Ethereum

What to expect from Xai as it aims to become the valve of Ethereum Gaming

Published

5 months ago

27 June, 2024

What to expect from Xai as it aims to become the valve of Ethereum Gaming

Key contributors to Xaïthe Ethereum-based layer 3 gaming network, says it aims to build the next Valve, growing its ecosystem in the same way as the gaming titan behind the Steam marketplace and some of the most beloved games of all time .

Tobias Batton, co-founder and CEO of Ex Populus, a game studio that works closely with the Xai Foundation as a “lab company,” he previously said Decrypt‘s GG – explained that the Valve The model is how they envision the future of the gaming network.

In the same way that Valve has its own in-house studio creating games like Half-Life, Counter-Strike, and Portal, Xai has Ex Populus working on several upcoming releases. Likewise, just as Valve offers development tools, Xai also does so through its partnership with Séquence.

“That’s kind of how we envision things in a very broad sense for the Xai ecosystem,” Batton said. Decrypt via Zoom.

Although Valve games are widely loved, the company has arguably become even more well-known for its market-leading game. Steam platform. Valve’s store has a head start, with over 100,000 games at present, while Xai only has a few currently. But at the end of his new Vanguard: Genesis CampaignBatton says there will be a healthy library to choose from.

The campaign saw a near-instantaneous surge in transactions, with Xai accounting for 41% of all transactions in the Ethereum scaling network ecosystem, according to L2beat dataamid its own historic transaction record.

Over the past 30 days, Xai has seen the highest number of transactions of any Ethereum Layer 2 with over 114 million transactions; Coinbase Basic network is next with 83 million transactions over the same period.

However, most of this activity is non-gaming, as users first interact with the fledgling network, launched in January, by taking advantage of rewards initiatives as part of the Vanguard: Genesis campaign.

“The first activity that a lot of people have latched onto is called our Vanguard mint, which is this massive NFT drop,” Batton said, explaining that more and more transactions are coming from Unicorn Bingo, a mobile game to win. “I think as new things are released throughout the campaign, you’ll see a lot of that activity getting involved in games.”

This follows the previous Xai Odyssey campaign last year, which saw a similar increase in user activity, with 500,000 connected wallets collectively generating 5 million daily transactions, before a distribution of rewards of tokens worth a total of nearly $200 million at XAI’s record price in February.

Scheduled to last until November, Avant-garde: Genesis will help launch a dozen new games on Xai, but that’s not all of what’s coming to the network: other games will come via Xai. partnership with Le MIX and perhaps other launches. Alongside this new suite of games, the campaign will also see new quests, achievements and rewards available to the community.

“We view this as an ecosystem-wide event,” Batton said. Decrypt. “We can build this huge momentum curve and then incorporate different game launches into that momentum.”

Crypto Unicorns marked the start of this release slate on Tuesday evening, complete your migration of the Ethereum side chain Polygon to the Arbitrum-based layer-3 gaming network. This franchise is one of the most loyal gaming brands in the crypto industry, offering a airdrop game campaign (Unicorns Bingo) because the migration was under construction.

While Crypto unicorns is already widely known, Batton pointed to a lesser-known project called Lost bugs as one of the games he’s most excited to launch.

“I encourage you to go see their Twitter account and watch their media. Oh my God, it’s amazing,” Batton said. “This is probably the most beautiful deck of cards I’ve ever seen, which is saying a lot because Parallel it looks great. But I think The Lost Glitches goes even further.

Besides these games, Batton also expressed his enthusiasm for Final forma card-based auto-battle game that its own studio Ex Populus is developing. Beyond that, several other games are planned to launch via the campaign, some of which have yet to be announced as of this writing.

Returning to the Valve comparison, Batton sees the Vanguard: Genesis campaign as comparable to the massive, annual campaign. Steam Summer Sale it has become a reliable event for players. In return, this will not be a sudden abandonment. Instead, the plan is to do “two or three” seasons, as he calls it, per year.

“Each season will have a group of matches that we will promote. And I think the focus will probably be on launching new games,” Batton said. “But we’ll also be happy to bring back games from previous seasons that are perhaps the subject of retention campaigns, especially if they have something new to offer.”

This is the long term vision. For now, the team’s eyes are on Vanguard: Genesis, which Batton hopes will populate Xai with must-play games and help the network deliver on the promise generated by significant hype and a valuable early token drop This year.

“Our goal was: let’s go in search of the best production-quality triple-A games. Let’s get half a dozen of them together to crush it in 2024,” he said.

Edited by Andrew Hayward

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Ethereum

Bits + Bips with Nic Carter: Trump’s Promises, Kamala’s Change, and ETH’s ‘Narrative Problem’

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Bits + Bips With Nic Carter: Trump’s Promises, Kamala’s Shift & ETH’s ‘Narrative Problem’

Nic Carter joins the show to talk about his journey to becoming a fighter, Trump’s promises, Lummis’ Bitcoin Reserve bill, the launch of ETH ETFs, and more.

Posted on July 31, 2024 at 12:00 PM EST.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket casts, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive with Nic Carter into Trump’s game-changing promises to the crypto community, Kamala Harris’ unexpected policy changes, and Solana’s explosive rise.

Additionally, Nic reveals his unexpected journey into amateur fighting and addresses the pressing issues surrounding Ethereum ETFs and the ecosystem he’s been funding the most lately.

Highlights of the show:

Why Alex Thinks the Conference Was One of the Most Incredible Moments in Crypto History
Nic’s reaction to Trump’s mention of deconstructing “Operation Chokepoint 2.0,” a term coined by Nic himself
Nic’s Karate Fight and His Journey to Becoming an Amateur Fighter
Why Nic Thinks There’s No Chance Lummis’ Bill Proposing the U.S. Government Establish a Strategic Bitcoin Reserve Will Pass
The Importance of Trump’s Bitcoin Nashville Promises
How Tether compares to the Eurodollar system
What are the potential impacts of the Fed’s language at its next meeting?
The implications of Harris’ campaign to mend ties with cryptocurrency companies
How the ETH ETF Launch Happened and Why Nic Says Ethereum Has a “Narrative Problem”
How Solana Has Been Heartbreaking Lately and Joe’s Response to Some of the Criticism
How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana

Hosts:

Guest

Nic CarterGeneral Partner at Castle Island Ventures

Connections

Bitcoin Conference:

Trump’s speech:
Lummis Proposal:
Democrats/Harris looking for a “reset”
Letter From Democratic politicians to DNC chair to include crypto in Democratic party platform:

ETH ETF Launch:

Solana rocks:

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Ethereum

Bitcoin, Ethereum in the red as markets crash on volatility

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Bitcoin, Ethereum in the red as markets crash on volatility

Bitcoin And Ethereumalong with the rest of the top 10 crypto assets by market cap, look gloomy Thursday morning.

At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was at this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Priceor 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH price is in line with that of Lido Staked Ethereum (stETH), a liquid Ethereum staking token.

Over the past day, falling prices led to the liquidation of $225 million worth of derivative contracts, according to Coin glass. And about half of them, or about $100 million, have been liquidated in the last 12 hours.

When a trader is liquidated, it means that their market position has been forcibly closed by an exchange or broker due to a margin call or insufficient collateral. Margin is especially relevant when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.

Now that Bitcoin has posted three consecutive days of losses, it is possible that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.

“For three consecutive days, Bitcoin has closed negative, with one-way trades showing limited resistance from the bulls. Ethereum had a slightly positive Monday with strong resistance from the bears who have gained over the past two days,” he wrote. “This momentum could push BTC down towards the $62,500 resistance or even the $58,000 territories.”

Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”

All this despite the fact that Federal Reserve Chairman Jerome Powell’s comments on interest rates yesterday were generally perceived as being accommodating and indicates that the FOMC cut rates in September.

QCP Capital, a Singapore-based cryptocurrency trading firm, noted that the rally in stocks, which left the S&P 500 starting the day 1.6% higher than its Wednesday close, was not felt in cryptocurrency markets.

“Cryptocurrencies saw a massive selloff overnight and this morning,” the firm wrote in a trading note. “The market remains on edge, with traders paying close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and the US government.”

Meanwhile, the rest of the major pieces are a mixed bag.

Solana (SOL) has dropped 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the last 24 hours, popular meme coins Dogwifhat (WIF) have dropped 12% and BONK (BONK) has dropped 9%, according to data from CoinGecko.

Their dog-themed competitor and Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, has dropped nearly 4% since yesterday and is currently trading at $0.1205.

XRP (XRP) fell to $0.608, down 7% from the same time yesterday.

Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% since the same time yesterday. Toncoin (TON), the native token of The Open Network, has only fallen 0.4% over the past day.

There remain the stablecoins USDC (USDC) and Tether (USDT), both of which are stable because they maintain their 1:1 peg with the US dollar.

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Ethereum

FOMC Holds Interest Rates Steady, Bitcoin and Ethereum Prices Fall

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Chairman of the Federal Reserve Jerome Powell

Jerome Powell Jerome Hayden “Jay” Powell is an American lawyer and investment banker who has served as the 16th Chairman of the Federal Reserve since 2018. Finance recently hinted at a potential rate cut in September, sparking a sharp rise in the stock market. The tech-heavy Nasdaq 100 rose 3.3%, and the S&P 500 rose 2%. In contrast, Bitcoin (BTC) fell 1.3% to $66,088 and Ethereum (ETH) The global cryptocurrency market fell by 1.11% to $3,313. Over the past 24 hours, the global cryptocurrency market capitalization also decreased by 0.71% to $2.39 trillion.

Market analysts believe that the decline in cryptocurrency prices is a short-term decline. Despite a bear market, Bitcoin and other cryptocurrencies are showing bullish signals. Bitcoin is still struggling to break the $70,000 mark, but its performance in August, ahead of potential rate cuts, will be closely watched.

Federal Reserve remains stable

On July 31, the U.S. Federal Reserve concluded a two-day meeting of the Federal Open Market Committee (FOMC) by deciding to keep benchmark interest rates unchanged at 5.25%-5.50%. The move met Wall Street expectations and marked the eighth consecutive meeting without a rate change.

Towards a market rebound?

According to SantimentThe FOMC’s decision to maintain current interest rates led to an initial decline in cryptocurrency prices. Traders were hoping for a rate cut, which hasn’t happened since March 2020. A future rate cut could signal bullish trends for stocks and cryptocurrencies, potentially boosting markets for the remainder of 2024. Despite the initial sell-off, markets are likely to stabilize unless another major event impacts the cryptocurrency sector.

Bullish outlook, bearish sentiment

The aggressive buildup of rate hikes and rising negative investor sentiment could pave the way for a substantial market rally. Despite the anticipation surrounding the FOMC meeting, the impact on cryptocurrencies was limited as the rate pause had already been priced in.

Previous Fed decisions have had minimal impact on Bitcoin prices.

A look into the past & the future

Historically, FOMC actions affect all asset classes. In 2020 and 2021, Bitcoin and other altcoins soared when the Fed cut rates to zero, only to reverse course in 2022 when rates began to rise. Investors have since moved trillions of dollars into lower-risk assets, with money market funds amassing over $6.1 trillion, enjoying an average return of 5%.

Key indicators to monitor

Bitcoin’s immediate resistance is noted at $66,852, with support at $65,000. The Relative Strength Index (RSI) is signaling oversold conditions, suggesting further declines are possible if the price falls below $65,900.

Investors are now closely watching the FOMC meeting for clues about inflation and economic growth, which could influence Bitcoin’s next move. The interplay between the Federal Reserve’s decisions and market reactions will be crucial in determining the future trajectory of cryptocurrencies and traditional assets.

The Fed’s decision has caused a stir in the market. Will this impact your investment strategy?

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Ethereum

Tron’s Justin Sun Hints Ethereum Selloff Could Happen Due to ETF Outflows

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Tron's Justin Sun Hints Ethereum Selloff Could Happen Due to ETF Outflows

Justin Sun, the founder of Tron DAO, has hinted at a major Ethereum (ETH) selloff following a series of transactions that have garnered considerable attention. Sun has unlocked a significant portion of his ETH stash. Additionally, he has transferred some of this ETH to Poloniex, a major cryptocurrency exchange.

Justin Sun hints at massive Ethereum selloff

Observers were particularly intrigued by the movement of 1,768 ETH (worth about $5.9 million) unstaked by Lido, according to data from Peck Shield Alert. Additionally, the subsequent transfer of 810 ETH, valued at about $2.7 million, to Poloniex cryptocurrency exchange

raised speculation about a massive Ethereum selloff.

The Ethereum price crash in early July, which saw a 10% drop, further fueled speculation in the market. This slowdown contributed to an 8% drop in the global cryptocurrency market capitalization. Moreover, one of the most notable impacts was a potential $66 million loss for Justin Sun at the time.

According to a report by Spot On Chain, Sun’s vast network Ethereum The holdings were severely impacted by the market downturn on July 5. Between February and June 2024, Sun accumulated a substantial amount of Ether, totaling 361,137 ETH across three separate wallets.

His acquisitions included 169,604 ETH in February at an average price of $2,870, 176,117 ETH in April at $3,177, and 15,416 ETH in June at $3,474. Just one day before the significant price drop, Sun reportedly made a profit of $58 million from these holdings.

However, the market crash on July 5th turned those gains into a staggering $66 million loss. At the height of the crisis, the price of Ethereum fell below $2,800. Although it has since rebounded above $3,300 following the launch of new ETFs, this event triggered a “sell the news” reaction among investors.

Moreover, despite the rebound, the price of ETH has remained below the average value of Sun’s third acquisition. Therefore, the latest concerns about Ethereum selling are not unfounded. This could be a loss mitigation measure, as Sun usually holds his ETH tightly.

ETH ETF Fund Outflows

Adding to the intrigue, flows from Ether exchange-traded funds (ETFs) have been consistently negative. On Monday, July 29, Ethereum Spot ETFs saw outflows totaling $98.3 million. Additionally, Grayscale’s Ethereum Trust (ETHE) alone accounted for $210 million in outflows, accelerating the outflow streak.

However, notable inflows were seen at Blackrock, Fidelity, and Bitwise, recording $58.2 million, $24.8 million, and $10.4 million, respectively. Despite these mixed signals, the price of Ethereum has remained relatively stable. The price of Ether is currently fluctuating between $3,300 and $3,400.

Ethereum Liquidation Chart, Source: Coinglass

At the time of going to press, the ETH Price fell 1.04% to $3,325.16 on Tuesday, July 30 with a market cap of $401 billion. Additionally, a broader sell-off in Ethereum was seen in the market with long liquidations of $33.58 million, according to Coin glassMeanwhile, shorts liquidated about $6.87 million of positions.

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