Schlagwort: crypto business

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a16z invests $100 million in Ethereum protocol EigenLayer

  • a16z has invested $100 million in Ethereum restaking protocol EigenLayer.
  • The startup founded by former University of Washington associate professor Sreeram Kannan raised $50 million in March.
  • EigenLayer has a TVL of $7.84 billion, up from $2.15 billion on February 5, 2024.

Venture firm Andreessen Horowitz (a16z) has invested $100 million in EigenLayer, a startup founded by former University of Washington associate professor Sreeram Kannan.

According to a Bloomberg report on Thursday, a16z was the only investor in the funding round.

a16z backs EigenLayer with $100 million

EigenLayer is the largest restaking protocol on Ethereum. It allows validators and stakers to earn by restaking liquid staking derivatives such as the Lido staked Ether (stETH) and RocketPool staked ETH (rETH). 

The $100 million investment adds to the $50 million that the EigenLayer team raised in March last year. 

The partnership with a16z crypto expands the Eigen Labs and a16z’ commitment to research, the platforms noted. This will include in the area of open source, public goods and long-term support across the industry.

“a16z is extremely long-term. They first published perspectives on Bitcoin and Coinbase as early as 2013. In the decade since they’ve continued to support the industry in important ways, including advocating for a positive technological future with policymakers and regulators,” the Eigen Labs team noted in a blog post.

EigenLayer launched in 2021 and has seen tremendous growth over the past few months. At the moment, the protocol ranks as the third-largest by total value locked (TVL) on Ethereum. 

Data from DeFiLlama shows EigenLayer’s TVL currently stands at $7.84 billion, having sharply risen from $2.15 billion on February 5, 2024.

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Lido adds support for 1inch as withdrawal aggregator

  • Lido has announced support for 1inch as a withdrawals aggregator.
  • 1inch will allow ETH stakes to skip the withdrawal queues with instant swaps between staked Ether (stETH)/wrapped staked Ether (stETH) and Ethereum (ETH.

Lido, the top liquidity staking protocol for Ethereum, has announced support for 1inch as a withdrawals aggregator.

The Lido team noted in their announcement on Wednesday that adding the decentralized exchange aggregator allows users to access instant swaps for their staked Ether (stETH) and wrapped staked Ether(wstETH). The feature also works for Ethereum (ETH).

“1inch is a DeFi aggregator optimised for Ethereum, BNB Chain, Optimism, Polygon and other chains. By aggregating prices across hundreds of DEXs, 1inch guarantee you the best rates for all trades,” Lido posted on X.

ETH stakers on Lido can unstake their stETH or wstETH via DeFi aggregators, which allows them to skip withdrawal queues by enabling stETH to ETH swaps within minutes. With 1inch, stakers can tap into a fast exit on Ethereum, Arbitrum and Optimism via 1inch Legacy mode or Fusion mode.

In the Legacy mode, users can tap into efficient atomic swap transactions while Fusion mode allows users to exchange their stETH or wstETH at competitive rates without gas fees. However, Fusion mode only allows for stETH/wstETH swaps valued at more than $1000.

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Binance adds Portal (PORTAL) to Launchpool

  • Binance has announced Web3 gaming project Portal (PORTAL) as the 47th project added to the Binance Launchpool.
  • Users can stake BNB and FDUSD to farm PORTAL starting on February 22, 2024 at 00:00 UTC.
  • Binance will add trading support for PORTAL at the end of the farming period.

Binance has added the 47th project to its Launchpool with the introduction of crypto gaming platform Portal (PORTAL).

An announcement the crypto exchange released on Wednesday stated that Binance Launchpool participants can now farm PORTAL by staking BNB and FDUSD. The seven-day program will then be followed by Binance’s listing of PORTAL spot trading pairs.

According to Binance, farming for PORTAL will start on February 22 at 00:00 UTC, with trading support for the cross-chain gaming platform set for February 29 at 10:00 UTC. The exchange plans to list five spot trading pairs for the token – PORTAL/BTC, PORTAL/USDT, PORTAL/BNB, PORTAL/FDUSD and PORTAL/TRY.

Binance will apply the Seed Tag to PORTAL, which is a caution attached to notify users that the new token is likely to be very volatile when trading opens.

Portal held a presale for its native token in 2023.

Binance unveiled the Binance Launchpool platform in September 2020 and has added projects such as Sui, Mantle, Memecoin and Pendle.

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Walmart expands Pudgy Toys collection to more stores

  • Walmart expands Pudgy Toys to 3,100 stores, capitalizing on the NFT craze.
  • Each toy includes a QR code for access to the Pudgy World digital platform.
  • Pudgy Penguins NFT owners earn royalties through OverpassIP integration.

Walmart, the retail giant, continues to make waves in the world of collectibles by expanding its offering of the Pudgy Toys series, inspired by the popular Pudgy Penguins NFT collection.

With an additional 1,100 stores now stocking these unique toys, the total number of Walmart locations selling Pudgy Toys has reached an impressive 3,100 across the United States. Priced between $2.99 and $11.97, these toys cater to both collectors and enthusiasts alike, offering a range of options including Lil Pudgys Igloo Collectibles and Action Figures.

What sets Pudgy Toys apart is their integration of blockchain technology, with each toy featuring a QR code that unlocks access to the digital platform Pudgy World where users can immerse themselves in a multiplayer environment, creating their own Forever Pudgy characters and engaging in various interactive experiences.

Increasing interest in Pudgy Toys

Pudgy Toys, initially launched in September at Walmart stores nationwide, have seen continued success and demand among consumers.

CEO Luca Netz of Pudgy Penguins commented on this expansion, noting the enduring appeal of the Pudgy Penguins characters. Each toy not only provides a physical play experience but also grants access to Pudgy World, further enhancing the value proposition for consumers.

The Pudgy Penguins NFT collection stands out for its innovative blend of physical toys and NFT technology. All Pudgy Toys products draw inspiration from the Pudgy Penguins NFT collection, a series of 8,888 cartoon penguins launched in 2021, the same year that Walmart partnered with Coinstar for a Bitcoin ATM pilot program.

Notably, Pudgy Penguins NFT owners who license their parts for use in Pudgy Toys receive royalties through the OverpassIP NFT licensing platform. This integration of physical and digital realms underscores the brand’s commitment to leveraging blockchain technology to create immersive experiences for its audience.

Additionally, the availability of Pudgy Toys on e-commerce platforms like Amazon further extends the brand’s reach and accessibility to consumers beyond the confines of physical retail locations.

By expanding its Pudgy Toys collection to more Walmart stores, the brand continues to capitalize on the growing interest in NFTs and blockchain technology, offering consumers unique and engaging experiences that bridge the gap between physical and digital realms.

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Crypto price predictions: Ethereum, Altlayer, Memeinator

Cryptocurrency prices remained in a tight range on Wednesday as the recent consolidation phase continued. Ethereum, the second-biggest cryptocurrency in the world, pulled back from over $3,000 to $2,900. 

Bitcoin was also hovering near its highest point in more than two years while Memeinator continued its highly-successful token sale. This article looks at what to expect among cryptocurrencies like Ethereum (ETH), Altlayer (ALT), and Memeinator (MMTR).

Memeinator prediction

Memeinator has become one of the fastest-growing cryptocurrencies in the past few months. According to its website, which you can view here, the token sale has now raised over $4.87 million in the past few months. It is now in stage 15 of the token sale, which will be completed when it successfully raises $4.94 million.

Memeinator is an upcoming cryptocurrency that aims to take advantage of the fastest-growing industries in the crypto and technology industries. First, at its core, and as the name suggests, it is a meme coin that seeks to dethrone other popular tokens like Dogelon Mars, Floki Inu, and Dogecoin.

Memeinator has a room to succeed in this industry as we have seen with other recent meme tokens like Minu, Elon Mars X, and EGO. Last year, we saw the remarkable success of meme coins like Pepe and Bonk.

Second, it is in the AI industry that is growing very fast. Recently, AI companies like Super Micro Computer and Nvidia have become some of the best-performing assets in the financial market. Most of them have more than doubled. Similarly, AI crypto tokens like Fetch.ai and SingularityNET have also jumped.

Finally, it is in the gaming industry. The developers aim to develop a game that will help to develop utility for the token. Therefore, while it is hard to predict, there is a likelihood that the token will do well after going public.

Ethereum price forecast

Ethereum price staged a strong bullish breakout this week as it jumped to its highest point since 2021. It crossed the important resistance point at $3,000, where it struggled to move above several times this year. Most notably, the coin flipped the key resistance at $2,715 into a support level. This was a notable level since it was the highest swing this year.

Ethereum remains sharply higher than the 50-day moving average, meaning that bulls are still in control. However, it has formed a bearish engulfing pattern, which is a signal that it will pull back some more soon. If this happens, it will likely retest the support at $2,715 and then resume the bullish trend. This formation is known as a break and retest pattern.

Altlayer price prediction

Altlayer, a new blockchain network that seeks to accelerate the scaling of Web3 projects has been one of the top cryptocurrencies in the industry. ALT token surged to a high of $0.5200, much higher than the February 4th low of $0.2945. It has also moved above the 25-period and 50-period moving averages. 

Altlayer also sits above the key support level at $0.4625, its highest swing on January 24th. Therefore, the outlook for the ALT price is moderately bullish, with the next point to watch being at $0.60. 

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