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XRP Ledger Rolls Out Two Major Upgrades, Will It Impact RLUSD?

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3 hours ago

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The XRP Ledger (XRPL) has revealed two major updates, just after implementing another amendment recently, which have caught the eyes of the investors. Notably, this comes as anticipation is soaring over the potential launch of Ripple stablecoin RLUSD. Now, with Ripple’s continued development on the XRPL, speculation rises on how these upgrades might affect the stablecoin’s functionality and broader ecosystem.

XRP Ledger Implements Two Major Upgrades

According to XRPScan report, XRP Ledger implemented two major upgrades “fixEmptyDID” and “fixPreviousTxnID” on Friday, fueling market interests. Both these upgrades were backed by 31 validators, crossing the 28/35 threshold for the implementation.

The former upgrade primarily aims to stop the creation of empty DID ledger entries, which have previously taken up valuable space without offering any benefit. With this change, any transaction attempting to create such entries will show an error. Notably, this amendment is expected to improve the ledger efficacy without disrupting the existing process.

On the other hand, the latter upgrade focuses on enhancing transaction tracking. This would aid in tracing the history of ledger modifications by adding PreviousTxnID and PreviousTxnLgrSequence fields. Prior to the upgrade, some ledger entries lacked these critical fields, which made it tough to track the transaction history.

Meanwhile, both of these improvements streamline operations on XRPL and optimize the blockchain’s ability to manage data, paving the way for more complex applications in the future.

Will It Impact Ripple Stablecoin RLUSD?

Ripple has already started beta-testing its stablecoin on both XRPL and Ethereum networks. Recently, Ripple has issued two batches of its stablecoin with each having 485 RLUSD. Having said that, the attention is shifting to how these latest XRP Ledger upgrades might impact the stablecoin’s operation.

Meanwhile, Ripple President Monica Long has also confirmed that the launch of RLUSD is set for this year if it receives US approval. Besides, the stablecoin has also gained notable traction as it is expected to serve more areas as compared to Ripple’s native crypto XRP.

Long also said that DEXs on XRPL could benefit from the stablecoin’s efficacy, while XRP would be used for smaller crypto transactions. These comments suggest that the recent XRPL updates may strengthen the ecosystem for both RLUSD and XRP, offering greater functionality and flexibility across multiple applications.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Bitget Wallet Launches OmniConnect Dev Kit, Bridging A Billion Telegram Users to Multichain Web3 Ecosystem

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12 hours ago

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September 27, 2024

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Bitget Wallet has officially launched OmniConnect, a groundbreaking software development kit (SDK) designed to enhance the integration of Telegram Mini-Apps with multichain ecosystems. This innovative tool allows developers to connect their applications to over 500 blockchains, including major networks like Solana and EVM-compatible chains, enabling seamless transaction signing and execution across multiple platforms. This launch is poised to transform Telegram, which boasts over a billion users, into a robust gateway for Web3 interactions.

Bitget Wallet Bridges Telegram and Web3

The introduction of OmniConnect represents a significant advancement in the synergy between Web3 and Telegram. Previously, Telegram Mini-Apps were limited to interactions within the TON network, restricting their utility. With OmniConnect, developers can now leverage Bitget Wallet to facilitate transactions across various blockchain networks, thereby broadening the scope of applications available to users. This move aligns with Bitget Wallet’s mission to onboard a billion users from social platforms into the Web3 ecosystem.

Alvin Kan, COO of Bitget Wallet, emphasized the importance of this development: “Previously, Telegram Mini-Apps could only interact with the TON network, making it difficult to engage with other public chains. Bitget Wallet’s OmniConnect aims to bridge this gap.” The integration not only simplifies user interactions but also enhances the overall experience for developers looking to create innovative applications that tap into the growing Web3 landscape.

Bitget Wallet’s Growing Presence and Expansion of Developer Opportunities

Bitget Wallet has already established a strong presence within the Telegram ecosystem by partnering with notable projects such as Tomarket and Catizen. These collaborations have allowed Bitget Wallet to offer unique features like trading bots for Telegram and multi-chain trading capabilities without gas fees on TON DApps. The wallet’s popularity is evident, with nearly 2 million downloads recorded in August 2024 alone, making it one of the most downloaded wallets globally.

As part of its broader strategy, Bitget Wallet aims to empower developers and enhance the Mini-App ecosystem on Telegram. Future initiatives are expected to further deepen this integration, providing additional tools and resources for developers while expanding access for users. With over 30 million global users, Bitget Wallet continues to innovate by offering features like its MPC keyless wallet for secure logins through familiar methods such as email and Google accounts.

Developers interested in utilizing OmniConnect can find detailed instructions and documentation at Bitget’s official developer portal. This resource will guide them through integrating their Mini-Apps with Bitget Wallet, ensuring a smooth transition into the multichain environment.

In addition to OmniConnect, Bitget Wallet is committed to driving mass adoption of Web3 technologies by simplifying access through its all-in-one platform. The wallet integrates various functionalities including trading directly within the app and connecting social features with multi-chain ecosystems. Kan stated, “Our goal is to be the gateway for mass Web3 adoption, making it easy for even non-Web3 users to access DeFi and blockchain games.”

The launch of OmniConnect not only enhances the capabilities of Telegram Mini-Apps but also marks a pivotal moment in bridging traditional social media platforms with decentralized technologies. As more developers leverage this SDK, users can expect a richer array of applications that facilitate easier access to Web3 services.

Conclusion

Bitget Wallet’s OmniConnect SDKis poised to transform the way Telegram users engage with blockchain technology. Bitget Wallet is making great progress towards establishing a welcoming and user-friendly Web3 environment by enabling smooth connection between different chains and boosting developer functionalities. As this ecosystem develops further, it will surely bring in more users with traditional backgrounds into the realm of decentralized finance and more.

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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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Bitcoin Price Hits $65K Since August, Will BTC Reach $80K in Uptober?

Published

16 hours ago

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September 27, 2024

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The Bitcoin price has hit $65,000 for the first time since early August, thanks to several recent developments that provide a bullish outlook for the flagship crypto. These developments are also why there is the belief that this BTC rally can extend, with its price rising to $80,000 in Uptober, a term used to describe Bitcoin’s bullish nature in October.

Bitcoin Price Can Reach $80,000 In Uptober

Several factors support the Bitcoin price reaching $80,000 in October. One is the macro side, which has provided a major boost for the crypto market, with investors again allocating a significant amount of their capital to risk assets. These macro developments began with the US Fed rate cuts last week when the Federal Reserve cut interest rates by 50 basis points (bps).

This week, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. CoinGape reported that that move was bullish for BTC, noting that the Bitcoin price targets $100,000 following China’s stimulus package and its crypto trade with Russia.

Meanwhile, the latest US GDP data and jobless claims showed that the US economy is healthy, supporting the Fed’s move to cut interest rates by two more 25 bps this year. These world governments will continue adopting monetary easing policies to boost their economies.

In line with this, more liquidity will flow into the BTC ecosystem in October. A Coingape report states that this market liquidity will aid Bitcoin’s surge, which is one of the reasons why its price is likely to keep rallying in October. 

From A Historical And Technical Perspective

From a historical and technical perspective, the Bitcoin price also looks poised to rally to $80,000. Coinglass data shows that October has been one of the most profitable months for BTC in the last eight years.

For context, the flagship crypto has only recorded monthly losses once in October over this period. Moreover, Bitcoin’s gains in October have been double digits. The only time the crypto recorded a single-digit gain was in 2022 when it closed the month with a 5% gain.

In his recent analysis, crypto analyst Jelle suggested that Bitcoin can reach $80,000 in October. The analyst noted that the market structure is now bullish, considering that BTC has breached the $65,000 resistance level. The analyst’s accompanying chart showed that $80,000 was the price target as the flagship crypto continues its uptrend.

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Market Volatility Ahead Of October

A lot could still happen between now and Uptober, with the Bitcoin price gearing up for heavy market volatility. CoinGape reported that 89,027 Bitcoin options will expire today, with a notional value of $5.8 billion. The put-call ratio is $0.64, which suggests a bullish sentiment ahead.

The US Core PCE inflation data is also set to be released today by 1:30 p.m. UTC. This could also spark a lot of volatility for the BTC price. The current forecast is that the PCE price index rose by 0.2% in August.

For now, $65,000 remains the key level that Bitcoin bulls must defend if the BTC rally is to extend. Crypto analyst Ali Martinez revealed that 57.77% of Binance users with open positions are currently shorting BTC. This is also something to watch out for, although Bitcoin is currently on course to record its most profitable September ever, having surged by over 10% this month.

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At the time of writing, the BTC price is at around $65,400, up over 2% in the last 24 hours. Trading volume is up over 57%, with $39 billion traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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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Shiba Inu FOMO Kicks In With 23% SHIB Price Surge, What’s Next?

Published

20 hours ago

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September 27, 2024

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The world’s second-largest meme coin Shiba Inu (SHIB) has once again triggered a storm in the crypto space with 23% gains in the last 24 hours and moving closer to $0.0000191. Interestingly, the SHIB Price surge comes along with a 240% surge in the daily trading volumes, above $1.36 billion, reminiscent of the 2021 mega bull run.

Shiba Inu FOMO Kicks In Again

Crypto analytics platform Santiment reported that the Shiba Inu has experienced a major surge of 43% in the last nine days amid the heightened on-chain activity. Key metrics behind this rally include the strong volume spurt, strong SHIB circulation, and the SHIB whale transactions that have surged to 10-week highs. Besides, with the increase in the SHIB social dominance, there’s a strong FOMO (fear of missing out) kicking-in among the traders.

Courtesy: Santiment

Furthermore, the Santiment data suggested that the sharp price rise could lead to the potential for a local top. As of press time the Shiba Inu price is trading at $0.00001901 with a market cap of $11.3 billion making it the 13th largest cryptocurrency in the market. For the SHIB Price to hit the February high of $0.000043, the bulls need a breakout above $0.000020 with strong trading volumes. 

Derivatives data for the world’s second-largest meme coin also shows strength with the open interest surging by 65% all the way past $60 million. Further, the Coinglass data shows that the 24-hour Shiba Inu liquidations have surged to $2.23 million, of which, $1.29 million are short liquidations. Also, the chart below shows a strong surge in the funding rate, showing bullish sentiment among SHIB futures traders.

Courtesy: Coinglass

SHIB Price Rally to Continue?

As said, if the bulls manage a SHIB Price breakout above $0.20, there’s potential for another 100% rally immediately thereafter in a few weeks. However, investors are curious about whether the meme coin can replicate a 2021 bull run, which surged by 45000% between January and May.

There have been calls for the Shiba Inu rally to $1, however, this would need an exponential volume spurt. Additionally, despite the burn effort, there are trillions of SHIB still in circulation which would make it difficult for such a massive rally.

On the other hand, the SHIB ecosystem has continued to make progress on the SHI stablecoin launch. Furthermore, the total value locked (TVL) on Layer 2 network Shibarium has surged to a new high of $3.64 million.

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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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