Frog Nation’s Former CFO Opened an ETH Long Position of Approximately US$20.9 Million in Kwenta in the Past Three Days
According to Perps Watcher data, Frog Nation's former CFO 0xsifu (sifu.eth) has gradually closed his previous ETH short positions and switched to long positions three days ago. 0xsifu has been buying ETH at an average price of $1,562.27 with 5.19x leverage on Kwenta for the past three days, with a position size of about $20.9 million. Currently, he has realized a profit of $470,000 and an unrealized loss of $123,000.
The Derivatives Protocol IPOR Has Launched v2 Version on the Ethereum Mainnet
On October 14th, derivative software developer IPOR Labs launched version 2 of the IPOR protocol on the Ethereum mainnet, with new features including custom APR with zap, stETH pool, extended term structure, and upgraded spread model.
As previously reported by Jinse Finance, IPOR Labs completed a $5.55 million financing round last April, led by Arrington Capital.
Ethereum network fee revenue drops to lowest level since April 2020
According to data from IntoTheBlock, the network fee income of the Ethereum blockchain has dropped to its lowest level since April 2020, a 90% decrease from its peak in May of this year.
Crypto Analyst Warns of Dire Consequences for Altcoins if Bitcoin Dips Below Key Level
Crypto analyst Jason Pizzino has issued a warning to altcoin investors, stating that the severity of a correction for altcoins will depend on how far Bitcoin dips. Pizzino predicts that if Bitcoin breaks down to $26,000 or even $24,900, it will have dire consequences on altcoins. However, if Bitcoin breaks the 50% level at $26,700, altcoins will continue to struggle and experience worse declines. Pizzino believes that a decline in altcoins will prompt traders to transfer some of their alt investments to BTC, which will help prop it up and lessen its downtrend.
Modular Execution Layer Fuel Launches Native Bridge to Support Cross-Chain Between Beta-4 and Ethereum Sepolia
On October 13th, Fuel, the modular execution layer for Ethereum, announced the opening of the Beta-4 testnet and the native bridge between Ethereum and Sepolia. The Fuel native bridge enables asset transfers between L1 and L2 and utilizes message portals to process token standards such as ERC-20 and ERC-721. On L2, tokens have dedicated contracts for message processing and minting on Fuel. Any assets deposited into Fuel may take up to 6 hours to withdraw back to Ethereum. The Fuel native bridge is still in the testing phase.
Scroll Launches Main Network for Ethereum-Compatible ZK Rollup Scaling Solution
Scroll, a layer 2 scaling solution for Ethereum, has launched its main network. Scroll's ZK rollup, a layer-2 network built using zero-knowledge cryptography, is compatible with the Ethereum Virtual Machine computing environment, making it easy for developers to redeploy applications built for Ethereum onto the new "zkEVM" network. Scroll's launch adds to the competition among rival providers of zkEVMs, including Polygon and Matter Labs. As of Thursday, approximately $565,000 worth of ETH had been bridged to the network, according to a dashboard on Dune Analytics.
Wait time for new validators to be deployed to the Ethereum network has been reduced to just 5 hours
According to data on the blockchain, the once-crowded new validator queue on the Ethereum blockchain has almost completely cleared, with only 598 validators waiting to enter the network, down from a peak of over 96,000 in early June. This means that as of today, the expected wait time to add new validators to the Ethereum network has been reduced to less than five hours, a significant decrease compared to the peak of a 45-day wait period in early June. David Lawant, the head of research at institutional crypto exchange FalconX, said that since the Ethereum merger and Shapella upgrade, ETH staking growth has been "exceptionally strong," but the initial enthusiasm has started to cool off, and an empty activation queue means that ETH staking growth is slowing down.
Tether, Bitcoin and Ethereum account for 83% of Brazilian cryptocurrency demand
According to a report from Chainalysis, between June 2022 and July 2023, Tether, Bitcoin, and Ethereum accounted for 83% of Brazil's cryptocurrency demand. During that period, Tether accounted for about 52% of the country's investor trading demand, Bitcoin accounted for 25%, Ethereum accounted for 6%, while other altcoins totaled just over 17%. Chainalysis categorizes Brazil as a "unique market in Latin America."
Mastercard completes CBDC pilot with Reserve Bank of Australia and partners
Mastercard has successfully completed a pilot project with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre to test the use of central bank digital currencies (CBDCs) by authorized parties who have undergone know-your-customer protocols. The project also tested the ability of a holder to purchase an Ethereum-based NFT by locking the pilot CBDC and minting an equivalent amount of Ethereum-based wrapped coins. Mastercard's Australasia division president, Richard Wormald, said that the technology has the potential to drive more consumer choice and unlock new opportunities for collaboration between public and private networks in the digital currency space. The pilot was conducted in partnership with Australian financial services firm Cuscal and blockchain tech firm Mintable, and is part of Mastercard's ongoing CBDC ambitions, which include operating as a private-sector partner for CBDCs and forming a CBDC program with Ripple and Consensys.
Ethereum (ETH) Faces Selling Pressure, Mixed Reviews on Future Price Predictions
Ethereum (ETH) had a strong start to October 2023 but has since faced significant selling pressure, dropping below $1,600. At present, ETH is trading at $1,558 with a market cap of $187 billion. While the TD Sequential indicator has generated a buy signal near the lower boundary of its consistent range, caution is advised as a close below $1,530 could invalidate the bullish outlook.
