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JYDS Launches Revolutionary JYDS Bank: Pioneering Decentralized Banking for the Community

Vancouver, Canada, April 3rd, 2024, Chainwire

JYDS, the pioneering decentralized ecosystem built on the Solana blockchain, proudly introduces its latest innovation: JYDS Bank. As a transformative feature within the JYDS ecosystem, JYDS Bank is poised to revolutionize banking for the community of JunkYard Dogs Sol (JYDS), offering a suite of cutting-edge financial services tailored to the unique needs of its users.

Empowering Financial Freedom Through JYDS Bank

JYDS Bank represents a bold step forward in the evolution of decentralized finance (DeFi), empowering users with unprecedented control over their financial assets and decisions. Anchored in the principles of decentralization and community empowerment, JYDS Bank is designed to provide users with seamless access to a wide range of banking services within the JYDS ecosystem.

A Roadmap for Innovation and Growth

The launch of JYDS Bank marks the beginning of an exciting journey towards a more inclusive and accessible financial future. The platform’s roadmap outlines a strategic approach to delivering innovative features and functionalities across multiple phases.

In Phase 1, users can leverage JYDS Bank to stake $JYDS tokens and earn rewards, fostering active participation and engagement within the community. Additionally, the integration of AI ChatYard, powered by the latest open-source architecture, enables seamless communication and interaction among users, further enhancing the user experience.
Building upon the success of Phase 1, Phase 2 introduces advanced features such as farming and liquidity provision, enabling users the chance to maximize their earning potential and liquidity utilization. Moreover, the implementation of a decentralized autonomous organization (DAO) empowers token holders to actively participate in governance processes, ensuring that the JYDS ecosystem remains truly decentralized and community-driven.
As JYDS Bank continues to evolve, Phase 3 introduces groundbreaking innovations, including the JYDS DEX Aggregator. This DeFi aggregator unites the liquidity of decentralized exchanges into a single, comprehensive interface, providing users with access to the best prices across the Solana chain. Additionally, AI tools expansion, encompassing charting analytics and portfolio management, equips users with powerful insights and tools to optimize their financial strategies.

Joining the JYDS Revolution

With its commitment to innovation, decentralization, and community engagement, JYDS Bank represents a paradigm shift in the world of decentralized finance. Whether a user is a seasoned DeFi enthusiast or new to the world of blockchain technology, JYDS Bank offers something for everyone, providing a gateway to financial autonomy and empowerment.

To learn more about JYDS Bank and join the revolution in decentralized finance, users can visit https://jyds.tech/ and become part of a community that’s shaping the future of banking on the Solana blockchain.

About JunkYard Dogs Sol

JYDS is a decentralized ecosystem built on the Solana blockchain, empowering users with innovative solutions and cutting-edge technologies. With a commitment to decentralization and community empowerment, JYDS is pioneering the future of decentralized finance (DeFi), revolutionizing banking for the community of JunkYard Dogs Sol (JYDS).

Website | Twitter | Telegram

Disclaimer:

The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.

Contact

Norman Glitz
JYDS Coin
info@jyds.tech

Bitcoin Surges Past $71,000 Amid Legal Turmoil, Whales Shift as Bullish Sentiment Prevails

Bitcoin/Blockchain News/Crypto News Today

In the latest market update, Bitcoin‘s price trajectory aimed for higher levels during the week’s closing Wall Street session, showcasing the bullish sentiment undeterred by prevailing market uncertainties.

Tracking the Bitcoin (BTC) price movement, data from Cointelegraph Markets Pro and TradingView highlighted a significant rebound as the cryptocurrency crossed the $71,000 threshold.

This resurgence came after a tumultuous previous day marked by sharp fluctuations.

The volatility was primarily driven by the legal tussle between Coinbase, a major U.S. exchange, and the Securities and Exchange Commission (SEC), which saw Bitcoin dip below the crucial $69,000 support level.

Despite this, the market’s resilience was on display as buyers propelled a recovery, aiming to reclaim positions near record price levels.

Amid these dynamics, Skew, a recognized trader, cautioned followers about potential deceptive price movements, attributed to manipulative liquidity strategies.

Notably, a sudden influx and subsequent withdrawal of bid support in the $70,200 to $70,600 range on the Binance platform exemplified these tactics.

With Bitcoin’s all-time high still serving as a formidable resistance, trader Daan Crypto Trades speculated on the possibilities of price exploration beyond current records.

“Break all time high and low $80Ks should follow shortly afterwards I think,” he advised on X, pointing to immediate trendline support highlighted by the 200-period simple and exponential moving averages on 4-hour charts.

Further insights into the Bitcoin market dynamics were provided by Ki Young Ju, CEO of the on-chain analytics firm CryptoQuant.

His analysis shed light on a notable shift in ownership among Bitcoin’s largest holders.

According to Ki, long-established Bitcoin whales are distributing their holdings to new institutional investors, rather than to retail market participants.

This transition is underscored by the substantial daily acquisition of BTC by U.S. spot Bitcoin exchange-traded funds (ETFs), effectively reducing the circulating supply.

“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” Ki remarked, presenting on-chain data to support his observation.

He also linked these ownership changes to historical precedents of price rallies towards all-time highs, similar to those seen in the 2017 and 2021 bull markets.

Despite reaching new heights, mainstream interest in Bitcoin has seen a decline, a trend reported by Cointelegraph amidst the cryptocurrency’s breakthroughs.

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Crypto Phishing Scams Skyrocket: Base Platform Hit by 18-Fold Increase in Stolen Funds Amid Memecoin Craze

Blockchain News/Crypto News Today

In a stark demonstration of the escalating threat posed by phishing scams within the cryptocurrency sector, recent data has revealed a significant uptick in stolen funds on the Ethereum layer 2 solution, Base.

According to Scam Sniffer, a blockchain anti-scam platform, there was an alarming 18-fold increase in losses due to phishing in March compared to January.

The figures are staggering, with approximately $3.35 million reported stolen in March alone.

This marks a 334% surge from February, which saw losses of $773,900, and a shocking 1,880% increase from January’s $169,000, as per Dune Analytics data compiled by Scam Sniffer.

The issue isn’t isolated to Base; Binance’s BNB Smart Chain also experienced a surge in phishing scams during the same period, highlighting a broader vulnerability in the crypto ecosystem to such types of fraud.

The overall impact across all chains was profound, with $71.5 million lost to phishing scams from 77,529 victims, eclipsing the losses recorded in January and February, which stood at $58.3 million and $46.8 million, respectively.

Scam Sniffer identifies phishing links from fraudulent social media accounts as a predominant method of scamming, with over 1,500 incidents detected in March.

These scams are increasingly prevalent despite a notable decline in crypto hack thefts, which fell 48% to $187.2 million in March, as reported by blockchain security firm PeckShield.

Notably, of the total losses, $98.8 million was recovered, largely thanks to efforts surrounding the $97 million Munchibles exploit, with prominent cryptocurrency sleuth ZachXBT playing a key role in the recovery efforts.

The surge in phishing activities coincides with a memecoin craze on Base, significantly boosting its total value locked to over $3.2 billion, a 370% increase in 2024, according to L2Beat.

This growth occurs even as significant losses have been reported from smart contract exploits, including a $40 million loss from Curio’s MakerDAO-based contract and an $11.6 million hack of Prisma Finance, with ongoing negotiations for the return of the stolen funds.

This landscape underscores the complex challenges and risks present in the rapidly evolving crypto market.

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U.S. Authorities Move $2 Billion in Seized Silk Road Bitcoin to New Address in Major Transaction

Blockchain News/Crypto News Today

On April 2, blockchain data revealed a significant transaction involving $2 billion in Bitcoin previously confiscated by the U.S. government, linked to the infamous Silk Road marketplace.

Initially, a minor transaction of 0.001 BTC was sent from a wallet associated with the U.S. Justice Department to a Coinbase Prime address, likely a test move.

This was followed by a substantial transfer of 30,174 BTC to a new address. Internet investigators traced the origin of this large transaction back to a wallet holding Bitcoin seized from James Zhong.

Zhong, convicted in 2022 for illegally acquiring cryptocurrency from Silk Road, had amassed over 50,000 BTC through illicit means from the platform in 2012.

In a dramatic 2021 raid on Zhong’s residence, U.S. officials unearthed Bitcoin wallets hidden in unconventional places, including one ingeniously concealed within a popcorn tin under blankets.

The majority of these confiscated cryptocurrencies were then consolidated into the wallet that executed the April 2 transfer.

Prior to this transaction, in March 2023, the U.S. government disclosed the sale of approximately 9,861 BTC, obtained from Zhong, for over $215 million.

This sale reduced the holdings from the seizure to about 40,000 BTC. The movement of funds coincided with a significant drop in Bitcoin’s value, which fell over 7% to $65,475 at the time of the report.

Silk Road, a marketplace operational over a decade ago, was notorious for facilitating the sale of illegal goods such as drugs, weapons, and stolen credit card data.

Ross Ulbricht, the mastermind behind Silk Road, was apprehended by U.S. law enforcement in 2013 and is currently serving two life sentences without parole.

The recent transaction underscores ongoing efforts by authorities to manage and liquidate assets tied to digital crime, illustrating the complex intersection of cryptocurrency and law enforcement.

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Unified Liquidity Platform Range Protocol Unveils Skate: The First Universal Application Layer Powering Apps to Run on All Chains With One State

Press Releases

Singapore, Singapore, April 3rd, 2024, Chainwire

Skate is backed by leading founders in web3, including EigenLayer, Polygon, Manta, Axelar, Pendle, A41 and Galxe, supporting its vision to make web3 efficient for a modular future by solving application fragmentation

Range Protocol, a unified liquidity provisioning platform, today announced the launch of Skate, the universal application layer that empowers apps to run on thousands of chains with one state.

Designed with an intent-centric approach, Skate aims to efficiently address the application fragmentations as a single hub for all code deployment across all chains. Backed by leading web3 players, including EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A41, Vertex, Navi, Galxe, Pontem and more, Skate will deliver its vision with faster finality and universal application scope, paving the way for its mainnet launch within the year.

In today’s multi-chain landscape, applications face pressing needs to deploy, adapt and maintain across an increasing number of chains. Skate introduces the concept of a Universal Application Scope, where essential applications are developed collectively and maintained in a shared pool accessible to all chains — regardless of its underlying Virtual Machine environment. With Skate, users and developers are able to efficiently and instantly access thousands of chains by interacting with one application instance.

Siddharth Lalwani, Co-Founder and CEO of Range Protocol shared, “The rise of modularity powered innovations such as improved throughput and reduced transaction costs. However, it also came with its own set of challenges, most notably, application fragmentation. Skate introduces the concept of the Universal Application Layer, where essential applications are developed collectively, and maintained in a shared pool accessible to all chains. This ensures foundational needs of builders and users are met efficiently, allowing each chain to focus on creating value-added services and laying the building blocks for a modular future.”

Move from Duplication to Innovation: One Skate, One State

Skate is the only intent-centric application layer in the ecosystem, enabling applications to run across thousands of chains and different tech stacks at the same time through a single interface. Moving past duplication of deployments, Skate works as a hub for deploying, developing and maintaining a singular version of smart contracts while servicing users across diverse chains.

One of the key innovations of Skate is the embedding of interoperability within the application logic, reversing the legacy approach of building apps first and integrating interoperability afterwards. Skate ensures that all applications are created with interoperability as a foundational component, streamlining the development process and removing the necessity to bridge assets, but also significantly enhances the user experience by providing a fluid, interconnected ecosystem where transactions and information flow effortlessly between chains.

Aside from the underlying interoperability networks, Skate will be connected to all the blockchains through Fast Finality Network, secured by EigenLayer actively validated service (AVS), to send state attestations from Skate with sufficient trust minimized assumptions. This brings instantaneous cross-chain intent-driven settlements and reduces slippage when making trades while removing unnecessary complexities from an end-user perspective.

Securing the Modular Future, Backed by Web3 Pioneers

The launch of Skate is supported by buy-ins from leading web3 players, including EigenLayer, Polygon, Manta, Axelar, Biconomy, Pendle, A41, Vertex, Navi, Galxe, Pontem and more. Forged by the same team of financial engineers and web3 developers behind Range Protocol, a unified liquidity provisioning platform covering key DeFi asset classes, the Skate team brings deep cumulative experience from leading companies like Altonomy, Point72, Bybit, Certik and Citigroup. Skate’s launch also follows Range Protocol’s $3.75M seed round last year, led by HashKey Capital and Nomad Capital. In the coming months, Skate aims to introduce Testnet Campaigns to community members with unique incentives. To keep up to date on Skate and its upcoming testnet campaigns, make sure you follow their Twitter: https://twitter.com/skate_chain.

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Siddharth Lalwani, Co-Founder and CEO of Range Protocol is available for interview.

About Range Protocol and Skate

Underpinned by robust on-chain trading infrastructure, Range Protocol is a unified liquidity provisioning platform. Harnessing advanced expertise and professional strategies, Range Protocol covers key DeFi asset classes through its vault offerings. Combining the best of automated market makers (AMMs) and request-for-quote (RFQ), Range Protocol empowers sound decision-making and optimized strategies for the next generation of investors — with no intermediaries needed.

Forged by a team of financial engineers and web3 developers with extensive crypto trading proficiencies, Range Protocol brings deep experience from leading companies like Altonomy, Point72, Bybit, Certik and Citigroup. Its most recent $3.75M seed round was led by HashKey Capital and Nomad Capital.

Range now expands into Skate, the universal application layer that empowers apps to run on 1000s of chains with one state. Skate was born with the realization of the limitations of the legacy on-chain trading infrastructure, which deploys repetitive blocks on every new chain. Underpinned by innovation, Skate delivers fast finality across all chains, secured by EigenLayer actively validated service (AVS), and acts as a single hub for all code deployments. Separating assets from pricing, Skate introduces the concept of a Universal Application Scope, where essential applications are developed collectively and maintained in a shared pool accessible to all chains — regardless of its underlying Virtual Machine environment. Solving for dApp/chain-liquidity fragmentation in a modular web3 landscape, Skate ensures foundational needs are met efficiently, allowing each chain to focus on creating unique, value-added services.

For more information, please visit:

Website: http://skatechain.org/

Twitter/X: https://twitter.com/skate_chain

Contact

Skate / Range Protocol
range@wachsman.com

Ethena Labs Airdrop Dispenses $450 Million in Tokens, Largest Shareholder Nets Nearly $2 Million

Blockchain News/Crypto News Today/DeFi

On April 2, Ethena Labs executed a significant airdrop event, dispensing $450 million in ENA tokens across various eligible wallets.

Notably, the largest share of this airdrop was captured by a single wallet, identified as 0xb56, which received a staggering 3.3 million Ethena tokens.

This allocation was valued at approximately $1.96 million, as per analysis from Arkham Intelligence.

This distribution was part of a broader initiative by Ethena Labs, detailed in an April 2 X post, which saw the complete allocation of a 5% $ENA share to claim smart contracts, with the team highlighting, “The full 5% of $ENA has already been distributed to the claim smart contracts.

“The core contributors will be working around the clock to support with any questions on the claimable $ENA.”

This generous airdrop was quickly followed by the listing of the Ethena token for trading on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, starting from 8:00 am UTC.

Despite this expansion, the Ethena token experienced a decline, falling over 15% within 24 hours to a trading price of $0.5824.

Currently, ENA ranks as the 110th-largest cryptocurrency, boasting a market capitalization of $836 million, according to CoinMarketCap.

Earlier achievements of Ethena Labs include the launch of the USDe synthetic dollar on the public mainnet on February 19.

This move positioned it as the top-earning decentralized application (DApp) by March 8, offering an impressive 67% annual percentage yield (APY).

The yield has since adjusted to 35.4%, benefiting over 123,000 users and securing a total value locked (TVL) of $1.6 billion.

The USDe market cap has witnessed significant growth, rising 1.9% in the last week and 135% over the past month to reach $1.58 billion, per DefiLlama.

Additionally, the Ethena token was recently featured for farming on Binance’s launch pool.

However, the ecosystem faced challenges, notably on March 29, when a counterfeit ENA token led to a $290,000 exploit in BNB.

This incident, initially misattributed to the authentic Ethena token by PeckShield, a security firm, underscored the vulnerabilities within the crypto space, though the real Ethena token remained uncompromised.

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BNB Chain Unveils $1 Million Incentive for Memecoin Developers to Fuel Crypto Innovation

Blockchain News/Crypto News Today/DeFi

In an effort to capitalize on the burgeoning interest in meme tokens within the cryptocurrency market, BNB Chain, a leading smart contract blockchain, has launched a unique initiative to lure memecoin developers.

The blockchain has announced a funding pool of up to $1 million, specifically earmarked to incentivize developers who choose to build their memecoin projects on its network.

This initiative is part of BNB Chain’s broader strategy to stimulate the expansion of the memecoin sector on its platform.

The company conveyed through a statement to Cointelegraph its ambition to bolster the memecoin ecosystem’s growth, underscoring its commitment to fostering innovation in this niche.

Developers keen on leveraging this opportunity are invited to participate in the “Meme Innovation Campaign” set by BNB Chain.

This campaign, running from April 10 to May 9, is designed to encourage the deployment of memecoin projects on the network.

BNB Chain emphasizes the campaign’s role in bridging creativity, Web3 culture, and innovation, encouraging both experienced developers and newcomers to explore the potential of blockchain technology in realizing their creative ideas.

However, the competition stipulates several challenging criteria that participants must meet.

A notable requirement is achieving a minimum trading volume of $2 billion for memecoins to be eligible for the lowest tier of rewards, with a $30 billion trading volume threshold set for the top prize of $1 million.

Other prerequisites include undergoing at least one security audit and making the project code publicly available on BscScan, along with a requirement for the project to have more than 1,000 new tokenholders and an active presence on social media platforms such as Telegram and Discord.

The move by BNB Chain comes against the backdrop of a significant uptick in the popularity of meme-focused tokens in the crypto realm, with the total market capitalization of these tokens reaching $70 billion on April 1.

This surge was fueled by the rise of new tokens like Dogwifihat (WIF) and Book of Meme (BOME), alongside gains in established meme tokens such as Pepe and Bonk (BONK).

BNB Chain is not alone in its quest to support memecoin development; other blockchain networks, including the Avalanche Foundation, have also introduced initiatives to foster the growth of memecoins, offering substantial rewards to liquidity providers for selected memecoin projects.

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Crypto.com Set to Launch Trading App in South Korea, Expanding Access to Over 150 Cryptocurrencies and NFTs

Blockchain News/Crypto News Today

Crypto.com, a leading centralized cryptocurrency exchange, is poised to expand its reach by launching its cryptocurrency trading application in South Korea on April 29.

The move signifies a strategic expansion for the company, granting South Korean retail investors access to a diverse portfolio of over 150 cryptocurrencies and nonfungible tokens (NFTs) through the Crypto.com app.

Eric Anziani, the president and CEO of Crypto.com, emphasized the importance of the South Korean market in the company’s growth strategy.

In an announcement made on April 2, Anziani lauded the progressive stance of South Korean regulators towards the cryptocurrency sector and expressed enthusiasm for future collaborations aimed at fostering industry growth responsibly.

The transition to the new platform marks the end of services for crypto exchange OK-Bit, which Crypto.com acquired in 2022.

From April 29, OK-Bit will cease its operations, coinciding with the launch of Crypto.com’s app.

This move is tailored exclusively towards retail investors, reflecting the regulatory landscape in South Korea where institutions have been prohibited from investing in cryptocurrencies since 2017.

Furthermore, due to the non-recognition of cryptocurrencies as financial assets by the country’s financial regulators, institutions are also barred from engaging in crypto-related exchange-traded funds.

The launch is a crucial component of Crypto.com’s broader strategy to cement its presence in key global markets, including North America, Western Europe, the United Kingdom, and Asia.

The company has been laying the groundwork for its expansion in South Korea since at least 2022, securing necessary registrations under the Electronic Financial Transaction Act and as a virtual asset service provider.

However, this expansion occurs amidst increasing regulatory scrutiny in South Korea.

The Financial Intelligence Unit (FIU) of South Korea has announced stricter regulatory measures for crypto exchanges, including the potential expulsion of platforms considered unsuitable for the market.

These measures are part of a broader effort to enhance screening procedures in the crypto sector and to prevent the entry of unfit exchanges into the economy.

Additionally, a proposed amendment by South Korea’s Financial Services Commission (FSC) could further tighten controls, requiring new crypto firm executives to secure regulatory approval prior to assuming their roles, a move that underscores the evolving and increasingly regulated landscape of cryptocurrency trading in South Korea.

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

BitVM-Based Bitlayer, a Leading Bitcoin L2, Nets $5M in Funding, Unveils $50M ‘Ready Player One’ Program

Press Releases

Singapore, Singapore, April 3rd, 2024, Chainwire

Bitlayer Labs, the first Bitcoin Layer 2 solution based on BitVM, announced a seed round of $5M led by Framework Ventures and ABCDE Capital, participation by StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital and many more. The announcement comes as Bitlayer prepares the launch of its open-incentive program Ready Player One, inviting developers worldwide to augment, enhance, and build on the protocol.

Bitlayer Labs, the developer of Bitcoin Layer 2 protocol Bitlayer, announced today the close of a $5 million seed funding round at an $80 million valuation, driving a vision to become the computation layer of Bitcoin.

Investors & Ecosystem Partners

Blockchain-based venture firms Framework Ventures and ABCDE Capital led the round, with participation from StarkWare, OKX Ventures, Alliance DAO, UTXO Management, Asymmetric Capital, Kenetic Capital, Kestrel, Global Coin Research, Pivot Global, and Web3Port. Many other incredible investors added value to the seed round.

Prominent angel investors including Messari CEO Ryan Selkis, Messari co-founder Dan McArdle, Asymmetric Capital founder Dan Held, Hacken CEO Dyma, Sky Mavis CEO Trung and CTO Andy, and Kyber Network founder Loi Luu, among others, joined in capitalizing the round.

Bitlayer’s seed round was delivered soaring value-add support from ecosystem partners including Hacken, AWS Cloud, Ankr, Polyhedra, Babylon, Particle Network, Meson, Nubit, BitSmiley, TokenPocket, Xverse, Flash Protocol, Umoja.xyz, RunesTerminal, and more.

The Bitlayer Network

Bitlayer is the first Bitcoin Layer 2 network based on BitVM, offering Bitcoin-equivalent security and Turing completeness. The protocol aims to build a more scalable and interconnected Bitcoin ecosystem.

The securing of new capital pushes Bitlayer’s lead in paving the way for more Bitcoin Layer 2 use cases, a race that will propel Bitcoin to prevail over other blockchains in size, scalability, and security. The fund will also enable Bitlayer to grow its team by hiring across business development and engineering faculties to support global expansion efforts.

Investment firms are increasingly optimistic about the Bitcoin ecosystem as Bitlayer is rapidly gaining prominence, capturing the industry’s attention.

Investor Remarks

Roy Learner, partner at Framework Ventures, spoke on the augmentation of Bitlayer with BitVM: “We are excited to back Bitlayer as they launch the first Bitcoin Layer 2 network based on BitVM. Looking at the trade-off space, BitVM struck us as the most practical approach to bring scalability and expressiveness into the BTC ecosystem without sacrificing security. With over $1T of global wealth looking to productively utilize their BTC, Bitlayer opens up the design space to introduce novel DeFi use cases and applications. Led by a team of OGs, we’ve been impressed by Kevin and Charlie’s blend of deep technical background and rich crypto experience and are excited to partner with them as they deliver on their vision of making Bitcoin a more productive asset.”

Qiao Wang, co-founder of Alliance DAO, emphasized the future of Bitlayer and Bitcoin L2s in the emerging era: “I spent the vast majority of my intellectual, social, and financial capital in the Ethereum ecosystem in the last decade, but deep down I’ve always been a Bitcoiner. The possibility to enhance Bitcoin’s expressiveness and scalability via L2s such as Bitlayer is the most exciting moment in the history of Bitcoin. That is because there’s over $1T of wealth stored on Bitcoin, and the holders would want to do something productive with it. Greater expressiveness and scalability enable this. Bitlayer is one of the most experienced, passionate, and technically capable teams to tackle this problem.”

In the midst of building Bitlayer, co-founder Charlie Hu shared his thoughts on the protocol’s milestone: “This support signifies investors’ and builders’ trust in Bitlayer and the team, and demonstrates a robust backing for the Bitcoin ecosystem and the future of Bitcoin DeFi at large.”

Bitlayer ventures into the future of Bitcoin with newly supplied capital, anticipating a rush of development activity and investor interest in the Bitcoin Layer 2 space.

“Bitlayer is dedicated to bringing super scalability into the Bitcoin ecosystem, with hundreds of millions of potential users as an addressable market,” said Kevin He, co-founder of Bitlayer. “We’ve created the best, easiest-to-use scalability product in order to give users better fee rates and faster actions, all based on Bitcoin’s security foundation.”

With the approach of the Bitcoin halving event, the need for a robust Bitcoin ecosystem becomes more important than ever. Bitlayer’s exacting design and rigorous security auditing in preparation for public mainnet launch primes the protocol for a flourishing builder ecosystem. Mainnet launches on April 5th, with more milestones arriving soon on the project’s development pipeline.

Ready Player One– Ecosystem Incentive Program

To accelerate ecosystem development and incentivize projects to deploy on the Bitlayer mainnet, Bitlayer is launching a series of ecosystem incentive programs– starting with the first event, Ready Player One.

The campaign is an open incentive program designed to distribute token rewards valued at over $50M to protocols and teams that deploy to the Bitlayer mainnet and demonstrate exceptional performance. Bitlayer’s growth is accelerating, urging strong projects to join its ecosystem to grow the protocol in exponential ways.

Bitlayer commits to providing comprehensive ecosystem support for all projects, offering the following resources to builders:

Potential investment from the foundation and institutions
Initial liquidity support
Comprehensive product development resources
Mentorship and pitch opportunities from top-tier incubators
Support from the Bitcoin community and OGs
Ecosystem collaboration and co-creation

Users can find the full article here for more information.

About Bitlayer

Bitlayer is the first Bitcoin Layer 2 network based on BitVM, offering Bitcoin-equivalent security and Turing-completeness. Bitlayer is committed to becoming the computation layer for Bitcoin. It introduces ultra-scalability and inherits Bitcoin’s L1 security, providing users with high throughput and a low-cost transaction experience.

Contact

Digital Marketing Manager
Sky Harris
Bitlayer
skyler@bitlayer.org

Tether Acquires $618 Million in Bitcoin, Becomes Seventh-Largest Holder Amid Rising Institutional Interest

Blockchain News/Crypto News Today/DeFi

Tether, the entity behind the Tether stablecoin, has significantly increased its Bitcoin holdings, purchasing 8,888 Bitcoin valued at $618 million on March 31.

This move boosts Tether’s Bitcoin portfolio to 75,354 units, acquired at an average price of $30,305 each, now valuing approximately $5.2 billion.

This acquisition reflects a substantial unrealized profit of over 128%, amounting to $2.94 billion, as per CoinStats data.

This strategic investment aligns with a period marked by growing institutional interest in Bitcoin, spurred by the U.S. approval of spot Bitcoin exchange-traded funds and the anticipation of the Bitcoin halving event.

The latter is expected to slash the block supply issuance by half in just 19 days.

As a result of its latest acquisition, Tether has ascended to the position of the seventh-largest Bitcoin holder globally, trailing behind Binance’s cold wallet—the largest with more than 248,597 Bitcoin, worth $17.31 billion.

Tether announced its intent to allocate 15% of its net profits towards Bitcoin investments, aiming to diversify the assets backing its stablecoin.

This announcement came shortly after Tether’s USDT reached a milestone $100 billion market cap on March 4, reflecting a 9% growth since the beginning of the year.

The crypto market observed a minor dip with Bitcoin’s price decreasing by 1.23% in the 24 hours leading to 8:45 am UTC, settling at $69,523.

However, Bitcoin has consistently maintained its position above the $69,000 mark since March 25, even amidst significant market events like the largest quarterly options expiry on March 29.

Analysts suggest that Bitcoin’s resilience in flipping its previous all-time high of $69,000 into support indicates the end of the pre-halving correction period.

According to Rekt Capital, a well-known crypto analyst, “Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.”

The anticipation around the halving event is high, with Bitcoin setting new all-time highs before such events, an unprecedented occurrence in its history.

Despite its robust price performance, experts like Basile Maire, co-founder of D8X decentralized exchange, believe that the halving’s impact is not yet fully accounted for in Bitcoin’s current valuation.

Furthermore, Bitcoin’s achievement of closing seven consecutive monthly green candles marks a historic first, underscoring the cryptocurrency’s strong momentum.

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