Monat: Juni 2024

• Solciety (SLCTY) is a new PolitiFi token on Solana.
• BODEN and TREMP are two of the top PolitiFi meme coins that could experience volatility this week.
• Despite Bitcoin’s struggles, the Biden vs. Trump debate may be a huge catalyst.

Most meme coins have traded lower in the past week, with recent gains evaporating amid broader market declines. But while Bitcoin continues to struggle to signal potential downside continuation, top politics-related meme coins are targeting a likely catalyst in this week’s US presidential debate.

PolitiFi tokens to watch include Donald Tremp (TREMP) and Jeo Boden (BODEN). Also likely to make huge moves in the sector is Solciety (SLCTY), the new “political party for degens” that recently launched on Solana.

Bitcoin dips to near $60k again as bears strengthen

Bitcoin price fell to near $61,000 on Monday as a confluence of factors helped bears reiterate their presence in the market. Macroeconomic factors have played their part in recent weeks, as has increased sell-off pressure from miners and large BTC holders.

The downturn today comes amid news that defunct crypto exchange Mt.Gox has plans to start repayments for creditors in July. Bears have reacted strongly to the news, and could pull BTC to the psychological $60,000 threshold.

In May, Bitcioin fell to near $56k amid post-halving declines tempered with other downside catalysts. But despite these short-term declines, the overall long term view for the flagship cryptoccurrency is bullish.

BODEN, TREMP eye debate week bounce

Although the political meme coins space has cooled in the past week or so, temperatures are expected spike again as the US heads for its first televised debate between Joe Biden and Donald Trump.

That event comes on Thursday, June 27, 2024 – the first face-off between the incumbent Biden and former president Trump. Crypto, and political memecoins, or PolitiFi tokens, are likely to see some volatility related to the debate.

Apart from MAGA (TRUMP) and Super Trump (STRUMP), two tokens likely to be meme coins limelight will be Jeo Boden (BODEN) and Doland Tremp (TREMP). None of these coins have a direct connection with the political figures. Nonetheless, political satire and viral moments have created an environment for meme coin speculation.

In this case, comments on crypto and hints at policy shifts could provide a trigger. TREMP and BODEN, which are trading 330% and 290% since their respective all-time lows in March, are two of the meme coins investors may be watching keenly.

Is Solciety the new PolitiFi token to watch?

Jeo Boden and Donald Tremp currently top the politics-related meme coins market on the Solana blockchain.

However, there’s a new contender for the best PolitiFi tokens – the newly launched Solciety (SLCTY) token.

Solciety launched on June 18, offering a 30-day presale for its SLCTY token at the starting price of $0.0015. 

While a new entrant in the buzzing PolitiFi sector, Solciety comes loaded as “the political party for degens.” What this means is that Solciety is a platform that degens can tap into for a chance to exploit current opportunity behind politics and elections.

Solciety raised over $300k in less than 48 hours as traders and enthusiasts floecked to the token’s presale. However, its not its meme coin price potential that’s creating the biggest wave. It’s this Solana-based project’s best feature – the Meme Campaigner Tool.

A basic description of the tool is that this is what meme enthusiasts can leverage to create viral Solciety-branded memecoins. Top creations in the ecosystem that users characters such as Donald Pump and Badamir Putin stand a chance to win SLCTY as the creations go viral.

Currently, Solciety in stage 2 of the presale, with SLCTY price up to $0.00175. Ahead of a potential bullish flip for meme coins, the low price may offer a good opportunity to join.

Learn more or buy Solciety on its official presale page.

The post BODEN, TREMP and SLCTY eye bounce despite Bitcoin’s struggles appeared first on CoinJournal.

• The ZK Compression uses zero-knowledge proofs for data compression.
• The ZK Compression slashes Solana on-chain storage costs by 99%.
• The ZK Compression operates as an integrated L1 solution, avoiding typical L2 complexities.

Light Protocol and Helius Labs have unveiled a groundbreaking feature known as ZK Compression on Solana, aimed at revolutionising how data is stored on the Solana blockchain by significantly reducing on-chain storage costs.

1/
Today, we launch the next generation of Light.

Together with @heliuslabs

At its core, a new primitive:

Tokens and accounts: orders of magnitude cheaper,

while enabling native ZK compute on Solana.

We call it:

ZK Compression. pic.twitter.com/nx3m99bwvy

— Light Protocol (@LightProtocol) June 21, 2024

Launched on June 21, ZK Compression harnesses zero-knowledge (ZK) proofs to compress on-chain data, promising immense scalability improvements and cost savings.

How does the ZK Compression work?

At its core, ZK Compression leverages zero-knowledge proofs to compress and verify off-chain data on Solana’s Layer 1 (L1) network.

By employing sparse state trees and hashing techniques, ZK Compression minimizes the amount of on-chain data required while maintaining data integrity and security.

This approach allows developers to store crucial information more efficiently, translating into substantial cost reductions. For example, according to the Helius Labs’ CEO, the cost of storing 100 compressed token accounts can plummet from 0.2 SOL to just 0.0004 SOL — a staggering 5000-fold decrease.

Solana’s implementation of ZK Compression marks a departure from traditional storage methods, where each piece of data necessitates significant on-chain resources. Instead, by storing only essential verification information on-chain and utilizing ZK proofs to validate the integrity of off-chain data, Solana achieves unparalleled efficiency in data management on its blockchain.

Comparing ZK Compression with Layer 2 solutions

Unlike conventional Layer 2 (L2) scaling solutions, which often require additional security measures and governance structures, ZK Compression operates seamlessly within Solana’s existing validator framework.

This distinction allows Solana to bypass typical L2 complexities while retaining the economic incentives and security assurances of its primary blockchain layer.

Although critics argue that labeling ZK Compression solely as an L1 enhancement overlooks its functional similarities to L2 technologies like ZKrollups, proponents emphasize that Solana’s approach simplifies scalability without compromising on the core benefits of blockchain decentralization and security.

By focusing on efficiency and cost-effectiveness, Solana positions ZK Compression as a robust alternative to traditional L2 solutions, appealing to developers seeking streamlined scalability solutions without the overhead of additional layers.

What does the ZK Compression mean for Solana?

The introduction of ZK Compression holds profound implications for the blockchain industry, particularly in enhancing the feasibility and scalability of large-scale applications on Solana.

For instance, projects involving extensive data storage or frequent transaction processing, such as decentralized finance (DeFi) protocols or non-fungible token (NFT) marketplaces, stand to benefit significantly from reduced operational costs and improved throughput.

Moreover, Solana’s commitment to advancing blockchain scalability through ZK Compression underscores its ambition to foster innovation and attract a broader developer community.

As the technology matures and adoption grows, ZK Compression could pave the way for new use cases and applications that leverage Solana’s high-performance blockchain infrastructure.

The post Light Protocol and Helius Labs launch ZK Compression on Solana to reduce storage costs appeared first on CoinJournal.

• Japanese firm Metaplanet announces 1 billion yen ($6.2 million) BTC purchase.
• Funds will come from proceeds of a bond issuance.

Metaplanet, a top Japanese investment firm that has recently adopted the Bitcoin strategy by adding BTC to their balance sheet, has announced plans to buy more BTC.

The company is looking to add over $6.2 million more worth of Bitcoin, using funds from an upcoming bond issuance.

Metaplanet to buy more BTC

Per details shared in an announcement, the bond payments are set for June 26, 2024 and Metaplanet will use the proceeds to buy more Bitcoin. It’s a move that would bring its holdings to more than $15 million. The firm holds 141.07 BTC after its recent 250 million yen purchase.

The firm’s Board of Directors confirmed the decision to buy 1 billion yen worth of Bitcoin to add to its balance sheet on Monday.

“While our basic policy is to hold Bitcoin for the long term, if we use Bitcoin for operations or other purposes, the corresponding Bitcoin balance will be recorded as current assets on the balance sheet.”

Metaplanet pivoted towards Bitcoin in April, with the initial objective being to adopt BTC as a reserve asset as a way of cutting the firm’s yen exposure. The investment advisor also targets providing access to crypto investing for Japanese investors.

With $9 million in BTC already, Metaplanet’s holdings of the benchmark cryptocurrency pale in comparison to Bitcoin behemoths like MicroStrategy. Following its recent purchase (an additional 11,931 BTC for $786 million) MicroStrategy now holds 226,331 bitcoins acquired for about $8.3 billion.

While a drop in the ocean in comparison, the investment firm’s decision to go the Bitcoin way has attracted positive forecasts from market experts and observers. In most cases, many see this as another potentially huge shift across the market.

Bitcoin traded around $62,440 on Monday morning, about 3% down in the past 24 hours.

The post Metaplanet doubles down on Bitcoin, eyes additional $6.2 million purchase appeared first on CoinJournal.