cryptocurrency
EigenLayer announces AVS rewards, EIGEN programmatic incentives
Published
5 months agoon
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adminThe EigenLayer Foundation has announced an upcoming rewards program that will reward stakers and operators for securing Actively Validated Services.
According to details in a blog post, the Ethereum (ETH) restaking protocol is also introducing a new incentive program that will offer 4% of the EigenLayer (EIGEN) total supply.
EigenLayer Foundation announces rewards-boost program
EigenLayer links different restaking protocols, and stakers and operators help secure AVSs by restaking their ETH. In return, they receive staking rewards.
When the new initiatives launch, it will be the first time the stakers and node operators get token-based rewards directly from AVSs via the EigenLayer protocol.
Meanwhile, 4% of the supply will be shared with recipients through “rewards boost” distributions as part of the new EIGEN programmatic incentives program.
In this case, stakers and operators will receive rewards proportional to AVSs’ distribution. What it means is that the more AVSs a network participant supports, the more tokens the EigenLayer Foundation will distribute to them.
“The goal of this design is to incentivize AVSs to begin distributing rewards to stakers and operators early, to benefit from and obtain a larger share of the early EIGEN programmatic incentives,” the blog post read.
Program to also benefit new AVSs
EigenLayer plans to support even AVSs that may not yet have the capacity to distribute rewards on the first day. Stakers and operators supporting such AVSs will still receive small distributions of EIGEN.
The ‘rewards floor’ will be available outside the main rewards boost to allow every genuine AVS to allocate some rewards to its stakers and operators. EigenLayer says this should encourage new actively validated services to join the EigenLayer ecosystem.
AVS rewards will launch in the coming weeks, while programmatic incentives are scheduled for the coming months.
EigenLaye, which launched its contracts to the mainnet in June last year, has seen over 4.8 million ETH and more than 108 million EIGEN restaked. There are 16 launched AVSs and over 300 operators.
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Bitcoin
Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC
Published
7 hours agoon
December 23, 2024By
adminTokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.
Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.
According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.
The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).
The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.
Metaplanet buys dip
The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.
Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.
Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.
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Blockchain
Horizen spikes 60% to lead gainers as BTC, ETH bounce
Published
3 days agoon
December 20, 2024By
adminHorizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels.
On Dec. 20, as Bitcoin (BTC) traded to above $97k and Ethereum (ETH) bulls pushed above $3,400, the price of Horizen (ZEN) surged to highs of $26.34. The cryptocurrency, which rallied sharply following a recent Grayscale Investments announcement, reached a multi-year high and ranked among the top gainers in the 500 largest cryptocurrencies by market cap.
ZEN traded at lows of $14.55 on Dec. 19. However, despite the broader crypto crash and the staggering $1.4 billion liquidations, the altcoin’s price hovered above $26 in early trading during the U.S. trading session.
According to crypto.news price data, Horizen recorded a 24-hour trading volume of over $397 million, with its market cap exceeding $407 million. These metrics reflected increases of 294% and 62%, respectively, in the past 24 hours. While ZEN has surged nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021.
If the broader crypto market continues to rebound, ZEN bulls may aim for March 2022 highs near $50.
The positive momentum has benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors.
Earlier this month, Horizen’s native token underwent its final halving, which came as the project geared for a key change in its tokenomics. ZEN will not see any further halvings as the new network mechanism enables a declining emission rate.
That’s because Horizen, is shifting from the proof of work mining model that mirrored Bitcoin’s halving cycle to a new proof of stake mechanism in 2025. Horizen’s last halving occurred on Dec. 12, 2024.
New tokenomics for Horizen will come into effect in the first half of 2025.
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Binance
Binance Futures updates leverage and margin tiers for multiple USDⓈ-M perpetual contracts
Published
4 days agoon
December 19, 2024By
adminBinance’s updated leverage and margin tiers offer improved trading options for select trading pairs, bringing both potential rewards and risks for crypto traders.
The leverage and margin levels for USDⓈ-M perpetual contracts, including DAR, ME, CAKE, IOTA, LPT, ONE, and ZEN, will be updated by Binance Futures today, with effect from 08:15 UTC on Dec. 19, 2024.
USDⓈ-M stands for USD-Margined Futures, a type of cryptocurrency futures contract offered on platforms like Binance. It refers to stablecoins such as USDT (Tether) or BUSD (BUSD), which are pegged to the US dollar. These contracts are settled in these stablecoins, rather than traditional fiat currency or the underlying crypto asset.
Depending on the contract and position size, the revised leverage tiers will vary from 1x to 75x, enabling traders to fully benefit from their leveraged positions in the crypto market.
Leveraged positions of traders will be impacted by the new maintenance margin rates, which range from 1.00% to 50.00%.
Margin is the total amount of collateral needed to open and sustain a trading position, whereas leverage is the borrowing of funds to increase the size of a position. The possible return increases with leverage, but the chance of loss also goes up.
By adjusting the margin and leverage tiers, Binance Futures continues to give traders more choices to control risk and profit from volatile crypto market movements.
Traders must keep themselves updated with Binance Future trading rules and exercise risk management, particularly when working with high-leverage instruments over several contracts and margin holdings.
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