Cryptocurrency

Historically, Polkadot has struggled to build an active user base for decentralized applications (dApps), often falling behind platforms like Ethereum, Solana, and Avalanche. The upcoming JAM upgrade seeks to turn this around by adding new uses for the DOT token and expanding what decentralized networks can do.Polkadot challenges with adoption were partly due to its complex ecosystem, making it tough for developers to get started. Developers need to understand its Layer 0 architecture, work with parachains, and deal with the costs of securing parachain slots, which has slowed the network’s growth. Unlike Ethereum, where smart contracts can be deployed directly, Polkadot’s relay chain doesn’t natively support smart contracts, requiring developers to use parachains instead. This has limited both the user base and the utility of the DOT token.That said, the JAM upgrade will streamline Polkadot’s development process by letting developers deploy smart contracts directly on Polkadot’s Layer 0, removing the need for parachains. This change could draw in more users and provide a direct use case for the DOT token beyond staking and governance. Wood suggested that JAM could host more than just blockchains, offering a general-purpose environment that could be classified as Layer 1, with services running on JAM considered Layer 1.5. In this context, blockchains secured by JAM could be considered Layer 2.Built on the RISC-V Polkadot Virtual Machine (PVM), JAM also enables the creation of decentralized autonomous organizations (DAOs) and wallets without relying on centralized intermediaries. It allows smart contracts to be deployed directly on Polkadot’s core layer, much like Ethereum. DOT tokens will also gain new utility as deposits to increase data, code, and state capacity in services, providing economic incentives for both developers and users. Moreover, JAM sets a target throughput of 850MB/s, far surpassing the capabilities of Ethereum 2.0 and Solana.Polkadot creator mentioned that the gray paper for JAM Chain is still in development, currently at version 0.3.4, with the goal of reaching version 1.0 by next summer. However, he cautioned that software and protocol development are inherently uncertain, so this timeline is more of a target than a fixed deadline.As this upgrade is rolled out, it is expected to introduce permissionless code execution, eliminating the need for governance approval or parachain leasing. With these changes, Polkadot should facilitate the development of self-sovereign DAOs and wallets, opening up new possibilities for decentralized finance, governance, and identity management. More

Creditcoin, the foundational L1 blockchain, announced the launch of its EVM-compatible mainnet, marking an improvement to enhance global financial inclusion through blockchain technology. This launch advances Creditcoin’s core mission and introduces CreditWallet, a new mobile wallet app designed to optimize user engagement with the Creditcoin ecosystem.The EVM compatibility upgrade marks a notable development, allowing developers to easily migrate their existing dApps and smart contracts to the Creditcoin network. This integration facilitates seamless multi-chain interactions and reduces the complexities and costs traditionally associated with cross-chain operations. The introduction of the Universal Smart Contract (USC) layer will further streamline these processes by enabling direct, secure interactions across various blockchains without the need for bridging.Central to the update is CreditWallet, a new mobile app transforming how users manage their digital assets. CreditWallet simplifies cross-network transfers between Creditcoin’s EVM and Substrate chains, making it easier for users to move assets and interact with dApps across different ecosystems. The app’s user-friendly interface, non-custodial ownership, and enhanced security features help to ensure a seamless and secure experience for users, both new and old.Existing Creditcoin Classic users will see their token balances transferred based on a snapshot taken on August 21, 2024. They will need to reconfigure their roles as nominators and validators on the new mainnet, while also exploring new staking opportunities through the updated dashboard. For technical integration, users are encouraged to review Creditcoin’s resources, including RPC (NYSE:RES) information and guidance on adding Creditcoin EVM to MetaMask.About CreditcoinCreditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets. By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of RWA.ContactDirector of MarketingAlan Kongalan.kong@gluwa.comThis article was originally published on Chainwire More

According to CryptoQuant, long-term Bitcoin holders have increased their supply by a staggering 262,000 BTC over the past 30 days. This surge in accumulation has brought their total holdings to an impressive 14.82 million Bitcoin, which represents 75% of the total Bitcoin supply.Long-term holders (LTHs) refers to the category of Bitcoin holders who have held their Bitcoin for extended periods without selling during market shifts. Their accumulation of 262,000 BTC in just a month highlights long-term confidence amidst short-term market fluctuations.This recent accumulation by long-term holders represents a positive backdrop against the present profit-taking on the crypto markets.Bitcoin had its steepest dip since the sell-off that rocked global markets in early August as part of a broader decline in the crypto market. The decline in Bitcoin comes despite a string of inflows into U.S. exchange-traded funds supporting the original cryptocurrency. Concerns that the U.S. government may be selling seized tokens are among the market’s challenges.Bitcoin has declined nearly 10.8% in the last two days, from highs of $65,062 to lows of $58,025, as Short-Term Holders established a resistance level at their breakeven price.Earlier last month, the Bitcoin price fell sharply. According to CryptoQuant, this resulted in a 17% loss for short-term holders as the price returned to the average cost base, letting them sell at breakeven, resulting in resistance.The recent drop occurred as traders speculated on rising prices, resulting in a fragile environment. Open Interest has increased by 31%, from $13.5 billion to $17.9 billion, since Aug. 5, while funding rates remained positive, indicating a premium for perpetual contracts.This article was originally published on U.Today More

Marathon Digital (NASDAQ:MARA), the largest Bitcoin miner, fell 1.5% following the opening bell. At the same time, CleanSpark (NASDAQ:CLSK) slipped 2%, Riot Platforms (NASDAQ:RIOT) lost 0.6% and Coinbase Global (NASDAQ:COIN) dropped over 1%.Moreover, shares in Michael Saylor’s MicroStrategy (MSTR) fell around 3%, while Hut 8 Corp (NASDAQ:HUT) tumbled more than 5%. The losses come as Bitcoin fell on Wednesday, deepening losses from the previous session after a large transfer of tokens to a major exchange sparked fears of a potential sell-off. The cryptocurrency, which had recently climbed above $60,000, sharply reversed course on Tuesday, falling back below this key threshold. The drop followed reports from Whale Alert, a service that tracks significant crypto transactions, which noted that about 30,000 Bitcoin—valued at $1.88 billion—was moved from a cold wallet to Binance. Although it was later clarified that the transfer was an internal Binance transaction, the movement still unsettled traders, as large transfers to exchanges often signal a potential sale. This development added to the selling pressure on Bitcoin, which had already been pulling back after a brief weekend rally.Altcoins also mirrored Bitcoin’s pullback, with the world’s second-largest cryptocurrency Ethereum falling more than 4% in the past 24 hours.Solana and XRP dropped 5.7% and 3.6%, respectively, while Dogecoin lost 3.7%. Bitcoin and broader crypto prices stayed within a narrow trading range since reaching a record high in March, with trading volumes gradually decreasing as retail interest wanes. More

Fordefi brings institutional-grade security to the Sui NetworkSui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced that it has joined forces with Fordefi, a company that employs multiparty computation (MPC) technology to deliver a secure institutional wallet platform for DeFi. Fordefi’s comprehensive platform and Web3 gateway provide an enterprise grade solution enabling builders, traders, and operators to self-custody their private keys, seamlessly connect to thousands of decentralized applications (dApps) across any blockchain, and manage digital asset operations with granular policies and a unified interface.Fordefi’s integration with Sui enables institutional users to securely self-custody their private keys and connect to thousands of dApps across various blockchains, ensuring complete control over their digital assets, enhancing operational efficiency, and dramatically simplifying digital asset management. The platform also offers customizable policies to protect workflows and consolidates all digital asset operations into a unified interface, providing a comprehensive and user-friendly asset management solution. This article was originally published on Chainwire More

Cypher Capital, a multi-strategy crypto investment firm, today announced its role in a $3.5 million seed funding round for Echelon, an innovative decentralized lending protocol. The seed round attracted additional support from strategic partners including Amber Group, Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7. This investment demonstrates Cypher Capital’s commitment to supporting advanced solutions in decentralized finance (DeFi) and blockchain technology. Echelon aims to enhance DeFi lending by improving capital efficiency, integrating with other DeFi applications, and providing innovative yield strategies on Move-based blockchains such as Movement and Aptos.About Cypher CapitalCypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3. Website | Blog | LinkedIn | Telegram | Instagram | Facebook (NASDAQ:META) | Youtube | X About EchelonEchelon is a high-efficiency decentralized lending protocol that enables users to borrow and lend assets through non-custodial pools. Its platform enhances capital efficiency and borrowing power while providing secure, overcollateralized positions. Echelon supports isolated pools for long-tail assets and offers streamlined leverage staking and RWA-backed vaults, positioning itself as a leader in the next generation of DeFi protocols.ContactMedia ManagerShameem Shashameem@cyphercapital.comThis article was originally published on Chainwire More

The world’s largest cryptocurrency fell sharply on Tuesday, abruptly reversing recent gains and falling back below the key $60,000 level. Broader crypto prices also tumbled in tandem with Bitcoin.Bitcoin fell 5.8% to $59,481.0 by 01:40 ET (05:40 GMT). Whale Alert, an X profile that tracks large crypto transactions using on-chain data, said about 30,000 Bitcoin tokens, worth $1.88 billion at current rates, were transferred from a cold wallet to crypto exchange Binance on Tuesday.Later reports said that the transaction was an internal transfer between Binance’s wallets. But the transfer still rattled traders with the prospect of a sale event, given that it showed a large amount of Bitcoin being moved onto an exchange. Mobilizations of tokens onto exchanges usually herald a sale, although it remained unclear if such a scenario would occur. But news of the transfer added to selling pressure on Bitcoin, which was already retreating after a weekend rebound petered out. A report from blockchain research firm Glassnode showed that net capital inflows into Bitcoin had “markedly cooled” in recent months, likely driving the token’s rangebound performance between $50,000 and $60,000. The report suggested that investor optimism over the launch of spot Bitcoin exchange-traded funds had cooled entirely, and that a degree of equilibrium had been reached between investors holding profitable and loss-making positions on the token.But the report also noted that speculative activity around Bitcoin had fallen sharply in recent months, leaving spot market action as the key driver of prices in the near-term. Glassnode warned that periods of calmer speculation and market action preceded a “an expectation for heightened volatility,” which could herald wilder swings in Bitcoin’s price over the coming weeks.Bitcoin has remained within a tight trading range after hitting a record high in March, as trading volumes in the token steadily fell amid waning retail interest.Broader crypto prices tracked declines in Bitcoin, amid a dearth of positive cues for the sector.World no.2 crypto Ether fell 8.6% to $2,464.30, while XRP, SOL and ADA sank between 4% and 5%. MATIC shed 10.4%, while among meme tokens, DOGE lost 6.7%.  More

For traders hoping for another breakout this bounce off the 26 EMA suggests that the asset is attempting to sustain its upward momentum. The trading volume is declining which is a worrying factor. Generally price movements require a spike in trading volume to be sustained particularly when breaking through important resistance levels. Short-term upward pressure on XRP may be hampered by the decreasing volume which indicates a lack of buying pressure. The state of affairs now offers conflicting possibilities. It is evident that there is still some buying interest around these levels which makes the 26 EMA support a positive indicator. Nevertheless the volume is low indicating that there may not be enough interest to push XRP to all-time highs. A sustained upward move could be supported by an increase in volume so traders should keep a watch on those levels.Even though the legal drama is clearly a cloud in the sky, Toncoin’s price is rising again suggesting that a recovery may be possible. After a substantial decline Toncoin has stabilized technically. The 200-day moving average which has historically served as a solid support level was recently touched by the price. It’s possible that buyers are entering the market at these lower levels as indicated by the bounce from the 200-day MA. The large red volume bars show that there was heavy selling prior to the recovery. But the green candle today and the volume increase that went along with it indicate that buyers are taking back control at least temporarily. The 50-day moving average or orange line is a significant resistance level that if broken could lead to further gains in the price. At this point the price is attempting to break above it. Bitcoin found support at this critical level preventing a prolonged bearish trend and opening the door for further gains. The current configuration is especially intriguing because of where Bitcoin is located on the chart—a descending channel. BTC is currently heading toward the upper boundary of this channel which is located at roughly $68,000 after the lower boundary held steady. A breakout toward $70,000 is becoming more and more likely if momentum keeps increasing. This optimistic scenario is supported by a number of technical indicators. First, an upward trend in the RSI indicates that buyers are gaining momentum. Furthermore there is a bullish crossover occurring here between the 50-day and 100-day exponential moving averages which frequently signals significant upward movements. Although not particularly large, the trading volume has been steady suggesting that interest in Bitcoin is stable at these levels. This consistency is significant because it indicates that there is still room for more buying, as we get closer to the important resistance levels and that the market isn’t overextended.This article was originally published on U.Today More