Bored Ape Yacht Club Floor Price Slides to Five-Month Low as Prominent Investor Dumps Holdings

Send Time：2024-04-17 06:53:39

SNX, the native token of decentralized liquidity platform Synthetix, rose by 12.5% on Monday following significant outflows from leading digital assets exchange Binance. Volume over the past 24-hours has risen by more than 250% to $96 million, according to CoinMarketCap, with one newly-created wallet withdrawing $7.7 million worth of SNX tokens from Binance, per Lookonchain. The rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnAside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens (LPT), prompting an individual surge of 17.5%. The two assets have seen significant outflows in recent days, with $7.7 million worth of SNX and $3.9 million worth of LPT withdrawn from Binance over the past 24 hours, according to Lookonchain. nnThe rise of the two assets comes during a wider lull in the cryptocurrency market, with Bitcoin and Ethereum trading at range lows. Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside. nnToken outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield. The recent outflows from Binance could be a sign that traders are looking to take advantage of the current market conditions and buy into the two assets at a discount. nnOverall, the recent surge in SNX and LPT could be a sign of a potential trend reversal, with the assets potentially breaking out of their current trading ranges. However, the low liquidity conditions and the wider bearish trend in the cryptocurrency market could also lead to a sharp correction in the assets' prices. As such, traders should exercise caution and conduct thorough research before making any investment decisions.In hindsight, the selling pressure of ether (ETH), Ethereum’s native token, turned out to be a “non-event” following the Shanghai upgrade, which enabled staking redemptions for the first time, according to a report from blockchain analytics firm Nansen. Over a month has passed since the Shanghai upgrade that marked Ethereum’s full transition to a proof-of-stake blockchain, and ETH staking deposits have surpassed withdrawals, making the number of staked ETH climb to 19.55 million at presstime, a new all-time high. As a result, the May 8 report stated “that the elimination of unstaking risks has thus far offset selling pressure from withdrawals.” In the weeks building up to Shanghai, crypto bulls and bears debated extensively about the market’s potential response following the upgrade. The price of ETH has decreased about 8% to $1,851, since April 13 when Shanghai went live, per CoinDesk data. The CoinDesk Market Index, designed to measure the broad performance of the digital asset market, has dropped nearly 10% in the same time period. “Ultimately, withdrawals have been minimal and have thus far been matched with inflows, signaling strong overall confidence from investors in the network and the asset itself,” according to the Nansen report. Crypto exchange Kraken, which complied with regulation from the Securities and Exchanges Commission to end its crypto staking-as-a-service platform for U.S customers in February, had the most withdrawals at over 646,000 ETH, with Coinbase, a rival crypto exchange, trailing behind with more than 376,000 ETH. (Nansen Research) While roughly 73% of the ETH withdrawn from staking has been sent to centralized exchanges (CEXs) like Kraken and Coinbase, the majority of withdrawn ETH is CEXs withdrawing ETH to themselves. “This means that the majority ETH being sent to CEXs is not primarily for selling, but for the exchange’s internal operations,” according to Nansen. Edited by Bradley Keoun.The Dfinity Foundation, a significant contributor to the development of the Internet Computer network, has issued ckBTC, a liquid and cost-efficient 'twin' token backed on a 1:1 basis with bitcoin (BTC). This development brings layer-2 capabilities to Bitcoin, making it faster and cheaper to transact without compromising security. Unlike wrapped tokens controlled by a centralized entity, ckBTC uses canisters – smart contracts for asset transfers – and doesn't require intermediaries or risky cross-chain bridges. With fees set at just 0.0000001 ckBTC, or a few cents, users can enjoy fast and affordable transactions. This development comes as Bitcoin network activity surges, with layer 2 protocols such as Stacks seeing increased demand. The article highlights the potential of ckBTC to revolutionize BTC transactions and unlock new use cases for the Bitcoin network.Traders who have bet on a USDC revival are in healthy profit, but downside risk remains if the stablecoin depegs again. According to DeFiLlama, there are $70.8 million in positions that can be liquidated between $1.00 and 90 cents. Two recently filled positions on Compound are worth $20.7 million and $15.4 million, respectively. If USDC hits 99 cents, the first position will be liquidated, and if it hits 93 cents, the second position will be liquidated. The immediate panic appears to be over with USDC regaining its peg on Monday, but the risk of liquidation remains. Traders using DeFi protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week.South Korean traders are flocking to two lesser-known cryptocurrencies, Solar (SXP) and icon (ICX), driving up trading volumes and prices on local exchanges. According to CoinGecko data, the ICX-Korean won token pair saw over $420 million in trading volume on Upbit, a prominent South Korean exchange, while the SXP-won trading pair saw over $490 million in volume, more than either bitcoin (BTC) or ether (ETH) trading pairs. The surge in interest comes as Binance, the world's largest crypto exchange by trading volume, announced it will support a token migration of SXP in the coming days. ICX is popular in South Korea for its local roots and ability to be used for staking, network governance, and collateralization on decentralized-finance platforms. However, some of the volume may be attributable to wash trading, a manipulative technique in which traders continually buy and sell the same asset to drive up volume. South Korean crypto traders have a history of pushing euphoric rallies on tokens, known as the Kimchi Premium, which can result in prices trading as much as 30% above international prices. Last week saw a similar rally in XRP, with Upbit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour period. Despite the surge in interest, it's important to approach these figures with caution and do your own research before investing.

The Fantom Foundation, the team behind the Fantom blockchain, has removed $2.4 million in liquidity from a trading pool for the native token of Multichain, causing concerns over the cross-chain bridging protocol's stability. According to Etherscan, the foundation removed nearly 450,000 MULTI and 1,363 ETH from a liquidity pool on decentralized exchange SushiSwap. The move comes as users of Multichain report delays in withdrawing their crypto assets from the protocol, which helps them move assets between the Fantom and Ethereum ecosystems. The Fantom Foundation did not immediately respond to a request for comment. The liquidity removal has corresponded with a plummet in MULTI's trading price, which has fallen over 28.5% in the past 24 hours to $5.04. Other top holders of Multichain's governance token have been sending it to exchanges, including one whale with 494,200 tokens worth $2.75 million and digital asset firm Hashkey Capital, whose position was worth $221,000 at the time. The major on-chain moves have raised concerns over the stability of the Multichain protocol and the Fantom blockchain as a whole. The Fantom Foundation has not yet commented on the situation.Liquidity across bitcoin trading pairs has slumped and failed to recover since the collapse of FTX in November. The apparent exit or reduction in trading by Jane Street and Jump Crypto, two influential cryptocurrency market makers, has the potential to disrupt the fragile flow of liquidity across the industry. Jane Street and Jump are paring back crypto trading in the U.S., amid the regulatory clampdown that spawned out of FTX's collapse. Jump's crypto division will continue to expand globally while Jane Street will scale back on its growth plans. The news is not necessarily surprising given recent developments, but what's concerning is that liquidity has still not recovered from Alameda's collapse, and a slowdown with two of the biggest surviving market makers could weigh on liquidity even further. Market depth, a metric used to measure liquidity on exchanges, slumped by more than 50% following the collapse of FTX and has failed to recover despite a rise in crypto prices. Crypto-native market makers, unlike traditional firms such as Jane Street and Jump, aren't put off by the duo's exodus as the issue is constrained to the U.S. market. An absence of liquidity causes an increase in volatility, which has the potential to create a credit risk that could spread to all sectors of finance.A new report by on-chain analytics firm Santiment suggests that pepecoin (PEPE) may face challenges in its rise to the top of meme coins due to the absence of retail investors. Despite its stellar rise to a $1.5 billion market cap in a few weeks, pepecoin's trading volume of $2 billion is significantly lower than that of shiba inu (SHIB) and dogecoin (DOGE) during their peak. The report notes that retail participation in the market for PEPE is far less than what DOGE and SHIB experienced in previous years, which could result in dwindling volumes for meme coin projects among retail traders. However, PEPE's social volume within the crypto media is on par with DOGE and SHIB during their peak periods. Some pepecoin holders remain bullish on the token's potential, citing its popularity among influential Crypto Twitter users and the general populace. Despite the challenges, the report suggests that PEPE has untapped potential for growth when overall market conditions are better.The price of LQTY, the secondary token for decentralized borrowing protocol Liquity, has gained massive interest following the chaos from the depegging of the second largest stablecoin by market capitalization, Circle's USDC. The price of LQTY was up nearly 20% in the past 24 hours, placing it among the best-performing crypto assets for the period. Moreover, LQTY has soared nearly 500% since the start of the year and was trading around $3.33 at presstime. The most recent price action came after investors balked at Circle's USDC stablecoin, leading to a win for Liquity, a decentralized platform for taking out loans denominated in the protocol's primary token, LUSD. Liquity's LUSD has seen the upside, with a 10% jump in wallets holding the stablecoin since March 6, indicative of a new stablecoin narrative following the depegging of USDC. Liquity allows users to deposit ether (ETH) into the protocol as collateral and take out loans denominated in U.S. dollar-pegged stablecoin LUSD. Instead of charging a variable interest rate for drawing loans, Liquity has a 0% interest rate, charging users a one-time fee. With a total value locked (TVL) of $683 million, according to data aggregator DeFiLlama, Liquity has generated $30 million in lifetime revenue. As of March 11, users have borrowed almost $4.5 billion LUSD, according to a dune dashboard created by a Liquity developer. Currently, more than 52 million LQTY worth about $184 million has been staked, which represents 52% of the total supply of LQTY, per blockchain explorer Etherscan. Binance, which opened up trading for spot trading pairs LQTY/BTC and LQTY/USDT on Feb. 28, currently owns roughly 11.57% of the total LQTY supply, data from blockchain analytics firm Nansen shows.Solana-based decentralized exchange Raydium is proposing the creation of a bug bounty program worth 10 million RAY tokens (about $2.3 million) to squash bugs affecting the protocol's core smart contracts. The program would target Raydium's Concentrated Liquidity Market Maker smart contracts and would be managed through bug bounty platform Immunefi. The proposal is part of a broader effort to boost community participation in protocol governance. Raydium's liquidity pools held over $37 million in total value locked, with its native token RAY worth 23 cents Thursday, according to CoinGecko. The proposal is part of a wider effort to boost community engagement on Solana, which is not as strong as on other blockchain platforms. The program would reward white hat hackers as much as $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug.

Pepecoin, one of the biggest meme coins of 2023, has been plagued by internal conflicts and 'bad actors' on the team, according to a recent tweet from a developer. The team member claimed that millions of dollars worth of PEPE tokens were stolen from the project's multisig wallet and sold on crypto exchanges, causing a nearly 20% slide in the token's value. The developer also stated that the project will be fully decentralized in the months ahead and that they plan to burn the remaining tokens from the multisig wallet. The incident has raised concerns about the limited liquidity and the concentration of tokens in the hands of a few investors, known as 'whales', who hold up to 25% of the currently circulating supply. Analysts have repeatedly warned about the risks of such a centralized ownership structure and the potential for a 'high-stakes game of music chairs'.Jade Protocol, a decentralized autonomous organization (DAO) that sources early-stage crypto deals, is facing calls to liquidate its $31 million treasury and issue redemptions to token-holders. The proposal was made by a longtime member of the community, who cited darkening regulatory skies and a brutal crypto winter as reasons for the dissolution. The DAO's native token, JADE, has surged in response to the proposal. Some investors have been joining Jade, according to a statement in the Discord server from Jade's press liaison Jon Ray. However, the dissolution proposal does not appear to be the doing of these activist investors. Instead, it is being driven by a longtime member who is concerned about the investment risk posed by the DAO. The community will now decide the future of Jade Protocol. If the dissolution is approved, a $2 million legal defense fund will be established to help core contributors wind down the DAO.Burning USDC and minting DAI have become popular on-chain activities among crypto natives in the wake of the Silicon Valley Bank (SVB) shutdown. According to on-chain data from blockchain analytics firm Nansen, Circle's USDC stablecoin had nearly $3 billion in net redemptions between March 10th and March 13th, while the total supply of DAI increased by 1.2 billion tokens over the same time period. This has resulted in a 10% drop in USDC's market capitalization and a nearly 29% increase in DAI's market capitalization. The supply of DAI jumped 1.2 billion tokens since Friday, March 10th. The mass burn reversed Circle's early March trend where it had been minting more USDC than it was destroying. Between March 1st and March 9th, Circle minted a net average of $143 million USDC per day, but this trend has since changed. Starting on March 10th, Circle burned a daily net average of $727 million. Additionally, Nansen data shows that MakerDAO's Peg Stability Module saw a 91% increase in USDC deposits, jumping to $4.1 billion today from $2.1 billion on March 10th. The MakerDAO community is currently considering a governance proposal that would pause swaps in its Peg Stability Module, freezing the token purchases needed to mint new DAI tokens. Currently, USDC makes up 63.1% of the collateral used to generate all DAI in circulation, according to a DAI Stats dashboard.Some scammers are trying to defraud unsuspecting users by issuing fake PayPal USD (PYUSD) tokens on various blockchains, capitalizing on PayPal's recently launched dollar-pegged stablecoin. Over 66 fake tokens have propped up on networks such as Ethereum, BNB Chain, Base, and others as of Asian noon hours on Tuesday, according to DEXTools data. The majority of these have been floated on Ethereum, where the original PYUSD exists. The scammers are issuing these tokens, naming them 'PYUSD,' adding liquidity with ether or another token, and offering them to users on decentralized exchanges. This is possible as anyone can call a smart contract and issue tokens on Ethereum (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity, and traded soon after. Most of the supply of these tokens are likely purchased by their creators after issuance, giving the illusion of a trendy token while being a honeypot in reality. The hustle may yield a few thousand dollars in a few hours for such developers, making it a profitable, albeit wholly unethical, venture. However, some developers may pull all liquidity from the fake tokens hours after issuance, causing prices to drop 100% and leaving speculators holding digital dust. It's important for users to be cautious and not fall for these scams, as they can result in financial losses and damage to one's reputation.Synapse's native token, SYN, recovered from a 25% slump on Monday after a liquidity provider sold 9 million tokens. The protocol, which transfers data to cross-chain bridges, rebounded 17% to $0.358. The sell-off was attributed to a liquidity provider identified as Nima Capital. The protocol's total value locked (TVL) is $113 million, according to DeFiLlama. Despite the recovery, the token has lost some gains and is currently trading at $0.358. The protocol's team has stated that there was no security breach of the protocol or bridge. The sell-off was attributed to a liquidity provider identified as Nima Capital. Volume of SYN trading ballooned in the days following the sell-off, with over $25 million being recorded in the past 24-hours. The protocol has a TVL of $113 million, according to DeFiLlama. Nima Capital had not responded to an email request for comment by publication time.

Bitcoin's recent strength pushes the asset over the $30,000 mark for the first time since June 2022, causing heavy losses to traders betting on a decline. Over 87% of all future trades that were liquidated in the past 24 hours were short, amounting to losses of over $145 million. Crypto exchange Huobi had the largest liquidation order, a bitcoin/tether trade valued at $11 million. The recent strength in bitcoin can be attributed to worsening economic conditions, leading investors to shift their capital into the decentralized asset. Bitcoin's ongoing strength suggests that it is emerging from the 'crypto winter' into a new phase of strength and renewed interest from retail and institutional investors.The last bull market saw the launch of a raft of on-chain structured products, and the next bull-run will see more liquidity going into these projects, says Jordan Tonani from The Index Coop. Globally, asset management is a huge industry, with a large percentage of assets in each nation being held in ETFs, index funds, and other passive vehicles. In Europe, €28.4 trillion of assets are managed by the industry, of which 20% are held in passive strategies, about half in exchange-traded products and half in index funds. All told, passively-held assets under management have doubled since 2015, with around one fifth of European retail investors holding such products. Analysts predict that by 2027 ETFs will account for 24% of total assets in Europe, up from 12% in 2022. In the world of decentralized finance and digital assets, some commentators see the on-chain structured product market as analogous, but this sector has yet to capture much market share. On-chain structured products make up 0.07% of the crypto market overall currently, with a combined TVL of $2.46 billion across protocols. In comparison, the DeFi market is $48.29 billion, and the total crypto market is $1.18 trillion. Nevertheless, over the last several years, on-chain structured products have shown the kind of promise that led to these types of products' dominance in traditional markets. In 2020, the on-chain structured product market saw 20 projects launching, including nine projects that launched during what would come to be known as DeFi Summer. Yearn, Compound, and the Index Coop all started offering such products during this period. At the height of the 2021 bull market, Index Coop's on-chain structured products captured over $550 million in TVL. In total, 47 projects have launched in the on-chain structured product space since 2016, with the majority of projects offering index or yield-earning products. Of those, 37 are still operational. At the Index Coop, we're bullish on the long-term promise of on-chain structured products because of their advantages in transparency, security, accessibility, automation, and liquidity. Regrettably, the sector has been hampered by regulatory ambiguity, as well as nascent technology and market infrastructure. That said, some encouraging signs have emerged recently. If, as seems likely, BlackRock's spot Bitcoin ETF and Grayscale's spot Ethereum ETFs are approved in the U.S., that would represent a major step forward for the on-chain structured product sector. As digital asset markets mature, we expect to see more growth in the on-chain structured product market, especially as correlations reduce across digital assets. Currently, high correlation across digital assets means that different assets move together, reducing the value of a diversification strategy. As digital assets become less correlated, diversification will become a more attractive proposition. Additionally, improvements in UX and cross-chain infrastructure could contribute to growth in our space. Long-term, we expect on-chain products to prevail because of their unique advantages, enabling underlying tokens to reach wider audiences. You can learn more about the on-chain structured product space in our annual report on the state of the industry.Ether (ETH) jumped to a nine-month high on Wednesday, with open interest in ether futures reaching $5.6 billion, as investors anticipate the upcoming 'Shapella' upgrade, which will allow for the withdrawal of staked ether. The development is expected to make staking more accessible to retail investors, who have been relying on liquid staking platforms to capture yields from staking ether on Ethereum nodes. Liquid staking tokens, such as LDO and RPL, have surged ahead of the upgrade, with the LSD sector jumping 6% on average. The broader crypto market capitalization rose by a relatively lesser 3%. The article highlights the growing interest in decentralized staking products and the potential for future growth in the sector.Rook's well-funded offshoot Incubator DAO is holding a vote on its financial future where the organization could liquidate its entire $25 million treasury for payouts directly to ROOK token holders. The vote, which runs through Thursday, considers a proposal to 'rage quit' Incubator DAO by divvying up its $25 million treasury among holders of the ROOK governance token. The vote is being orchestrated by activist investors who for weeks have debated the future of Rook (an Ethereum-based MEV project) on Discord. The prospect of ROOK owners receiving a share of the money has contributed to a tripling of ROOK's value over recent weeks. It was trading at $42 at press time, slightly over the price that some community estimates have placed on each token's value relative to its share of the treasury.Meme coins have outperformed the broader crypto markets in recent days, but some say profit-taking could reverse the rally. Tokens fashioned after the Shiba Inu dog breed may see imminent selling ahead after days of outperforming the broader crypto market. On Monday, Twitter, a social-media company owned by billionaire and crypto proponent Elon Musk, replaced its popular blue bird logo with that of Dogecoin’s Shiba Inu mascot. Dogecoin (DOGE) prices surged almost immediately – with its futures markets setting a record – as some bet on the increased use of dogecoin on Twitter's platform. That rise caused several other Shiba Inu-themed meme coins to jump multifold, with the sector rising 14% on average. Tokens with larger market caps such as shiba inu (SHIB) rose up to 10%, while smaller-cap coins such as floki (FLOKI), kishu inu (KISHU) and baby dogecoin (BABYDOGE) surged as much as 25%. Meme coins on newer blockchains had their moment, as well. Some dog-themed tokens, such as zkDoge and zkShib on the zkSync blockchain, which went live in March, registered gains of as much as 100%. However, some traders warn that such moves don't indicate a broader trend. 'We do not believe that it is indicative of a long-term bull run. Quite the opposite', Guilhem Chaumont, CEO of crypto trading firm Flowdesk, said in a Telegram message. 'There is a regular pattern of crypto market uptrends with first, bitcoin going through a bull run, then major altcoins pumping, and finally, tokens with small market caps.' Since bitcoin has been experiencing a relatively stable upward trend, meme coins’ rise would indicate the third phase, the end of the cycle. But there is no need to over-interpret such momentary price changes. The sentiment for meme coins is not a new one, and this means there is a high potential that the growth will fade off as usual in a few days, Bonnie Cheung, head of strategy at crypto developer Sending Labs, said. However, there could still be long-term growth for these tokens if fundamental features strengthen in the coming months. Shiba Inu, for instance, is gaining additional traction through the launch of Shibarium, its layer-2 protocol built on the Ethereum blockchain. Dogecoin’s recognition by Twitter and the payment world is also growing, and these trends can help record more sustained growth over the long term. A testnet for Shiba Inu’s upcoming Shibarium platform has seen brisk adoption. Elsewhere, projects like Floki are actively developing games and decentralized-finance tools to cut free from the 'meme coin' tag – at least as far as developer efforts go. Meanwhile, some opine that Twitter’s move could pave the way for mainstream crypto adoption. 'Musk’s supportive tweets and the recent decision to add the Dogecoin logo to Twitter help keep both DOGE and SHIB in the public conversation', Kadan Stadelmann, the chief technology officer of blockchain network Komodo, said in an email to CoinDesk. 'Regardless of whether or not one supports meme coins, it's impossible to deny that Musk is driving mainstream adoption of crypto and creating media attention that wouldn't otherwise exist. This is certainly a net positive for the crypto space as a whole.'

Gitcoin's gtcETH Vote Aims to Provide a Steam of Income for Open-Source Software Funding

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Ethereum news

Aventus (AVT), the native token of a blockchain service provider of the same name, has shed 4.2% to $1.22 Wednesday morning, with volatility spiking on minimal liquidity following a decision to pause a planned token split. The move was met with disappointment among the community after a December governance vote voted in favor of the split. Although AVT trades on Coinbase, daily volume remains low at just $65,000, and market depth – a metric that assesses how much capital it would take to move an asset by a certain percentage – is minimal at around $3,000 per 2%. The AVT token was issued in 2017 and hit a record high of $6.905 at the start of 2018. It currently has a market cap of $7.3 million, according to CoinMarketCap.The recent rise of the meme coin bald (BALD) has raised questions about the involvement of Sam Bankman-Fried, the founder of Alameda Research. On-chain data suggests that the deployer contract of BALD has interacted with wallets linked to Alameda, and crypto sleuths have found connections between Bankman-Fried's Alameda Research and the deployer wallet. However, it is unlikely that Bankman-Fried is behind the scam, as he is currently under strict bail conditions and has limited access to the internet. The article also explores the connections between BALD and other DeFi projects, and the sudden removal of liquidity from the token's trading pairs. The rise of BALD and its subsequent fall has left many holders in the lurch, and the future of the token remains uncertain.

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Dogecoin futures have set record highs after Twitter adopted the token's dog logo, with open interest reaching all-time highs. The surge in open interest suggests high amounts of leveraged bets on dogecoin, which could lead to steep volatility in the short term. The current move is unlikely to be sustained, as meme coin pumps may generally suggest bullishness amongst retailers but are not indicative of a long-term trend. The stablecoin-margined contracts are better suited to risk-averse traders and for hedging, while coin-margined contracts are preferred by aggressive traders during bull runs. Funding rates are periodic payments made by traders based on the difference between prices in the futures and spot markets, and participants utilize sophisticated strategies to collect funding rates while hedging losses due to token movements.The Fantom Foundation, the team behind the Fantom blockchain, has removed $2.4 million in liquidity from a trading pool for the native token of Multichain, causing concerns over the cross-chain bridging protocol's stability. According to Etherscan, the foundation removed nearly 450,000 MULTI and 1,363 ETH from a liquidity pool on decentralized exchange SushiSwap. The move comes as users of Multichain report delays in withdrawing their crypto assets from the protocol, which helps them move assets between the Fantom and Ethereum ecosystems. The Fantom Foundation did not immediately respond to a request for comment. The liquidity removal has corresponded with a plummet in MULTI's trading price, which has fallen over 28.5% in the past 24 hours to $5.04. Other top holders of Multichain's governance token have been sending it to exchanges, including one whale with 494,200 tokens worth $2.75 million and digital asset firm Hashkey Capital, whose position was worth $221,000 at the time. The major on-chain moves have raised concerns over the stability of the Multichain protocol and the Fantom blockchain as a whole. The Fantom Foundation has not yet commented on the situation.

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Ethereum price

BNB Chain, a popular blockchain network, is set to undergo a significant upgrade on June 11 at 21:30 UTC. The upgrade, dubbed 'Luban,' will incorporate three distinct enhancements aimed at improving the network's speed and security. nnThe Luban hard fork will introduce several new features, including the 'Fast Finality' mechanism, which ensures that once a block is finalized, it cannot be reversed. This reduces the risk of chain reorganizations by malicious actors. Additionally, the upgrade will introduce 'Cross Chain Relayer Management,' which aims to mitigate potential security issues in the BSC Bridge. Finally, the 'CometBFT Light Block Validation' system will be implemented to verify specific blocks from other CometBFT-compatible blockchains and enable data transfer between them. nnThe upgrade is expected to attract investors and users to the BNB Chain ecosystem, as it will provide developers with even better features and tools to build on the network. The bnb token (BNB) will also benefit from the upgrade, as it will contribute to the value proposition for the token in the future. nnThe Luban hard fork is a significant milestone for the BNB Chain, and it demonstrates the network's commitment to improving its speed and security. The upgrade is expected to be a major boost for the blockchain ecosystem and will help to drive the adoption of the bnb token. nnIn conclusion, the Luban upgrade is a significant development for the BNB Chain, and it is expected to have a positive impact on the network's speed, security, and adoption. The upgrade will provide developers with new features and tools to build on the network, and it will contribute to the value proposition for the bnb token. The BNB Chain is set to become an even more robust and secure blockchain ecosystem with the implementation of the Luban hard fork.South Korean traders are flocking to two lesser-known cryptocurrencies, Solar (SXP) and icon (ICX), driving up trading volumes and prices on local exchanges. According to CoinGecko data, the ICX-Korean won token pair saw over $420 million in trading volume on Upbit, a prominent South Korean exchange, while the SXP-won trading pair saw over $490 million in volume, more than either bitcoin (BTC) or ether (ETH) trading pairs. The surge in interest comes as Binance, the world's largest crypto exchange by trading volume, announced it will support a token migration of SXP in the coming days. ICX is popular in South Korea for its local roots and ability to be used for staking, network governance, and collateralization on decentralized-finance platforms. However, some of the volume may be attributable to wash trading, a manipulative technique in which traders continually buy and sell the same asset to drive up volume. South Korean crypto traders have a history of pushing euphoric rallies on tokens, known as the Kimchi Premium, which can result in prices trading as much as 30% above international prices. Last week saw a similar rally in XRP, with Upbit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour period. Despite the surge in interest, it's important to approach these figures with caution and do your own research before investing.