Web3 Application Development Platform Mirror Announces Support for Ethereum Layer 2 Protocol zkSync
Web3 application development platform Mirror announces support for Ethereum Layer 2 protocol zkSync
Ethereum's Layer-2 Ecosystems: Optimistic Rollups Dominate with Nearly 30 Networks Deployed
The number of layer-2 (L2) networks on Ethereum is increasing, with almost 30 different networks deployed to date. These second-layer protocols aim to scale the network by moving some computational processes off Ethereum, resulting in cheaper and faster transactions for users. L2 networks have become economies of their own, collecting billions of dollars worth of digital assets in locked-up deposits.
Institutional Investors Show Cooling Interest in Bitcoin, but Ethereum and XRP See Inflows: CoinShares Report
Last week saw a total outflow of $6.5 million from crypto funds, marking a reversal in trend after four weeks of heavy inflows. However, this is still minor compared to the $742 million of inflows from the previous four weeks, indicating continued interest in the space. Bitcoin remains the primary focus for institutional investors, but a recent report suggests that they may be cooling off their interest in the cryptocurrency.
XRP Loses Momentum as Institutional Inflows Remain Lackluster, Ethereum Under Pressure, and Worldcoin Faces Challenge to Sustain Momentum
XRP's post-SEC lawsuit gains have been halved and its momentum is slowing down due to the lack of institutional-grade inflows into the cryptocurrency market. Retail investors were the driving force behind XRP's surge in price after the legal victory, but their involvement may not be enough to sustain a long-term uptrend. Institutional investors are needed to bring substantial funds and credibility to the cryptocurrency market.
EraLend's TVL plummeted after being Attacked, with a Single-day drop of up to $7.76 Million
DeFiLlama data shows that the total value locked (TVL) of EraLend, a lending protocol in the zkSync ecosystem, dropped from $18.51 million to $10.75 million after being attacked today, with a one-day plummet of $7.76 million.
Exchange.art to Integrate Ethereum Support and Expand Multichain Platform
Exchange.art, a digital art marketplace on Solana, will soon integrate support for Ethereum, allowing over 80 Ethereum-based artists to sell their work on the platform. The integration will go live on August 1st. Exchange.art aims to be a hub for digital art and expand beyond Solana, with plans to onboard new creators and collectors. The platform has already onboarded 16,000 Solana-based artists and introduced a royalties protection standard to help creators earn a consistent percentage across marketplaces.
Celo Community Proposal Vote of transition to an Ethereum L2 starts Today
According to Celo, This governance proposal is a vote for the community in support of Celo returning home to Ethereum by transitioning from being an independent EVM-compatible Layer 1 blockchain to an Ethereum Layer 2. Specifically, it is not a vote on the architecture or design choices of how to achieve that goal of becoming a Layer 2.<br>
Spanish Private Bank A&G Launches Crypto Investment Fund in Response to Investor Demand
A&G, the leading private bank in Spain, has launched a crypto investment fund, becoming the first of its kind in the country. The fund will have exposure to Bitcoin and Ethereum, as well as a minority exposure to other cryptocurrencies with satisfactory levels of volume and liquidity. A&G stated that investors had expressed great interest in crypto investment and that the fund will be regulated and involve professionals subject to supervision, making it a safer choice for crypto-keen investors. However, the fund involves high levels of risk due to the extreme volatility, complexity, lack of transparency, custody, and concentration risk of cryptocurrencies, which may lead to the total loss of investment.
ZigZag Founder Raises $500,000 for New Project at $10M Valuation
The founder of Ethereum's second-tier ZK Rollup order book DEX ZigZag intends to raise $500,000 for its new Perp DEX Invisible at a $10 million valuation to pay for audits, ZK certifiers, and initial operating costs. Invisible will be launched as an independent project, and a portion of its platform tokens (at least 20%) will eventually be unlocked and released to ZZ holders.
Fidelity Report Reveals Key Metrics to Watch for Ethereum in Coming Months
Fidelity, a major financial services provider, has released a report on Ethereum (ETH) that highlights key metrics to watch for in the coming months. The report notes that Ethereum has remained above key support levels and is currently in a neutral zone, potentially setting the stage for a bull run or sideways price action.
Bitcoin Investment Products Record First Week of Outflows Since June ETF Filing
Investment products related to Bitcoin have experienced outflows for the first time since June, when Blackrock filed for a spot Bitcoin ETF, according to a report by CoinShares. Outflows of $13 million were recorded for the week ending July 21, reversing five weeks of inflows. Short Bitcoin products also saw outflows of $5.5 million in the week. Ethereum and XRP investment products, on the other hand, recorded a combined inflow of $9.2 million over the last week, with Ethereum being the best performer. Despite this, Bitcoin remains the dominant digital asset investment product, with $558 million in inflows so far in 2023 and a total of $25.0 billion in assets under management.
Fidelity Bullish on Ethereum for Long-Term Due to Burn Rate Exceeding Issuance
Fidelity Digital Assets remains optimistic about Ethereum for the long term, despite its already impressive 50% increase in value this year. The platform is particularly positive about Ethereum's burn rate, which now exceeds issuance, resulting in a decline in net supply. Fidelity also cites an increase in active Ethereum validators and the upcoming EIP-1153 update as reasons for further upside potential. A recent survey suggests that 46% of Americans believe Ethereum could eventually surpass Bitcoin in market capitalization, and Coinshares confirms that Ethereum remains the largest holding in investors' portfolios.
Moon and Brick Subreddit Tokens Experience Surge and Subsequent Drop in Price
According to Coinshares, digital assets investment products experienced outflows of $6.5 million this week, breaking a streak of four consecutive weeks of inflows totaling $742 million. The outflows coincide with the recent market downturn that saw Bitcoin's price drop to its lowest value since June 21.
Shiba Inu Surges While Ethereum and Cardano Experience Volatility
Shiba Inu (SHIB), a meme-based cryptocurrency known for its volatility, has surprised the market with a steady and sustained growth of over 20% during a period of correction. This unexpected rally has defied the usual reputation of SHIB as a highly speculative asset.
Bitcoin Drops Below Key Support Level, Other Top Coins Follow Suit
At the start of the week, sellers hold more power than buyers. Bitcoin has dropped by 2.66% in the past 24 hours and has broken the support level at $29,508. Ethereum's rate has only dropped by 1.47%, but is also testing a support level at $1,827. Cardano and Binance Coin are both experiencing declines, with Cardano's rate testing the $0.2996 support level and Binance Coin trading in a consolidation around $235. However, Dogecoin's rate has risen by over 4% and may experience a breakout if it closes around the resistance level at $0.07756.
Vitalik Buterin Raises Privacy Concerns Over OpenAI's Worldcoin Crypto Project
Vitalik Buterin, the creator of Ethereum, has expressed concerns about Worldcoin, a new cryptocurrency project launched by OpenAI. Worldcoin aims to use a hardware device called the "Orb" to scan users' irises and create a decentralized database of identities. However, Buterin has highlighted four major risks to the project, including potential privacy breaches and security vulnerabilities. Despite these concerns, the WLD token has already achieved a fully diluted valuation of $22.5 billion and risen by 33% since launch.
Ethereum Whales Move Millions to Centralized Exchanges, Putting Pressure on ETH Price
The crypto market is currently facing a bearish trend, causing Ethereum (ETH) to struggle. Reports from Whale Alert show that Ethereum whales are moving large volumes of ETH to centralized exchanges, potentially indicating that they are exiting their positions. This could have negative implications for ETH's price as it suggests that these investors may be looking to sell their coins. Already, ETH has seen a decline in its prices and if there is not enough demand to absorb this new supply, its price could fall further.
Ethereum Price Prediction: Fed and Options Expiry in Focus
The demand for Ethereum has decreased, causing its price to drop to its lowest level since July 7th. The upcoming Federal Reserve interest rate decision and options expiry on Friday will be important factors affecting Ethereum's price this week. The Fed is expected to raise interest rates by 0.25% and then pause, as further hikes could lead to a hard landing for the American economy. Ethereum tends to show volatility ahead of options expiry, and data shows there are over 2.2 million ETH calls and 755,222 puts in the options market.
In The Past Hour, the Entire Network has Experienced a Liquidation of $90 Million
As per Coinglass data, the entire network has experienced a liquidation of 144 million US dollars in the past 24 hours, and a liquidation of 90 million US dollars in the past hour. Among them, Bitcoin liquidated 31.3 million US dollars, and Ethereum liquidated 9.6 million US dollars.
Vitalik's Post on Biometric Proof of Personhood
Vitalik Buterin, co-founder of ethereum, today published the article "What do I think about biometric proof of personhood?" to express his views on biometric proof of personhood. He says that, in principle, the concept of proof of personhood seems very valuable, and that while various implementations have their risks, so does the absence of any proof of personhood at all: a world without proof of personhood seems more likely to be a world dominated by centralized identity solutions, money, small closed communities, or some combination of the three.
