Coin overview
ZRO
Ended--
Last price (USDT)
249.16K
24h total (USDT)
1.00M
Total vol (USDT)
2024-05-20 07:00:00 ~ 2024-06-20 11:30:00
Trading time (UTC+0)
2024-06-20 16:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
LayerZero is an omnichain interoperability protocol designed for lightweight message passing across chains. LayerZero provides authentic and guaranteed message delivery with configurable trustlessness. It is a “blockchain of blockchains” that allows other blockchain networks to communicate directly and in a trustless manner.
From Governance to Staking: A Comprehensive Analysis of the Multi-faceted Use Cases and Future Growth of the ZRO Token
Original Title: LayerZero Part 3 — Zero token: Utilities and Future Prospect Original Source: Animoca Brands Research Original Translation: Scof, Chaincatcher Overview · The $ZRO token was launched in June 2024, with planned use cases including protocol governance, transaction fee payment, and staking for DVN security. These three functions have a significant impact on the value of $ZRO. · We expect that over the next three years, the circulating supply of $ZRO will increase rapidly, accompanied by growth in on-chain usage and its adoption as a common currency for cross-chain transactions. · We have proposed a valuation framework for $ZRO, utilizing the Market Cap to Transaction Volume ratio (MCTx), combined with projected transaction volume scenarios. This framework aims to provide readers with a perspective on the relationship between protocol growth and token value. Introduction In Part 1 and Part 2 of the LayerZero series, we introduced the LayerZero protocol's mechanics, business model, and the dynamics of the entire cross-chain space. In this third part of the series, we will focus on the protocol's token, $ZRO. Token Utility The LayerZero $ZRO token went live on June 20, 2024, and was listed on major exchanges such as Binance, OKX, Bybit, and Gate.io. Initially, $ZRO was distributed through airdrops to reward early contributors and community members. Over the past five months, the project team has steadily rolled out various token utilities, further expanding its role in the LayerZero ecosystem. The applications of the $ZRO token can be summarized into three typical categories, which are more common in infrastructure tokens, and we will interpret them one by one: 1. Protocol Governance: $ZRO holders can vote to determine key protocol decisions, influencing the development direction and evolution of LayerZero. 2. Protocol Transaction Fees: $ZRO can be used to pay protocol fees, in addition to on-chain native tokens, and can also be used for transaction fee payments within the LayerZero network. 3. DVN Security Staking: $ZRO is the accepted staking asset used to help secure the LayerZero Lab's Distributed Validation Network (DVN) and support the network's security and stability. Protocol Governance The first announced use case of $ZRO is to govern the potential protocol fee switch, as mentioned in the initial $ZRO token introduction. · The LayerZero protocol may charge a fee equal to the total cost of cross-chain message validation and execution. If the DVN and executor charge a $0.01 fee for transactions between Arbitrum and Optimism, LayerZero may also charge a $0.01 fee. · There will be an "immutable voting contract" with a biannual on-chain referendum allowing $ZRO holders to vote on whether to activate or deactivate the protocol fee switch. LayerZero currently charges a fee for each transaction to cover the costs incurred by the DVN and executor in performing their roles. If the protocol fee is implemented, an additional layer of fees will be added on top of these operational costs. According to the project team, this additional fee could be as high as 100% of the existing transaction fee. Although the biannual voting contract has not yet been announced, support for this protocol fee has been built into LayerZero's V2 codebase, with the functionality named "_payTreasury" already capable of collecting this additional fee. UNI Token Price During Fee Switch Proposal Looking ahead to the potential fee switch governance mechanism for the $ZRO token, a similar case can be found in Uniswap's $UNI token, which also features a similar protocol fee governance function. When $UNI was launched in 2020, it included an option for the community to vote on whether to activate the fee switch. If this switch is activated, a portion of the decentralized exchange (DEX) trading fees will be redirected to the protocol, potentially benefiting $UNI holders. Since mid-2022, multiple fee switch proposals have been put forward, each announcement causing significant price spikes in $UNI. For example, with the release of a new proposal in March 2024, the price of $UNI surged by 65%, only to retreat after the voting results were announced. A similar price fluctuation pattern was seen with the May 2024 proposal. However, all fee switch proposals to date have been voted down or withdrawn. Despite the potential alignment of introducing fees with investor interests by creating value for the protocol and $UNI holders, it faces two main opposing voices: 1. Competitiveness Impact: Increasing protocol fees may reduce Uniswap's competitiveness as it effectively taxes transactions, which could increase costs for liquidity providers or users. 2. Regulatory Risk: Distributing generated value to token holders or stakers may attract regulatory scrutiny, especially if this practice is seen as income distribution, which could touch on securities law issues. It is currently unclear whether $ZRO will face the same voting challenge as Uniswap's $UNI, with the key lying in the specific design of the fee voting mechanism, which has not yet been fully disclosed. Given the rapid growth and intense competition in the cross-chain protocol space, LayerZero's current primary task may be to focus on expanding market share rather than pursuing short-term value accrual for $ZRO. Finding a balance between enhancing protocol value and maintaining competitiveness in transaction costs will be key for LayerZero to promote sustainable long-term growth, while also considering investor interests. In a recent speech, LayerZero's CEO Bryan Pellegrino announced during the QA session that the first governance vote is scheduled to take place on December 19, 2024, coinciding with the six-month anniversary of the token's release. The speech video was released on November 19, 2024, and since then, the price of $ZRO has been on the rise. Protocol Transaction Fees In addition to the announced use cases, the protocol's codebase also supports using $ZRO as an alternative currency for transaction fees. When the "payInLzToken" flag is set to TRUE, protocol transaction fees will be paid in $ZRO instead of the native token of the chain. However, the native token is still the protocol's default payment method, and we have not yet seen projects actively switch to using $ZRO to pay fees. Accepting $ZRO as protocol fees can significantly expand the token's utility and demand. Projects integrating will need to maintain a $ZRO reserve to cover ongoing protocol usage, creating continuous demand. As the LayerZero ecosystem grows, the demand for $ZRO will correspondingly increase, requiring a larger reserve to support the growing cross-chain operations. This cross-chain demand for $ZRO extension will also have a compounding effect: as the LayerZero network expands its connections, $ZRO will span multiple ecosystems, becoming one of the most widely used tokens in the cross-chain space. Its broad availability could make $ZRO the preferred currency for cross-chain transactions, similar to ETH's role in the EVM ecosystem. Despite its many benefits, transitioning the default native token to $ZRO still requires thorough preparation and incentive measures, such as: 1. $ZRO Deployment: Currently, $ZRO is deployed on 8 chains, while LayerZero covers 90 networks. Expanding $ZRO's application to more chains is crucial for its widespread adoption as the default fee token. 2. Project Incentives: Currently, on-chain native tokens have a wider range of applications than $ZRO, so sufficient incentive measures need to be provided to encourage projects to choose $ZRO. Possible incentive measures include fee discounts when using $ZRO or establishing a single $ZRO reserve covering fees on all LayerZero-supported chains, making it more appealing to developers. 3. Implementation Operations: For the 50,000 contracts already deployed, the _payInLzToken flag needs to be manually enabled for each contract. To simplify this process, a unified switch at the protocol level may be necessary, or a one-time incentive may be provided to encourage project teams to adjust their contract settings. Given the importance of $ZRO as the protocol fee currency, closely monitoring LayerZero's plans and developments in promoting $ZRO as the fee token is crucial. LayerZero Fee Flow Staking: Decentralized Validation Network (DVN) Cryptoeconomics Framework In October 2024, LayerZero and EigenLayer announced a partnership to develop an open-source cryptoeconomics framework for Decentralized Validation Networks (DVNs). This framework aims to enhance the security of DVNs by introducing economic incentives, allowing users and decentralized applications (dApps) to consider factors beyond just technical stability when choosing a DVN. The framework introduces an arbitration process that runs on a specified chain (e.g., Ethereum), allowing DVN to stake assets and provide validation when the validity of cross-chain messages is in question. The specific process is as follows: · Staking: Stakers lock assets into DVN through EigenLayer's AVS. If DVN is found to behave maliciously or provide incorrect validation, these assets may be slashed. · Validation: If a user or dApp disputes the validity of a message, the framework triggers a round-trip message asking other DVNs to validate the accuracy of the original message. · Veto: In case of a mismatch, the veto contract will escalate the decision, prompting token holders to vote on whether to slash the DVN's stake. · Slashing: If the vote confirms malicious or erroneous behavior, the staked assets will be slashed. As an open-source framework, any DVN can adopt it and freely choose staking assets. LayerZero Labs' DVN will be the first to implement this framework on Ethereum, accepting $ZRO, $EIGEN, and $ETH as staking assets. As LayerZero Labs' DVN still handles most of the protocol's validation work, the additional staking pool could become a significant driver for $ZRO staking. Specific incentives for $ZRO holders to participate in this staking pool have not been disclosed yet, making it difficult to predict the total amount of $ZRO that might be staked. Overall, staking helps regulate the token supply in circulation, potentially functioning similar to a central bank in balancing demand and supply. $ZRO Tokenomics The distribution and unlocking schedule of $ZRO were clearly outlined in the initial announcement. A total of 1 billion $ZRO tokens will be allocated across four categories: · 38.3% to the Community: including operational funds for the LayerZero Foundation. · 32.2% to Strategic Partners: such as investors and advisors. · 25.5% to Core Contributors: allocated to current and future team members. · 4% for Token Buyback by LayerZero Labs: to be used for future community activities. At the Token Generation Event (TGE), 25% of $ZRO tokens have already been unlocked, all from the Community category. The remaining locked tokens will unlock linearly in the second and third years, with all 1 billion tokens fully unlocked by the end of the third year. In the unlocked 25% of the tokens: · 8.5% is allocated to reward early contributors and has been distributed to the community through an airdrop. · 5% is allocated to the LayerZero Foundation's treasury, including liquidity pools. · 11.5% is reserved for future activities. Token Unlock Schedule By the second half of 2024, the circulating token supply will stabilize at around 11% of the total supply. This stability is expected as there are no further unlocks in the first year. Starting from the second year, the supply will increase, with the remaining 75% of the tokens fully unlocked by the end of the third year. With the acceleration of the unlock schedule, a significant portion of the tokens has been allocated to strategic partners (32.2%) and the team (25.5%), which may quickly enter circulation post-unlock. The rapid unlock for investors and the team may put time pressure on the LayerZero team, requiring them to quickly enhance the project's overall value. We anticipate that approximately 65% of the $ZRO tokens will be in circulation by the end of the three-year unlock period (based on Chainlink). This means that the circulating supply will increase fivefold compared to the current level. Such rapid supply growth will necessitate a corresponding increase in the project's market cap to maintain price stability. $ZRO Value Framework To help readers establish a clear mental model for evaluating the value of $ZRO, we propose a structured framework based on cross-chain trends and LayerZero's strategic positioning in this field. This framework aims to assist users in assessing the $ZRO token by considering various factors, although specific parameters will vary based on individual views of the industry and project growth. Our goal is not to provide a definitive set of parameters but to offer a flexible framework that readers can adjust based on their analysis. It is important to note that this framework is not exhaustive or conclusive. Method One way to evaluate the $ZRO token is by applying the Market Cap to Transaction Volume ratio (MCTx), combined with LayerZero's projected three-year transaction volume scenario. The reason for selecting the MCTx ratio is that transaction volume is a key driver of protocol success, and transaction volume data is widely available in major projects, allowing us to evaluate a reasonable range. The three-year timeframe aligns with the unlock period of the $ZRO token, and the cross-chain space is likely to maintain high growth momentum. Additionally, we will cross-validate by comparing with Layer 1 protocols like Ethereum and Solana. Market Cap to Transaction Volume Ratio (MCTx) First, we establish a reference Market Cap to Transaction Volume Ratio (MCTx) using Wormhole, Axelar, and ZetaChain as benchmarks compared to LayerZero. These four protocols all focus on cross-chain messaging and have released tokens in the past 12 months. We use data from the third quarter of 2024 as the observation window, tracking their average daily transaction volume and market cap, as this period is far from any short-term transaction volume spikes. Market Cap to Cross-Chain Transaction Volume Ratio The MCTx ratio for comparable projects ranges between 50 and 100, while LayerZero's current ratio is lower. One reason could be that the circulating supply of $ZRO is relatively low, which is related to its later TGE issuance and first-year unlock schedule. Another factor may be that compared to other projects, the utility of $ZRO is relatively limited. For example, AXL and ZETA tokens not only facilitate cross-chain transactions but also support the operation of their respective blockchains. We expect that as the industry evolves, the MCTx ratio will converge among leading projects, and transaction volume will become the primary driver of protocol value. In the following example, we use a MCTx ratio of 50 for illustration. The next step is to create a scenario for LayerZero's future transaction volume. In the second part of our coverage on LayerZero, we estimate that the current cross-chain transaction/message volume is approximately 3.5 million per month (roughly 120,000 per day), with LayerZero capturing 25% to 30% market share. We also anticipate that due to on-chain liquidity scaling and an increase in the number of chains, the industry's annual transaction volume growth will reach around 100%. Based on these parameters, readers can develop assumptions for LayerZero's future 3-year transaction volume scenarios based on different industry growth rates and LayerZero's market share composition. In this process, readers may need to estimate daily transaction volumes under different scenarios and apply the MCTx ratio to derive an estimated range of ZRO's market cap at specific time points. LayerZero Future Three-Year Transaction Volume By applying a 50 MCTx ratio, we can convert each daily transaction volume scenario into a market cap estimate. This resulted in a market cap prediction for the $ZRO token over the next three years of $20 billion in the most conservative scenario and $470 billion in the most optimistic scenario. LayerZero Market Cap Estimate Over the Next Three Years To derive the present value of $ZRO, we introduced additional assumptions: a circulating supply of 65% for the $ZRO token and applied a 35% discount rate to adjust for future value. Based on these parameters, we calculated the current estimated value of the $ZRO token for each scenario. Potential $ZRO Token Prices on LayerZero Keep in mind that the method described above is just one of many possible ways to evaluate the value of $ZRO. The estimated value of $ZRO is highly sensitive to multiple factors, including the cross-chain industry's future growth rate and LayerZero's market share within it. The future trajectory of this industry will largely depend on the broader cryptocurrency market environment, which itself is highly volatile. Additionally, LayerZero's market share will be influenced by its ability to provide robust, user-retaining technology and effectively capitalize on emerging business opportunities. Triangle Measurement of MCTx Ratio As an additional reference, the MCTx ratio used in the previous section can undergo a triangle measurement. One approach is to convert the MCTx ratio into an MCTx fee ratio and compare it with leading infrastructure projects like Ethereum and Solana. In the first part of our LayerZero analysis, we estimated LayerZero's average transaction fee to be around $0.70. Based on this data, a scenario with an MCTx ratio of 50 (i.e., $1,000 daily) results in an MCTx fee ratio of 196. This makes LayerZero's three-year MCTx fee ratio close to the current ratios of Ethereum and Solana, which are 250 and 226, respectively. This similarity also implies that $ZRO needs to become a core part of the LayerZero ecosystem, just like $ETH and $SOL are in their respective networks, in order to support the rationale for its multiples. Whether $ZRO can achieve this remains a contentious topic, with arguments on both sides. Main points of support may include: · Cross-chain protocols and Layer 1 projects generate protocol revenue by collecting transaction fees and paying fees to validator nodes. · With the recent introduction of the EigenLayer partnership, the $ZRO token may play a significant role in LayerZero's DVN operation, similar to how $ETH and $SOL are utilized in their respective networks. Market Cap vs. Transaction Fees Comparison Counterarguments: Possible counterpoints may include: · $ZRO is not yet the default transaction fee payment token: Currently, $ZRO is not the default fee token for all transactions, thus its widespread adoption remains limited. · Fee switching introduces uncertainty: The fee-switching feature introduces uncertainty for users and developers, potentially impacting their decision-making, especially if fee structures change frequently. · $ZRO is currently not used as a "transaction currency": $ZRO currently serves only as a protocol fee payment tool and has not evolved into a widely used transaction currency. Therefore, its primary token function for cross-chain transactions has not yet been fully realized. · $ZRO is not the sole token available for DVN staking: While $ZRO plays a crucial role in the LayerZero ecosystem, it is not the only token available for DVN staking, limiting its exclusivity in certain contexts. Varied perspectives on these factors may influence market participants' assessment of the MCTx fee ratio and MCTx transaction volume ratio, thus leading to adjustments based on different assumptions regarding $ZRO's future role. Other Risks to Consider Resilience of LayerZero V2 Architecture The LayerZero V2 was launched in December 2023 and has not reported any security vulnerabilities to date. The protocol's confidence in its design is reflected in its $15 million bug bounty, which is among the highest in the industry. One of the core principles of the LayerZero security model is that there is no collusion between the DVN (Decentralized Validation Network) and Executors. So far, this design has worked well, partly because Executors are fully operated by LayerZero, while the DVN remains decentralized. However, as LayerZero begins to allow external parties to build Executors, the possibility of collusion has increased. Furthermore, as more projects adopt LayerZero as their primary cross-chain asset transfer and governance infrastructure, malicious actors will have an increasing incentive to attack the network. A security breach could significantly damage LayerZero's growth trajectory, slow down future development, and have a negative impact on the value of the $ZRO token. Deployment of $ZRO Utility By the end of 2024, the full utility of $ZRO has not yet been realized. The high expectations for $ZRO need to be supported through actual usage, such as: · Semi-annual Fee Switch Voting: Introducing a fee switch voting mechanism to enhance the value accrual expectation for token holders. · Defaulting $ZRO as Fee Currency: Increasing the amount of $ZRO held in decentralized applications (dApps) and improving fund velocity. · Adoption of $ZRO as a General Transaction Currency: Expanding the use cases of $ZRO to make it not only used internally in LayerZero but also accepted widely as a cross-chain token. If these utility goals are achieved, it will significantly elevate the role of the $ZRO token within the LayerZero network. However, as technology advances, LayerZero will face not only development challenges but also strategic efforts in user engagement, partnerships, and ecosystem incentives to comprehensively integrate these utilities. Summary The $ZRO token is planned to become a core part of the LayerZero ecosystem, providing key utility for governance, protocol fees, and DVN staking. Furthermore, as the protocol evolves, the role of $ZRO is expected to further expand, potentially becoming a widely used cross-chain transaction currency. We anticipate that in the next three years, both LayerZero and $ZRO utility will go through a rapid growth phase. While $ZRO currently lacks direct utility, we have outlined a potential valuation model that helps readers provide context for future protocol development and assess the role of $ZRO in the protocol's future through predictions of the MCTx ratio and future protocol transaction volume. Original Article Link
LayerZero opens the "Whether to activate the LayerZero protocol fee switch" proposal vote
On December 20th, LayerZero started the proposal vote for "whether to activate the LayerZero protocol fee switch." This proposal will determine whether LayerZero will start charging a protocol fee for each message, and the collected protocol fee will be used to repurchase and destroy ZRO to reduce its circulation. Currently, messages between Arbitrum and Optimism require a DVN/executor fee of 0.01 USD. If the proposal is passed, an additional protocol fee of 0.01 USD will be charged, bringing the total cost to 0.02 USD. The 0.01 USD protocol fee will be collected in the funding contract, which will automatically repurchase and destroy ZRO.
The proposal from LayerZero regarding "turning on the cost switch" has entered the voting stage
The proposal about "turning on the cost switch" by LayerZero has entered the voting stage. According to previous official document descriptions, ZRO holders will always control the accumulation of protocol fees. An immutable voting contract enforces a public on-chain referendum every six months, allowing ZRO holders to vote on whether to enable or disable the fee switch of the protocol. LayerZero Protocol may charge fees equal to the total cost of verifying and executing cross-chain messages. For example, if an application's chosen DVN and executor configuration charges $0.01 for transactions between Arbitrum and Optimism, then LayerZero can also charge a fee of $0.01. If the cost switch is activated through governance, then the referendum treasury contract will collect fees on local chains and destroy these fees.
LayerZero will conduct an on-chain referendum on December 19th to decide whether to enable the protocol fee switch
Risitas Capital shared a post stating that LayerZero (ZRO) will hold a public referendum on December 19 to initiate fee conversion. According to previous official documents, ZRO holders will always control the accumulation of protocol fees. An immutable voting contract enforces a public on-chain vote every six months, allowing ZRO holders to vote on whether to enable or disable the protocol's fee switch. The LayerZero protocol may charge fees equal to the total cost of validating and executing cross-chain messages. For example, if the chosen DVN and executor configuration charges $0.01 for transactions between Arbitrum and Optimism, then LayerZero can also charge a $0.01 fee. If the fee switch is activated through governance, then the referendum treasury contract will collect fees on the local chain and destroy these fees.
LayerZero helps Ondo Finance achieve cross-chain transfer of US Treasuries
LayerZero is a full-chain interoperability protocol designed for lightweight messaging across chains. LayerZero provides trusted and secure messaging with configurable trustlessness. On November 27th, Ondo Finance and LayerZero reached a cooperation agreement to integrate LayerZero technology to achieve the free transfer of the US Treasuries token product USDY on chains such as Ethereum, Arbitrum, and Mantle. Ondo Finance currently manages over $600 million in locked positions and is one of the largest RWA (Real World Assets) platforms in the crypto space, offering returns backed by US Treasury bonds. LayerZero provides institutional-grade security and uses Distributed Verification Networks (DVNs) to ensure the security and efficiency of asset transfers. Additionally, users can now seamlessly transfer USDY assets across multiple chains through LayerZero-supported native bridging and Stargate Finance.
ZRO surged to $6.7, continuing to set a new historical high
Market data, ZRO surged to $6.7, setting a new historical high. It has now fallen back to $6.397, with a 24-hour increase of over 28%.
A certain whale is suspected of selling 400,000 ZRO for profit
According to on-chain analyst ai_9684xtpa, as ZRO hit a record high of $6.7 today, the address "0x504...5B566" is suspected of selling 400,000 ZRO that were bought five months ago. If all are sold, it will make a profit of $780,000. The cost price was $4.54 and this time the recharge price is $6.49, yielding a return rate of 43%.
Avalon Labs launches Bitcoin-backed USDa stablecoin
Avalon Labs has introduced USDa, a new stablecoin backed by Bitcoin, designed to unlock liquidity for Bitcoin (CRYPTO:BTC) holders without requiring them to sell their holdings. Built on LayerZero's (CRYPTO:ZRO) cross-chain technology, USDa aims to integrate Bitcoin as an active source of liquidity within both decentralised (DeFi) and centralised (CeFi) financial systems. USDa enables Bitcoin holders to collateralise their assets in return for stablecoin liquidity at a fixed borrowing rate of 8%. This approach allows holders to participate in yield-generating activities in DeFi protocols while maintaining ownership of their Bitcoin. Avalon Labs has designed the USDa supply to scale proportionally with the Bitcoin collateral, a measure intended to maintain the stablecoin’s 1:1 peg with USDT and reduce the risk of depegging. However, its performance in fluctuating market conditions will be closely observed. To ensure security and transparency, Avalon Labs has partnered with custodians such as Cobo, Ceffu, and Coinbase Prime. These partnerships provide institutional-grade custody solutions with publicly accessible addresses for both retail and institutional users. Avalon Labs’ development of USDa comes as the crypto industry continues to explore Bitcoin-backed financial instruments. These developments aim to enhance liquidity and expand Bitcoin’s role beyond a passive store of value. The introduction of USDa could set a precedent for similar solutions within the digital asset space, fostering broader participation in DeFi and CeFi. Industry experts are expected to discuss these advancements at Benzinga's Future of Digital Assets event on November 19, where leaders will examine the implications of Bitcoin’s growing role in financial frameworks. At the time of reporting, the Bitcoin price was $87,467.01.
Messari: State of LayerZero Q3
State of @LayerZero_Fndn Q3 -Launched CryptoEconomic DVN Framework with Eigen Labs - lzCatalyst to invest $300M in omnichain projects - BitGo expands WBTC to BNB Chain & Avalanche via LayerZero QoQ Metrics📊 - ZRO token price ⬆️ 37.2% to $4.57 (sybil-resistant token launch) - Avg. value transferred 161% to $1,668/message Read the report https://messari.co/48CaRbb
Watch Out: 5 Altcoins in South Korea See Trading Volume Boom – Here’s the List
South Korea’s largest cryptocurrency exchange Upbit has recorded dramatic increases in trading volumes for several altcoins. These notable increases observed on the one-hour and four-hour trading charts indicate high activity, which contrasts with trends on global platforms like Binance. One of the notable moves was seen on Beam (BEAM). On its four-hour chart, BEAM’s trading volume on Upbit skyrocketed to $63 million, a 212.77% increase from its 50-period average of $20 million. However, the picture was quite different on Binance, where BEAM’s volume dropped by 39.80% from an average of $6 million to $4 million. Another token that caught our attention was LayerZero (ZRO). On the one-hour chart, ZRO saw an explosive 365.80% increase on Upbit, with trading volumes reaching $190,000 compared to an average of $41,000. Binance saw a more modest 45.63% increase, with volumes rising from $97,000 to $141,000. Related News Arthur Hayes Reveals His Preferred Altcoin Instead of Ethereum: Warns Cryptocurrency Market About US Elections Bounce Token (AUCTION) also saw a significant increase in trading volume on Upbit, rising 246.49% from an average of $3,000 to $11,000 on the one-hour chart. Again, the movement on Binance differed significantly with a 56.76% decrease in volume, falling from an average of $4,000 to just $2,000. Theta Fuel (TFUEL) followed a trend of significant volume increases on Upbit, rising 339.14% in a one-hour period, from an average of $418,000 to $2 million. On Binance, volume slightly decreased, dropping 3.38% to $471,000 from an average of $488,000. Stargate Finance (STG) contributed to this pattern with a 165.54% increase in trading volume on Upbit, rising from $137,000 to $363,000 in a one-hour time frame. Meanwhile, Binance saw a 19.60% drop, with STG volumes falling from $175,000 to $140,000. *This is not investment advice.
RAVE Trade will be launched on the Initia application chain
On October 30th, RAVE Trade perpetual contract agreement is about to be launched on the Initia application chain. The application chain is supported by Celestia and Layerzero. Users can use alternative assets, stablecoins, LST, and even insurance fund tokens as collateral while trading perpetual contracts, continuing to accumulate profits and maximizing the capital efficiency of traders.
GSR deposited $1.03 million in ZRO, $1.33 million in ARB, 12.5 million USDT and $437,000 in API3 to CEX
The Data Nerd has monitored multiple deposits by GSR to Binance, Bybit, and Kraken in the past 24 hours: 250,000 ZRO coins (approximately $1.03 million USD) and 2.2 million ARB coins (approximately $1.33 million USD) were deposited into Binance. 12.5 million USDT were deposited into Kraken, Bybit, and Binance. 240,000 API3 coins (approximately $437,000 USD) were deposited into Binance.
Hyperliquid prepares for HYPE token launch, EVM rollout on mainnet
The Hyper Foundation, established to support the growth of the Hyperliquid blockchain, is preparing to conduct the genesis distribution of its native token HYPE. The new token is a first step toward proof-of-stake consensus and the launch of an Ethereum Virtual Machine (EVM) on the layer-1 blockchain’s mainnet. A roadmap leading to many services Hyper’s flagship product is the Hyperliquid decentralized order book-based perpetual trading platform, which is the world’s biggest by volume at over $1 billion in daily trading in 145 pairs. It has more than 200,000 users. The launch of the HyperEVM will grant users access to a deeper liquidity pool and additional instruments. The foundation said on X: “Hyperliquid's order books already provide the deepest and most robust on-chain liquidity for a wide spectrum of assets. […] A native token is essential for the HyperBFT [Byzantine fault tolerance] proof-of-stake consensus, the HyperEVM, and further developments on the roadmap.” That roadmap includes spot trading and permissionless liquidity, among other things. LayerZero’s ZRO was the first perpetual trade to launch on Hyperliquid in September 2023. Source: Hyper Foundation Combining centralized convenience with DeFi trustlessness Hyperliquid offers trades with “instant finality in began supporting builder codes in September to allow developers to monetize applications. Source: Rhadamant Memes Hyperliquid was founded by Jeff Yan, who ran Chameleon Trading. He told the Flirting with Models podcast in May 2023: “You’d like something that’s centralized that you’d rather not have to trust. […] There is this thing, Hyperliquid. […] Fundamentally nothing is barring the same liquidity, tight spreads, instant confirmations, epsilon gas, basically gas to the extent of preventing DDoS, but the chain itself can handle 10s of 1,000s of orders per second without an issue. Everything’s transparent. Everything’s onchain. Everything is a transaction.” Participants have until Nov. 11 to sign up for the first distribution. The date for the airdrop will be disclosed on Nov. 29. User can also optionally obtain a Hypurr non-fungible token (NFT) with no commercial value to commemorate the launch of the HyperEVM on mainnet. Magazine: Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market
Hyperliquid prepares for HYPE token launch, EVM rollout on mainnet
The Hyper Foundation has been established to support the growth of the Hyperliquid blockchain. It is preparing to conduct the genesis distribution of its native token HYPE. The new token is the first step toward proof-of-stake consensus and the launch of an Ethereum virtual machine (EVM) on the layer-1 blockchain’s mainnet. A roadmap leading to many services Hyper’s flagship product is the Hyperliquid decentralized order book-based perpetual trading platform, which is the world’s largest by volume at over $1 billion in daily trading in 145 pairs. It has over 200,000 users. The launch of the HyperEVM will grant users access to a deeper liquidity pool and additional instruments. The foundation said on X: “Hyperliquid's order books already provide the deepest and most robust on-chain liquidity for a wide spectrum of assets. […] A native token is essential for the HyperBFT [Byzantine fault tolerance] proof-of-stake consensus, the HyperEVM, and further developments on the roadmap.” That roadmap includes spot trading and permissionless liquidity, among other things. LayerZero’s ZRO was the first perpetual trade to launch on Hyperliquid in September 2023. Source: Hyper Foundation Combining centralized convenience with DeFi trustlessness Hyperliquid offers trades with “instant finality in began supporting builder codes in September to allow developers to monetize applications. Source: Rhadamant Memes Hyperliquid was founded by Jeff Yan, who ran Chameleon Trading. He told the Flirting with Models podcast in May 2023: “You’d like something that’s centralized that you’d rather not have to trust. […] There is this thing, Hyperliquid. […] Fundamentally nothing is barring the same liquidity, tight spreads, instant confirmations, epsilon gas, basically gas to the extent of preventing DDoS, but the chain itself can handle 10s of 1,000s of orders per second without an issue. Everything’s transparent. Everything’s onchain. Everything is a transaction.” Participants have until Nov. 11 to sign up for the genesis distribution. The date for the airdrop will be disclosed on Nov. 29. User can also optionally obtain a Hypurr non-fungible token (NFT) with no commercial value to commemorate the launch of the HyperEVM on mainnet. Magazine: Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market
A new path for cross-chain information: LayerZero and EigenLayer launch CryptoEconomic DVN framework
Original author: YBB Capital Researcher Ac-Core TL;DR The CryptoEconomic DVN Framework combines LayerZero’s cross-chain messaging with EigenLayer’s economic security and incentives. The DVN framework operates through a structured process with three main phases: verification, veto, and punishment; LayerZero chose to work with EigenLayer to further deepen the decentralization of its DVN, accepting ETH, ZRO, and EIGEN as collateral assets while also bringing new growth flywheels to both tokens; The CryptoEconomic DVN Framework may help improve the security of the entire chain in the future. 1. Understanding the narrative background: Iterative upgrades of EigenLayer and LayerZero Image source: LayerZero Official According to a news release on October 2, 2024, LayerZero Labs and Eigen Labs have jointly launched a crypto-economic decentralized verification network (DVN) framework, which aims to provide crypto-economic security for full-chain messaging. Under this framework, developers can not only deploy their own DVN on EigenLayer, but also enhance the security and reliability of cross-chain messaging by introducing incentive mechanisms. To quickly summarize in one sentence, the CoyptoEconomicDVN framework combines the cross-chain security mechanism of LayerZero with the dual protection of EigenLayers re-staking encryption. Its core purpose is to use EigenLayers crypto-economic model to provide higher security and incentives for the decentralized verification network (DVN). 1.1 Step 1: CryptoEconomic DVN’s cross-chain mechanism paves the way for LayerZero V2 LayerZero is not only an asset cross-chain but also a trustless cross-chain communication protocol. It separates the ultimate trust link through repeaters and oracles, that is, it realizes cross-chain messages through a super light node mechanism. The core design of the LayerZero V2 architecture can be divided into three categories: protocols, standards, and infrastructure. 1. Protocol The protocol portion of LayerZero is consistent across all supported blockchains and is immutable and permissionless, ensuring censorship resistance and long-term stability. This portion consists of two main components: Endpoints: These are immutable, non-upgradeable smart contracts on each blockchain and are at the heart of the LayerZero protocol. Endpoints provide a standardized interface for applications to manage security configurations and send/receive messages across chains. Due to the immutability of endpoints, once they are deployed, no entity can modify them; MessageLibs: Message libraries are connected to endpoints and are responsible for handling cross-chain message verification and communication. Each message library update is additive and does not replace the old version, so that even if the protocol needs to be upgraded, developers can still choose to use the old message library to ensure backward compatibility. This is similar to different versions of smart contracts on the blockchain, and users can choose different versions to use as needed. Image source: LayerZero endpoint description 2. Standards The standards provided by LayerZero allow developers to build applications and tokens that run consistently across multiple blockchains, achieving cross-chain “unified semantics”, meaning that applications or tokens behave the same across different blockchains. These standards help simplify the development process and ensure consistency and scalability of cross-chain applications. Contract Standards: LayerZero provides standards such as OApp (Omnichain Application) and OFT (Omnichain Token), which extend existing smart contract standards (for example, OFT is an extension of the ERC-20 standard), allowing developers to quickly create applications and tokens that can run on all LayerZero-supported blockchains; Message Packets: used to transfer data and commands between blockchains. Message packets contain elements to prevent replay attacks and incorrect routing (such as Nonce, source/target chain ID, unique identifier), and contain the actual command or data payload to be executed on the target chain. This message format can adapt to various blockchain environments (including EVM and non-EVM chains, public chains and private chains), ensuring the accuracy and security of cross-chain information transmission; Design Patterns: LayerZero provides a series of design patterns (such as AB, ABA, and combined AB) that provide developers with the basic building blocks for cross-chain applications and simplify the process of developing complex cross-chain interactions. These patterns can help developers create a more concise and efficient user experience, such as completing cross-chain bridging and exchange of tokens in one transaction. Image source: Combinatorial ABA design pattern 3. Infrastructure LayerZeros infrastructure layer is fully open and modular, and any entity can join the LayerZero network to verify and execute transactions. This design enables applications to choose different verification and execution methods according to their needs to achieve the optimal balance in terms of security, cost, speed, etc. Decentralized Verification Networks (DVNs): These networks verify cross-chain messages, and any entity that can verify cross-chain data packets can join LayerZero as a DVN. This decentralized design allows applications to choose the right combination of validators to avoid being locked into a single validator network. Currently, there are 15+ DVNs participating in LayerZero, including the zkLight client provided by Google Cloud and Polyhedra; Executors: Any entity can run an executor, which is responsible for ensuring the smooth execution of cross-chain messages on the target chain. Executors simplify the user experience, allowing users to only pay gas fees on the source chain without having to perform additional operations on the target chain. Applications can choose one or more executors based on their needs, and can even build their own executors or choose to manually execute cross-chain messages; Security Stack: Each application can configure a unique security stack based on its needs, including the selection of DVNs, executors, and other security preferences. The security stack allows applications to choose how to verify cross-chain messages and make adjustments when necessary, providing a highly customized security solution and avoiding being locked into a single security model. To better understand the CryptoEconomic DVN Framework, here is some additional information about LayerZero V2 DVN: Decentralized verification networks (DVNs) are used to verify messages transmitted between different blockchain networks. Each application built on LayerZero can customize its security stack by choosing DVNs. The key points are: 1. DVNs: These entities are responsible for verifying cross-chain messages and ensuring their security and integrity. Developers can configure which DVNs to use as needed and set optional verification thresholds. 2. Openness: Anyone can create or develop a DVN, which provides a variety of verification options. DVNs can include validators, signers, or adopt advanced technologies such as zero-knowledge proofs (ZKP) and intermediate chains. 3. Customizable security: Applications can choose different DVNs based on their security needs. Unlike the one-size-fits-all model of other protocols, this flexibility enables applications to adjust security settings as needed, reducing costs and risks. 4. DVN combination: Through the X of Y of N configuration, applications can choose multiple DVNs to verify messages. For example, a “1 of 3 of 5” configuration would require one specific DVN and two other validators chosen from among the five DVNs. Image source: DVNs position in the V2 architecture 1.2 Part 2: CryptoEconomic DVN’s Cryptoeconomic Security EigenLayer EigenLayer consists of a series of smart contracts that allow users to choose to re-stake their ETH or Liquidity Staking Tokens (LST) to guide new Proof of Stake (PoS) networks and services in the Ethereum ecosystem, obtain additional staking income/rewards, and provide security and decentralization attributes for other modular components and blockchain networks. Simply put, its essence is to sell the security of Ethereum. EigenLayer has created five categories: native re-staking, LRT, AVS, super-large-scale Rollups, and committed applications. 1. Native re-staking Ability to input multiple commitments for verification at the same time, measure the cryptoeconomic bandwidth consumed by each commitment, and ensure that all commitments are solvent. The essence is Ethereums Elastic Extension of Security (ES 2). If the conditions of each AVS are met, they can all be secure; 2. Liquidity Re-Pledge LRT is a mechanism where Liquidity Restaking Tokens (LRTs) are similar to Liquidity Staking Tokens (LSD) on Ethereum, which are tokenized representations of assets stored on EigenLayer, thereby unlocking the liquidity that was originally locked; 3. AVS Economy The core of EienLayer is the collection of decentralized systems that can be built, and the ability to pair the technology with a certain degree of decentralized trust architecture. The AVS-centric roadmap ensures that permissionless decentralized services can be integrated to build any application and create different categories and customized AVS on Eigenlayer; 4. Large-Scale Rollups Most crypto application development is still limited by block space. There is no corresponding concept of cloud space, which will expand according to demand. EigenDA, for example, is a mechanism for infinitely scaling bandwidth and enables a variety of new use cases that were not possible before: converting the cloud to crypto; 5. Have a trustworthy application Eigenlayer was built to maximize the number of commitments. EigenLayer + Ethereum provides Ethereum-level diversity and verifiable commitments. For example: 1. Maximizing the increase effect through EigenDA; 2. Achieving diversity through open innovation in Eigenlayer AVS; 3. Introducing off-chain verifiability into the on-chain mechanism to achieve verifiable computing. 2. Token economy empowerment, LayerZero x EigenLayer dual cooperation, ZRO and EIGEN can be used as collateral assets Image source: Explaining the process of staking, verification, veto and punishment Long story short, CryptoEconomic Distributed Verification Networks (DVNs) improve cross-chain security in three key ways: Cryptoeconomic security: DVNs introduce a penalty mechanism (Slashing). When a DVN behaves maliciously or makes mistakes, its staked assets will be punished. This economic model ensures that DVN has sufficient economic incentives to maintain correct behavior, because improper behavior will result in significant economic losses, thereby promoting its sense of responsibility and security; AVS-defined security: Each Active Verification Service (AVS) defines the types of assets that can be staked and their penalty conditions. This flexibility allows different types of DVNs (such as ZKP-based, Middlechain-based, or Proof-of-Authority DVNs) to enhance their security through additional staking guarantees, further increasing the economic deterrent against malicious behavior; Permissionless security: Anyone can contribute to the security of DVN by staking assets, which makes the system more open and participatory. DVNs can choose any asset (such as ZRO, ETH, EIGEN) to support their network, broadening security options and enhancing decentralization. The CryptoEconomic DVN framework is an open source system that aims to enhance the security of the decentralized verification network (DVN) through economic incentives tied to tokens. It relies on LayerZeros DVN verification messages and adds an additional layer of security. Specifically, four key mechanisms are used to protect LayerZeros cross-chain messaging: staking, verification, veto, and punishment. Staking: Validators (stakers) lock tokens such as ZRO, EIGEN, or ETH in the DVN’s Active Validation Set (AVS) as collateral. Staking funds incentivize validators to act honestly, because if they misbehave, the staked assets may be punished (slashed); Verification: A user or application can trigger a cross-chain round-trip message (Ethereum → source chain → target chain → Ethereum) to verify that the hash value recorded by the DVN matches the hash value recorded on the chain. If they match, the process ends; Veto: If a mismatch is found, a veto process is initiated, allowing token holders to vote on whether to penalize (slash) DVNs stake. This step prevents false slashing due to non-malicious errors such as blockchain reorganizations, as reorganizations may cause data packets to mismatch, but DVN may actually be honest; Penalty: If the veto fails and DVN is confirmed to have malicious behavior or verification errors, the DVN staked assets will be slashed. The framework is divided into three phases: Phase 1: Verification – Messages are verified on multiple chains, using independent DVNs to ensure fairness; Phase 2: Veto – If a discrepancy is found, the veto contract is triggered and holders vote on whether to slash their DVN stake. Phase 3: Punishment – If the veto fails, DVN’s staked assets will be slashed due to malicious behavior or incorrect verification. 3. Views on CryptoEconomic DVN Framework Today, the Ethereum infrastructure is becoming more complete, and the multi-chain structure has become a foregone conclusion. The communication security issue between different chains is still a challenge that cannot be ignored. The main innovation of the CryptoEconomic DVN Framework is that it provides core components for DVN through AVS, defines the pledged assets and penalty mechanism. In the long run, it may help improve the security of the entire chain, but the uncertain impact it brings is also a common problem in the industry. How to find a balance between security and flexibility is a problem that needs to be solved in the future. There is no doubt that the CryptoEconomic DVN Framework is a two-way empowerment cooperation between LayerZero Labs and Eigen Labs. From a technical perspective, it provides protection through staking, penalty mechanisms, verification and veto mechanisms; but from an economic benefit perspective, this is still a nesting doll operation of PoS staking income. LayerZero chose to work with EigenLayer to further deepen the decentralization of its DVN, accepting ETH, ZRO and EIGEN as collateral assets while also bringing new growth flywheels to both tokens. LayerZero provides technology and EigenLayer provides funding. The cooperation between the two parties allows validators to be rewarded and encourages honest behavior in this economic system. Reference articles: (1) LayerZero V2 Deep Dive (2) LayerZero x EigenLayer: The CryptoEconomic DVN Framework
A suspected PORTAL market maker address withdrew $2.6 million worth of ZRO from CEX three hours ago
According to @ai_9684xtpa's monitoring, three hours ago, a suspected PORTAL market maker address withdrew $2.6 million worth of ZRO from CEX, making it the second largest asset held by this address ($4.03 million). The top one is AVAX ($13.42 million). Prior to this, there had been no ZRO interaction with this address for over a month.
LayerZero and Eigen Labs boost cross-chain transaction security
LayerZero Labs and Eigen Labs have partnered to create the Cryptoeconomic Decentralized Verifier Networks (DVNs) Framework, designed to improve the security of cross-chain transactions. The new system leverages financial incentives and technical verification to safeguard cross-chain messaging. According to a blog post from LayerZero on October 2, this collaboration addresses challenges such as limited security participation and a lack of economic incentives in existing systems. DVNs allow verifiers to stake assets like Ethereum (CRYPTO:ETH) or native tokens such as EIGEN (CRYPTO:EIGEN) or ZRO (CRYPTO:ZRO) as collateral. If a verifier acts dishonestly or makes mistakes, the staked assets can be slashed, ensuring the system's integrity. The process consists of four primary mechanisms: staking assets, sending and verifying messages across blockchains, voting to veto staked assets if discrepancies are found, and slashing assets in case of malicious behavior. These mechanisms aim to create a more secure environment for decentralized cross-chain communication. Eigen Labs highlighted that the re-staking primitive in EigenLayer allows anyone to stake their assets, further adding a layer of security to omnichannel messaging. The system's flexibility enables application-specific DVNs with customizable security parameters, encouraging wider participation in securing blockchain transactions. The open-source nature of the DVN framework allows other teams to launch their own networks using their preferred assets for staking, expanding the potential use cases. As more entities adopt this framework, LayerZero Labs anticipates that blockchain communication will increasingly emphasize trust, transparency, and accountability. At the time of reporting, EigenLayer has a total value locked (TVL) of $10.8 billion, though this has declined by 50% over the past four months, according to DeFiLlama. The new DVN system is expected to bring more stability and security to cross-chain interactions, reinforcing trust in blockchain technology.
LayerZero Labs, Eigen Labs raise the stakes on cross-chain transactions
The team behind Ethereum re-staking protocol EigenLayer and cross-chain messaging protocol LayerZero have introduced a new system to make cross-chain communication more secure. In a blog post on Oct. 2, LayerZero Labs announced the partnership with Eigen Labs and introduced a framework for “CryptoEconomic Decentralized Verifier Networks” (DVNs). The system combines technical verification with financial incentives to ensure secure cross-chain messaging. It solves several issues regarding cross-chain security, such as lack of economic incentives to ensure trust, limited participation in security, and inflexibility in security models. DVNs leverage cryptoeconomic security, where verifiers stake assets that can be taken away or “slashed” if they act dishonestly or make mistakes. The system has four primary mechanisms to ensure cross-chain communication security. Verifiers lock up or stake assets like ETH , or other tokens such as the protocol’s native assets EIGEN or ZRO, as collateral. Messages are then sent and verified across blockchains. If a discrepancy is found, tokenholders can vote on whether to veto the staked assets. Finally, if malicious behavior is confirmed, the staked assets are taken away or slashed. Stake, verify, veto, slash process for DVNs. Source: LayerZero Labs The benefits of the system include increased security for cross-chain messaging, financial incentives for honest behavior, inclusion of any network to contribute by staking assets, and flexibility with various verification methods, according to the blog post. The framework is open source, which allows other teams to launch their own DVNs using their preferred assets to stake. This enables application-specific DVNs with customizable security parameters. Eigen Labs explained in a blog post that previously, the security of verifying omnichannel messages was solely based on the network’s verification mechanisms. “But now, with Eigenlayer’s re-staking primitive, anyone can stake their assets to provide an extra layer of security,” it added. Interoperability protocol LayerZero is a marketplace for DVN verifiers, with 35 entities currently participating, including zk-proof-based teams like Polyhedra, multi-bridge attestations from Hashi, and oracles like Google Cloud, it stated. Related: EigenLayer’s EIGEN cracks top 100 market rank in trading debut LayerZero Labs concluded that, as this framework is adopted, the future of blockchain communication will be “defined by trust, transparency, and accountability bringing us closer to a world where every message across blockchains is secured by cryptoeconomics.” EigenLayer currently has $10.8 billion in total value locked; however, according to DeFiLlama, that figure has fallen by almost 50% over the past four months. Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?
Cross-chain bridge concept tokens generally rise: AXL 24-hour increase of 21.73%
Bitget market data shows that cross-chain bridge concept tokens are performing strongly, among which: AXL has increased by 21.73% in the last 24 hours, currently priced at $0.71682; W has increased by 18.47% in the last 24 hours, currently priced at $0.3002; ZRO has increased by 8.50% in the last 24 hours, currently priced at $4.979.
Trending Cryptocurrency Tokens on Avalanche Chain Today – LayerZero, Spell Token, PHARAOH
Since adopting Bitcoin as part of its financial strategy in April 2024, Japanese firm Metaplanet has experienced a significant stock surge of 443.2%, far surpassing the performance of other major assets. This sharp increase is largely credited to the company’s bold move to embrace cryptocurrency, which has strengthened investor confidence and increased demand for its stock. Additionally, a crypto analyst has projected that Cardano’s native token, ADA, could rise to $0.50, adding to the market’s growing optimism. Meanwhile, tokens within specific blockchains have also witnessed rallies. This article curates the trending cryptocurrency tokens on Avalanche Chain today . Trending Cryptocurrency Tokens on Avalanche Chain Today LayerZero is a cutting-edge interoperability protocol that links more than 50 blockchains. Spell Token (SPELL) is currently trading at $0.000214, with a market capitalization of $324.71K. The PHARAOH (PHAR) token is valued at $46.255, holding a market cap of $847.86K. Pepe Unchained (PEPU) has gained attention in the crypto community due to its successful presale and future development plans. Additionally, PayPal has expanded its services, enabling merchants to buy and sell cryptocurrencies. 1. LayerZero (ZRO) LayerZero is an innovative interoperability protocol connecting over 50 blockchains. The network empowers developers to build seamless omnichain applications, tokens, and experiences. The protocol operates through immutable on-chain endpoints, a configurable security stack, and a permissionless set of Executors. This framework enables the censorship-resistant transfer of messages between different blockchain networks, providing a more connected and decentralized ecosystem. As of press time, LayerZero trades at $4.704, with a market capitalization of $5.01 million. Over the last 24 hours, its trading volume reached $1.01K, showing an 18.18% increase in activity. The circulating supply is currently at 1.03 million ZRO coins, representing 100% of its total supply. Furthermore, the platform has processed a significant 121.74K transactions, and its volatility index is 0.3713. Although the market liquidity remains modest at $2.7K, the project shows signs of resilience. Regarding price predictions, LayerZero is expected to experience steady growth soon. By September 30, 2024, the ZRO price may climb to $5.79, marking a 20.59% increase. Forecasts for the following week suggest the token could trade within the $5.79 to $7.01 range, with the upper price target indicating a 21.13% rise by October 7, 2024. In conclusion, while the protocol is still evolving, LayerZero demonstrates strong potential for growth. Its bullish market outlook is supported by increasing activity and positive technical indicators. However, market fluctuations could still impact its trajectory. 2. Spell Token (SPELL) Spell Token (SPELL) trades at $0.000214, with a market capitalization of $324.71K. Over the past 24 hours, SPELL has experienced a 51.94% increase in trading volume, reaching $834.78. The circulating supply stands at 1.51 billion SPELL coins, which fully matches the maximum supply available. SPELL’s market indicators show a moderate level of activity. The token has a market cap of $324.71K and liquidity of $9.2K, with 26.45K holders. Over the last 30 days, SPELL has had 17 green days, reflecting some consistency in price gains. Currently, SPELL is trading 6.25% above its 200-day Simple Moving Average (SMA) of $0.000553, which can be a positive signal for future performance. Regarding recent trading activity, SPELL recorded nine transactions within 24 hours. Five were buy orders, amounting to $804.88, while four were sell orders, totaling $29.91. The token’s price during these trades ranged between $0.00014 and $0.00021, with liquidity appearing moderate about its market capitalization. . If it reaches the upper price target, this would result in a significant increase of 368.72%. Spell Token has demonstrated positive performance over the past year, with a 16% price rise. Its current price, positioned above the 200-day SMA, is a bullish indicator, though the token remains somewhat volatile. With moderate liquidity and market cap, the price predictions show potential for further growth. However, investors should remain aware of market risks and fluctuations when considering future investments in SPELL. 3. PHARAOH (PHAR) The PHARAOH (PHAR) token is currently priced at $46.255 USD and has a market capitalization of $847.86K. Additionally, its 24-hour trading volume is $87.54K, reflecting an 18.14% increase over the past day. Moreover, the circulating supply is 18.33K PHAR coins, representing 16.27% of the total supply of 112.62K PHAR. In terms of liquidity, the market holds $621.9K, and the token has a total market cap of $4.98M. Furthermore, the number of holders is 5.1K, and 114.75K transactions have been completed so far. In addition, the coin has a volatility rate of 0.1407, indicating moderate price fluctuations. Looking at recent activity, PHARAOH has shown a 13.06% increase over the last 24 hours. Notably, it has experienced significant weekly growth at 85.63%. Over the past 24 hours, 132 transactions were processed, with 51 buys amounting to $52,710.53 and 81 sell orders totaling $34,834.85. PHARAOH has gained significant traction, with 5.1K holders and over 114.75K total transactions. The token’s liquidity pool consists of 10.93K WAVAX and 6.93K PHAR, representing 6.15% of the total supply pooled. Notably, PHARAOH’s DEXTscore, which assesses project reliability, is strong, with high marks across the board. The Pharaoh Exchange platform has also surpassed $20M in Total Value Locked (TVL), with over $1.15 billion in total trading volume and 581,545 total trades executed by 50,470 traders. This growing activity suggests increasing confidence in the platform. What Might Be The Next Top Trending Crypto? Pepe Unchained (PEPU) has recently garnered attention in the crypto space thanks to its presale success and plans for future development. The project has raised $15.4 million so far, making it a standout among early-stage cryptocurrencies. With its upcoming Layer-2 blockchain specifically designed for meme coins, PEPU could see further growth, particularly with its goal of offering a network 100 times faster than Ethereum. One of the key features of the Pepe Unchained project is the introduction of tools like a block explorer and Ethereum bridging, which could make the platform attractive to meme coin traders and creators. The price of PEPU tokens currently sits at $0.00985, with expectations of further increases as the presale progresses. The project has allocated 40% of its total token supply to presale participants, while 10% is reserved for marketing efforts. Additionally, 7.5% of the supply is set aside for exchange liquidity when PEPU is listed on decentralized exchanges (DEXs). A major draw for investors is PEPU’s double staking protocol, which promises an estimated annual return of 137%. This staking option has already attracted over 1.16 billion PEPU tokens from investors. The project is also launching a developer incentive program, “Frens with Benefits,” which aims to attract blockchain developers to its Layer-2 network. Grants under this program, managed by the “Pepe Council,” are expected to start in Q4 2024. Visit Pepe Unchained Presale Read More Most Trending Cryptocurrency
Filled orders
Delivery scenarios
