtterritory,despitethefactthatitsrelativestrengthindex(RSI)isrising. ThisarrangementimpliesthatifETHcankeepupitsmomentumandovercometheseresistancelevels,theremaybemoreupsidepotential.InvestorsmightwanttokeepacloseeyeonthesetechnicalindicatorsinthedaysaheadbecauseastrongbreakoutcouldchangeEthereum\'spositionandalignitwiththebullishsentimentofthelargermarket. u.today

RenownedArtificialIntelligence(AI)firmOpenAIhasintroducedSimpleQA,afactualitybenchmark.Basedonitsdescription,thistoolmeasurestheabilityforlanguagemodelstoanswershort,fact-seekingquestions.ThisnewbenchmarkmarksanotherattemptfortheAIgianttorestoretrustinitsflagshipproducts.

WazirXhelditsfirstcreditormeetingonOctober15aspartofitsrestructuringeffortsaftertheJulyhack.OnlyfouroutoftenCommitteeofCreditor(COC)membersattended,raisingconcernsaboutrepresentation. Duringthemeeting,thecompany,alongsidefinancialadvisorsfromKroll,touchedupontherestructuringprocessandplanstoaddresstheassetshortfallandpotentialprofit-sharing. WazirXhasnotedtheabsenceof6COCmembers CryptoexchangeWazirXannouncedthatithadconcludeditsfirstcreditormeetingonOctober15.ThemeetingtouchedupontherestructuringprocessaftertheJulysecuritybreach,butonlyfourcreditorsattended. WazirXco-founderNischalShettyandthecompany’stopexecutivesattendedthemeetingwiththefinancialadvisorsfromKroll.WhilethenamesoftheCoCmembersareconfidential,all10creditorsareassignedaCCnumberwithinitials.SixoftheselectedCoCmembersweremissingfromthemeetingwhichdiscussedthenextstepsintheCourtprocess. WazirXrestructuringproposal Thecompanyformedacommitteeofcreditors(COC)torepresentcreditors’interestsaspartoftheSingaporeCourt-sanctionedmoratorium.10creditorswererandomlyselectedaspartoftheexchangeprocesstobecomepartofthecommittee.WhilebeingpartoftheCoCwasbasedoncreditordiscretion,onceselected,themembersneededtoattendthemeetings. TheexchangehadpreviouslysaidthatfailuretoremainanactivemembercouldleadtoremovalfromtheCOC.Themeetingconcludedthattheexchangewouldfollowupwiththenon-attendingmembersandreplacethemiftheydonotplantoactivelyparticipate. Zettaicouldappealtoextendits4-monthmoratorium Despitetheabsence,themeetingaddressedkeyconcernsfromCOCmembersaboutrepresentingmillionsofcreditorsandmanagingfeedback.Membersappearedconcernedabouttheresponsibilitythatcomeswiththeselection,handlingquestions,andthetightmoratoriumtimeline.Somecreditorssuggestedspeedinguptheprocess,butthecompanyexplainedtheconstraintsofcourtschedules.Inaddition,thecompanyplanstoapplyforanextensionofthemoratoriumperiodbeforeitsexpiry. Questionswerealsoraisedaboutsettingasidefundsforemergencies,keepingtheexchangepartiallyoperational,andthepotentialrecoveryfromtheassetdeficit.Currently,theexchangehasa45%assetdeficit.Thecompanyalsoclarifiedthatrebalancingisrequiredbeforewithdrawalscanbeinitiated. Meanwhile,Zettai’srestructuringproposalwilladdresstheassetshortfallbyequitablydistributingthemtothecreditors.Thecompanynotesinitsfinancialadvisorythatitwillallowcreditorstochoosethetypeoftokensfordistributionswhiletheyattempttorecoverstolentokens,pursuepartnershipsforprofit-sharingopportunities,andpotentiallyreopenWazirX’sbusinesstogenerateprofitsthatcouldbesharedwithcreditors. WazirXCOCmembersandexecutivesinattendance Additionally,Zettaiisexploringthecreationofasecondarydebtmarkettoofferearlyliquidityforcreditorswhoneedit.ThenextkeydatestowatchoutforthisyearwouldbeinNovemberwhenZettaiwouldseekpermissiontoholdaSchememeeting.Thecreditorswouldreviewandvoteontherestructuringproposalinthismeeting.ButtheCourtwouldhearthisapplicationforapprovalinearly2025.TheSchememeetingisexpectedtoconveneinFebruary. cryptopolitan.com

Twocryptocompanies,dYdXandConsenSys,haveannouncedanewroundoflayoffs.What’shappening,andwhyareAmericanregulatorsbeingblamedforthis? AntonioJuliano,theCEOofthedecentralizedderivativesexchangedYdX,announceda35%layoff.Hethankedtheformeremployeesfortheirworkandexplainedthelayoffsastheneedto“revitalize”theexchangesince,initscurrentform,itis“differentfromthecompanydYdXmustbe.” “Ihaveseenthisoverandagain,anditwillcontinue.Whatwearebuildingismuchlargerthanjustacompany,andthisyouwillalwaysbeapartof.” Notably,thelayoffsatdYdXcameshortlyafterConsenSyscutitsstaffby20%.ConsenSysCEOJosephLubincitedunfavorablemacroeconomicconditions,uncertaintyovercryptoregulationintheU.S.,andthecostofalegalbattlewiththeSecuritiesandExchangeCommission(SEC). 1/5 Thebroadermacroeconomicconditionsoverthepastyearandongoingregulatoryuncertaintyhavecreatedbroadchallengesforourindustry,especiallyforUS-basedcompanies. —JosephLubin(@ethereumJoseph)October29,2024 Atthesametime,Lubincalledthecompany’sfinancialpositionstable. Accordingtohim,ConsenSyswillfocusonitscorerevenuedrivers,whichalignswithitspreviouslyadoptedstrategy.Thecompany’sflagshipproducts,MetaMaskandLinea,thesecond-layerEthereumnetwork,willserveasthebasisforfurtherdevelopment. Inaddition,ConsenSysCEOsaidthatthelaid-offemployeeswillreceivesupportafterleavingthecompany,namely,severancepaydependingonthelengthofservice,assistancewithfutureemployment,andexpandedhealthbenefits. LubinalsotoldFortunethatthelayoffswillaffectabout162ofthe828employeesworkingfromalldivisionsatConsensys.Now,ConsenSyshasnowbecometheleaderinlayoffsin2024,accordingtolayoffs.fyi. WhytheSECisagaintheculpritofalltheworst? Inthelayoffstatement,LubincitedtheSECasoneofthereasonswhyhewillcutstaff.InJune,theregulatorsuedthedeveloperoftheMetaMaskwallet,notingthatthecompanyviolatedthelawthroughtheMetaMaskStakingservice. ThelawsuitcomesshortlyafterConsenSysfiledalawsuitagainsttheSECandfiveofitsunnamedemployeesoverits“oversightofETH,”askingthecourttoformallyapprovelanguagethatwouldnotclassifytheassetasasecurity. Asaresult,theSEC’sDivisionofEnforcementcloseditsinvestigationintoEthereum2.0.TheagencytookthisstepaftertheorganizationsentaletteraskingforclarificationontheassetclasswhenapprovingthespotEthereumETF.However,thelawsuitovertheSEC’sallegationsisongoing,leavingConsenSysfacinglegalcosts. Thelayoffscomeatatimewhenthemarketisbuckingtrends Notably,thecryptomarketwasboomingatthetimeofthelayoffannouncement,whichisgenerallyconsideredagoodtimeforcryptocompanies.Thus,onOct.29,theBitcoin(BTC)rategrewfrom$70,000tojustover$73,600,approachingthehistoricalmaximumof$73,777.Sincethebeginningofthemonth,thecryptocurrency’svaluehasgrownby12%.AnalystsassociatethistrendwithforecastsfortheU.S.presidentialelection. Bitcoinprice.Source:crypto.news Interestingly,thegrowthofBitcoinisalsoexplainedbythesituationintheU.S.,whichtheCEOofConsenSyspreviouslycomplainedabout,explainingthelayoffs. ThegrowthinthepriceofBitcoinisduetoseveralfactors.Inparticular,interestinBitcoinETFsfromlargecompaniessuchasBlackRockisincreasing,whichattractssignificantinvestments.Recently,theU.S.sawaninfluxof$2.7billionintoBitcoinETFs,whichhelpedattractnewinvestorsandraisetheprice. Inaddition,thedesiretoprotectagainstinflationsignificantlyimpactsthemarket.Againstaweakeningdollarandrisinginflation,manyinvestorsareturningtolimitedassetssuchasBitcointopreservetheirsavings. dYdXcutsstaffwhilecompetitorsgainmomentum Sincethebeginningoftheyear,thecryptomarkethasbeenrecoveringfromalongcryptowinter,withmanyexchangesrampinguptheirgrowth.AccordingtoBloomberg,Crypto.com,Binance,Coinbase,Gemini,andKrakenarehiringascryptocurrencieslikeBitcoinrise—notdYdX,though. Whenannouncingthestaffreduction,Julianomentionedthatinitscurrentform,theexchangeisdifferentfromwhatitshouldbe,withoutspecifyingwhatexactlyhemeant.However,furtherdevelopmentwillrequirehumancapitalcapableofrevivingtheplatform.Therefore,announcinga35%staffreductionagainstthebackdropofcryptoexchangestryingtogetthemostoutofthecurrentrallylooksillogical,tosaytheleast,butJulianoishardlyworriedaboutFOMO. Howthedynamicsoflayoffsinthecryptoindustryhavechanged? Accordingtolayoffs.fyi,Q12023wasthepeakinlayoffssince2020,whenmorethan167,000employeeslosttheirjobs.However,in2024,thesituationlooksmuchbetter:thepeakoflayoffsoccurredinQ1,with57,000employeeswholosttheirjobs.Therewereevenfewerlayoffsinthesecondandthirdquarters–43,000and38,000,respectively. Source:layoffs.fyi Thus,thestoryofdYdXandConsenSyshasbecomemoreofanexceptiontotherulethanatypicaltrendfor2024.Aftermassivelayoffsin2022and2023,theblockchainjobmarketseemstoberecovering. crypto.news

AcryptostrategistwhoaccuratelycalledtheBitcoin(BTC)correctionearlierthisyearthinksadecentralizedfinance(DeFi)altcoinisgettingreadytoerupt. PseudonymousanalystRektCapitaltellshis508,200followersonthesocialmediaplatformXthatthenativeassetoftheyieldtokenizationprotocolPendle(PENDLE)lookspoisedtostartanewuptrend. TheanalystsharesachartsuggestingthatPENDLEhassuccessfullyretestedthenecklineofaninverseheadandshoulderspatternontheweeklychart,indicatingthatthealtcoinisinapositiontomovehigher. “Technically,PENDLEhasperformedagoodweeklycloseabovethe$4.48(blue)level Twoweeksago,PENDLEbrokeblueasresistance. Lastweek,PENDLEsuccessfullyretesteditassupport. Thisweek,PENDLEneedstocontinueholdingheretolift-off.” Source:Rekt/X Aninverseheadandshoulderspatternisabullishreversalstructuresuggestingthatdemandforanassetisontheriseasinvestorspileinwithoutwaitingforpricetorevisitrecentlows. Attimeofwriting,PENDLEistradingfor$5.04,upover9%inthepastday. Lookingatthelayer-1protocolSolana,RektthinksSOLisontracktomovehigherafterflippingtworesistancelevelsassupport. “SOLhasactuallyperformedabullishweeklyclose. Why?BecauseSOLweeklyclosedabovetheconfluentresistanceareathatisthebluediagonaltrendlineandredbox… Lookslikethepost-breakoutretesthasbeensuccessful.” Source:Rekt/X Attimeofwriting,SOLisworth$179.77. AsforDogecoin(DOGE),theanalystthinksthealtcoinisflashingconstructivepriceactionthatwouldsendthetopmemecointohistargetat$0.20. “Dogecoinhassuccessfullyretestedtheredlevel($0.14)assupport. DOGEhassincerallied+26%totheupside. Followingtheorangepathwayperfectlythusfar.” Source:Rekt/X Attimeofwriting,DOGEistradingfor$0.175. GeneratedImage:Midjourney dailyhodl.com

TheupcomingseriesoftokenunlocksincludesprojectssuchasOptimism,Celestia,anddYdX,eachofwhichintendstoreleaseahugepercentageoftheirtokenswithinthenextfewdays.Theseupcomingtokenunlocksinthecryptocurrencymarketwillbequitesignificantbecauseseveralblockchainprojectsareabouttoreleasealargevolumeoftokensinthemarket. MAJORUPCOMINGTOKENUNLOCKS#Optimism$OP#SelfChain$SLF#Celestia$TIA#MaverickProtocol$MAV#dYdX$DYDX#HookedProtocol$HOOK#TARSProtocol$TAI#Sui$SUI#Neutron$NTRNpic.twitter.com/G7Y2aA2N2f —PHOENIX–CryptoNews&Analytics(@pnxgrp)October30,2024 Tokenunlocksusuallyhaveeffectsonthemarket,andespeciallywithlargepercentagesofthesupply,thesecouldleadtochangesinprices,theoverallmarketliquidity,andinvestorsentiment. KeyTokenUnlocks:Optimism,SelfChain,andCelestia ThesenexttokenunlockeventsstartwithOptimism(OP),whichisanestablishedLayer2scalingsolutionforEthereum.Optimismintendstounlock32.21MOPtokens,equivalentto0.75%ofitstotalsupply,withavalueof$55.75M.Pricedat$0.56each,itisscheduledforreleaseon31stOctober. YetanothermajorprojectisSelfChain(SLF),whichplanstorelease1.52MSLFtokensonOctober31.WhilethisisasmallpercentageofSelfChain’stokenforatotalcirculatingsupply,theunlockedtokenshaveavalueofapproximately$459,830.Thesmallerpercentagemayeasemarketimpacts.However,itcontributestothetotalamountofSLFthatmayshiftshort-termtrading. ThemostsignificantamountofvalueisprovidedbyCelestia(TIA),amodularblockchainplatformwithanemphasisonscalability.Celestiaistolaunch175.74MTIAtokens,whichmakes16.30%ofthetotalsupplyandisequalto$879.13M.TheCelestiatokenunlockistooccuronOctober31standisoneofthelargestinthisseries. NovemberUnlocks:MaverickProtocol,dYdX,andHookedProtocol AftertheunlocksinOctober,MaverickProtocolwillunlock15.52MMAVtokensonNovember1,whichis0.78%ofthetotalsupply,worthapproximately$2.53M.Eventhoughthisunlockissmall,itwillindeedexpandMAV’ssupplyincirculationandmayimpactitsshort-termpricemovements. Onthesameday,adecentralizedtradingplatformbasedonEthereumcalleddYdX(DYDX)willfreeup8.33MDYDXtokensor1.84%ofsupplywithavalueof$8.64M.ConsideringdYdX’spositioningasaleadingdecentralizedfinance(DeFi)platform,thisreleasemayaffecttheplatform’sliquidityandtradingvolume. Anothereducation-relatedblockchainproject,HookedProtocol(HOOK),isalsoplannedforunlockonNovember1,whichwillrelease8.33MHOOKtokensor1.67%ofthetotalsupplywithavalueof$3.38M. OtherNotableTokenUnlocks:TARSProtocol,Sui,andNeutron TARSProtocol(TAI)willhave28.59MTAItokensunlockedonNovember2,whichapproximatelyamountsto3.19%ofthetotalnumberoftokensandisvaluedat$3.98M. TwomajorunlockswillfollowonNovember3:Sui(SUI)andNeutron(NTRN).SuiisaLayer1blockchainthatfocusesonscalabilityandperformance,whichaimstounlock81.91MSUItokens,whichis0.82%ofthetotalsupplyof$167.16M.Ontheotherhand,Neutronwillrelease9.96MNTRNtokens,whichis1.00%oftheproject’stotaltokensupply,withanestimatedvalueof$3.84M. Unlockingtokensallowsinformationabouttheproject,itsactivity,investorattitude,thechancesforgrowth,orthevolatilityoftherate.Theseunlockswillbeanticipatedkeenlybythemarketplayers,thoughimplicationstotherestofthecryptomarketmaycomeaboutasaresultofre-strategizing. blockchainreporter.net

CryptoexpertRaoulPalsaysSui(SUI)seemstohavebrokenoutoftherecentconsolidatoryphase,whichbodeswellfornewall-timehighs.Itspricemovementsoverthepastfewdayssawanover15%increaseinvaluewithinasingleday.Ithastriggeredtheinterestofinvestorsandanalysts. DatafromCoinMarketCapshowsthatSUIpricewentupbymorethan20%,catapultingitsmarketcaptoover$5.5billion.Thissharprisefollowsaperiodofpriceconsolidationwherethemarketwaspreparingforthenextbigmove. Thegrowingpositivityisaresultofincreasingtradingvolumeandmarketvaluation. $SUIisbreakingitsconsolidationnowandshouldbeheadedtonewATH\'spic.twitter.com/WXKLyMbzY7 —RaoulPal(@RaoulGMI)October29,2024 SuiShowingRobustBullishness AcloserlookattheSuipricechartshowssomebullishpatterns.StartinginlateAugust,thetokenexhibitedastronguptrend,andthepriceexperiencedconsistentlyhigherlevels,makinghigherlowsandhigherhighs,anindicationofastrongbullishmarket. Butonthedailychart,thepriceactioninSeptemberandOctobertendedtotightenthesehighsandlows,formingwhatlookedlikeadescendingchannel.Thedaysofconsolidationweremarkedbydecreasingvolumeswhenthemarketswerecoilingupforapotentialbreakout. ThisalladdsfurtherevidencethatSuibrokeoutofthispatternwithpricerallyingsharplyabovepreviousresistancelevelsaround$1.90.TheSuimarketdynamicsarerevealedbytheclickofthefour-hourchart. Suitestedresistanceafterthebreakoutat$2.12andretreatedslightlybutbuiltstrengthforanotherrally.Ahugeincreaseinbuyingvolumefollowsthispriceaction,andthisonlycontinuestoaddtothebullishoutlookpresented. Relatively,theRelativeStrengthIndex(RSI)onafour-hourcharthasalsomovedintobullishterritoryabove60.Thatsignifiesacontinuingbuyinginterestinthemarket.ThesecondindicationofupwardmomentumisabullishcrossoveroftheMovingAverageConvergenceDivergence(MACD). Technicalindicatorsareonthebullishside,andthecryptoanalyst’ssentimentishigh.PositiveendorsementsfromthelikesofRaoulPalunderpinthissentiment.Abreakcouldconfirmthedirectiontonewhighs.Marketparticipantscloselywatchresistancelevelsof$2.12and$2.15. thecoinrepublic.com