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Chayanika Deka



Articles by Chayanika Deka

Ethereum’s Vitalik Buterin Challenges Hype: Metaverse Is Still Misunderstood

18 hours ago

Metaverse has gained tremendous traction over the past couple of years, grabbing the attention of large companies across the world.
But Ethereum co-founder, Vitalik Buterin, believes the concept of the Metaverse is still “poorly defined” and needs to have several elements to make it meaningful.
Dissecting Metaverse
During a Q&A session while speaking at the BUIDL Asia conference in Seoul, Buterin pointed out a common misconception in associating the Metaverse solely with virtual reality (VR). The Ethereum co-founder argued that VR often leads people to imagine complex environments, whereas the actual needs tend to be simpler.
He illustrated this by suggesting that what people truly desire is the functionality of a laptop without the physical device itself, essentially

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Osmosis, dYdX, Synthetix Spearhead DeFi Development Surge, Uniswap Trails Behind

2 days ago

Amidst a broader market rebound, several DeFi-related projects appear to be bustling with development activity.
Topping the list is Cosmos-based decentralized exchange Osmosis, which experienced a notable surge in development activity, emerging as the leading DeFi project over the past month.
Osmosis Leads DeFi Development
According to the data shared by Santiment, Osmosis recorded more than 169 GitHub commits within the previous 30 days.
The crypto analytic platform’s latest compilation of “developer activity” was based on aggregating all unique GitHub activity documented in the records of each project and then calculating the average number of these actions to provide a comprehensive overview.
Osmosis underwent a significant rebound in terms of total value locked in

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Coinbase’s Base Hits Record $2B in TVL as Demand Surges After Dencun Upgrade Activation

3 days ago

Base, Coinbase’s layer-2 blockchain initiative for reducing Ethereum transaction fees, seems to be witnessing massive demands of increased network activity. As a result, its TVL also rose sharply, hitting a new milestone, surpassing $2 billion this week.
One of the major reasons for the surge in activity of Base was the activation of the Dencun upgrade.
Base’s TVL Growth
According to data from L2Beat, Base’s current TVL stands at $2.27 billion, increasing by over 230% YTD. Over the past seven days alone, this figure has grown by almost 50%.
This increase can be attributed to the Dencun upgrade, which significantly reduced Layer 2 transaction fees, rendering the Layer 2 network a more economical choice for Ethereum transactions. Despite a temporary increase in average

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Investor Hesitation Blamed as Crypto Investments See $942M Weekly Outflow: CoinShares

3 days ago

Investment products in digital assets witnessed a significant weekly outflow of $942 million, breaking the continuous seven-week streak of inflows reaching $12.3 billion.
According to the CoinShares, this shift can be attributed to investor hesitation.
Hesitant Investors Cause US ETF Inflows Dip
The latest edition of Digital Asset Fund Flows Weekly Report revealed that the trading volumes in Exchange-Traded Products (ETPs) remained high and reached $28 billion for the week. The figures, however, were two-thirds lower than the previous week’s figures.
Despite a recent price correction leading to a reduction of $10 billion in total assets under management (AuM), they still stand above the highs from previous cycles, currently at $88 billion.
CoinShares blamed the recent

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Macro Factors to Shape Bitcoin Prices: Coinbase’s Insights Post-Halving

4 days ago

All eyes are on the upcoming Bitcoin halving scheduled for mid-April 2024, which will reduce the rewards granted to miners for validating transactions by half. This will mark the fourth occurrence of a halving event in Bitcoin’s history.
Although the market is currently experiencing a downturn, Bitcoin has seen significant growth of more than 150% since mid-October last year. According to the latest “handbook” by Coinbase, this strong performance will continue up to and after the upcoming halving.
Coinbase Warns of Limited Historical Evidence
Even though there’s a chance the halving could positively influence Bitcoin’s performance, Coinbase pointed out that the historical evidence supporting this connection is limited, making it somewhat speculative. Additionally,

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Cardano Defies Critics With Strong GitHub Activity Among Major Layer 1 Blockchains

4 days ago

Despite criticisms for the alleged abandonment, Cardano remains one of the top blockchain protocols in terms of GitHub activity.
According to the data compiled by IntoTheBlock, Cardano has once again surpassed Ethereum and other major Layer-1 blockchains such as Avalanche, Litecoin, and Tron in GitHub commits, reflecting its leading position in developer engagement.
Between March 11 and 17, Cardano registered 978,780 commits on GitHub, exceeding its closest competitor, Ethereum, which recorded 407,170 commits during the same period.
The blockchain intelligence platform’s data further revealed that Avalanche has a commit count of 315,770, while Litecoin and Tron stand at 84,110 and 79,380 commits, respectively.
This activity indicates potential for decentralized application

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Another Tornado Cash Activity Flagged: Stolen Funds From HECO Bridge Exploit Moved

6 days ago

In August 2022, the US Treasury Department’s Office of Foreign Asset Control (OFAC) imposed sanctions on Tornado Cash, prohibiting its usage for US citizens, residents, and companies. But this has not deterred hackers from moving stolen funds through the controversial crypto tumbler to obfuscate tracking.
In fact, PeckShield’s latest update reveals that exploiters of the HECOBridge have moved over 40,391 ETH, valued at around $145.7 million, executing 19 outgoing transactions to Tornado Cash in the past 8 days.
PeckShield Flags Tornado Cash Activity
The HECO cross-chain bridge was exploited in November 2023. The compromised funds, comprising Ether, USDT, USDC, and HBTC, were promptly transferred to decentralized exchanges and exchanged for altcoins.
Further investigation

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Whale Activity Backs Dogecoin’s (DOGE) Surge Above $0.16: Data

6 days ago

Dogecoin has emerged as one of the top-performing assets amidst market recovery from significant volatility last weekend. Trading at $0.164, the eighth-largest crypto by market capitalization, has extended its monthly gains to nearly 96%.
Coinciding with this surge, the number of transactions by DOGE whales has hit a new milestone.
Dogecoin Whales Make a Splash
Amidst renewed market activity, Dogecoin’s whale activity appears to be soaring, with transactions exceeding $1 million, increasing by more than 600% in the past month alone.
According to IntoTheBlock’s latest analysis, this spike not only indicated unprecedented growth but also marked the highest number of Dogecoin millionaire transactions since the OG meme coin topped in May of 2021, essentially heightened

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CryptoPunks NFT Fetches Millions: Punk #7804 Sold for Over $16M in ETH

7 days ago

The once-hot NFTs witnessed a significant downturn during the crypto winter. But this sector again appears to have bounced back following the widespread rebound of digital assets.
One of nine Alien Punks was sold for 4,850 ETH – the second-largest CryptoPunks sale ever – just days after a similar recent transaction of Alien Punk #3100.
Blue-Skinned Punk Fetches $16.42M
Punk #7804, part of the exclusive Ethereum NFT collection featuring only nine Alien Punks, exchanged hands for a staggering 4,850 ETH on March 20th. This is equivalent to approximately $16.42 million at the time of the sale and marks the second-largest transaction in CryptoPunks history, both in terms of ETH and USD.
This exchange closely follows another similar sale of Alien Punk #3100, which fetched 4,500

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OKX to Reportedly Discontinue Service in India: Users Directed to Close Positions

7 days ago

Cryptocurrency exchange OKX has reportedly said that its services in India are being discontinued due to local regulations. In an email notification sent on March 21st, the platform urged users in the country to close their positions by the end of April.
The latest development comes on the heels of a continued crackdown on global crypto exchanges by the Indian government.
OKX Calls its Quits
India has intensified its efforts to tackle illegal operations by exchanges within its borders. In line with these efforts, the Indian Finance Ministry’s Financial Intelligence Unit (FIU) issued a notice to nine exchanges in December last year, which included Binance, Kraken, MEXC Global, Kucoin, Huobi, Bittrex, Gate.io, Bitstamp, and Bitfinex.
Subsequently, Google and Apple removed

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Bitcoin (BTC) Price Recovers But Danger Still Looms: QCP Capital

7 days ago

Bitcoin’s setback below $61,000 triggered a market-wide correction. Despite the inflow of fresh capital, the leading crypto asset registered 15% in weekly losses at one point after hitting new all-time highs earlier this month.
QCP Capital’s analysis suggests that the Bitcoin bull market is far from over while simultaneously highlighting a continued liquidity rotation, which is likely to propel the asset to new highs post-halving. Having said that, a “violent” near-term correction due to lingering leverage might transpire.
Bitcoin’s Bullish Momentum at Risk?
One of the main catalysts of the Bitcoin rally this year and the subsequent improvement in investor confidence is the spot Bitcoin ETF inflows, which peaked on March 12 at a whopping $1.045 million. However, the net

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Decline in Bitcoin (BTC) Wallets Reflects Market Fear, But There’s A Catch

7 days ago

Bitcoin and the rest of the crypto market have recovered, wiping out most of the losses incurred during the recent correction.
Besides this latest recovery, the leading asset could see more positive returns in the near future, according to the latest data.
Bitcoin Non-Zero Wallet Addresses Drop
Santiment’s recent analysis of Bitcoin’s network activity revealed a notable decline in the number of total non-zero coin wallets over the past 10 days, with a net difference of -311K.
While this might concern novice traders, the blockchain intelligence platform said that, historically, such declines have coincided with moments of FUD in the market. During these periods, small BTC wallets capitulate while larger addresses accumulate more. Taking into account these past occurrences,

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SBF’s Lawyers Fire Back Against DOJ’s Harsh Sentencing Bid of 40-50 Years

8 days ago

In its letter to District Judge Lewis Kaplan on Tuesday, the legal team behind the disgraced FTX founder Sam Bankman-Fried has contested the sentencing recommendation put forth by the Department of Justice last week.
The US prosecutors had previously proposed a prison term of 40 to 50 years for the former FTX CEO, but the lawyers deemed the memorandum “disturbing.”
SBF Lawyers Cry ‘Not Justice’
In a letter submitted on March 19th, SBF’s lawyers argued that the memorandum portrays a distorted version of reality, unfairly painting the fallen exec as a “supervillain” figure with exaggerated and unfounded motives.
They have also criticized the memorandum for making extreme predictions about SBF’s future behavior and advocating for an excessively harsh punishment that equates

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These Altcoins Have Entered Opportunity Zone Buys Amid Bitcoin’s Price Corrections

8 days ago

Bitcoin’s recent dip to $60.8K mounted concerns about the sustainability of the rally. It was the biggest single-day decline in a fortnight as a result of a decline in inflows of spot Bitcoin ETFs on the same day. The downturn was widespread, with several altcoins following Bitcoin’s suit.
Despite this price correction, the bullish sentiment is still prevalent and is backed by Santiment’s MVRV Opportunity & Danger Zone Model, which signals a shift in altcoins’ trajectory.
The blockchain intelligence platform found that several altcoins now reside in the opportunity zone for mid-term trading.
This zone activates when an asset’s 30-day, 90-day, and 365-day average wallet returns collectively dip into negative terrain.
Market players are currently eyeing this moment to buy

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Digital Asset Inflows Skyrocket to $2.9B YTD, Shattering 2021 Records: CoinShares

10 days ago

Investments in digital asset products clocked in a massive surge in weekly inflows, reaching a total of $2.9 billion.
According to the latest data compiled by CoinShares, the inflows surpassed the previous week’s record of $2.7 billion, propelling year-to-date investments to $13.2 billion, significantly exceeding the total inflows for the entire year of 2021, which stood at $10.6 billion.
Mixed Bag for Global Regions
Trading volumes for the week remained steady at $43 billion, matching the previous week’s records and constituting a larger share of 47% of the overall global Bitcoin volumes.
Furthermore, global Exchange-Traded Products (ETPs) surpassed the milestone of $100 billion for the first time during the week. However, a price correction towards the end of the week

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Bitcoin Rebounds But Concerns Mount as Ethereum’s Perpetual Funding Turns Negative

10 days ago

Over the past weekend, the crypto market experienced a tumultuous blend of emotions, characterized by fear and greed, as Bitcoin plunged to lows of 64,500. However, it swiftly rebounded, with the leading asset surging back above the 67,000 mark.
While Bitcoin has exhibited significant resilience, the same cannot be said for Ethereum.
Ethereum’s Rocky Road Amidst Bitcoin’s Resilience
The heavy selling of BTC put options indicated a dissipation of fear among investors, who seemed eager to capitalize on the dip.
Interestingly, amidst this sentiment shift, there’s a notable inclination towards greed, evidenced by the increasing interest in long-dated Sep and Dec BTC calls targeting lofty price levels of $100-150k. According to the latest analysis by QCP Capital, this optimism

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Core Scientific Reports Yearly Revenue Decrease in Q4 2023, Net Losses Shrink

11 days ago

Bitcoin mining firm Core Scientific announced that total revenue for fiscal year 2023 amounted to $502.4 million, reflecting a decrease of $137.9 million or 22% from the $640.3 million recorded in the previous year.
Core Scientific said that it had successfully mined 19,274 BTC (valued at approximately $1.4 billion) during 2023 despite undergoing bankruptcy.
Core Scientific Reports Revenue Fall
According to the official press release, the decline in total revenue stemmed mainly from several factors.
This included an $82.8 million reduction resulting from the company’s withdrawal from the equipment sales business in fiscal year 2022, a decrease of $47.6 million in hosting revenue due to the termination of contracts for certain clients with less profitable hosting rates, and

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BNB Chain Doubles Down on Layer 2 Expansion With Rollup-as-a-Service (RaaS)

12 days ago

BNB Chain has launched a Rollup-as-a-Service (RaaS) solution that aims to enable large-scale Dapps, enterprises, and BNB Chain itself to construct customized Layer 2 solutions.
The latest move aligns with BNB Chain’s 2023 roadmap, which involves expanding the ecosystem with a secure multichain strategy, among other aspects.
BNB’s Rollup-as-a-Service (RaaS) Solution
According to the official press release, RaaS targets Dapps and blockchain ventures, providing a cost-efficient and streamlined avenue for constructing and deploying rollup networks. Alongside streamlining further development efforts, this approach is also expected to foster the establishment of unique ecosystems tailored to specific user bases.
Various sectors such as gaming, decentralized finance (DeFi),

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7RCC’s Spot Bitcoin and Carbon Credit Futures ETF Moves Closer to Reality with NYSE Filing

12 days ago

Asset management company 7RCC Global is gearing up for the launch of its environmentally conscious spot Bitcoin ETF in the United States amidst fierce competition for investment products that facilitate access to БТЦ’с price movements.
Despite not being included in the initial wave of launches, the entities backing the proposal are proceeding with their plans.
7RCC Pushes Forward with Spot Bitcoin ETF Plans
The New York Stock Exchange submitted a 19b-4 form on March 12th for the listing and trading of shares of 7RCC’s spot Bitcoin and Carbon Credit Futures ETF. This development comes three months after 7RCC submitted an S-1 application to the SEC for the Bitcoin ETF, designated under the ticker BTCK, to provide investors exposure to both the crypto asset and carbon

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BlackRock’s IBIT Beats Grayscale’s GBTC in This Important Metric Amid BTC ETF Excitement

14 days ago

Just one day after the spot Bitcoin ETFs achieved a notable milestone with a net inflow of $1.05 billion, BlackRock’s IBIT saw inflows exceeding the total outflows of Grayscale’s GBTC for the first time.
According to data compiled by SoSo Value, as of March 13th, IBIT’s cumulative inflow amounted to $12.03 billion, whereas GBTC’s cumulative outflows stood at $11.4 billion.
BlackRock’s IBIT Inflows Trump GBTC Outflows
BlackRock’s spot Bitcoin ETF – iShares Bitcoin Trust (IBIT) – has been one of the most popular investment vehicles since its approval two months ago enabling investors exposure to BTC’s price moves. It recorded net inflows of $586 million or 8,017 BTC on March 13th, pushing its total historical net inflow to above $12 billion.
The collective net influx into

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Daily Bitcoin Miner Revenue Reached New Peak Amid BTC Rall, Exceeding April 2021 Levels

16 days ago

Bitcoin mining earnings reached their highest-ever level recently, coinciding with the ongoing surge in the value of the leading crypto asset.
According to the figures compiled by CryptoQuant, miners made a daily revenue of $78.6 million on March 7, surpassing the previous record set during the peak of the crypto boom in April 2021. Miners accrue income through both newly minted coins for verifying and recording transactions on the blockchain and through transaction fees paid by users.
Bitcoin Miner Revenue Taps New Record
The increase in miner revenues comes in the backdrop of a 70% surge in Bitcoin’s value so far this year, which pushed the crypto asset to surpass the $70,000 threshold for the first time.
The increase is part of a rally that started in mid-October 2023

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Here’s When Bitcoin’s (BTC) Price Will Peak During This Cycle: Experts

16 days ago

Bitcoin’s rally breaking into a new all-time high above $70,000 has been unconventional for several reasons. Interestingly, the leading crypto asset is still in its early stages and has a long way to go, according to most experts.
In fact, analysts are now weighing in on Bitcoin’s trajectory and expect it to climax in early 2025
Bitcoin’s Bull Market Peak
Drawing from historical patterns and recent market behavior, Rekt Capital found that traditionally, Bitcoin has reached its peak within a range of 518-546 days after its halving event.
However, the current cycle exhibited signs of acceleration, suggesting a possible deviation of the typical cycle length by approximately 260 days. By measuring bull market peaks from the moment Bitcoin breaches its old all-time high, the

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How Is This Bitcoin (BTC) Bull Run Different Than All Previous Ones? (Pre-Halving Analysis)

16 days ago

The current bull run stands apart from its predecessors in several significant ways.
Bitcoin has undergone three halving events thus far. The first one was in 2012, followed by another in 2016, with the most recent occurring in 2020. Bitcoin surged to achieve new all-time highs only after each halving.
Contrastingly, this time, Bitcoin has already surpassed its previous peak set in 2021. Just last week, Bitcoin soared above $70,000, which is notable considering the upcoming halving slated for mid-April.
Current Bitcoin Rally Defies Historical Patterns
What sets this rally apart even further is the introduction of spot Bitcoin ETFs on US stock exchanges, a novelty in the digital asset industry.
Renowned analyst PlanB has echoed this sentiment, suggesting a departure from

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X (Formerly Twitter) Remains a Haven for Scammers as Phishing Incidents Claim $104M

17 days ago

X (formerly known as Twitter) has been a popular hook for scammers for over a decade now. However, the tactics employed in these schemes continuously evolve.
What’s concerning is that many victims are still falling for scams because of misleading comments made by fake X accounts, leading them to phishing websites.
X Fakes Fuel Phishing Frenzy
According to Scam Sniffer’s February Phishing Report, a significant portion of the victims fell prey to such scams via X. Deceptive comments from impersonated X accounts were used as a means to lure unsuspecting individuals to phishing websites, where they subsequently became victims of such schemes.
A staggering 57,000 individuals succumbed to crypto phishing scams, resulting in collective losses of around $47 million. Surprisingly,

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Solana (SOL) Makes a Comeback: $24M Inflows Signal Positive Momentum

17 days ago

Solana has been highly favored among altcoins, yet its reputation took a hit due to significant network outages. Despite the overall market surge and renewed investor confidence in 2024, inflows into digital asset investment products associated with Solana were not substantial.
However, there are signs of a gradual shift in this trend as Solana investment products gathered pace once again.
Solana Rebounds with $24M Inflows
According to CoinShares’s latest edition of the ‘Digital Asset Fund Flows Weekly Report,’ Solana attracted nearly $24 million in inflows over the past week after “enduring a bout of negative sentiment.”
In contrast, Ethereum, which has a stronger position in year-to-date inflows, saw minor outflows of $2.1 million last week. Other noteworthy inflows were

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Arthur Hayes Clarifies: Ethena’s Yield Mechanism Unique from Terra’s Collapsed UST Stablecoin

18 days ago

The stablecoin initiative USDe by Ethena Labs has seen notable adoption, with its market cap surging by over 40% in the last week and by 400% in the last month, reaching $840 million. Following the setback of the Terra ecosystem’s downfall, concerns have been raised within the community about the launch of USDe.
However, Arthur Hayes is optimistic, seeing Ethena as the leading contender in the crypto space to deliver a synthetic USD based on a public blockchain.
USDe is not UST
Ethena Labs introduced its USDe synthetic dollar on the public mainnet on February 19.
The launch sparked apprehension among investors due to the Ethereum-based synthetic dollar offering a 27.6% annual percentage yield (APY), surpassing the 20% yield provided by Anchor Protocol on Terra’s UST prior

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Arkham Reveals Tesla and SpaceX’s Bitcoin (BTC) Stash: Report

19 days ago

Arkham Intelligence has revealed that Tesla currently possesses 11.51K BTC, valued at $780 million, distributed across 68 addresses, while SpaceX holds 8.29K BTC, totaling $560 million, spread across 28 wallets.
These findings are substantiated by on-chain fund flows that align with financial disclosures from both companies.
Tesla and SpaceX’s Vaults: $1.34B in BTC Holdings Laid Bare
In a tweet on X platform, the blockchain analytics platform said that Tesla made a notable entry into the crypto market with a $1.5 billion BTC purchase in January 2021, followed by two significant sales: $272 million in Q1 2021 and $936 million in Q2 2022.
“Arkham has identified the BTC holdings of Tesla and SpaceX. We are the first to publicly identify these holdings on chain.”
Additionally,

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Pantera Capital Eyes $250 Million Opportunity with FTX Estate for SOL: Report

20 days ago

Pantera Capital is reportedly in the process of securing funds from major investors to acquire heavily discounted Solana tokens from the bankruptcy estate of FTX. The company is raising capital for the Pantera Solana Fund, which presents an attractive opportunity to purchase up to $250 million worth of SOL tokens from the FTX estate.
Marketing materials from February, obtained by Bloomberg, reveal that investors would have the option to buy SOL at a price 39% below the 30-day average or at $59.95. However, in exchange for this option, investors would need to commit to a vesting period of up to four years.
Pantera Solana Fund
According to the investor pitch, Pantera initially aimed to finalize the fund’s closure by the end of February. A source familiar with the matter

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Spanish Regulator Orders Worldcoin to Halt Personal Data Collection

21 days ago

The Spanish data protection regulator, AEPD, has instructed Worldcoin to halt the collection of personal data in the country through scans and to refrain from utilizing any data already obtained.
This precautionary action was announced on Wednesday after receiving numerous complaints regarding Worldcoin since last summer. These include concerns about the adequacy of information provided by the project regarding data processing, the gathering of data from minors, and the lack of provision for withdrawing consent. Worldcoin was given 72 hours to show compliance with the directive.
Worldcoin Crackdown in Spain
Spain has taken steps to halt Worldcoin for three months, marking another setback for Sam Altman’s crypto project that has stirred controversy across various

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Bitcoin Miners Earned $75.9 Million in Daily Revenue, Second-Highest in History

21 days ago

Amidst the market-wide rally, Bitcoin miners appear to be reaping substantial rewards. On March 6th, they earned a staggering $75.9 million in daily revenue marking the second-highest figure in the leading crypto asset’s history.
This also represented a notable increase of 30.74% from the previous day and a remarkable surge of 293.1% compared to the same date one year ago.
Record-Breaking Day for Bitcoin Miners
As updated by Julio Moreno, head of research at CryptoQuant, this milestone closely follows the record set on April 14, 2021, when miners accumulated a whopping $77.3 million in a single day. During that time, Bitcoin experienced a correction of more than 20%.
Meanwhile, the latest surge comes amid Bitcoin’s swift surge beyond $69,000, which was subsequently

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