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Cardano founder Charles Hoskinson Has Change of Heart for Bitcoin, Here’s Why
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1 week agoon
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adminCardano founder Charles Hoskinson recently had a change of heart about Bitcoin and believes that the BTC DeFi market will be bigger than the Solana and Ethereum markets in the future. His recent comments come nearly two months after Hoskinson said that “we don’t necessary need Bitcoin” and “I don’t see how Bitcoin survives”. But what’s causing this change of heart for Hoskinson? Probably, it’s the recent integration of the Cardano blockchain with the BTC blockchain.
Cardano founder Charles Hoskinson Turns Bullish on Bitcoin
In a groundbreaking integration a day before, the Cardano blockchain joined the Bitcoin network as a BitcoinOS Grail bridge. This move will open the decentralized finance (DeFi) market for the world’s largest asset class.
Following this development, Hoskinson said that he would re-launch the Bitcoin Education Project in 2025. Additionally, he plans to introduce Aiken education for BTC developers with key resources hosted on GitHub’s Hyperledger Identus repository.
Furthermore, Charles Hoskinson shared that with the implementation of Babel fees, BTC developers will be able to create hybrid Cardano-Bitcoin applications using Aiken and pay transaction fees in Bitcoin.
The Cardano founder said that this marks the beginning of DeFi on Bitcoin, and believes that it could surpass the achievements of both Solana and Ethereum in the future.
From BTC Bashing to Praising
Two months before, the Cardano founder created a major uproar in the crypto industry while criticizing BTC’s role in the industry. In a video that surfaced on social media, Hoskinson said that the crypto sector no longer needs BTC. Interestingly, he also believes that Cardano can flip Bitcoin and Ethereum in the long run.
“Bitcoin needs the industry to survive… But the industry doesn’t need Bitcoin anymore. I just don’t see how that survives. It’s a religion, its not an ecosystem. So no, we don’t necessary need Bitcoin,” he said.
However, what Hoskinson was particularly pointing out is that BTC needs to adapt to change, or else it could lose the first-movers advantage. Now that Bitcoin is taking a move further towards DeFi, Hoskinson seems to be excited again about the BTC ecosystem growth.
The Cardano founder has been also sharing his opinion on the recent political developments in the US. Earlier this week, he slammed Kamala Harris for calling Donald Trump Hitler.
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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Ethereum Researcher Justin Drake Quits EigenLayer Advisory Role
Published
1 hour agoon
November 2, 2024By
adminLess than six months after disclosing his advisory role at EigenLayer, Ethereum Foundation Justin Drake has decided to relinquish the same position. This comes amidst backlash from members of the crypto community who raised concerns of a conflict of interest.
No EigenLayer (EIGEN) Token Vested
In recent time, it turns out that there may be deep divisions within the Ethereum community. This confusion involve some of its most prominent figures. Most of them are concerned about the industry’s still-developing norms concerning conflicts of interest.
Justin Drake claimed that he negotiated the role in good faith. Unfortunately, many have found it difficult to reconcile the EigenLayer position with his responsibility at Ethereum.
Drake also apologized to the community and his colleagues at the Ethereum Foundation. “In hindsight it was a bad move for me to make,” he added. Drake also confirmed that his advisorship got terminated even before any of his EIGEN tokens had been vested.
“Going forward I will turn down all advisorships, angel investments, and security councils,” Drake said on X. “This personal policy goes above and beyond the recent EF-wide conflict of interest policy, not because that was asked of me but because I want to signal commitment to neutrality.”
TLDR: I dropped the EigenLayer advisorship, left the ultra sound team, and made other changes to double down on neutrality and focus on L1 research and coordination.
In September I let go of the EigenFoundation advisorship. I want to apologise to the Ethereum community and EF…
— Justin Ðrake 🦇🔊 (@drakefjustin) November 2, 2024
Controversy About Justin Drake and Conflict of Interest
Dankrad Feist, an Ethereum Foundation researcher, has joined Drake to tender their resignation from EigenLayer. Both developers have worked with the cryptocurrency project for a few years. EigenLayer serves as a platform where crypto applications can “borrow” Ethereum’s security. It harnesses a novel concept known as “restaking.”
In May, Drake and Feist disclosed an advisory role at Eigen Foundation, a pivot which came with a corresponding token allocation. However, the atmosphere became heated after discussions about potential conflicts of interest between EigenLayer and his employer, the Ethereum Foundation, arose. At the time, core devs and researchers at the organization were consistently taking advisory roles with other projects.
While the public voiced their concerns about the supposed double-mindedness, Ethereum co-founder Vitalik Buterin took to X to say he was proud that Ethereum did not have a culture of preventing people from speaking their minds. He highlighted that even negative opinions regarding the protocol or its ecosystem were allowed to be said.
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.
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-based GRASS Token Rallies 125% In Three Days of Launch, Here’s Why
Published
7 hours agoon
November 2, 2024By
adminSolana-based decentralized physical infrastructure network (DePIN) Project Grass has been gaining massive traction recently with the GRASS token airdrop happening earlier this week on October 28. the governance token GRASS has gained massive traction with a staggering 125% happening just over the past three days.
What’s Behind the GRASS Price Rally?
As of press time, the GRASS price is trading 60% up at $1.82 with its market cap soaring to $450 million and daily trading volumes shooting past $400 million and is among the trending cryptocurrencies for this week. Interestingly, the GRASS token airdrop earlier this week turned out to be the largest within the Solana ecosystem with nearly 1.5 million addresses claiming the governance token.
Prior to this, the popular decentralized exchange Jupiter held the record for the largest Solana airdrop with nearly 639,000 users claiming the tokens. During the initial distribution of the GRASS token on Monday, October 28, it led to an outage on Solana’s largest wallet Phantom.
Over 2.8 million wallets are eligible to receive GRASS tokens, the governance token for the Solana-based DePin project, as they connected within the required timeframe.
One of the major reasons behind this current GRASS price rally has been the growing expectation of listing on Tier-1 exchanges. On the other hand, the futures open interest for the governance token per the Coinglass data has surged by 73% to $90.33 million. Also, the daily trading volume for GRAS futures has surged by 146% to $1.30 billion.
More Understanding About the Solana-based DePIN Project
Grass is one of its one-of-a-kind DePIN projects featuring an open internet-scale web crawl that scrapes and validates data to train AI bots. Millions of users have already downloaded its browser extension and mobile app that collects and cleans the website data while receiving GRASS tokens as rewards. Andrej Radonjic, CEO of Wynd Labs, a core contributor to Grass, said:
“Historically, your bandwidth has been stolen from you by companies that pay developers to sneak software into your free apps. They then turn around and allow F500’s and AI companies to use your device to scrape valuable web data. Today marks the first time ever that users are receiving network ownership for sharing their bandwidth. This bucks a 20+ year trend in an industry that has been reliant on extractive incentive structures”.
The GRASS token will also serve for staking on the protocol, enabling “web traffic flow through the network” and covering bandwidth costs.
Strong Market Momentum Supporting the GRASS Token Rally
Driven by several market shifts, the GRASS token has experienced impressive growth over recent days. Some of the supporting factors for this rally include:
- Rising Bullish TGEs: Token Generation Events (TGEs) are regaining popularity, showing a robust market interest.
- Utility Over Memes: Investor focus is shifting from meme coins to utility tokens, with GRASS capturing significant attention.
- DePIN Sector Dominance: DePIN remains a leading vertical, underscoring the market’s sustained interest in decentralized physical infrastructure.
- Evolving Tokenomics: The trend of low-float, high-FDV models is pivoting towards larger initial unlocks—25% in the case of GRASS—a strategy that has proven effective.
- High Volume Without Binance: Despite not being listed on Binance, GRASS hit nearly $500 million in volume, indicating strong demand.
- Valuation Strategy: Initially pegged at a $600 million valuation, the decision to start lower and allow community gains has paid off, boosting momentum.
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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BlackRock Bitcoin ETF Inflows Hit Speedbreaker As US Election Odds Shift
Published
10 hours agoon
November 2, 2024By
adminOn Friday, the total inflows into US spot Bitcoin ETFs finally hit a speedbreaker as the dynamic of the US elections shifted just three days before the results. Kamala Harris seems to be taking the lead in some of the swing states while Donald Trump continues to lead in others. All of the nine BTC ETFs yesterday, saw net outflows of $55 million with the BlackRock Bitcoin ETF (IBIT) seeing zero inflows for the first time in nearly a month.
BlackRock Bitcoin ETF Inflows Hit Speedbreaker
This week, except Friday, BlackRock’s IBIT led the most inflows contributing nearly around $2.2 billion so far. It has been single-handedly dominating the BTC ETF inflows in the last month of October.
However, on Friday, the spot Bitcoin ETF inflows hit a speedbreaker with $54.9 million in outflows. Fidelity reported $25.6 million in outflows, followed by ARK with $24.1 million, per Farside Investors data. On the other hand, the BlackRock Bitcoin ETF registered zero inflows for the first time in the past several trading sessions. This signals a possible pause in the demand after record-breaking contributions.
The spot Bitcoin ETFs have seen significant inflows and now hold more than 5% of the total BTC supply, surpassing 1 million Bitcoin holdings. Interestingly, BlackRock’s IBIT alone holds 2% of the total supply.
💥BREAKING: Yesterday the Spot #Bitcoin ETF saw $54.94 MILLION outflow! pic.twitter.com/kUEF6icGf6
— Crypto Rover (@rovercrc) November 2, 2024
Furthermore, Friday’s outflows coincide with a shift in the US election dynamics as Kamala Harris once again gains ground in the swing states. Thus, investors could be taking a wait-and-watch approach moving ahead.
Is Donald Trump Losing Ground?
As per the Polymarket data, the odds of Doland Trump victory slipped 4.5 percentage points on Friday, with his overall winning prediction now at 58.1% while Kamala Harris has gained the same amount moving to 41.9%.
As a result, the broader crypto market has paused waiting for some clear indications for the further move. After moving all the way to $73,000 earlier this week, the Bitcoin price has once again dropped under $70,000 as of October closing.
Popular crypto analyst Ki Young Ju noted that ETF flows would be crucial for Bitcoin to gain further highs. He wrote:
“Stablecoins alone can’t provide enough buy-side liquidity for Bitcoin. The BTC-to-stablecoin ratio is 6.05, meaning BTC reserves are six times higher than stablecoins, similar to the last ATH. ETF flows and Coinbase USD liquidity will be crucial for the next few months”.
Apart from Bitcoin, altcoins have also been under a bit of selling pressure with the Ethereum (ETH) price slipping to $2,500 as bulls fail to gain enough traction.
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.
Source link
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