NFT News by Thebittimes.Com

EigenLayer’s token EIGEN will launch in May, with a total supply of 1.67 billion tokens. The Eigen Foundation has announced an airdrop for the community, set for May. The Eigen Foundation, the non-profit supporting the development of restaking protocol EigenLayer, has announced the launch and distribution of the native token EIGEN. Alongside the announcement for the token, the foundation and the Eigen Labs team unveiled the EigenLayer whitepaper. The project, which attracted investment from Binance Labs and a16z early this year, has seen tremendous growth in terms of staked Ether (ETH). EIGEN token launch and airdrop According to today’s announcement, the Eigen Foundation will launch the EIGEN token in May. An airdrop for the community of stakers on EigenLayer will also go live. The new token is set at a total supply of 1.67 billion, with 45% of the EIGEN tokens allocated to the community. Today the @eigenfoundation introduces EIGEN, bas...

Sui price rose more than 11% as Bitcoin and Ethereum declined below key levels. SUI gains after ByteDance subsidiary BytePlus chose to enter Web3 via the Sui blockchain. Sui (SUI) traded higher today despite a broader crypto market downturn that saw Bitcoin dip below $61k and Ethereum fall below $3,000. While Sui price remains below the recent peak above $2.17, its surge to $1.27 in the past 24 hours represents gains of more than 11% and better than most altcoins in the top 100 by market cap. Why is SUI price up as altcoins dip? On April 17, the Sui team announced that BytePlus, a subsidiary of the technology firm ByteDance, had joined the crypto network as it makes its Web3 debut. 🚨BREAKING: BytePlus, the enterprise technology arm of ByteDance (the company behind @TikTok_US), is coming to Sui! pic.twitter.com/GtutYyFI5X — Sui (@SuiNetwork) April 17, 2024 BytePlus is expected to collaborate with Mysten Labs to bring its gaming and social ...

With the Bitcoin ETF witnessing a huge surge in inflows, driving the asset’s price to a new all-time high, the anticipation surrounding an Ethereum ETF has reached fever pitch. The price of Ethereum (ETH) has significantly increased due to the growing buzz around a potential Ethereum ETF, increasing institutional investments, and community support. Bulls have managed to push the ETH price towards the $4,000 mark, setting a new 52-week high and signaling a strong bullish sentiment in the market. Also read: Shiba Inu: Machine Learning AI Predicts SHIB’s Price for March 31 ChatGPT’s Predictions for Ethereum’s ETF Rally We shared the weekly ETH price chart with ChatGPT to gain further insight into the potential impact of an Ethereum ETF on the asset’s price. Based on its Analysis of the recent price action and utilizing Fibonacci retracement levels, ChatGPT predicts that Ethereum could surge to new heights, reaching a target of $6,835 amidst the gr...

The Ethereum network underwent a dramatic transition from the proof-of-work mining model to the proof-of-stake model on September 15, 2022. With an astounding 99.95% decrease in energy use, this much-anticipated change has ushered in a new era of sustainability and environmental friendliness in the blockchain sector. Ethereum has displayed decent growth recently. It is trading at $1,803 at press time, with a 1% surge in value over the last 24 hours. ETH is up by 10% in the last seven days and 15.9% in the last 14 days. Let us look at the price prediction for Ethereum for November 2023. Also read: Solana (SOL) Price Prediction: November 2023 Ethereum price prediction for November 2023 Cryptocurrency experts at Changelly have predicted the price of ETH for November 2023. According to the analysts, ETH is forecast to reach a minimum of $1,779 and a maximum of $1,999. The average price of Ethereum is expected to be $1,889. Also read: Shiba Inu Burn Rate...

The Merge upgrade was quite an important milestone for the Ethereum network. This upgrade, that took place in mid-September 2022, marked the network’s transition from the Proof of Work consensus mechanism to the Proof of Stake. The ship has been smoothly sailing since then, and the energy consumption has dropped by 99%. However, JPMorgan analysts, led by Nikolaos Panigirtzoglou, recently pointed out that the network has become more centralized since the upgrade. In a recent note, they wrote, “The rise in Ethereum staking since the Merge and Shanghai upgrades has come at a cost as the Ethereum network became more centralized and as the overall staking yield declined.” Liquid staking providers are the major contributors to staking growth. JPMorgan asserted that the top 5 liquid staking providers control more than 50% of staking on the Ethereum network. In fact, Lido single-handedly accounts for almost one-third. Also Read: Ethereum Transaction Cost Drops to...

According to crypto analysis firm LookOnChain, a dormant Ethereum (ETH) wallet woke up after 8 years, transferring 32.1 ETH to Coinbase. LookOnChain highlighted that the wallet is an ETH ICO (Initial Coin Offering) participant and that it had received 200 ETH during the token’s “Genesis.” The analysis firm also notes that the wallet “appears to be related to shemnon.eth,” aka Danno Ferrin. Ferrin is an Ethereum Core Developer and has formerly worked at Oracle, Google, and Consensys. The price of Ethereum ( ETH ) during its ICO days was around $0.31. This brings the cost of 32.1 ETH at that time to about $9.95. The value of the 32.1 ETH today’s value is roughly $52,000. This translated to a growth of approximately 522210% , which is an incredible return on the initial investment. The wallet still has about 167.9 ETH in its possession, which is worth around $271,830. Also Read: Best Place to Stake Ethereum An Ethereum ICO participant who ...

Following the highly anticipated Shanghai upgrade, Ethereum has seen $198 million in ETH deposited to the network in the last 24 hours alone. Moreover, the development arrives amidst some concerns regarding mass withdrawals. That price figure equates to around 94,800 ETH that has been staked to the network in just the last day. Subsequently, the figure arrives through data collected by Nansen and shows just how much users have embraced the long-awaited Shapella fork. Source: Business Today Over 94,000 ETH Deposited in a Day The Shanghai upgrade had been on the horizon for some time and was an anxiously awaited development for the Ethereum network. Moreover, the movement signified the final shift to the new proof-of-stake (PoS) consensus mechanism on the blockchain. The move allows withdrawals for users who have staked their ETH to secure transactions on the blockchain. Moreover, the publicized transition to a PoS model, known in the industry as the Merge, culminated in th...

After quite a turbulent year, the cryptocurrency market was slowly inching toward recovery. Bitcoin [BTC] recorded gains of over 50% in 2023. While most of them were pocketing profits, it was brought to light that for the first time since December 2022, Bitcoin and Ethereum [ ETH ] traders were selling at a loss. According to on-chain analytics firm Santiment, Bitcoin and Ethereum traders were at a loss as opposed to a profit. Following the FTX debacle, BTC slumped to a low of $15.5K. In December, when the asset was around $16,000, traders sold it at a significant loss. But now, for the first time since then and in 2023, these traders are at a loss. Santiment noted that this was pertinent as it indicated that Bitcoin and Ethereum bottoms could be here. Source Elaborating on the same, Santiment said, “Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form.” Bitcoin and its price are hotly debat...

April 2022 was a great month for Non-Fungible Token sales, but things went down soon after. November, however, turned out to be quite eventful for these tokens as their sales surged by 13.2% when compared to October. Resultantly, the said metric witnessed a spike for the very first time in seven months. With the crypto market attempting to recover in December, even the NFT market seems to be following suit. Data from CryptoSlam revealed that cumulative NFT sales rose by 9.16% over the past 24 hours to $18,083,090.23. The major chunk of transactions, as such, took place on the Ethereum blockchain. Over the last day, sales on the network accounted for $14.124 million. That was, nevertheless, 1.15% less than the previous day. The number of transactions noted a 5.8% rise, while the number of buyers rose by 7.41%. Solana was the second most preferred blockchain for NFT transactions. Even this network obliged to the re-bound trend and noted a 16% incline in sales. That was accompa...

Just before the FTX debacle, the Ethereum [ ETH ] network was all over the news. This was because the second-largest crypto currency was slated to undergo a significant update. As the Ethereum network traversed into the proof-of-stake [PoS] realm, a lot changed for the entire ecosystem. While three months have passed following this upgrade, here’s how the Merge impacted the ETH network. As per data curated by Santiment, whales and sharks of the Ethereum network went on an accumulation spree. It was brought to light that nearly a month ago, large ETH addresses recorded an increase in the overall supply. Ever since November 7, addressed that entails about 10000-1 million ETH pushed the overall supply from 1.36 percent to 2.09 percent. Santiment went on to tout this rise as a bullish notion for the asset. Similar to this, the average return among long-term addresses also pointed at bullishness. However, it should be noted that these holders were still in a “great amount of ...

The Ethereum network transitioned to the proof-of-stake mining model, effectively ending the proof-of-work mining model. The long-awaited transition took place on September 15, 2022. The Shanghai version explores three critical Ethereum issues. It makes changes to the EVM object format, Beacon Chain withdrawals, and reduces L2 fees. The Ethereum Shanghai upgrade was expected to take place in early 2023, a few months after The Merge. However, as per the recent details from the core developers, the expected date for the update has been set for March 2023. Ethereum Shanghai upgrade will make withdrawal of staked ether possible This next major upgrade for the network will enable validators to withdraw staked ETH er. The tentative timeline for the upgrade was set by the core developers at a meeting today. Ethereum Improvement Proposal (EIP) 4895 or Shanghai will likely provide the network with a absent feature of withdrawing staked ETH er. “Withdrawals will ...

Until recently, institutions seemed to be washing their hands off crypto. As reported in several recent articles, flows were either negative or slightly positive, representing the “tepid investor appetite.” However now, looks like the trend has already changed. According to CoinShares’ latest weekly report, crypto-related investment products saw their largest inflows for 14 weeks, totaling $42 million. Per the report, “ The inflows began later in the week on the back of extreme price weakness prompted by the FTX/Alameda collapse. It suggests that investors see this price weakness as an opportunity, differentiating between “trusted” third parties and an inherently trustless system. “ As illustrated below, Bitcoin led the show and registered positive flows summing up to $19 million—the largest since early August this year. Alongside, alts have also started seeing renewed interest. Polygon ’s native token MATIC , for instance, managed to garner i...

The collapse of the prominent crypto exchange FTX took a toll on the entire market. Several assets dropped down to their yearly lows. In addition to this, withdrawal s for all assets on FTX as well as FTX .US were suspended. Therefore, FTX users not only had to deal with the volatile market but also fear losing funds. On a brighter note, FTX ’s US wing affirmed that withdrawal s for Ethereum [ ETH ] and Polygon [ MATIC ] would be made available soon. MATIC holders, however, were required to cancel any withdrawals that were pending. Following this, they would have to put out a fresh withdrawal request as ERC20 MATIC. FTX US withdrawals: ETH withdrawals will resume shortly, our apologies on the delay Matic – if you would like to withdraw Matic please cancel your withdrawal and request it as erc20 Matic — FTX (@FTX_Official) November 11, 2022 The latest news comes after the FTX.US website suggested that trading “may be halted” in a couple of...

Ethereum [ETH] garnered a significant boost following its shift to proof-of-stake [PoS] through the Merge. The demand and adoption rate of the crypto asset soared. At the beginning of October, Fidelity announced the launch of an Ethereum Index Fund. Now, further broadening its interest in the altcoin, the firm declared the launch of ETH custody and trading services for its institutional clients. An email was reportedly circulated to Fidelity ’s clients announcing the launch of the aforementioned services. The firm revealed that starting from October 28, 2022, new “Institutional Ethereum capabilities” for institutional investors would be offered. The email read, “Institutional Ethereum capabilities are coming to the Fidelity Digital AssetssM platform on October 28, 2022. Investors will be able to buy, sell, and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments ...