Category Archives: Ethereum
Why Bitcoin, Ethereum, and Dogecoin Are on the Move Higher Today – The Motley Fool
It's finally here. The long-awaited spot Bitcoin (BTC 0.96%) ETF has been approved by the Securities and Exchange Commission (SEC), with 11 spot exchange-traded products officially getting the nod from regulators, after years of denials and a very hawkish regulatory stance. Since the Winkelvoss twins first proposed a spot Bitcoin exchange-traded fund (ETF) in 2013, investors have effectively been waiting for more than a decade for this product to be launched.
Bitcoin briefly surged to nearly $49,000 per token following this announcement, the highest level it's seen in almost two years. Ethereum (ETH 2.64%) and Dogecoin (DOGE 0.33%) saw similar spikes this morning, but have since given up some of these gains. As of 1 p.m. ET, Bitcoin is currently trading flat (having seen a big boost in its valuation yesterday prior to this announcement), but Ethereum and Dogecoin are 6.2% and 7.7% higher over the past 24 hours.
Let's dive into what this approval means for Bitcoin and other top-tier cryptocurrencies right now.
The potential impacts of this approval on Bitcoin are notable. A range of estimates for how much capital could flow into these ETFs has been put forward, but Standard Charter believes that number could be as high as $100 billion. That's a tremendous amount of money, and certainly could change the investing landscape for institutional funds looking to diversify their portfolios into these asset classes.
The SEC's official approval of a swath of ETFs could pave the way for future spot Ethereum exchange-traded products to be launched. That's a key driver of enthusiasm around the world's second-largest cryptocurrency, with Dogecoin rallying as it usually does in tandem with the sector, in a familiar higher-volatility fashion today.
The 11 spot Bitcoin ETFs approved by regulators include: Grayscale Bitcoin Trust, iShares Bitcoin Trust, Valkyrie Bitcoin Fund, Ark 21Shares Bitcoin Trust, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Fidelity Wise Origin Bitcoin Trust, Bitwise Bitcoin ETF, Franklin Bitcoin ETF, and Hashdex Bitcoin ETF. These funds are now trading, and are seeing mixed performance.
Some of this divergence among Bitcoin exchange-traded funds can be linked to the rather wide range of fees offered by providers. Updated pricing provided by a number of funds ahead of today's approvals show many ETFs dropping fees substantially, to as low as 0.2%. Given the similar nature of each of these funds, that could indicate a race to the bottom in terms of management fees, which is great for investors.
Notably, crypto traders betting against Bitcoin have lost a substantial amount of money in the derivatives market. Estimates suggest closed short positions cost bears around $100 million.
The value these ETFs provide is notable. Bitcoin, as representative of crypto and digital assets as whole, gains legitimacy in the eyes of many investors. Additionally, investors now don't have to go through the trouble of setting up a wallet, researching how blockchain technology works, and jumping through what can be perceived as too many hoops to invest in crypto.
For institutional investors, these ETFs also provide liquidity, allowing for seamless integration within their portfolios, and allowing for things like model portfolios (which are investment products tailored to specific investors) to include some proportion of crypto. Being able to readily trade Bitcoin on the open markets is a big deal for asset managers, and I think the market is correct to assume this will lead to a tsunami of cash headed into this space.
Ethereum's prospects in terms of getting proposed spot ETFs approved may be more murky. Given the incredibly long lag between proposals and approvals for Bitcoin ETFs, these products could still have a ways to go. That said, these approvals do provide a blueprint for regulators looking at spot Ethereum ETFs, and given the SEC's rather favorable stance toward both Bitcoin and Ethereum, one might certainly surmise that the probability of future approvals has increased over the past 24 hours.
As is the case with many asset classes, investing in ETFs has its pros and cons. For those comfortable with buying Bitcoin directly, saving even 20 basis points each year can add up over the long term. That said, for those seeking simplicity and convenience, these products certainly look more intriguing than involving oneself in the rigmarole around buying and selling Bitcoin on exchanges. Personally, I think a race to the bottom in fees could make Bitcoin ETFs the preferred investing option for most investors, and I think these are certainly worth considering right now.
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Why Bitcoin, Ethereum, and Dogecoin Are on the Move Higher Today - The Motley Fool
Ethereum And The Smart Contract Revolution Explained Ethereum’s Smart Contract Revolution The Crypto Basic – The Crypto Basic
Staying informed and educated about the latest developments in blockchain technology has become more important than ever, and that is precisely where The Crypto Basic plays a crucial role.
Dedicated to providing insightful and up-to-date information on all things crypto, we stand as a beacon for both novices and experts navigating the multifaceted panorama of cryptocurrencies.
In this comprehensive article, we delve deep into one of the most groundbreaking aspects of blockchain technology: Ethereums smart contract revolution; our aim is to demystify the concept of smart contracts, explain their significance in the Ethereum ecosystem, and explore how they are reshaping the world of digital transactions and contracts.
Join us on this informative journey with The Crypto Basic, your trusted source for crypto news, as we unravel the intricacies of Ethereum and its pioneering smart contract technology.
A smart contract is a revolutionary concept in the blockchain and cryptocurrency world; it is essentially a computer program stored on a blockchain that automatically executes, controls, or documents legally relevant events and actions according to the terms of a contract or an agreement.
The concept of smart contracts was proposed by Nick Szabo in 1994, long before Bitcoin was created; his idea was to use a decentralized ledger to store contracts, which would then self-execute and self-maintain, ensuring that all parties involved adhere to the contract terms.
Ethereum, launched in 2015 by Vitalik Buterin and his team, was the first blockchain platform designed specifically for creating and executing smart contracts.
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Its not just a cryptocurrency like Bitcoin Ethereum is a platform for decentralized applications (dApps) where smart contracts are used as the building blocks; these contracts are written in Ethereums native programming language, Solidity, and are compiled into bytecode, which the Ethereum Virtual Machine (EVM) can read and execute.
This technology has enabled Ethereum to become a leader in decentralized finance (DeFi) and other blockchain-based applications.
Ethereum smart contracts offer several key benefits:
They automatically execute the terms of the contract when predefined conditions are met.
Ethereum smart contracts are secure and immutable, reducing the risk of fraud and tampering.
By eliminating intermediaries, these contracts reduce transaction costs.
All transactions are visible on the blockchain, ensuring transparency and trust among parties.
Smart contracts automate processes and significantly reduce transaction times.
The core of Ethereums functionality lies in its ability to execute smart contracts securely this is achieved through the EVM, which serves as the runtime environment for smart contracts in Ethereum.
The EVM is isolated from the main network, providing a sandboxed environment where smart contracts can run without affecting other operations on the blockchain.
Security is a paramount concern in Ethereums design: the decentralized nature of the blockchain ensures that the contracts are resistant to hacking, and the use of cryptographic techniques provides additional layers of security; however, its crucial to note that the code quality of a smart contract determines its security, making thorough testing and auditing essential.
Ethereum smart contracts offer several advantages over traditional contracts:
They operate in a trustless environment, meaning parties do not need to trust each other for the contract to be executed.
Ethereums decentralized nature allows smart contracts to be accessed and executed from anywhere in the world.
The immutability of smart contracts minimizes the risk of fraud and manipulation.
They streamline business processes by automating tasks that are traditionally done manually.
The Ethereum price and its prediction are crucial for investors and users alike: as Ethereum continues to develop, especially with the upcoming transition to Ethereum 2.0, its value is expected to reflect the growing utility of its network.
The platforms ability to support a wide range of applications, including DeFi, Non-Fungible Tokens (NFTs), and various dApps, contributes to its standing in the crypto market; however, like all cryptocurrencies, Ethereums price is subject to market dynamics and can be volatile.
The future of Ethereum and its smart contracts looks promising with advancements like Ethereum 2.0, which aims to increase scalability, security, and sustainability, the platform is poised for further growth.
The ongoing development in areas such as DeFi and NFTs will likely continue to drive innovation and adoption of Ethereum smart contracts.
Additionally, the increasing interest from enterprises in blockchain technology suggests a bright future for Ethereum in various sectors beyond finance.
Ethereums contribution to the blockchain space, particularly through its smart contract technology, is undeniably transformative.
As a pioneer and leader in this field, Ethereum has set the standard for decentralized applications and has opened the door to a range of possibilities across various sectors from creating new financial instruments in DeFi to facilitating unique digital ownership through NFTs, Ethereums impact is widespread.
As the platform continues to develop, particularly with the anticipated Ethereum 2.0 upgrade, its role in shaping the future of blockchain technology and digital transactions is expected to grow even more significant.
For anyone interested in crypto news concerning the intersection of technology, finance, and innovation, Ethereums journey is one to watch closely, as always, via The Crypto Basic.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum Gearing Up for More Than 35% Surge, According to Top Analyst Heres the Timeline – The Daily Hodl
A closely followed crypto analyst says Ethereum (ETH) is setting up for a sizeable rally after successfully completing a long consolidation phase.
The pseudonymous crypto analyst known as Pentoshi tells his 742,000 followers on the social media platform X that he believes Ethereum is on its way to the $3,500 range, the upper level of a range he sees ETH trading in.
ETH.
Went to the mid-range of the new range we are in.
Year-long consolidation into mid.
Expect the higher range sometime Q1 early Q2.
At time of writing, ETH is trading for $2,511.
Pentoshi is also keeping an eye on ETHs biggest rival, Solana (SOL). According to the popular analyst, SOL, which had a dramatic run in the latter part of 2023, needs to consolidate for some time before making any new moves.
He pinpoints the $70 level as potential support for Solana.
SOL.
Think this is just going to take time to play out. So far following squiggly [line]. While there is support just below here where it bounced from, think there has to be at least 30 days of consolidation somewhere. Even if we dont see that $70 area.
SOL is trading for $95.49 at time of writing.
Looking at Bitcoin, Pentoshi says that the recent approval of the spot BTC exchange-traded funds (ETFs) is a huge win for the crypto markets.
Day one volume record already broken on the BTC ETF. What [does it] mean?
And what does it mean for other digital currencies?
Will give a few hints:1. Others in line for ETF 2. This is a great advertisement for the space. A ton of new eyes and entrants will come as a result 3. You arent bullish enough long term.
Bitcoin is trading at $42,625 at time of writing.
Generated Image: Midjourney
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Ether price jumps 20% vs. Bitcoin as BlackRock boosts Ethereum ETF bets – Cointelegraph
Ether (ETH) has gained more than 20% against Bitcoin (BTC) in 72 hours, and traders see further upside to come.
Data from Cointelegraph Markets Pro and TradingView shows ETH/BTC rising from yearly lows of 0.0478 on Jan. 9 to hit 0.0587 on the day.
ETH/USD is also busy breaking out, seeing levels absent from the chart since mid-2022.
Against Bitcoin, a bullish divergence on the moving average convergence divergence (MACD)indicator on weekly timeframes is currently a topic of interest for popular traders.
The largest altcoin joins several other large-cap tokens in beating Bitcoins returns this week even as the latter celebrates the United States launch of spot exchange-traded funds (ETFs).
Thus, Ethers turnaround threatens to leave Bitcoin in the shade, asCointelegraph reported, despite BTC/USD hitting its highest levels since the December 2021 post-ETF announcement.
Buzz around ETH getting its own U.S. ETF debut later in the year appeared to drive bullish momentum.
Larry Fink, CEO of asset manager BlackRock, which this week released its Bitcoin ETF, told CNBC on the day that he sees value in a copycat move for Ether.
Larry Fink is already beating the Ethereum drum. One day after the Bitcoin launch, trader, analyst and podcast host Scott Melker, known as The Wolf Of All Streets, responded on X (formerly Twitter).
Considering what might come next, Michal van de Poppe, founder and CEO of trading firm MNTrading, saw Ether continuing to gain ground against Bitcoin as a part of the combined cryptocurrency market cap.
Related:Heres what happened in crypto today
The Bitcoin dominance looks topped out prior to the Bitcoin halving, he told X subscribers.
Van de Poppe suggested that attention may thus focus away from BTC/USD until after the block subsidy halving in April itself known as a price catalyst, albeit not an immediate one.
Meanwhile, part of the ETF narrativeenvisages a major Bitcoin supply squeeze as institutions seek exposure to BTC in the long run.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Ether price jumps 20% vs. Bitcoin as BlackRock boosts Ethereum ETF bets - Cointelegraph
Ethereum and ETH Classic Prices Skyrocket Right Time to Buy? – Augusta Free Press
Securities and Exchange Commission (SEC) finally approved the BTC spot ETFs on January 10th after almost 15 years of waiting and multiple failed applications.
The experts predicted that this will spark a bull rally across the whole crypto market, and those predictions have hit the bullseye.
Every major crypto is rallying with ETH Classic (ETC) at the front with over 50% rise in the last 24 hours and 50% in the last week. Ethereum (ETH) is also riding the bulls with an 18% price bump over the last week.
However, experts suggest that this might be the worst time to accumulate them due to the high prices, and suggest Bitcoin Minetrix ($BTCMTX) because of the low presale price and 100X potential once it hits the market.
Lets check out the details.
Get the Best Presale Project Now
The recent rise in Ethereum (ETH) and Ethereum Classic (ETC) prices can be attributed to several factors, most notably the Bitcoin Spot ETF approval by the U.S. Securities and Exchange Commission (SEC).
Initially, there was confusion and market excitement due to a fake post from the SECs X account announcing the approval, which was later clarified by Gary Gensler, the chair of the SEC, as unauthorized.
Despite the initial fake news, the SEC did eventually approve Grayscale Investments Bitcoin spot ETF application.
This approval seemed to have a more pronounced effect on altcoins than on Bitcoin. While Bitcoins price saw a modest increase, briefly reaching around $47,000, Ethereum experienced a more substantial rise of about 10% and was trading above $2,600, marking its highest point in 20 months since May.
Even more impressive was the performance of Ethereum Classic, which saw a 50% increase in its price. Its trading volume also soared by 343%, reaching $2.5 billion.
This spike in both price and trading volume suggests further potential growth, with its market capitalization crossing the $4.5 billion mark.
However, amidst this bullish sentiment, some industry experts caution against purchasing these assets at their current high prices.
They predict that these heightened values, especially post the BTC ETF approval hype, are likely to retract.
As an alternative, they suggest considering new derivatives like Bitcoin Minetrix, which aims to democratize the mining industry. The industry is widely accepting this new project, which is evident in the $8M funding.
The BTC ETF approval also had a massive impact on the presale market. The new BTC derivative quickly surpassed over $8 million in funding when the SEC announced the approval.
The presales strategic price increments of 10% at each stage have also catalyzed early investments, contributing to the growing popularity of the project.
Bitcoin Minetrix adheres to the ERC-20 standard and offers a thoughtful distribution of its 4 billion token supply: 42.5% reserved for the presale, 35% for marketing, 12.5% for the crucial staking mechanism, and 10% for community-centric projects.
The innovative approach of Bitcoin Minetrix in its staking rewards system is one of the reasons for its exponential growth.
It uniquely offers mining power rather than direct $BTCMTX tokens, reinventing the traditional staking model and presenting a lucrative opportunity for investors seeking both staking benefits and participation in the transformative world of Bitcoin mining.
The projects $BTCMTX token, currently priced at an attractive $0.0128, is selling out sooner than expected, so we have to warn you to act fast if you want to get a chance at the predicted 100X gains.
Buy the Bitcoin Minetrix Token Now
Okay, now youre aware of the presale success that BTCMTX had in the last two months, but you might be wondering where that investor trust comes from.
Well, the main reason is the groundbreaking Stake-to-Mine model, which offers a simplified and accessible approach to Bitcoin mining.
Unlike traditional mining methods that require costly hardware and technical know-how, Bitcoin Minetrix democratizes the process.
By staking $BTCMTX tokens, investors gain access to cloud computing resources, enabling them to participate in Bitcoin mining effortlessly. This unique approach not only makes mining more accessible but also addresses the challenges and costs associated with conventional mining methods.
What sets Bitcoin Minetrix apart is its transparent and decentralized system. All mining operations and credit allocations are handled on-chain, ensuring transparency and security.
This strategy is a welcome change from the notorious scams in third-party cloud mining services, offering a more reliable and user-centric approach.
As Bitcoin Minetrix gears up for its official launch, the excitement among investors continues to build.
The combination of innovative mining solutions, high staking APY, and a well-structured token distribution makes Bitcoin Minetrix a standout choice for those seeking to dive into the world of Bitcoin mining without the traditional barriers.
Buy the Bitcoin Minetrix Token Now
The BTC ETF approval came sooner than expected, and it triggered a significant market upswing, affecting altcoins even more than BTC itself.
Ethereum and ETH Classic surged the most, and they will continue on their trajectory for the time being. However, theyre now out of reach for any significant profits like 10X or more.
If thats what youre looking for, Bitcoin Minetrix might be a better option. But, dont wait for too long, as BTCMTX is selling out much faster than expected.
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Ethereum and ETH Classic Prices Skyrocket Right Time to Buy? - Augusta Free Press
Big changes coming to Ethereum’s account abstraction to save on gas – Cointelegraph
The Ethereum Foundation is set to push through major changes to the account abstraction standard in Ethereum to reduce gas consumption particularly for layer 2s.
On Jan. 10, the Ethereum Foundation shared a preview of the drastic changes to the ERC-4337 standard specification, which deals with account abstraction, also known as smart accounts.
The new version 0.7 applies learnings from nine months of ERC-4337 being used, according to developer John Rising in an update shared with Cointelegraph.
The biggest change is in the structure of account abstraction transactions, which are more complex than regular Ether (ETH) transactions. These now require specifying five gas values instead of just one.
The user has to specify more than one gas value to account for the fact that an account can do computation while its signature is being checked, explained Rising.
Speaking to Cointelegraph, Rising elaborated on why more gas values were required.
This makes gas estimation more accurate and reduces gas costs, especially on layer-2 networks, since these changes reduce the amount of data that needs to be published.
The major benefits of v0.7 for users will be reduced gas fees, explained Rising, who added, It uses some tricks to use transaction data more efficiently, which is particularly helpful on layer-2 blockchains.
The new specification will also penalize users 10% for all unused gas in execution, which prevents apps from putting transactions with unnecessarily high gas limits.
Account abstraction, also known as smart accounts,builds upon basic Ethereum accounts by allowing accounts to have programmable logic and rules, opening up many new use cases that are impossible with simple accounts today.
Ethereum accounts today are somewhat passive and static, but account abstraction allows them to become active and programmable. It was proposed in September 2021 by Vitalik Buterin and other developers in EIP-4337.
Related: Ethereum co-founder Vitalik Buterin calls for 33% increase in gas limit
The Ethereum Foundation has not announced an expected date for version v0.7 but said that the security audit is beginning now.
My guess is that everything will be finalized by ETHDenver at the end of February, said Rising.
Magazine: Account abstraction supercharges Ethereum wallets: Dummies guide
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Big changes coming to Ethereum's account abstraction to save on gas - Cointelegraph
JPMorgan analyst predicts 50% chance of spot Ethereum ETF in May – CryptoSlate
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JPMorgan analyst predicts 50% chance of spot Ethereum ETF in May - CryptoSlate
Ethereum (ETH) Price Analysis for January 12 – U.Today
Most of the coins are facing correction today, according to CoinMarketCap.
Ethereum (ETH) is the only rising coin from the top 10 list, going up by 0.73%.
On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $2,681. If the daliy bar closes far from it, the leading altcoin may also follow the correction of other coins.
In this case, traders might see a test of the $2,600-$2,620 area.
On the bigger time frame, one should focus on yesterday's peak. If it happens near $2,690, the rise may continue to the $2,750-$2,800 range for the next few days.
From the midterm point of view, the price of ETH is ready to keep growing after a breakout of the $2,447 level. Until the rate is above that mark, there are no bearish signals.
Ethereum is trading at $2,672 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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Shiba Inu (SHIB) Becoming Bullish, Ethereum (ETH) Price Screams Rally Continuation, Bitcoin (BTC) Not Giving up Market Dominance – U.Today
Arman Shirinyan
Top-tier crypto assets currently in correction mode, but all of them show reversal potential
Shiba Inu currently displays an ascending triangle pattern on the SHIB/USDT chart. This technical formation is widely recognizedand could be a signal to a significant price surge for the meme.
An ascending triangle is characterized by a flat upper resistance line and a rising lower support line. This pattern suggests that buyers are gradually gaining ground against sellers, as each dip is bought up at a higher level than the previous one, indicating accumulating pressure for an upward breakout.
For Shiba Inu, which has been lingering in a period of relatively nonexistent activity, this pattern could serve as massive fuel for volatility in the near future. Recent market conditions have seen a decline in interest toward legacy meme coins, with SHIB being no exception. The lack of significant developments within the Shiba Inu network has contributed to the muted activity around this cryptocurrency.
In contrast, the majority of the action in the meme coin sector has been taking place on the Solana network. This platform has become a hotbed for the deployment of new meme coins, which are exhibiting far greater volatility than those on the Ethereum network, where Shiba Inu resides. The brisk activity on Solana contrasts sharply with the sluggishness observed in Ethereum's meme coin space, drawing in traders and investors looking for quick gains and high excitement.
The Ethereum market is currently exhibiting a correction, and there are patterns that suggest a rally may not only be on the horizon but could also be in continuation. The asset has recently experienced a sharp downturn, movement that is readily apparent on intraday timeframes. However, such stark movements are often precursors to reversals, signaling that Ethereum could be gearing up for an upswing.
A closer look at the charts shows Ethereum's price action respecting a series of key technical indicators which, together, build a case for potential upward momentum. The asset has been tracing back to touch base with its moving averages, a behavior that is typically followed by a rebound, as these levels can act as dynamic support zones.
This corrective phase is noteworthy, especially considering the robust rally Ethereum enjoyed in the preceding weeks. Corrections are a natural and healthy part of any asset's price trajectory, allowing for consolidation before the next leg up. For Ethereum, the current pullback could be shaking out weak hands, setting the stage for a stronger rally propelled by a more committed investor base.
After a brief breach below the 50-day EMA a critical indicator of medium-term market sentiment Bitcoin has clawed its way back above this pivotal level. This move indicates a bullish signal for market observers, suggesting that Bitcoin is not yet ready to relinquish its market dominance.
However, the ascent above the 50 EMA has not been met with the kind of vigorous momentum that bulls would hope for. The growth has been moderate, hinting that Bitcoin might encounter selling pressure as it ascends. This is not unusual on the crypto markets, where significant moves often face immediate resistance as traders take profits and skeptics cast doubts.
The recent price action has been a roller coaster for Bitcoin, which saw its value tumble from highs around $47,000 to lows near $41,000. This downturn briefly shifted the spotlight to altcoins, which seized the moment to stage local rallies. The diversification of gains across the crypto spectrum during Bitcoin's periods of weakness is a trend that has become more pronounced as the overall market matures.
Yet Bitcoin's ability to push back above the 50 EMA serves as a reminder of its underlying strength and the confidence investors have placed in it. Despite the opportunity for altcoins to rise, Bitcoin remains the anchor of the crypto market, with its moves often dictating broader market sentiment. This recent rebound above a crucial technical level could be interpreted as Bitcoin's silent assertion that it is not ready to give up the throne just yet.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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How Ethereum restaking is slowly gaining traction – AMBCrypto News
While spot ETFs, real-world assets (RWA), layer-2 solutions, and other popular narratives dominate crypto-related talks these days, slowly but surely a lesser-known category was catching up Ethereum [ETH] restaking protocols.
A significant increase in native ETH deposits into restaking protocols was observed over the last week, according to on-chain analytics firm TK Research.
As per the post dated 15th of January, the biggest beneficiary was EigenLayer, with a weekly boost of 168K ETH, more than doubling from the previous week.
EtherFi came a distant second with an influx of 14.45K ETH, marking an increase of nearly 28%. Renzo Protocol witnessed a jump of 4.5K ETH, equating to an impressive 55% rise.
Combined, the three protocols attracted around 186.5K ETH in deposits. As per prevailing market prices, this amounted more than $470 million of ETH locked into premier restaking projects.
A relatively young concept, restaking allows ETH stakers to participate in validating new software modules developed on top of the Ethereum ecosystem.
Put simply, the same ETH staked on the Ethereum network can be repurposed to extend security to other applications. The security, therefore, gets shared across the ecosystem.
Note that apart from staking ETH natively, validators also have an option of staking liquid derivatives (LSDs) from Lido, Rocket Pool, and Coinbase.
Moreover, validators earn extra yield in return as the staked ETH is used for securing additional applications.
Is your portfolio green? Check out theETH Profit Calculator
EigenLayer, the largest restaking protocol, saw a sharp surge in deposits since its mainnet launch in June last year. However, the growth has been meteoric over the past month. Total value locked (TVL) logged a 6x jump to $1.67 billion.
The surge followed a raise in the protocols restaking limit to 500,000 ETH from the previous 120,000 ETH.
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How Ethereum restaking is slowly gaining traction - AMBCrypto News