Ethereum

Blocked Assets Volumes on Tier 2 Ethereum Platforms Set New Record

Blocked assets volumes (TVL) on Ethereum-platforms of the second level (L2) are growing rapidly and have set a new historical maximum The volumes of blocked assets on Ethereum-platforms of the second level have set a new record According to the analytical company L2BEAT, TVL-like platforms hit record highs in $6,16 billion. L2 platforms – these are scalable solutions, that run on top of the Ethereum network in order to increase transaction throughput. During the week, TVL Ethereum-platforms of the second tier grew by more than 10%. Boba Network became the main driver of growth (BOBA), which is an L2 scaling solution for Ethereum and has demonstrated staggering TVL growth in 1134% – with $75 million as of 13 November to the current $926 million. Scaling solution Optimistic Rollup launched the mainnet at the end of September and now occupies 15% market share of L2 solutions. Only two projects in this sector have a large market share: decentralized exchange dYdX (DYDX) with TVL level $995 million (more 16% market) and Arbitrum scaling solution with TVL about $2,59 billion (more 42% market). TVL L2 solutions are skyrocketing since bottoming out in late September. In less than two months, the market has grown by 144% – with $2,5 billions as of 30 September to the current level above $6 billion.

Against the background of correction, institutions continue to invest in top cryptocurrencies

According to CoinShares, institutional investors are taking advantage of the opportunity to purchase top cryptocurrency assets amid market correction BTC rate decline by 12% against the background of a general market correction did not affect investor sentiment: “Last week, digital asset investment products attracted $154 million. Correction, due to which the BTC rate decreased by 12%, did not affect the positive sentiment of investors ". Despite the correction, Last week, the inflow of funds into BTC-oriented funds amounted to more than $100 million, which helped the asset retain its leadership position among investment products: “Bitcoin still accounts for a significant part of the inflow of funds. This time the indicator was $114 million, which helped the asset to maintain the share of assets under management among investment products at 67% ". Ethereum funds raised last week $14 million, which became the fourth consecutive week with a positive inflow of funds (in total during this period $80 million). Remarkably, that last week the outflow of funds from Cardano funds amounted to $2,1 million, while Solana funds boast an influx of $8,5 million. Polkadot funds are also steadily raising funds and this time they raised $5 million.

The cryptanalyst called altcoin, which is expected to grow by 800%

Cryptocurrency analyst with the nickname Credible Crypto believes a significant rally in one altcoin based on Ethereum is likely In his opinion, DeFi platform Curve's governance token CRV is destined to hit the milestone $40, What's on 800% above current levels.

Added to Coinbase, GALA Soared By 300%

The altcoin created on the basis of Ethereum and representing the gaming sphere, after adding support on the well-known cryptocurrency exchange Coinbase, showed an almost non-stop rate growth First, Coinbase listed Gala (GALA) on the trading floor for professionals, and then on a platform focused on ordinary traders.

The inflow of funds into cryptocurrency funds decreased for the 4th week in a row

According to CoinShares report, last week, investment products based on digital assets attracted $151 million. Although the results are lower than previous weeks, but the level remains quite high and the main tone is set by BTC funds As reported, total inflow of funds to cryptocurrency funds decreased for the fourth week in a row.

Ethereum Foundation Moved For Sale On The Kraken Exchange 20 000 ETH

According to Etherscan data, the non-profit organization Ethereum Foundation transferred tens of thousands of ETH to the Kraken cryptocurrency exchange again as the transaction shows, Ethereum developer sent a contract for 20 000 ETH to Kraken public address. At current rates, the cost of the transferred ETH exceeds $95 million. A similar transaction took place 17 May, when another developer submitted to the exchange 35 000 ETH (at that time the amount was equivalent to $112 millions). The Ethereum Foundation supports Ethereum and its developers by providing financial assistance, and also solves issues, related to the wider ecosystem. The organization has previously sold ETH to support its activities.. According to blockchain analyst Colin Wu, as of 21 May, the Ethereum Foundation had about 400 000 ETH. Over the past weeks, the ETH rate has repeatedly updated its highs and is currently above the level $4700. Ken Griffin, CEO of multinational hedge fund Citadel, believes, that Ethereum is even better than BTC.

Taproot Bitcoin network update due on Saturday

In the coming days, the Bitcoin Taproot network should be updated and most sources call Saturday Taproot as the activation date. – this update, which will improve Bitcoin's scripting capabilities, aligning it with competing blockchains like Ethereum, who already have programmable smart contracts. Taproot will also implement MAST technology (Merkelized Abstract Syntax Tree), which will make it difficult to track and analyze BTC transactions. This will be achieved by, that complex transactions, e.g. multisignature and Lightning Network transactions, become indistinguishable from underlying transactions. Besides, update will introduce Schnorr signatures, which will reduce the size of transactions through data aggregation. Together, the above features will enable developers to create more complex Bitcoin applications., and end users will benefit from cheaper and more confidential transactions. Taproot is the most significant update to the Bitcoin network since 2017 of the year (then the SegWit function was implemented). Although the update has already received support from miners, to activate the process, you will need to get 800 blocks. According to NiceHash, the update will take place in 1:00 UTC on Saturday 14 november. Another website, Taproot.watch shares this rating.. Probably, waiting for the update was one of the factors, contributed to the growth of the BTC rate and the update of historical highs. Maybe, that the hype around Taproot is over, but there is a chance, that Saturday's update will bring BTC to higher highs.

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