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Top Crypto News: Cosmoverse, Cardano, ZkSync Updates

Published

5 months ago

October 21, 2024

Coin2049 Newsletter

This week in crypto, several major events are set to capture the attention of industry participants. Among the top stories are the highly anticipated Cosmoverse event, the debut of Mantle’s mETH token, and the upcoming Cardano summit.

Each of these events promises significant developments across their respective ecosystems, offering insights and potential growth opportunities.

Cosmoverse 2024 in Dubai

Advertised as the largest Cosmos conference, Cosmoverse 2024 presents one of the most exciting tech hubs and the top crypto news this week. It will take place in Dubai this year, after Lisbon in 2021, Medellin in 2022, and Istanbul in 2023.

During the conference, thought leaders of the Cosmos ecosystem and beyond will hold keynotes and participate in panels. They will educate and update the broader crypto community about current developments, implementations, and visions.

This year, the three-day event, which has over 2000 attendees and more than 120,000 speakers, brings together impressive industry stakeholders, including Osmosis co-founder Sunny Aggarwal, dYdX Foundation CEO Charles d’Haussy, and Polygon co-founder Sandeep Nailwal.

This gathering will continue the year-over-year mission to further collaboration and innovation and jointly push the boundaries of blockchain technology. This is especially true as major projects like Ripple, Cardano, and key voices from the Bitcoin ecosystem feature in the attendees’ list.

Mantle cmETH Restaking Token Launch

The Mantle ecosystem is making headlines this week with the upcoming launch of cmETH. Designed to be highly composable, cmETH serves as a value-accumulating receipt token within the Mantle Liquid Staking Protocol (LSP), similar to Lido’s stETH. Mantle also aims to achieve the highest sustainable core yield by exploring maximal extractable value and sharing treasury-generated yield.

Being among the top 5 in terms of TVL on L2Beat, they are now focusing on the development of cmETH, their own liquid restaking token, along with COOK as the governance token. Notably, the cmETH token will support several different restaking apps, with the mETH protocol hinting that the launch is around the corner.

“Once cmETH is introduced, users will have the opportunity to restake their mETH to obtain cmETH, adding more value to COOK,” Mantle said.

Top crypto news Mantle cmETH Restaking Token Launch — Mantle Q4 Roadmap, Source: mETH Protocol

ZkSync $47 Million Incentive Program

The ZkSync ecosystem’s first governance proposal was posted on the ZK Nation forum last week. It announced the Ignite program, which is expected to allocate 325 million ZK tokens to establish a DeFi liquidity hub.

“The ZKSync Ignite program, authored by Merkyl, requests 300,000,000 ZK tokens from the ZK Nation token assembly to distribute to DeFi users over 3 seasons, totaling 9 months. The proposal requests an additional 25,000,000 ZK tokens to cover administrative costs and includes a buffer for unforeseen circumstances,” ZKSync said.

BeInCrypto data values the 325 million ZK tokens at $47 million, based on the current rate of $0.1448. This highlights the potential financial impact of this initiative, as investors and stakeholders view this as a positive development.

Specifically, the overall sentiment surrounding the ZK token is likely to be bullish in the coming weeks. As liquidity continues to play a crucial role in the market, the establishment of a dedicated hub on the Elastic Chain could attract new users and enhance the utility of the ZK token within the ecosystem.

2024 Cardano Summit in Dubai

The Cardano Summit will take place Wednesday and Thursday in Dubai. The agenda includes topics like crypto adoption in the UAE, focusing on innovation and industry advancements.

Dubai, known as a top crypto hub, is the ideal host, reinforcing its commitment to blockchain integration. Over 10,000 attendees will join in person and virtually to celebrate the growth of Cardano’s ecosystem.

The 2023 Cardano Summit was bullish for the ADA token, providing tailwinds for the price to shatter a critical resistance. If history repeats, the event could see ADA sidestep risks of a 21% drop amidst ongoing uncertainty.

A strategic announcement from the Sushi ecosystem highlights this week’s top crypto news. Jared Grey, a builder at Sushi Labs, teased an upcoming announcement. He invited protocols and builders to integrate with Sushi’s APIs and hinted at a strategic move that will introduce new DeFi primitives to Automated Market Makers (AMM) and perpetual swaps.

“We’ll announce a strategic acquisition very shortly, allowing us to bring innovative DeFi primitives built in stealth to the AMM and perpetuals vertical, too,” Grey wrote.

Grey remains optimistic about Sushi’s future, emphasizing that this is just the beginning of the platform’s growth and innovation.

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.

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Related Topics:Cardano Cosmoverse crypto News Top Updates ZkSync

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XRP Battle Between Bulls And Bears Hinges On $1.97 – What To Expect

Published

32 minutes ago

April 3, 2025

Coin2049 Newsletter

The crypto market watches with bated breath as XRP teeters at $1.97, a battleground where bullish conviction clashes with bearish determination. After a retreat from recent highs, the digital asset now faces a critical test.

The current standoff mirrors the broader tug-of-war in crypto markets, where sentiment shifts rapidly and key price levels dictate the next major move. For XRP, $1.97 isn’t just another number; it’s a line in the sand. A decisive hold here could reignite upward momentum, while a breakdown may embolden the bears.

Market Sentiment: Fear, Greed, Or Indecision?

According to Grumlin Mystery, a well-known crypto analyst, XRP is likely to experience a further downside in the near future, potentially dropping to $1.96. In his March 30th post on X, he highlighted that a decrease in liquidity within the crypto market is playing a crucial role in weakening XRP’s price stability, driven by the impact of US tariffs and the implementation of Trump’s policy changes.

Grumlin pointed out that restrictive trade policies and economic uncertainty have led to a slowdown in capital flow into riskier assets like cryptocurrencies. With reduced liquidity, market participants have less buying power, making it easier for bears to push prices lower. He warned that if these economic conditions persist, XRP could struggle to find strong support, and a drop below $1.96 could trigger further declines.

This drying up of liquidity has allowed sellers to gain the upper hand, exerting downward pressure on prices. As a result, XRP’s ability to hold support at $1.96 remains uncertain, and unless market conditions improve, a deeper correction could be on the horizon.

XRP

Grumlin Mystery further elaborated that a sharp change in Trump’s rhetoric regarding tariffs remains highly unpredictable, making it difficult to gauge its full impact on the financial markets, including cryptocurrencies. While many initially believed that Trump’s stance would be a major positive catalyst for the crypto market, the reality appears to be more complex.

The analyst emphasized that market uncertainty is increasing as traders struggle to anticipate the next move in U.S. economic policy. If Trump maintains or intensifies his tariff approach, it could further tighten liquidity conditions, making it even harder for XRP to sustain bullish momentum.

Possible Scenarios For XRP

If buyers successfully defend the $1.96 level, XRP could see renewed upside momentum. A bounce from this support zone might trigger a rally toward $2.64, where the next resistance lies. A breakout above this level raises the potential to $2.92 or even $3.4, confirming a bullish recovery. Increased trading volume and improving market sentiment would be key indicators of this scenario playing out.

Sellers’ failure to maintain control and XRP’s failure to hold above $1.96 may cause a sharper decline. In this case, the next critical support levels to watch would be $1.70 and $1.34. Breaking below these levels could expose the asset to more losses to $0.93 or lower.

XRP

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Binance Managed 94% of All Crypto Airdrops and Staking Rewards

Published

2 hours ago

April 3, 2025

Coin2049 Newsletter

A new report shows that Binance almost has a monopoly in the CEX market in terms of crypto airdrop distribution and staking rewards. In 2024, the exchange received $2.6 billion of a total of $2.7 billion in rewards, amounting to 94% of the entire market segment.

In an exclusive press release shared with BeInCrypto, Binance also revealed that it’s making substantial changes to its airdrop services to improve user experience and make participation easier.

Binance Leads the Market in Crypto Airdrops

Binance, the world’s largest crypto exchange, has become the go-to platform for airdrops and staking rewards. It launched the HODLer airdrop program less than a year ago, providing many new projects with a comprehensive platform to reward early adopters.

In the past year, the exchange has become synonymous with the latest airdrops, as most users are accessing their rewards through the platform.

Exchanges with Most Launchpool Rewards and Airdrops in 2024. Source: CoinMarketCap

Based on this impressive performance in the airdrop sector, Binance has substantially upgraded a few of its services. The platform has revamped its Launchpool and BNB Earn pages, making it easier for users to both track and participate in airdrops.

“With these upgrades, we’re making it easier than ever for users to unlock the full potential of BNB and participate in high-quality token launches. The redesigned Binance Launchpool and BNB pages reflect our commitment to user education, simplicity, and maximizing rewards,” said Jeff Li, VP of Product at Binance.

The updated BNB page will give Binance users key benefits, such as real-time information on airdrops across its platforms, including Launchpool, Megadrop, and HODLer Airdrops.

Users will also see features like trading fee discounts, VIP perks, and a historical rewards section. These improvements are designed to help the firm maintain its significant dominance while continuing to focus on integrity.

Hopefully, these improvements will allow the firm to maintain its significant dominance while maintaining its usual integrity. Last month, Binance Research identified some systemic problems with airdrops in general, and the exchange seems particularly concerned with its reputation.

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Pi Network Price Falls To Record New Low Amid Weak Inflows

Published

3 hours ago

April 3, 2025

Coin2049 Newsletter

Pi Network (PI) has experienced a significant downtrend recently, with price declines that have left many holders facing losses.

The altcoin has failed to break free from this negative momentum, and the market conditions continue to worsen. As a result, investors are losing confidence, and the price may continue to drop further.

Pi Network Continues To Suffer

The Chaikin Money Flow (CMF) continues to show bearish signs, remaining well below the zero line. This indicates that the network is suffering from outflows, meaning that investors are moving their funds out of Pi Network. Despite a bullish start, Pi failed to sustain interest, leading many holders to sell off their positions.

The outflow trend is concerning for investors, as the lack of positive momentum suggests a prolonged downtrend. The market sentiment remains bearish, with sellers outweighing buyers. As the CMF stays in the negative zone, it signals that Pi Network’s price could struggle to find stability in the short term.

The Ichimoku Cloud, a widely used technical indicator, is hovering well above the candlesticks, signaling that the bearish trend is gaining strength. This indicates that there is little upward momentum in the market, and Pi Network is likely to face more downward pressure.

Additionally, broader market conditions are still negative, which suggests that Pi Network may fail to recover in the immediate future. With bearish technical indicators and a lack of support from investors, the outlook for Pi Network remains grim for now.

PI Network Ichimoku Cloud. Source: TradingView

PI Price Hits A New Low

Pi Network is currently priced at $0.61, having formed a new all-time low of $0.60 after dropping by nearly 14% over the last 24 hours. The altcoin continues to struggle under the weight of negative sentiment and is not showing signs of reversal in the near term.

Based on the ongoing outflows and bearish technical indicators, Pi Network will likely continue its decline. It could fall further to $0.50, potentially forming new all-time lows. The current market conditions suggest that recovery is unlikely without a significant shift in sentiment.

PI Network Price Analysis. Source: TradingView

However, if Pi Network can bounce off the $0.60 level, it might regain some support and climb back to $0.87. This would help recover some of the recent losses and potentially give the altcoin another chance at a bullish move. But, without a strong catalyst, it may struggle to break through the resistance levels.

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.

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