Kategorie: Altcoin News

Altcoin news about alternative blockchains and its crypto ecosystems.

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Aragon Association dissolves, tells holders to redeem ANT for ETH

  • The Aragon Association is the steward of the Aragon (ANT) treasury and assets.
  • Token holders have until November 2, 2024 to redeem their ANT tokens for Ether (ETH).
  • 86,343 ETH from the treasury has been deployed for the redemptions, with the rate at 0.0025376 ETH per ANT.

Aragon (ANT) holders will have to redeem their tokens for Ethereum (ETH) for the next twelve months, the Aragon Association, a Swiss-based nonprofit supporting the project’s development, has announced. The association is also the legal steward of the ANT treasury and assets.

What is happening with Aragon (ANT)?

The Aragon Association revealed it was dissolving amid plans to continue the project’s development in a new “product-focused structure.”

According to an update from the company, the pivot in focus means there’s no point for users to continue holding ANT. The association  has deployed 86,343 ETH for the process, which accounts for 87% of the treasury and will be sent to a smart contract that will allow autonomous redemptions at the rate of 0.0025376 ETH per ANT.

“At the end of the redemption period, the redeemed ANT will be burnt and any remaining ETH will be sent to the Ethereum address of the new product-focused structure,” the Aragon Association said in their announcement published on November 2.

Token holders have until November 2, 2024 at 23:59 UTC to complete the transition, after which the option will no longer be available.

New chapter for Aragon

Aragon, which seeks to offer a user-friendly tech stack for decentralised autonomous organisations (DAOs), raised 275,000 ETH (approximately $25m at the time) in 2017. ANT also envisioned a token that would power Aragon Network’s dispute resolution system.

But while there were successes such as the Aragon Nest grants program and launch of the DAO framework aragonOS, the project faced key challenges in many other goals. For instance, they failed to create a much hyped court system for DAOs and an appchain on the Cosmos blockchain.

The nonprofit also failed to galvanise its efforts, despite the bull market seeing the treasury grow significantly. According to their announcement, “bureaucratic complexity, misaligned stakeholders, and failed attempts at modifying the governance increased tensions within the project.”

An effort to vest the treasury’s control to ANT holders failed as users, partners and developers held only a fraction of the ANT supply. This meant a “volatile gap existed between the value of the treasury and the token market cap,” an outlook that jeopardised Aragon’s mission.

A post on X noted the project needs a total reset.

The Aragon token price was $4.58 on Friday, down more than 68% from its all-time high of $14.64 reached in April, 2021.

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Tellor (TRB) price spikes 15% amid fresh whale activity

  • Tellor (TRB) price rose to highs of $119 on Monday as bulls looked to close in the green for the first time in four days.
  • TRB price could see a bullishish continuation as whales buy more tokens.
  • Tellor price is just 26% from its all-time-high of $164 reached in May 2021.

Tellor (TRB) price pumped early Monday as the market looked to continue the positive momentum that has catalysed recent gains for many altcoins.

According to market data from CoinGecko, TRB price was $117 at the time of writing, up 15% in the past 24 hours. The price surge comes as a bullish break from lows of $96 saw TRB soar past $110.

What is Tellor?

Tellor is a decentralised oracle network with smart contracts on Ethereum.  The protocol’s oracle feeds provide for a permissionless infrastructure for bringing valuable off-chain data to smart contracts. Data providers compete for incentives in TRB, while the platform overall benefits the decentralised finance (DeFi) ecosystem.

Tellor recently deployed on the Manta Pacific mainnet, adding its launch on the network to other EVM- compatible chains including Ethereum and Arbitrum. The oracle feed is also integrated with the Filecoin Virtual Machine.

Why is the Tellor (TRB) price rising today?

As can be seen in the chart below, TRB came close to hitting the $120 price level. This is the same price level that marked the point of last week’s rejection and the start of a four-day decline for the altcoin. Bulls are looking to decisively break the four-day red candle streak.

Tellor price chart. Source: TradingView

On-chain data sleuth Lookonchain has highlighted that TRB’s price gains today come amid new accumulation by whales. After buoying the uptick from lows of $41 earlier this month, whales are at it again. More than 27,400 TRB worth over $3.18 million have been moved from crypto exchange Binance in the last few hours, Lookonchain posted on X.

“Whales accumulate $TRB again! 2 whales have withdrawn 27,405 $TRB ($3.18M) from #Binance in the past 5 hours. And the price of $TRB increased 15% today,” the account noted as Tellor pumped.

The trend was also observable last week as TRB price skyrocketed 28% and 31% on October 23 and October 25. 

With whales showing continued confidence in the token, its likely TRB/USD could surge past its immediate resistance zone. The next supply wall may be at the all-time-high zone above $160. 

TRB price reached its ATH of $164 in May 2021, which means bulls are roughly 26% off the peak at current levels.

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Render (RNDR) price rallies as community passes key proposal

  • Render (RNDR) price was up 5% in the past 24 hours and 52% in the past 30 days.
  • The AI related crypto project has seen positive sentiment amid greater adoption of its technology.
  • A community vote has also passed a proposal to onboard cloud computing platform Beam.

The price of Render rose sharply on Friday as the AI crypto token continued the outperformance seen this past week. RNDR traded more than 5% up to highs of $2.25 in the 24-hour period to the time of writing, with weekly and monthly gains at 13% and 52% respectively.

Recent upward momentum has benefited from AI hype driven by forecasts from mainstream companies, including Microsoft, Nvidia and Palantir.

RNDR price up as community votes for key proposal

Render’s upside appears to have defied likely sell-off pressure after on-chain data revealed FTX/Alameda had moved over 974k RNDR tokens. While the transfer of the tokens, valued around $2 million at the time, was probably for selling purposes, the market’s reaction kept bulls in control.

This positivity for the altcoin also came after a community vote passed the RNP-005: Beam Compute Client proposal.

As the Render Network X account shared early Friday, the core proposal submitted on October 23 had passed. RNP-005 saw 1.4 million RNDR, or 99.79% of votes, support the onboarding of cloud platform Beam, which could become the second Compute Client leveraging Render Network’s GPUs for machine learning (ML) workloads.

Beam’s cloud platform allows for the accelerated development and deployment of AI operations with GPUs. This will be possible without managing infrastructure, the proposal notes. 

As such, integrating with this platform will enable Render’s decentralized GPU network to power the ML workloads. It’s a development that could see Render broaden its utility, with demand a factor for RNDR.

With the community vote closed, the proposal has moved to the next stage of “Render Network Team Review.” If RNP-005 passes technical feasibility at this stage, the Render Foundation will move to publish the final vote – expected on Wednesday, next week.

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Litecoin sees a spike in on-chain activity- but what’s next for LTC?

  • Litecoin price was down 3% to trade around $67 on Friday morning.
  • Santiment wrote on X that the altcoin has seen a rapid increase in on-chain movement.
  • LTC is seeing a spike in address activity and whale transactions, with metrics at highest levels since June.

The total crypto market is down 1.5% in the past 24 hours to $1.3 trillion, with Bitcoin hovering just above $34,000. Meanwhile, most altcoins are struggling to hold onto recent gains. 

But as market observers and analysts put it, the overall outlook is bullish for crypto ahead of what could be a massive bull market in 2024. Could this be the same scenario for Litecoin price?

Litecoin price outlook- what’s next for LTC?

Litecoin’s 24-hour price was down 3%, with recent gains trimmed to about 7% over the past week as it traded around $67.80. The psychological $100 continues to prove a difficult hurdle for bulls, despite there being a burst of on-chain activity.

While address activity and whales both hit June 2023 levels, there has been the observation of dormant LTC suddenly spiking – “usually indicative of more coins beginning to circulate,” the market intelligence platform Santiment wrote in a post on X.   

The overall bullish picture for Bitcoin suggests investors could be positioning for a potential uptick in its price. Optimism over factors such as spot Bitcoin ETF approval could help LTC rebound past the main supply wall.

Yet, with dormant coins on the move again, sell-off pressure could be huge in the short term. In this case, a correction could see Litecoin price retreat further, bears likely targeting key support zones in the $60-50 region.

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Injective integrates into Google Cloud BigQuery

  • Injective (INJ) has integrated Google Cloud’s BigQuery via the cloud computing provider’s Analytics Hub.
  • The layer-1 blockchain joins a growing group of chains on BigQuery.

Injective, a layer-1 blockchain whose native token INJ has been one of the standout performers in the crypto market this week, has integrated with cloud computing services giant Google Cloud.

Injective eyes expansion in Web3 finance

As per an announcement published on Tuesday, Google Cloud will add core on-chain data for Injective on BigQuery via its data sharing platform Analytics Hub. Public access to the data will be through Injective Nexus, the blockchain platform’s official data integration protocol.

This means developers and enterprises can now tap into custom datasets across the Injective ecosystem, including real-time financial data. For Google Cloud customers, the collaboration allows enterprises to leverage bespoke blockchain datasets to build decentralised finance (DeFi) applications, institutional trading strategies and for machine learning.

“This data collaboration is a major step forward for the Injective ecosystem in continuing to expand its footprint into institutions and traditional finance,” Eric Chen, CEO and co-founder of Injective Labs, said in a statement.

“The Google Cloud team has played an integral role in the growth of Injective since its inception and this latest collaboration will help to take Web3 as a whole to new heights,” Chen added.

Injective integration with Google Cloud comes a few weeks after the cloud computing behemoth added support for BigQuery datasets to 11 more blockchain networks. That was in addition to initial support for Bitcoin and Ethereum.

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