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Ethereum Layer 2 Network Scroll Surpasses $1 Billion TVL
Jul 16, 2024
Scroll, a ZK rollup Layer 2 network, has joined the billion-dollar club. The project's total value locked (TVL) hit $1.03 billion, up 23% in a week. This milestone makes Scroll the 8th Ethereum Layer 2 to cross the $1 billion TVL mark. ETH dominates the mix at 87.29%, with stablecoins at 11.11% and other assets at 1.60%. Launched in October 2023, Scroll's been on a roll. It's been churning out features left and right. The latest? Scroll Canvas, a nifty tool for users to show off achievements and on-chain creds. But that's not all, folks. 'Session One' is dangling carrots for DeFi users. Points for liquidity providers on DEXs like Ambient and Nuri? Check. Scroll Marks for lending on Aave? You bet. Here's the kicker: Scroll's riding high without its own token. Go figure. But wrapped tokens on the network are seeing green. Wrapped stETH (WSTETH) is the star performer, up 10% in a week. Want in on the action? Bridge ETH and wstETH through the native bridge, or STONE via LayerZero. No fancy footwork needed for Session Zero eligibility. Easy peasy. Meanwhile, the Layer 2 scene's heating up. Total TVL across all Ethereum Layer 2s? A whopping $42.04 billion, up 12.04% in a week. Arbitrum One's still king of the hill with $16.85 billion TVL, up 11.91%. Base follows at $6.87 billion, despite a 7.53% dip. OP Mainnet's not far behind at $6.42 billion, surging 16.55%. Blast and Mantle round out the top five. Blast's sitting pretty at $2.67 billion, up 10.33%. Mantle's no slouch either, with $1.24 billion and a 15.07% bump. The Layer 2 race is on, and it's anyone's game. Scroll's just crashed the party, but who knows what's next in this fast-moving space?
Ethereum Could Outperform Bitcoin Once ETFs Approved - Analyst
Jul 16, 2024
Ethereum could outperform Bitcoin after the launch of spot ETFs in the US. This is according to a new Kaiko report. The launch could happen as soon as July 23. The report focuses on the Ethereum to Bitcoin Price Ratio. This metric measures how much BTC you need to buy one ETH. Right now, it's at 0.05. That's up from 0.045 before the SEC greenlit spot Ether ETFs. Ethereum's 1% market depth is another factor to watch. It's pretty low at the moment. This could lead to higher volatility. But it could also fuel a bull run. The Ethereum Exchange Reserve is at multi-year lows. This metric tracks how much Ether is available on exchanges. Low reserves could signal a supply crunch coming. Institutional demand for Ethereum ETFs might drive prices up. It's a big deal. Eric Balchunas, a Bloomberg ETF analyst, predicts a July launch. He says the SEC asked for amended S-1 forms by July 16. Tom Dunleavy, an institutional investor, has some bold predictions. He told Cointelegraph he expects $10 billion in inflows. That's roughly $1 billion per month. Ethereum's regulatory status has been a hot potato. Is it a commodity or a security? The SEC dropped its investigation into Ethereum in June. Laura Brookover, a Consensys attorney, reckons they did it to save face. The CFTC has thrown its hat in the ring too. Its chairman, Rostin Behnam, argues that ETH is a commodity. He thinks it falls under his agency's jurisdiction. All this buzz is creating a perfect storm for Ethereum. Low liquidity, potential ETF approval, and regulatory clarity could send prices soaring. But as always in crypto, it's anyone's guess. Investors are on the edge of their seats. July 23 could be a game-changer for Ethereum. Will it live up to the hype? Only time will tell.
Polygon and TON Join Forces in Layer-2 Race
Jul 15, 2024
The TON Application Chain (TAC) is teaming up with Polygon Labs. Their goal? To make the TON ecosystem play nice with the Ethereum Virtual Machine (EVM). It's a big deal. TAC is building a Layer-2 network for TON. This blockchain is known for its ties to Telegram, the messaging app. Why does TON need this Layer-2 integration? It's simple. They want to tap into Ethereum's massive developer community. The new Layer-2 chain will use Polygon's tech. It'll leverage Polygon CDK and Agglayer, an interoperability protocol. This combo will let EVM-compatible decentralized apps (DApps) run on TAC. Pavel Altukhov, TAC's CEO, spilled the beans to CoinDesk. "We're going with Polygon for a few reasons," he said. "EVM compatibility, easy liquidity access, solid support, and their EVM know-how." What's in it for developers? A lot, actually. They can port their Ethereum-based apps to TAC without breaking a sweat. And they'll get access to Telegram's huge user base. Altukhov's pretty stoked about recent developments. He pointed to USDT's integration on TON and the success of Notcoin, a popular Tap-to-Earn game. The numbers are looking good. TON's got 5.8 million monthly active on-chain wallets on Telegram. That's nothing to sneeze at. Here's a kicker: TON recently beat Ethereum in daily active addresses. On June 3, it hit 568,300 DAAs and it's worth noting that Ethereum - second most popular crypto in the world - hasn't seen those numbers since September 2023. The Layer-2 race is heating up. Coinbase launched Base last August. It's built on the OP Stack and has already locked in over $6 billion. Other players like Blast, Optimism, and Arbitrum are in the mix too. With TON joining the fray, things are bound to get interesting. It's a young man's game, and TON's playing to win.
Ethereum Staking Hits All-Time High: What It Means for Investors
Jul 15, 2024
Ethereum staking has reached a new milestone. Over a third of the total supply is now staked and some experts say it is time to start worrying about network's centralization. Can Ethereum be seen as truly decentralized blockchain if so much of the tokens are in hands of a relatively small group of people, one might ask. Not an easy question by all means. The figure for staking stands at 47.36 million ETH. That's worth about $147 billion at current prices. A whopping figure to say the least. This marks a significant increase from two years ago, when Ethereum finally switched from Proof-of-Work to Proof-of-Stake consensus mechanism, which was supposed to speed the network up and lower the gas fees. Back then, only 10.9% of the supply was staked. Santiment shared these findings on social media platform X. They highlighted the rapid growth in staking participation. "The ETH2 Beacon Deposit Contract, used for staking deposits for Ethereum 2.0, now holds an all-time high 47.36 million ETH," Santiment reported. Staking is a key feature of Ethereum's new consensus mechanism. It allows token holders to earn rewards by validating transactions. Ethereum made the switch from proof-of-work to proof-of-stake in September 2022. This move was a game-changer for the network. The transition brought several benefits. It made Ethereum faster and cheaper to use. It also significantly reduced the network's energy consumption. Another major impact was on ETH issuance. The Ethereum Foundation estimated that daily issuance would drop from 13,000 to 1,600 ETH. At the time of writing, Ethereum is trading at $3,143. It's seen a slight uptick in the last 24 hours. In a separate note, Santiment also ranked crypto gaming projects. They looked at non-redundant daily development activity over 30 days. The top contenders included MultiversX, Decentraland, and Immutable X. Skale and Root Network also made the cut. This surge in staking participation is a big deal for Ethereum. It shows growing confidence in the network's future, but it also raises questions about liquidity and centralization risks. We see blockchain as secure no only because of the cryptography, but because of all the decentalization either. As more ETH gets locked up, it could impact market dynamics. Reduced circulating supply might lead to increased volatility. On the flip side, it could also create upward pressure on prices. With less ETH available to trade, any increase in demand could have a magnified effect. For now, Ethereum's staking experiment seems to be paying off. But as with anything in crypto, it's worth keeping a close eye on how things unfold.

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