💰 Is Bitcoin's Rally Just Getting Started? On-Chain Data Suggests: YES 💰
Despite Bitcoin's recent surge past $90,000, on-chain data suggests the rally might have further room to run. Crypto analytics firm Glassnode reports that while Bitcoin investors have taken profits totaling $20.4 billion since breaking the previous all-time high of $73,679, this profit-taking remains below historical peaks observed during previous bull cycles.
Glassnode highlights that the current daily average of realized profit volumes sits around $1.56 billion, roughly half the $3 billion recorded during the peak of the previous cycle in March. This suggests that the market isn't exhibiting the same level of exuberance and potential top signals typically associated with peak profit-taking events.
This data point, combined with other on-chain metrics, paints a cautiously optimistic picture for Bitcoin's price action. While some profit-taking is natural and healthy, the relatively moderate levels compared to historical trends indicate that there might be further upside potential before demand exhaustion sets in. This could signal that the current bull run is still in its early stages, with more room for growth in the coming weeks and months. However, investors should remain vigilant and monitor on-chain data for any shifts in sentiment and profit-taking behavior that could signal a potential trend reversal.
🏦 Binance Labs and OKX Ventures Join Polychain Capital in Backing StakeStone's $22M Round 🏦
StakeStone, a DeFi platform focused on creating stable, yield-bearing liquid ETH and BTC, has successfully secured $22 million in a recent funding round. This significant investment was spearheaded by Polychain Capital, a prominent cryptocurrency hedge fund known for its early investments in successful projects like Coinbase and UniSwap. Further bolstering StakeStone's potential, the round saw strategic participation from major industry players including Binance Labs, the venture arm of the world's largest cryptocurrency exchange, and OKX Ventures, the investment branch of another leading global exchange, OKX.
This substantial influx of capital is earmarked to accelerate StakeStone's growth trajectory, enabling the platform to expand its product offerings and solidify its presence in key markets. StakeStone's core mission revolves around building an adaptive staking network that supports diverse consensus layers with native assets. This innovative approach allows for the optimization of yield opportunities through adaptable underlying strategies, utilizing an on-chain proposal mechanism and omnichain liquidity distribution across various ecosystems and protocols.
Beyond its foundational offerings, StakeStone is actively developing payment products designed to bridge the gap between decentralized finance and real-world applications. These products will encompass features such as flexible savings accounts powered by the yield-bearing liquid asset STONE, along with a Buy-Now-Pay-Later (BNPL) option, providing users with greater financial flexibility.
The involvement of prominent investors like Polychain Capital, Binance Labs, and OKX Ventures underscores the confidence in StakeStone's potential to reshape the DeFi landscape. By enhancing liquidity and accessibility of digital assets, StakeStone is poised to play a crucial role in driving the adoption and maturation of the cryptocurrency ecosystem.
💲 PayPal USD Embraces Cross-Chain Future with LayerZero 💲
In a move signaling a significant step towards broader adoption, PayPal USD (PYUSD) has integrated with LayerZero, a leading cross-chain bridging protocol. This integration allows users to seamlessly transfer PYUSD between Ethereum and Solana, breaking down the barriers between these blockchain giants.
Previously confined to single networks, PYUSD holders can now explore the diverse DeFi ecosystems on both Ethereum and Solana without relying on centralized intermediaries like PayPal itself. This newfound freedom empowers users with greater control and flexibility over their stablecoin holdings.
Interestingly, this development comes amidst a shift in PYUSD's distribution. While initially heavily concentrated on Solana, recent data reveals a surge in circulation on Ethereum, suggesting a growing interest in utilizing PYUSD within that ecosystem.
PayPal's strategic embrace of cross-chain technology through LayerZero highlights a growing trend amongst traditional finance players to tap into the interconnected world of decentralized finance. This move not only enhances the utility of PYUSD but also positions PayPal as a significant player in the evolving landscape of digital asset accessibility and interoperability.
Near's AI Model to Dwarf Existing Open-Source Efforts
In a bold move to democratize artificial intelligence, Near Protocol has unveiled an ambitious plan to build the world's largest open-source AI model. This 1.4 trillion parameter behemoth, dwarfing even Meta's open-source Llama model, will be forged through a unique crowdsourced approach, harnessing the collective power of thousands of contributors on the Near AI Research hub.
This audacious project will evolve through seven increasingly complex models, with only the top contributors advancing to train larger and more sophisticated iterations. Near Protocol co-founder Illia Polosukhin emphasizes the project's commitment to decentralization and privacy, utilizing encrypted Trusted Execution Environments to reward contributors and ensure data security.
While the estimated $160 million cost represents a significant hurdle, Near Protocol is uniquely positioned to tackle this challenge. With co-founders boasting deep roots in AI research and development, including contributions to the groundbreaking transformer research paper that paved the way for ChatGPT, Near is not just another blockchain project dipping its toes into AI.
This initiative marks a crucial step towards a future where AI technology isn't controlled by a select few, but rather by a global community. By empowering individuals to participate in the development and governance of this powerful technology, Near Protocol is paving the way for a more equitable and accessible AI landscape.
🇺🇲 Avalanche Welcomes Tokenized US Treasury Fund: Bridging Traditional Finance to DeFi 🇺🇲
In a move that further solidifies Avalanche's position as a hub for tokenized assets, Libeara and FundBridge Capital have launched a tokenized United States Treasury bill (T-Bill) fund on the network. This innovative fund, dubbed the Delta Wellington Management Short Treasury On-Chain Fund, aims to provide investors with a transparent and efficient way to access US Treasuries within the DeFi space.
By leveraging blockchain technology, the fund offers enhanced accessibility and operational efficiency for investors seeking exposure to low-risk, yield-bearing government debt. This launch comes amidst surging demand for tokenized real-world assets (RWAs), particularly those offering the stability and yield of T-Bills and other money market instruments.
With the tokenized RWA market representing a potential $30 trillion opportunity globally, this move by Libeara and FundBridge on Avalanche signifies a significant step towards bridging traditional finance with the burgeoning world of decentralized finance. As investors increasingly seek diversified investment options within the digital asset landscape, the availability of tokenized US Treasuries on Avalanche opens up new avenues for secure and efficient access to this established asset class.
. . .
Are there any crypto trends and issues that seem unclear to you?
Do you have a suggestion or comment? Or do you just need an ELI5 (explain like I am 5) on a particular crypto term or topic?
Feel free to drop us a line below and we’ll do our best to shed more light. We are always here to answer your questions.
Follow us on Twitter and Telegram for more info including notes on new crypto gems set to break out onto the big stage.
Don’t miss out!
