crypto blog
Terra (LUNA) 2.0 relaunches according to Do Kwon’s revival plan
Do Kwon, the co-founder and CEO of Terraform Labs, confirmed the relaunch of Terra’s new chain, Terra 2.0, which aims to revive the fallen Terra (LUNA) and TerraUSD (UST) ecosystem. Kwon’s revival plan for Terra involves hard forking the existing blockchain and reissuing LUNA tokens to existing investors based on a snapshot before the death spiral bled the LUNA and UST markets — effectively resulting in unrecoverable losses for investors. Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX — Do Kwon (@stablekwon) May 28, 2022 Dubbed Phoenix-1, the Terra 2.0 mainnet went live today, May 28, as per the original timeline set by Terra developers and started producing blocks. ...
NFT 2.0: The next generation of NFTs will be streamlined and trustworthy
Nonfungible tokens (NFTs) have been in the headlines for the past few years. While swaths of the population have tried to get their head around why NFTs exist, demand has soared, institutions have been built, and the lingo has entered our collective consciousness. There is an elephant in the room, though: NFTs are difficult to use and a majority of them are digital snake oil. But these problems create the opportunity to provide answers. The accessibility and legitimacy of NFTs are both ripe for change. As funding pours into the space, the market is starting to mature, and that change is gaining momentum. We’re entering a new era of NFTs — NFT 2.0 — where the technology will be more easily accessible by the mainstream, and the underlying value proposition of the NFTs will be more transparen...
The key technologies that power the Metaverse
The latest development of the Metaverse was made possible due to technologies like artificial intelligence (AI), the Internet of Things (IoT), AR, VR, 3d modeling, and spatial and edge computing. Artificial intelligence AI paired with Metaverse technology ensures the Metaverse infrastructure’s stability while also delivering actionable information for the upper layers. NVIDIA technologies are a good example of how AI will be crucial in developing digital spaces where social interactions will occur in the Metaverse. Internet of things While IoT will allow the Metaverse to study and interact with the real world, it will also serve as a 3D user interface for IoT devices, allowing for a more personalized IoT experience. Both the Metaverse and the Internet of Things will assist organizati...
STEPN rebounds sharply after falling 80% in a month — is GMT price bottoming out?
A massive downtrend in the STEPN (GMT) prices witnessed in the last 30 days appears to be nearing exhaustion. GMT’s price has rebounded by nearly 35%—from $0.80 on May 27 to $0.99 on May 28. Interestingly, the upside retracement started after the price fell in the same range, which had acted as support before GMT’s 500% and 120% price rallies in March and early May, respectively. GMT/USD daily price chart. Source: TradingView Additionally, the rebound further preceded an 80% drop from its record high of $4.50, established on April 27, which left GMT oversold, per its daily relative strength index reading that slipped below the oversold threshold of 30 on May 26. The technical support, in addition to oversold RSI, suggests GMT is in the process of bottoming out. GMT price levels...
Monthly Report: VC firms pumped funds into crypto and Web 3 despite May being harsh to investors
Hong Kong-based BABEL Finance hits a $2 billion valuation following latest funding Gaming portal and game creator Kongregate tables a blockchain game development fund with Immutable X Venture capital firm Andreessen Horowitz plans to heavily support start-ups in the blockchain space by allocating significant investments Israel-based StarkWare sets out to advance its ecosystem with new capital backing The first four months of 2022 appeared to bear the worst of the year in the crypto market, but the slump in Q1 is nothing close to the bloodbath witnessed this month. The total cryptocurrency market capital fell from $2.18 trillion at the start of the year to $1.755 trillion by the end of January. It briefly recovered at the beginning of February before charting successive days abo...
Weekly Report: FTX’s Sam Bankman-Fried to spend billions on political and acquisition initiatives
FTX chief Sam Bankman-Fried early this week hinted that he would continue with his political donations, financially backing the ‘right’ presidential candidate in the 2024 US Elections. Details on this and other top headlines in the crypto space below: SBF to join the league of major political donors in the next US elections The crypto exchange billionaire known to be pro-Democratic party has set his sights on breaking the biggest political donation ever made in the US. In a podcast session, SBF revealed that he was willing to spend as much as $1 billion – a figure he described as a “sort of a soft ceiling”. He confirmed he would put “north of $100 million,” adding that the exact amount would depend on the candidate running and the political seats in question. This is not the fir...
Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months
The Bitcoin network witnessed a historic event on May 12 when the network difficulty attained its all-time high of 31.251 trillion as miners mined nearly 50,000 BTC of the remaining 2 million tokens. While the Bitcoin community rejoiced the added resilience to the network owing to the rising difficulty in mining a Bitcoin block, the network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26. As Cointelegraph reported on several occasions, Bitcoin’s network difficulty consistently achieved all-time highs over the past ten months as it recovered from a massive drop of 45.4% — from 25.046 trillion on May 29, 2021, to 13.673 trillion on July 22, 2021. Ever since then, Bitcoin’s network difficulty witnessed a total growth of 128.56% as it surged to i...
Can a lesson in bimetallism help the long-term stability of Bitcoin and privacy coins?
The crypto market has been on a downward trajectory since the tail end of 2021. In early May 2022, it culminated in a dip that impacted traditional markets just as hard. The recent bust removed some speculation from the market. But the shakeup is different than in the past. There are still many more active users utilizing the Bitcoin network than we have seen in past cycles. Many more holders and true believers made it through to the other side. However, as this increases over time, one of the concerns some have over Bitcoin (BTC) may impact its adoption. There is an economic incentive, not just utility, that privacy coins can offer as a solution. At different points in the first half of 2022, both in crypto market rallies and huge dumps, privacy coins such as Monero (XMR), Dash (DASH) and...
Finance Redefined: Uniswap breaches $1T volume, WEF 2022 discussion on Terra, and more
The decentralized finance (DeFi) ecosystem continues to struggle with the ongoing market volatility and after-effects of the Terra ecosystem collapse. Over the past week, major DeFi protocols showed signs of increased trading activity, with Uniswap breaching the $1 trillion trading volume mark. Terra remained the focus of most of the discussions around blockchain and crypto at the World Economic Forum (WEF), with analysts suggesting Terra was offering unsustainable yields. DeFi insurance protocol to pay out millions after Terra collapse, while interest in Ethereum Name Services (ENS) shattered new records. Top DeFi tokens by market cap had a mixed week of price action, with several tokens in the top 100 registering double-digit gains over the past week, while many others continue to trade ...
Bitcoin price stuck below $29K as Terra LUNA comes back from the dead
Bitcoin (BTC) analysts faced another day of frustration on May 28 as BTC/USD refused to offer volatility up or down. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView “Not the decoupling we wanted” Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency sticking in a narrow short-term range into the weekend. Previously forecast support levels to avoid a deeper correction managed to hold in the May 27 Wall Street trading session, but a bounce higher was similarly absent as commentators looked for fresh cues. “Short resistance and long support until one of them breaks. Keep it simple in ranges as they are there to engineer liquidity for trend continuation or reversals,” popular trading account Crypto Tony summarized in part ...
On-chain data flashes Bitcoin buy signals, but the bottom could be under $20K
Every Bitcoin investor is searching for signals that the market is approaching a bottom, but the price action of this week suggests that we’re just not there yet. Evidence of this can be found by looking at the monthly return for Bitcoin (BTC), which was hit with a rapid decline that “translated to one of the biggest drawdowns in monthly returns for the asset class in its history,” according to the most recent Blockware Solutions Market Intelligence Newsletter. Bitcoin monthly returns. Source: Blockware Solutions Bitcoin continues to trade within an increasingly narrow trading range that is slowly being compressed to the downside as global economic strains mount. Whether the price continues to trend lower is a popular topic of debate among crypto analysts and the dominant opini...
Brazilian university USP will conduct academic research in the metaverse
As reported by the University of Sao Paulo (USP), the metaverse-centric research will be carried out by research groups interested in 3D modeling, psychology and human behavior, and the effectiveness of virtual and augmented reality devices. These research domains will be evaluated within the context of the metaverse to understand how the new virtual world impacts user interactions. USP professor Marcos A. Simplicio Jr. highlighted that this is the first time USP had received a nonfungible token (NFT) via partnership. The token in question is a rare piece of land in the United States of Mars (USM) metaverse, which is being built in collaboration with other universities. “USP is the first university in Latin America to have a partnership with USM to support the construction of its met...
