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dYdX Foundation Launches Liquid Staking for DYDX Token

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The dYdX Foundation has revealed it will launch liquid staking on the dYdX chain today with Stride, the most popular liquid staking provider in the Cosmos Ecosystem.

Over the next few days and weeks, liquid staking on the dYdX chain will also be available through other liquid staking solutions, including Persistence and Quicksilver. 

Liquid staking has long been a popular service in the cryptocurrency industry. Generally speaking, liquid staking involves locking up tokens in exchange for a token receipt that can then be used or traded in DeFi applications. 

See Also: Top Cryptocurrencies To Watch This Week: MANTA, SHIB, FTT

According to information available on DeFiLlama, liquid staking derivatives currently have a TVL of over $31.1 billion, making it one of the most popular DeFi services to date. 

With the launch of liquid staking on dYdX, token holders will be able to purchase staked denominations of dYdX v4’s native token (DYDX). 

Stakers will receive trading and transaction fees in the form of USDC, meaning that they will participate in securing the dYdX v4 chain whilst simultaneously earning additional yield.

“stDYDX’s non-inflationary yield makes it an incredibly stable source of collateral, and the asset will thus have numerous DeFi use cases within Cosmos,” Stride co-founder Riley Edmunds told Blockworks. 

He adds that “this will lead DYDX holders that are otherwise sitting on the sidelines (or using their DYDX in Ethereum DeFi) to move their liquidity into the Cosmos ecosystem.”

The Stride team notes that it will airdrop up to 100,000 STRD tokens to holders who liquid stake their DYDX with Stride for stDYDX within the first 120 days of launch, making it one of the largest STRD airdrops to date. 

See Also: ARK Invest Sells Bitcoin Futures ETF, Buys $65M Worth Of Its Own Spot BTC ETF

“DYdX is the largest decentralized exchange by volume in the entire space. It has a huge audience, many of whom are unfamiliar with Cosmos. This integration helps spread the word and increase interest for the Cosmos ecosystem more broadly,” Edmunds said.

Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.



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Press Release

Cardano (ADA), The Graph (GRT) Network Upgrade; Algotech (ALGT) Presale Is The Best Crypto In 2024

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To become a successful investor, you must evaluate the performance of cryptocurrencies before investing in them. This article will look into three leading crypto assets – Cardano (ADA), The Graph (GRT), and Algotech (ALGT).

While ADA and GRT are long-standing cryptos, ALGT is a newly launched project. However, the growth rate of Algotech (ALGT) has stolen all the limelight. Its ongoing presale has attracted a large number of small and big investors.

 

Cardano (ADA) Reaches New NFT Milestone

Cardano (ADA) has grown significantly in the non-fungible tokens (NFTs) space. As per the data from CryptoSlam, the NFT sales on the Cardano (ADA) network have increased by 100% in the past week.

The data showed that Cardano’s (ADA) NFT sales volume was more than $1.6 million. The total value locked (TVL) of Cardano (ADA) has also surpassed $400 million. Therefore, Cardano’s (ADA) rank, by TVL, has jumped from 34th to 13th.

Thus, the price of Cardano (ADA) has moved northward. On the monthly price chart, Cardano (ADA) is up by 18%. Consequently, the current trading price of Cardano (ADA) is $0.58.

 

The Graph (GRT) Surges After Quarterly Report

The last week brought a staggering 46% increase in the price of The Graph (GRT). Consequently, the trading price of The Graph (GRT) currently stands at $0.27. The Graph (GRT) has witnessed this rise after its recently published Q4 2023 report.

The Graph’s latest report shows several new updates in the GRT ecosystem. As per data, The Graph (GRT) has recorded a 65% QoQ rise in transaction volume. Besides, The Graph (GRT) has also made efforts to simplify billing and payments to enable a Free Query Plan for free monthly queries.

Moreover, to streamline the creation of technical plans and grant proposals, The Graph (GRT) has launched the Technical Advisory Board.

 

Algotech (ALGT) Presale Strikes Big

The practice of algorithmic trading is dominating global trade. A report’s findings have suggested that the market size of automated algo trading can grow at a CAGR of 10.6% by 2032. Thus, a new blockchain project, Algotech (ALGT), has launched a novel trading platform.

This algo-based trading platform will come with smart technologies like machine learning and artificial intelligence. Thus, Algotech (ALGT) aims to analyze a multitude of data to identify the perfect investment options for traders. It will list multiple trading pairs as well, by partnering with leading cryptocurrency exchanges.

Algotech (ALGT) also provides arbitrage services. This enables its users to benefit from the price differences between diverse crypto exchanges. Moreover, users can copy the successful trade strategies of professional and expert traders. Thus, Algotech (ALGT) also promotes social trading.

Due to these growth opportunities, investors are rallying behind the presale of Algotech. ALGT will be the native token of the platform. Notably, the presale Algotech (ALGT) token owners can win multiple giveaways. The platform will give gifts like Apple Watches, iPads, VIP tickets to a blockchain event in Dubai, and many more. The token owners will also get governance rights on the platform.

The ALGT presale has already recorded a sale of over 15 million tokens within days of its launch. Moreover, it has secured more than $612,000. At press time, you can lock an ALGT token for just $0.04. Meanwhile, experts have predicted that Algotech’s (ALGT) value can go up by 275% to reach $0.15 before the end of the presale phase.

Learn more:

Visit Algotech Presale

Join The Algotech Community



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SHIB Lead Dev Gives Major Update On Shiba Inu ERC404 Tokens

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  • Shiba Inu’s lead developer reveals major updates on ERC404 tokens, signaling significant progress and potential for SHIB ecosystem.

The Shiba Inu cryptocurrency community is abuzz with excitement following a major update from Kaal Dhairya, the lead developer and contributor to the project. 

The update, centering around the launch of the highly anticipated NFT SHEboshi, has garnered significant attention worldwide.

In his recent communication, Dhairya delved into the intricacies of the ERC404 token standard, an innovative blend of NFT and fungible token attributes, which has propelled Shiba Inu to the forefront of decentralized experimentation. 

Despite encountering a minor hiccup during the SHEboshi NFT launch, wherein a temporary bug allowed additional minting, the response from the Shiba Inu team was swift and efficient.

See Also: Shiba Inu Team Alerted Its Community On Upcoming SHEboshis NFT Launch

To address the situation, the team has implemented measures to ensure fairness and transparency, including an increase in the total number of SHEboshis from 12,000 to 20,000, allowing all snapshot holders to claim and mint their tokens. 

Furthermore, unclaimed SHEboshis will be made available for LEASH holders to purchase, underscoring the project’s commitment to community inclusivity.

In light of the unexpected surge in sales, the team has outlined a comprehensive plan for the allocation of proceeds, with 50% dedicated to strategic token burns, contributions to nonprofit organizations, team support and liquidity provision, while the remaining 50% will be allocated toward operational expenses and the project’s treasury.

Despite the momentary setback, Dhairya emphasized the team’s unwavering dedication to innovation, learning and community growth. 

Expressing gratitude to the SHIB army for its continued support, he conveyed optimism for the future of the project and its vibrant community.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN



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200 Crypto Accounts Linked Ransomware Operator LockBit Frozen

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A coordinated international operation has targeted one of the leading ransomware operator group LockBit, freezing over 200 crypto accounts linked to their activities.

The action, dubbed Operation Cronos, involved collaboration between the US Department of Justice (DOJ), Europol, and law enforcement agencies from multiple countries.

Europol said that two LockBit actors had been arrested in Poland and Ukraine, and that a further two defendants, thought to be affiliates, had been arrested and charged in the US.

The US Treasury Department’s Office of Foreign Assets Control (OFAC) blacklisted 10 bitcoin and ether addresses associated with the group.

Data from Arkham Intelligence revealed that some OFAC-listed addresses on Tuesday were linked to deposit accounts on KuCoin, Coinspaid, and Binance.

These actions effectively block U.S. entities from providing any financial services to the individuals or the listed crypto addresses.

LockBit, accused of stealing over $120 million from victims worldwide, employs a “Ransomware-as-a-Service” (RaaS) model. 

This means they develop and distribute ransomware tools to affiliates who then deploy them in attacks, often targeting municipal entities and private companies.

See Also: Crypto Ransomware Operator LockBit Website Taken Down By International Enforcement Agencies

Decryption Keys Being Distributed to LockBit’s Victims

As reported earlier, authorities seized LockBit’s website and various pages, hindering their operations and communication channels. 

Additionally, Europol reports that decryption keys are being distributed to victims, offering them a chance to regain access to their locked files without paying ransoms.

As per the announcement, the law enforcement agencies recovered more than 1,000 decryption keys earmarked for victims of LockBit’s attacks. 

The authorities will be contacting those victims to aid them in the recovery of encrypted data.

The NCA’s director general, Graeme Biggar, said, “Through our close collaboration, we have hacked the hackers; taken control of their infrastructure, seized their source code, and obtained keys that will help victims decrypt their systems.”

#Binance #WRITE2EARN



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