Google Cloud has recently unveiled a Web3 portal tailored for blockchain developers, offering an array of resources ranging from datasets to tutorials on crafting nonfungible tokens (NFT).
Despite this move, the response from the cryptocurrency sphere has been a blend of enthusiasm and skepticism.
Unchained’s vice president of product marketing, Phil Geiger, expressed concern over the absence of native Bitcoin and lightning support, deeming it a crucial oversight.
In a post on X dated April 25, Geiger remarked, “No native Bitcoin and lightning support? Seems like an oversight to ignore the most important cryptocurrency.”
Similarly, a pseudonymous crypto trader, MartyParty, conveyed disappointment to his 80,700 X followers on April 26, asserting, “Not impressed Google is way behind.”
Contrastingly, some embraced the launch with optimism.
Ivaibi Festo, founder of Mitroplus labs, hailed the Web3 portal as a “comprehensive resource” in a post on X dated April 25.
The portal offers developers access to various products and provides testnet tokens for deploying and testing decentralized applications on Ethereum testnets Sepolia and Holesky.
Additionally, it hosts a learning program featuring tutorials on NFT development, Web3 loyalty program implementation, and securing digital assets through multi-party computation.
READ MORE: Bitcoin Holds Firm Above $63,000 Despite Regulatory Scrutiny and Economic Turbulence
This initiative follows Google’s recent strides in the Web3 realm.
Notably, Google enhanced its capabilities to enable users to search wallet balances across multiple blockchains, including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom.
Moreover, Google revised its advertising policies at the outset of 2024, permitting certain crypto products to be promoted on major search engines, encompassing Bitcoin exchange-traded funds.
Preceding the portal’s launch this year, Google focused on forging partnerships to fortify its position in the Web3 landscape.
In October 2023, Google Cloud’s BigQuery data warehouse integrated with MultiversX, facilitating valuable insights for Web3 projects and users through advanced data analytics and AI tools.
In September 2023, Google’s BigQuery expanded its data warehouse to include 11 blockchain networks, encompassing Avalanche, Arbitrum, Cronos, Ethereum’s Görli testnet, Fantom, Near, Optimism, Polkadot, Polygon’s mainnet, Polygon’s Mumbai testnet, and Tron.
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Early investors in memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) made astronomical returns, and Kitty With Hat (KITHAT) presents a similar opportunity for a limited time.
Kitty With Hat (KITHAT), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
KITHAT will be listed on MEXC, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Kitty With Hat.
Currently, Kitty With Hat can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy KITHAT on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Homo Pepe by entering its contract address – 3Wdkgv1iTBQQ9MnvA4TkAefe2SLdtSKfHwZbhKcEMZk8 – in the receiving field.
KITHAT currently has a market cap of just under $10,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
John Deaton, a crypto lawyer currently vying for a Senate seat against Elizabeth Warren, has filed a brief supporting Coinbase in its appeal against the United States Securities and Exchange Commission (SEC).
In a filing dated April 26 in U.S. District Court for the Southern District of New York, John Deaton lodged an amicus brief backing a motion for interlocutory appeal on behalf of 4,701 Coinbase customers.
The document, filed pro bono, aims to advocate for the interests of these customers rather than the exchange itself.
Deaton cited past SEC enforcement actions as evidence that the regulator “does not speak on behalf of digital asset users and investors and intends to offer no regulatory guidance beyond citing the Howey case.”
He referenced the SEC’s civil cases against Debt Box, suggesting the SEC prioritized harming a crypto company over truth and justice, leading to a judge sanctioning the commission in that instance.
While an April 26 X post directly linked Deaton’s actions to his Senate campaign, he initially positioned himself as a legal representative for Coinbase customers in June 2023, predating his campaign announcement, following the SEC’s lawsuit.
An April 19 filing indicated the success of his latest motion to file an amicus brief.
Deaton emphasized the importance of representing end users of the technology, asserting that a biased and politically motivated agency shouldn’t speak for them, nor should Coinbase.
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According to Coinbase Chief Legal Officer Paul Grewal, the interlocutory appeal questions whether the term “investment contract” necessitates contractual obligations post-sale, a key legal issue in the SEC’s case against the crypto exchange.
The potential impact of Deaton’s legal actions on his Senate campaign remains uncertain, given the upcoming election in less than six months.
Both candidates for the Massachusetts Senate seat hold contrasting views on digital assets, with Senator Warren recently urging authorities to combat the use of crypto in transactions involving child sexual abuse material, as evidenced by an April 25 letter she signed.
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In a surprising turn of events, Circle’s USD Coin (USDC) has surpassed Tether’s stablecoin in transaction volume, according to recent data from payments giant Visa.
In April 2024, USDC recorded 166.6 million transactions, outpacing USDT’s 163.6 million monthly transactions.
Since the end of 2023, USDC has steadily gained ground in the stablecoin transaction market.
December of that year marked a milestone when USDC’s 145 million monthly transactions exceeded USDT’s 127 million transactions for the first time.
This development comes as a significant surprise to industry observers, given that Tether has long held the title of the world’s largest stablecoin, boasting a market capitalization exceeding $110 billion and accounting for over 68% of the total stablecoin market share.
Tether’s market dominance makes its stablecoin more than three times larger than Circle’s USDC, currently valued at $33.5 billion.
While USDC has overtaken USDT in transaction volume, Tether maintains a substantial lead in terms of total users.
READ MORE: Whale Transfers Signal Potential Upswing for Bitcoin and Ether as $1.3 Billion Enters Coinbase
In April 2024, USDT was utilized by over 34.2 million unique wallets, whereas USDC only saw 9.57 million unique users.
Overall, there were 27.3 million unique stablecoin users and 21.4 million unique stablecoin sending addresses in the past 30 days.
Visa’s stablecoin analytics dashboard, launched in April, tracks four stablecoins, including USDC, USDT, Paxos dollar (USDP), and PayPal USD.
According to Visa’s data, these stablecoins recorded over $2.3 trillion in total transaction volume across more than 352 million transactions during the same period.
Stablecoins play a crucial role in the cryptocurrency ecosystem, facilitating swift transactions in and out of digital assets.
With a total market capitalization exceeding $161 billion, stablecoins constitute 6.63% of the overall crypto market cap, as reported by CoinGecko.
Visa’s introduction of its stablecoin analytics dashboard aims to provide accessible and comprehensive data on stablecoin transactions across multiple blockchains, cutting through the complexity for industry stakeholders.
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If you’ve ever gone through the process of applying for a loan through traditional banking, you know it can be quite cumbersome. Traditionally, securing a loan meant dealing with a maze of paperwork, credit checks, and lengthy approval procedures. However, DeFi lending changes this narrative entirely. Now, borrowers can utilize their crypto assets as collateral, instantly accessing funds through smart contracts seamlessly integrated into blockchain networks. This is the reality of DeFi lending, a sector that is witnessing rapid growth, with an astonishing $24.62 billion locked in smart contracts.
Amidst the booming DeFi lending market, ZeroLend stands out with its unique features. Let’s delve into how this platform is revolutionizing the way you can securely and smoothly avail credit.
The Evolution of ZeroLend: Redefining DeFi Lending
ZeroLend dominates the lending scene across various Layer 2 platforms, including Linea, zkSync, Manta, X Layer and Blast. Its primary focus lies in lending liquid restaking tokens (LRTs), real-world assets (RWAs), and facilitating account abstraction.
Incentivizing Participation
ZeroLend goes beyond traditional banking models by incentivizing users to supply and borrow crypto assets. Through competitive supply and borrow APYs, ecosystem points, and partnerships with leading projects, ZeroLend fosters an environment where users are rewarded for their participation.
Token Launch and Market Position
ZeroLend’s meteoric rise is underscored by its upcoming token launch on May 6th, 2024. The project’s native token, $ZERO, is set to debut on prominent exchanges such as OKX, Bybit, and Kucoin, marking a significant milestone in ZeroLend’s journey. With an estimated 15-17% of the total supply allocated for community airdrops, ZeroLend demonstrates its commitment to inclusivity and community engagement.
Leading the DeFi Revolution
ZeroLend’s exponential growth positions it as a formidable contender in the lending space, rapidly ascending the ranks to become one of the top 10 lending protocols alongside industry stalwarts like Aave, Compound, and Spark. With a remarkable $200 million growth in Total Value Locked (TVL) in 2024, ZeroLend sets its sights on revolutionizing DeFi lending and simplifying it for the retail audience.
ZeroLend’s Innovations in DeFi Lending
Curve-like Tokenomics
ZeroLend pioneers a unique tokenomics model, drawing inspiration from Curve Finance. By offering Curve-like incentives to $ZERO token stakers, ZeroLend enhances its token utility and value proposition. This innovative approach incentivizes long-term participation and aligns stakeholders’ interests with the project’s success.
Prioritizing Safety and Reliability
With a focus on safety and reliability ZeroLend collaborates with top-tier risk managers such as Chaos Labs, Hyperactive, and IntoTheBlock to ensure a secure protocol that protects users’ assets. Moreover, its open bug bounty programs with Immunefi and Cantina further demonstrate ZeroLend’s dedication to transparency and security.
Wrapping up
ZeroLend emerges as a frontrunner in the vast landscape of decentralized finance (DeFi) lending. By leveraging the power of blockchain technology ZeroLend has redefined the borrowing experience, making it more accessible, efficient, and rewarding for users worldwide. With its upcoming token launch and strategic partnerships, ZeroLend is poised to solidify its position as a leader in the DeFi lending space.
Australia’s major stock exchange, the Australian Securities Exchange (ASX), may soon give the green light to several spot Bitcoin exchange-traded funds (ETFs) before the close of 2024.
VanEck Australia and local ETF-focused fund manager BetaShares are poised to have their spot Bitcoin ETF applications approved by year-end, according to insiders cited by Bloomberg, mirroring moves made by fund issuers in the United States and Hong Kong.
The surge in spot Bitcoin ETF applications follows approvals in the United States, where a total of eleven products have amassed a staggering $53 billion in assets under management (AUM).
Justin Arzadon, BetaShares’ head of digital, credited the substantial inflows into U.S.-based ETFs as a catalyst for launching similar products in Australia, asserting they demonstrate the enduring presence of digital assets.
Jeff Yew, CEO of Monochrome, a crypto asset management firm with a competing exchange application, described Australia as a “very crypto-heavy country” and anticipates Australian spot Bitcoin ETFs to draw in $3 billion to $4 billion in net inflows within the initial three years.
READ MORE: Whale Transfers Signal Potential Upswing for Bitcoin and Ether as $1.3 Billion Enters Coinbase
Yew highlighted the demand for Bitcoin ETFs among fund managers seeking exposure to Bitcoin, self-managed super fund (SMSF) investors, and a segment of retail investors.
Currently, SMSF investors carry direct exposure to Bitcoin on crypto exchanges, a practice Yew views as inherently risky, akin to a “ticking time bomb” should exchanges falter.
He emphasized the regulatory oversight and safety afforded by Bitcoin ETFs, contrasting them with direct crypto exchange exposure.
Monochrome initially sought approval for a spot Bitcoin ETF with the ASX in July 14, 2023, but shifted to Cboe Australia due to the ASX’s prolonged approval process.
Yew cited Cboe Australia’s more pragmatic timeline and transparent listing framework as reasons for the switch, noting the challenges the ASX has faced with regulatory issues and limited appetite for new products.
Despite this, Yew remains optimistic about Cboe Australia approving Monochrome’s application “within the next few weeks.”
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The launch of a spot Bitcoin exchange-traded fund (ETF) in Hong Kong on April 30 triggered a significant decline in Bitcoin’s price.
Despite expectations of substantial demand, including projections of $140 million, the opening day’s total trading volume, incorporating Ether ETFs, amounted to only $12.4 million.
Consequently, the premium on Bitcoin futures plummeted to its lowest point in five months, indicating a potential bearish trend.
Various factors have contributed to this negative pressure on Bitcoin’s price.
Weak macroeconomic conditions and uncertainties surrounding U.S. spot BTC ETF flows have been prominent among them.
Investors’ confidence in the United States Federal Reserve’s ability to implement two interest rate reductions in 2024 has waned, with Fed Chair Jerome Powell scheduled to deliver post-meeting remarks on May 1, prompting cautious market behavior.
Continued net outflows from U.S.-listed spot Bitcoin ETFs over four consecutive sessions have raised further concerns.
Investors have been withdrawing funds from the Grayscale GBTC ETF due to its high fees, while the Blackrock IBIT ETF has experienced minimal activity.
This trend suggests diminishing interest in such investments within the U.S. market despite the lackluster performance of the Hong Kong spot ETF.
Previously, cryptocurrency ETFs based on futures contracts listed on the Hong Kong exchange (HKEX) had attracted substantial net inflows totaling $529 million in the first quarter of 2024.
Hence, the disappointing debut of the spot instrument on April 30 came as an unexpected setback. Analysts, including Bloomberg’s Eric Balchunas, speculate that poor timing may have contributed to the low trading volumes.
The broader financial landscape also played a role, with the S&P 500 poised to register its first negative monthly performance in six months in April, and yields on U.S. 5-year Treasury notes rising from 4.2% to 4.7%.
Market participants often exit fixed-income positions amid fears of rising inflation or expectations of continued
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A security researcher recently received a $250,000 reward for uncovering a critical vulnerability in the Curve Finance decentralized finance (DeFi) protocol.
This flaw had previously enabled cybercriminals to steal millions from various cryptocurrency systems.
The vulnerability, identified by Marco Croc, a cybersecurity expert from Kupia Security, involved a reentrancy issue that could have been exploited to tamper with balances and withdraw unauthorized funds from liquidity pools.
Marco Croc detailed his findings in a series of posts on X, explaining the potential risks and manipulations possible due to the bug.
Curve Finance swiftly responded to the disclosure, conducting a comprehensive investigation into the matter.
They acknowledged the significant threat posed by the vulnerability and consequently awarded Marco Croc the highest possible bounty of $250,000 for his critical input.
“Curve Finance recognized the severity of the vulnerability,” Marco Croc said, highlighting the importance of the protocol’s quick action.
Despite the protocol’s assessment that the vulnerability was “not as dangerous,” with confidence in their ability to recover any potentially stolen funds, Curve Finance admitted that the occurrence of such a security incident could have led to widespread panic within the community.
This acknowledgment comes in the wake of Curve Finance’s recovery from a massive $62 million hack in July.
In an effort to mitigate the impact on their users, Curve Finance and its community took significant steps towards compensation.
The protocol decided to reimburse $49.2 million worth of assets to affected liquidity providers (LPs).
This decision was backed by an overwhelming majority of tokenholders, with 94% approving the disbursement to cover losses across several pools including Curve, JPEG’d (JPEG), Alchemix (ALCX), and Metronome (MET).
The compensation proposal detailed the amounts to be recovered and redistributed: “The overall ETH to recover was calculated as 5919.2226 ETH, the CRV to recover was calculated as 34,733,171.51 CRV and the total to distribute was calculated as 55’544’782.73 CRV.”
The attacker had exploited a bug in certain versions of the Vyper programming language, which rendered versions 0.2.15, 0.2.16, and 0.3.0 susceptible to reentrancy attacks.
This incident underlines the persistent threats in the DeFi space and the continuous need for rigorous security measures.
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Dogecoin (DOGE), a leading cryptocurrency inspired by memes, experienced a significant downturn, losing over 12% of its value in the last 24 hours.
The price of DOGE, a favorite of tech mogul Elon Musk, has decreased by more than 23% over the past week and by 40% within the last month.
Currently, DOGE’s market price hovers around $0.1245. This marks an 83% decline from its peak value of $0.737, recorded on May 8, 2021.
Despite this setback, the trading volume of Dogecoin surged by 75% in the last day, reaching $1.7 billion, with its market capitalization now at $18 billion.
Shiba Inu (SHIB), another popular meme cryptocurrency, also faced challenges, with its price dropping by 12% in the same 24-hour period.
This recent fall adds to a 22% decrease over the past week.
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Nevertheless, Shiba Inu has seen a significant 134% rise over the last 90 days, reflecting sustained investor interest despite shifting market sentiments.
Shiba Inu is currently priced at $0.000021, with a 24-hour trading volume that increased by 50% to $833 million. SHIB’s market cap stands at approximately $12.3 billion.
A newer meme coin, PEPE, has also felt the market’s volatility.
After a remarkable 560% rise in the last 90 days, PEPE has seen a 22% decrease over the past week, with an additional 16% drop in the last 24 hours.
PEPE’s current trading price is $0.000006, and its trading volume over the last day rose by 28% to $980 million.
Despite recent declines, PEPE remains the third-largest meme cryptocurrency, boasting a market cap of $2.58 billion.
These fluctuations in the meme cryptocurrency sector underscore the inherent volatility and the shifting dynamics influenced by both investor sentiment and broader market trends.
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Shibarium, a Layer-2 blockchain tailored for the Shiba Inu cryptocurrency, has witnessed a dramatic 500% increase in transaction fees within a 24-hour period, as shown by Shibariumscan data.
Fees paid in BONE, the native token of the Shiba Inu ecosystem, escalated from 12 BONE to 61.47 BONE.
Shibarium’s core functionality involves processing Shiba Inu token transfers, with BONE tokens utilized to pay for transaction costs.
Each transaction also aids in reducing the supply of SHIB tokens, as a part of the BONE fees is converted to SHIB and then removed from circulation by being sent to a “dead wallet.”
The sharp rise in Shibarium’s fees is primarily linked to a surge in network activity, driven by increasing popularity and demand for Shiba Inu tokens during recent market fluctuations and growing investor interest.
Shibariumscan also highlighted a significant 211% increase in active accounts on the platform, rising from 1,724 to 3,650.
Despite this, the number of new accounts actually declined, suggesting that the increased activity primarily came from existing users.
The recent developments pose several questions regarding the future of the Shiba Inu network.
Observers are keen to understand how this uptick in fees might influence further activity within the ecosystem.
Questions also arise about Shibarium’s capacity to handle continued demand without compromising on efficiency and scalability.
Additionally, the impact of these changes on SHIB and BONE tokens is of particular interest, especially given the current instability in the broader cryptocurrency market dominated by bearish sentiment.
This scenario highlights the dynamic and rapidly evolving nature of blockchain technology and cryptocurrency markets, where user behavior and technological capabilities continuously interact to shape the landscape.
The developments in Shibarium and Shiba Inu will be closely watched as they provide insights into user engagement, technological adaptability, and market trends in the cryptocurrency space.
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