Kategorie: Crypto News

• Zilliqa (ZIL) recently hit 66 million network transactions.
• However, ZIL price was down 2.5% at the time of writing, trading near $0.024.

Zilliqa (ZIL) price has traded in the $0.021-$0.026 range. Indeed, the downside pressure on the coin has hindered bulls since the sharp decline witnessed on April 12 and 13 when ZIL price fell more than 30% in two days.

But what’s the outlook for Zilliqa price as the network hits a key transaction milestone? Is Zilliqa 2.0 a potential catalyst for ZIL?

Here’s a look at this coin’s price performance. 

Zilliqa recently hit 66 million transactions

Zilliqa is one of the crypto projects with largest communities around it.

The project has reached nearly 5 million addresses and on May 28, Zilliqa shared a post on X indicating network transactions had surpassed 66 million.

Data also showed close to 110,000 delegators and over 5 million in total staked ZIL, which represents 29% of the total circulating supply. Zilliqa is recording these positive metrics ahead of Zilliqa 2.0, an upgrade aimed at enhancing network scalability, security and interoperability.

A new version of Zilliqa will not only streamline transactions via state sharding, but also bring about greater EVM compatibility, native account abstraction, smart accounts and improved developer tools.

ZIL price outlook

Zilliqa price is down 2.5% in the past 24 hours and flat in the past 30 days as bulls struggle for momentum.

ZIL currently trades at $0.024 across major crypto exchanges, with these levels indicating an unimpressive 2.9% upside in the past year.

A look at ZIL price on the weekly chart shows weakness despite a green candle close this past week. Buyers are also likely to target a positive return this week, but with the RSI and MACD suggesting a bearish course, its possible Zilliqa could retreat to lows of $0.022.

However, if price breaks higher alongside gains for Bitcoin and the big cap altcoins, ZIL could target $0.034 and $0.039 as the next major hurdles.

Notably, Bitcoin and Ethereum are also struggling amid broader crypto downside.

The post Zilliqa price outlook as network hits key milestone appeared first on CoinJournal.

• Sei v2 upgrade introduces sub-second transaction finality, enhancing scalability.
• Sei Foundation implements fairer eligibility criteria for token distribution event.
• SEI token price drops by 3.91% to $0.5185 amid distribution of 27M tokens post v2 upgrade.

The SEI token has experienced a notable decline in price, dropping by 3.91% in the past 24 hours to $0.5185, at press time, coupled with a decline in trading volume by 19.51% over the past 24 hours.

This downturn comes amidst the distribution of over 27 million SEI tokens following a successful v2 upgrade by the Sei Foundation.

Rewarding active participation in SEI ecosystem

Sei Foundation initiated the distribution of over 27 million tokens through an airdrop event to reward active participation in the ecosystem since the Pacific-1 Mainnet launch.

The second of its kind, this event acknowledges the contributions of Mainnet users, reflecting the foundation’s commitment to fostering community engagement.

The distribution process, however, faced criticisms regarding fairness in light of previous airdrop events. To address this, the foundation implemented eligibility criteria, ensuring a more equitable distribution.

Addresses holding more than 42 SEI or liquid staked tokens, along with those possessing two or more NFTs from the top eight collections by volume, were eligible to receive tokens.

Notably, addresses with exceptionally high SEI holdings or NFT collections were excluded from the distribution, aiming to promote fairness among participants.

Sei’s successful v2 upgrade

The successful upgrade to v2 marks a significant milestone for Sei network, introducing sub-second transaction finality and enhanced scalability.

With transactions now confirmed and completed in under one second, the network aims to enhance user experience and compete effectively with other parallelized EVM networks such as Monad and Neon.

DevilK, a Sei Foundation executive, expressed optimism about the upgrade, highlighting its potential to unlock new opportunities for users and developers alike.

As the distribution of tokens continues and the network evolves with the v2 upgrade, stakeholders remain vigilant, assessing both the technological advancements and market dynamics shaping the cryptocurrency’s ecosystem.

The post SEI price drops amid distribution of over 27M tokens after fruitful v2 upgrade appeared first on CoinJournal.

• Gemini Earn users get $2.18 billion in digital assets back, which represents a 232% recovery.
• Users will receive 100% of their crypto back, with the initial distribution representing 97% of Earn users’ assets.

Gemini has announced that its customers of its Gemini Earn program have received $2.18 billion worth of digital assets.

The distribution is in kind and represents a 232% recovery for Earn users, Gemini co-founder and CEO Tyler Winklevoss and co-founder and President Cameron Winklevoss said in a news release.

Gemini Earn users get $2.18 billion in digital assets

Per Gemini‘s announcement, the $2.18 billion distribution accounts for 97% of the digital assets owed to Gemini Earn’s users. The initial payout is $1 billion on more, or 232% recovery on users’ digital assets following Genesis’s halting of withdrawals and bankruptcy.

Commenting on the payment in kind, Gemini noted that a customer who deposited one bitcoin receives one bitcoin back. Gemini has also assured Earn users that they will receive “any and all appreciation” of their digital assets from the time they lent them into the program.

A long wait

Crypto lender Genesis halted withdrawals in November 2022, a development that followed the shocking collapse of cryptocurrency exchange FTX. Genesis revealed it had significant exposure to the imploded crypto exchange.

While crypto prices plummeted amid the chaos that followed, including Bitcoin’s dive to lows of $15,600, the past two years have seen BTC prices skyrocket.

In March this year, Bitcoin rose to a new all-time high above $73,000. The top digital asset traded around $22,700 when Genesis filed for Chapter 11 bankruptcy plan in January 2023.

Gemini Earn’s users are getting their digital assets back after a US bankruptcy judge approved Genesis Global’s chapter 11 wind-down early this month.

Earn users to receive 100% of their assets

In February, Gemini announced that it would return 100% of users’ assets following a settlement with Genesis and the bankrupt crypto lender’s other creditors.

According to today’s announcement, users should expect the balances within the next 12 months.

“It’s important to note that the Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity,” Gemini CEO Tyler Winklevoss said.

The exchange reportedly contributed $50 million towards the Earn recovery.

The post Gemini Earn users get $2.18 billion in crypto, representing 232% recovery appeared first on CoinJournal.

• PayPal USD (PYUSD) is now live on the Solana blockchain.
• Users can buy PYUSD via PayPal, Venmo, Crypto.com, Phantom and Paxos.

PayPal USD (PYUSD), the stablecoin that payments giant PayPal launched in August 2023, is now live on Solana.

Users on Solana can buy PYUSD via PayPal and Venmo wallets. Also announced as the first providers to allow fiat-to-crypto purchases for the stablecoin are Crypto.com, Phantom and Paxos.

PayPal brings PYUSD to Solana

PayPal announced the availability of PYUSD on Solana at Consensus 2024 kicked off on May 29 in Austin, Texas, with the stablecoin’s launch on the blockchain coming several months after the initial rollout on the Ethereum mainnet.

According to a press release, the Paxos-issued stablecoin will leverage Solana to drive further adoption across commerce and payments.

Features that the PayPal USD team looked at in their decision to integrate Solana include cost-effectiveness, high transaction throughput, settlement speed and token extensions.

The expanded functionality will bring fast and secure stablecoin payments via PYUSD to the more than 30 million merchants, PayPal said in a news release published on Wednesday.

“Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce & payments,” Jose Fernandez da Ponte, PayPal’s SVP for Blockchain, Crypto & Digital Currencies, said in a statement.

PayPal eyes growing stablecoin market

The launch of PYUSD on Solana sees PayPal join Visa, WorldPay and Stripe among other top financial institutions that currently tap into Solana’s blockchain technology. The stablecoin’s support on Solana will therefore be key to PayPal and Paxos’s mission to make PYUSD a global leader in the stablecoin market.

Having a faster and cheaper stablecoin experience is an important aspect of this endeavour.

While Solana has previously suffered negativity amid network outages, its growth and stability have been steady. The network’s capacity for up to 65,000 transactions per second at negligible costs contrasts with Ethereum’s relatively slow 15 transactions per second performance. Fees on Ethereum are also way higher compared to Solana’s.

“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” Sheraz Shere, the general manager of payments at the Solana Foundation, said.

According to Shere, the continued adoption of new payment solutions by industry behemoths like PayPal is helping push fintech innovation to the next level.

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