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Aethir, for Sourcing GPUs, Launches Decentralized Cloud on Ethereum

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Polyhedra claims open-source ZK proof system is 'expander' 2x faster than alternatives

June 12: Aethir, a blockchain project to source underutilized graphical processing units (GPUs) for intensive tasks like AI model training and gaming, launched its decentralized cloud compute network on the Ethereum mainnet, according to a press release. The project recently raised $120 million in a node sale. “Starting today, anyone can participate in two inaugural staking pools: ATH Gaming and ATH AI. When staking in ATH Gaming, stakers will also earn rewards in the native crypto tokens of Aethir’s gaming partners, while using the ATH AI pool carries additional rewards from Aethir’s AI partners. ATH holders can simultaneously use both pools and divide their staked ATH to earn additional rewards from both gaming and AI partners including IO.net, KIP Protocol, CARV, Crush Protocol, Deverse World, Rivalz Network and others,” according to the release.

Ripple Launches XRP Ledger EVM Sidechain, With Integration of Axelar Bridge

June 12: Ripple Labs, the primary developer behind the XRP Ledger, announced Wednesday at XRP Ledger APEX Summit that its previously announced XRPL EVM Sidechain has launched. According to the team: “The XRPL EVM Sidechain brings Ethereum compatibility to XRP Ledger, unlocking DeFi and RWA tokenization opportunities. The Axelar Bridge will ensure seamless asset transfers between XRPL and EVM Sidechain, with wXRP as the native asset. Security and user experience are key priorities. Ripple and Peersyst are collaborating to expand XRPL’s capabilities, making blockchain technology more accessible and efficient for developers and users alike.” (XRP)

Moonbeam, Polkadot Parachain, Allocates $13M for Development

June 12: Moonbeam Network, a parachain on Polkadot, announced $13 million in development support for gaming, real-world assets, canary network Moonriver and other areas. According to the team: “The funding includes a new $10 million Innovation Fund, $1.5 million in Moonbeam ecosystem grants and $1.5 million in Moonriver grants. The Innovation Fund’s first investment is in N3MUS, who will build a gaming ecosystem around Moonbeam. Innovation Fund recipients will also be introduced to Moonbeam’s Venture Capital network, including Arrington Capital, Scytale Digital and more. Go here to apply for grants on Moonbeam.”

MetaMask Adds ‘Pooled Staking’ for Cheaper Ethereum Validation

June 12: MetaMask, the most popular wallet for Ethereum, will roll out a “pooled staking” feature to its users beginning this week, in a move that would make it cheaper to contribute to the blockchain network’s security compared to running a full validator node. Staking on Ethereum conventionally requires users to tie up 32 ETH with the network, which at current market prices totals some $112,000. “Pooled” services like Lido, Rocket Pool and now MetaMask give more users access to staking by bundling together assets from various people, making it possible for anyone to stake even if they don’t have 32 ETH.

Crypto Hacks Net $19B Since 2011 and Illegal Activity on Blockchain Is Still Growing

June 12: Almost $19 billion worth of cryptocurrency has been stolen in thefts dating back to 2011 and the industry continues to grapple with rising blockchain-related crime, according to a report from Crystal Intelligence. The report notes 785 incidents of crypto theft comprising 220 security breaches, 345 decentralized finance (DeFi) hacks and 220 fraud schemes.

Crypto and Artificial Intelligence Could be a $20 Trillion Megatrend, Bitwise Says

June 12: Artificial intelligence (AI) and crypto could add a combined $20 trillion to the global economy by 2030, asset manager Bitwise said in a report on Wednesday. “The intersection of AI and crypto is going to be even bigger than people imagine,” senior crypto research analyst Juan Leon wrote, adding that the “two industries could add a collective $20 trillion to global gross domestic product (GDP) by 2030.”

Protocol Village is a regular feature of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. Project teams can submit updates here. For previous versions of Protocol Village, please go here. Also please check out our weekly The Protocol podcast.

Biconomy’s ‘Delegated Authorization Network’ for AI Agents Relies on EigenLayer

June 11: Biconomy, a Web3 infrastructure company, launched a new “Delegated Authorization Network,” or DAN, “enabling the safe delegation of on-chain activities to AI agents,” according to the team. A press release added: “Biconomy DAN operates by granting AI projects approved access to user’s ‘Delegated Auth’ keys stored on an EigenLayer AVS (Actively Validated Services), ensuring true autonomy without compromising on security. To integrate DAN into an AI agent, projects need to use key storage on DAN, an EigenLayer AVS, and program user-defined permissions for those keys using the DAN SDK. Biconomy has collaborated with Silence Labs for the development and launch of DAN.” A blog post is here.

Ava Protocol Raises $10M for EigenLayer AVS for ‘Private Autonomous Transactions’

June 11: Ava Protocol, formerly OAK Network, secured $10 million in seed funding ($5.5 million initial and $4.5M seed+ rounds) to develop its Eigenlayer AVS for private autonomous transactions on Ethereum, according to the team: “Investors include Electric Capital, Taisu Ventures and Polygon founder Sandeep Nailwal. The funding supports core Web3 infrastructure, enabling cross-chain smart contract automation for applications like limit orders on decentralized exchanges. Over 10,000 wallets use its testnet with 1,000+ daily transactions. With 30+ partners, including Polkadot and Moonbeam, Ava aims to simplify Web3 application deployment.”

Covalent Says Arthur Hayes to Advise on Development of ‘Ethereum Wayback Machine’

June 11: Covalent, provider of a decentralized network for indexing blockchain data, announced that BitMEX founder Arthur Hayes has been named as a new strategic advisor. Hayes, who currently serves as chief investment officer of Maelstrom, “will be leading the development of the Ethereum Wayback Machine, ensuring that all Ethereum and EVM rollup data will shape AI with a preformat and verifiably secure pipeline,” according to the team. “This partnership will further secure Ethereum’s historical data preservation, ensuring accessibility and transparency to the ecosystem’s full history.”

Overlai, Blockchain Project for Image Verification, Launches Mobile App, Adobe Plugin on Aptos

June 11: Overlai, a blockchain project for image verification co-founded by photographers Paul Nicklen and Cristina Mittermeier, announced the beta launch of its mobile app and Adobe Plugin on Aptos. according to the team: “After validating a picture in Overlai – a process that can be completed in just a few clicks – creators can upload the asset to any digital medium and retain full ownership. No matter how much the photo is screenshotted, compressed, or converted, Overlai’s invisible watermark with a creator’s credentials, securely stored on the Aptos blockchain, stays intact – answering a pressing need amid the rise of generative AI.” (APT)

Vana, Network for User-Owned Data, Releases Satori Testnet

June 11: Vana, a network for user-owned data, released its Satori testnet. “Users can now mine and contribute to the network by exporting their data from platforms, leveraging data rights to sidestep big tech’s walled gardens. Proof-of-contribution ensures data quality by rewarding users proportionally to their data’s impact on AI model performance,” according to a blog post. A list of DAOs building on Vana is here.

Flock.io, Ritual Form Partnership to Advance ‘Decentralized AI Composability’

June 11: FLock.io, a project to decentralize machine learning for AI models, and Ritual, which enables developers to access models on-chain via smart contracts, announced a strategic partnership to advance decentralized AI composability. According to the team: “Leveraging Ritual’s Infernet nodes, FLock.io aims to enhance transparency and verifiability in task routing, model usage and rewards distribution within the decentralized AI ecosystem. This collaboration underscores a commitment to fostering a fair and open-source environment where developers and contributors are compensated based on model usage.”

Core, EVM-Compatible L1 Aligned With Bitcoin, Launches Hackathon

June 11: Core, an Ethereum-compatible layer-1 blockchain project that relies on Bitcoin for its security setup, “is launching the BTCfi Summer Hackathon, a 12-week event designed to ignite innovation in the Bitcoin economy,” according to the team: “There are prizes for the top three positions ranging from a $5,000 – $15,000 grant, access to Defi workshops, social media highlights, a feature in the BTCfi ecosystem newsletter and more. The hackthon launched June 6 and the winners will be announced Aug. 19.”

Polygon Creates New Grants Program, 1B POL Unlocked Over 10 Years

June 11: Layer-2 network Polygon is starting a Community Grants Program to encourage builders to build in its ecosystem, Polygon Labs said on Tuesday. The program aims to place 1 billion POL, Polygon’s soon-to-rebrand MATIC token, into the hands of developers over the next 10 years. The program went live Tuesday with 35 million tokens, worth $23 million at current prices, eligible for distribution. The network is in the process of transitioning its current token, MATIC, to the new POL ticker, so this first tranche of tokens will be denominated in MATIC.

SubQuery Network, for Decentralized Indexers, Launches RPCs for Polkadot, Kusama

June 11: SubQuery Network, a distributed network of decentralized indexers and RPC providers, is launching the first decentralized RPCs for Polkadot and Kusama, according to the team: “The Polkadot RPCs that have been deployed for the Polkadot relay chain and Kusama are operated by more than 30 independent node operators.”

Optimism Finally Gets Its Mission-Critical ‘Fault Proofs’

June 11: Until now, the Ethereum layer-2 project Optimism has been missing a core feature at the heart of its security design: “Fault proofs.” On Monday, that long-promised tech finally came to Optimism’s mainnet. The Optimism team previously shared in March that it was testing its fault proofs system on their Sepolia testnet. Since then, they had an audit conducted by blockchain security firm Sherlock, and found a few bugs that they were able to patch out. “We literally deleted the entire system essentially, re-architected it, and rewrote the entire thing,” Karl Floersch, the CEO of OP Labs, said in an interview with CoinDesk.

Cardano Is on Track for Voltaire Upgrade This Month, Co-Founder Hoskinson Says

June 11: The Cardano network is set to move into the final phase of a multiyear program to become a wholly decentralized blockchain ecosystem later this month, co-founder Charles Hoskinson said in an X post Monday. As a first step, the validating node software operated by the system’s stake pool operators, or SPOs, needs to be upgraded to the latest version. Then, the blockchain will evolve into a backward-incompatible version, a process known as a hard fork, and in doing so, enter a new era known as Voltaire. Once the switch is complete, the seven-year-old blockchain will no longer be actively managed by Cardano development firm IOHK, instead wholly run by community members, according to a project roadmap. (ADA)

Lido Introduces ‘Restaking Vaults’ in Collaboration with Symbiotic, Mellow Finance

June 11: A new initiative from Lido DAO will see Lido’s partnering with Mellow Finance, a platform that lets users generate yield by depositing into restaking “vaults,” and Symbiotic, a permissionless restaking protocol. Mellow curators Steakhouse, P2P Validator, Re7 Labs and MEV Capital are each introducing vaults that accept stETH in tandem with Tuesday’s announcement. (LDO)

Wormhole Opens W Staking

June 10: Wormhole, the blockchain interoperability protocol, will allow holders of its W token to stake with the Tally Governance Portal, “allowing the opportunity to participate in governance and influence the future direction of the Wormhole DAO and platform,” according to the team.” The update marks “a significant step toward decentralizing Wormhole through MultiGov, an industry-first multichain governance system for DAOs on Solana, Ethereum mainnet, and EVM L2s,” Wormhole said in a statement. “The Wormhole DAO will be the first to adopt MultiGov, enabling W holders to create, vote on, and execute governance proposals on any supported chain.”

Squads Labs Raises $10M Series A, Unveils Smart Wallet for Public Testing on iOS

June 10: Technology company Squads Labs, which aims to help businesses transact in and manage digital assets, raised $10 million in Series A funding led by Electric Capital. The funding round included participation from RockawayX, Coinbase Ventures, L1 Digital and Placeholder, Squads Labs said in an email on Monday. Squads has also unveiled a smart wallet aimed at individuals for public testing on iO



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We are the editorial team of TokenTrends, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTrends, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Pepe Investors Seek New Rewards From Rival Token Mpeppe (MPEPE) at $0.0007

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Pepe Investors Seek New Rewards From Rival Token Mpeppe (MPEPE) at $0.0007

As the cryptocurrency market continues to expand, investors are constantly looking for new opportunities to maximize their returns. Pepe (PEPE), a meme coin inspired by the iconic Internet character Pepe the Frog, has been a staple in the meme coin arena. However, recent developments have shifted some investors’ attention to a promising new competitor: MPEPE (MPEPE). Currently trading at $0.0007, Mpeppe is attracting significant interest from those looking to diversify and capitalize on the next big thing.

Pepe’s appeal (PEPE)

Pepecoin (PEPE) has carved out a significant niche for itself in the cryptocurrency market, largely due to its vibrant community and roots in internet meme culture. Drawing inspiration from the popular meme character Pepe the Frog, Pepe (PEPE) has captured the attention of cryptocurrency enthusiasts and meme enthusiasts alike. This fusion of humor and community spirit has been instrumental in its rise within the cryptocurrency space.

The continued success of Pepecoin (PEPE) can be attributed to its active and dedicated community. Holders of the coin are known for their enthusiastic promotion on social media platforms, which helps maintain its visibility and popularity. This strong community support has been instrumental in sustaining Pepe (PEPE)’s momentum and driving its market performance. Recent whale activity, such as a massive transfer of 9 trillion PEPE tokens valued at $82 million to Bybit, further highlights the coin’s potential for significant price movements driven by large-scale transactions.

Mpeppe (MPEPE): the rising star

Mpeppe (MPEPE) differentiates itself by merging the realms of sports and cryptocurrency. Drawing inspiration from soccer sensation Kylian Mbappé and leveraging the legacy of the Pepe (PEPE) meme coin, Mpeppe offers a unique appeal that resonates with both sports fans and cryptocurrency investors. This innovative fusion is attracting a diverse and engaged audience, fostering a vibrant community around the token.

A large ecosystem

Differentiating itself from typical meme coins, Mpeppe (MPEPE) features a robust ecosystem that includes gaming and sports betting platforms, NFT collectibles, and social interaction features. These utilities provide real value to users, creating multiple channels for engagement and investment. This comprehensive approach positions Mpeppe as more than just a meme coin, offering a richer and more engaging experience for its users.

Investment Potential of Mpeppe (MPEPE)

Strategic Tokenomics

Mpeppe (MPEPE) has been strategically priced at $0.0007, making it accessible to a wide range of investors. Tokenomics is designed to support long-term growth, with allocations for presales, liquidity, and sports activities. This strategic distribution ensures stability and promotes community engagement, positioning Mpeppe for substantial growth.

Analysts’ optimism

Market analysts are optimistic about the potential of Mpeppe (MPEPE). The coin’s innovative approach, strong community, and strategic partnerships are expected to drive significant price increases. Early investors stand to benefit from substantial returns as Mpeppe gains traction in the market. Analysts note that Mpeppe’s combination of utility and community engagement positions it well for future growth, especially as the cryptocurrency market continues to evolve.

The impact of similar competing businesses

Driving Innovation

Competition between similar assets such as Pepe (PEPE) and Mpeppe (MPEPE) is a catalyst for innovation. Each project strives to outdo the other, resulting in continuous improvements and new features. This dynamic competition benefits investors, offering them better and more advanced products.

Market diversification

Having multiple competing assets in the market promotes diversification. Investors have more options to choose from, which can help spread risk and potentially increase returns. The presence of strong contenders like Pepe (PEPE) and Mpeppe (MPEPE) ensures a vibrant and resilient crypto ecosystem.

Increased market interest

Competition between similar assets also generates increased market interest. As projects compete for attention, they attract more investors and media coverage, leading to increased visibility and adoption. This increased interest can drive further investment and growth in the sector.

The Future of Mpeppe (MPEPE)

Strategic development

Mpeppe (MPEPE) has a clear and ambitious roadmap for the future. Development plans include expanding its gaming and sports betting platforms, launching new NFT collections, and forming strategic partnerships. These initiatives are designed to improve user experience and drive market growth.

Community Growth

The success of Mpeppe (MPEPE) will largely depend on its ability to build and sustain a strong community. By focusing on engagement and providing valuable utility, Mpeppe aims to foster a loyal and active user base. This community-driven approach is expected to play a significant role in its long-term success.

Conclusion: A New Horizon for Meme Coin Investors

In conclusion, while Pepe (PEPE) has established itself as a significant player in the meme coin market, Mpeppe (MPEPE) offers a fresh and innovative approach that is capturing the interest of investors. With its strategic pricing, comprehensive ecosystem, and potential for high returns, Mpeppe (MPEPE) represents an exciting opportunity for those looking to diversify their cryptocurrency portfolios. As always, investors should stay informed and consider multiple factors before making investment decisions. Embrace the potential of Mpeppe (MPEPE) and join the journey to new rewards in the cryptocurrency world.

For more information on the pre-sale of Mpeppe (MPEPE):

Visit Mpeppe (MPEPE)

Join and become a member of the community:

Italian: https://t.me/mpeppecoin

Italian: https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ

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Golem Project Joins ETH Staking Frenzy, Locks Up 40,000 Tokens

TokenTrends Staff

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Golem Project Joins ETH Staking Frenzy, Locks Up 40,000 Tokens
  • The Golem project has moved over $124 million in ETH for staking.
  • Ethereum staking frenzy has increased ahead of the launch of spot ETH ETFs in the US.

Ethereal [ETH]The Project Golem-based distributed computing marketplace has joined the ETH staking frenzy.

On July 11, contrary to its recent sell-off, the company reportedly staked 40K ETH worth over $124.6 million, according to Lookonchain data.

Golem Network has confirmed its Ethereum staking initiative and said its purpose was to “create space” to help participants contribute to the network.

“The Golem Ecosystem Fund is officially launched today! We have staked 40,000 ETH from Golem’s treasury. This will create a space where developers, researchers, and entrepreneurs can bring their ideas to life and contribute to the Golem Network and its ecosystem!”

Ethereum Staking Frenzy

The staking frenzy has infected Ethereum, with just days to go until the potential launch of a spot ETH ETF in the United States. Recently, an unmarked address blocked over 6K ETH.

The Golem project’s decision to lock up 40K ETH on July 11th pushed the total ETH locked up to Chain of lights at an all-time high of 47.5 million ETH, worth over $140 billion based on market prices at press time.

Beacon Chain is Ethereum’s system that manages the validation of new blocks.

Ethereum Staking

Source: Etherscan

According to a recent AMBCrypto relationshipIncreased ETH staking ahead of the debut of the ETH spot ETF in the US has underscored bullish sentiment.

More ETH has been moved from exchanges, further strengthening bullish expectations.

Meanwhile, from a short-term perspective, many addresses were losing at the $3.2K and $3.5K levels. Investors could try to take a profit if they break even.

These prices represent key levels to watch in the short term.

Ethereum StakingEthereum Staking

Source: IntoTheBlock

Next: Why Bitcoin Must Surpass $61K Soon, According to Analysts

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BlockDAG Thrives While Chainlink and FTM Tokens Decline

TokenTrends Staff

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Chainlink Tokens Unlock, Fantom (FTM) Price and Crypto Traders Prefer BlockDAG

As the cryptocurrency space turns bearish, giants like Chainlink and Fantom are facing setbacks with declining trends for LINK and FTM. Amid these changes, BlockDAG emerges as a prime target due to its promising pre-sales and long-term prospects. This Layer-1 project boasts an innovative Low Code No Code ecosystem, attracting investors with potential ROIs exceeding 30,000x. The pre-sales momentum has already accumulated over $57.6 million, driven by growing investor enthusiasm.

Impact of Chainlink’s Recent Token Release

Chainlink’s recent move to release 21 million LINK tokens, worth approximately $295 million, from its dormant supply contracts has significant market implications. This release sent 18.25 million LINK to Binance, fueling speculation that the price will drop. LINK is currently trading at $13.64, approaching its critical support at $13.5, with the potential to drop to $10 if this level breaks.

These releases, increasing the circulating supply above 600 million LINK, have previously maintained price stability, but the prevailing bearish conditions could alter this trend. With 391.5 million LINK pending release, market caution persists.

Fantom (FTM) Market Position Dynamics

Fantom experienced a strong buying spree last November, but its valuation has been challenging lately. After peaking near $1.20 in March, subsequent resistance and profit-taking pushed its price lower. FTM recently dipped below the crucial $0.600 mark but found some ground around $0.500. Fantom is currently valued at $0.559 with a market cap of $1.67 billion and daily trading volume of $257.56 million.

The Fantom Foundation’s decision to award over 55,000 FTMs quarterly to major dApps on the Opera network has invigorated user participation. Indicators such as RSI and MACD suggest a possible bounce if it surpasses the $0.600 mark. Failure to break above the 200-day EMA could prolong the bearish outlook.

BlockDAG Pre-Sale Triumph and Innovative Platform

BlockDAG’s pioneering low-code/no-code platform enables the seamless creation of utility tokens, meme tokens, and NFTs, catering to a broad user base. Its intuitive templates allow enthusiasts to quickly launch and customize projects, thereby democratizing blockchain development and accelerating market entry.

The cutting-edge features of this platform have attracted cryptocurrency investors, significantly increasing the interest in the presale. BlockDAG has successfully raised over $57.6 million, witnessing a 1300% escalation in the coin’s value from $0.001 to $0.014 in its 19th batch. This impressive rise underscores the immense return potential of BlockDAG for early backers.

Additionally, BlockDAG’s commitment to expanding its ecosystem extends to supporting the development of decentralized apps. This fosters a wide range of new projects in the blockchain domain, from digital art platforms to tokenized assets, enriching the blockchain ecosystem.

Key observations

While Chainlink and Fantom are currently navigating bearish trends due to token releases and resistance hurdles, BlockDAG’s innovative low-code/no-code framework positions it as an attractive investment option. With a presale raise of over $57.6 million and prices skyrocketing 1300% in recent batches, BlockDAG shows tremendous potential for returns of up to 30,000x. Amidst the market volatility impacting Chainlink Tokens and Fantom, BlockDAG stands out as a promising avenue for cryptocurrency traders.

Sign up for BlockDAG Pre-Sale now:

Website: https://blockdag.network

Pre-sale: https://acquisto.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: Italian: https://discord.gg/Q7BxghMVyu

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.



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a new era for DEX tokens

TokenTrends Staff

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GoldBrick

The DEX aggregator Anger Trading is about to issue its RAGE token on the new Layer 1 blockchain Hyperliquid. The token sale is scheduled for August 7, with 20 million tokens out of a total supply of 100 million available on Fjord Foundry at a fixed price of $0.30.

Additionally, the “Rage Quit” feature has been introduced, which allows private investors to get their allocation early by accepting a 60% cut.

RAGE will be among the first tokens to be launched on Hyperliquidmarking a significant moment for this new blockchain. Let’s see all the details below.

DEX News Rage Trade: New RAGE Token Arrives on Hyperliquid

As expected, decentralized exchange (DEX) aggregator Rage Trade has announced the issuance of its new token ANGER. The launch is happening through a liquidity generation event and token sale on Fjord Foundry, scheduled for August 7th.

The token will be launched on the newly launched layer 1 blockchain Hyperliquidwhich has rapidly gained popularity due to its decentralized perpetual exchange.

Rage Trade currently aggregates platforms such as GMX, Synthetix, Dydx, Aevo and Hyperliquid, allowing traders to manage their positions across multiple blockchains and earn incentives.

During the event, 20 million RAGE tokens will be sold at a fixed price of $0.30, while another nine million will be used to inject liquidity into Hyperliquid.

Additionally, six million tokens have been reserved for future market making and product development incentives.

The token will have a total supply of 100 million, with 20% earmarked for sale and 30% for community treasury. The latter is subject to a 12-month lock-up period and a 24-month linear release.

The “Rage Quit” feature introduces a deflationary mechanismThis allows private investors and recipients of the air launch to receive their assignment after an initial three-month stalemate, accepting a 60% cut.

Rage Trade has chosen Hyperliquid as the platform for its token after the network became the preferred choice of users of the Anger Aggregatorwith over 1,300 users generating $445 million in volume.

Hyperliquid surpasses dYdX in TVL

Hyperliquid, the exchange decentralized based on Referee, recently introduced a new points program, which has catalyzed significant growth in total value locked (TVL) on the platform.

According to data from DefiLlama, Hyperliquid has reached a TVL of $530 million, surpassing dYdX’s $484 million and reaching a new all-time high.

This figure places Hyperliquid in second place among derivatives platforms, just behind GMX, which maintains a TVL of $542 million.

Rounding out the top five platforms by TVL are Solana-based Jupiter with $415 million and Drift with $365 million. Hyperliquid had a stellar year in 2024, jumping from eighth to second place in just six weeks.

This rapid increase was largely attributed to the new Hyperliquid points program, which launched on May 29.

The points program provides for the distribution of 700,000 points weekly for four months. With an additional 2 million points awarded for activity between May 1 and May 28.

Despite community criticism over the decision to extend the incentive program and delay the token launch and airdrop, the platform has continued to attract numerous traders.

From Perpetual DEX to Layer 1

Steven, founding member of Capital Yuntwhich has backed some of the largest cryptocurrency firms, including Zerion, noted that Hyperliquid has distributed approximately 51 million points in four periods.

He further stressed that the project aims to reward its early adopters and move from simply being a perpetual DEX to a true Layer 1:

“The team is clearly making an effort to communicate that Hyperliquid is an L1 and not just a DEX for derivatives.”

Furthermore, he highlighted that the token holders PURSUE were significantly rewarded, with a 23% increase in the token’s value.

PURR was the first spot token launched on Hyperliquid and looks set to continue receiving attention and incentives from the platform.

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