Cryptocurrency

The sale featured 200,000 nodes and amassed over $60 million in wrapped Ethereum (wETH). This was preceded by a $10 million funding round led by Paper Ventures and Maven 11, with additional investments from Spartan, SevenX, and OKX Ventures.Sophon uses the modular blockchain architecture crafted by Matter Labs, which develops zk-rollup solutions for the Ethereum Layer 2 ecosystem. Despite selling 121,000 nodes, Sophon clarifies that not all buyers will serve as validators. Instead, they will receive ERC-721 tokens, which offer several benefits. These include acquiring Sophon tokens, with 20% of the total supply distributed to node license holders within the first 36 months post-launch. Furthermore, buyers can participate in network validation and earn a share of the network fees upon Sophon’s anticipated Q3 2024 launch as a Layer 2 validium rollup.“I know the product inside-out in comparison to other stacks on the market. It’s all about building for tomorrow rather than yesterday, and I’m convinced that in a few years, looking back at the design and infrastructure choices Matter Labs made will seem obvious. I will continue to work closely with the amazing Matter Labs team,” said Sophon. Node license holders will also play roles in indexing the chain or operating light nodes, with future plans for a decentralized consensus model requiring these licenses for network operation. Unpurchased or unused licenses at the end of the sale are set to be destroyed to ensure they do not enter circulation.In addition, Sophon is planning a unique airdrop campaign to distribute its $SOPH token broadly. Participants can stake assets like $BEAM from the Beam network and $ZENT from Zentry, with more assets to be announced.Co-founded by Sebastien, former Head of DeFi at zkSync, and crypto trader Pentoshi, Sophon is an entertainment-focused ecosystem using zkSync’s hyperchain technology. The platform leverages zkSync’s native account abstraction and other features to improve user experience and attract talent in AI, gaming, and entertainment.  More

Broader crypto prices were also pressured by uncertainty over U.S. interest rates, after several Federal Reserve officials signaled this week that the central bank was more likely to keep rates unchanged in 2024. The dollar rebounded from recent losses after their comments.Bitcoin fell 1.8% in the past 24 hours to $62,336.7 by 08:21 ET (12:21 GMT). The world’s largest cryptocurrency remained comfortably within a trading range seen for most of the past two months, as momentum in the token waned after it hit a record high in March.Capital flows data released earlier this week also showed that crypto investment products, particularly Bitcoin, saw a third straight week of steep outflows as hype over exchange-traded funds launched earlier this year ran dry. A report released earlier this week showed that over 90% of transactions in stablecoins- which are an important aspect of crypto trade- were inorganic and not from real users, raising questions over just how much retail demand there actually was for crypto. The report also raised concerns over more regulatory action against stablecoin operators, specifically Tether, which is the largest of the lot. In instances of actual regulatory action, trading app Robinhood Markets Inc (NASDAQ:HOOD) said it was facing potential regulatory action from the Securities and Exchange Commission over the nature of crypto tokens traded on its platforms. The SEC has long argued that crypto tokens are securities, and is currently embroiled in legal battles with XRP issuer Ripple and crypto exchange Coinbase (NASDAQ:COIN) over the matter.The SEC is also reportedly investigating world no. 2 crypto Ethereum over it potentially being a security, and had this week postponed a decision to approve spot-traded Ethereum ETFs for U.S. markets to July. But the regulator is widely expected to reject applications for the ETF.Broader cryptocurrency prices retreated, also coming under pressure from a resurgence in the dollar as Federal Reserve officials said the central bank was likely to leave interest rates unchanged this year.Ethereum fell 2.5% to $2,996.41, while Solana and XRP fell 6.1% and 2.7%, respectively.High for longer U.S. rates bode poorly for crypto markets, given that the sector usually benefits from a low-rate, high-liquidity environment.A Bitcoin price indicator known as volatility risk premium (VRP) currently indicates a relatively calm market environment ahead, which long-term investors might view positively, CoinDesk reported Wednesday.The VRP measures the difference between an asset’s option-implied volatility, which gauges expected price swings, and the realized volatility over time. This spread reflects the extra premium option sellers seek to offset the risks of future market uncertainty.According to data from Bitfinex analysts, the one-month VRP has sharply declined from 15% to 2.5% following the Bitcoin blockchain’s mining reward halving on April 20. The calculation relies on the difference between Volmex’s bitcoin 30-day implied volatility index (BVIV) and the one-month realized volatility (VBRV).”The significant narrowing of the VRP indicates a realignment of market expectations to a more stable and predictable environment post-halving,” analysts at Bitfinex said in a note seen by CoinDesk.”The market consensus seems to be that future volatility may be less than previously anticipated following the halving.”Put differently, uncertainty has diminished, and market participants anticipate more stable market conditions. More

Awepay.io, a digital payments technology provider known for its early pioneership of financial technologies for mainstream and alternative merchant segments for South East Asia has been welcome as the latest enterprise member for Bitfinex Pay, an emergent payment gateway that enables users to pay online for goods and services using a variety of cryptocurrencies popular today.The agreement, formalized on 8th April 2024, sees Awepay.io playing a catalytic role in accelerating the mainstream retail adoption of the most used cryptocurrencies such as, but not limited to Bitcoin, Lightning, Ethereum and Tether stablecoins as a form of payment for products and services offered by both online and physical merchants.Those looking to accept cryptocurrency payments for their business can visit www.awepay.io for more informationAbout AWEpayAWEpay is more than just a payment gateway solution; it is a partner in the journey towards excellence. With years of expertise in the payment processing industry, AWEpay is supported by an extensive international network, strong business acumen, innovative spirit, and industry foresight. Collaborating with AWEpay means gaining a partner dedicated to success and growth.ContactCEOK.C. SeowAwetech Sdn Bhdcs@awepay.comThis article was originally published on Chainwire More

The descending triangle has been forming over the last few months, characterized by lower highs and a flat support line. This pattern suggests that every rally is being met with strong selling pressure, which is progressively pushing the price downward. Currently, SHIB is hovering around the $0.0000237 mark, with immediate support at $0.000021.SHIB/USDT Chart by TradingViewIf this support level fails, SHIB could see a further drop toward $0.00002, a critical psychological and technical barrier. The outcome at this juncture could lead to two distinct scenarios: a rebuttal, where buyers step in strongly, pushing the price back up, potentially retesting higher resistance levels; or a breakdown, where the price could plummet below the $0.00002 mark, triggering a bearish fallout for the token.A break below the triangle could significantly undermine confidence, leading to a potential sell-off. Conversely, a strong rebuttal and recovery from the support line could reignite interest and potentially start a new bullish cycle for SHIB.Volume trends and market sentiment will play critical roles in determining the outcome. Recent trading volumes have been relatively low, which often indicates a lack of conviction among traders. The $58,000 mark is significant as it has previously acted as a robust support level for Bitcoin. Observers note that the price is also near the 100-day EMA, around $60,000, which adds an additional layer of psychological and technical significance. These EMAs are critical in defining mid- to long-term market trends and sentiment, and their current levels suggest a bearish outlook for the cryptocurrency.Volume analysis shows somewhat neutral to descending volume, which does not currently indicate strong potential for a bullish reversal. Typically, a bullish reversal is accompanied by a significant increase in volume, indicating strong buying interest that could push the price higher. The absence of such volume dynamics suggests that the market may not yet be ready to push the price back above the $60,000 mark.Moreover, Bitcoin’s failure to break through both the 26 EMA and the 50 EMA has reinforced the bearish sentiment among traders. These failures are critical as they typically indicate where the market might be heading in the short term. Currently, ADA is hovering around the mid-April support level, which it has tested multiple times without a decisive breakthrough. This support level has proven resilient, suggesting that it might serve as a strong foundation for a potential bounce upwards. However, during its last rally to the local resistance at $0.51, ADA failed to break through, facing a downturn influenced by a bearish cross between the 50-day and 100-day Exponential Moving Averages. Such a cross is typically interpreted as a sign of accelerating negative tendencies on the market.The price action of Cardano has been somewhat subdued following this bearish indicator, with no significant signs of a bullish reversal in the immediate term. The most likely scenario for ADA, given the current market conditions and technical setup, is the continuation of the sideways trend. This would entail the price oscillating between known support and resistance levels without significant directional momentum.This article was originally published on U.Today More

Telos today announced it has accepted a strategic investment of $1 million USD from Presto Labs, a leading Asia-based venture capital firm and liquidity provider with an established track record in algorithmic trading. The capital raise signals the start of a long-term partnership between the two organizations, with the funds being allocated to the development of the new SNARKtor-powered Ethereum Layer 2 zkEVM network being developed by Telos. The capital will also help incubate the growth of SNARKtor Labs, Telos’ Hong Kong-based business unit focused on the acceleration of Telos’ ZK-proving technology infrastructure. The SNARKtor Labs corporate mandate stipulates that its interests must be fully aligned with that of the TLOS token in so far as it drives value to the token, directly or indirectly. Any profits the entity earns will be used to buy and hold TLOS on its balance sheet.Telos and Presto Labs’ teams will work together with a special focus on the Asia Pacific region, which has become a hub for Web3 innovation and investment. Executive Director John Lilic unveiled plans for Telos’ new zkEVM L2 during his recent keynote speech at TOKEN2049 in Dubai, where Telos was one of the event’s title sponsors. Presto’s investment will help expedite the completion of the L2, which Telos is co-developing with leading ZK research firm, Ponos Technology. “Presto Labs is one of the best in the world at what they do and partnering with them is going to be of great benefit to the Telos team and community. We are very fortunate and grateful for the opportunity,” said Lilic on the new alliance. “Our organization looks forward to deploying this new capital efficiently to enhance the growth of our new network, and to bolster the impact that SNARKtor Labs can have as we work to educate the world on the effectiveness that ZK technology can have at scale.” Presto Labs was founded in Singapore in 2014 and has since provided funding for many leading pioneers in the blockchain development space. The Presto team views Telos’ recent innovations in the ZK-proving space, starting with SNARKtor, to be a leading indicator of the powerful role the project can play in the years to come when it comes to this nascent technology. “We always take a data-driven and technology-focused approach, and we were extremely impressed with what Telos is building and wanted to be a part of it,” said Presto Labs co-founder Yongjin Kim. “This is the start of a long-term partnership between our two teams that can play a significant role in the mainstream adoption of blockchain through technology that has practical global use cases like the new network Telos is building.”Telos launched in 2018 through a fair drop network launch that did not include a token sale or ICO. Since its inception, the Telos Foundation has helped oversee two primary networks, Telos EVM and Telos Zero, and is now also focused on working with partners like Presto Labs to develop a highly performant and succinctly provable SNARKtor-powered L2 zkEVM. Telos and Presto Labs’ new partnership will also include additional initiatives largely concentrated in Asia, where a significant portion of the two entities’ work will be based out of. About TelosTelos is a decentralized blockchain ecosystem launched in 2018 without any ICO or VC funding that includes Telos EVM, the world’s fastest EVM, and Telos Zero, a high-speed native consensus layer. An upcoming hardware-accelerated zkEVM Layer 2 on Ethereum is also in development and will be powered by SNARKtor, a scalable and robust protocol for decentralized recursive proof aggregation that aims to enhance data protection and scalability for global use cases. Telos’ core mission of bringing self sovereignty worldwide is overseen by The Telos Foundation, an ownerless foundation dedicated to advancing the Telos blockchain network and its community.About Presto LabsPresto is a Singapore-based algorithmic trading and financial services firm founded in 2014. Presto focuses on delivering exceptional value for clients through a rigorous research-driven approach to investment and trade execution. With more than a 100 million trade executions in a day, Presto is a leading financial services firm in both digital assets and traditional finance markets.ContactTelos Foundationpress@telos.netThis article was originally published on Chainwire More

Spectral is excited to announce its participation in Hugging Face’s Expert Support Program. Spectral is collaborating with deep learning experts from Hugging Face to advance open-source models, datasets, and applications for the Onchain Agent Economy.How to use Hugging FaceHugging Face plays a critical role across Spectral’s organization. Through the Expert Support Program, Spectral regularly meets with the Hugging Face team to plan new use cases, strategize dataset construction, and develop training strategies.Earlier this year, Spectral launched Syntax, which is composed of a fine-tuned LLM orchestrator that routes queries between several tools, including search, Foundry, and an open-source model to generate Solidity code. Building Syntax required custom datasets for both finetuning and RAG, an original Solidity evaluation dataset written by elite smart contract developers, and experimentation across a wide range of open and closed-source models. Spectral’s approach to dataset preparation, training, routing, and evaluation has drastically improved during this process, largely due to help from Hugging Face experts. Regular discussions on Spectral’s approach mean that the company always receives impartial feedback on its decisions and can reevaluate its strategy as needed. This was important for both the finetuning and evaluation steps, which have now gone through several rounds of improvement thanks to the Hugging Face team.Spectral also relies on Hugging Face for inferences in production through dedicated Inference Endpoints. The fully managed infrastructure allows Spectral to iterate on new models quickly, easily update container and hardware configurations, autoscale with demand, and keep production costs low. Over the coming months, Spectral is excited to continue to open-source its work with onchain datasets and models that interact onchain through Hugging Face. Users can view Spectral’s training dataset for the credit scoring challenge and follow its progress here. The Onchain Agent EconomySyntax is pioneering the accessible onchain Agent Economy, inviting users to select agents tailored for their specific tasks. Users can either interact with the foundational agent to generate solidity code or opt for one of the specialized agents, each adept in distinct tasks. For example, we recently launched Syntax MoonMaker, an agent that launches a memecoin project end to end, and are soon launching Syntax- TestMachine, an agent that detects vulnerabilities in your smart contracts. Many such agents are currently in production, and upcoming releases of our product will allow users to create their own agents and monetize them on the Syntax network.This system relies on a vast suite of functions available to language models, open-source models for tasks like classification and image generation, fast and reliable blockchain infrastructure, and a trustless system to execute and verify each step. To solve these problems, we’ve begun developing the Inferchain, optimized to serve the rapidly growing demand for agents and verifiable inferences.Hugging Face Users joining the Onchain AI communityThe importance of open collaboration cannot be overstated. Like many other projects, Spectral would not exist without the work of open-source contributors. Spectral is greatly indebted to everyone who makes this work possible and believes this positive impact should be recognized.As part of this engagement, Spectral is focusing specifically on users powering the AI community. The top individual and small organization contributors on Hugging Face, measured by likes and downloads of their models and datasets, are eligible to register to claim a share of SPEC tokens starting the week of May 6th. Users can check eligibility by signing in with their Hugging Face account here. A snapshot of activity was taken last month, and eligible users will not need an existing wallet to claim. This airdrop is designed to recognize users for their critical work and enable new functionality for the next generation of AI tools.CriteriaSpectral reviewed all individual contributors from organizations with less than 10 members that published models or datasets. From these, Spectral took a combined measure of activity from likes and downloads for both models and datasets. Then, Spectral identified the users with the most combined activity from both model and dataset publishers (11298 in both categories) which resulted in a final list of 20,004 unique huggingface users.Spectral is looking forward to engaging further with the open-source community and building the future of AI x web3!About SpectralSpectral, a pioneer of the agent economy behind Syntax, is at the forefront of integrating AI with blockchain to democratize development in Web3. Spectral’s mission is to simplify the creation and deployment of decentralized applications through autonomous Onchain Agents. Syntax, Spectral’s flagship product, translates natural language into Solidity code, enabling both novices and experts to build on the blockchain effortlessly. With a commitment to transparency and user empowerment, Spectral is shaping a future where anyone can participate in the blockchain revolution. Join Spectral in making this vision a reality and explore the potential of autonomous agents. For more information, visit https://spectrallabs.xyzFor more information, users can follow Spectral on Twitter and Discord.ContactSpectral Labs Teamcontact@spectral.financeThis article was originally published on Chainwire More

Suilend launches points campaign following a successful beta with over $40 million in TVL.Suilend, the pioneering lending protocol developed by the Solend team, is launching a points campaign to reward users for depositing assets on the platform. During the points campaign, Suilend will distribute 10 million points daily to its users. These points will be recorded on the Sui blockchain as non-transferable, non-claimable tokens. Additionally, the team will set aside points and bounties to reward users who actively contribute to Suilend. Contributions can range from writing threads and creating memes to promoting the project in ways that benefit the entire Suilend community.Suilend is currently the fastest-growing lending platform on Sui. Since launching on March 11, 2024, Suilend has attracted over $40 million in total value locked (TVL). In the process, it has paid $160k in interest to over 5,000 users.ContactSui Foundationmedia@sui.ioThis article was originally published on Chainwire More

The markets posted mixed action on Tuesday, with stocks gaining as traders looked for more clues as to when the Federal Reserve may start cutting rates. Cryptocurrencies rather saw a decline, with Bitcoin leading other majors to trade in red, down 1.10% in the last 24 hours to trade at $63,399. In reaction to the market action, Jim Cramer tweeted “look out bears” alongside a GIF image that bore the caption “i will find you.”The crypto community’s reaction to Cramer’s statements is a mix of skepticism and amusement. Many debate the implications of his words, with some viewing them as an indication of the reverse of what he thinks.The community’s reaction to Cramer’s latest statement is particularly noteworthy given the current uncertainty on the market. Bitcoin rebounded late last week after fresh U.S. jobs data soothed concerns that the economy was overheating and Fed Chairman Jerome Powell ruled out raising interest rates as the central bank’s next move. However, other conflicting economic statistics, such as an increase in the employment cost index, may indicate that the true direction of inflation remains uncertain.Robinhood (NASDAQ:HOOD) reported on Monday that the SEC’s enforcement staff had written the company a Wells notice, suggesting that it had reached an initial determination to recommend enforcement action — the latest hint that the agency is not backing down from its years-long crackdown on digital assets.Santiment, an on-chain analytics firm, suggests that given social trends, the news surrounding Robinhood could impact market activity throughout May.This article was originally published on U.Today More