A Solana-based (SOL) meme asset has nearly doubled up just days after its community overwhelmingly passed a resolution to burn its supply. In a new announcement on the social media platform X, the decentralized autonomous organization (DAO) for memecoin Bonk (BONK) says it has voted to reduce the token’s supply by billions. “The BONK DAO […]
The post Solana-Based Memecoin Erupts Over 90% in Days After Community Overwhelmingly Votes To Reduce Supply appeared first on The Daily Hodl.
"Fantom will become the youtube/twitch of blockchain platforms," commented ecosystem architect Andre Cronje.
According to a new proposal dated Dec. 1, directed acrylic graph network Fantom seeks to implement an affiliate program for its decentralized application, or dApp, developers with network gas fees. To fund this venture, the Fantom community has proposed slashing the protocol's current FTM token burn rate from 20% to 5%. In supporting the proposal, Fantom developers wrote:
"We take what works in web2 and restructure it to fit the network's priorities, which means taking the ad monetisation model and extending it to gas monetisation for performing dApps that manage to attract a steady stream of users."
The development team further elaborated that Fantom’s Opera network [native dApp builder] "is not directly competing against Youtube or Twitter," but seeks to "attract and retain high-grade talent continuously" in the Web 3.0 space. To qualify for the potential incentive, dApps must have recorded 1,000,000 or more transactions and have spent three months or above on the Fantom Opera network. Upon approval, developers can then claim 15% of the total gas fees spent on their dApp.
New governance proposal: dApp Gas Monetization Program
— Fantom Foundation (@FantomFDN) December 1, 2022
This gas monetization program will seek to reward high-quality dApps, retain talented creators, and support #Fantom’s network infrastructure.
Read the full detailshttps://t.co/GVBAWXqXBO
However, the Fantom Foundation said that it "reserves the right to halt any payment stream indefinitely for any reason, including if fraudulent user activity is suspected or if the Foundation believes it is in the best interests of the Fantom ecosystem." Currently, a total of 8.36 million FTM tokens have been burned since the Fantom mainnet went live in 2019. Voting for the proposal is ongoing and requires a minimum of 55% turnout from FTM token holders to pass.
Despite the large burn value, the network is still inflationary until its PoS transition scheduled for Q2 or Q3.
According to blockchain data from Nansen Analytics on Tuesday, over $1.096 billion worth of Ethereum (ETH) has been burned in the past month. With the introduction of the EIP-1559 last August, a portion of fees is taken out of circulation for every transaction that occurs on the Ethereum blockchain. While sending and receiving ETH does not cost much, higher-level tasks, such as minting nonfungible tokens, or NFTs, via smart contracts, cost far more gas.
In January, the total volume of NFT transactions on OpenSea hit an all-time high of $3.5 billion. It currently ranks No.1 on a burn leaderboard compiled by Ultra Sound Money, with 65,778 ETH ($181.7 million) burned in the past 30 days. In second and third place were token burns from Ethereum transactions and factivity on decentralized exchange Uniswap (UNI), numbering 35,696 ETH ($98.6 million) and 24,223 ETH ($66.9 million), respectively.
However, Ethereum is still an inflationary blockchain network; the current issuance of 5.4 million ETH per year surpasses 3.5 million ETH burned. The supply of ETH will peak only after the removal of its proof-of-work mechanism via its transition to proof-of-stake, or PoS.
Once that happens, the total amount of new emissions will be less than that of token burns, resulting in a net deflationary network. The PoS transition, dubbed "the merge," will occur in the second or third quarter of this year. Before that, however, the network's total hash rate has still managed to reach a new all-time high. The Ethereum Foundation recently ditched the Eth 2.0 name in its rebrand. It is now called the consensus layer.
Bitcoin price is still pinned below $60,000, but the recovery in ETH and altcoins suggests that the current correction could be coming to an end.
The performance of cryptocurrencies in the past 7 days might have seemed slightly unexciting, especially since the total market capitalization increased by “only” 1.8% to reach $2.7 trillion. However, even with the muted price action, some altcoins managed a decent rally. Bitcoin (BTC), on the other hand, was down 6% until Nov. 28, but it still managed to close the week up 1.5% after a $3,200 rally on Sunday night.
The metaverse sector continued to outperform with Gala (GALA), The Sandbox (SAND), and Decentraland (MANA) among the top 5 gainers. While few play-to-earn and Metaverse “environments” are available for true interaction, major news and partnerships are still boosting these metaverse-related token valuations.
As reported by Cointelegraph on Nov. 24, Metaverse Group purchased virtual land in Decentraland for about $2.5 million. On Nov. 25, a digital land plot in the Axie Infinity game was sold for 550 ETH on Nov. 25, or roughly $2.5 million.
Moreover, a collaboration between Sony Pictures and AMC Entertainment announced on Nov. 28 will offer up to 86,000 Spider-Man NFTs to celebrate the opening day of its new feature movie.
Zash (ZEC), a privacy-focused cryptocurrency launched in Oct. 2016, spiked 20% in 24 hours on Nov. 20 as developers announced plans to abandon traditional mining and migrate to a Proof of Stake network.
Amp (AMP), the native collateral token of the Flexa payment network, also rallied on Nov. 24 after listing on Binance. Meanwhile, Terra (LUNA) benefited from a 5.4 million token burn in four days, according to Caviar startup founder and crypto investor Jason Wang.
Among the worst performers were four smart contract platforms aiming to break Ethereum’s dominance: Cardano (ADA), Near Protocol (NEAR), Polkadot (DOT) and Harmony (ONE).
On Nov. 24, Ethereum co-founder Vitalik Buterinand issued a proposal for the transaction calldata limit in a block to “cut costs and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum”.
Aave Protocol (AAVE), the collateralized lending and yield platform, continues to trade in a downtrend after its TVL decreased by 30% in 3 months.
Dash (DASH) saw its number of addresses with at least 1,000 tokens decrease to 5,210, the lowest level since July 2018.
The OKEx Tether (USDT) premium measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar currency, has improved slightly.
The indicator’s 99% reading is neutral-to-bearish, signaling weak demand from cryptocurrency traders to convert cash into stablecoins, but it’s still a vast improvement from the 5% discount in mid-October.
Furthermore, the cryptocurrency total futures open interest held steady near $50 billion, which is merely 10% below the all-time high. It is worth noting that an open interest decrease is not necessarily bearish, but maintaining a certain level is interesting because more liquidity providers and market makers enter the market.
The futures’ open interest provides a healthy reading considering the nearly $2.0 billion worth of liquidations that happened during the week. The 10% total crypto market capitalization dropped to $2.37 trillion on Nov. 25 and was responsible for 44% of the forced futures contracts terminations.
The above data might not sound exciting, but considering that Bitcoin (BTC) and Ether (ETH) are both strong on Nov. 29, the rebound from the previous day might indicate that the 2-week correction period could be over.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Binance has destroyed $400 million worth of BNB in its 16th quarterly token burn event, but the markets don’t seem to care.
Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB.
On July 18, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time.
The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program — an incentive that aims to help users who have lost tokens through honestly mistaken transactions to smart contracts.
Binance covers the losses, returning the tokens to users under specific circumstances. These token numbers are then deducted from the quarterly burn totals by the exchange.
In summary: 1,296,728 #BNB (390,855,150 USD) burned by @Binance.
— CZ Binance (@cz_binance) July 18, 2021
The remaining 16m BNB unlocked, and moved to a team address, according to the schedule in the white paper.#Binance team has never used or sold a single team #BNB thus far, only burned them.
Binance has pledged to burn 20% of the exchange’s profits every quarter, with the latest burn suggesting the exchange could have profited by $2 billion during the second quarter of 2021.
The latest burn is the second-largest in Binance Coin's history by fiat value, with a whopping $600 million worth BNB having been destroyed in March.
Despite the scale of the burn, the event appears to have had little impact on the Binance Coin markets, with BNB prices trending sideways over the weekend.
Related: Vitalik burns $6.7B of Shiba to reward generous hodlers
At the time of writing, BNB was trading down less than 1% on the day at $301.66. It is currently down 56% from its May 10 all-time high of $686, but is still up an impressive 700% since the beginning of the year.
Binance has recently been battling regulators on multiple fronts, with significant regulatory pressure coming from the United Kingdom, Germany and Hong Kong.
In the U.K., a number of high street banks have also curtailed their customers from transacting with the exchange as the country’s financial regulator clamps down on unregulated cryptocurrency trading platforms.
On July 16, Binance suddenly halted the sale of its stock tokens.
After the dogecoin hype invoked a new ERC20 token project called Shiba Inu, the crypto asset has been making waves throughout the crypto industry. On Wednesday, the cofounder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India’s Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to […]