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Ethereum and Solana's movements confuse investors as market volatility persists. Solana may trigger a strong rally if it surpasses the $160 level and 50 EMA resistance. Continue Reading: Market Focus Shifts to Ethereum and Solana Amid Price Fluctuations

Market Focus Shifts to Ethereum and Solana Amid Price Fluctuations

Restaking protocol EigenLayer has unveiled its highly anticipated airdrop season, during which eligible users can claim a portion of the initial EIGEN token supply. EigenLayer Sets September 2024 Deadline The protocol’s announcement on Friday revealed that “Season 1” commences with 6.05% of the total supply, which users can claim starting on May 10. Moreover, “Season 1 phase 2,” set to begin mid-June, will increase the claimable percentage to 6.75%. Season 1 will distribute approximately 113 million EIGEN tokens to participants. EigenLayer has reserved 15% of the initial token supply for the community across all seasons, signaling its commitment to inclusive participation. Related Reading: XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit EigenLayer has also announced that EIGEN tokens are currently non-transferable. However, the protocol plans to unlock token transfers once new features are launched and “further decentralization” is achieved. These developments are expected to take place by September 30th, 2024. Until transfer restrictions are removed, core contributors and investors will not receive EIGEN staking rewards, and no inflation will occur. Record-Breaking $14 Billion In Assets Since its soft launch in 2023, EigenLayer has reportedly attracted $14 billion in assets, making it a prominent player in the decentralized finance (DeFi) space. According to Bloomberg, the protocol’s restaking service offers amplified returns by leveraging the process of depositing ETH coins to support the Ethereum blockchain. Eigen Labs, the Seattle-based firm behind EigenLayer, raised approximately $165 million from notable backers, including a16z Crypto. Investors gain access to EigenDA by staking EIGEN, a performance data availability system supporting Ethereum rollups. The protocol claims this presents an opportunity for users to secure amplified returns. Additionally, EigenLayer will shortly introduce compatibility with various AVSs (Application-Specific Verification Systems), offering stakers more options. Nonetheless, virtual private network users and residents of countries such as the US, Canada, and China have been excluded from the airdrop, highlighting the challenges of operating within regulatory frameworks and ensuring compliance. Eigen Foundation’s executive director, Robert Drost, acknowledged the complexities of navigating regulatory guidelines: It’s not possible to operate in the space without following regulatory guidelines and being responsible, and the challenging part is that there is not a lot of clarity. Related Reading: Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90% Despite these setbacks, EigenLayer’s popularity has positioned it as the second most popular DeFi application, surpassing liquid staking platforms like Lido and Rocket Pool. While liquid staking provides easier access to staking rewards and leads the DeFi category, it has experienced significant outflows in recent months. DefiLlama data indicates a 27% decline in total value locked in liquid staking protocols since their peak of $63 billion in March. EigenLayer’s restaking service has contributed to the restaking of nearly 4% of all ETH. The second largest cryptocurrency on the market, Ethereum, is trading at $2,890, following Bitcoin’s lead with a 3.8% drop in the past 24 hours. Featured image from Shutterstock, chart from TradingView.com

EigenLayer Launches Airdrop Season, Allowing Users To Claim 113M EIGEN Tokens

Bitcoin and Ethereum remain influential in the crypto market. Analyst Justin Bennett highlights potential trends and critical levels. Continue Reading: Bitcoin and Ethereum Continue to Lead the Crypto Market

Bitcoin and Ethereum Continue to Lead the Crypto Market

The crypto world is currently abuzz with the launch of EigenLayer’s new token, EIGEN, which has quickly become one of the year’s most anticipated digital asset events. According to Bloomberg, the project has attracted significant attention for its approach to decentralized finance (DeFi) and its “controversial” decision to exclude users from certain jurisdictions, including the US, China, and Canada, from participating in the token distribution. Related Reading: EigenLayer Makes A Big Splash With EIGEN Token Launch And Major Airdrop Plan, Get The Full Scoop! EigenLayer Challenges And Opportunities in Token Distribution EigenLayer, a DeFi protocol based in Seattle, has made waves in the industry by introducing a concept known as restaking. This method aims to increase rewards on the Ethereum blockchain by allowing users to deposit ETH to help operate the network. According to data from DeFiLlama, since its debut in 2023, EigenLayer has attracted over $15 billion in assets, demonstrating the significant interest and potential of this new approach. The launch of the EIGEN token is set to commence with an airdrop, a process where tokens are distributed to users based on certain criteria, including a points system that rewards early service adopters. Kunal Goel, an analyst at Messari, noted that anticipating this airdrop was a “primary incentive” for users to place funds in EigenLayer’s service. However, the excitement has been tempered by the fact that many participants who accumulated points are now barred from claiming their tokens due to using virtual private networks or residing in excluded countries. Robert Drost, executive director at the Eigen Foundation, explained that the exclusions were a necessary step to adhere to regulatory guidelines, which are often unclear and challenging to navigate, noting: It’s not possible to operate in the space without following regulatory guidelines and being responsible, and the challenging part is that there is not a lot of clarity. This sentiment was echoed by Nick Cote, co-founder of Secondlane, who noted: Issuers not being upfront with jurisdictional restrictions leaves a sour taste in people’s mouth when it comes time to receiving your rewards, and then you find out you’re disqualified for X, Y, Z reason. Impact On The Broader DeFi Ecosystem EigenLayer’s restaking service is not just a new feature in the Ethereum ecosystem; it represents a shift in how applications can leverage the deep pool of transaction validators that underpin Ethereum. This service increases the yield from staking ETH – from a baseline of around 3% to higher rates, albeit with additional risks. As a result, EigenLayer has risen to become the “second most popular DeFi application,” as reported by Bloomberg, partly at the expense of liquid staking protocols like Lido and Rocket Pool, which have seen significant outflows in recent months. Related Reading: This Week’s Crypto Watchlist: Top Coins Poised For Gains According to DeFiLlama, liquid staking protocols have experienced a more than 20% decline in total value locked since their notable high above $63 billion in March. Meanwhile, according to a recent report from IntoTheblock, nearly 4% of all ETH is now restaked using EigenLayer, showcasing the project’s growing popularity. EigenLayer recently surpassed $15B in TVL. Nearly 4% of all ETH, and 40% of liquid staking tokens (LSTs) supply is currently being restaked into EigenLayer pic.twitter.com/LZ0vbp3L3z — IntoTheBlock (@intotheblock) April 26, 2024 Featured image from Unsplash, Chart from TradingView

EigenLayer’s Exclusive $15 Billion Token Launch: Who’s In And Who’s Out?

The Ethereum co-founder is proposing some significant changes to the network’s gas fee structure. Would it make it more like its chief competitor?

Will Vitalik Buterin’s Gas Fee Proposal Make Ethereum More Like Solana?

Fed statements and market openings drove BTC prices down. SEC's recent actions suggest a tough stance against Ethereum's PoS transition. Continue Reading: Impact of Regulatory Challenges on Ethereum and ETFs

Impact of Regulatory Challenges on Ethereum and ETFs

PRESS RELEASE. The XR Foundation in partnership with Saltwater Games is proud to announce the launch of its gaming-dedicated blockchain, XR One. After receiving grant funding from the Arbitrum Foundation, the Saltwater.Labs team has co-developed the Layer 3 Orbit chain leveraging Arbitrum’s ecosystem of technologies. XR One will be powered by its native $XR token

The XR Foundation Launches XR One: A Revolutionary Layer3 Blockchain; Saltwater Games Leads With 3 Titles in Development

A widely followed crypto analyst says that Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) could be flashing a potentially bullish indicator. In a new thread, crypto trader Ali Martinez tells his 61,900 followers on the social media platform X that ARB’s Tom DeMark (TD) Sequential Indicator has presented a buy signal on the asset’s weekly The post Ethereum Layer-2 Scaling Solution Arbitrum Flashes Potentially Bullish Indicator, According to Crypto Analyst appeared first on The Daily Hodl .

Ethereum Layer-2 Scaling Solution Arbitrum Flashes Potentially Bullish Indicator, According to Crypto Analyst

The story of early investors striking gold by making investments in cryptocurrencies like XRP has become a modern-day legend. In 2019, a seemingly ordinary office worker took a leap of faith by investing $20,000 in XRP when it was merely $0.20 per coin. This decision catapulted him into a new financial stratosphere, turning his initial The post From Office Worker to Millionaire with XRP: How to Replicate Similar Success with BlockDAG’s 30,000x ROI Potential appeared first on Times Tabloid - Latest Cryptocurrency News, Bitcoin (BTC) News, Ethereum (ETH) News, Shiba Inu (SHIB) News, Ripple's XRP News .

From Office Worker to Millionaire with XRP: How to Replicate Similar Success with BlockDAG’s 30,000x ROI Potential

A widely followed crypto analyst is suggesting that altcoins could be on the rise as hopes for an Ethereum (ETH) exchange-traded fund (ETF) approval this month from the U.S. Securities and Exchanges Commission (SEC) this month dwindle. Crypto trader Michaël van de Poppe tells his 717,300 followers on the social media platform X that altcoins are waking The post Crypto Analyst Updates Outlook on Altcoins and the Potential of an Ethereum (ETH) ETF Approval This Month appeared first on The Daily Hodl .

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