What’s happening to cryptocurrencies today? Daily digest of cryptocurrency news

Last updated: May 23, 2024 6:27 pm EDT | 3 minute read

Get your daily digest of blockchain and cryptocurrency news today by investigating the stories that fly under the radar in today’s news.

In today’s crypto news:

• Why are cryptocurrencies falling today?
• Elixir Games acquires RoboKiden and partners with Ava Labs
• Spark launches stablecoin savings solution on Gnosis chain

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Why are cryptocurrencies falling today?

Today, the global cryptocurrency market capitalization fell another 0.3%, currently sitting at $2.72 trillion.

Most of the top 100 coins are back in red now.

Between these, NUCLEUS it fell the most in the last 24 hours: 6.3% to $1.69.

Next in line is Rendering (RNDR)with a decline of 5.1% to the price of $10.58.

Other coins on this list fell less than 4.5%.

Meanwhile, Bitensor (TAO) it increased more today. It is up 11.3% to $477.61. It is also the only coin in the top 100 with a double-digit increase.

The second best performer is SAFE, up 6.4% to $2.45. Shares this place with JasmyCoin (JASMY)which saw the same increase, bringing it to $0.02197.

Of the top 10 coins by market cap, only three are active today.

Toncoin (TON) appreciated more. It rose 2.2%, trading at $6.45.

Ethereum (ETH) AND Lido staked ether (STETH) rose 1.15% each to $3,790.

On the other hand, Solana (SOL) fell the most: 1.5% to $177.76.

All other red coins also fell about 1%, except Bitcoin (BTC). It is down 0.3%, changing hands at $69,590.

Meanwhile, during their last meeting, the U.S Federal Reserve officials have expressed growing concern about inflation.

The Federal Open Market Committee (FOMC) he decided to keep the short-term borrowing rate is between 5.25% and 5.5%, the highest in the last 23 years.

Elixir Games acquires RoboKiden and partners with Ava Labs

Web3 gaming platform Elixir gamessupported by the industry giant Square Enixannounced the acquisition of RoboKidenan intellectual property developed by Game Studio Violation studiesmade up of professionals from the teams behind the Assassin’s Creed AND Rainbow you are sagas, among others.

According to the press release, Elixir Games also announced a strategic partnership with Ava laboratoriesthe team behind the Avalanche (AVAX) blockchain.

The platform will use Avalanche’s infrastructure to provide smooth, low-latency gameplay, he said.

It will also leverage blockchain to “strengthen digital property rights, establishing RoboKiden as a flagship title within the evolving Avalanche gaming ecosystem.”

RoboKiden is an upcoming free online third-person shooter for Windows, PS5, Xbox and Nintendo Switch.

Players will be able to explore “a whimsical battle arena featuring colorful characters and surrounded by towering robots.”

They will also be able to join other players in a team game “that combines chaotic fun and strategic gameplay.”

The team plans to release RoboKiden in July this year.

This acquisition and partnership follows the successful closing of a $14 million seed funding roundsaid Elixir Games, with notable contributions from Solana Foundation, Neo TokyoAND CyberKongz.

Spark launches stablecoin savings solution on Gnosis chain

Sparkthe first SubDAO inside the MakerDAO ecosystem, launched “Spark Cash & Savings” on Chain of Gnosisthe L1 fully EVM compatible Gnosis.

Spark Cash & Savings is a non-custodial solution that improves users’ financial experience with stablecoins, the press release reads.

“This move marks a significant milestone in Spark’s multi-chain deployment strategy,” he added.

Spark Cash & Savings helps users self-manage stablecoins, including COME ONMakerDAO’s decentralized stablecoin.

It allows users to easily use their stablecoins in a non-custodial solution linked to the Dai Savings Rate (DSR).

Additionally, Spark Cash & Savings benefits from the low gas fees on Gnosis Chain, significantly reducing users’ transaction costs, the team said. users can pay fees xCOMEa stablecoin anchored by DAI.

Additionally, the solution leverages Gnosis Chain’s seamless integrations and cryptographic on- and off-ramps.

Sam MacPherson, CEO of developer Spark Phoenix laboratoriescommented that the user experience in DeFi is “marred by dull, complex and unintuitive financial tools,” but that “Spark is changing the game.”

“With Spark Cash & Savings, Spark allows users to maximize their financial benefits through a non-custodial, easy-to-use solution,” he said. “Bringing it to Gnosis Chain makes it even better for Spark users, as it offers cheaper transaction fees, which work well with smaller payments via the Gnosis Pay system.”

Friederike Ernst, co-founder of Gnosis, added that the partnership “capitalizes on our synergies to deliver unprecedented efficiency and accessibility in the DeFi space. Increased utility within the Eurozone, combined with Gnosis Chain’s infrastructure efficiency, uniquely positions us to expand Spark’s user base and streamline transactions, making saving on stablecoins simple and affordable for everyone involved.”

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