Nick Johnson, the brain behind Ethereum Name Service (ENS), embarked on this project with uncertain financial requirements.
To his surprise, Vitalik Buterin, co-founder of Ethereum, granted him twice the amount he requested from the Ethereum Foundation.
This pivotal moment was discussed by Johnson during an exclusive interview with Cointelegraph at ETHGlobal in London.
He delved into the inception and evolution of ENS, a service enabling the creation of human-readable Web3 addresses.
These addresses serve multiple purposes: as a Web3 wallet for cryptocurrencies and non-fungible tokens (NFTs), and as a domain for decentralized websites.
Before his venture into the blockchain world, Johnson, originally from New Zealand, contributed his expertise to Google.
His journey into cryptocurrency began with Bitcoin, but he quickly gravitated towards Ethereum, attracted by its programmability.
He noted, “I learned about Bitcoin not long after it came out. I initially thought this was really cool, but then I realized it is just money.
“There’s no programmability here.” With a robust background in infrastructure, tooling, and libraries, Johnson leveraged his skills to develop his own Ethereum strings library, essential for string manipulation in coding.
Johnson’s talent caught the attention of the Ethereum Foundation, which brought him onboard to tackle an existing gap in their infrastructure through the development of the name service.
This project initially commenced within the EthSwarm team but continued to flourish as Johnson transitioned to the Go Ethereum team, eventually becoming his primary focus.
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The establishment of ENS as a separate organization was propelled by a significant grant from the Ethereum Foundation, aimed at supporting a two-year roadmap.
Buterin’s intervention to double the initial grant ensured the project’s sustainability and growth.
Johnson reminisced, “They took it to Vitalik, and he said, ‘No, that’s not nearly enough, take twice as much.’ That’s how it started. If he hadn’t got involved, ENS would have sputtered and failed.”
Since its launch, ENS has seen over two million addresses registered.
However, Johnson values the quality of user engagement over mere numbers, wishing to measure the utility of ENS addresses in crypto transactions more accurately.
Despite the challenges in gauging direct metrics, Johnson is optimistic about ENS’s expansion and its adoption on various networks to enhance Web3 utility.
Looking forward, ENS plans to integrate with Ethereum layer-2 solutions, aiming to become more user-friendly and accessible.
This strategic direction underscores Johnson’s commitment to bringing ENS closer to users and improving overall usability within the Web3 space.
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On March 21, Bitcoin maintained its upward trajectory, buoyed by a quick recovery that delivered a 12% increase in its price.
This uptick followed a period of consolidation within a tight range, sparked by a favorable response to comments made by the United States Federal Reserve, which opted to keep interest rates steady.
The Federal Reserve’s decision came after the Federal Open Market Committee (FOMC) meeting, with Chair Jerome Powell indicating potential rate cuts later in the year.
He stated it would be “appropriate” to initiate such cuts once there was greater confidence in inflation moving sustainably towards the 2% target.
A press release underscored this stance, emphasizing patience until there’s more certainty about the inflation trajectory.
This development helped Bitcoin avoid a drop below the $60,000 support level, propelling it to $68,000 and negating its recent losses.
The sentiment was encapsulated by a popular trader, Jelle, on X (formerly Twitter), who highlighted the importance of staying above $65,300 for Bitcoin to potentially revisit its 2021 cycle highs.
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This surge inflicted significant losses on short sellers, with CoinGlass reporting $70 million in short BTC liquidations on March 20.
Despite new withdrawals from U.S. spot Bitcoin exchange-traded funds (ETFs), market morale remained strong.
Farside, a UK investment firm, noted that $261 million exited new ETF products on March 20, largely due to $386 million in outflows from the Grayscale Bitcoin Trust (GBTC), even as other ETFs experienced inflows.
Market commentators expressed optimism amidst these developments. Dyme, a well-regarded voice, observed Bitcoin’s resilience against the backdrop of ETF outflows, suggesting the market’s independence from ETF movements.
Similarly, Samson Mow, CEO of crypto adoption firm Jan3, opined that ETF outflows would inevitably reverse, encouraging investors to plan with this future shift in mind.
These perspectives underscore a growing belief in Bitcoin’s enduring appeal and its capacity to withstand market fluctuations.
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Ether‘s price is on track for a significant increase, potentially hitting the $5,400 mark in 2024, according to a well-regarded technical indicator.
This prediction comes from an analysis using the Mayer multiple oscillator, which compares Ether’s current price to its 200-day moving average.
This insight, provided by CryptoQuant-verified author Binhdangg, was shared in a post on March 21.
The Mayer multiple oscillator indicates that Ether might not only reach but possibly exceed $5,400 in a high-risk scenario.
Bitfinex analysts have elaborated on this projection, stating, “We expect it to reach oversold condition this year based on the fact that there is a cyclical behavior of the asset to oscillate between the overbought and oversold bands of the indicator.
However, this is a dynamic moving average-based deviation, and the upper band may be far above the $5,400 level by the time the price reaches those levels.”
Presently, Ether is trading above $3,500, marking a 27% gap from its all-time high of $4,891 recorded on November 16, 2021, as per CoinMarketCap data.
Market sentiment is increasingly optimistic, with over 62% of participants now expecting Ether to revisit its all-time high within 2024, a significant jump from 45% just a month prior, based on Polymarket odds.
The anticipation surrounding Ether’s value is also buoyed by the potential impacts of the Dencun upgrade on the ETH/BTC ratio, hinting at a possible climb to $5,900 for Ether, considering the current BTC market price. Bitfinex analysts suggest that the BTC price could rise by the time Ether reaches this significant level.
A crucial factor that might influence Ether’s price trajectory in the short to medium term is the potential approval of a spot Ether exchange-traded fund (ETF).
This event is highly anticipated but comes with uncertainties regarding regulatory scrutiny, especially from the SEC. John Lo, founder of Recharge Capital, noted that the approval process for an Ether ETF might face more challenges compared to previous Bitcoin ETF approvals.
The SEC has delayed its decisions on ETF applications from VanEck, Hashdex, and ARK 21Shares, with final decisions expected by late May.
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Grayscale, a leading crypto asset manager, is experiencing a notable decline in investments in its Bitcoin exchange-traded fund (ETF), with recent data showing significant outflows.
On March 21, the Grayscale Bitcoin Trust (GBTC) reported outflows of $358.8 million.
This event comes on the heels of a record-breaking $642 million outflow on March 18, according to Farside Investors.
Over the past week, GBTC has seen a total of $1.8 billion in withdrawals, marking a trend of persistent outflows across the cryptocurrency ETF sector for four consecutive days.
Despite these significant outflows, experts believe this trend could be nearing its end.
Eric Balchunas, a Senior Bloomberg ETF analyst, suggested on March 21 that the majority of the outflows, particularly from the recent bankruptcies within the crypto industry, might be concluding due to their “size and consistency.” H
e further speculated that the outflows could be linked to bankrupt firms purchasing Bitcoin with cash, which could be stabilizing the market.
Balchunas optimistically noted that once this period is over, the market might only see retail-driven flows, similar to those observed in February.
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Adding to the discussion, an independent researcher known as ErgoBTC pointed out that around $1.1 billion of the recent GBTC outflows likely originated from Genesis, a bankrupt crypto lender.
The researcher highlighted the timing and volume of transactions between GBTC and Genesis as evidence of their correlation.
WhalePanda, a pseudonymous crypto market commentator, echoed this sentiment, referring to a statement from Genesis about returning assets to creditors by converting GBTC shares into Bitcoin.
The selling pressure on GBTC has been further amplified by major liquidations in the crypto industry.
On February 14, Genesis received court approval to liquidate its $1.3 billion in GBTC shares to repay creditors.
Additionally, the bankrupt cryptocurrency exchange FTX liquidated all of its 22 million GBTC shares, valued at nearly $1 billion, just a month earlier.
As of March 21, Grayscale reported its Bitcoin Trust holds assets under management worth $23.2 billion, despite a $13.6 billion reduction since its conversion to an ETF on January 11.
These developments reflect the volatile nature of the cryptocurrency market and the interconnectedness of its participants.
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The anticipated green light for spot Ether exchange-traded funds (ETFs) might face delays beyond their final decision deadline in May.
Robby Greenfield, CEO of Umoja, a smart money protocol, highlighted to Cointelegraph the challenges large financial institutions face due to a lack of a clear strategy towards these ETFs.
He pointed out, “What makes it difficult for institutions to position themselves advantageously with Bitcoin, Ether and cryptocurrencies generally is that they can’t facilitate the same market manipulating functions as with previous commodities.
“You can’t create paper Bitcoin like you can create paper gold.” Several prominent firms, including BlackRock, Grayscale, and Fidelity, are in the race to launch an Ether ETF.
Despite these efforts, Bloomberg ETF analyst James Seyffart anticipates a rejection of the current Ether ETF applications in late May, referencing a March 19 post on X.
This expectation follows the United States Securities and Exchange Commission’s (SEC) recent postponement of its decision on the Hashdex and ARK 21Shares spot Ether ETFs, with a final verdict due by late May.
The unique challenges posed by the decentralized nature of cryptocurrencies like Ether complicate the development of institutional strategies for ETFs, though Greenfield believes approval is inevitable.
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He asserts, “Whether it gets approved in May or in December, it’s inevitable… I wouldn’t understand why it wouldn’t be approved, particularly given that even the SEC’s perspective on Ether has been increasingly one of it being a commodity rather than a security.”
The SEC has set specific deadlines for the decision on applications from various companies, ranging from May 23 to August 7.
Moreover, the hesitance of large institutional players to dive into decentralized finance (DeFi) stems from infrastructure inadequacies, which also deter traditional retail investor participation.
Greenfield emphasizes the need for more accessible investment strategies and infrastructure to bridge this gap, especially for retail investors who, despite owning a significant portion of global assets under management, face limited wealth creation opportunities.
To this end, Umoja has raised an additional $2 million, bringing its total seed funding to $4 million, aiming to democratize access to asset management strategies.
Greenfield underscores the importance of catering to retail investors, who are projected to hold a larger share of global assets in the coming years, according to World Economic Forum estimates.
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The Ethereum layer-2 blockchain Starknet has expanded the eligibility for its first round of Starknet provisions, now including two sub-categories of users who initially encountered difficulties in claiming STRK tokens.
This adjustment comes after the Starknet Foundation, the entity behind the Starknet network, resolved uncertainties about the eligibility of certain pre-Merge ETH stakers and Immutable X users for the Starknet (STRK) airdrop scheduled for February.
Following a detailed evaluation, eligibility has been extended to include VeVe users, non-VeVe StarkEx users mistakenly identified as VeVe users, and pooled stakers.
According to a communication shared with Cointelegraph, the new group of users now eligible for the February airdrop will be able to start claiming their STRK tokens in April. Starknet discovered inaccuracies in a list from Immutable, which incorrectly categorized many Immutable X users as VeVe users.
This list was crucial for distinguishing between users of the nonfungible token (NFT) platform VeVe, which manages its users’ private keys, and other users.
As a result of correcting these inaccuracies, Immutable X users who executed eight or more transactions before June 1, 2022, are now entitled to claim their airdrop.
The conversation around airdrops for VeVe users is ongoing between Starknet and the VeVe team.
Additionally, pooled ETH stakers faced hurdles in receiving their STRK due to various complications with the staking protocols.
However, some protocols have now provided Starknet with a list of users eligible for the airdrop, which will commence in April.
Starknet also revised its unlock schedule in February, following concerns that the original plan favored early investors at the expense of retail users, leading to a more equitable distribution plan over three years.
This change followed criticism from Starknet users who felt excluded from the STRK airdrop despite significant transaction volumes, largely because they did not meet the requirement of holding at least 0.005 ETH as of November 15, 2023.
After the STRK airdrop on February 20, substantial sell-offs by large holders led to a dramatic 60% drop in the token’s value, from a peak of $4.40 to $1.90, within just over two days.
The struggle to recover the price of STRK continues, with it currently trading at $1.88, according to the latest CoinGecko data.
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In a striking rebuttal to a proposed sentence of up to 50 years for former FTX CEO Sam Bankman-Fried (SBF), his legal representatives argue that such a penalty reflects an outdated, “medieval” approach to justice, misaligning with the actual severity of his offenses.
Attorneys Marc Mukasey and Torrey Young expressed their objections in a letter to Judge Lewis Kaplan, dated March 19, responding to the sentencing proposal made by the government on March 15.
Describing the prosecution’s narrative as overly harsh, Mukasey and Young accused it of painting Bankman-Fried as a “depraved super-villain” based on a skewed “loss” narrative.
This came after the United States prosecutors, on March 15, advocated for a sentence between 40 and 50 years for Bankman-Fried, who had been convicted of fraud and money laundering in November 2023.
This sentence, according to his lawyers, equates to a life sentence, a punishment they deem excessively harsh and unjust.
Arguing for leniency, Bankman-Fried’s lawyers proposed a significantly shorter prison term of five to six years. They disputed the claims of actual financial losses, pointing to the ongoing bankruptcy proceedings expected to fully compensate affected customers and lenders.
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Contrary to the depiction of Bankman-Fried as driven by greed, his legal team highlighted his philanthropic efforts and modest living, challenging the portrayal of him as a risk for future offenses due to low recidivism rates among similar offenders.
Moreover, they criticized the prosecution for allegedly unsupported allegations and misleading comparisons with sentencing in similar fraud cases, stressing that non-violent offenders rarely, if ever, face sentences as severe as 40–50 years.
Highlighting the personal and professional losses Bankman-Fried has already suffered, they suggested a more appropriate sentence range would be five to six and a half years.
This, they argued, would be more in line with justice, especially if the government believes in a chance for Bankman-Fried’s eventual reintegration into society.
The jury had found Bankman-Fried guilty on all seven counts nearly a year after FTX’s downfall, sparking a debate over the appropriate consequence for one of the most high-profile figures in the cryptocurrency industry.
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The Shiba Inu (SHIB) community is buzzing with anticipation following a cryptic post by the SHIB team on X, hinting at significant growth prospects amidst the current cryptocurrency bull market.
Despite a recent market downturn, CoinMarketCap data indicates that the meme-based digital currency is on a recovery path, albeit with an 8.24% decrease in the last day and a 17.43% fall over the previous week.
Undeterred by the recent dip in prices, the Shiba Inu team shared an engaging video featuring the SHIB mascot as the famed Batman signal, accompanied by the message, “Not the hero we deserve, but the one we need.”
This gesture has invigorated the Shiba Inu community, leading to various interpretations of the message’s deeper meaning.
Prominent community figure, SHIBKIND, speculated that the post might signal the near launch of an enhanced ShibaSwap decentralized exchange.
Meanwhile, LeonidasSHIB, another key community member, linked the teaser to statements by Shiba Inu’s lead developer, Shytoshi Kusama, suggesting SHIB’s potential ascent into the top five cryptocurrencies by market cap.
LeonidasSHIB expressed confidence in SHIB’s journey, emphasizing a future marked by dominance and greatness.
This optimistic outlook is supported by Shiba Inu’s recent performance, which saw a significant price increase earlier in the month, reminiscent of heights last reached in 2021.
With the community poised for a robust bull run, LeonidasSHIB anticipates an unprecedented display of strength from SHIB, suggesting an exciting future for the cryptocurrency.
The speculation extends within the community, with some members envisioning SHIB surpassing Dogecoin (DOGE) to achieve a $100 billion market cap.
The Shiba Inu team’s latest post on X has not only piqued interest but also amplified confidence in SHIB’s potential in the ongoing bull market, stirring investor optimism for what lies ahead.
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Despite a recent 15% drop from its all-time high of $73,738, analysts are optimistic about Bitcoin’s price surge following its upcoming halving event.
Charles Edwards, founder of Capriole Fund, addressed the volatility surrounding these periods in a March 19 X post, suggesting the year post-halving offers the best “risk-reward” for investors.
He anticipates the halving, expected between April 18 and 20, will lead to the shutdown of less efficient mining operations.
On 20, Bitcoin’s value dipped to $61,593 and has seen a slight recovery to $62,690, according to CoinGecko. Edwards remains hopeful for future price increases, citing a combination of reduced supply growth and increasing traditional finance (Tradfi) interest as key drivers.
In contrast, Ki Young Ju, CEO of CryptoQuant, attributes Bitcoin’s market dynamics to spot exchange-traded fund (ETF) flows rather than the halving itself.
He predicts mining expenses will soar post-halving, necessitating a price point that ensures profitability for miners, with direct costs per coin expected to hit around $37,000.
Crypto analyst Rekt Capital, sharing insights with over 430,000 followers on X, predicts further price drops but maintains a bullish outlook.
He indicates that Bitcoin is in a “danger zone” for pre-halving declines, referencing historical patterns.
Previous halvings saw significant price retractions before recovery; the 2020 event witnessed a 50% pullback attributed partly to the COVID-19 pandemic, with the market stabilizing around $10,000 thereafter.
The 2016 halving resulted in a 33% decrease in Bitcoin’s value, setting the stage for substantial gains by year-end and a bull market in 2017 with a peak of $20,000.
The 2024 halving enters somewhat unexplored territory, given Bitcoin’s current price levels and enhanced institutional support, particularly from spot Bitcoin ETFs, marking a departure from past trends.
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Binance, a leading cryptocurrency exchange, has demonstrated resilience in the face of actions by the United States Department of Justice against it and its co-founder Changpeng Zhao.
Impressively, its assets under custody have soared to over $100 billion as of March 18, marking a significant increase from $40 billion at the beginning of the year.
This remarkable growth has been attributed to the doubling of Binance users’ assets under custody. Binance emphasizes its commitment to security and transparency, noting, “We hold all user funds at a 1:1 ratio, plus additional reserves, which anyone can verify using Binance’s proof-of-reserves (POR) system.”
This system showcases the exchange’s robust collateralization ratios, with over 100% coverage for major cryptocurrencies and altcoins.
Despite this, experts caution that proof-of-reserves might not fully account for an entity’s liabilities, potentially omitting crucial details regarding net equity.
Nevertheless, Richard Teng, CEO of Binance, assures that the exchange operates on a “debt-free” capital structure.
The exchange also clarifies that while blockchain market intelligence firms offer valuable insights, their data may not perfectly capture the entirety of user funds on Binance due to the inclusion of operational assets.
Binance maintains that the most accurate figures regarding user asset holdings are available through their monthly POR audits.
In a strategic move, Binance announced on March 12 its decision to sever ties with its venture capital division, Binance Labs, despite the latter’s impressive track record of returns averaging over 14x on investments and a portfolio valued at $10 billion.
This separation underscores the independence of Binance Labs, which, while licensed to use Binance’s trademark, has no further association with the Binance exchange or any related entities.
This development highlights Binance’s continuous efforts to streamline operations and maintain transparency in its dealings, further cementing its position in the cryptocurrency market amidst regulatory scrutiny.
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