Category: Ethereum

Ethereum (ETH) is digital money created in 2015. It allows people to send payments and build apps using smart contracts. Like Bitcoin, it runs on a public network called a blockchain.

ETH, SHIB, and SUI are the top cryptocurrencies to keep an eye on this week.

Synopsis

The primary cause of last week’s hopeful spike in the cryptocurrency market was the increase in Bitcoin following Trump’s election triumph. As Bitcoin got close to $80,000, altcoins like Ethereum (ETH), Shiba Inu (SHIB), and Sui (SUI) also reported significant gains, pushing the global cryptocurrency market value to a record high of $2.85 trillion. Below is a summary of the week’s best cryptocurrency performers and important levels to keep an eye on.

Ethereum Surges Past $3,000

Ethereum reclaimed multi-month highs, spiking to over $3,100 as it capitalized on the broader market rally. After a modest drop on Nov. 4, ETH rose 27.3% over the week, with its largest gains on Nov. 6 following Trump’s victory. The cryptocurrency remains in overbought territory, with a potential pullback to $2,981 if momentum stalls. Key resistance now lies at $3,396, while the Relative Strength Index (RSI) sits at a bullish 75.62.

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Shiba Inu Rallies 21%

Shiba Inu saw a 21% weekly increase, breaking past $0.00002 for the first time in nearly a month on Nov. 9. The MACD’s bullish crossover on Nov. 6 indicates strong momentum, although SHIB may face resistance at the June peak of $0.00002622. Support stands at the 23.6% Fibonacci level near $0.00002157.

SUI Claims New All-Time High

Sui, the native token of its layer-1 blockchain, reached a new all-time high of $3.14 after a 20% surge on Nov. 9. The asset maintains an upward trajectory, although its Stochastic Momentum Index at 79.1 signals overbought levels. Investors should watch for potential support at $2.75 if the asset faces a pullback.

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In conclusion, as the market is still showing bullish momentum from the previous week, investors should keep an eye on these crucial levels for any shifts in the trend or additional gains.

Ethereum Foundation’s Strategic Vision for Long-Term Growth in 2024

In brief, the Ethereum Foundation has shown its commitment to the Ethereum network by maintaining the vast majority of its assets in Ethereum. In its 2024 Treasury Report, the foundation outlined a conservative financial strategy that prioritized stability and long-term growth through a careful allocation of both fiat and cryptocurrency assets.

Overview and Strategy of the Treasury

The Ethereum Foundation has $970.2 million in total assets, with 99% of those assets being in ETH. This calculated decision demonstrates the foundation’s faith in Ethereum’s long-term prospects.

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Conservative Management Approach

To secure future funding, the foundation periodically sells ETH during bull markets to build fiat reserves, ensuring continuity of funding even during market downturns.

Ecosystem Growth Funding

The foundation devotes a sizeable portion of its funding—$32.1%—to layer-1 research and Ethereum-supporting institutions.ETH has shown notable performance in recent weeks, rising over 16% and outpacing Bitcoin. This growth aligns with the foundation’s optimistic outlook.

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The Ethereum Foundation’s report reflects a balanced strategy that prioritizes long-term ecosystem growth and financial stability. Through strategic treasury management, the foundation aims to support Ethereum’s development well into the future.

Layer 2 Network Taiko Achieves Remarkable 1,000% Growth in TVL on Ethereum

Summary

Taiko’s Ethereum Layer 2 network is going absolutely bonkers right now! Its total value locked (TVL) shot up by over 1000%, reaching a crazy height of $81 million. That’s not it, as their daily transactions have also skyrocketed to 5 million which indicates more people joining in on Ethereum Layer 2 to make their lives easier through faster and cheaper transactions. Taiko’s big numbers are huge flex in the L2 game and signals huge adoption in the Ethereum ecosystem.

Taiko is an L2 scaling solution for the Ethereum Blockchain. In simple words, its designed to make transactions faster and more affordable while keeping Ethereum’s security and decentralization. Reports say it has seen major growth over the last month, according to DefiLlama, the total value locked on Taiko has increased more than 1,000% which led it to reach cross its all time high and stay at $81 million.

Main reason behind this is its big moves on Ethereum’s Layer 2. Its native decentralized exchange (DEX), Panko Finance, and lending platform Avalon Finance are leading the charge and reports say each of these platforms holds over $30 million in total value locked (TVL). According to a report Taiko network has crossed a record breaking 5 million transactions on November 4 2024. Well, this just shows how popular its becoming with both users and investors. Its clear Taiko is becoming an obvious go-to for anyone looking to seriously scale on Ethereum Layer 2.

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Internet Computer Reports 1,230% Surge in Cross-Chain Activity with Chain Fusion Protocol

To put it briefly

The DFINITY Foundation’s 2024 Ecosystem Report highlights the growing importance of blockchain in interoperability, citing a 1,230% increase in cross-chain activity on the Internet Computer’s Chain Fusion protocol. Despite difficulties in the Web3 labor market, the study also reveals a rise in developer excitement.

Major Growth in Cross-Chain Interoperability

The Swiss-based DFINITY Foundation has reported significant growth in cross-chain activity on its Internet Computer (ICP) blockchain platform. ICP’s Chain Fusion protocol, which allows smart contracts to directly connect with other blockchain networks like Bitcoin and Ethereum, saw a 1,230% increase in activity over the past year, according to a press release. The report also shows an increase in developer excitement despite challenges in the Web3 labor market.

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The Chain Fusion Protocol’s Impact on Developer Activity

ICP’s Chain Fusion handled 2,040% more messages in the past year, in addition to the 1,230% increase in activity, suggesting a spike in developer interest and adoption. As seen by the report’s 150% rise in overall network activity and 30% growth in full-time developers on the platform, ICP is positioned as a strong development environment during a slowdown in employment in the Web3 industry.

Direct Bitcoin Integration Increases the Allure of ICP

One of ICP’s most notable characteristics is its direct interaction with Bitcoin, which enables developers to incorporate the security of Bitcoin into decentralized applications without the need for risky “bridges.” Projects like Rainbow Protocol and Tap Protocol have been able to leverage ICP’s smart contract functionality to safely and effectively expand the use cases of Bitcoin by bringing sophisticated financial applications to the network.

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Radiant Capital Exploiter Moves $52M to Ethereum Network

Summary

An attacker moved $52 million in stolen cryptocurrency assets onto the Ethereum network after breaching DeFi lender Radiant Capital, perhaps to hide the money. While attempts are underway to track and freeze the monies, Radiant Capital has advised consumers to safeguard their assets.

Forensic Discovery

On October 24, blockchain analysis firm PeckShield reported that wallets linked to Radiant Capital’s attacker moved approximately $52 million worth of stolen assets, shifting the bulk of them from Arbitrum and Binance BNB Chain into the Ethereum network.

Exploit Details

The breach, which was first carried out on October 16, used a complex malware insertion in developers’ hardware wallets to target Radiant Capital’s Arbitrum network. The attack, which was described as “one of the most advanced in DeFi history,” cost 20,500 ETH in total.

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Laundering Methods

PeckShield noted that the funds could potentially be routed through crypto mixers on Ethereum, a common tactic to disguise stolen assets, which has been observed in other high-profile hacks this year.

Radiant’s Response

Radiant Capital urged users to revoke permissions to certain contracts through revoke.cash to prevent further losses. The team also stated that they are actively working with security and law enforcement professionals to recover the assets. This attack exposes a troubling pattern in DeFi, since previous September incursions at sites like as Indodax and BingX resulted in a total loss of $120 million in bitcoin hacks across the industry.

Crypto Startup Layer Secures $6M to Solve Smart Contract Limitations

A blockchain infrastructure startup, Layer, has successfully raised $6 million in a seed funding round. This project is led by 1kx and joined by Fabric Ventures, Arrington Capital and Stake Capital group. The company aims to utilize this money on advancing Ethereum’s Capability by innovating developer tools for full-stack dApps using web assembly.

Pioneering Blockchain Infrastructure

Layer, A company found by blockchain veterans Sam Cassatt, Jake Hartnell and Ethan Frey, aims to fix the limitations of contracts by forming more complex Decentralized Applications (dApps). This projects aims to solve surrounding smart contracts performance and scalability through the combination of blockchain security with off-chain services like AI agent and decentralized messaging server.

Sam Cassatt, co-founder of Layer Stated:

“We wanted to complete the full narrative arc of decentralized architecture, and give the world the tools necessary to build any application, with any performance requirements in this trust-minimized way.”

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Angel Investors and Layer SDK

Angel investors, including Sreeram Kannan from EigenLayer, Mike Silagadze from Ether.fi, and Paul Taylor, a former BlackRock executive also helped raise a funding of $6 million. These industry insiders are showing effort and support towards the release of “Layer SDK”, which will help developers to build full-stack blockchain applications with Ethereum as its base.

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Addressing Smart Contract Vulnerabilities

This project is about to be launched when concerns about vulnerabilities in smart contract are rising. Trugard Labs, a blockchain firm identified over 34,000 high-risk vulnerabilities in smart contract being used on various blockchains, including Ethereum and BNB chain.

Layer aims to minimize potential risks and improve Smart contracts functionability with enhanced security. This is a critical development in the growing decentralized finance (DeFi) ecosystem.

Users Are Encouraged to Secure Wallets After $52M Is Transferred to Ethereum in Radiant Capital Hack

Summary

A recent sophisticated hack at Radiant Capital led to the theft of $52 million worth of cryptocurrency assets. Radiant Capital advised customers to secure their wallets after the thief transferred almost all of the stolen money to Ethereum, according to blockchain security firm PeckShield. The platform is now working with cybersecurity experts and authorities to track and recover the funds.

PeckShieldAlert X (formerly twitter ) post.

Radiant Capital’s $52M Transferred to Ethereum

On Oct. 24, blockchain forensic firm PeckShield reported that a hacker associated with Radiant Capital had moved approximately $52 million in stolen crypto assets to the Ethereum network. The addresses connected to the hacker transferred nearly all funds from Arbitrum and Binance’s BNB Chain, totaling around 20,500 Ether.

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Details of the Radiant Capital Exploit

Radiant Capital, a decentralized finance (DeFi) lender, was targeted on Oct. 16 in a malware-based hack described as “one of the most sophisticated hacks ever recorded in DeFi.” Attackers compromised the hardware wallets of three Radiant developers, leading to losses exceeding $50 million.

User Advice: Remove Permissions from Your Wallet

Radiant Capital advised its users to use revoke.cash to remove permissions on impacted contracts in order to stop future misuse in the wake of the incident. With the words, “This is not optional—take one minute to protect your assets,” they gave users a list of compromised contracts and urged them to act immediately.

DeFi Space Sees an Increase in Crypto Hacks

PeckShield claims that losses from bitcoin hacking have escalated, with losses across numerous DeFi networks in September 2024 alone amounting to over $120 million.The growing security concerns in the decentralized banking industry were highlighted by the same thefts that affected other websites, such as BingX, Penpie, and Indodax. Radiant Capital continues to collaborate with cybersecurity experts and law enforcement to recover the stolen funds and improve company security.

Ethereum Engineer Criticizes Solana’s Potential as a “Global Backbone” Blockchain

In brief, According to Ryan Berckmans, an engineer and member of the Ethereum community, Solana does not have the infrastructure necessary to function as the cornerstone of an international financial system. Solana’s lack of decentralization, high bandwidth requirements, and technical limitations, he says, provide a more sustainable model than Ethereum’s Layer 1 and Layer 2 environment.

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Solana’s Shift from “Monolithic” to Layered Solutions

Solana initially promoted itself as a high-throughput, single-chain platform capable of handling global transactions. Since then, though, it has begun implementing Layer 2 (L2) solutions, renaming them “Network Extensions.” This change is more in line with Ethereum’s proven L2 approach, which has allowed a number of applications to create unique L2 appchains on the platform.

Technical Difficulties Preventing Solana from Developing a Global Backbone

Berckmans claims that there is an issue with Solana’s single-client strategy, which just uses the agave rust client. At least three independent customers with a balanced stake distribution are necessary for a robust global backbone. Firedancer, Solana’s second client, has had delays that have been made worse by a lack of research resources and protocol specification. Furthermore, the platform’s reach in areas with lower network capacity is restricted by Solana’s 10Gbps upload suggestion, which raises centralization issues. The outage history of Solana was also brought to light by Berckmans, who pointed out that the protocol-level fallback mechanisms required for continuing block production during finalization issues are absent from the system.

Decentralization and Market Share Concerns

Berckmans raised concerns about Solana’s decentralization, citing that around 98% of Solana’s initial token allocation went to insiders, in contrast to Ethereum’s 80% public sale. He also points to the emergence of zero-knowledge (zk) proof aggregation, which enhances L2 settlement capabilities, as a challenge to Solana’s reliance on Layer 1 execution scaling.

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The Benefits of Ethereum for Corporate Adoption

Solana’s market share will probably decrease if big companies like Coinbase, Sony, and Visa choose Ethereum L2 solutions, according to Berckmans. He claims that although Solana has performed exceptionally well in several domains, its structural flaws prohibit it from acting as the foundation of an international financial system.

Vitalik Buterin Calls Michael Saylor’s Bitcoin Comments ‘Insane’

Summary

Ethereum co-founder Vitalik Buterin directly criticized Michael Saylor, the chairman of MicroStrategy over his comment on Bitcoin’s recent activity. Buterin didn’t leave no crumbs and sharply called Saylor’s remarks “batshit insane” in a heated X (formerly Twitter) post.

Buterin Fires Back at Saylor’s Views

Vitalik Buterin took personal issue with the remarks made by Michael Saylor on his recent interview regarding bitcoin’s activity. The activity being the custody, where Saylor firmly believed that Regulated Finance Institutions. However, Buterin rejected this remark saying this goes against the decentralized ethos of crypto and calling out this action to be a push towards “regulatorty capture”.

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Crypto Leaders Side with Buterin

Several crypto famous leaders like Jameson Lopp and Eric Voorhees sided with Buterin. All of them shared the same view regarding involvement of third party on crypto space. Many believe this remark from Saylor as a direct contradiction to the whole concept of decentralization nature of blockchain.

Saylor’s Stance on Bitcoin Custody

In the interview, Saylor suggested the Bitcoin custody to be taken over by too Big to fail banks, believing it would protect assets from being seized. This seemed to contradict his previous vicious advocacy for self-custody. Just a year earlier, after the collapse of FTX, Saylor supported self-custody, stating that people should hold their own private keys. This hypocrisy surprised many, as he appears to favor institutional control over digital assets, a shift that Buterin and others find alarming.

Bitcoin, Ethereum Surge After Major Short Liquidations

Summary

Bitcoin and Ethereum are experiencing bullish momentum due to recent liquidation. Data provided by Coinglass states that over $138 million are in liquidation with $95 million coming from shorts position.

Ethereum Leads Liquidations and Gains

Ethereum showed exponentially good results at charts with $27.69 million in liquidation of which $23.84 million were from shorts position. This growth has also boosted ETH’s value by 3.1%, reaching $2,730. Ethereum’s trading value has also skyrocketed by 117% with grand total value of $17.4 billion as investors interest has been gathered. Notably, the largest single liquidation order was on Binance, worth $6.64 million in the ETH/USDT pair.

Bitcoin Follows Close Behind

Bitcoin saw $25 million in liquidations, with $21 million coming from shorts. This short squeeze helped BTC reach a four-month high of $69,460, though it corrected slightly and is now trading at $68,700. BTC’s daily trading volume spiked by 74%, climbing to $24 billion.

Broader Market Impact

The international crypto market has been on three-month high of $2.49 trillion. However analyst believe if this is to continue there’s a possibility of tides turning the other way, triggering sell-offs as traders and investors scramble to limit their potential loss. Conclusively, the surge of liquidation does shine a positive light on crypto space but further surge might cause potential problems.

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