Browsing: Blockchain

Bitcoin adoption in El Salvador has proven to be a lucrative venture for the government, as it has amassed significant profits, with its Bitcoin holdings now valued at over $164 million. According to data from BitcoinTreasuries, the country’s holdings have surged by $50 million, outperforming their initial investment. Since becoming the first country to adopt Bitcoin as legal tender in 2022, El Salvador’s foray into the world of cryptocurrency has been marked by remarkable growth. President Nayib Bukele’s decision to acquire 1 BTC daily has resulted in the accumulation of approximately 2,380 BTC, valued at $158.5 million. With Bitcoin reaching…

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Animoca Brands, a leading player in blockchain gaming, has forged a groundbreaking partnership with King Abdulaziz City for Science and Technology (KACST) to propel the web3 gaming landscape in Saudi Arabia to new heights.  KACST, renowned as a pioneering governmental body dedicated to advancing science and technology within the kingdom, joins hands with Animoca Brands in a Memorandum of Understanding (MOU) aimed at strategically uplifting the web3 and gaming ecosystem in the region. This collaboration includes the establishment of a physical web3 hub situated in Riyadh, designed to nurture local web3 startups and technologies. The partnership extends beyond mere infrastructure…

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The decentralized finance (DeFi) sector hit a significant milestone on March 9 as the total value locked (TVL) in DeFi protocols soared past $100 billion, indicating renewed enthusiasm in the crypto market. However, this achievement still lags behind the record high of $189 billion set in November 2021.  The TVL in DeFi protocols skyrocketed to $100.1 billion, with a trading volume of over $10 billion within the past 24 hours, as reported by DefiLlama data. Notably, leading the pack in terms of locked value were Liquid staking protocol Lido, EigenLayer, and the Aave protocol, with $38.7 billion, over $11 billion,…

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In a recent statement, Bitwise Chief Investment Officer Matt Hougan urged caution among investors, highlighting the prevalence of overvalued cryptocurrencies amidst surging prices. Hougan pointed out that not all tokens experiencing price hikes in the cryptocurrency market are deserving of such valuations, emphasizing the need for careful evaluation before investment. He attributed the current trend to the “wealth effect,” wherein investors, buoyed by the success of Bitcoin, are reallocating funds into other crypto assets, driving up their prices. According to Hougan, this phenomenon has led to an influx of investments into questionable crypto projects, creating a false sense of legitimacy.…

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The latest advancements in the cryptocurrency world have brought about a revolution in NFT lending. Gondi, a prominent NFT lending protocol, recently launched its highly anticipated V2, marking a significant milestone in the industry. The upgraded platform, Gondi V2, introduces a plethora of innovative features aimed at enhancing user experience and capital efficiency. Gondi V1, introduced in July 2023, laid the groundwork for a more capital-efficient credit market for NFT-backed loans. Since its inception, Gondi V1 has facilitated over $15 million USD worth of origination, including refinancings, and has garnered a TVL of $6 million USD. It has also facilitated…

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Uniswap (UNI), the governance token of the decentralized exchange, has witnessed a remarkable surge, climbing by 46% to trade above $17. This surge brings UNI to levels last seen in January 2022. Accompanying UNI’s price rally is a staggering 120% leap in trading volume over the last 24 hours, totaling $1.18 billion. Moreover, UNI’s market capitalization has soared by 44% in the past week to $9.4 billion, positioning it as the 16th-largest cryptocurrency by market capitalization. This surge follows a proposal by the Uniswap Foundation to upgrade the protocol’s governance for fee redistribution, with a focus on increasing community involvement.…

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The perpetrator behind the recent attack on KyberSwap, a decentralized exchange (DEX), has been observed transferring significant sums of digital assets across blockchain networks. Blockchain analytics firm PeckShield recently detected movements from the wallet associated with the KyberSwap attacker. According to the data, approximately 798.8 Ether (ETH), valued at nearly $2.5 million, was bridged from Arbitrum to the Ethereum network. In addition to the Ether, the hacker also moved nearly one million dollars’ worth of stablecoins. Specifically, $826,500 in Dai (DAI) stablecoin was transferred from the exploiter’s wallet to another address. This incident follows the notable KyberSwap hack of 2023,…

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