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SithSwap raises $2.65M to build next-gen AMM on StarkNet

SithSwap, a next-generation automated market maker (AMM) on StarkNet, announced it has successfully raised $2.65 million at a $25 million valuation in a seed funding round led by Lemniscap, with participation from Big Brain Holdings, GSR, DWeb3 Capital, Ghaf Capital Partners, as well as angel investors Anthony Beaumont and Etienne Royole. The SithSwap team will […]

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Input Output launches suite of sidechains for Cardano blockchain

A new Cardano EVM Sidechain for Solidity developers is set to increase interoperability between Cardano and Ethereum. The Ethereum Virtual Machine (EVM) is the virtual computer system at the heart of the Ethereum blockchain’s operating structure. Solidity developers will be able to bring their existing Ethereum applications to an EVM-compatible sidechain that supports all the […]

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Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why

Bitcoin has been increasingly in a shaky state and has dropped by as much as 50% compared to its previous all-time high. All eyes are on the crypto alpha dog, watching its next price movements.  On the other hand, many market analysts believe that the drop in BTC trading value is a jumping board towards massive growth.  As a matter of fact, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, on his recent tweet, said that the crypto’s plunge is normal as the coin is still trying to get the hang of it as it faces a massive test. Suggested Reading | ‘Original Bitcoin’ Makes Surprise 24% Climb As Crypto Markets See Red Bitcoin Decline – An Unnecessary Evil? McGlone posted via Twitter saying: “$20,000 Bitcoin may be the new $5,000. The fundamental case of early days for the crypto’s adoption vs. diminishing supply may prevail as the price approaches too-cold levels. It makes sense that one of the best-performing assets in history would drop in 1H.” McGlone has always been extremely bullish about BTC believing that the king of cryptocurrency will regain its dominion and power as the most important crypto investment. In fact, the senior commodity strategist believes that once the market has stabilized, Bitcoin is set to outperform all other crypto assets. Bloomberg Intelligence Senior Commodity Strategist Mike McGlone. Image: Elevenews. Further, the finance experts states that BTC can’t be classified as an asset but rather a collectible. McGlone firmly stands by his own price projection that Bitcoin will reach $100,000 by 2025 and its current dip or correction is attributed to the worsening inflation.  The majority of crypto fund managers surveyed by financial services firm PWC believe that the price of bitcoin will be between $75,000 and $100,000 by the end of the year. The data in the report comes from a survey of 77 crypto hedge fund managers conducted in April, PWC said, adding that their total assets under management for last year amounted to $4 billion. While McGlone has maintained his bullish stance, other crypto market strategists like Peter Schiff believes otherwise. Schiff sees Bitcoin’s decline as it is and says that it’s the long-anticipated bubble burst that is bound to make the market bleed. BTC total market cap at $415 billion on the daily chart | Source: TradingView.com BTC Trying To Stay Above $20K Critical Line Currently, BTC trades at $21,200 and trying to stay above and thriving beyond $20,000. The frontrunner in crypto has also led all other cryptocurrencies in shaving off as much as $360 billion in just one week.  Bitcoin’s price seems to do a free-fall trajectory as it nears the critical $20K level. BTC is said to be technically oversold as it has recently breached the $30K support level and going down with increased momentum and two things are bound to happen: either Bitcoin pulls back and goes for a bullish run — or head further down or what analysts refer to as the “bottom accumulation phase.” Suggested Reading | Ethereum Drops Below $950 On Uniswap Overnight – Here’s Why Featured image from The Naked Scientists, chart from TradingView.com

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Bitcoin On-Chain Activity Throttled After LUNA Collapse

Bitcoin on-chain activity has fallen into the red after the infamous LUNA collapse. The collapse had no doubt reduced faith in the cryptocurrency market and has seen investors significantly reduce their activity in the space. This has led to losses across the board for miners as fee revenues, transaction volumes, and transaction values have all plummeted, all of which have seen daily miner revenues fall towards yearly lows. Bitcoin On-Chain Activity Declines The previous week had seen on-chain activity ramp up during the height of the LUNA collapse. Mostly, this had been to investors scrambling to move their coins to avoid being affected by the downtrend that followed. As well as exchanges needing to restructure their bitcoin wallets following the carnage which had seen activity rise. Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Due to this, there had been a significant jump in the transaction volumes as well as the average transaction. Although this did not translate to more revenue for miners, recording a 21.85% fall from the prior week. Miner revenues were even worse last week following the LUNA crash. It recorded an additional 7.95% loss that brought daily revenues to $25.5 million. The last time revenues were this low had been in July of 2021. Mining difficulty reaches all-time high | Source: Arcane Research With the market settling from the crash and the exchange wallet restructurings done, on-chain activity has now returned to normal levels. What this resulted in has been a 44% collapse from the previous week and daily transaction volume is down almost 50% from last week’s levels. Mining Difficulty Back Up The bitcoin mining difficulty had been going down for the last couple of weeks, which had seen the block production rate surpass the 6 blocks per hour goal about three weeks ago. What followed was a correction in the mining difficulty that brought the mining difficulty back up. The adjustment has seen block production fall well below the target to be sitting at 5.64 blocks per hour. BTC declines below $30,000 once more | Source: BTCUSD on TradingView.com The percentage of revenue made up by fees had also dropped 0.69% from the prior week to 1.81%. This was expected seeing that the fees per day had recorded a 33.48% decline in the same time period. Transactions per day were also down 6.185 to 252,532 daily transactions. Related Reading | Bitcoin, Ethereum Exchange Inflows Suggest Sell-Offs Are Far From Over Bitcoin’s price had also taken a huge hit that had contributed to the decline in daily miner revenues, alongside the decreased block production rate which is now at an all-time high. An adjustment is expected on Wednesday that will likely reduce mining difficulty by 4% and 5%. With this, the block production rate is expected to increase and if the price of the digital asset does mirror this move, then miners may see a significant jump in revenues this week. Featured image from Seeking Alpha, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… 

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Blockchain Payments Protocol PumaPay V3.0 Goes Live On Testnet

Blockchain Payments Protocol PumaPay V3.0 Goes Live On Testnet

Blockchain payments protocol PumaPay is upgrading to V3.0. The new platform incorporates advanced and adaptable features to provide users with a seamless and efficient experience. For starters, the whole protocol has migrated to BNB Smart Chain (BSC). Users will therefore experience higher transaction speeds, in addition to lower gas fees. The protocol has also been […]

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Tiger Global, Sequoia Capital India, and Alameda Ventures lead a $15 million Series A round for Coinshift

Tiger Global, Sequoia Capital India, and Alameda Ventures lead a $15 million Series A round for Coinshift

Coinshift, leading treasury management, and infrastructure platform is pleased to announce its successful series A funding round and its roadmap for building a novel full-service treasury management solution in the industry. As per the announcement, Coinshift raised $15 million in the Series A funding round led by Tiger Global. Others who participated in the funding […]

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Join The Gensokishi Online Closed Alpha For Massive Rewards

Gensokishi Online, the metaverse version of the 3D MMORPG game, “Elemental Knights”, is giving NFT investors the chance to earn massive rewards. Elemental Knights which has been in existence for more than 13 years has amassed a community of more than 8 million players and is now bringing this massive game to the metaverse. Users have a chance to be a part of Gensokishi Online by registering for its closed alpha. Maxi Kuan, CEO of GensoKishi Online, says “In the closed alpha, NPCs, background models, equipment, Monsters etc. will also be renewed, and the graphics will be improved to be suitable for the latest games. We are already working on resources to improve the graphics, but it will take dedicated converter development to incorporate them into the actual game, so we cannot yet show you the improved graphics in the alpha version, but we plan to release them in the beta version. We hope that everyone will take this opportunity to experience the Metaverse GameFi project as never before.” This closed alpha will see a select few get the chance to be a part of the testing period that will end with limited edition NFTs being awarded to the participants. Applications for joining the closed alpha have been announced. It will take place in a lottery-style system where users sign up for the Closed Alpha Bronze Tickets. Winners of this lottery will be provided exclusive access to the Gensokishi Online Closed Alpha Test. At the end of the testing period, players will be ranked on a point system using the “Alpha Hunter’s Certificate” which will drop at a certain probability rate when players defeat monsters during in-game play. The top 10 ranking players at the end will receive limited edition NFTs. The other players are not left out though. The top 11 to 100 players will also receive a limited edition NFT at the end of the testing phase. How To Apply For Gensokishi Closed Alpha Applications for the Gensokishi Online Closed Alpha Bronze Ticket lottery is already ongoing. Interested players are required to complete a number of tasks on the Gensokishi Online website and then submit their application using the application form provided on the site. The purpose of the closed alpha is to help determine the economic balance of the game, and the level design, and to help identify any problems and test the game server before the launch. The alpha version is playable only on Desktop, but Mobile support is planned for beta and beyond. Applications have begun pouring in since launch on May 3rd and will continue to May 17, which is the end date, at 23:59 GMT+8. Players should note that applications submitted after the closing date will not be accepted. The ticket distribution date is also subject to change so make sure to follow announcements for updates on this. At the end of the testing period, players are able to exchange their tickets for the “Gensokishi Fan Club Membership Card.” It is very worthwhile to participate in the alpha version of the game, as the possession of a Gensokishi Online Fan Club membership card entitles the holder to various benefits after the release of the game. Taking Metaverse Gaming By Storm Gensokishi benefits greatly from the popularity and confidence that has been generated by Elemental Knight over its more than a decade in operation. However, the metaverse game itself has made some significant strides. In just 20 days, the community grew to more than 100,000 members and now sits at over 230,000 community members. It also set the record for the fastest project ever launched by Trustpad after selling out in 20 seconds. Its launch on crypto exchange Bybit saw a record 65,000 participants stake more than $220 million to earn $MV tokens, the official token of Gensokishi Online. It is the most widely held token behind MATIC tokens on the Polygon network. Gensokishi Online has made its mark as a formidable contender in the metaverse gaming space and it is only beginning.  

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How Poor User Experiences Lower the Market Cap for NFTs

Interest in the revolutionary technology “NFTs” has been growing over the last few years; in many countries, it peaked last year, in others, such as Singapore and the United Arab Emirates, the NFT boom is now.  as interest grows, so does the number of people hearing about and buying NFTs reaching well beyond the world of crypto enthusiasts. Since the real hurdle to expanding a market is turning curious people into investors in order to raise the market cap of NFTs, it’s the new investors that need to be supported. The problem is that the current poor user experiences in the NFT space are pushing away new investors and lowering the market cap. Research shows that the barriers to NFT adoption are reliability, education and necessity. These barriers have severely limited the adoption of NFTs. One columnist for The Daily Eastern News claims that NFTs are “really confusing”, while other writers criticize NFT marketplaces for being too technical, confusing and fragmented across Web 3.0. Among the different marketplaces, many have attempted to remove barriers to entry for new NFT investors. One such example is Opensea which added MoonPay as an option to purchase cryptocurrencies. By using MoonPay, an investor can directly add funds and purchase NFTs through their app. However, MoonPay is banned in numerous countries and states. Other issues include lack of education, reliability and support. Currently, no marketplace offers a solution to any barrier, let alone all of them. The real challenge for users is that NFTs marketplaces are all on separate blockchains, which creates a huge fragmentation of communities, fanbases, art and assets. Therefore, what is urgently needed to raise the market capitulation of the NFT space is an all-in-one platform that removes barriers and then educates and supports new users. Enter Ludo, a revolutionary all-in-one Web 3.0 app for play-to-earn projects and NFTs. Ludo aims to be the gateway to the metaverse and all things NFT. Using the platform users can discover, collect, showcase, promote and earn. Ludo is aware there are barriers to NFT adoption and aims to remove them all, as shown in their Manifesto, which states: “At Ludo, we don’t simply want to be part of this New Renaissance. We want to shape it.”. The question is, how is Ludo tackling the barrier to NFT adoption and thus raising the NFT market capitulation? Reliability Ludo removes the inaccessible nature of other marketplaces by creating a hub of all things NFT. Instead of a user being separate from other marketplaces, creators and buyers, Ludo offers a platform that displays information from every marketplace. With Ludo, a user’s first NFT experience is simplified to accessing their app and finding the NFT they want. There’s no need to search across blockchains to search for a marketplace. Education Ludo provides a clean and sleek interface that is clearly labeled and newcomer-friendly. The app avoids technical jargon and explains terms in simplified ways, such as concert ticket NFTs and gaming NFTs labeled as ‘experiences. Further, the search tools are simplified with filters such as blockchain, cost and type. The NFTs have clear icons dictating NFT price, blockchain and other important information. Information on NFTs is compiled, allowing users to educate themselves and learn more. Necessity NFT-based content is rapidly growing as music, gaming, metaverses and physical assets join the market. The necessity comes from the growing fragmentation of the NFT space. As iterated previously, Ludo provides an an-all-in-one hub of information, creation, advertisement, community and content. As the NFT market grows, so does the need for Ludo. Thus, Ludo removes every barrier by offering a seamless and necessary platform that is reliable, educational and supportive. By providing a high-quality, accessible and supportive platform, Ludo provides greatly enhanced user experiences. Resulting in new investors who are more likely to stay, purchase and grow the NFT market. The poor user experiences of newcomers are a thing of the past as Ludo supports the growing NFT market capitulation. Find out more about Ludo and apply to be an alpha tester on their website here.   Image: Pixabay

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Analyst Issues Solana and Avalanche Warnings, Says Traders Should Not Underestimate Altcoin Bear Market

A popular crypto trader is cautioning digital asset investors about the fate of altcoins as the markets take a tumble to start the new week. The analyst known as Altcoin Sherpa follows up on a May 6th tweet where he warned that it could be “lights out” for many altcoins if certain price levels were […]

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