Chromia has announced that its MVP Mainnet will be activated on July 16, marking a significant advancement in its relational blockchain technology. The MVP Mainnet launch is set to solidify the foundation of the Chromia network and initiate the use of the native CHR token. This move will allow the existing CHR token, currently operating as ERC-20 on Ethereum and BEP-20 on BNB Chain, to be migrated to the MVP Mainnet.
The Mainnet will start crucial functions essential for the network’s operations and security, including network hosting fee payments and provider payouts, which will be exclusively managed on the MVP Mainnet.
Henrik Hjelte, Chromia’s co-founder, reflected on the project’s inception and evolution, stating, “Our journey began twelve years ago with Colored Coins, the world’s first token protocol. Following this, we launched a bank-backed stablecoin and recognized the potential of integrating relational databases with blockchain, inspiring the creation of Chromia. After years of development, we are thrilled to see the concept of relational blockchain become a reality.”
Alex Mizrahi, another Chromia co-founder, emphasized the unique architecture of Chromia, “Chromia combines blockchain architecture with ideas from cloud computing and database theory to provide a full spectrum of tools needed to deliver an amazing end user experience. This launch sets the stage for the future growth and development of our network, and I’m excited to see what developers can create with our tech.”
Chromia’s platform, developed by ChromaWay, utilizes relational blockchain technology which restructures on-chain data management, enhancing the efficiency of complex searches and calculations without depending on external services like indexing, data availability layers, or RPC servers.
The platform offers a novel approach to blockchain economics where developers can lease resource containers and generate revenue, easing user interaction and fostering new Web3 business models. This setup allows even non-cryptocurrency owners to engage with decentralized applications (dapps).
With the foundation established, Chromia’s MVP Mainnet is poised for a gradual increase in network activity, expected to enhance the Total Value Locked (TVL) as more dapps and assets transition from EVM chains to the Chromia platform.
The Artificial Intelligence (AI) industry has long been dominated by major corporations backed by governments and Big Tech.
However, the trend has recently permeated the cryptocurrency market, allowing ordinary investors to participate through projects like Fetch AI.
This optimistic outlook is reflected in Fetch AI’s impressive price surge over the past year.
According to CoinGecko, Fetch AI’s price has soared by 537% over 12 months, reaching $1.45.
Despite a 7.7% drop in the past week, the overall trend remains positive, mirroring the volatility seen in other AI-related cryptocurrencies.
Fetch AI distinguishes itself as an open-source protocol designed to support a “permissionless, decentralized machine learning network with a crypto economy.”
The developers aim to democratize AI technology on a platform where anyone can access secure datasets using “autonomous AI to execute tasks that leverage its global network of data.”
A significant development in the ecosystem is the merger of three notable AI crypto projects: Fetch AI, Ocean Protocol, and SingularityNET.
This merger, known as Superintelligence, has the potential to revolutionize the sector, especially with Crypto.com announcing its support.
READ MORE: Runes Token Transactions Drop 88% Amid Bitcoin Blockchain Challenges
Under this merger, Ocean Protocol and SingularityNET will be integrated into Fetch AI, leading to the delisting of OCEAN and AGIX tokens from various platforms.
Fetch AI is poised for a significant price increase, potentially rising by 36% from the inverse head and shoulders (H&S) pattern resistance at $1.7.
With the current price retracing to $1.45 after surpassing $1.7, more traders are likely to go long on Fetch AI, aiming for a breakout to $2.34.
The Relative Strength Index (RSI) supports this breakout, rallying into the overbought region.
If the RSI remains above 70 and moves toward 100, Fetch AI’s price might reach higher levels.
Other indicators, such as the Exponential Moving Averages (EMAs), also support the uptrend.
The 200-day EMA at $1.75 provides support in case of a sudden correction, while the 20-day EMA in blue crossing above the 50-day EMA in red further confirms the bullish trend.
The area around $1.6 will be crucial if losses occur due to profit-taking.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Trump the Felon (TRUMPFEL) presents a similar opportunity for a limited time.
Trump the Felon (TRUMPFEL), a newly launched Solana memecoin, is poised to explode over 18,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
TRUMPFEL will be listed on KuCoin, 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 Trump the Felon.
Currently, Trump the Felon 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 TRUMPFEL on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump the Felon by entering its contract address – DspvMmTQrMCdaesTCFPf4PPGQxxRf2UPmj5b6CRUdaQf – in the receiving field.
TRUMPFEL currently has a market cap of $1.5 million, with over $45,000 in locked liquidity, meaning it has huge upside potential.
It has already rallied 3,900% in the last 24 hours, but massive additional gains are predicted and investors who buy at the current price could turn hundreds of dollars into hundreds of thousands.
In face, 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.
Tether is expanding its reach in Turkey by collaborating with a local cryptocurrency firm to enhance industry knowledge.
The issuer of the Tether stablecoin has signed a memorandum of understanding (MoU) with the local crypto platform BTguru to evaluate educational initiatives related to digital assets in Turkey, as announced on July 2.
BTguru serves as a technology and strategy partner, specializing in virtual crypto assets primarily for banks.
Under this agreement, Tether will assess the development of programs designed to introduce Turkish private and public stakeholders to the advantages of cryptocurrency and blockchain technology.
The MoU also aims to promote peer-to-peer (P2P) technology, leveraging BTguru’s connections to facilitate discussions with financial institutions in Turkey.
Additionally, Tether and BTguru will explore use cases for real-world asset tokenization for banks and assess regional payment network scenarios.
Tether CEO Paolo Ardoino stated that Tether and BTguru are dedicated to promoting the transformative potential of digital assets and P2P technologies.
“This MOU has the potential to provide a solid foundation for the responsible and informed use of digital assets.
“We are excited to be part of a movement that could promote freedom and educate people across Türkiye,” Ardoino said.
BTguru partner Can Bukulmez mentioned that the collaboration with Tether aims to introduce new business lines with the stablecoin firm.
The partnership will also assess potential business lines that can be introduced into Turkey’s banking sectors and emerging digital asset businesses.
READ MORE: Dogecoin’s Surge in Trading Volume Sparks Bullish Momentum in Crypto Sphere
Turkey is emerging as a global cryptocurrency hub, with significant growth in cryptocurrency adoption.
According to Binance, Turkey ranks fourth in transaction volume and 12th in adoption, with a 40% adoption rate, making it a major player in the global crypto ecosystem.
Turkey’s stablecoin purchases account for 4.3% of its GDP, the highest among global economies, according to Chainalysis.
“With the interest of the Turkish community in digital assets and blockchain technology,
“Turkey emerges as one of the leading global hubs for crypto with a dynamic ecosystem, active participants, and significant transaction volumes,” said Binance TR general manager Mücahit Dönmez on July 2.
Tether and Binance’s efforts to engage in the Turkish crypto ecosystem come after a massive hack of the local crypto exchange BtcTurk, where hackers stole over $100 million in crypto on June 22, according to Peckshield.
In late June, the Financial Action Task Force (FATF) removed Turkey from its gray list, acknowledging significant progress in improving its Anti-Money Laundering (AML) and counter-terrorist financing regime.
The FATF’s AML requirements, including those related to cryptocurrency, have prompted Turkey to expedite the introduction of crypto regulations in 2024, as previously reported by Cointelegraph.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Polkadot’s treasury holds just under $245 million in assets, but recent reports have caused concerns about its budget sustainability over the next two years.
These worries stem from a Polkadot treasury report suggesting the project’s budget would only last two years at the current spending rate.
“Polkadot’s Treasury is becoming more complex and harder to grasp,” said Tommi Enenkel, the head ambassador, in a June 28 report for the first half of 2024.
He highlighted that Polkadot is spending directly and allocating value in bounties and collectives for future use.
“At the current rate of spending, the Treasury has about two years of runway left, although the volatile nature of crypto-denominated treasuries makes it hard to predict with confidence,” Enenkel added.
This has sparked discussions about stricter budgeting or changing the system’s inflation parameters.
Despite these concerns, the treasury is not at risk of running out of funds after the current $245 million. Around 7% of the total token inflation (staking rewards) is continually sent to the treasury.
Giotto de Filippi, a notable DOT activist, clarified to Cointelegraph that “the inflation in Polkadot is split between stakers and the treasury, to ensure that the treasury will always have money… So it doesn’t make sense to talk about money.”
READ MORE: Dogecoin’s Surge in Trading Volume Sparks Bullish Momentum in Crypto Sphere
Polkadot’s treasury includes $188 million in liquid assets, primarily in Polkadot (DOT) tokens, along with stablecoins Tether (USDT) and USD Coin (USDC).
In the first half of the year, Polkadot experienced a significant increase in spending, totaling $87 million. Over 40% ($36.7 million) went towards advertising, influencers, conferences, and events.
Enenkel noted that spending became more efficient as DOT’s price peaked at $11.46 in mid-March 2024, the highest since May 2022.
Although the price has since dropped to $6.33, it is up nearly 11% on the week, according to CoinGecko.
Cointelegraph has approached Polkadot for comments on these concerns. Enenkel observed that ecosystem worries about treasury usage are growing, with balances declining since mid-2023.
Revenue dropped by 58.5% from the second half of 2023, attributed to decreased network fees.
The treasury received over 5.2 million DOT in inflation-based income in the first half of the year, down from 7.8 million DOT in the prior half-year.
Enenkel suggested creating departments represented as bounties and collectives for more effective treasury capital deployment, and proposed lowering DOT’s 10% inflation rate to reduce selling pressure and strengthen its purchasing power.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin and Ethereum users currently benefit from low transaction fees across both ecosystems.
As of June 23, the average Bitcoin transaction fee dropped to an eight-month low of $1.93, while average Ethereum fees were $0.70 on June 22, a significant decrease from the $2.50 highs observed in March.
Vitali Dervoed, CEO and co-founder of the onchain decentralized exchange Spark, attributes the reduction in Bitcoin fees to decreased network congestion and changes in mining activities post-halving.
He noted, “[The] halving often leads to a temporary decrease in mining activity as miners adjust to lower profitability.
This reduction in activity can decrease the competition for block space, thereby lowering fees.”
Justin d’Anethan, head of business development APAC at crypto market maker Keyrock, mentioned additional factors like the decline in transaction spikes from Ordinals and Runes inscriptions.
“The past few months have seen massive transaction spikes in the wake of Ordinals and Runes inscriptions, but the hype seems to have, if not died down, slowed down,” d’Anethan explained.
Carlos Mercado, data scientist at blockchain data firm Flipside Crypto, also cited Ordinals as a factor, noting, “After the halving, there were some short-term spikes in onchain BTC activity and fees. But generally, the Ordinals and BTC inscriptions narratives come and go.”
READ MORE: Vitalik Buterin Advocates Clearer Crypto Regulations Amid Regulatory Frustration in the US
Despite the benefit to users, the drop in fees poses challenges for Bitcoin miners. Mercado pointed out, “BTC fees [were] making up for lost block rewards,” but with decreased fees, miners face profitability issues.
He emphasized, “Long term, for Bitcoin to remain secure, miners performing proof-of-work must be able to recoup their real-world electrical/compute costs.”
Regarding Ethereum, low fees are linked to the Dencun update in March. D’Anethan explained that the shift of traffic to layer-2 solutions like Arbitrum, Optimism, and Base has alleviated some pressure on Ethereum’s main chain.
“The Dencun upgrade aimed at solving that by making layer-2 activity much much cheaper […] this has pushed both builders and users away,” he said.
Dervoed agreed, attributing Ethereum’s fee decline to increased adoption of layer-2 solutions.
He stated, “Ethereum’s fee decline is primarily a result of the increasing adoption of L2 solutions, such as Optimistic and zero-knowledge rollups.”
While some see the low fees as a positive development, Mercado expressed concerns about the long-term implications for both Bitcoin and Ethereum.
He warned that continuous halvings and issuance exceeding burns could result in inflation and potential security risks for these networks.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin focused on $63,000 on July 2 as attention shifted to macro liquidity changes.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement gains, accompanying the monthly close.
Despite failing to break key resistance levels above $64,000, Bitcoin traders found renewed optimism as July began.
“Bitcoin has resumed its uptrend,” popular trader and analyst Rekt Capital summarized in one of several posts on X (formerly Twitter).
Rekt Capital highlighted the monthly close as a key sign of strength, with a chart showing a breakout from June’s downtrend.
“The goal? To build a foundation from which it will be able to springboard to the Range High area at ~$71,500 over time,” he explained.
Fellow trader Daan Crypto Trades emphasized United States dollar liquidity trends.
As Cointelegraph reported, these are crucial for crypto market performance, with expectations of positive repercussions increasing last month.
“During this range, the BTC price has moved mostly in line with USD Liquidity,” he asserted alongside a comparative chart.
READ MORE: Runes Token Transactions Drop 88% Amid Bitcoin Blockchain Challenges
“We just saw a big decrease into a nice move up during this end of the quarter into the new quarter.
Liquidity has moved little this year but both BTC & Stocks have been front-running a future expansion of USD liquidity.”
Market analyst Cole Garner suggested that recent Federal Reserve liquidity changes could impact BTC price strength in the short term.
“Biggest Fed Net Liquidity rate-of-change spike in 15 months,” he observed.
“Last time that happened, bitcoin rose ~40% in one week. Not assuming a repeat, but you love to see it.”
Technical indicator data also hinted at increased volatility for Bitcoin.
On weekly timeframes, Bollinger Bands were constricting to levels seen only a handful of times in Bitcoin’s history—a classic precursor to major breakouts.
This phenomenon was observed on X by popular analyst Matthew Hyland.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Sentient, an open-source AI development platform, has raised $85 million in seed funding led by Peter Thiel’s Founders Fund, with contributions from Pantera Capital and Framework Ventures.
This funding will help recruit engineers and advance Sentient’s open AI platform, as announced on July 2.
Sentient aims to empower AI developers to monetize their open-source models and data, drawing parallels to ecosystems like the Super Intelligence Alliance.
The company noted, “We are in an era reminiscent of the 1995 closed-source software landscape.
“At present, the dominance of closed-source AI has centralized immense power with a few organizations. Although open-source AI development exists, it lacks sufficient incentives for developers and does not enable them to be equal stakeholders.”
The startup’s leadership includes Sandeep Nailwal, founder of Polygon; Pramod Viswanath, Princeton professor and co-inventor of the technology behind the 4G wireless standard; and Himanshu Tyagi, a professor at the Indian Institute of Science.
Sentient plans to leverage a blockchain protocol and incentive mechanism to align economic interests for developers, fostering the growth of open artificial general intelligence.
Joey Krug, partner at Founders Fund, stated, “Currently, anyone is able to just copy models without paying for them and Sentient aims to solve this incentive problem which disincentivizes open source AI.” Sentient’s testnet is set to launch in the current quarter of 2024.
READ MORE: Cryptocurrency ATM Installations Surge Globally, Approach Record Highs in 2024
Additional investors in the seed round include Robot Ventures, Symbolic Capital, Dao5, Delphi, Primitive Ventures, Nomad, Hack VC, Arrington Capital, Hypersphere, IDG, Topology, Protagonist, Folius, Sky9, Canonical Crypto, Dispersion Capital, Mirana, Foresight, HashKey, Spartan, and others.
Decentralized AI is gaining momentum in the tech industry, with numerous startups merging blockchain and AI technologies in 2024.
One such protocol, Ora, raised $20 million from Polychain, HF0, and Hashkey Capital in June.
Ora is developing technology for tokenizing AI models via its initial model offering.
This ERC-20 token-based mechanism allows token holders to own and share revenue from AI models.
Venture capital investment in blockchain startups has surged recently.
Galaxy Research data shows that investors poured $2.49 billion into 603 deals in the first quarter of 2024, marking a 29% increase in funding and a 68% rise in deal count from the previous quarter.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Trump the Felon (TRUMPFEL) presents a similar opportunity for a limited time.
Trump the Felon (TRUMPFEL), a newly launched Solana memecoin, is poised to explode over 18,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
TRUMPFEL will be listed on KuCoin, 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 Trump the Felon.
Currently, Trump the Felon 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 TRUMPFEL on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump the Felon by entering its contract address – DspvMmTQrMCdaesTCFPf4PPGQxxRf2UPmj5b6CRUdaQf – in the receiving field.
TRUMPFEL currently has a market cap of $1.5 million, with over $45,000 in locked liquidity, meaning it has huge upside potential.
It has already rallied 8,200% in the last 24 hours, but massive additional gains are predicted and investors who buy at the current price could turn hundreds of dollars into hundreds of thousands.
In face, 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.
A cryptocurrency wallet labeled by the “German Government (BKA)” has recently sold another $52 million worth of Bitcoin, raising suspicions that the government might be offloading its significant BTC holdings.
On July 2, the wallet linked to the German government moved 832.7 Bitcoin in four separate transactions. According to Arkham Intelligence data, 100 BTC was sent to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to Kraken.
A significant portion, 550 BTC worth over $32 million, was transferred to the wallet “139Po.”
This wallet, whose owner remains unidentified, has previously received funds from the German government, including 500 BTC on June 25 and 800 BTC on June 20.
Monitoring the selling patterns of entities holding large amounts of Bitcoin can offer investors critical insights into the cryptocurrency’s price movements, as substantial sell orders can exert downward pressure on prices.
The BKA-labeled wallet, holding over 43,850 BTC valued at more than $2.75 billion, has the potential to impact Bitcoin’s price due to the threat of further selling pressure.
Since the beginning of June, Bitcoin’s price has been on a decline, dropping over 7.3% in the past month.
BTC found a local bottom above $58,450 on June 24 before recovering to above $62,000, as per Bitstamp data, cited by Los Angeles Oracle.
Bitcoin has established strong support at the $61,500 level.
READ MORE: Cryptocurrency ATM Installations Surge Globally, Approach Record Highs in 2024
However, a drop below this level could trigger the liquidation of over $1 billion in cumulative leveraged long positions across all exchanges, according to Coinglass data.
Apart from the largest transfer of $32 million, the rest of the Bitcoin was moved to centralized exchanges, suggesting that the German government may be planning to sell its Bitcoin.
Cointelegraph has reached out to Germany’s Federal Criminal Police Office (BKA) for comments.
The German government-labeled wallet first drew attention on June 19 when it executed a 6,500 BTC transfer worth over $425 million.
Prior to this transfer, the wallet had held nearly 50,000 BTC since February 2024.
These funds are believed to have been seized from the pirate movie website operator, Movie2k.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.