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US Government Makes First AAVE Transaction In 8 Months

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5 hours ago

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The US government has ignited a selloff scare for AAVE after initiating its first transaction for the token in 8 months. According to data insights from Arkham Intelligence, the US Government transaction features a total of $5.4 million.

Is the US Government Earning With Aave?

Per the data shared, the funds were originally secured from the Bitfinex Hacker as marked by Arkham Intelligence. However, the exact transactions remains partly unclear considering the funds are paid out in USDC.

According to comments from the community, one explanation for this is that the US government locked up the funds on Aave. Based on this, it started earning interest as a liquidity provider on the Decentralized Finance (DeFi) lending platform.

This is a developing story, please check back for updates!!!

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Solana Anatoly Yakovenko To Model Ethereum Execution Layer

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30 mins ago

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October 24, 2024

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Solana co-founder Anatoly Yakovenko has rained accolade on a crucial infrastructure pioneered by Ethereum, despite the visible rivalry between both protocols. Taking to his official X account, the Solana founder said he likes the Ethereum Design and vision.

Can Solana Learn From Ethereum?

The design of most blockchain protocol is often to correct some flaws of existing rivals. The same holds for the underlying chains behing ETH and SOL. Many in the crypto ecosystem consider Solana a major Ethereum-killer considering its speed and lower cost.

In order to regain its dominance, Ethereum has evolved with a number of Layer-2 protocols, powered by a functional execution layer. As Yakovenko noted, if asked to build an alternative to Bitcoin, he said “ethereum settlement layer focused design is what I would steer the engineering towards.”

This comes off as a very high praise for the SOL innovator, emphasizing how Ethereum can accommodate many execution environments. Ethereum pioneered the smart contract revolution and has continued to innovate since then. Soon, the ETH Pectra upgrade will launch, further empowering the mainnet and associated Layer-2 solutions.

To the Solana co-founder, establishing a main protocol that can accommodate enough blob can help in achieving the ultimate goal of serving users. He believe there should be no engineering blockers, or technical discouragement to design what he is envisioning.

Riding on this, he said he would encourage changes that can make the protocol pursue the innovation he just described.

Building a Thriving Ecosystem Beyond Memecoins

When people talk about Solana nowadays, what comes to mind is mostly memecoins. Though Ethereum also have these memecoins, Yakovenko revealed the difference between both recently. Amid this, the former protocol has recorded many milestones with the aid of its memecoin explosion but Yakovenko said he wants more.

In his X post, he said as a personal project, he wants to “steer solana towards synchronizing information around the world to as many subscribers as possible as fast as physics allow.”

While network congestion and outages are temporary setbacks, Yakovenko said these do not matter to him as he plans to achieve these goals one way or another.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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GOAT Price Extends Weekly Gains To 200% On Binance Futures Listing, Is $1 Next?

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9 hours ago

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October 24, 2024

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The recent hot buzz of the crypto town, Goatseus Maximus (GOAT), once again garnered substantial investor attention as it secured a vital listing on Thursday. Notably, Binance launched a perpetual contract for the Truth_Terminal-backed token, pushing GOAT price to extend weekly gains by over 200%. Meanwhile, the coin’s intraday gains totaled 20% in tandem with the listing announcement.

Crypto market enthusiasts speculate whether the recently launched crypto could sustain a bull run to $1 in light of its futures listing on one of the top crypto exchanges.

GOAT Bags Binance Futures Listing Reverberating Market Optimism

According to an official Binance announcement dated October 24, the futures trading arm of the firm is listing GOATUSDT USD-Margined perpetual contract today at 13:30 UTC. Traders on the platform can enjoy up to 75x leverage when trading the asset. This mover by the crypto trading platform comes primarily to expand the list of trading choices offered to users.

The underlying asset for the perpetual contract remains Goatseus Maximus, the Truth-Terminal-backed token. Further, the ticker size for the asset is 0.0001, per the listing announcement. Simultaneously, the capped funding rate was set at +2.00% / -2.00% by the exchange. Besides, the announcement also clarified that the perpetual contract remains poised to face potential changes ahead based on market risk conditions.

Nevertheless, the listing appears to have set off bullish waves for the crypto across the broader market, as seen by recent market stats. Notably, the leading crypto exchange, Crypto.com, also listed Goatseus Maximus previously, pouring optimism over the asset’s future prospects.

GOAT Price Soars 20%

Overall, aligning with its recent listing chronicles on leading crypto exchanges, the token currently surfs bullish tides in the market. At press time, GOAT price surged nearly 20% over the past day and is sitting at $0.7947. The token extended weekly gains to over 200%, per CoinMarketCap data. Further, the coin’s intraday low and high were registered as $0.5992 and $0.8821, respectively. Traders also reacted bullishly to the listing announcement as the coin’s intraday trading volume soared 57% to $437.28 million.

Meanwhile, Coinglass data indicated a 201.87% upswing in Goatseus Maximus futures OI to $29.02 million today. Moreover, even the derivatives volume for the token rocketed 808% to $239.53 million. This data pointed out that the Truth_Terminal-backed token is currently on an uptrend.

Simultaneously, past listings by Binance and their impact on a token’s price bring additional optimism toward the coin’s future price movements. Notably, Simon’s Cat price extended gains to over 60% to date since October 21 in light of CAT futures listing on the exchange. This phenomenon sparks optimism over GOAT price gains lying ahead, with a potential $1 target not far away. Also, it’s noteworthy that BitMEX founder Arthur Hayes anticipated the token to gain 10x ahead, adding to optimism on future movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BlackRock Bitcoin ETF Hits New Milestone After Larry Fink’s Statement

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15 hours ago

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October 24, 2024

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The BlackRock Bitcoin ETF (IBIT) has been single-handedly driving the most inflows in the US BTC ETF market. On Wednesday, IBIT recorded another day of $300 million in inflows thereby taking the total inflows since inception to more than $23.5 billion. But what’s driving these inflows in IBIT to such an extent? Earlier this month, BlackRock chief Larry Fink explained that “liquidity and transparency” are the keep drivers of Bitcoin.

BlackRock Bitcoin ETF Steals the Limelight

On Wednesday, October 23, the net inflows into spot Bitcoin ETF stood at $192 million per the data from Farside Investors. BlackRock’s IBIT alone contributed to more than $300 million in inflows scooping more than 4,500 Bitcoins in a single day. This is ten times the daily Bitcoin production of 450 BTC.

With this, BlackRock’s IBIT is increasing its lead significantly over other players in this domain. Samara Cohen, the head of the ETF division at BlackRock, stated that seeing the pent-up demand for Bitcoin across the global market, the asset manager decided to launch this product earlier this year.

Speaking at the Permissionless Conference in Utah earlier this week, Cohen said that BlackRock saw a better way to access Bitcoin. “It was for the ETF wrapper,” she told CNBC. Within just 10 months of launch, the total market cap of Bitcoin ETFs has crossed $63 billion. Speaking on IBIT’s success, ETF Store President Nate Geraci said:

“Degen retail has now ape’d nearly $2bil into IBIT over past 2 weeks… Nearly 10mos after launch. $23.5bil into a new ETF in 10mos is mind-boggling. Literally any ETF issuer would sign up for this in a heartbeat”.

13F filings, which provide quarterly updates on equity positions held by large investors, reveal that 80% of buyers of the new spot Bitcoin products in the U.S. are direct investors. Cohen told CNBC that 75% of these direct investors had never previously owned an iShare, one of the world’s most prominent ETF providers.

BlackRock also said that they are now working to educate ETF investors about Bitcoin and crypto. “ETFs have been a decentralizing force in TradFi markets that have brought a lot more access and transparency, and importantly, really accelerated in growth during the post-crisis 2008, 2009 period,” said Cohen.

Larry Fink on BTC Adoption

Earlier this month, BlackRock CEO Larry Fink stated that Bitcoin’s adoption is not the function of regulation but rather a function of “liquidity and transparency”. When asked about what impact would the upcoming US elections have on Bitcoin, he said:

“I’m not sure if either president would make a difference. I truly don’t believe it’s a function of regulation. It’s a function of liquidity [and] transparency.”

Crypto donations in this US elections have already topped $190 million. As a result, crypto has taken center-stage these elections by both sides – Donald Trump and Kamala Harris – willing to sway crypto voters.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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