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Ethereum Liquid Restaking Drives DeFi TVL to $100B in Q1 2024 – Blockchain.News

When compared to the previous quarter, the total value locked (TVL) in decentralised finance (DeFi) approximately doubled during the first quarter of 2024, indicating that DeFi has witnessed tremendous growth from the previous quarter. It is possible to ascribe, at least in part, this spike to Ethereum's liquid restaking activities, which have been the driving force behind the expansion of DeFi TVL prices. Protocols such as Lido and EigenLayer have been essential in this growth, since they have contributed to the widespread adoption of liquid staking and restaking.

Recent study indicates that DeFi TVL experienced a significant increase from a low of $36 billion in the fourth quarter of 2023 to a high of approximately $97 billion in the first quarter of 2024. This is an increase of 81% and marks a high point for DeFi TVL that has been reached in the last two years. There was a modest rise in the TVL data that Messari gave, and he said that the amount of DeFi collateral climbed by 65.6% from the previous quarter to reach $101 billion. A number of factors, including the rise in the values of underlying assets and the implementation of liquid restaking, have contributed to the expansion of TVL.

Both asset price appreciation and liquid restaking were the primary factors that contributed to the increase of Ethereum's total value of assets (TVL), which was roughly 71% higher than before. Lido and EigenLayer are two examples of protocols that have played a significant role in the revival of DeFi TVL since its inception. On March 13, liquid staking TVL achieved an all-time high of $63 billion. This result was mostly driven by the Ethereum liquid staking protocol Lido, which now controls a market share of 62% of the liquid staking ecosystem. In addition, during the first three months of 2024, the liquidity restaking protocol known as EigenLayer seen a significant increase in both its popularity and its utilisation. The total value of EigenLayer's TVL reached $12 billion at the conclusion of the quarter, representing a stunning 990% rise. EigenLayer makes it possible to stake Ethereum several times, which results in increased returns.

In addition to liquid restaking activities, user activity also played a big influence in the expansion of DeFi TVL. This growth was not just contributed by liquid restaking initiatives. In the most recent quarter, QuickNode recorded a significant increase in user activity of 29.1% compared to the previous quarter, which has spurred expectations of a second "DeFi Summer". Despite the attempts of the SEC to regulate the decentralised finance area, there are indications that expansion and a paradigm change are on the horizon.

However, the current retreat in the cryptocurrency market has resulted in a decrease in the value of DeFi TVL that has been seen. As this article is being written, the value of DeFi TVL has dropped by 11%, reaching $86.6 billion. The entire value of assets that are locked in DeFi protocols has been negatively impacted as a consequence of the larger market slump, which has cause this reduction.

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Will Ethereum-Based Tokens Rebound As Top Altcoins Stumble Again? – Coinpedia Fintech News

The cryptocurrency industry continues to record bearish sentiment as top altcoins continue struggling to hold prices above their crucial support levels amid the ongoing market correction. Further, the leader of altcoins, ETH price, hovers close to the $3K mark, indicating a weak price action.

Following this, the newly launched altcoins on the Ethereum blockchain have displayed a mixed sentiment by recording significant price volatility in their respective portfolios. Is this the right time to invest in these low-cap altcoins to maximize your profits post-Bitcoin Halving?

Launched with a price tag of $0.10 on 18th January 2024, the Ondo token displayed a massive surge of over 500% within the first two months, from $0.10 to $0.60. Following this, the volatility in the market increased, resulting in the Ondo token displaying a neutral trend for a while.

The ONDO token has an all-time high (ATH) of $1.05 and currently trades at a discount of approximately 26% since its high. Despite the ongoing market correction, the Ondo price has recorded a correction of less than 5% over the past week and positively it has added over 47% within the past 30 days.

The Moving Average Convergence Divergence (MACD) displays a constant red histogram in the 1D time frame, indicating a weak positive sentiment in the crypto space. Moreover, the averages show a high possibility of a bullish convergence, suggesting uncertainty in the Ondo token price action for this week.

However, if the bulls push the price above the resistance level of $0.80925, the bulls will regain momentum and prepare to test its upper resistance level of $1 this month. Conversely, bearish price action may pull the price toward its low of $0.61 in the coming time.

Also Check Out : Santiment Reveals Top Altcoins Likely to Rebound First Amid Market-Wide Correction

The Omni Network token officially made its first appearance in the cryptocurrency industry on 17th April. Following this, the OMNI token gained significant attention from the market, resulting in the Ethereum-based token recording a high of $54.24 within the first few hours of its launch.

However, the bulls lost momentum at that point, after which the price recorded a correction of approximately 54% in valuation. Since then, the price has been trading in a closed range between $23.10 and $33.

The technical indicator, MACD, shows a rising green histogram in the 15m time frame, indicating a bullish influence for the altcoin in the market. Furthermore, the averages display a significant rise, suggesting a positive outlook for the OMNI price this week.

Read Also : Top Altcoins To Buy This Dip For 100x Profits

If the market continues to gain momentum, the OMNI price will prepare to test its resistance level of $33 in the coming time. Negatively, a bearish reversal may result in the price testing its new low of $11.55.

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Will Ethereum-Based Tokens Rebound As Top Altcoins Stumble Again? - Coinpedia Fintech News

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Bitcoin Price Update: BTC Halving Changes Altcoins Outlook, Ethereum, Solana On The Move – CoinGape

Bitcoin Halving Imminent, Whats Next for Crypto?

As we approach the Bitcoin Halving, excitement is palpable throughout the cryptocurrency landscape, with key digital currencies witnessing notable price increases. This event, which occurs roughly every four years, plays

5 hours ago 24/7 Cryptocurrency News

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Bitcoin Transaction Fees Overtake Ethereum as Halving Anticipation Grows – CryptoPotato

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Degen Chain L3 now tops the TPS charts within the Ethereum ecosystem – Cointelegraph

Degen Chain, a new Ethereum layer-3 network, has recorded the highest transaction per second (TPS) count in the Ethereum ecosystem over the last 24 hours.

Degens TPS count increased 62% over the last day to notch 35.7 TPS beating out the blockchain it was built on, Base, at 29.7 TPS, according to L2BEAT.

Arbitrum One, Ethereum and zkSync Era rounded out the top five.

Multiplying Degens 35.7 TPS by 86,400 seconds in a day means the memecoin chain processed 3.08 million transactions over that timeframe.

But Degen Chain has only notched $819,600 in trading volume over the last day, placing it 35th out of 44 blockchains tracked by CoinGecko.

This means the average value per transaction was a mere $0.27 which is much lower compared to Ethereum and Base at $1,867 and $170 respectively.

While TPS is widely used to measure a blockchains scalability limits, several industry leaders say it is a flawed metric as it fails to consider the computational size of each transaction.

[It] is a bit like counting the number of bills in your wallet but ignoring that some are singles, some are twenties, and some are hundreds, explained Steven Goldfeder, a founder at Offchain Labs who recently spoke with Cointelegraph Magazine.

Related: Memecoin sectors continued growth hinges on long-term utility

The memecoin turned chain is powered by the Degen (DEGEN) token, which initially started out as a tipping token for users interacting with Degens channel on Farcaster a decentralized social media platform.

This is a textbook example of how a memecoin can actually accrue social value, according to Thomas Tang, a vice president of investments at cryptocurrency venture capital firm Ryze Labs.

Its gained massive mass popularity because everyones tipping each other, and everyone holds it, Tang told Cointelegraph.

So they built a layer 3, based on that.

There is currently $4.1 million in total value locked on Degen Chain, while the three-month-old DEGEN token boasts a market capitalization of $326 million, according to CoinGecko.

Degen Chain is considered an ultra-low-cost, application-specific layer 3 blockchain which was built with Arbitrum Orbit and leverages the settlement layer of Base, an Ethereum layer-2 scaling solution.

Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions

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Ethereum price data casts doubt on the strength of ETH’s support at $3K – Cointelegraph

Ether (ETH) price plummeted by 21% between April 9 and April 14, hitting a 50-day low. Although it has recouped some of its losses, Ether continues to show signs of weakness following a failed attempt to breach the $3,200 resistance on April 14. Traders now question if the $3,000 support will hold for longer.

Investors are cautiously optimistic about the potential approval of a spot Ether exchange-traded fund (ETF) in May. However, the mixed signals from on-chain and derivatives data suggest the possibility of further corrections before the U.S. Securities and Exchange Commission (SEC) makes its decision.

Jan van Eck, CEO of VanEck investment firm, expressed doubt that the spot Ether ETFs would receive approval in May. He pointed to the SEC's extended inactivity on a list of seven pending applications, including those from major firms like BlackRock, Fidelity, ARK 21Shares, and VanEck.

Eric Balchunas, Senior Bloomberg ETF analyst, noted that the absence of "critical feedback" from the regulator, even in face-to-face meetings, signals low approval odds, possibly around 35%. James Seyffart, another Bloomberg ETF analyst, added, "Theres no reason for the SEC to have done absolutely nothing for months when we knew this was coming."

It would be simplistic to attribute Ethers recent downturn solely to the dim prospects of spot Ether ETF approval, especially since Bitcoin (BTC), the leading cryptocurrency, also fell 14% in the five days leading up to April 13. A more nuanced analysis would compare Ethers performance against its direct competitors, particularly those involved with decentralized applications (DApps).

Since April 9, Ether's 15% decline was more pronounced than the 8% drop in BNB (BNB) and the 10% decrease in Tron (TRX). Conversely, Solana (SOL) experienced a significantly steeper fall. However, these figures do not necessarily reflect the activity levels within each network's DApps. Thus, its crucial to examine the trends in total value locked (TVL) across these networks.

According to DefiLlama, Ethereum's network TVL surged to its highest level in over 13 months on April 15, reaching 16.4 million ETH, marking a 14.8% increase on a month-to-month basis. In comparison, the BNB Chain's TVL remained stable at 9.5 million BNB, while Trons deposits saw a 1% decline over the 30 days leading up to April 15.

The initial analysis suggests that the Ethereum network holds an advantage over its competitors, yet a more detailed examination is necessary, as not all decentralized applications (DApps) require substantial deposit bases. It's essential to assess network activity by examining transaction volumes and active user counts.

According to DappRadar, the Ethereum blockchain maintained its dominant position with a 7-day DApp volume of $45.7 billion, significantly outperforming its main rival, the BNB Chain. Moreover, despite a modest 3% drop in active addresses (UAW) since April 9, used as a proxy for user engagement with DApps, Ethereum's decline was less severe compared to the BNB Chain, which saw a 7% fall.

Analyzing ETH options is vital to gauge whether professional traders have become more pessimistic about Ether's prospects. Generally, a delta skew metric above 7% points to expectations of a price drop, while a skew below -7% indicates a bullish outlook.

On April 16, Ethers options skew metric reached its highest level in over two months, breaching into bearish territory after hovering around the 7% mark for four days. This trend suggests that whales and market makers are demanding a premium for downside price protection on ETH.

Related: Ethereum liquid staking protocol Puffer Finance raises $18M in Series A

On one hand, the anticipation of a decision on the spot Ether ETF in May bolsters Ether's price, and the network's on-chain activity, though stagnant, has performed better than that of its competitors. However, the growing risk aversion among professional traders on April 16, as indicated by derivatives markets, advises against overlooking the potential for further price corrections of ETH below $2,900.

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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Ethereum price data casts doubt on the strength of ETH's support at $3K - Cointelegraph

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Bitcoin fees top Ethereum for 3 days in a row as halving approaches – Cointelegraph

Fees on Bitcoin have surpassed Ethereum for three consecutive days as miners and traders prepare for the upcoming Bitcoin halving and, to a lesser extent, the introduction of Runes on Bitcoin.

Bitcoin(BTC)miners cashed in $7.47 million in fees on April 17 about $160,000 more than the $7.31 million paid to Ethereum stakers, according to Crypto Fees.

Bitcoin miners also raked in $9.98 million and $5.91 million across April 15 and 16 beating out Ethereum stakers by $3.5 million and 1.1 million on those respective days.

Ethereum, however, maintains a narrow lead on a seven-day average fee basis at $8.55 million compared with Bitcoins $7.57 million.

Bitcoin transaction fees are determined by the size or data volume of the transaction and blockspace demand at the time of the transaction request.

The uptick in Bitcoin fees comes at a crucial time for Bitcoin miners, as April 20s Bitcoin halving event will result in the mining subsidy being sliced from 6.25 BTC ($398,000) to 3.125 BTC ($199,000).

Currently, about 900 BTC is mined per day, which equates to about $57.2 million at current prices.

Using April 17s $7.47 million fee count, this means transaction fees accounted for 11.5% of the Bitcoin mining industrys total block rewards.

However, the share of block rewards from transaction fees will increase considerably after the halving event, as approximately 450 BTC will be mined then.

Miners will, therefore, rely more on higher fees and a continued increase in Bitcoins price to make up for the revenue fall that it will experience at least in the short term from the halving.

Meanwhile, the introduction of NFT-like Ordinals inscriptions in January 2023 has helped Bitcoin miners chalk up more revenue from transaction fees and a new revenue stream will become available when Runes, a new Bitcoin token standard, is released when the halving occurs at block 840,000.

Related: China has a Trojan Horse in US Bitcoin mining infrastructure

Runes will compete with Ordinals by aiming to make it easier to create fungible tokens on Bitcoin for memecoin enthusiasts and other community-driven audiences.

Its creator, Casey Rodarmor who also invented Ordinals said Runes are fully UTXO-based and, therefore, should not spam Bitcoin to the same extent that Ordinals has.

The recent uptick in Bitcoin fees may have been partially driven by a decline in BRC-20 token prices in recent days as some trader attention shifts to Runes.

Ordinals (ORDI) and Sats (SATS), the two largest BRC-20s by market capitalization, have seen falls of 38% and 43%, respectively, over the last week, according to CoinMarketCap.

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Why is Ethereum (ETH) price down today? – Cointelegraph

The price of Ethereum's native token, Ether (ETH), is down today, falling 3.45% to reach $2,990 on April 16.

This decline is part of a correction that started on March 11, when ETH's price reached a three-year high of $4,095. Since then, the cryptocurrency has retreated by 27%, mirroring declines in the broader crypto market.

At first glance, the sell-off appears to be a typical correction within a bull market, suggesting that some traders are taking profits at Ethers recent highs.

However, the decline in ETH/USD has been further exacerbated by the escalating geopolitical crisis in the Middle East and the increasing likelihood of prolonged high interest rates in the U.S.

Today, Ether's price drop follows Israel's announcement of impending retaliation against Iran, signaling an escalation in Middle Eastern geopolitical tensions.

The market's bearish reaction is akin to what transpired over the weekend when Iran launched drone and missile attacks against Israel. This offensive triggered a market-wide pullback, with Bitcoin (BTC) dropping towards $60,000 and numerous altcoins experiencingup to 30% declines.

The downturns across the cryptocurrency market reflect increased risk aversion among investors. This mood is strengthening further due to a resilient U.S. economy, which has dampened the potential of interest rate cuts by the Federal Reserve.

For instance, as of April 16, CME futures data showed an 81.5% probability of the Fed keeping rates unchanged in June, compared to around 50% two weeks prior. A higher-for-longer interest rate is perceived as bearish by crypto traders.

Simultaneously, the cost of options betting on further gains in the U.S. dollar has escalated to its highest level since November, indicating a shift towards safer assets.

This has further dampened buying interest in the Ethereum and broader crypto market today.

Ether's decline today appears further due to decreasing ETH holdings among its richest investors, also known as "whales."

For example, since March, there has been a significant decrease in the number of entities holding at least 1 million, 100,000, and 10,000 ETH tokens. The number of addresses holding 1,000 ETH has slightly increased, suggesting that this group is compensating for the declines observed in the larger holdings.

Large holders, or whales, often have significant influence on market sentiment. When they reduce their holdings, it might be interpreted by the market as a lack of confidence in Ethereum's future prospects, potentially leading to a bearish sentiment and a drop in price.

Ether's price drop further coincides with the liquidation of $73.41 million worth of perpetual swap contracts, out of which $58.68 million are longs.

When a long position is liquidated, the asset held is automatically sold in the market. If a significant number of liquidations occur simultaneously, this can cause a substantial increase in the supply of the asset being dumped onto the market, pushing prices down even further.

Related:Stocks and crypto at the edge of significant correction: 10x Research

Furthermore, the ETH price drop occurred after a sharp decline in its open interest (OI)from $14.62 billion on April 9 to $11.07 billion on April 16. Meanwhile, the funding rate rose slightly to 0.007% per eight hours, still lower than its recent peak of 0.094% per eight hours.

The slight increase in funding rates, while indicating some bullish sentiment, may not be sufficient to counterbalance the negative impact of the sharp decrease in OI. It shows some willingness among Ether traders to hold longs, but it might not be robust enough to drive a price increase if the overall market participation is declining.

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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Why is Ethereum (ETH) price down today? - Cointelegraph

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Ethereum liquid restaking drove DeFi TVL to $100B in first quarter – Cointelegraph

Decentralized finance total value locked (TVL) almost doubled in the first three months of this year compared to the previous quarter, partially driven by Ethereum liquid restaking initiatives, according to recent research.

DeFi total value locked surged from a Q4 2023 low of $36 billion to peak at almost $97 billion in the first quarter of 2024, according to DefiLlama. Since the beginning of the year, it has increased by 81% to a two-year high of $98 billion last week.

Messari reported slightly higher TVL figures on April 18, noting that DeFi collateral increased by 65.6% quarter-on-quarter to reach $101 billion. However, it attributed this growth to the prices of the underlying assets increasing and liquid restaking.

The findings were echoed in an April 18 report by Web3 infrastructure and developer platform QuickNode, and institutional crypto data platform Artemis.

Staking, liquid staking, restaking, and liquid restaking have all been catalysts of DeFis recent explosive growth, it stated before adding that this explains why staking now represents a large portion of DeFis TVL.

Liquid staking TVL skyrocketed to an all-time high of $63 billion on March 13, primarily driven by Ether (ETH) liquid staking protocol Lido which currently has a 62% market share of the liquid staking ecosystem, according to DefiLlama.

Additionally, liquid restaking protocols such as EigenLayer exploded in popularity and usage during the period. EigenLayer TVL surged a whopping 990% during the first three months of 2024 to end the quarter with $12 billion.

EigenLayer allows ETH to be staked more than once for additional yields.

Related: DeFi TVL reaches $100B as Bitcoin pumps sentiment

QuickNode also reported that a substantial 291% quarter-on-quarter rise in user activity has roused hopes of a second DeFi Summer as there are signals for growth and a transformative shift despite the SECs best efforts.

Nevertheless, since the recent crypto market retreat, DeFi TVL ha declined 11% to $86.6 billion at the time of writing.

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Ethereum layer 2 Scroll unveils loyalty program to reward early adopters and active users – Crypto Briefing

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