Monat: März 2024

• SolvBTC will catalyse further growth for the burgeoning Bitcoin DeFi ecosystem, Solv said in a press release.
• Initial launch will be across Ethereum, Arbitrum, BNB Chain and Merlin Chain.

Solv, an on-chain fund platform that offers native yield strategies across the blockchain ecosystem, has launched the first yield-bearing BTC token.

SolvBTC is an omnichain yield-bearing token that benefits from a diverse delta-neutral portfolio and will provide BTC-based yield of between 5-10%.

Solv, which provides asset-yield for over 35,000 DeFi users, shared the news in a press release shared with CoinJournal on Tuesday.

SolvBTC to boost Bitcoin DeFi ecosystem

The new BTC-based token provides both exposure to Bitcoin as well as the benefits of holding a yield-bearing asset.

How does this work?

According to Solv, the omnichain token taps into a secure Trading Strategy Vault, with delta-neutral strategies executed across top DeFi protocols like GMX, Curve, and Aave.

SolvBTC integrates into DeFi protocols to allow for the creation of new unique products around it, with more upside for yield possible.

The team at Solv believes SolvBTC will help transform the Bitcoin ecosystem. Specifically, it’s now possible for BTC worth billions of dollars to explore opportunities in the DeFi space.

SolvBTC will initially go live on Ethereum, Arbitrum, BNB Chain, and Merlin Chain.

Future expansions are targeted across the blockchain ecosystem as the protocol looks to unlock earn opportunities for native yield for more users. Solv says its users have earned more than $6.7 million in real yield so far.

As part of its plans to boost adoption and expand Bitcoin DeFi, Solv will launch a rewards system where early SolvBTC users earn points.

Solv, which is also backed by Binance Labs, raised $6 million in a funding round led by Nomura in August last year.

The post Solv Protocol launches first omnichain yield-bearing token for BTC appeared first on CoinJournal.

• Bitcoin (BTC) price surges to above $71k again as spot Bitcoin ETFs record $15 million in net inflows.
• Stacks (STX) reached a new all-time high of $3.80 and analysts are bullish on its potential.
• New NFT and game project Bitcoin Dogs (0DOG) nears market launch; it captivated the community with its first-ever ICO on Bitcoin.

Bitcoin has soared to above $71,000 again as spot BTC ETFs see net inflows for the first time in nearly a week.

Meanwhile, analysts are bullish on Bitcoin L2 project Stacks (STX), which hit a new all-time high as BTC broke above $71k. There’s also great anticipation around Bitcoin Dogs (0DOG), a new project whose ICO on Bitcoin attracted over $13.4 million.

Bitcoin price surges as spot ETFs see net inflows

The spot Bitcoin ETFs market has witnessed a flip in flows following a streak of net outflows. 

On Monday, March 25, the spot Bitcoin ETFs market recorded net inflows of over $15 million, the first positive return for the US-listed ETFs that had extended their net outflows to a five-day streak.

While Grayscale’s GBTC continued to see outflows, recording over $350 million on the day, the rest of the ETFs turned green. Fidelity’s FBTC beat BlackRock’s IBIT to the top of single day net inflows on the day with approximately $261 million compared to $35.48 million.

The turnaround came as Bitcoin’s price raced to above $70,000. Incidentally, BTC has dropped to lows of $60,000 last week as net outflows increased, with over $836 million in outflows recorded in the week to March 21.

Stacks (STX) reached a new all-time high

With Bitcoin price retesting levels above $71,000, the market optimism is back as greed & fear index returns to extreme greed levels.

Analysts say altcoins will take up fresh bids and could explode in coming weeks.

Muneeb Ali, the CEO of Trust Machines and co-creator of Bitcoin L2 protocol Stacks, says this could be the wrong time to bet against Bitcoin. Muneeb shared the opinion via a post on X, pointing to events surrounding the highly anticipated BTC halving.

Three events around Bitcoin halving:

1) Bitcoin’s daily supply drops by 50%
2) Runes, assets on Bitcoin L1, launch
3) Stacks Nakamoto L2 instantiation

And you’re bearish on Bitcoin, anon?

— muneeb.btc (@muneeb) March 26, 2024

As Bitcoin soared above $71k on Monday, Stacks (STX) price jumped to a new all-time high of $3.80. 

The token’s price trajectory has echoed BTC movements over the past year. It soared as markets rallied on spot ETFs approval in January and mirrored the bellwether crypto again as it roared to its all-time high above $73k earlier this month.

Investors await Bitcoin Dogs market debut

Analysts predict that STX price could seek a new ATH as crypto markets extend their bullish outlook beyond the Bitcoin halving. The launch of new projects within the Bitcoin ecosystem adds to the positive forecast for BTC.

The outlook is also similar for new tokens native to an emerging era of NFTs, gaming and DeFi on Bitcoin.

Bitcoin Dogs (0DOG), the project that launched the first-ever BRC-20 presale and raised over $13.4 million, stands out as one of the most highly anticipated tokens in the wider Bitcoin Ordinals and BRC-20 market.

BRC-20 tokens currently have a market cap of $3.05 billion, but experts have forecast the new ecosystem on Bitcoin could be a $500 billion market in the next few years. 

The excitement around Bitcoin Dogs suggests 0DOG price could explode on its trading debut. Expectations for Bitcoin L2 and BRC-20 tokens also means there’s potential for long term traction for 0DOG.

After its token sale, the project is eyeing next steps including potential launch on major exchanges and debut of its game and NFTs. 

The Bitcoin Dogs roadmap outlines these milestones and the team has reassured presale participants that major announcements are on the horizon.

Learn more about Bitcoin Dogs here.

The post Spot Bitcoin ETFs record $15M in net inflows, buoys BTC, STX and 0DOG appeared first on CoinJournal.

• Base TVL is up more than 126% in the past month, up from around $405 million on February 25.
• TVL has reached $913 million amid meme coins frenzy and could hit $1 billion this week.

The Total Value Locked (TVL) on Base, an Ethereum layer-2 protocol launched by Coinbase, has reached a new high above $900 million.

Data on DeFiLlama showed the TVL stood at over $913 billion on March 25, up by more than 126% from $405 million on February 25. Bridged TVL was valued at over $1.15 billion.

Base meme coins send TVL soaring

In the past few weeks, the spotlight has been on Solana-based meme coins. The likes of dogwifhat, Bonk Book of Meme, Slerf and Myro have dominated the market with massive gains.

But Base meme coins have seen a decent spike in the past 24 hours, with data showing their market cap has increased more than 400% in 24 hours to nearly $1 billion.

Buying frenzy has hit tokens such as Toshi (TOSHI), Degen (DEGEN) and Mochi (MOCHI), which have all soared more than 30% in the past day.

Nansen highlighted the growth in TVL, noting a surge could see it hit $1 billion this week.

Base TVL is up over 25% from last week ($705m to $892.6m), with the network on the path to hit $1b TVL this week

it looks like @base szn is here pic.twitter.com/x5rRRxnw1s

— Nansen 🧭 (@nansen_ai) March 25, 2024

RWA tokens on the rise

Real world assets (RWAs) have also contributed to Base’s emerging as a force in the market.

With the recent Dencun upgrade in place, low fees sees interaction with dApps on the rise. Users and investors are also taking key dips into the RWA market, eyeing gems.

On-chain data shows a notable impact on Base TVL from RWA projects, including a 28% spike in TVL for Tangible RWA and nearly 6% for Cygnus Finance.

Overall rise in RWA tokens saw the sector’s market cap soar more than 25% to above $7 billion. Top tokens in this market include Ondo Finance, Polymesh, Pendle and TokenFi.

Apart from meme coins and RWA, two other narratives likely to lead the bull cycle are artificial intelligence (AI) and Decentralized Physical Infrastructure Networks DePINs).

The post Base TVL spikes amid meme coin surge, targets $1 billion appeared first on CoinJournal.