Dec 27, 2022
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Lido adoption surges with 10,000 new stakers despite Ethereum's price struggles
Lido adoption surges with 10,000 new stakers despite Ethereum's price struggles
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DeFi News
Root Network Set To Reward Its Validators, Stakers With XRP Tokens
Root Network Set To Reward Its Validators, Stakers With XRP Tokens
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Root Network is poised to address the interoperability issue between the XRP Ledger and the Ethereum Virtual Machine (EVM), simultaneously providing incentives in the form of XRP rewards to validators and stakers.
Root Network introduces XRP rewards for validators and stakers.
Root Network enables users to pay gas fees in XRP, promoting a seamless token swap experience and facilitating the conversion of other cryptocurrencies into XRP.
The XRPL ecosystem demonstrates significant growth in Q1 2023.
Root Network: Enabling Seamless Token Swaps And Liquidity
Root Network, a cutting-edge cross-chain platform, is preparing to introduce a system where validators and stakers will be rewarded with XRP, the native token of the XRP Ledger.
During a discussion on the feasibility of XRP Ledger side chains, an enthusiastic community member and supporter named Dip Collector asserted this forthcoming development.
The primary objective of Root Network is to tackle the challenges surrounding interoperability between the XRP Ledger and the Ethereum Virtual Machine (EVM) ecosystem.
By leveraging Polkadot’s Substrate technology, the network aims to promote tokenomics and compatibility.
Users can explore and utilize the ROOT and XRP assets as part of this ecosystem.
Root Network’s XRP-Powered Gas Fees And XRPL DEX Integration
Root Network introduces an innovative approach to gas fees by allowing users to pay them in XRP while facilitating the seamless conversion of various cryptocurrencies into XRP.
To foster a thriving liquidity ecosystem on the XRP Ledger, Root Network has established a connection to the XRPL decentralized exchange (DEX), providing users with enhanced opportunities for token swaps and trading.
With the operational beta launch of the Root Network mainnet, users now have the privilege to delve into the system.
This integration is a pivotal step towards bridging the gap between the Ethereum and XRP ecosystems.
Root Network’s pioneering solution not only streamlines the payment of gas fees by accepting XRP but also empowers holders of other cryptocurrencies by facilitating effortless conversion into XRP.
XRP Ledger Records Promising Growth
A comprehensive analysis conducted by Messari reveals a highly productive first quarter for the XRP Ledger (XRPL), showcasing significant growth and advancements.
This surge in activity is evident through a notable increase of 13.9% in daily active addresses and a robust 10.7% rise in transactions, underpinning a vibrant ecosystem.
XRPUSD price movement | Source: BITSTAMP TradingView
The latest Q1 report highlights the progress made within the XRPL ecosystem.
Notably, introducing the XLS-20 standard has revolutionized the landscape, enabling the seamless integration of non-fungible token (NFT) transactions.
This groundbreaking standard now encompasses five new transaction types, effectively expanding the possibilities for XRPL users.
Furthermore, five additional transaction types have been proposed, emphasizing the commitment to continuous development and innovation within the XRPL community.
Featured image from Root Network’s twitter page, chart from TradingView.com
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Crypto News
Community to reward validators, stakers with XRP
Community to reward validators, stakers with XRP
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Root Network is searching to foster the XRP ledger-EVM interoperability concern while also fulfilling validators and stakers with XRP.
According to experiences, Root Network, a cross-chain platform, will soon offer you XRP rewards to its validators and stakers. XRP is the native token of the XRP Ledger.
Community supporter Dip Collector built this assert in reaction to a dialogue regarding the possibility of XRP Ledger side chains.
The #RootNetwork is a quite innovative blockchain primarily based on #substrate that is #EVM appropriate, makes use of XRP as the gas token, with #Root as the native token which will largely be employed as staking token to safe the community and for governance. Staking benefits will be paid out out in #XRP. One…
— Dip_Collector (@dip_collector) June 17, 2023
The Root Community aims to resolve interoperability challenges amongst the XRP Ledger and the Ethereum Virtual Machine (EVM) ecosystem.
The community, constructed on Polkadot’s Substrate technologies, intends to encourage improved tokenomics and compatibility, while ROOT and XRP act as property buyers can explore.
Buyers will pay gasoline service fees in XRP although other coin entrepreneurs will be absolutely free to swap their coins into XRP.
To encourage the liquidity ecosystem of the XRP Ledger, Root Community will be related to the XRPL decentralized exchange (DEX).
The Root Network mainnet beta is operational, enabling users to take a look at the method and examination the Ethereum-to-XRPL non-custodial token bridge.
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Ethereum News
Ethereum stakers unfazed by US crypto crackdown
Ethereum stakers unfazed by US crypto crackdown
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Despite the the latest scares about banning crypto staking, data evaluation implies that the total of ethereum staked is escalating.
Ethereum staked benefit on the rise: Cryptoquant
Cryptoquant’s information implies that the total price of ethereum staked was nonetheless higher on Feb. 17, even as many investors are gearing up for the impending Shanghai Up grade. The benefit staked has consistently been raising considering that September, even with the ever-declining ethereum selling prices.
The charts reveal that about 15.2 million ethereum cash are held in suitable staking pools. However, Dune analytics knowledge reveals that the benefit is even greater, at about 16.7 million ethereum cash.
Ethereum’s total worth staked charts. Source: Cryptoquant
If you glimpse at details from Cryptoquant, even as ethereum sharply plunged in benefit final Nov. 9, the worth staked continued to increase.
In spite of the extra severe marketplace ailments, the price staked has still soared. When Ethereum rates took a favourable transform, the sum of staked ethereum enhanced at a a lot more accelerated price, as viewed from the chart.
Even a lot more intreating is the every day influx of staked ETH elevated concerning Nov. 7 and 9, when the FTX saga started unfolding.
Ethereum’s everyday staking influx totals. Resource: Cryptoquant
For occasion, on November 7th, Cryptoquant indicated that about 9,500 new ethereum coins have been staked in pools.
On the other hand, on Nov. 8 and 9, the values shot to 21,000. This variety ongoing to enhance, hitting a superior of 102,000 ETH on Nov. 22. Hence, this information implies that even at the coronary heart of the crypto winters, ethereum staking remained extremely desirable.
Will SEC menace of banning staking adhere?
Curiously, the above knowledge surfaces when the SEC sends threats to the crypto area.
Just one of the most modern threats is banning staking in the united states. The risk to begin with despatched the overall crypto current market into a freefall. Nevertheless, the sector took an instant restoration route. The sector is at present weary of the SEC and the regulatory threats.
As crypto-news.se reported a couple days in the past, most ethereum locked up is held by using the crypto network Lido.
According to reports, the start of the Shanghai improve will manifest someday in March. This upgrade will enable staked ethereum to be unlocked. Even so, even as the community awaits this update, extra buyers are significantly staking ethereum.
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Ethereum News
Staked Ethereum surpasses 16M, over 70% stakers at a loss
Staked Ethereum surpasses 16M, over 70% stakers at a loss
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The amount of staked Ethereum (ETH) has risen by 18% to over 16 million since the network completed its transition to a proof-of-stake (PoS) network last year, according to CryptoSlate data.
The 16 million staked ETH equates to roughly 13.28% of ETH’s total supply — worth $22.42 billion — 500,213 total validators and 87,121 distinct depositor addresses, according to Dune analytics data.
Lido is the dominant staking platform
Lido is the dominant staking platform, controlling 29.08% of staked Ethereum. Around 4.65 million ETH — worth $6.8 billion — have been staked through it, according to the offical Lido website,
Other top staking platforms — including centralized exchanges (CEXs) like Coinbase, Kraken, and Binance — hold approximately 26.7% of staked Ethereum, according to Dune analytics data.
Cumulatively, the top four ETH staking platforms control 55.78% of staked Ethereum.
72% of staked ETH at a loss
Currently, 71.7% of Ethereum stakers are at a loss in terms of staked ETH holdings leaving only 28.3% currently in profit.
Stakers in profits staked their coins when ETH was trading at roughly $1300, shown in the chart below.
Source: Dune Analytics
With ETH trading at over 70% below its all-time high (ATH), crypto investors who staked their asset at the ATH have been hit most as the bear market.
Staked ETH has gained attention in light of the upcoming Shanghai update which will allow stakers the ability to withdraw their staked ETH.
Read Our Latest Market Report
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GameFi News