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This DePin Project Secures $9 Million Investment From a16z

Published

2 months ago

August 1, 2024

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Andreessen Horowitz’s (a16z) crypto investment arm has spearheaded a $9 million investment in the decentralized physical infrastructure network (DePin) project Daylight Energy.

This initiative marks a pivotal advancement in decentralized solutions for the energy sector. It aligns with the growing trend of integrating blockchain technology to revolutionize grid management and energy distribution.

Daylight Energy Launches Its Testnet Following the a16z Investment

Daylight Energy will utilize the newly acquired funds to enhance its testnet. This testnet pioneers a decentralized protocol that transforms energy grid operations through distributed energy resources (DERs).

The project tackles crucial inefficiencies in the current system by harnessing data from DERs like solar panels, smart thermostats, and batteries. Consequently, this facilitates optimal grid performance.

Traditionally, the energy grid suffers from limited visibility into DERs, with data aggregation taking days or even months. Daylight offers a real-time data solution, thereby boosting the grid’s responsiveness to demand and supply changes. This approach improves grid management and also fosters sustainable energy practices by facilitating the effective use of renewable resources.

“DERs are often used to reduce load on the electrical grid, or even supply power to the grid, during times of peak demand. Their source is usually an individual household or business that has no clear incentive to provide that support when it’s needed. Solving this collective action problem could be invaluable for our energy grid,” a16z crypto wrote.

Initially, Daylight plans to generate revenue by selling DER data to traditional energy companies. However, the ultimate goal is to enable the creation of virtual power plants.

These plants would manage aggregated sets of DERs as a unified energy resource. This strategy enhances power distribution efficiency and supports the grid during peak times.

The DePin sector, which addresses various industrial challenges, including computation, telecommunications, and storage, is projected to reach a $3.5 trillion valuation by 2028. Within this sector, energy-focused DePin projects are attracting significant attention, evidenced by substantial investments from entities such as a16z.

Established DePin players like Helium are also exploring the energy sector. Recently, Helium announced plans for new subnetworks that might involve decentralized computing and energy management. A Swedish project, Srcful, proposed becoming a Helium subnetwork focused on energy, indicating a broader shift toward decentralized energy solutions.

“Using the existing infrastructure of Helium is a big deal for solving one of the large challenges in the energy sector today — the need for more connected resources and flexibility. This is the key for being able to accelerate more renewable energy in the grid. We’re essentially building the base layer for a connected grid that includes even the smallest energy resources, and the approach incentivising the builders (by DePIN) we believe we can reach scale and many different integrations,” Fredrik Ahlgren, CEO of Srcful, told BeInCrypto.

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Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream

Published

51 mins ago

October 1, 2024

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Este artículo también está disponible en español.

The XRP price has struggled for the last three years, staying down even when Bitcoin and other altcoins rallied to possible new all-time highs. However, even through this, the XRP community has remained steadfast in their belief that the altcoin’s price will reach new peaks. Forecasts have ranged from reaching $1 to as high as $1,000. The latter has been hotly debated among crypto investors. However, one crypto researcher believes that the XRP price will be able to touch $1,000 eventually, giving reasons for why this could happen.

Dominating Global Banking Systems

The selling point of the XRP token has always been the fact that it is to be integrated into the world banking systems, allowing for cheaper, faster, and smoother transactions. The expectations for the token’s use in banking were the initial reason behind its meteoric rise, and this has continued to foster belief in its future.

XRP Price To $1,000 Debate

The recent debate surrounding the XRP price reaching $1,000 began with the Uphold crypto exchange asking the community what they would do if the XRP price were to hit $1,000. This sparked speculations on whether or not the altcoin can actually reach this price, triggering input from various angles.

CSA Rules Push Gemini Exchange To Exit Canadian Market 2024

Published

2 hours ago

October 1, 2024

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Gemini will shut down operations in Canada by the end of the year, according to a Monday email sent to customers. The exchange urged customers to start withdrawing their assets before December 31, 2024.

Gemini adds to the list of exchanges that have fled from the Canadian market amid tough regulatory conditions.

Gemini To Exit the Canadian Market

The exchange did not explicitly indicate the reason for its move to exit the Canadian market. Nevertheless, customers in Canada have a 90-day notice to withdraw their holdings with the Gemini.

The decision comes only months after the Canadian Securities Administrators (CSA) instructed all platforms to sign a pre-registration undertaking (PRU) as a condition of continuing to operate in the country. The CSA said the directive was intended to protect investors, citing the insolvencies of crypto firms like Voyager, Celsius, and FTX that spanned 2022.

“Investors have experienced significant harm from the collapse of unregulated VRCAs, other VRCA market disruptions, and the activities of unregistered crypto market participants. While other international jurisdictions are developing payment-based, banking-based or hybrid regulatory regimes for certain types of VRCAs, the CSA is not aware of any such regulated VRCAs being traded in Canada,” the regulator said.

gemini email to customers — Gemini To Exit Canada. Source: Gemini Email to Customers

The directive includes regulations governing exchange-to-customer interactions and bans Canadian users from trading stablecoins without approval from the Canadian Securities Administrators (CSA).

Gemini signed the Pre-Registration Undertaking (PRU) and completed its filing, indicating compliance. The exchange viewed Canada as a key market for its international expansion. However, its recent decision to exit the Canadian market surprised customers.

Initially, regulators set an October deadline but later extended the compliance timeline to the end of 2024. Gemini’s decision to withdraw aligns with this revised schedule.

“The CSA has actively engaged with CTPs and crypto industry participants and remains open to proposals for alternative ways to address investor protection concerns raised by VRCAs.To that end, the CSA is further extending the October 31 deadline to December 31, 2024,” an excerpt in the September update read.

Failure to comply with the Canadian Securities Administrators (CSA) regulations could result in significant penalties for exchanges. For customers, this means potential loss of access to certain products. The CSA’s website indicates that only a few platforms, like Kraken and Coinbase, continue to operate under its stringent rules.

As Gemini prepares to exit the Canadian market, it joins Binance, Bybit, and Paxos, which have already withdrawn. Binance, which left over a year ago, attributed its exit to Canada’s challenging regulatory environment but expressed optimism about a potential return.

“We are confident that we will someday return to the market when Canadian users once again have the freedom to access a broader suite of digital assets,” Binance shared on X.

Other platforms that exited due to amended regulations include OKX, Blockchain.com, and Deribit.

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WIF Bulls In Control As RSI Signals Strong Upside Potential

Published

3 hours ago

October 1, 2024

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WIF is showing impressive strength as bullish momentum takes control, with the Relative Strength Index (RSI) pointing to even greater upside potential. The current RSI reading suggests that buying pressure remains strong, fueling optimism for continued gains. While bulls hold their ground, they are increasingly confident that WIF could be poised for a significant breakout toward the $2.8 mark.

As market sentiment shifts favorably, this article aims to explore the bullish dominance in WIF, with a focus on how the RSI signals promising upside potential. By analyzing key technical indicators and market trends, the objective is to assess whether WIF can maintain its upward momentum and successfully break through upcoming resistance levels.

Bullish Sentiment Strengthens: Will WIF Break $2.6?

On the 4-hour chart, WIF has displayed robust bullish momentum after successfully breaking above the $2.2 mark. This upward surge has pushed the price closer to the $2.8 resistance level, setting the stage for a potential breakout.

As the bulls continue to assert control, this resistance level becomes a critical hurdle. A decisive move above $2.8 could open the door for further gains, attracting more buying interest and potentially leading to new highs.

An analysis of the 4-hour Relative Strength Index (RSI) indicates a renewed potential for upward movement, with the RSI climbing back to the 68% level after previously dipping to 62%. If the RSI continues to rise, WIF may push higher, possibly breaking through key resistance levels.

Furthermore, WIF has decisively surpassed the 100-day Simple Moving Average (SMA) and the $2.2 level on the daily chart, marking a notable shift in its price momentum. By holding above these key levels, the asset demonstrates its strength and reinforces a bullish outlook. This optimistic trajectory is not simply a temporary fluctuation. Rather, it reflects robust buying interest and heightened market confidence, suggesting that WIF is ready for additional gains soon.

The Relative Strength Index (RSI) on the daily chart is currently at 79%, showing no signs of declining in the near term. An elevated RSI level implies that WIF is in overbought territory, signifying strong buying pressure and heightened market enthusiasm. Although high readings can point to potential exhaustion in upward movement, the absence of immediate signals for a pullback suggests that bullish sentiment is still prevalent.

What To Expect In The Short-Term For The Meme Coin

Presently, WIF is demonstrating strong positive motion, prompting traders and investors to monitor key levels for potential price movements. Maintaining its position above the 100-day Simple Moving Average (SMA) and the $2.2 mark could lead to more gains, with the $2.6 resistance level on the horizon. A successful breakout above $2.6 may unlock additional price growth and enhance traders’ optimism, signaling a more sustained upward trend.

However, with the Relative Strength Index indicating overbought conditions at 79%, a price correction could occur if buying pressure wanes, causing WIF’s price to start dropping toward the $2.2 mark for a retest.

WIF

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