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Ethereum Researcher Justin Drake Quits EigenLayer Advisory Role

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2 days ago

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Less 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.”

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.

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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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PONKE Price Skyrockets 19% On Binance Support, What’s Next?

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4 hours ago

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November 4, 2024

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The Solana meme coin Ponke (PONKE) saw its price soar by 19% following Binance’s announcement of a USDⓈ-Margined PONKEUSDT Perpetual Contract. Set to launch on November 4, 2024, this contract offers users up to 75x leverage, signaling increased opportunities for traders and heightened optimism among PONKE supporters.

PONKE Price Rockets Amid Major Binance Support

According to Binance’s official announcement, the PONKEUSDT perpetual contract will go live on November 4 at 12:30 UTC, providing traders with 75x leverage and 24/7 trading. Key features include a tick size of 0.00001 and a capped funding rate of ±2.00%, with funding fees settled every four hours. Binance’s Multi-Assets Mode further allows users to utilize BTC as collateral, offering flexibility in margin trading. However, the exchange may adjust contract specifications, such as funding fees, leverage, and tick size, based on evolving market conditions, ensuring the asset aligns with market risk levels.

PONKE, built on Solana, benefits from the blockchain’s high-speed and low-cost transactions, catering to online traders and gaming enthusiasts. The coin’s community-driven design, distinct tokenomics, and accessibility through major exchanges contribute to its market appeal. Its #ponkyarmy community is particularly active, with governance roles and a dedicated social media presence that drive further engagement and growth.

Will The Rally Sustain?

Following the Binance listing news, PONKE’s price surged by 19%, currently trading at $0.49, with a 24-hour low of $0.43 and a high of $0.56. Its trading volume climbed to $77 million in the last 24 hours, indicating heightened interest. PONKE, with a market cap of $274 million, continues to capture the attention of meme coin enthusiasts. Besides, recent Coinglass data also highlights increased open interest for PONKE, signaling optimism for further gains.

PONKE Price Skyrockets 19% On Binance Support, What's Next?PONKE Price Skyrockets 19% On Binance Support, What's Next?

Launched in late 2023 with a total supply of 555 million tokens, PONKE has already achieved an all-time high of $0.70 four months ago. Its deflationary burn mechanism and community-driven features have positioned PONKE uniquely within the Solana ecosystem, drawing both meme coin fans and investors seeking growth in Solana-based assets.

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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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Ethereum Price Is Surging, Will It Hit $6,000?

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8 hours ago

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November 4, 2024

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All eyes are currently on the world’s largest altcoin Ethereum (ETH) as it strongly defends the crucial support levels of $2,400. The Ethereum price reversed its trajectory shooting past $2,500 over the weekend with analysts stating that ETH has taken the perfect support and is gearing up for a nearly 2.5x rally to $6,000 ahead.

Ethereum Price Rally to $6,000 Ahead?

Crypto analyst Ali Martinez identified an attractive risk-to-reward setup for Ethereum (ETH) while suggesting a promising long position for the altcoin. Martinez disclosed his trade approach, noting that he’s placed a stop-loss below $1,880 while setting an ambitious price target of $6,000. Martinez believes that the current Ethereum price structure provides a compelling opportunity for investors looking to capitalize on the altcoin’s potential upward momentum in the near term.

However, for the ETH price to confirm a rally to $6,000, it first needs to clear the crucial resistance of $2,680. Breaking past this sloping trendline can give bulls the upper hand.

While Ethereum has been underperforming Bitcoin for a very long period of time, institutions continue to remain bullish on the altcoin. Last week, Swiss banking giant UBS rolled out its first Ethereum-based tokenized investment fund unit in Singapore.

At one end, the Bitcoin dominance has climbed to 60.5% while the Ethereum dominance has slipped to 13%, down from 18% earlier this year.

It will be interesting to see how further will the Ethereum price continue to lag behind Bitcoin, or reverse the trajectory and begin the altseason soon. Last week, legendary trader Peter Brandt predicted the ETH price crash to $1,550 levels.

Is Ethereum the Next Amazon?

A research analyst at crypto asset manager 21Shares believes that Ethereum’s potential remains largely untapped while comparing the blockchain to the Amazon of the early 1990s. Leena ElDeeb, Research Analyst at 21Shares, said: Ethereum is “complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases”.

Federico Brokate, vice president and head of the US business unit at 21Shares, stated that Amazon started just as a small online bookstore. However, it later transitioned into becoming a global e-commerce conglomerate and a cloud computing giant.

Similarly, Ethereum had a humble beginning in 2015 as a blockchain network supporting smart contracts. However, it now supports decentralized finance (DeFi) applications worth more than $140 billion. Brokate said:

“Just as Amazon evolved beyond books to redefine entire industries, Ethereum may also surprise us with revolutionary use cases that we can’t fully envision today.”

Although ETH’s market cap of $320 billion represents just 6.25% of Amazon’s $2 trillion valuation, Brokate highlights a significant advantage for Ethereum compared to Amazon in the 1990s. This includes the extensive pool of talent dedicated to enhancing the network’s utility. “Amazon has grown to employ over 1.5 million people worldwide — growth we may see paralleled in the Ethereum ecosystem,” he added.

Even though the Ethereum price has been testing investors’ patience currently, it could bounce back to new highs once it comes out of the bearish grip. ElDeeb said that the inflows into spot Ethereum ETFs will also continue to rise as the ETH price gains strong bullish momentum.

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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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MAS Push To Pioneer Commercialization of Asset Tokenization

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11 hours ago

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November 4, 2024

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The Monetary Authority of Singapore (MAS) on Monday said it plans to deepen support for asset tokenization, pushing to lead in commercial networks. Singapore’s central bank to enhance liquidity and adoption of tokenization in financial services. This will boost cryptocurrencies and crypto projects involved in the tokenization of assets.

MAS to Boost Asset Tokenization

Monetary Authority of Singapore has announced plans to grow tokenization in financial services, as per an official press release by the central bank on November 4.

The central banks said it will focus on forming commercial networks, developing market infrastructures, fostering industry frameworks, and enabling settlement facility to push asset tokenization. Notably, MAS has already convened over 40 financial institutions, industry associations, and international policymakers across seven countries under Project Guardian.

MAS will boost liquidity and adoption across primary and secondary markets for tokenized asset transactions. Banks such as Citi, HSBC, Schroders, Standard Chartered and UOB have formed the Guardian Wholesale Network industry group to form commercial networks.

“By connecting a broader set of participants’ products and services across multiple currencies and assets, greater improvements in capital raising, secondary trading, asset servicing and settlement of tokenised assets may be realised.”

The Global Layer One (GL1) will provide digital infrastructure ecosystem to facilitate seamless cross border transactions. BNY, Citi, J.P. Morgan, MUFG and Societe Generale-FORGE have been leading efforts to define the business, governance, risk, legal, and technology requirements of the GL1 Platform.

The other set of industry participants, including Euroclear and HSBC are focusing on digital asset securities control principles.

Two Industry Frameworks Developed by Project Guardian Today

Project Guardian industry group members published two industry frameworks today. These will help in the acceptance and implementation of asset tokenization in the financial industry.

Interestingly, the MAS has opted for common settlement assets including Singapore dollar wholesale CBDC for market testing purposes. DBS, OCBC, Standard Chartered, and UOB are participating in use cases such as payments and securities settlement.

Crypto Projects Boosting Tokenization of Real World Assets

Meanwhile, the top RWA crypto projects are rapidly expanding to connect decentralized finance with traditional finance. Crypto tokens that benefit from the commercialization of asset tokenization include Ondo Finance, Mantra, Pendle, and others.

Recently, Ripple collaborated with crypto exchange Archax to boost XRP Ledger in becoming a leader in real world assets (RWA) tokenization. Ripple allocated $10 million to mint US Treasury bulls on the XRPLedger in support of the initiative. Open Eden boasts $90 million in total valued locked (TVL) tokenized US T-bills spread across Ethereum, Arbitrum, and XRPL.

In October, Aurum Equity Partners launched a $1 billion in tokenized equity and debt fund on the XRP Ledger. This is being heavily promoted as the “world’s first combined equity and debt tokenized fund.”

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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