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Stablecoins Surge In 2024, But Still Below 2021 Peak; USDT Remains Dominant

In 2024, fiat-backed stablecoins saw a notable increase of 35.4%, pushing their total market cap to $161.2 billion. Despite this growth, the figure remains below the all-time high of $181.7 billion reached in 2021. Tether (USDT) continues to dominate the stablecoin space, holding a 70.3% market share. In contrast, USDC has been on a downward trajectory since the U.S. banking crisis in March 2023. Commodity-backed stablecoins also showed significant growth, reaching a market cap of $1.3 billion in August 2024—an 18.1% increase year-to-date. Tether Gold and PAX Gold lead this sector, representing a combined 78% of the total market cap. Despite their impressive 212x growth since 2020, commodity-backed stablecoins still account for only 0.8% of the value of fiat-backed ones. https://twitter.com/coingecko/status/1833460448638996987?t=YKnBtuqji2LfI0ccJXUWMw&s=19 Stablecoins Made Up 8.2% Of The Global Cryptocurrency Market Cap As At August 2024 By August 2024, stablecoins made […]

Will Izuchukwu September 12, 2024

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Aave DAO Launches Dedicated @ether_fi Market, Expanding DeFi Opportunities

The Aave DAO has just launched a dedicated @ether_fi market on its platform, allowing users to borrow stablecoins such as $USDC, $pyUSD, and $FRAX against their @ether_fi weETH liquid staking tokens. This move introduces new opportunities for DeFi strategies, particularly through liquid restaking tokens like weETH, which enable advanced maneuvers like leveraged ETH staking. This innovation is made possible by Aave's flexible architecture. The demand for borrowing against weETH collateral on Aave has been exceptionally high, with borrowing caps being filled within minutes each week on Ethereum, Arbitrum, Base, and Scroll. The popularity of weETH highlights the increasing interest in using liquid staking tokens to maximize returns within decentralized finance. This marks the second instance of a dedicated liquidity market on Aave, following Lido’s market deployment last month. Ethena is also in the final comment period within Aave DAO governance, […]

Will Izuchukwu September 11, 2024

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Penpiexyz Exploiter Praised By Euler Finance Hacker As $42.7M Flows Into Tornado Cash

In a surprising on-chain message last night, the notorious Euler Finance exploiter sent a congratulatory note to the Penpiexyz hacker. The message read: "Good job, bro. Haven’t seen a hack like this in a while. Glad you kept all the money and didn’t let them get a dollar back. You won, they lost." https://twitter.com/CyversAlerts/status/1832023938244706746?t=RH-5rQstivKeyIi3Q0lmsA&s=19 The Euler Finance hacker had previously stolen $197 million in March 2023, but eventually returned the funds. In contrast, the Penpiexyz exploiter has refused to give back the $27.3 million they stole, opting instead to deposit it into Tornado Cash, a privacy-focused platform often used to launder stolen crypto. https://twitter.com/lookonchain/status/1831902739682750739?t=Cq_KrCX6q8mzfzlDEtffnA&s=19 Over the past three days, a total of 17,800 ETH (worth $42.7 million) has been deposited into Tornado Cash by three different hackers. The Penpiexyz hacker is responsible for the largest chunk, having deposited 9,600 ETH […]

Will Izuchukwu September 9, 2024

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Major Movements In The Crypto World: Key Figures And Recent Developments

In a significant recent development, Alex Svanevik, CEO of Nansen.ai, has transferred the remaining $2.89 million worth of $LDO to Coinbase. This move, made just 20 minutes ago, follows his earlier receipt of 5 million $LDO, valued at approximately $4.91 million, on December 17, 2020. Svanevik, a prominent initial member of the Lido DAO, has been a key figure in the Lido ecosystem. https://twitter.com/lookonchain/status/1832043757216374831?t=iGH379mgaX04wN1nBIyzjA&s=19 Moreover, recent data from Scopescan reveals that address 0x435 has received 6,000 $ETH, equating to about $14.26 million, from LidoFinance. All of these funds have been subsequently deposited into Binance, suggesting a significant shift in liquidity. These developments come at a time when Lido's Total Value Locked (TVL) has seen a notable decline. Over the past month, the TVL has dropped from $32 billion to $23 billion. This decline coincides with a decrease in the price […]

Will Izuchukwu September 9, 2024

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Celestia Nears Key Milestones Amid Plans To Boost Block Size

Celestia is approaching the price point of its $100 million OTC deal at $3.50, signaling increasing investor interest. Recently, the team announced plans to increase its block size to 1 gigabyte, aiming to enhance data transfer efficiency. https://twitter.com/0xSisyphus/status/1832202726044004726?t=86b4m39kk8cKa-bjWoTHlQ&s=19 As the first modular blockchain to separate consensus, data availability, and execution, Celestia is designed to scale decentralized applications and enable a customizable blockchain future. https://twitter.com/CoinMarketCap/status/1832237361679286493?t=a_1katqi2zoAdtGO3R8ZiQ&s=19 Key Strengths: Celestia boasts a Tier 1 founding team, led by Mustafa Al-Bassam, Nick White, and John Adler, who bring deep expertise in the blockchain space. The platform has attracted numerous high-utility projects like Manta Network, AltLayer, Dymension, Eclipse, and Fuel Network, highlighting its thriving ecosystem. Additionally, Celestia has raised $56.6 million across three rounds, with the latest Series B valuing the company at $1 billion. Challenges: However, concerns loom over the token’s large allocation to […]

Will Izuchukwu September 9, 2024

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GSR Markets Receives $10M In EDU Tokens: Potential Market Impact Raises Concerns

GSR Markets has recently been involved in a significant transaction, receiving 10 million EDU tokens—valued at approximately $5.33 million—from Open Campus’s multi-signature wallet just four hours ago. This transfer is part of a larger pattern, as the multi-signature wallet has sent a total of 28 million EDU tokens (worth about $22.33 million) to GSR over the past seven months. These tokens are typically transferred to exchanges in smaller batches over time, suggesting they may be gradually sold off. EDU Price Action To Monitor  This ongoing activity appears to be influencing the price of EDU tokens, which recently fell to $0.50. This drop places the token just a few cents above its all-time low (ATL) of $0.37. Despite this price decline, EDU's market capitalization remains relatively stable at around $180 million. https://twitter.com/ai_9684xtpa/status/1831234531376144757 The repeated pattern of large transfers followed by exchange […]

Will Izuchukwu September 5, 2024

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Stablecoin Market Surges To $166 Billion: A Sign Of Renewed Liquidity In Crypto?

The stablecoin market has seen extraordinary growth over the past few years, highlighting its crucial role in the broader cryptocurrency ecosystem. In March 2020, the market value of stablecoins was a modest $5 billion. However, by April 2022, this figure had skyrocketed to an all-time high of $188 billion, driven by the last bull cycle. The subsequent bear market led to a decline in supply, dropping to $122 billion by October 2023. https://twitter.com/burak_kesmeci/status/1830344530568388875?t=TDIavgcadTCCUtZp8Gy_8A&s=19 Since then, the market has rebounded, with the total value of stablecoins reaching $166 billion. This resurgence is significant as liquidity is one of the most important catalysts for a new bull cycle. Stablecoins, often used as a safe haven or a medium of exchange in the crypto market, can provide the necessary liquidity to fuel market growth. As a result, many analysts view the increase in […]

Will Izuchukwu September 3, 2024

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LTD Token Completes First Major Burn: 265 Billion Tokens Removed from Circulation

The LTD Token project has achieved a significant milestone with the successful completion of its first token burn. A total of 265 billion $LTD tokens have been burned, marking a crucial step in the project's long-term roadmap. This burn is the first of many planned as the project continues to develop and grow. https://twitter.com/theLTDtoken/status/1829574675040739452?t=WRP3aOVwCIpSkmhwQUiFMg&s=19 LTD Token, founded by the creator of the largest Shiba Inu media outlet, has garnered strong support from the SHIBA INU team. The project aims to create a groundbreaking platform that bridges the gap between Web2 and Web3 advertising, offering innovative solutions in the evolving digital landscape. https://twitter.com/thescalpingpro/status/1829883445365158068?t=n7UUN_LUrkaMy_GOqzvA_Q&s=19 In addition to the token burn, LTD Token recently celebrated another major achievement: getting listed on a Tier 1 centralized exchange (CEX). On its first day of trading, $LTD saw impressive activity, with an average trading volume exceeding […]

Will Izuchukwu August 31, 2024

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Is Crypto On The Brink Of A Breakout? Analyzing Key Market Signals

With significant developments across the tech and crypto sectors, many are wondering if the cryptocurrency market is on the verge of a breakout. Nvidia recently reported a staggering $30 billion in revenue, surpassing expectations and fueling excitement, especially among crypto AI tokens. Meanwhile, the crypto market has faced its own challenges and opportunities. One notable event was the recent outage of the TON network, triggered by a $DOGS token airdrop, which temporarily disrupted services. However, the network has since recovered, showing resilience in the face of adversity. On the regulatory front, OpenSea, the leading NFT marketplace, is under scrutiny by the SEC, having received a Wells Notice regarding its NFT classifications. This development could have broader implications for the NFT space as a whole. In terms of project updates, Stacks has announced its Nakamoto upgrade, which promises to enhance the […]

Will Izuchukwu August 31, 2024

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Whale Accumulation On NEAR Highlights Its Quirky Meme Scene And Emerging Tokens

NEAR Protocol, known for its serious DeFi projects and vibrant NFT ecosystem, is also home to a lively and quirky meme culture that's catching the attention of crypto enthusiasts and whales alike. As larger investors begin accumulating NEAR, let's explore the unique world of NEAR's meme tokens that are gaining traction. One of the standout tokens is $LONK, launched by @Lonkonnear. With a focus on decentralization and community growth, $LONK's tokenomics are designed to ensure fairness. A hefty 83% of the tokens are allocated to liquidity pools to facilitate smooth trading, while the remaining 16% is reserved for airdrops and exchange listings to expand its user base. Notably, there are no taxes or special allocations, making $LONK an attractive option for those who value transparency and community-driven initiatives. Another intriguing addition to the NEAR meme ecosystem is $BLACKDRAGON, created by […]

Will Izuchukwu August 30, 2024

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