Cryptocurrency

Meter, a high-performance, single-state, EVM-compatible blockchain has announced a significant token burn of 30 million $MTRG tokens. The move, approved by the Meter community through a transparent governance process, aims to enhance the long-term value and stability of the Meter ecosystem.The token burn is set to take place on June 17 and will reduce the fully diluted valuation (FDV) of $MTRG by approximately 40%, while increasing the market cap-to-FDV ratio to over 75%. As the burn will come from unreleased tokens, it will not have a direct impact on the circulating supply or the token price.While a lot of recent projects and their low float, high FDV model has provoked a backlash from the wider crypto community, this move could potentially make the Meter ecosystem more attractive to a broader range of investors by promoting greater market stability.About Meter NetworkMeter is an open-source platform with Freedom and Fairness as the first principle. Highly decentralized, censorship- and MEV-resistant, and lightning fast, its native metastable coin completes Satoshi’s vision of a sound money independent of the fiat system. Projects built on Meter’s high-performance blockchain include exchanges, wallets, bridges, oracles, games, and other assorted decentralized applications, tools and services.Website | Telegram | X | Discord | MediumContactAloinfo@meter.ioThis article was originally published on Chainwire More

The recent financing comprises an initial $5.5 million round followed by a subsequent $4.5 million seed+ round. Ava Protocol won support from notable names in the venture capital and cryptocurrency spaces. Specifically, the seed+ round was bankrolled by Electric Capital, Taisu Ventures, Bloccelerate VC, BingX Exchange, and Shima Capital. These investors join earlier backers such as Polygon founder Sandeep Nailwal, Greylock, Foundation Capital, and GSR.The fresh capital injection will support Ava Protocol’s development of an intent-centric, event-driven Eigenlayer AVS developed to support private autonomous transactions on Ethereum and beyond. This summer, the main goal is to launch their protocols as an EigenLayer AVS and a Polkadot parachain, along with introducing the AP token.Ava Protocol employs a novel technical model that automates the transaction process and supports all blockchain networks by autonomously connecting them across the chain. This is achieved through a two-stage operation: ‘trigger’ and ‘execution.’The team is refining its testnet and expanding its capacity. Currently, over ten thousand unique wallets are using the Ava Protocol testnet, conducting more than one thousand automated transactions daily.“We’re grateful to our seed and seed+ investors for believing in our vision of bringing composable autonomous transactions to Web3 and for accompanying us on this journey. We’re confident that their faith will be rewarded as we move towards our mainnet and onboard more ecosystem partners who will provide real-world proof of the efficiency that Ava Protocol’s super-transactions introduce for payment and smart contract data,” said Ava Protocol founder Chris Li.“With the support of our seed investors, everything is in place to onboard additional partners who will be the first to leverage Ava Protocol’s Eigenlayer AVS,” Sam Shev, Head of Marketing at Ava Protocol said. “We’re looking forward to discovering the many ways in which builders harness this technology to unlock new use cases spanning DeFi, gaming, insurance, automated trading, and much more.”The funds will support Ava Protocol’s goal of developing core Web3 infrastructure for intent-based private autonomous transactions. The protocol enables cross-chain smart contract automation, allowing contracts to be triggered when predefined conditions are met based on variables such as time, price, or computation. Ava Protocol supports recurring and automated “super-transactions” for Ethereum without requiring custom code. This helps reduce the time to market for Web3 applications and deliver private automation for any transaction or smart contract function. As a result, developers can focus on core competencies while accessing one-click transaction simplicity comparable to Stripe’s payment processing.More than 30 ecosystem partners have already committed to developing dapps that use Ava Protocol’s private payment technology. Product partnerships with Polkadot, Moonbeam, and Astar are also in place. More

Binance Labs, the venture capital and incubation arm of Binance, has invested in Zircuit, a zero-knowledge rollup with AI-enabled sequencer-level security.Zircuit is a new Layer 2 (L2) network that introduces a novel approach to on-chain security. The network safeguards users with sequencer-level security and built-in, automated AI mechanisms that guard against smart contract exploits and malicious actors. The network’s hybrid architecture, which combines battle-tested rollup infrastructure with zero-knowledge proofs, results in a fast, low-cost, and fully EVM-compatible ZK rollup to provide unparalleled security for users without sacrificing speed or compatibility. More specifically, Zircuit’s performance comes from decomposing circuits into specialized parts and aggregating proofs, which achieves greater efficiency and lower operating costs. Zircuit is a ZK rollup with AI-enabled sequencer-level security and parallelized circuits. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit’s unique architecture combines the best of both worlds of performance and security. To learn more visit zircuit.com or follow us on Twitter/X @ZircuitL2About Binance LabsAs the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.ContactJessica GraberZircuitjessica@zircuit.comThis article was originally published on Chainwire More

Earlier today, Mow revisited his post published on Monday evening, adding a super bullish Bitcoin price prediction to it.There are no digits on this diagram, but it makes its point visually that the amount of available BTC is tiny compared to how much available capital can be used for buying it. Both the capital and Bitcoin are depicted in the shapes of triangle, and together they look like an hourglass.Mow tweeted earlier today that while “watching the Bitcoin price dropping, just remember where it inevitably goes,” thus making a bullish BTC price prediction. Mow is one of the maximalists who expects the world’s flagship cryptocurrency to eventually reach the $1 million-per-coin price level.However, Mow also shared surprise at the current Bitcoin decline despite the staggering level of adoption that can be observed now: “Feels weird seeing #Bitcoin price go down when we’re at a level of unprecedented adoption. BTFD!” BTFD, as he explained in the comments to that tweet, stands for “buy the friendly dip.”Mow responded that it is worth taking a closer look at the bigger triangle of capital, and then it will become obvious that ” ‘Available Capital’ goes outside the boundaries of the diagram.”Over the weekend, BTC faced a similar price decline, dropping from above $71,660 to the $69,000 price tag.This article was originally published on U.Today More

ceτi AI is proud to announce an extended purchase agreement with Cedarcross International Technologies, Inc. for three additional high-performance computing (HPC) servers, each equipped with 8 NVIDIA (NASDAQ:NVDA) H100 Tensor Core GPUs, plus an option to purchase an additional 200 identical HPC servers. The agreement marks the completion of ceτi AI’s pilot-scale installation in British Columbia, and opens the door to a 25x expansion of the ceτi AI Global Infrastructure Network with additional GPU and server allocation through Q3, 2024. The new servers, powered by NVIDIA’s most advanced H100 GPUs, are expected to arrive within approximately 45 days, further boosting the network’s capacity to support a broad range of AI application development and research. The firm’s pilot installation presents a state-of-the-art solution for web3 protocols, independent development teams, and advanced AI research teams in an 8-server, 64 GPU scalable unit that can be expanded linearly and indefinitely.In addition to the network’s immediate expansion, the agreement also includes an option to purchase up to 200 identical HPC servers from Cedarcross through September 30th, 2024, underscoring both firms’ commitment to sustained growth and technological advancement in the decentralized AI space. ceτi AI has identified hyperscale data center candidate sites for the additional servers in Montreal, New Jersey, and Santa Clara, and is now in the process of securing investment for their purchase, installation, and initial operation. Cedarcross International Technologies Inc. is an investee company of Alset Capital Inc., a publicly traded Canadian company listed on the TSX Venture exchange. Cedarcross specializes in providing low-cost access to cutting-edge, high-performance computing hardware, primarily powered by NVIDIA’s advanced H100 chips. About ceτi AIceτi AI is at the forefront of the decentralized artificial intelligence (dAI) movement. Committed to innovation and accessibility, ceτi AI develops globally distributed, high-performance, scalable AI infrastructure designed to power the next generation of AI development worldwide. ceτi AI was founded in March of 2024 by long-time industry leaders Dennis Jarvis (CEO), Aaron Smith-Hayes (CTO), Austin Spencer (CFO), and Tony Evans (Chief Strategy Officer). For more information about ceτi AI and our initiatives, users can visit http://taoceti.aiUsers can follow ceτi AI on X, Telegram, and Discord for the latest updates and community discussions.ContactCEODennis Jarvisceτi AIpress@taoceti.aiThis article was originally published on Chainwire More

(Reuters) – As football fever builds for major tournaments in Europe and the Americas, a small yet buzzy part of the cryptoverse is stealing centre stage: fan tokens. These are not your average digital assets, they’re tokens issued by national sides or individual clubs that promise supporters a tradeable way to engage with their teams. Activity in tokens linked to participating national teams has increased ahead of the Euro 2024 European soccer championship, which kicks off on Friday, and the Copa América in North and South America that starts a week later. The market value of the Chiliz cryptocurrency – the native coin of the Socios blockchain which hosts most major fan tokens, and thus a broad proxy for the niche sector – has climbed to more than $1.07 billion from about $687 million at the start of the year and is nearing levels last seen around the 2022 World Cup, according to data from CoinGecko. Trading volumes of fan tokens have also picked up in recent months, registering more than $170 million on May 24, versus between $25 million and $57 million for most of January, according to data from Kaiko. The total market value of listed fan tokens stands around $413 million, CoinGecko data shows. This summer of sport could be a key test for the still-nascent sector of fan tokens, which typically offer perks like raffle entries, early ticket access, merchandise discounts, or chances to vote on minor decisions such as match songs Backers laud the tokens as a rare example of real-world crypto utility, while critics highlight the tensions between the stated purpose of team engagement and the speculative – and risky – nature of tradeable assets. A spokesperson for Chiliz said the company’s marketing was clear that “fan tokens are fan-engagement tools and should be used as such.” The price of Portugal’s fan token has edged up about 2% in the past 30 days to $2.94, while Argentina’s token briefly touched its highest level since 2022 at $2.46 – though both are still trading below their peaks hit around the 2022 World Cup. “There has been a major uptick in trading volumes but we expect it to be short-lived,” said Jag Kooner, head of derivatives at Bitfinex, pointing to a drop-off in trading following the World Cup. Many top soccer teams and sports stars promoted crypto assets – such as non-fungible tokens (NFTs) or fan tokens – to supporters during a previous crypto boom in 2021, drawing the ire of critics who warned they might encourage financial speculation.British lawmakers warned last year that the rise of NFTs in sport was putting supporters at risk of financial harm and potentially damaging the reputations of clubs. Meanwhile, the football supporters’ association of England and Wales has dismissed fan token partnerships as “trying to monetize trivial matters” or “inserting financial barriers into genuine supporter engagement”.ENGAGEMENT VS SPECULATIONChanges in token volume and price don’t always correspond with team performance, noted Adam McCarthy, research analyst at Kaiko. “I don’t see evidence that holders benefit from holding these tokens as a sort of bet on the respective teams success,” he added. A study analyzing fan token trading around major sporting events found that it often aligns with a “buy the rumor, sell the news” pattern that is found in traditional finance. Volumes and returns typically increase ahead of major tournaments, then fall at the onset of important matches. On the other hand, another study found fans who buy tokens typically take advantage of the benefits offered via voting on club-related decisions. “When fans are given a chance to influence club decisions, they engage substantively,” said Lennart Ante, who worked on both studies and is CEO of the Blockchain Research Lab. “The dual nature of fan tokens as both engagement tools and speculative assets creates a dichotomy,” Ante added. “The future of fan tokens could hinge on how this distribution between engagement-focused users and speculators evolves.”SLOW GROWTH EVEN AS TOKENS POP UP The growth of tokens linked to club sides, rather than national teams, remains slow. At the same time, the number of fan tokens has increased in recent years, given the ease of launching tokens on blockchains like Solana, Bitfinex’s Kooner said. Chiliz said they had launched four new fan tokens in the past 12 months for clubs including Tottenham Hotspur and and Benfica. French football giant Paris Saint-Germain, which has a fan token, announced earlier this year it would become a network validator for the Chiliz Chain blockchain, meaning it would manage and secure part of the chain. English team Watford FC recently offered a 10% stake in the club to investors and fans via digital equity tokens. Beyond the equity stake, other perks include dinners with team members and private training ground tours, depending on the level of investment. (This story has been corrected to change to ‘four new fan tokens’, after a company clarification, in paragraph 20) More

Meanwhile, this price drop following the U.S. employment report offers a good buying opportunity, according to Singapore-based trading firm QCP Capital.Non-farm payroll data on Friday showed that the U.S. economy added 272,000 jobs in May, significantly higher than the estimated 182,000 jobs, and much more than the downwardly revised reading of 165,000 jobs in April. While the unemployment rate rose to 4%, the average hourly earnings increased by 0.4% month-on-month, above the expectations of 0.3%.Markets immediately reduced the probability of a 25-basis point Federal Reserve rate cut in September to 60% from 85%, leading to a decline in risk assets, including cryptocurrencies.JP Morgan and Citi canceled their forecasts for a Federal Reserve rate cut in July, with some analysts putting rate hikes or further liquidity tightening back on the agenda. Bitcoin, which seemed poised to break the $72,000 barrier, fell by almost 3% to $68,400. Ethereum followed Bitcoin’s lead.QCP Capital said the Federal Reserve would struggle to keep interest rates high while other central banks are lowering borrowing costs.The report stated: “The non-farm payroll report surprised us, as it was confusing enough to stimulate risk aversion ahead of U.S. inflation numbers and this week’s Federal Reserve meeting.””We agree that this is a good buying opportunity as markets will increasingly price in at least one Federal Reserve rate cut. It will be difficult for the U.S. to ignore this as the rest of the world continues to cut interest rates.”The European Central Bank and Bank of Canada cut interest rates last week, as the Group of Seven (G7) began a cycle of monetary easing.Other central banks, including the Federal Reserve, may soon join the fray by cutting interest rates, leading to increased market liquidity, which inadvertently boosts demand for alternative investments like cryptocurrencies. More

From the analyst’s chart, Bitcoin is projected to reach $150,000 by the end of this year and $800,000 by 2025. Bitcoin reaching $800,000 by next year translates to an increase of more than 10 times its current price. PlanB acknowledged that this Bitcoin price prediction sounds unreal but claims 800K would be in line with the best fitting, highest R2, historical data model.However, PlanB highlighted hacks, scams, defaults, forks and crackdowns as risks that could interfere with this bullish forecast for Bitcoin. Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, commented that Bitcoin at $0.8 million means a market cap close to that of gold. As disclosed in an earlier U.Today report, PlanB says Bitcoin will continue to see accumulation from investors in 2024-2025. If this analogy continues, the analyst’s Bitcoin prediction could come to pass. Another key factor that could push Bitcoin’s price higher is increased adoption from institutional players through spot Bitcoin ETF products.This article was originally published on U.Today More