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StaFi Adds Eigenlayer’s Liquid Restaking Token (LRT) To Its Liquid Staking As A Service (LSaaS) Stack

StaFi, one of the leading staking infrastructure providers, announced support for EigenLayer’s Liquid Restaking Token (LRT), allowing users to participate in the restaking ecosystem. Users on StaFi can now rehypothecate their staked tokens to provide security to decentralized applications (DApps) that are required to build their trust and security – or their own actively validated services (AVS).

Eigenlayer LRT is already supported on the LSaaS Stack App, while support for Karak and BounceBit LRT will be maintained. There are also plans to roll out support for BTC LRT in the future.

The latest integration follows the launch of StaFi’s liquid staking as a service (LSaaS )testnet – launched last month – and the publication of the StaFi 2.0 roadmap. The roadmap included plans to add the LRT stack to power new re-staking applications. EigenLayer also launched on mainnet in February this year allowing developers to leverage pooled security via restaking by extending the security of Ethereum to AVSs.

The integration of the LRT stack will enable project teams and DApp developers to seamlessly deploy LRT on LSaaS, significantly enhancing the efficiency of LRT development and overall accessibility of restaking.

Terming the latest addition to LSaaS as a “major breakthrough for developers”, Liam Young, the founder of StaFi stated:

“The integration of LRT into StaFi’s Liquid Staking as a Service is a major breakthrough for developers, who are now free to create restaking products that harness shared security across multiple chains. Up until now, building with LRT has been a complex task that entails significant lead time. StaFi’s LRT Stack will slash time to market while empowering builders to create novel solutions that draw upon the crypto economic guarantees that liquid staking permits.”

EigenLayer is a protocol built on Ethereum that permits restaking to enhance overall security across the blockchain ecosystem. The platform introduces novel ideas such as staking and free market governance that create an optimized system of pooled security whereby the staked $ETH is repurposed to provide validation services to AVSs.

Simply, EigenLayer repurposes currently staked ETH (or another token) to provide validation services to AVSs via restaking. The staked ETH is repurposed to validate transactions to platforms built on Ethereum but cannot utilize the settlement layer of the blockchain. Crucially, stakers retain their staking rewards on Ethereum.

The integrated LRT stack will support several functionalities such as restaking, unrestaking, and withdrawing tokens. Additionally, users will be able to mint and burn LRTs, join restaking pools and delegate and undelegate staking operators.

To facilitate the LRT/ETH pair construction, AVS restaking rewards will be swapped for ETH in the market via swap. This will follow the launch of EigenLayer’s planned upgrade which will allow developers and LRT operators to construct their LRT with the aforementioned functionalities swiftly.

Experience the Future of Liquid Staking: Kintsu Testnet Launches Exclusively on May 13th

Press Releases

London, UK, May 10th, 2024, Chainwire

Kintsu, a leading innovator in the DeFi space, is thrilled to announce the launch of its highly anticipated Testnet on May 13th. This exclusive event invites a select group, including the Kintsu OGs, to pioneer a new era in liquid staking on the cutting-edge Aleph Zero blockchain.

Aleph Zero is a permissionless Layer-1 blockchain that combines a Proof of Stake (PoS) consensus mechanism with a Directed Acyclic Graph (DAG) for scalability, security, and efficiency. Its advanced privacy features include zero-knowledge proofs (ZK-SNARKs) and secure multi-party computation (sMPC) within the Liminal privacy layer.

About Kintsu

Kintsu aims to reshape the DeFi landscape with its next-generation liquid staking platform, empowering users to stake their assets while maintaining liquidity. By leveraging Aleph Zero’s state-of-the-art security and unparalleled transaction speeds, Kintsu provides unmatched flexibility and efficiency in liquid staking.

A recipient of the Aleph Zero Ecosystem Funding Program, Kintsu is recognized as a pioneer within the Aleph Zero, INK, and Substrate ecosystem. With a focus on decentralization, and security, Kintsu aims to redefine liquid staking, providing DeFi users with a efficient, scalable, liquid, and composable staking solution.

Key Features of the Kintsu Testnet

– Exclusive Early Access: A select group, including the Kintsu OGs, will have the opportunity to participate first, offering focused feedback to enhance the platform iteratively.

– Seamless Staking Process: Users can stake their tokens with ease and have them allocated among carefully selected validators for optimal security and efficiency.

– Innovative Unstaking and Batching Process: Unstaking requests are collected over a 48-hour period before being batched, followed by a standard 14-day unbonding period. Participants can cancel their requests until they are batched.

– Claimable Gas Rewards: Following the unbonding period, participants can claim gas rewards from the Liquid Staking Tokens (LSTs) initially escrowed.

– Comprehensive Wallet Support: Participants can utilize wallets like Aleph Zero Signer, Nightly, Subwallet, Talisman, and Polkadot{.js}.

Hats Finance Audit Competition:

Kintsu has partnered with Hats Finance, a decentralized cybersecurity network, to conduct an audit competition on the contracts that will be deployed on the Testnet. The competition features a bounty of $40,000, incentivizing ethical hackers and security experts to identify and report vulnerabilities. This initiative ensures that Kintsu’s contracts are thoroughly vetted before their mainnet launch, maintaining the highest security standards as Kintsu pioneers the future of liquid staking.

Participation and Feedback:

Kintsu invites its community to actively participate in the Testnet, exploring its innovative features and providing crucial feedback. This feedback will play a significant role in enhancing the platform’s user experience.

Connecting with the Kintsu Community

Users can stay updated on the latest developments and engage with other like-minded individuals by joining the Kintsu Discord community and following on Twitter. Insights and feedback from the community are crucial in shaping the future of DeFi.

Contact

Director of Growth
Alexios Konstantinidis
Kintsu
hello@kintsu.xyz

FTX Creditors Reject Amended Compensation Plan Citing Controversial Exculpatory Clause and Undervalued Bitcoin Payments

Bitcoin/Blockchain News/Crypto News Today

FTX’s recent amended proposal, which includes an exculpatory clause, has met with significant backlash from its creditors.

Released on May 7, the proposal is aimed at compensating the creditors, including a noteworthy figure of “billions in compensation.” However, the inclusion of an exculpatory clause has become a major point of contention.

This specific clause would absolve Sullivan & Cromwell (S&C), the law firm managing FTX’s bankruptcy, from any liability for damages incurred during the bankruptcy process.

S&C’s involvement in the company’s affairs, as it had previously served as outside counsel in various transactions, further complicates perceptions.

Sunil, a prominent FTX creditor and member of the FTX Customer Ad-Hoc Committee, which represents over 1,500 creditors, strongly criticized the clause.

He highlighted that the clause would prevent S&C from being held accountable for potential misdeeds including “selling FTX assets at 70% to 90% discounts to their own clients and insiders.”

On May 8, Sunil expressed his discontent on X, stating:

“S&C included an exculpation clause so they can not be held liable for misconduct — selling FTX assets at 70% to 90% discounts to their own clients and insiders (Ledger X, Galaxy), not restarting FTX 2.0, etc if we accept the plan.”

This controversy follows a lawsuit filed three months prior by top FTX creditors against S&C.

The lawsuit accused the firm of actively participating in FTX’s “multibillion-dollar fraud” and profiting from these misdeeds. A February 16 court document illuminated the allegations:

“S&C knew of FTX US and FTX Trading Ltd.’s omissions, untruthful and fraudulent conduct, and misappropriation of Class Members’ funds.

“Despite this knowledge, S&C stood to gain financially from the FTX Group’s misconduct and so agreed, at least impliedly, to assist that unlawful conduct for its own gain.”

The financial ties are further underlined by the fact that FTX owed S&C up to $1.45 billion in legal bankruptcy fees, a figure confirmed by compensation filings from December 2023.

The response from FTX’s creditors has been overwhelmingly negative, especially concerning the proposal’s payment plan.

While FTX debtors have suggested a compensation formula based on a depreciated Bitcoin valuation of $16,800, critics argue this is grossly unfair given Bitcoin’s price increase since FTX’s collapse.

BitGo CEO Mike Belshe commented on the matter in a May 8 X post:

“0% of FTX creditors agree that receiving $16800 for your bitcoin is fully compensated. I understand why the bankruptcy process needs to work this way but let’s not pretend victims are getting their money back or that FTX wasn’t as awful as it was.”

Given these circumstances, there’s a significant possibility that the amended plan will be rejected by the creditors, as further indicated by Rob, Paradex’s head of growth and a pseudonymous FTX creditor, who voiced his decision to reject the plan on May 8:

“Icing on the cake from the team that destroyed billions of potential value for FTX customers. This can’t be allowed. I’m voting NO on this plan.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Starknet Foundation Launches $5 Million Seed Grants Program to Boost Final-Stage Blockchain Projects

Blockchain News/Crypto News Today/DeFi

The Starknet Foundation recently unveiled a significant $5 million Seed Grants Program, designated in USDC, to propel the development of nascent projects on its network.

This initiative is set to provide vital financial backing to at least 200 emerging teams, each receiving $25,000.

The focus is on aiding projects in their final stages, helping them overcome the “last mile” challenge to successfully launch on Starknet.

Starknet operates as an Ethereum layer-2 scaling solution employing zero-knowledge rollup technology, which has been gaining traction among developers.

Diego Oliva, CEO of the Starknet Foundation, emphasized the rationale behind this substantial financial commitment.

He explained, “We’ve been listening carefully to devs [developers] and hearing about the main challenges they face.

“We are talking about people with amazing creativity and vision who need support with that ever-hard ‘last mile’ to get a project over the line and into production.

“So we responded with this program, which is intended, very directly and with minimal bureaucracy, to address this.”

This quote highlights the foundation’s strategic approach to foster a robust development environment and streamline project completion.

The program targets Starknet-associated projects that have already developed a minimum viable product (MVP) or proof-of-concept, which are considered ready for the next leap.

Oliva further stated, “In general, we want to reduce the barriers and burdens young teams face when considering starting a project.

We’re trying to clear the path to innovation,” reflecting the foundation’s commitment to reducing entry barriers for newcomers and catalyzing innovation within the blockchain ecosystem.

The rising interest in Starknet is evidenced by the growing number of developers engaging with its ecosystem.

According to Electric Capital’s 2023 Developer Report, the total monthly developers associated with Starknet surged to over 22,400 by December 2023, marking an increase of more than 113% since December 2020.

Blockchain gaming, in particular, stands out as a significant area of growth and application within the Starknet and broader blockchain environment.

Oliva commented on the exciting developments in this sector, stating, “Starknet is leading the way in fully on-chain gaming.

Key projects in this area include Realms, Influence, and Dojo.

This sector is growing fast, with more teams building on Starknet using the Dojo standard.

Gaming is important not just for gamers but for everyone because it’s demanding on the network, testing its capabilities and demonstrating its power.”

According to DappRadar, blockchain gaming accounts for 35% of the total decentralized application activity, attracting over 2.2 million daily unique active wallets, underscoring the substantial impact and potential of gaming on blockchain platforms.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Obligate to Utilize Lisk’s Layer 2 Network With New Deployment

Blockchain News

Lisk, a key player in the Layer 2 blockchain arena and part of the Optimism Superchain, has announced a strategic collaboration with Obligate, a Swiss-based on-chain capital markets platform known for its innovative financial services on the blockchain. This partnership marks a significant step for both entities as they leverage Lisk’s network to enhance decentralized financial services, particularly in emerging markets.

Obligate will operate on Lisk L2, which is celebrated for its high efficiency, speed, and scalability. This integration is underpinned by Ethereum within the Optimism Superchain framework, ensuring robust security and performance. The primary aim of this collaboration is to empower businesses in emerging markets by offering easier access to capital solutions through blockchain technology, thereby bypassing traditional banking hurdles like high interest rates and intermediaries.

Dominic Schwenter, CPO of Lisk, expressed his enthusiasm about the partnership, stating, “Lisk has consistently led the way in making blockchain technology accessible, focusing specifically on solving real-world problems in emerging markets. Integrating Obligate’s platform with Lisk not only promotes financial inclusion but also pioneers advanced solutions for real-world assets (RWA) and off-chain assets (OCA). This deployment is a crucial step towards our goal of introducing the next billion people to the Web3 ecosystem.”

Echoing Schwenter’s sentiments, Benedikt Schuppli, co-founder of Obligate, highlighted the synergy between Lisk L2’s capabilities and Obligate’s mission. “Lisk L2’s design to support real-world applications and assets aligns perfectly with Obligate’s mission to offer secure and regulated blockchain solutions. Our partnership will provide robust, efficient, and transparent financial options to the regions most in need, and we are eager to witness the positive impacts of our joint efforts.”

The deployment of Obligate on Lisk L2 holds particular significance for its potential to transform how businesses utilize real-world assets for funding. By streamlining the access to capital, Lisk L2 and Obligate aim to enable businesses to leverage their physical assets more effectively, fostering economic growth and stability in challenging markets.

This collaboration not only utilizes Lisk L2’s technological advantages, such as enhanced scalability and improved user experience, but also sets a precedent for adopting blockchain solutions in markets with diverse technological infrastructures.

Revolut Launches Revolut X: A New Crypto Trading Platform with Competitive Fees in the UK

Bitcoin/Blockchain News/Crypto News Today

Fintech giant and global neobank, Revolut, has strategically expanded into the cryptocurrency domain by launching a bespoke crypto trading platform, Revolut X, in the UK as announced on May 7.

This new initiative aims to attract a specific customer base and stands to compete with established cryptocurrency exchanges by ensuring minimal fees and simplified access, as detailed in a press release available to Cointelegraph.

Revolut X introduces straightforward processes for both depositing and withdrawing funds (“on-ramping” and “off-ramping”), facilitating the smooth transition between fiat currencies, such as the British pound, and various cryptocurrencies.

One of the key highlights of Revolut X is its fixed fee structure, which includes a 0% fee for market makers and a modest 0.09% fee for takers, regardless of the trade volume.

This pricing model is expected to offer a competitive edge over other trading platforms.

Leonid Bashlykov, Revolut’s head of crypto exchange product, expressed his enthusiasm about the new service, stating, “We understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform.”

He emphasized that Revolut X is poised to significantly impact the market for seasoned cryptocurrency traders.

At launch, Revolut X will support trading for over 100 cryptocurrencies, including major ones like Bitcoin, Ether, and XRP, with plans to expand this roster in the near future.

Bashlykov reassured users about the security and integrity of their holdings, noting that customers’ digital assets are held 1:1 and are not lent out, with the majority being securely stored in cold storage.

He explained, “The majority of these funds are also held in cold storage. Rigorous custodian due-diligence and constant risk monitoring mean that we can offer a market-leading solution to our customers.”

This venture into crypto trading follows a period of scaling back on crypto services in the UK and the US due to regulatory challenges.

Originally launched in 2015 in the UK for money transfers, Revolut has grown into one of the largest fintech entities in the country with over 40 million users globally.

It began its crypto services in 2017 but had to pull back in December 2023 in anticipation of new regulations from the Financial Conduct Authority, which aimed to enhance transparency and investor protection.

Despite these regulatory hurdles, Revolut X represents a renewed focus on cryptocurrency by Revolut, following the March 2024 debut of Revolut Ramp, a direct crypto purchasing service integrated with Web3 wallets in partnership with Consensys and MetaMask.

Bashlykov’s remarks underscore the company’s strategic timing and regulatory compliance focus, “It’s good timing, in the sense that we’re currently amid a bull market and seeing greater regulatory clarity now.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

How To Start Staking Polygon Today

Blockchain News

Are you looking to maximize the potential of your Polygon holdings? Stake Polygon using StakingFarm and take advantage of the benefits of decentralized finance (DeFi). StakingFarm offers a seamless platform for staking your Polygon, allowing you to earn rewards while contributing to the security and efficiency of blockchain networks.

By staking your Polygon through StakingFarm, you can participate in the growing trend of earning passive income in the crypto space. Whether you’re a seasoned investor or new to the world of cryptocurrency, staking Polygon on StakingFarm provides an opportunity to grow your holdings while supporting the broader blockchain ecosystem.

With StakingFarm’s user-friendly interface and robust security measures, staking Polygon has never been easier or more rewarding. Join the ranks of savvy crypto enthusiasts who are harnessing the power of DeFi to generate returns on their digital assets. Stake Polygon using StakingFarm today and unlock the full potential of your crypto portfolio.

Getting Started With Staking Polygon On StakingFarm

So you’re ready to dive into the world of staking Polygon on StakingFarm. Let’s walk through the essential steps to get you started on this exciting journey.

Enter StakingFarm

Before you can begin staking on StakingFarm, you need to head over to the StakingFarm website

Acquiring Polygon For Staking

Once your StakingFarm is set up, the next step is acquiring Polygon for staking. You can buy cryptocurrencies such as BTC, ETH, USDT, and BNB from reputable cryptocurrency exchanges like Coinbase, Binance, or Kraken, transfer the required staking amount to your StakeFarm wallet, and prepare for the staking process. Make sure you use a safe and trustworthy platform for all transactions.

Navigating The Staking Process On StakingFarm

Now that you have your account set up and Polygon ready for staking, it’s time to navigate the staking process on StakingFarm. Log in to your StakingFarm account and explore the staking section. Follow the on-screen instructions to select the amount of Polygon you wish to stake and confirm your staking preferences. Be sure to review all the terms and conditions before finalizing your staking decisions.
By following these steps, you’ll be well on your way to staking Polygon on StakingFarm and exploring the world of decentralized finance. Happy staking!

Understanding Staking & Its Importance In The Crypto Space

Cryptocurrency staking is a process where users participate in transaction validation on a blockchain network by locking up their coins. This helps secure the network and maintain its operations. Staking involves holding funds in a cryptocurrency wallet to support the network’s functionalities, such as achieving consensus and validating transactions.

What Is Staking In The Crypto World?

In the crypto world, staking plays a vital role in maintaining blockchain networks by incentivizing users to hold their coins and participate in network activities. By staking their cryptocurrency, users contribute to the security and efficiency of the network while earning rewards in the form of additional coins. This process is a way for investors to actively engage with the projects they support and earn passive income through their holdings.

The Benefits Of Staking For Crypto Investors

Staking offers several benefits to crypto investors, including the opportunity to earn rewards on their holdings without actively trading. By staking their coins, investors can secure the network, reduce supply volatility, and participate in governance decisions. Staking also provides a way to contribute to the decentralization of blockchain networks and support their long-term sustainability. Additionally, staking can offer higher returns compared to traditional savings accounts, making it an attractive option for those looking to grow their cryptocurrency holdings.

Why Stake Polygon Using StakingFarm?

StakingFarm is a platform that provides valuable insights and analytics for decentralized applications and blockchain projects. By staking Polygon using StakingFarm, investors can access data-driven information to make informed decisions about staking opportunities. StakingFarm offers transparency and visibility into staking rewards, performance metrics, and project updates, enabling users to maximize their staking potential while staying informed about the latest trends in the crypto space.

Earning Rewards & Maximizing Returns From Staking Polygon

Earning rewards through staking Polygon can be a lucrative venture for crypto enthusiasts. By understanding the reward mechanism on StakingFarm and implementing effective strategies, you can maximize your staking rewards and ensure a substantial return on your investment.

Invitation To Explore Crypto Staking With StakingFarm

Investors interested in diversifying their wealth management strategies with cryptocurrency are invited to explore the innovative solutions offered by StakingFarm. With its robust platform, personalized services, and commitment to client education, StakingFarm is ideally positioned to guide investors through the complexities of crypto investments and offer services as investment packages as mentioned below:

ETH Trial Plan: Ideal for beginners, this plan requires a minimal $50 investment and delivers daily rewards of $1.00, with no referral obligations.
Solana Plan: With a $100 investment, this 2-day staking opportunity in Solana generates $2.00 daily, plus a $5 referral bonus.
Polygon Plan: This 7-day staking option involves a $700 investment, rewarding users with $7.00 daily and a $35 referral bonus.
Cardano Plan: A 15-day commitment with a $1,500 investment, providing daily rewards of $16.50 and a $75 referral bonus.
Axelar Plan: Engage in a 15-day staking experience with a $3,000 investment, accruing $36.00 daily alongside a $150 referral bonus.
Ethereum Plan: The flagship 30-day plan involves a $6,000 investment and offers substantial daily earnings of $78.00 with a $300 referral bonus

“Join us at StakingFarm, and let us help you integrate the dynamic world of crypto into your investment strategy. Together, we can redefine the future of wealth management,” concluded Toci.

Strategies To Maximize Staking Rewards

Diversification: Consider staking your Polygon across multiple platforms to reduce risk and increase potential returns. Diversifying your staking portfolio can help you capitalize on varying rewards and market conditions.
Staking Period: Evaluate the optimal staking period based on your financial goals and risk tolerance. Longer staking periods often yield higher rewards but limit liquidity. Shorter staking periods offer flexibility but may result in lower overall returns.
Stay Informed: Keep abreast of market trends, platform updates, and regulatory changes that may impact your staking rewards. Staying informed allows you to make strategic decisions and adapt to evolving market conditions effectively.

By leveraging the reward mechanism on StakingFarm and implementing robust strategies, you can harness the full potential of staking Polygon to maximize your returns and achieve financial growth in the ever-evolving crypto landscape.

Security Measures and Risks To Consider In Staking Polygon

When staking Polygon , security plays a critical role in safeguarding your assets from potential risks. Here we delve into essential security measures and risks to be mindful of.

Ensuring The Security Of Your Staked Polygon

To ensure the safety of your staked Polygon, consider using a reputable and secure staking platform that has a proven track record of protecting user funds. Add an extra layer of security to your account with Multi-Factor Authentication (MFA) while enabling 2FA security. Update your device’s software regularly and enable encryption to protect against potential cyber threats. Additionally, consider storing partially staked Polygon offline in a hardware wallet for added security.

Potential Risks Involved In Staking Polygon

While staking Polygon can be lucrative, it is essential to be aware of the potential risks involved. One significant risk is smart contract vulnerabilities that could lead to fund loss. Hackers may target staking pools or platforms, exploiting weaknesses to compromise users’ funds. Market volatility is another risk to consider, as the value of Polygon can fluctuate, affecting the overall staking rewards. Stay informed about the latest security threats and market trends to mitigate risks effectively.
Incorporating these security measures and being aware of potential risks can help you navigate the staking landscape with confidence and safeguard your Polygon investments effectively.

Comparing StakingFarm’s Staking Features With Other Platforms

Are you considering staking Polygon and exploring different platforms to maximize your returns? Let’s delve into the key features of staking Polygon on StakingFarm and the distinctions between StakingFarm and its competitors.

Key Features of Staking Polygon on StakingFarm

When it comes to staking Polygon on StakingFarm, you gain access to a user-friendly platform that offers a seamless staking experience. StakingFarm provides clear visibility into staking rewards, making it easy for users to track their earnings. Additionally, StakingFarm’s staking process is known for its reliability and security measures, ensuring that your assets are well-protected while staked.

By staking Polygon on StakingFarm, users can benefit from competitive staking rewards and flexible staking options. Whether you’re a seasoned staker or new to the world of cryptocurrency, StakingFarm’s platform caters to a wide range of staking preferences, allowing users to customize their staking strategies based on their individual goals.

Points of Distinction Between StakingFarm and Competing Platforms

StakingFarm stands out from competing platforms in several key areas. One of the notable distinctions is StakingFarm’s emphasis on transparency and user-centric design. Unlike some other platforms, StakingFarm prioritizes providing users with detailed information about staking rewards, fees, and other relevant metrics, empowering users to make informed decisions about their staking activities.

Moreover, StakingFarm sets itself apart through its commitment to continuous innovation and platform enhancements. By regularly introducing new features and updates, StakingFarm ensures that users have access to cutting-edge staking tools and functionalities, keeping pace with the evolving landscape of cryptocurrency staking.

In conclusion, when comparing StakingFarm’s staking features with other platforms, it becomes evident that StakingFarm offers a compelling blend of user-friendly design, competitive rewards, and innovative solutions. Whether you’re looking to stake Polygon for the first time or seeking to optimize your staking portfolio, StakingFarm presents a robust option worth considering.

Future Trends and Market Outlook for Polygon Staking via StakingFarm

Cryptocurrency enthusiasts are keeping a close eye on the future trends and market outlook for Polygon staking, eager to understand the potential growth and developments in the staking ecosystem. Let’s delve into predictions on the growth of Polygon staking and explore StakingFarm’s pivotal role in shaping this dynamic landscape.

Predictions On The Growth Of Polygon Staking

As the cryptocurrency space continues to evolve, experts anticipate a significant surge in Polygon staking activities. With the increasing interest in passive income opportunities within the blockchain industry, more investors are expected to participate in staking Polygon ‘’to earn rewards and contribute to network security. This growth trajectory aligns with the broader trend of decentralized finance (DeFi) gaining momentum, attracting both seasoned traders and newcomers seeking to explore innovative financial instruments.

StakingFarm’s Role In Shaping The Future Of Staking Ecosystem

StakingFarm stands out as a leading platform that provides valuable insights and metrics on decentralized applications across various blockchains, including Ethereum and Binance Smart Chain. In the context of Polygon staking, StakingFarm plays a crucial role in offering users visibility into the performance and popularity of staking protocols, empowering them to make informed decisions based on real-time data and trends. By aggregating information on staking rewards, participation rates, and user activity, StakingFarm contributes to creating a transparent and efficient staking ecosystem that fosters trust and engagement among stakeholders.

By leveraging StakingFarm’s comprehensive analytics and monitoring tools, stakeholders in the Polygon staking space can navigate the evolving landscape with greater confidence and efficiency. As StakingFarm continues to innovate and expand its coverage of staking protocols and platforms, users can look forward to a more seamless and informed staking experience, driving broader adoption and sustainability in the staking ecosystem.

Bitcoin Struggles with Range Lows Amid Post-Halving Market Boredom

Bitcoin/Blockchain News/Crypto News Today

Bitcoin‘s price experienced a test of its range lows on May 8, with the cryptocurrency sector marked by a general sentiment of “boredom” following the recent halving event.

The price of Bitcoin (BTC) sagged towards $62,000 during the Asia session, as data from Cointelegraph Markets Pro and TradingView revealed.

This marked a retreat from a brief rebound that had seen BTC surpass $65,500 just days before, followed by a 5% retracement that entrenched it within a trading range established prior to the weekend.

The closing price for the day hovered around $62,300, positioning BTC/USD perilously close to forfeiting more of its recent gains.

According to J. A. Maartunn, a CryptoQuant analyst, “Any daily close below $62,100 or prolonged inactivity counts as a stop-loss,” highlighting the precarious position of the market.

Michaël van de Poppe, CEO of MNTrading, voiced his frustration over the stagnant market movement since the halving in mid-April, stating, “Bitcoin slowly proceeds towards the lower boundaries of the range for a test of support,” and added, “After that, it seems likely we’ll continue the upwards grind.

“Boredom has started since the Bitcoin halving took place.”

The commentary was mirrored by fellow trader Moustache, who remained optimistic about future prospects, noting that these movements are typical precursors to a more substantial rally.

“The last dips before $BTC starts the next leg imo,” he observed, likening the current patterns to those seen in 2017 and 2020.

“Concurrently, the exchange-traded fund (ETF) sector for cryptocurrencies experienced a mix of reactions.

Following the report of significant inflows exceeding $500 million in previous days, Bitcoin ETFs in the U.S. recorded a day of net outflows on May 7, totaling $15.7 million.

This was a stark contrast and highlighted the volatility and uncertainty prevailing in the market.

Furthermore, Grayscale, a major player in the space, retracted plans for an Ether futures ETF product, signaling potential shifts in strategic focus or market sentiment.

These developments illustrate the complex dynamics at play in the cryptocurrency markets, where investor sentiment can quickly shift, influenced by regulatory actions, market movements, or broader economic factors.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Former CFTC Chair Urges CBDCs and Stablecoins to Champion Privacy and Liberty

Blockchain News/Crypto News Today

The former CFTC chairman J. Christian Giancarlo, speaking at the FT Live Crypto and Digital Assets Summit, underscored the imperative for Central Bank Digital Currencies (CBDCs) and stablecoins to embody freedom and privacy in their design.

Giancarlo, who led the CFTC from 2014 to 2019, emphasized the crucial roles of privacy and resistance to censorship in the digital currency realm.

Drawing parallels to the inception of the internet, Giancarlo recalled how nations like the U.S. and the U.K. pioneered an era of information openness that mirrored democratic values.

He asserted, “The free world and free people must again work together to make sure that the future of digital value networks reflects similar standards of financial freedom and economic liberty that are suitable for human worth and dignity.”

Currently heading the Digital Dollar Project, Giancarlo critiqued American leadership for its somewhat antagonistic regulatory stance towards cryptocurrencies. He advocated for the establishment of robust standards that champion human liberty across both sovereign and non-sovereign digital currencies.

Highlighting the transformative impact of the internet on various sectors — such as Wikipedia’s revolution of information aggregation and Amazon’s overhaul of retail — Giancarlo likened these shifts to those occurring within financial services through blockchain and cryptocurrency innovations.

These technologies, he noted, have introduced enhanced efficiency, cost reductions, and new business m’}odels, fundamentally challenging traditional financial frameworks and intermediaries.

However, Giancarlo also posed a critical question about whether the emerging “internet of value” would promote or compromise economic liberty, referencing concerns about how dominant tech platforms have managed user data.

The adoption of CBDCs and public stablecoins is on the rise, as evidenced by significant global engagement; 134 countries, representing 98% of global GDP, are exploring CBDCs in 2024, a stark increase from 35% in 2020.

The transaction volume of stablecoins has soared to nearly match Visa’s settlement figures, and their market cap has escalated from $3 billion in 2019 to $138 billion in 2024.

Additionally, Bitcoin has outpaced the Swiss franc, ranking as the world’s 13th largest currency.

Giancarlo concluded by stressing the necessity for digital currencies to incorporate features that support individual privacy and guard against surveillance, ultimately serving the broader goals of financial inclusion and freedom.

He stated, “The public should be able to see for itself whether they’re being surveilled and whether they’re being manipulated.”

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

JPMorgan Onyx CEO Criticizes Public Blockchains for Large Transactions

Blockchain News/Crypto News Today

In a recent discussion at the BIS Innovation Summit on May 7, JPMorgan‘s Onyx blockchain-based payment platform CEO, Umar Farooq, highlighted the inadequacies of public blockchains for managing large transactions.

He stated, “I think you almost need something like [a Unified Ledger]. I mean, it’s actually almost a necessity because if you look at […] public blockchain ledgers, they are not fit for purpose for large transactions today.”

Farooq’s comments were in response to the Unified Ledger, a concept introduced by the Bank of International Settlements (BIS) aimed at facilitating central bank money flows, tokenized deposits, and digital assets on its network.

He elaborated on the risks associated with public blockchains, pointing out the lack of accountability in cases where substantial transactions fail.

“Who do I sue? […] You need to get somewhere where people can do trusted transactions between financial institutions with some sort of accountability in the system,” Farooq emphasized.

Despite criticizing public blockchains, Farooq leads a platform that operates as a private, permissioned version of Ethereum, the second-largest public blockchain.

This private chain variant allows for transaction reversals, differentiating it significantly from its public counterparts.

Additionally, Farooq critiqued the incentive structures of cryptocurrencies on public blockchains, which he believes are designed to increase user numbers and thus the price of the coins.

He suggested that blockchains should evolve to be seen more as a public good rather than mechanisms for financial gain: “We need to get to an evolution point where the technology starts to be seen as a public good versus as a means to enrich.”

In contrast to JPMorgan’s preference for private blockchain solutions, other traditional financial institutions seem to favor public blockchains for asset tokenization.

Celisa Morin, former vice president of platform distribution at Grayscale, indicated that entities like BlackRock are increasingly interested in public blockchains for these purposes.

Morin stated, “I think we see a preference for private chains with JPMorgan’s Onyx. But I do think that this was the narrative a few years back. Now, I think it’s very much the public blockchains.”

Highlighting the growth of public blockchain utilization, BlackRock’s $100 million tokenized “BUIDL” fund, launched on the Ethereum network on March 18, now holds over $382 million, making it the world’s largest tokenization fund, according to Dune data.

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