Coinbaseâs Base Reaches New Heights: 4 Million Active Addresses
Letâs dive into the details:
Base, @coinbaseâs Layer 2 (L2) network built on the Ethereum blockchain, has recently achieved a significant milestone by surpassing 4 million active addresses, driven by its "Onchain Summer" campaign.
This Onchain Summer campaign, initially launched in 2023 and revived in 2024, has been a major driving force behind @base's growth. The campaign was designed to incentivize developers and engage the broader crypto community by offering rewards, hosting events, and fostering creativity on the platform.
The 2024 edition continued this momentum by offering $2 million in rewards (equivalent to 600 ETH) to developers who build on the Base network between June and August.
In Terms of Future Prospects:
Looking ahead, the momentum gained from Onchain Summer could continue to propel Base forward, especially if Coinbase can continue to innovate and attract developers and users to its platform. The lessons learned from this campaign, particularly in handling controversies and ensuring the integrity of blockchain-based applications, will be crucial for Baseâs ongoing development.
But that's not all! Letâs dive into todayâs market insights:
The metaverse land market in 2024 has seen a significant drop, with average prices down 72% from their peak.
Average floor prices have fallen by 34% since 2023 and 55% since 2022.
Major Project Highlights:
@TheSandboxGame: Prices plummeted 95% from 2.86 ETH in 2021 to 0.13 ETH in 2024. NFTWorlds/TOPIA Worlds: Displayed resilience with a 45% decline, aided by community support and rebranding. @SomniumSpace: Peaked in 2023 at 0.98 ETH, driven by VR advancements.
Factors Influencing Prices:
Market Volatility: The broader crypto downturn significantly impacted metaverse lands. Project-Specific Developments: Innovation and unique value propositions helped certain projects maintain value. Community Strength: Strong engagement and rebranding efforts mitigated declines. External Market Influence: Trends like memecoins diverted attention from metaverse lands.
Future Outlook:
The future of metaverse land prices will depend on continued innovation and broader cryptocurrency trends.
What do you think the future holds for metaverse land prices? Share your thoughts below!
Top Collections by Capitalization: @cryptopunksnfts : $524 million @LibertyCatsBTC: $513 million @BoredApeYC : $218 million @pudgypenguins : $178 million @Azuki : $99 million
Market Corrections The NFT market saw a significant decline, with capitalization dropping to $34 billion at its lowest point, heavily influenced by the broader cryptocurrency market.
Impact of Memecoins Memecoins have drawn attention and capital away from NFTs, leading to a sharp drop in market capitalization from $348 billion in January 2024 to $159 billion in March 2024.
Emerging Trends UtilityDriven NFTs: Increased interest in NFTs tied to real-world asset tokenization. Gaming Integration: Major companies like Square Enix are increasingly adopting NFTs. Hybrid NFTs: Growing popularity of tokens that combine physical and digital assets.
Future Outlook While the next bull run may emphasize utility-based NFTs and real-world asset tokenization, significant market growth remains uncertain due to current conditions.
The NFT market is evolving, with a focus on utility and real assets, but it faces challenges from memecoins and market volatility.
Letâs wait and see what happens next. Drop your thoughts below đ
Why It's Crucial: Itâs essential to align your trading strategy with your personality, risk tolerance, and time commitment.
Knowing whether you're a Scalper, Day Trader, or Swing Trader helps you make informed decisions, manage stress, and optimize your trading approach.
Hereâs a closer look at each trading style đ
Scalper: Quick trades, high stress, high risk. Day Trader: Daily trades, moderate to high risk, requires full attention. Swing Trader: Holds positions for days/weeks, lower stress, requires patience.
Overall Takeaway:
Each style has unique challenges and rewards. Choose what aligns with your risk tolerance and lifestyle.
- Particle Network - A Layer 1 blockchain solution. đ„đźđ¶đđČđ± đđșđŒđđ»đ: To be Disclosed
- Pichi Finance - Focused on creating a trustless points trading protocol. đ„đźđ¶đđČđ± đđșđŒđđ»đ: $2.5 million
- Morpho Labs - Leading the way in advanced liquidity solutions and decentralized applications. đ„đźđ¶đđČđ± đđșđŒđđ»đ: $50 million
- Breakout - A startup focused on revolutionizing the finance and banking sectors with advanced technological solutions. đ„đźđ¶đđČđ± đđșđŒđđ»đ: $4.5 million
- Layer2 Financial - Aiming to bridge the gap between traditional financial systems and blockchain technology by enhancing payment systems and financial services. đ„đźđ¶đđČđ± đđșđŒđđ»đ: $10.7 million
These projects highlight the growing interest and investment in blockchain and decentralized finance solutions, each aiming to solve specific challenges within the ecosystem and drive further innovation.
Yesterday was a difficult day for all of us. The fear sentiment surged everywhere, including traditional markets.
The crypto market experienced its largest three-day sell-off in a year, losing $510 billion in market capitalization from August 2. This decline coincided with a 4.4% drop in the S&P 500(Standard & Poor's 500), weak U.S. jobs data, and recession fears.
How did this impact? - The Crypto Fear & Greed Index hit a score of 26. Major assets like Bitcoin and Ether fell by 20% and 28%, respectively, while @solana dropped 30.6%. - The correlation between the crypto market sell-off and the S&P 500 drop suggests that macroeconomic factors and investor sentiment in traditional markets are significantly affecting crypto assets.
What about investor behavior? Investors might be moving towards safer assets amidst economic uncertainties.
Apart from that: Starting from August 7, Morgan Stanley will offer Bitcoin ETFs (BlackRock's IBIT and Fidelityâs FBTC) to clients with a net worth of at least $1.5 million. This follows the January approval of spot Bitcoin ETFs in the U.S.
How did this impact the market? - This move indicates significant institutional interest in Bitcoin and cryptocurrencies. -Offering ETFs could increase market liquidity and accessibility for high-net-worth individuals, potentially leading to increased investment and price stability in the Bitcoin market.
After a lot of fear, something good soothes our eyes.
@Tether_to reported a record-breaking profit of $5.2 billion in the first half of 2024, bolstered by a substantial U.S. Treasury portfolio worth $97.6 billion.
Follow @TradedogCrypto to stay informed with the latest and most impactful developments in the world of cryptocurrency.
To stay ahead in the crypto world, it's crucial to educate yourself about potential hacks and ongoing developments. Today, let's dive into the topic of 51% attacks.
What is a 51% Attack? It happens when a person or group controls more than 50% of the blockchain's hashing power, letting them to tamper with transactions.
How It Works: - Hash Rate Dominance: The attacker controls the majority of the network's hash rate. - Double Spending: They can reverse transactions and enable double-spending. - Block Interference: They can halt new transactions from gaining confirmations. - Mining Monopoly: They monopolize mining, preventing other miners from generating blocks and collecting rewards.
Historical Examples: - Bitcoin Gold (2018): Suffered a 51% attack resulting in $18 million worth of double-spent coins. - Ethereum Classic (2019): Experienced multiple 51% attacks, leading to double-spending of thousands of ETC. - Verge (2018): Faced an attack that led to the creation of millions of XVG through blockchain manipulation.
What steps can be taken for prevention? - Increase Network Hash Rate: Makes it harder for a single entity to control 51%. - Proof-of-Stake (PoS): Security based on the amount of cryptocurrency held, not computational power. - Enhanced Monitoring: Continuous network monitoring for unusual mining behavior. - Decentralization: Promote decentralization in mining pools to avoid concentration of mining power.
If you found this information useful, please like, repost, and share it with your network.
In-Depth Look: How EigenLayer Works Missed our last post?
In that we delved into the Ethereum Staking Market, highlighting the dynamics of Liquid Staking Tokens (LSTs) and Liquid Restaking Tokens (LRTs).
Want to catch up, we have attach the link at the end of this post.
For now, let's explore the next big thing in crypto staking: Eigenlayer
Basically Eigenlayer is a protocol built on Ethereum that aims to enhance the security and utility of the Ethereum network by allowing users to "restake" their staked ETH.
Letâs dive into the process
ETH Holders:
- Stake your ETH in liquid staking protocols like Lido, Binance, Rocket Pool, etc. - Or, directly restake your native ETH in EigenLayer.
Whatâs the role of Liquid Staking Protocols?
- Stake ETH to receive liquid staking tokens (LSTs) such as stETH , rETH . - LSTs provide liquidity and additional yield opportunities in various DeFi applications.
How Restaking is done on EigenLayer?
- Restake your liquid staking tokens on EigenLayer. - EigenLayer validators can choose which additional value services (AVS) to secure, such as oracles, data availability layers, and bridges.
How Do Additional Value Services (AVS) Contribute?
- AVS provide yield for EigenLayer validators and restakers. - By restaking, validators help secure these services, enhancing the security and efficiency of the broader Ethereum ecosystem.
The role of Oracles, Data Availability Layers, Bridges:
Oracles: Provide real-time data feeds crucial for smart contracts to interact with real-world information. Data Availability Layers: Ensure that data for transactions is available and verifiable, essential for the scalability of blockchain networks. Bridges: Facilitate the transfer of assets between different blockchain networks, improving interoperability.
Overall EigenLayer introduces a novel mechanism where liquid staking tokens can be restaked to provide additional security for various AVS.
Let's keep the discussion going!
Link -https://x.com/TradedogCrypto/status/1818627940210688133
Ever thought how zkRollups work and deliver real value to Blockchain? đ€
Before diving in how they really work, letâs first explore what zkRollups are:
ZK-Rollups are rollups where validators prove a transaction's authenticity without revealing any transaction details.
Now, let's dive into how zkRollups really work!
How zkRollups Work:
1. Batch Transactions (L2 ): Multiple transactions are batched together, reducing the load on the main blockchain by processing them off-chain. 2. Execution (L2): The batched transactions are executed by the sequencer, updating the state of the layer 2 chain. 3. Tx, State Diff, etc. (L2): This generates a transaction (Tx) and state differences (diff), reflecting changes in account balances and smart contracts. 4. Generate Proof (L2): A zero-knowledge proof (zk proof) is generated, verifying the transactions' correctness without revealing details. 5. Submit to L1 Chain: The zk proof is submitted to the layer 1 blockchain, updating it with the new state and validating all transactions in the batch. 6. Verify (L1 Chain): The rollup contract on layer 1 verifies the zk proof, ensuring the integrity of the batched transactions. 7. Update or Not (L1 Chain): Based on verification, the main blockchain state is updated or rejected, maintaining security and accuracy.
Advantages of zkRollups:
- Scalability: Increases transaction throughput and reduces congestion by processing off-chain. - Lower Costs: Significantly reduces transaction fees by recording fewer transactions on-chain. - Security: Inherits the security of the main blockchain. - Privacy: Validates transactions without revealing sensitive information.
Wait for our next post where we'll be covering the zkRollup landscape in detail!
Dive into today's top movers, market sentiment, and breaking news! With the đđčđŒđŻđźđč đđżđđœđđŒ đ đźđżđžđČđ đđźđœ at $2.4 trillion and đđ¶đđ°đŒđ¶đ» đ±đŒđșđ¶đ»đźđ»đ°đČ at 53%, the market shows significant activity.Â
Major gains for đđđżđź and đđđŒđŽ, but a rough day for đđđ·đ¶đżđź and đđČđ»đ±đ đđ»đ. Plus, donât miss out on the latest airdrops and the đđŒđ»đđČđżđŽđČđ»đ°đČ hack update.
Whatâs your strategy in this dynamic market? Share your thoughts belowđ
Let's start from the basics: đȘđ”đźđ đ¶đ đź đđźđ»đ±đčđČđđđ¶đ°đž?
Describes the price movements of a security, derivative, or currency.
Similar in appearance to a bar chart, each candlestick shows four key pieces of information: the opening price, the closing price, the highest price, and the lowest price during the time period.
đđŒđșđœđŒđ»đČđ»đđ đŒđł đź đđźđ»đ±đčđČđđđ¶đ°đž - đđŒđ±đ: The thick part of the candlestick represents the range between the opening and closing prices. - đđđčđčđ¶đđ” đđźđ»đ±đčđČđđđ¶đ°đž (đđżđČđČđ»): Indicates that the closing price was higher than the opening price, showing a price gain. - đđČđźđżđ¶đđ” đđźđ»đ±đčđČđđđ¶đ°đž (đ„đČđ±): Indicates that the closing price was lower than the opening price, showing a price loss.
- đȘđ¶đ°đžđ (đŒđż đŠđ”đźđ±đŒđđ): The thin lines above and below the body represent the high and low prices within the period.Upper Wick: Shows the highest price reached during the period. - đđŒđđČđż đȘđ¶đ°đž: Shows the lowest price reached during the period.
đđŒđ đđŒ đ„đČđźđ±? đđ¶đŽđ” đŒđł đđ”đČ đ„đźđ»đŽđČ: The top of the upper wick. đđŒđ đŒđł đđ”đČ đ„đźđ»đŽđČ: The bottom of the lower wick. đŁđżđ¶đ°đČ đźđ đąđœđČđ»: The price at the start of the period. For a bullish candlestick, this is the bottom of the body. For a bearish candlestick, this is the top of the body.
đŁđżđ¶đ°đČ đźđ đđčđŒđđČ:The price at the end of the period. For a bullish candlestick, this is the top of the body. For a bearish candlestick, this is the bottom of the body.
Year to date, the crypto market has experienced a rise of 37.3%. Hereâs a quick glimpse of the last 4 quarters:
Q3 2023 : The crypto market experienced an 8.4% decline.
Which was really a concern.
This period saw decreased investor confidence, influenced by regulatory pressures and market corrections following previous surges.
Q4 2023 : A substantial recovery occurred with a 53.8% increase.
The resurgence was driven by factors such as increased institutional interest, the approval of Bitcoin ETFs, and innovations in blockchain technologies, particularly in layer-2 scaling solutions like Polygon and Arbitrum.
Q1 2024 : The market continued its upward trajectory with a 60.2% increase.
This growth was fueled by the continued adoption of decentralized finance (DeFi) platforms, significant NFT trading volumes, and broader acceptance of cryptocurrencies in traditional financial markets. Bitcoin's price peaked at over $73,000 during this quarter.
Q2 2024 : There was a 14.3% decline in market capitalization.
This drop can be attributed to market corrections after the rapid growth in Q1, ongoing regulatory uncertainties, and macroeconomic factors such as fluctuations in the US Dollar Index impacting Bitcoin and other major cryptocurrencies.
Key Factors Influencing These Trends:
- Regulatory Developments : The potential approval of Bitcoin ETFs by the SEC. - Technological Advancements : The rise of modular blockchains and the proliferation of layer-2 solutions. - Market Dynamics : Shifts in trading volumes, particularly in centralized exchanges (CEX) and decentralized exchanges (DEX), alongside the performance of NFTs and DeFi markets.
What's your take on Bitcoin's latest milestone with zero-knowledge proofs?
Bitcoin has achieved a milestone with the verification of its first-ever zero-knowledge proof (ZK-proof) on the mainnet, enabled by BitcoinOS. This advancement opens the door for scalable and private transactions, turning Bitcoin into a more versatile and powerful platform for decentralized applications.
August will see nearly $1.5 billion in crypto unlocks, with Ripple releasing 1 billion XRP tokens worth $609 million on August 1.
And here's more exciting news: Spot Ethereum ETFs have launched and started with a net outflow of $341 million.
Leading ETFs include:
21Shares Core Ethereum ETF Fidelity Ethereum Fund Franklin Ethereum ETF Invesco Galaxy Ethereum ETF VanEck Ethereum ETF
What do you think? Can Ethereum ETFs match the success of Bitcoin ETFs? đ§
What is it all about? The Chang hard fork is a pivotal update in Cardano's roadmap, scheduled for Q2 2024. This upgrade signifies a paradigm shift for the network, transitioning Cardano from a centrally governed platform to a community-driven one.
But how? It will bring multiple essential upgrades to @Cardano, including: - An overhaul of the networkâs infrastructure to handle more transactions efficiently, leading to faster transaction speeds.- Enhanced security measures to shield the network from potential attacks.
What will it be focusing on? Enhancing governance and scalability.
Key components include:
- Community-Driven Governance : Introducing on-chain consensus where $ADA holders actively participate in decision-making processes. Ouroboros Leios Protocol : Aims to significantly increase transaction speeds while maintaining high decentralization. Node 9.0 : This upgrade supports the transition by providing the necessary software updates for validators. Implementation Phases : The fork will roll out in stages, starting with the selection of Delegate Representatives (DReps), followed by a Constitution Convention, and culminating in a community vote on the Cardano Constitution.
To read about this in detail, click here - https://tradedog.io/all-you-need-to-know-about-cardanos-chang-hard-fork/
Can Ethereum ETFs match the success of Bitcoin ETFs? đ§
With Ethereum ETFs now trading since July 23, 2024, they hold the potential to attract significant inflows.
Factors influencing their success include:
Staking and Locked Assets:
A significant portion of ETH is locked in staking, bridges, and smart contracts, reducing circulating supply and increasing price sensitivity. As of mid-2024, around 15% of ETH supply is staked in the Ethereum 2.0 contract, with additional amounts locked in DeFi protocols and bridges.
Retail and Institutional Demand:
Initial inflows are expected from retail investors due to easier access through ETFs. Institutional interest is likely to grow as wealth management platforms increase accessibility. Since Ethereum in ETFs doesn't earn staking rewards, it might not be as appealing to investors looking for regular returns.
Comparison with Bitcoin ETFs:
Bitcoin ETFs attracted $15.1 billion in the first five months, setting a benchmark for Ethereum ETFs.
Exchange-Traded Funds (ETFs) have become a cornerstone of modern investing since their inception. Developed as an alternative to mutual funds, they offer lower costs, easier trading, and passive investing options.
As ETFs can be bought and sold throughout the trading day like individual stocks, providing flexibility and liquidity.
- đđŒđđČđż đđŒđđđ đźđ»đ± đđčđČđ đ¶đŻđ¶đčđ¶đđ: Generally have lower fees, making them more attractive to cost-conscious investors. - đđ¶đđČđżđđ¶đłđ¶đ°đźđđ¶đŒđ»: Provide easy access to a diversified portfolio, allowing investors to manage risk across various assets without having to buy each one individually. - đ§đżđźđ»đđœđźđżđČđ»đ°đ: Offer greater transparency as they usually disclose their holdings daily, allowing investors to see exactly what assets they own and make more informed investment decisions.
Explore the milestones that made ETFs a top investment choice belowđ
Discover MegaETH, the worldâs first real-time blockchain designed for instant transaction processing
MegaETH, a new modular blockchain project, has recently captured the attention of the crypto community. The project raised $20 million in a seed round led by venture capital firm Dragonfly Capital in late June 2024. This funding round was also backed by prominent figures in the crypto industry, including Ethereum (ETH) co-founders Vitalik Buterin and Joseph Lubin.The Need for a Solution Like MegaETH? The blockchain industry has long faced challenges related to scalability, speed, and performance. Despite numerous advancements, existing blockchain frameworks still impose significant limitations on decentralized applications (dApps). High gas fees, slow transaction times, and limited computing capacity hinder the adoption and functionality of sophisticated on-chain applications. MegaETH aims to address these issues by introducing a real-time blockchain capable of processing transactions as soon as they arrive, providing updates in real-time, and bringing Web2-level performance to the crypto world. What is MegaETH? MegaETH is designed to be the worldâs first real-time blockchain, capable of processing transactions instantly and publishing updates in real-time. The project aspires to deliver Web2-level performance to the crypto industry, bridging the gap between traditional cloud computing and blockchain technology. MegaETH targets an impressive transaction throughput, exceeding 100,000 transactions per second, ensuring scalability even under heavy load. It also aims to support demanding applications with its substantial computing power that enables users to create functionalities that wouldnât be feasible on resource-constrained blockchains. The platform offers exceptionally low latency, making transactions almost instant from a userâs perspective.
Key Features of MegaETHReal-Time Performance: MegaETHâs real-time capabilities are its standout feature. The blockchain is designed to handle transactions as they arrive and update the state in real time, providing millisecond-level response times. This performance level is unprecedented in the blockchain space and aligns with traditional Web2 cloud computing standards.EVM Compatibility: Being EVM-compatible, MegaETH allows developers to migrate and build Ethereum-based applications effortlessly. This compatibility ensures that developers can leverage existing tools and knowledge, accelerating the adoption of MegaETH. Security and Data Availability: MegaETHâs modular architecture uses the security and data availability of base layers like Ethereum L1 and EigenDA. This approach ensures that MegaETH remains secure while focusing on optimizing transaction execution and performance. How Does MegaETH Work?
Unlike conventional blockchains where all nodes perform identical tasks, MegaETH employs a more nuanced strategy called âNode Specializationâ where different nodes have different hardware requirements based on their roles. This allows MegaETH to optimize performance while maintaining decentralization and security. For instance: Sequencer Nodes: These high-powered nodes are responsible for the heavy lifting â transaction execution and state updates. They prioritize speed and efficiency to ensure real-time processing. They require high-end hardware to handle execution tasks efficiently, such as AWS r6a.48xlarge ($10/hour). Prover Nodes: Acting as the guardians of integrity, prover nodes cryptographically verify blocks generated by sequencers, upholding the security of the network. They have minimal hardware requirements as they only validate blocks, such as AWS t4g.nano ($0.004/hour).Full Nodes: These nodes maintain a complete copy of the blockchain ledger and validate blocks based on proofs provided by provers. They have moderate hardware needs for verifying proofs, such as AWS Im4gn.xlarge ($0.4/hour).
This specialization also addresses a key issue in conventional blockchains, the âStraggler problem,â a common scalability issue where slow nodes delay block production. By assigning specific roles to different nodes, MegaETH ensures that slow nodes do not bottleneck the entire network. This heterogeneous blockchain architecture allows network nodes with different hardware configurations to specialize in specific tasks, boosting overall performance.MegaETHâs Problem-Solving ApproachThe development of MegaETH draws inspiration from Ethereum co-founder Vitalik Buterinâs 2021 blog post, âEndgame,â which discussed scaling Ethereum. MegaETH builds on these insights to create a blockchain capable of real-time transaction processing, addressing the scalability issues that have long plagued the industry. Comprehensive Design Philosophy MegaETHâs design philosophy is holistic and principled. The team started by conducting deep performance measurements to identify existing system problems. Based on these insights, they designed techniques to address all issues simultaneously. This approach ensured that the blockchain is optimized to reach hardware limits, providing maximum performance benefits to users. Overcoming Limitations of Existing Blockchains MegaETH addresses several key issues that have limited blockchain scalability and performance: Transaction Execution: MegaETH uses a hyper-optimized EVM execution environment, pushing throughput, latency, and resource efficiency to hardware limits. State Synchronization: MegaETHâs state sync process ensures full nodes can keep up with the sequencer, even during peak demand.Block Production Frequency: MegaETH produces blocks consistently at high frequency, such as every 10 milliseconds, to support real-time applications.Transaction Prioritization: The parallel execution engine supports transaction priorities, allowing critical transactions to be processed without queuing delays. The Team Behind MegaETHMegaETH was co-founded by Yilong Li, Lei Yang, and Shuyao Kong, who bring a wealth of expertise and experience to the project: Yilong Li: A PhD graduate in computer science from Stanford University. Lei Yang: Holds a PhD in computer science from the Massachusetts Institute of Technology. Shuyao Kong: An MBA graduate from Harvard Business School with extensive experience at ConsenSys.ConclusionMegaETH has the potential to revolutionize blockchain performance, offering significant improvements over existing EVM implementations. MegaETHâs advanced features could provide a major boost to Layer 2 performance, potentially enabling real-world adoption of decentralized applications. However, there are debates about its focus on scaling L2s rather than Ethereum itself. Despite this, the projectâs use of existing decentralized networks for security and its innovative node specialization approach promises to deliver unmatched speed and scalability. As the public testnet is set to launch in early fall 2024, MegaETHâs commitment to solving blockchain scalability and performance issues is poised to make it a game-changer. With strong backing from industry leaders and a holistic design philosophy, MegaETH is well-positioned to set new standards in the blockchain industry, paving the way for real-time, high-performance decentralized applications.
đđźđđČđż-1 đđčđŒđ°đžđ°đ”đźđ¶đ»đ: Layer-1 is the foundational layer, focusing on security and decentralization but faces some scalability issues.
đđźđđČđż-2 đđčđŒđ°đžđ°đ”đźđ¶đ»đ: To address the limitations of Layer-1, Layer-2 solutions emerged. Layer-2 built on top of Layer-1, they enhance scalability and efficiency while maintaining a high level of security.
đđźđđČđż-3 đđčđŒđ°đžđ°đ”đźđ¶đ»đ: There were still some limitations that couldn't be addressed by Layer-1 and Layer-2 blockchains.
Therefore, Layer-3 blockchains were developed to focus on interoperability and customization, providing the flexibility needed for advanced applications and services.