Market
AI Meets Ethereum With Ethernity’s New Layer-2 Network
Ethernity is a platform that offers authenticated and licensed NFTs featuring well-known figures such as Lionel Messi and Shaquille O’Neal. It has announced a Layer-2 solution on the Ethereum blockchain.
This development aims to address the challenges faced by major brands in adopting blockchain technology.
Ethernity Unveils Layer-2 Blockchain
The new Ethernity Chain Layer-2 solution will enhance privacy, lower transaction costs, and simplify user interfaces. It will include security measures and utilize AI for implementing Digital Rights Management (DRM) controls. This aims at preventing counterfeit trading and protecting creators’ intellectual property.
Nick Rose Ntertsas, Co-Chief Executive Officer at Ethernity, stated that the move to Layer-2 will improve how entertainment brands engage with their audiences using Web3 technologies. He highlighted the intention to offer developers a more navigable, sustainable, and secure environment.
“Our goal is to revolutionize how entertainment brands engage with their audiences through Web3 technologies. With this evolution into a Layer-2, we are expanding our capabilities and providing a navigable, sustainable, and secure environment for brands to create cutting-edge entertainment products and experiences,” Ntertsas stated.
Read more: Layer 1 vs. Layer 2: What Is the Difference?
Ethernity Chain has been recognized for its role in NFT, particularly with licensed digital collectibles. The upgrade to Layer-2 is designed to enhance privacy and improve overall engagement and interaction within the entertainment industry.
The solution includes AI-driven security features, reduced gas fees, and full compatibility with the Ethereum Virtual Machine (EVM). This facilitates easier access for users and global entertainment brands.
Looking ahead, Ethernity is preparing to launch several projects on this new infrastructure, including the Fanable App, a marketplace for real-world asset collectibles set to be available on mobile platforms soon. Exorians, a new sci-fi franchise and Web3 game, and 0xLoans, a peer-to-peer lending protocol using NFTs as collateral, are part of their upcoming initiatives.
This strategic move could impact how the entertainment sector integrates with Web3 technologies, offering new opportunities for both enthusiasts and brands.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
EigenLayer Investor Loses $5.5M in Email Breach
EigenLayer has assured its community that its platform remains secure, despite an investor losing $5.5 million worth of EIGEN tokens in a recent email breach.
This incident coincided with ongoing criticism of EigenLayer’s transparency regarding token staking and followed the listing of its tokens on major exchanges.
EigenLayer Faces Scrutiny Over $5.5 Million EIGEN Token Theft
On October 4, Ethereum’s restaking protocol, EigenLayer, revealed that an investor’s email thread was compromised by a malicious actor. This led to the theft of 1,673,645 EIGEN tokens, valued at approximately $5.5 million.
EigenLayer explained that the attacker intercepted the email communication, leading the investor to send the tokens to the wrong address. The stolen tokens were quickly sold on a decentralized exchange, converted into stablecoins, and transferred to centralized exchanges to obscure the trail.
Read more: What Is EigenLayer?
EigenLayer has collaborated with various exchanges and law enforcement agencies. It added that it has successfully frozen a portion of the stolen funds. The restaking platform further clarified that the breach stemmed solely from compromised email communication and was unrelated to the platform’s smart contract or protocol security.
“The compromise has not impacted the broader ecosystem. There is no known vulnerability in the protocol or token contracts and this compromise was not related to any onchain functionality. We continue to investigate the situation and will be posting further information once we have it,” EigenLayer stated
The team has since bolstered its security measures, particularly regarding communication with investors while reaffirming that the platform remains secure overall.
Yet, the incident has drawn attention to the platform’s token lockup policies. Observers noted that EigenLayer did not employ the typical one-year lockup period often seen with token issuers. This raises concerns about potential unauthorized transactions from large token holders.
EigenLayer’s policy currently restricts early investors and team members from selling or staking EIGEN tokens until September 2025. Tokens will unlock gradually at a rate of 4% per month until September 2027. However, recent token movements have led some to question the effectiveness of these restrictions.
Read more: How to Participate in an EigenLayer Airdrop: A Step-by-Step Guide
EigenLayer is one of the top three DeFi platforms, with over $10 billion in total value locked (TVL). Following its token’s October 1 release, EIGEN briefly entered the top 100 tokens by market capitalization with a fully diluted valuation of over $7 billion.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano Price Struggles to Continue: Here Is Why
Cardano’s (ADA) price is desperately holding onto the $0.35 support level amid attempts to send the altcoin further down the charts. Despite this, ADA is struggling to generate the momentum needed to reverse its downtrend.
This analysis examines the challenges facing ADA and whether the support can withstand mounting bearish pressure.
Cardano Faces Uncertain Path Ahead
During the first days of October, Cardano’s price cratered to $0.30. After reaching $0.40 just days earlier, ADA, like many cryptocurrencies, began a decline. The downward trend raised concerns about a potential return to the $0.30 level.
However, as of now, ADA has managed to stay above that point, with bulls defending the $0.35 support. Despite this resilience, the Exponential Moving Average (EMA) indicates that Cardano remains vulnerable to bearish trends.
The EMA measures trend direction and uses particular crossovers to determine if the price might move in an upward direction or a downward slope. When the longer EMA crosses above the shorter one, the trend is bearish. On the other hand, if the shorter EMA is above the longer one, the trend is bullish.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
The 20 EMA (blue) and 50 EMA (yellow) have nearly converged, signaling a critical moment for Cardano’s price. However, with the price sitting below both indicators, the likelihood of a bearish trend grows stronger.
Supporting this outlook is the Average Directional Index (ADX), a key tool for measuring trend strength. When the ADX surpasses 25, it suggests a strong directional movement. In contrast, a reading below this level indicates weakness. For ADA, the current ADX stands at 18.86, suggesting that the recent upward movement lacks the strength to persist.
ADA Price Prediction: Bearish Pressure Mounts
Further assessment of the daily chart shows that ADA could face resistance at $0.36 in its attempt to climb higher. If that happens, and the cryptocurrency fails to break above the region, it could pull back, and the uptrend might be invalidated.
If that were to happen, ADA’s price might drop below the $0.35 support, and the next point to reach could be $0.31. Reaching $0.31 might put the token at risk of another downtrend, especially if the broader market condition fails to improve.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
However, Cardano might resist going that low if the price flips the 20 and 50 EMAs. In that scenario, the trend would have become bullish, leading ADA to hit $0.40 and potentially $0.48 in the mid-term.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Shiba Inu and Rexas Finance grab eyeballs with strong performances, is now still a good time to buy?
As we head towards the end of the year, the cryptocurrency market is still demanding attention with a lot of exciting activities and surprises. Among these are Shiba Inu (SHIB) and Rexas Finance (RXS), which have recently been recognised by investors as possessing the potential to record strong growth in a short period. Owing to their robust infrastructure and great recent results, the debate about investing in these assets now has even intensified. Is now still a good time to buy?
Shiba Inu (SHIB): Riding a wave of momentum
The SHIB project at first was regarded as merely a trial run but ever since it has shown that there is a lot more than meets the eye. For instance, As of today, SHIB costs $0.0000194, with an enormous 24-hour trading volume of $2.06 billion. Even in these figures alone, one may appreciate the level of liquidity and deepening popularity of the token. In the last 7 days and the last 30 days, the SHIB growth performance has grown by 34.73% and 36.04%, as accompanied by making a bullish continuity more visible. With a Circulating Supply of 589.26 trillion tokens with a market capitalization of $11.48 Billion, SHIB is positioned as one of the most interesting tokens in the market. As a result of the price increase, those investors with the speculative mind that SHIB will increase in value by up to 1,500% saw the opening with this being the best time.
Rexas Finance (RXS): The new defi star on the rise
Although Shiba Inu remains strong in the market, Rexas Finance (RXS) is confidently growing strong in the DeFi space. During the presale stages, RXS went very well and attracted many investors who wanted to invest at early stages in what could be a major project. It is worth noting that the current price for the token is $0.05 since it is at the third stage of its presale. The project presale has attracted more than $1.85 million. With Stage 3 nearly sold out at over 70%, it’s evident that Rexas Finance has caught the attention of investors like never before.
Rexas Finance’s growth
Rexas Finance is positioning itself as the only DeFi platform that provides safe, clear, and effective financial services. With a successful presale, there is already some demonstrated interest on the part of both retail and institutional audiences in the project. Anyone registered on the platform can already earn on their crypto assets by utilizing advanced features such as yield farming, staking, and liquidity mining.
At the same time, Réxas Finance flaunts a solid governance structure as well, which enables all the holders of the tokens to participate in the governance of the platform. Potential ROI is one of the most interesting features when it comes to the RXS token. Market research indicates that investors could enjoy a 4x return before the token gets launched. Looking at the presale price of $0.05, it implies it will be $0.20 or more after launch.
This candidate is perfect for all those who plan to make quite good profits. Besides, there is the $1 million giveaway with 20 people taking home $50,000. To date, over 85,000 people have already contributed to this number and only 125 days remain in the battle.
Is now the right time to buy?
With SHIB gathering considerable appreciation as is with RXS, the question on everyone’s lips is, is it a good time to buy? In the case of the Shiba Inu token, the upward price movements, expanding market, and hot community stand to reason its upward trend might be rather persistent, more so if the wider market stays positive. This however does not excuse SHIB’s erratic fluctuation, and caution is advised for investors looking to buy in at the top. In contrast, Rexas Finance provides a more traditional subsidized opportunity with its successive presale and clear future outlook. It is positioned well as an ideal project for early backers due to its focus on DeFi and its highly interactive community. The attractive presale fee and promises of 4x returns are enough to help it seek the interest of growth-oriented investors.
Conclusion
Like many other investors, it is worth having a closer look at Shiba Inu and Rexas Finance due to the peculiarities these two have. If you are on the hunt for a well-established token that has millions of followers or you want an emerging star in the DeFi market that has a massive promise, this might be the time to think of investing in these assets.
For more information about Rexas Finance (RXS) visit the links below:
Website: https://rexas.com
Win $1 Million Giveaway: https://bit.ly/Rexas1M
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance
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