Top Crypto News: 07/02

Bitcoin is still struggling to sustain the support of $33,500 and is trading at $33,561. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $2,113.

Let’s review some interesting crypto news for today.

1- Ethereum Approaching a Major Staking Milestone Amid EIP-1559 Upgrade

The second-largest cryptocurrency, Ethereum is about to reach a major milestone of 6 million ETH in staking. As per the tweet, the Ethereum Beacon Chain reported 5,995,522 ETH deposits till now. The current price of these deposits is roughly over $13 billion. As per DeFi Pulse, around 8.7 million ETH locked in across various Decentralized finance (DeFi) platforms; which is roughly around $19 billion at current prices.

In addition, JPMorgan also expects this volume get double by the year 2025, and hit a major milestone of $40 billion. Currently, Ethereum’s high network fee is creating an issue, and making it difficult for users to utilize it. However, Ethereum’s Improvement Proposal (EIP)-1559 is set to introduce later this month. Impressively, with this upgrade users would send gas fees directly to the network, which empowers users to pay a fair amount fee.

2- Enjin Sold $20 Million EFI Tokens Through a Public Sale on CoinList

Blockchain gaming platform, Enjin reveals that it has sold $20 million in EFI tokens through a public sale on CoinList. As stated, a total of 40,089 users participated in the token sale which closed within a few hours. Moreover, EFI is the native token of Efinity, which is based on Polkadot parachain developed by Enjin. Its development is centered around non-fungible tokens (NFTs). The Efinity blockchain platform supports NFTs from different blockchains such as Ethereum, Kusama, Enjin’s JumpNet, and more.

The CEO of Enjin, Maxim Blagov, described NFTs as “the future of digital ownership’’. He also stated that Efinity will provide a robust ecosystem to harness NFTs. This will allow creators to uplift the future of NFTs.

3- Litentry | DAFI Protocol Partnership to Mitigate Inflation with New Staking Model

DAFI Protocol has partnered with Litentry to integrate dTokens within their ecosystem. With this coalition, Litentry will utilize DAFI Protocol’s synthetic dTokens to incentivize users. Further, these dLIT tokens will operate to maintain the supply/demand of the Litentry platform. This would help Litentry utilize DAFI’s reward network for decreasing inflation to maintain the token’s value.

Litentry is a cross-chain identity aggregation protocol that connects identity computation across multiple networks. Consequently, this integration will boost the network’s adoption by securing decentralized platforms.

4- Cartesi Unveils to Launch Its Rollups for Testnet

Cartesi is set to launch its Rollups for testnet. As per the official blog, rollups are a technique to write smart contracts easily by creating their own rules. Besides this, Cartesi Rollups will bring scalability, and a swift ecosystem for smart contracts. The team stated that these are rolled out in the upcoming week and more details will be revealed in the separate publication.

Cartesi is a multi-chain Layer 2 infrastructure that allows developers to create smart contracts with mainstream software tools and languages. As such, this Rollups launch will boost the number of transactions per second (TPS), and manage to reach 10,000 TPS when sharding is launched. If we summed up these features, it will help to achieve massive scalability at low costs in the near future.

5- Blind Boxes Teams up NFTrade to Launch $BLES NFT Farming

In the last bit of crypto news for today, we have Blind Boxes revealing the launch of $BLES NFT farming on NFTrade. As stated, users can stake their tokens in the Blind Boxes Farm on NFTrade to earn lucrative rewards. Moreover, these rewards are in the form of exclusive NFTs sold on the Blind Box platform.

Additionally, stakers can also earn synthetic tokens (nBLES), which will be issued by NFTrade. The longer the time period user will stake $BLES in the farm, the more nBLES user can earn. Users can also redeem these tokens against a Blind Boxes collection.

Blind Boxes offers a launchpad for NFTs and a gamified curation platform. Hence, this coalition will help easy and secure swapping of NFTs earned by the BLES community outside the Blind Boxes Marketplace.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Cartesi. Copyright Altcoin Buzz Pte Ltd.


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