Cryptocurrency

Sonic Labs today announced the launch of the Sonic mainnet, an EVM-compatible layer-1 blockchain platform that offers developers attractive incentives and powerful infrastructure.With 10,000 transactions per second (TPS), sub-second finality, and a native, decentralized gateway to Ethereum, Sonic empowers developers to build the next generation of applications on unparalleled infrastructure and liquidity.Developed by the same team behind Fantom, Sonic and its S token deliver a significant leap forward from both Fantom and FTM. Through a one-to-one upgrade process from FTM to S, existing FTM holders can seamlessly start using Sonic.Sonic leverages proven expertise to establish itself as a DeFi hub by revolutionizing developer incentives while providing users with smooth user experiences and access to vast amounts of liquidity.Fee Monetization: Developers Come FirstFee Monetization (FeeM) on Sonic rewards developers with up to 90% of the network fees generated by their applications, adopting the Web2 ad-revenue strategies popularized by platforms like YouTube. While many blockchains offer limited developer incentives and primarily focus on value extraction, Sonic addresses this issue effectively through its FeeM model.Fantom to Sonic: Upgrading FTM to SFantom and its FTM token are officially transitioning to Sonic and the S token. Sonic Labs is facilitating the transition by offering a dedicated upgrade portal on MySonic that allows FTM holders to seamlessly upgrade their FTM to S on a one-to-one basis.Sonic Gateway: Secure, Decentralized InteroperabilityWith the rise of cross-chain activity, secure and trustless bridges are more crucial than ever. Traditional layer-1 and layer-2 bridging solutions often rely on centralized systems, risking billions in potential losses.The Sonic Gateway addresses these challenges as a decentralized and trustless bridge between Ethereum and Sonic, offering:Sonic Airdrop: Distributing the S TokenTo encourage network growth, Sonic Labs is distributing 190.5 million S tokens through an airdrop program focusing on both users and developers. The program includes two incentive structures:Sonic is an EVM layer-1 platform that offers developers attractive incentives and powerful infrastructure. The chain provides over 10,000 TPS, sub-second confirmation times, and a secure gateway to Ethereum for enhanced liquidity and asset security.For more information, users can visit Sonic’s official website and follow Sonic’s Twitter.ContactSonic Labspress@soniclabs.comThis article was originally published on Chainwire More

Welf, a comprehensive ecosystem of private banking services that bridge traditional finance with the digital age, is announcing the official listing of its native token, $WELF, on MEXC, a leading global cryptocurrency exchange. Trading will commence on December 19th at 12:00 UTC, marking a significant step forward following Welf’s successful token sale across multiple IDOs. Both Welf IDOs in the previous days generated high interest in the project, with the IDO on Ape Terminal being over 145 X oversubscribed, and highlighting the growing anticipation to the token listing. The $WELF token plays a central role in the Welf ecosystem, enabling platform transactions, governance participation, and premium service access. Token holders can cover platform fees, including transactions and tokenized product issuance, participate in key governance decisions, and unlock exclusive financial and lifestyle services through a staking-based subscription model.About WelfWelf is a comprehensive financial ecosystem designed to bridge traditional banking with the digital age. By combining expertise in wealth management with cutting-edge digital platforms, Welf provides flexible and secure solutions tailored to the unique needs of high-net-worth individuals. Through a seamless integration of traditional finance and modern digital investments, Welf offers personalized advice, transparent services, and innovative tools to help clients grow and protect their wealth across both familiar banking channels and emerging opportunities.Website | X | LinkedInContactCreative DirectorKaren Avillainfo@welf.comThis article was originally published on Chainwire More

Saylor, a major Bitcoin evangelist, shared his take on the future prospects of the U.S. under the “rule” of this “crypto czar,” clearly placing big hopes on Sacks.In particular, she mentioned the future creation and passing of “comprehensive digital asset legislation” and the creation of the U.S. strategic Bitcoin Reserve, which Lummis suggested in July this year in her speech during the annual Bitcoin Conference held in Nashville, Tennessee, in the United States.Saylor agreed with her, saying that he believes David Sacks’s leadership is likely to make the U.S. a global leader “in digital assets and financial innovation.”Earlier this month, Ripple chief executive officer Brad Garlinghouse sent “huge congrats” to Sacks in an X post, saying that the new “crypto czar” understands the tech sphere very well and suits this position just right.The Ripple boss believes that Sacks will be able to help the White House advance its plans related to cryptocurrencies and artificial intelligence (AI).As reported by the media, there are quite high chances that Sacks and his friend, the tech mogul Elon Musk, might be working side by side in the future, since Musk runs the xAI startup, whose main product, the Grok chatbot, has been integrated with the X social media platform that belongs to Musk.Sacks was among those who encouraged Tesla (NASDAQ:TSLA)’s CEO to conduct the much-hyped Twitter takeover for $44 billion in 2022.This article was originally published on U.Today More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce the launch of its Private Wealth Management (PWM) service, tailored to meet the unique needs of high-net-worth individuals and institutional clients. This customized offering reflects Bybit’s commitment to delivering premium financial solutions that empower clients in an increasingly sophisticated market environment with the surging importance of digital assets. As global markets become more complex, there is a growing demand for premium wealth management services, particularly in areas such as risk management and asset allocation. Additionally, digital assets have emerged as one of the key asset classes for high-net-worth individuals and institutional investors, offering unprecedented opportunities for growth and diversification. Bybit’s PWM service is designed to address these needs with precision and innovation:#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaDiscord | Facebook (NASDAQ:META) | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | YoutubeContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

Bitcoin fell 2.4% to $103,688.0 by 01:13 ET (06:13 GMT), after breaching the $108,000 level a day earlier. The largest cryptocurrency reached an all-time high of $108,244 for a brief period on Tuesday. This came after incoming President Donald Trump raised the prospect of a Strategic Bitcoin Reserve, during an interview with CNBC last week. Trump had vowed to introduce crypto-friendly regulations if elected, with his recent nominations for key cabinet and regulatory roles showing strong pro-crypto leanings. However, analysts remain doubtful about the feasibility of establishing a Bitcoin reserve, particularly regarding the mechanics of its formation.Analysts believe a strategic reserve is unlikely, given Trump’s unwavering belief in the supremacy of the dollar.Moreover, recent data indicates that large Bitcoin holders, known as whales, are significantly influencing the cryptocurrency’s price movements.According to Ali Martinez, an on-chain analyst, Bitcoin whales had snapped up 70,000 bitcoins this week by Tuesday.Analysts believe that the growing demand from whales has surpassed the available supply, fueling the ongoing surge in Bitcoin prices.A total of only 900 bitcoins can be mined per 48 hours, which falls far short of meeting the substantial demand from Bitcoin whales.Hence, there are growing concerns that if this momentum persists, a significant supply crunch could be imminent.Other cryptocurrencies also followed Bitcoin’s lead, as traders were cautious with the Fed meeting underway. Investors took some profit on altcoins as well, which were sitting on strong gains in recent sessions. World no.2 crypto Ether slumped 4.7% to $3,839.41, extending its decline. World no.3 crypto XRP inched 0.3% lower to $2.51.Solana inched lower and Polygon slumped 6.3%, while Cardano climbed more than 2%. Among meme tokens, Dogecoin lost 0.8%.The Fed is widely expected to cut interest rates by 25 basis points on Wednesday. But the focus is on the central bank’s long-term outlook on rates, especially in the face of sticky inflation, and a resilient economy.The central bank may suggest a slower pace of rate cuts in 2025, implying that rates could stay higher for an extended period. This scenario could present challenges for cryptocurrency prices. More

Analysts suggest that this increased demand by whales has continued to outstrip supply, driving the continued price metric surge. Some have expressed concerns that a huge supply crunch will likely occur if this momentum continues.Notably, a market supply crunch happens when more investors buy an asset amid a limited supply. For context, Bitcoin has a limited supply of 21 million BTC, and its scarcity is one key factor in driving value.Additionally, only 450 BTC are mined daily. Hence, the total Bitcoin mined within 48 hours is just 900 BTC, which is insignificant in meeting the demand of Bitcoin whales.Such a scenario of reduced supply mixed with steadily increased demand can push prices higher.Martinez suggests that the Bitcoin market is gearing up for further upward movement due to an impending reduction in supply. Meanwhile, institutional players have also increased their demand for Bitcoin recently.However, the unpredictability of the crypto market might change things. The macroeconomic factors fueling the increased demand for BTC could change and leave whales losing their appetite for more accumulation. The coming days signal which way the market trend will swing.This article was originally published on U.Today More

Interestingly, while BTC is rising, the rest of the crypto market is in the red, and many of the alternative cryptocurrencies are suffering double-digit percentage declines as the day progresses. However, given the trends of this cycle, there are two altcoins that are likely to follow Bitcoin in the near future.We are talking about XRP and Dogecoin (DOGE). Since Nov. 4, when BTC last traded below $70,000 and began its epic climb to six figures, XRP and DOGE prices have subsequently soared by 467% and 232%, respectively. This has made these alternative cryptocurrencies the market leaders, despite already “heavy” market capitalization numbers.At the same time, Ethereum (ETH) and Solana (SOL) have seen their prices rise by around 70% each over the same period, which is a lot but is also disproportionately small compared to DOGE and XRP. Whether Dogecoin and XRP continue to “catch up” with Bitcoin with its updates of historical highs every week and this time is an open question. However, we can assume that these will be the first options for market participants to make investment decisions when the BTC rally pauses.This article was originally published on U.Today More

Updated: Ripple’s official X account has just shared that RLUSD is live on global exchanges.This article was originally published on U.Today More