Stablecoin issuer Tether (USDT) is announcing new plans to launch a new digital asset pegged to the Dirham (AED), the currency of the United Arab Emirates (UAE). In a new press release, the firm behind USDT says that it will be working closely with the nation’s central bank as well as blue-chip tech companies to […]
The post Tether Announces Plans To Launch New Stablecoin Pegged to UAE’s Dirham appeared first on The Daily Hodl.
Based on recent market data, the cryptocurrency cardano (ADA) has fallen out of the top ten rankings, making way for tron (TRX) to take its place. ADA has struggled to hold its ground among the leading cryptocurrencies this year, and in the past 30 days alone, it has dropped 23% against the U.S. dollar. Once […]
Ethereum’s dominance in decentralized application deposits compensates for the reduced onchain volumes, but what about ETH price?
Ether (ETH) has been trading within a narrow $230 range since Aug. 9, maintaining a solid support level at $2,550. However, this represents a 20% decline from three weeks ago, when ETH closed July above $3,300. This decline follows a broader contraction in cryptocurrency prices, but Ether is encountering specific challenges of its own. The Ethereum network’s decentralized applications (DApps) have seen a significant drop in activity over the past seven days.
Part of Ether’s failure to sustain a bullish momentum can be attributed to the lackluster performance of spot Ether exchange-traded funds (ETFs). The recently launched ETFs have experienced a combined $30 million in net outflows since Aug. 9, according to data from Farside Investors. Despite these outflows, traders remained optimistic that inflows from major players like BlackRock and Fidelity would counterbalance the outflows from Grayscale’s ETHE, although this remains to be seen.
The Ethereum network continues to lead in terms of total value locked (TVL) and transaction volumes, even though it charges significantly higher fees compared to its competitors. This fee difference presents a challenge, as the user experience on Ethereum does not favor second-layer solutions, thereby creating opportunities for niche markets to gain traction on alternative networks such as Solana (SOL), BNB Chain (BNB), and TON. Indeed, according to DappRadar data, none of the top 12 DApps by user count are based on Ethereum.
Justin Sun, founder of the Tron blockchain ecosystem, clarified the reasons behind his drive to bring meme coins to the Tron network. According to Sun, the Tron blockchain has the upper hand compared to other chains, being home to $60 billion USDT. “No other blockchain protocol’s got a liquidity pool this massive,” Sun stressed, explaining […]
Tron’s share of the stablecoin market continues to grow as the network’s adjusted transfer volume in USDT hit $384 billion in July.
Tron has grown to become the second blockchain to Ethereum in stablecoin market share.
Data from Coin Metrics Network reveals that stablecoin supply on Tron stands at $61.1 billion, commanding 37.9% of the total stablecoin market share, which currently stands at $161.1 billion. This is a significant increase from a supply of $46.6 billion it held a year ago.
Tron trails the Ethereum network, which dominates the stablecoin market supply at $89.7 billion, representing 55.7% of the total supply.
In mid-August, bitcoin’s price dipped below $60,000, hitting a low of $56,646 per BTC on Thursday. Currently, BTC is hovering just above $58K, sitting at $58,267, which is about 20.2% lower than its all-time high (ATH) of $73,737 reached on March 14. While BTC has seen a 20.2% drop from its ATH, several other leading […]
Crypto startup funding rose over 2.5% in Q2, and Tron could be on track to become the most profitable blockchain in terms of revenue, according to Justin Sun.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance insights — a newsletter crafted to bring you the most significant developments from the past week.
This week brought renewed optimism for crypto investors after Pitchbook data revealed that crypto startup funding rose 2.5% to $2.7 billion in the second quarter of 2024 despite declining overall investment deals.
In the broader crypto space, the Tron network has surpassed the 90-day revenue of the Ethereum network, which could put it on track to surpass $2 billion in revenue by the end of 2024. According to Sun, this would make it the “most profitable blockchain on Earth.”
The recent announcement of the custody change of WBTC, a wrapped version of bitcoin, has prompted a negative reaction in decentralized finance (defi) protocols that reject Justin Sun’s disclosed relation with the project. Bitgo is moving WBTC custody to a joint venture with Bit Global, another custodian, to diversify custody locations and decentralize private keys […]
A new crypto scam utilizing QR codes to trick users into authorizing wallets is spreading, according to crypto data analytics firm Bitrace. In a lengthy thread on the social media platform X, Bitrace says that the new crypto scam is deceiving traders by enticing them with alluring over-the-counter trades and rewards in the native asset […]
The post New Crypto Scam Using QR Codes To Deceive Users Into Authorizing Wallets Spreads: Bitrace appeared first on The Daily Hodl.
TRON DAO's prominent role at ABS2024 highlights its influence in shaping blockchain innovation and fostering global tech community collaboration.
The post Justin Sun delivers keynote and fireside chat at ABS2024, TRON DAO featured as title sponsor appeared first on Crypto Briefing.
