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Aave Price Recovers As Grayscale Launches Aave Trust

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5 hours ago

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AAVE Price has recovered following Grayscale’s announcement of the launch of its Grayscale Aave Trust. This fund will provide institutional investors exposure to the decentralized finance (DeFi) token. This is significant as it provides a huge boost in the token’s adoption, which could lead to more price surges in the long term.

AAVE Price Recovers Following Launch Of Grayscale Aave Trust

The top DeFi coin rose above the $140 price mark on the back of Grayscale’s announcement of the launch of its Aave Trust. AAVE price had dropped to as low as $135 following a wave of crypto market sell-off. However, this recent development has provided a spark for the token, with a price recovery already on the horizon.

Grayscale announced in a press release the creation and public launch of its Aave Trust. The trust will offer investors the opportunity to gain exposure to AAVE, which is the governance token of the DeFi platform Aave.

Speaking on the development, Grayscale’s Head of Product and Research Rayhaneh Sharif-Askary said,

Grayscale Aave Trust gives investors exposure to a protocol with the potential to revolutionize traditional finance.

He added,

 By leveraging blockchain technology and smart contracts, Aave’s decentralized platform aims to optimize lending and borrowing while removing intermediaries and reducing reliance on human judgment.”

What To Know About The Trust

Grayscale also announced that the trust is now open for daily subscription by eligible individual and institutional accredited investors. The Grayscale Aave Trust will be similar to all other Grayscale closed-end single asset-investment trusts. Therefore, it is solely invested in the AAVE token rather than a basket of assets.

According to the Grayscale website, the net asset value (NAV) per share is currently $13.88. Meanwhile, the fund has $151,281 in assets under management (AuM).

Grayscale continues to lead the way in offering crypto investment products, as it now offers more than 20 crypto funds. This includes its Spot Bitcoin and Ethereum ETFs, which originally began as closed-end funds before being converted to Spot ETFs.

Therefore, there is the possibility that the Aave Trust could become an ETF at some point, which would provide more bullish momentum for the AAVE price. However, there would need to be regulatory clarity in the US for that to happen, considering how the US Securities and Exchange (SEC) continues to question the legal status of different crypto tokens.

At the time of writing, the AAVE price is trading at around $141, up almost 2% in the last 24 hours. Trading volume has also surged, with $316 million 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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Dogecoin Fan Mark Cuban Slams Meme Coins, Here’s Why

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21 mins ago

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October 3, 2024

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Mark Cuban, the famous investor in Shark Tank, is known as a famous Dogecoin advocate, but recently, he sounded decidedly unenthusiastic, saying, “I think every meme coin is essentially a rug pull waiting to happen.”

What’s more surprising, though, is he even said this volatility is, at least partially, what makes them so exciting.

Mark Cuban: Meme Coins Are Rug Pulls, Except DOGE

The fact is, meme coins are very volatile kinds of cryptocurrencies in which sensational hype thrives from traders speculating on their prices.

Anything from internet memes to celebrities and trending events creates or influences some meme coins to gain overnight fame. However, after numerous accounts of celebrities were hacked, outrageous stunts involving a developer set them on fire, among others.

He stated:

“Every single meme coin is a rug pull in the works, right? Because there’s no real reason for it to stick around other than the fun of it. Meme coins are all a game of musical chairs.”

Mark Cuban has been one of the most vocal and long-time advocates of Dogecoin. He even once offered it as a means of payment for merchandise transacted through the NBA’s Dallas Mavericks.

The entrepreneur previously claimed that DOGE has more possible use cases compared to Cardano.  He said that after Hoskinson’s layer-1 blockchain reached an on-chain volume milestone.

Recently, the billionaire appeared to show his love for DOGE further, citing the cryptocurrency’s relative value besides leading cryptocurrencies. Even though Mark Cuban acknowledged that Bitcoin is a store of value and a hedge against fiat currency, Ethereum has a smart contract capability that enables dApps. According to him, Dogecoin also has a relatively meritorious place in the crypto ecosystem.

He said:

“And then there’s Dogecoin, which is more for fun and community. It just really depends on where you’re at. And I’m a proponent of all of them. I see the fun in it, I see the utility in it, and I see the store value of it. So it really depends on where you want to go.”

Mark Cuban further added that all meme coins could be rug pulls. This assertion probably refers to lower-market cap tokens, some of which were launched on platforms such as Pump.fun and Moonshot.

Many of them lack the full-scale support from whales and companies that the more prominent cryptocurrencies boast. Because of that, they tend to be super volatile in price action. Only a few could sustain a big run, with even fewer remaining long afterward.

Meme Coins Are a Game, Not an Investment

By contrast, Dogecoin boasts high-profile proponents, including Elon Musk, the owner of Twitter and Tesla, and Cuban. Still, unlike Musk, Mark Cuban is still backing the Democratic Party presidential nominee Kamala Harris.

Recently, the entrepreneur said that if Kamala Harris wins the US Presidential Election, he’d like to replace Gary Gensler as head of the SEC. He has been one of the most vocal advocates for the crypto industry against what he sees as an aggressively positioned SEC when it comes to cryptocurrency regulation.

Sure, a lot of smaller tokens can get a smattering of flash-in-the-pan attention from social media influencers. However, they usually don’t have longer-term interest or backing to make them survive in competitive crypto.

Mark Cuban also explained that part of the game in meme coins is to time it to see if one will make or lose money. He compared it to flipping a coin or playing roulette. The billionaire stated that nobody is so naive to think this is a great investment—even if they all go on Reddit or Telegram and claim that it’s the best meme coin ever, urging others to “aim for the moon.”

The entrepreneur likened trading in meme coins to gambling. He said meme coins are especially appealing in states where gambling has been outlawed. On the meme coin site Pump.fun, the odds against a token reaching a $69,000 market cap were roughly 1.5 percent. That is low compared with the house advantage on most casino games.

Still, traders could profit on coins that never reached that relatively low threshold. Mark Cuban also admitted to looking at meme coins himself. All the time, he said, he was seriously considering buying some. The billionaire likened it to flipping a coin and being somewhat overwhelmed that it would land on the right end. It is a game, he said.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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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Internet Computer Still Top Of Crypto Market In This Metric

Published

1 hour ago

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October 3, 2024

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Data shows Internet Computer (ICP) is still the number one project in the cryptocurrency sector in terms of development activity.

Internet Computer Developers Have Been Putting In The Most Work

In a new post on X, the on-chain analytics firm Santiment has shared an update on how the top cryptocurrencies in the sector are like currently when ranked using development activity. The development activity here refers to a metric that keeps track of the total amount of work that the developers of a cryptocurrency project are putting in on its official GitHub repositories.

Related Reading: Bitcoin Miner Relief Ahead: Difficulty To Drop By 5% Next

Some versions of this metric use the number of commits being made on the repository as a measure of the developer’s work, but Santiment’s version works differently. This development activity indicator measures the work in units of “events.” An event is generated each time the developer makes some kind of change on the repository.

The advantage of this methodology over simply counting the number of commits is that the latter can be deceiving when the project in question is a fork (that is, a copy) of another project. Commits are inherited by the fork, but the commits of the previous project naturally don’t reflect the work of the new developer. Events don’t have the same issue, as the entire act of forking just generates a single event, with the events of the previous project not transferring over.

Now, here is the table shared by Santiment, which shows how the various projects in the sector have compared against each other in terms of their 30-day development activities:

Internet Computer Development Activity

Looks like Internet Computer is number one on this list right now | Source: Santiment on X

As is visible above, Internet Computer has been the number one project in the sector in development activity during the past month, with the metric’s value standing at 740.7. ICP’s position is the same as last month, but Santiment has pointed out that the metric’s recent value has been a record-setter, so it appears that the project’s developers have still been increasing their effort.

A project that has seen a change in its ranking is Chainlink (LINK), which has now become second after thwarting Hedera (HBAR). Optimism (OP) has likewise seen an improvement in its position from fifth to fourth, after pushing down Cardano (ADA).

LINK has an impressive gap over HBAR right now as the metric is at 594.8 for the former, while at 473.23 for the latter. Even more remarkable, however, is the gap ICP has over the second-ranked coin, showcasing just how ahead the developers of the project have been from the rest.

The development activity can be one of the things to watch for when judging whether a project is legit. Projects with a low value of the metric may have a higher chance of being a rug-pull. Thus, as Internet Computer has had strong commitment from its developers recently, the project may have fine odds of being around in the future.

ICP Price

At the time of writing, Internet Computer is floating around $9.4, up more than 4% over the last 24 hours.

Internet Computer Price Chart

The price of the coin appears to have been rising recently | Source: ICPUSDT on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com



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Ripple Defies US Blockade, Expands in Brazil with Mercado Bitcoin

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2 hours ago

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October 3, 2024

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Ripple, a leading digital asset infrastructure provider, has partnered with Brazil’s largest crypto exchange, Mercado Bitcoin, cracking the newest possible blockade by the US Government.

The SEC, on October 2, filed a notice of appeal in the lawsuit with an aim to reverse a decision rendered by Judge Analisa Torres.

Ripple Expands to LATAM Despite SEC Battle

Legal analysts had argued that the SEC would appeal the 2023 decision, which held that secondary sales of XRP would not constitute a security transaction. Judge Torres found that XRP is a digital asset and does not meet all criteria of the SEC Howey test as an investment contract, meaning that a ruling found it is not, in and of itself, a security.

The company however decided to spread its business even further making its way to LATAM countries. In the latest statement, the firm said Mercado Bitcoin is leveraging its service in the quest to bolster its treasury operations internally between Brazil and Portugal.

The idea is to offer support for international payments both to corporate and retail customers, and facilitate transactions in Brazilian Reais. This makes Mercado Bitcoin the first user of enterprise-focused payment solution in Latin America.

As per the official statement:

“Ripple Payments offers unique capabilities that are important to crypto businesses enabling them to streamline operations, optimize liquidity, and ultimately improve margins through real-time payment settlement.”

The head of banking at Mercado Bitcoin, Jordan Abud, said that this partnership with is an opportunity for the exchange to further its services and internationalize. In fact, Brazil is a familiar market, considering how the company began operations in Brazil back in 2019 and also launched the Brazil Fund as it looks to foster the development of XRP Ledger (XRPL) in the country..

Latin America Domination with Stablecoin and Payments

Ripple is a financial technology company focused on enabling fast international money transfers. It’s also the company behind XRP, currently the seventh-biggest cryptocurrency by market capitalization. The company  was sued in 2020 by the SEC, which said the San Francisco company broke the law in raising money by selling its digital token without filing with the agency as a security.

The SEC filed its aforementioned appeal a day after Bitwise Asset Management Inc. became the first company to file with the securities regulator an application for an ETF that directly invests in XRP, the world’s seventh-largest digital token. Coming off last year’s partial win against the Securities and Exchange Commission – a result seen as a victory for the digital asset industry.

The company is continuing to grow and expand in Latin America after a deal earlier with Colombia’s central bank to explore central bank digital currency technology.

Since opening its Brazilian office, the company has identified the region as a “critical hub” for crypto innovation, tugged both ways by high adoption rates and increasing financial inclusion.

Ripple Labs CEO Brad Garlinghouse also recently said its US-dollar pegged stablecoin, RLUSD, will soon be released. “Weeks not months,” Garlinghouse added. He also explained that, as it prepares to launch its stablecoin-expected first to launch in the US before expanding internationally – Ripple is working proactively with US regulators toward compliance.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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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