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Home > News
Published: 21/03/2024
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Author: Kane
TON Foundation Establishes Ecosystem Development Fund
The TON Foundation has decided to allocate a significant amount of 30 million Toncoin, equivalent to around $120 million (based on the current price of TON), to support projects within the ecosystem.
Azcnews Breaking
The Open Network (TON) – the blockchain platform owning the Toncoin digital currency is striving to accelerate the development of its ecosystem. According to reports from The Block, the TON Foundation – the organization behind the project has announced the establishment of the “The Open League” fund worth up to $115 million aimed at investing and supporting initiatives and applications built on the TON platform, while also encouraging users to participate in testing new solutions.
Specifically, starting from April 1, 2024, The Open League will sponsor competitions within the TON ecosystem, award prizes in the form of locked liquidity tokens, and offer other attractive tasks open to all participants.
The TON Foundation has allocated 650,000 Toncoin (equivalent to $2.6 million) to create liquidity pools on the blockchain. Meanwhile, 550,000 Toncoin ($2.2 million) will be used as prizes for outstanding projects at the ongoing TON Hackathon programming contest.
According to the announcement from the TON Foundation, the Open Network blockchain has witnessed tremendous growth recently, with a 70% surge in total value locked (TVL), paralleled by a 370% increase in trading volume on decentralized exchanges (DEXs) within the ecosystem.
Moreover, TON has also become an ideal breeding ground for many promising emerging projects such as GRAM, RAFF, GLINF, and even popular meme coins seen in leading ecosystems like FISH and REDO.
Related: Toncoin Surges Nearly 40% as Telegram Announces Revenue Sharing
Introduction to TON and Price Movements
Ton
Ton
The Open Network (TON) is an inter-blockchain network developed by Telegram in 2018 after raising $1.7 billion, but it is now managed and developed by the TON Foundation. The TON network utilizes the Proof-of-Stake consensus mechanism and can theoretically scale up to 2^92 interconnected blockchains.
In addition to supporting the issuance of regular tokens, TON also enables the creation of NFTs (unique digital assets), with over 1 million NFTs having been minted on the network. Despite facing a ban from the US government, Telegram decided to hand over the development of TON to the community since then.
Over the past two months, the price of Toncoin has continuously hit new highs, buoyed by positive news such as Telegram confirming the acceptance of Toncoin for advertising payments and revenue sharing, as well as rumors about the potential initial public offering (IPO) of the messaging app in the future.
Recently, the price of Toncoin also saw a slight increase after the announcement of the establishment of the $115 million TON ecosystem development fund.
Chart Ton
Chart Ton
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#TON
#Toncoin
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Home > News
Published: 21/03/2024
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Author: Kane
The Memecoin Fever Spreads to Layer-2 Base
After Solana, Layer-2 Base continued to receive attention as users rushed to "hunt" for memecoins, gas fees on layer-2 Base sometimes reached up to 5 USD per transaction.
Azcnews Breaking
Base, the layer-2 blockchain platform built on Ethereum and developed by the major cryptocurrency exchange Coinbase, is facing significant challenges in handling the abnormally high traffic on its ecosystem.
Recently, the development team issued a warning that the inflow of activity on the Base Mainnet is increasing dramatically, leading to a surge in transaction fees. Some transactions have become stuck due to setting fees too low, while others cannot be canceled.
The explosion of new “memecoin” projects like normie (NORMIE), Briun Armstrong (BRIUN), and brett (BRETT) on Base is believed to be the primary cause of this congestion. Within just one week, the prices of these meme coins have surged fivefold, according to data reflected on DEXTools. The frenzy of memecoin activity has driven Base’s gas fees up to $5 per transaction, while the regular fees typically fluctuate below $1.
Related: Coinbase Offers Freebies for Ethereum NFT Game Parallel
About Base and Its Current TVL
Layer-2 blockchain is a scaling solution designed to improve the performance and scalability of an underlying blockchain, like Ethereum, by processing transactions and smart contracts offline or in a more efficient manner. Popular solutions include state channels, sidechains, optimistic rollups, and zero-knowledge rollups.
Data from DefiLlama shows that Base is currently the third-largest layer-2 ecosystem on Ethereum, with a total value locked (TVL) of nearly $870 million. This figure has risen rapidly over the past week, driven by the spread of the memecoin craze across various blockchains.
Base Tvl
Base Tvl
Statistics from Nansen also indicate that the daily transaction volume on Base has tripled, reaching 600,000 transactions, while the average is typically around 200,000.
Just yesterday (March 20), the trading volume on Base’s DEX set a new record of $359 million, a 53% increase from the previous month. The amount of gas consumed on Base during this period also hit an unprecedented high of 478.24 ETH. Notably, the number of active wallet addresses on a daily basis reached 464,000, with 129,600 new wallets being created.
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Home > News
Published: 21/03/2024
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Author: Leexim
XRP Analyst Maintains $27 Price Target
A renowned analyst has upheld XRP's $27 price target, citing technical similarities to its 2017 rally.
Azcnews (1)
A prominent crypto analyst recently made a prediction that the price of the XRP Ledger’s native token, XRP, could soon reach $27 in the current market cycle. His analysis is based on the agreement between XRP’s current price chart and historical patterns observed in 2017.
Analyst at EGRAG Crypto pointed to a crossover between XRP’s 20-day and 50-day simple moving averages (SMA), a similar technical signal that appeared before the XRP boom of late 2017, before the cryptocurrency climbed to a record high above $3.
Before that, after a 350-day price consolidation period with 49 weekly candles, there was a strong price rally, taking XRP from around $0.20 to a record high of $3.84 in in less than a month. The analyst described this as “a powerful leap, like pushing a rocket ship into the air.”
The analyst also mentioned an alternative scenario in which this model could be more consistent with 2021’s bull run, which would see XRP reach around $1.90, suggesting a less drastic price increase. He emphasized that the price of XRP may be experiencing “something completely new and unexpected”.
Despite these possibilities, EGRAG proposes the first interpretation, with a focus on the possibility of significant upside based on similarities with the 2017 pattern. He further strengthens his argument by highlighting the 10x symmetry in XRP’s price compared to 2017.
As a result, EGRAG reaffirms his $27 price prediction for the cryptocurrency, which has so far failed to prove effective against the overall crypto market, and he advises XRP investors to “stay hold”.
In a technical analysis published last year, one cryptocurrency analyst predicted that XRP’s price could soon see a “super pump,” although he also advised investors to be “cautious.”
Related: XRP Lawsuit Update: Forecast and Prospects
In the article, the analyst applied a technical tool that uses moving averages and standard deviations to highlight potential price movements, called Gaussian Channels, to identify support and resistance levels. Potential resistance for XRP.
He notes that the “adjustment of support and resistance targets” within the range of the Gaussian Channel “reflects the histograms differently,” which adds to their importance. Support levels have been identified at $0.50, between $0.54 and $0.55, and at $0.60.
Currently, XRP is trading near the $0.57 mark after losing about 6% of its value since the beginning of the year. The cryptocurrency has dropped more than 16% in the past week, amid a broader correction in the crypto market.
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News | Altcoin | Editor Choice 21/03/2024
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