Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

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Celsius set to unlock $470M Ethereum for creditor repayments

  • Celsius, in bankruptcy since 2022, begins unstaking 206,300 ETH ($468.5M) for creditor distributions.
  • Market speculates on a potential ETH “dump,” while some see Celsius’s move as relieving pressure on Ethereum.
  • Earlier focused on Bitcoin mining post-bankruptcy, Celsius faces scrutiny for abrupt strategic shift.

Embattled crypto lending platform Celsius is making waves as it unveils plans to recall and rebalance its crypto assets, particularly Ethereum (ETH), in preparation for timely creditor distributions.

With the platform in bankruptcy court since July 2022, customers eagerly await the return of their funds. This development sheds light on Celsius’s strategic moves and their impact on the crypto market.

Celsius initiates asset shift for timely distributions

Celsius has officially commenced the process of recalling and rebalancing its crypto assets, marking a crucial step in the platform’s journey since filing for Chapter 11 in 2022. The primary focus lies on unlocking Ethereum (ETH) holdings, currently staked for valuable rewards income.

As part of its recovery plan, Celsius is set to unstake a substantial 206,300 ETH, valued at an impressive $468.5 million in today’s market. The objective is to offset restructuring costs and facilitate the much-awaited distributions to creditors. This move aligns with the company’s commitment to providing transparency amid its restructuring process.

Market speculations surrounding Celsius’s ETH unlock

With nearly one-third of the pending ETH withdrawal queue belonging to Celsius, amounting to a staggering 206,300 ETH, market speculations arise. Some express concerns about a potential “dump” of Ethereum on the market, fearing adverse effects on its value. However, contrasting opinions highlight the positive long-term impact, anticipating relief for Ethereum as Celsius navigates its restructuring journey.

This strategic shift also follows Celsius’s earlier announcement of a scaled-back post-bankruptcy strategy, focusing on Bitcoin mining. However, the abrupt change in direction drew displeasure from the presiding judge overseeing the company’s bankruptcy proceedings.

In conclusion, Celsius’s move to unstake a substantial amount of Ethereum signifies a pivotal moment in its efforts to navigate the challenges posed by the crypto contagions of 2022. As the crypto lending platform takes concrete steps toward creditor repayments, the industry watches closely to understand the implications of this significant shift in assets. The liberated Ethereum holds the key to unlocking value for creditors, marking a potential turning point for Celsius in its post-bankruptcy strategy.

The post Celsius set to unlock $470M Ethereum for creditor repayments appeared first on CoinJournal.

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2024 may be a year of memecoins as this presale cruises past $2M

  • Inflows to crypto funds are up big, 
  • Crypto-adjacent stocks outperform all their TradFi counterparts as the Bitcoin ($BTC) Spot ETF is just days away. 
  • Strap in because a bull market like no other could be on the way.

The top 5 cryptos to buy now are all memecoins, and the recent strength of Ethereum (ETH) signals the start of stage two of the bull market. 

Crypto cycles always follow a pattern: BTC pumps, ETH pumps, altcoins pump, and then memecoins run riot. 2024 is set to be the year of memecoins, and Galaxy Fox ($GFOX) has caught everybody’s attention. This presale cruises past $2 million and shows no sign of stopping!

What Is Galaxy Fox ($GFOX)?

Galaxy Fox is a hybrid protocol pushing the boundaries of what is possible within DeFi. It blends the best of the play-to-earn and memecoin genres to deliver an easy 100X investment opportunity. At the heart of this galactic ecosystem is an addictive runner game.

This P2E module pays out rewards to the top 20% of the leaderboard at the end of each season. These prizes are directly exchangeable for $GFOX tokens. NFT holders gain in-game stat bonuses or can purchase upgrades with $GFOX tokens. Half of all $GFOX spent on in-game upgrades gets rolled into the next prize pool. This global competition is Galaxy Fox’s primary interest funnel, and through its clever financial mechanism, it encourages more users to join the ecosystem.

Galaxy Fox’s memecoin components are its classic viral aesthetic and branding, token burn, and explosive volatility. The token burn ensures $GFOX is deflationary, and the cosmic-themed characters even feature on real-world merchandise, which funds the protocol Treasury. The Treasury then uses this and taxation revenue to support community initiatives and marketing efforts, further driving ecosystem development.

This focus on ecosystem expansion led analysts to categorize $GFOX among the top crypto to buy in 2023. Benefitting from both the development of the GameFi narrative and the increased memecoin fever sets the stage for a dramatic rally in Q1 of 2024. $GFOX is a hidden gem, and analysts are calling it one of the top 5 cryptos to buy now. They believe it could be one of 2024’s best performers.

GFOX’s passive income

Galaxy Fox introduces Stargate- the ecosystem’s rewards hub. Smart contracts channel 2% of all buy and sell taxes to this module, which in turn pays out rewards to stakers. Straightforward residual income and an excellent crypto for beginners looking to put their assets to work.

Upgrading the typical memecoin tokenomics model to include yield opportunities for investors makes $GFOX an easy pick and explains the enormous presale participation. Instead of benefiting from only a deflationary token, users can additionally earn a yield on their holdings.

Using taxation to fund staking means a direct link between ecosystem growth/ participation and staking payouts. Presale participants who stake immediately after the launch will benefit massively from the incoming trading frenzy. Smart money already knows this, and that is why whales have aggressively targeted Galaxy Fox’s presale. 

Closing Thoughts

The bear market has finally finished, and investors stare straight down the barrel at a two-year up-only paradigm. When everything goes up, investors want to be holding small caps/ memecoins because they will rally hardest.

Galaxy Fox’s presale gives investors one last chance to buy a heavily undervalued crypto before the fireworks begin. Leading the race of the top 5 cryptos to buy now, $GFOX promises a spectacular price discovery round early next year. Grab an allocation today before it is too late.

To learn more about $GFOX, visit Galaxy Fox presale or join the community

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Arbitrum network back to normal after brief outage

  • Ethereum layer 2 solution Arbitrum had a brief downtime on Friday.
  • An update showed a surge in inscriptions had contributed to the spike in network traffic and gas fees.
  • Arbitrum has since “resolved this issue,” with operations back to normal and gas prices steadily recovering.

Arbitrum, a rollup chain on Ethereum, is running normally after a brief downtime on Friday.

The layer 2 Ethereum scaling solution faced a little more than one hour network outage on December 15. An update posted on the official Arbitrum Foundation account on X noted that the outage happened after a surge in inscriptions triggered a stall in the Arbitrum One Sequencer.

Arbitrum operations back to normal

According to details shared with the community, the Arbitrum One Sequencer and Feed stalled approximately at 10:29 AM ET. The technical hitch led to a significant surge in network traffic and inevitably a spike in transaction fees.

While the platform has yet to provide a full post-mortem of the temporary outage, initial investigations show that rising inscriptions triggered the Sequencer’s failure. Here’s the team’s initial report.

“The Arbitrum One Sequencer is up and running after a temporary outage starting at 10:29 AM EST and resuming at 11:57 AM EST. The team is actively investigating, but we can confirm that a sustained surge of inscriptions triggered the sequencer to stop relaying transactions properly.”

Crypto analyst cygaar noted in a comment on X that its possible people had spammed the layer 2 chain with inscriptions. These overwhelmed the network’s sequencer, creating a huge backlog of transactions and skyrocketing the gas fees.

 In a later update, the Arbitrum team said:

“Gas prices on Arbitrum One have stabilized and operations are back to normal. We’re continuing to gather more information and will provide a full post-mortem in the coming days.”

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Institutional traders favour Bitcoin and Ethereum while whales eye this new AI crypto

In the crypto world, there’s a noticeable shift in how big investors are playing the game. Institutional traders are increasingly leaning towards Bitcoin and Ethereum as safer choices, as shown by a recent Bybit Research report. 

Meanwhile, the big players, or ‘whales’, are getting more interested in a new AI cryptocurrency ICO, signalling a change in investment trends in the crypto space.

InQubeta (QUBE): the new focus for crypto whales

As per the experts, the AI narrative is going to be the big thing in the next Bull Run. Given the level of development in this sector, it only makes sense to invest in emerging ventures. However, there are significant barriers to owning a stake in these companies. This is where InQubeta comes to the rescue.

InQubeta’s introduction marks a significant shift in the crypto investment landscape. The platform, through its QUBE token, offers a unique approach to AI startup investments, allowing fractional ownership through popular NFTs and broadening access to this high-growth sector. This initiative is not just an investment opportunity; it’s a paradigm shift, making AI startup investments more inclusive.

InQubeta’s ecosystem is centred around QUBE, which is a deflationary ERC20 coin designed to promote long-term holding and active involvement in the platform’s decision-making. But QUBE is more than just a crypto for beginners. It’s like a gateway to the world of AI and crypto, offering investors a chance to have a real say in where the platform is headed.

InQubeta’s successful journey is highlighted by its presale, which has already crossed significant financial milestones, indicating strong investor confidence. The platform’s roadmap, featuring plans for an NFT marketplace and cross-chain expansion, places it at the forefront of AI and blockchain integration.

Institutional traders’ bullish stance on Bitcoin and Ethereum

Institutional traders have nearly doubled their holdings in Bitcoin during the first three quarters of 2023. As of September, Bitcoin constituted half of their assets, a sentiment driven by positive market anticipation of an SEC-approved BTC ETF. This institutional preference contrasts starkly with the investment patterns of retail traders, who hold lower BTC proportions, possibly influenced by their higher leverage levels.

While Bitcoin and Ethereum are seen as safer bets, institutional traders and whales exhibit scepticism towards top altcoins. The report indicates a general decline in altcoin holdings among these traders, with a notable decrease starting in August. This cautious stance reflects the perceived volatility and risk associated with these assets.

Conclusion

Right now, the investment scene in the crypto market is showing some interesting differences in how people are choosing to invest. On one side, you’ve got institutional traders who are sticking with the top crypto coins like Bitcoin and Ethereum, consolidating their investments in these established names. On the other side, the big individual investors, often called ‘crypto whales’, are looking for something new and exciting like InQubeta (QUBE).

This split in investment strategies really highlights just how varied and lively the crypto market is. As the market keeps changing and growing, the role of AI in cryptocurrencies, like InQubeta, is probably going to become more and more important. It’s opening up new opportunities for both investment and tech development.

For more information about InQubeta, Visit InQubeta Presale or Join The InQubeta Communities.

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Societe Generale issues first digital green bond on Ethereum

  • Societe Generale’s first digital green bond is a senior preferred unsecured bond on Ethereum.
  • The bond was issued as a Security Token and registered on November 30, with an inaugural value of 10 million euros.
  • The maturity is three years and net proceeds will go to eligible green projects and activities.

Societe Generale, the third-biggest bank in France, recently issued the first ever digital green bond on a public blockchain, according to details in a news release.

The French financial services giant said the issuance of the senior preferred unsecured bond was on the Ethereum blockchain, and carried an initial transaction of 10 million euros ($10.79 million).

The bond, which was issued as a Security Token and registered on November 30 by Societe Generale subsidiary Forge, has a maturity of three years and grants access to the transparency and traceability of its carbon footprint via a smart contract.

Net proceeds to finance green projects

According to the bank, net proceeds from the bond will go into financing or refinancing of eligible “green” projects or activities.

Investors also have a new option of settling securities on-chain, with this possible through the EUR CoinVertible (EURCV), a euro-pegged stablecoin Forge issued in April. It accords investors a complementary solution to traditional cash settlement.

Per Societe Generale, the benefits of the EUR CoinVertible’s on-chain solution is evident as countries continue to experiment with Central Bank Digital Currencies (CBDCs), the bank noted.

As major financial institutions and providers increasingly adopt blockchain technology, Paris-based Societe Generale has become one of the biggest to tap the innovation. It has issued euro bonds, including in partnership with the European Investment Bank (EIB), on the Ethereum blockchain.

The company has also issued security tokens on Tezos.

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