Market Movements & Business Insights:
- Bitcoin’s Inactive Supply Shrinks: The percentage of Bitcoin not moved for over a year has decreased to 65.8%, an 18-month low. This suggests that holders may be selling to take profits, indicating we might be nearing the peak of the current bull market.
- Ethereum ETF Hopes Diminish: The Securities and Exchange Commission’s (SEC) continued crackdown on cryptocurrencies has dampened hopes for Ethereum ETF approvals. Industry leaders expect rejections within the year, especially for Proof-of-Stake coins like Ethereum.
Innovations & Launches:
- EigenLayer & EigenDA Launch: The restaking protocol EigenLayer and its data availability service, EigenDA, have officially launched. This marks a significant step towards scalable and secure network operations on Ethereum.
- a16z Releases Jolt: Andreessen Horowitz (a16z) unveiled Jolt, an open-source zero-knowledge virtual machine (zkVM), enhancing blockchain scalability, speed, and privacy.
Guides & Tutorials:
- EigenLayer Explained: Franklin Templeton’s Digital Asset Division highlights EigenLayer’s impact on Ethereum staking and its potential for a token airdrop, having captured over 1% of ETH’s total supply.
- Blockchain Evolution: An article draws parallels between broadband’s impact on the internet and Layer 2 solutions on blockchain efficiency and utility, spotlighting Arbitrum’s leadership in the space.
Miscellaneous:
- Christie’s Auctions Bitcoin Ordinals: Christie’s will host its first auction for Bitcoin Ordinals, reflecting the growing cultural significance of this digital art form.
- Heatwave Analysis by Arthur Hayes: BitMEX’s co-founder shares insights on market strategies and the importance of caution in trading until possibly more favorable conditions in May.
Quick Links:
- New Take on Memecoins: Suggesting a shift from meme-based tokens to those with specific utility.
- PYUSD Circulation Drops: PayPal’s stablecoin sees a 38% decrease in market cap.
- Monad Labs’ Funding Success: Raising $225M for its EVM-compatible alternative to Ethereum, boasting impressive transaction speeds.
- Zeta Markets Introduces $Z: A new token for governance, staking, and trading opportunities.
For more information visit – coingenie.tech
